Semi-Annual Report and Accounts - chartbook.fid-intl.com

Fidelity Funds 

Société d’investissement à capital variable 

Established in Luxembourg 

RCS Luxembourg B 34 036 

Semi-Annual 

Report 

and Accounts 

For the period ended 

31 October 2012 

Unaudited

Fidelity 

Funds 

Contents 

Introduction 2 

Directors and Supervisory Officers 3 

Investment Manager’s Report 4 

Footnotes 6 

Schedule of Investments 

Equity Funds 

America Fund 7 

American Diversified Fund 8 

American Growth Fund 11 

ASEAN Fund 12 

Asia Pacific Dividend Fund 14 

Asia Pacific Property Fund 6 16 

Asian Aggressive Fund 17 

Asian Equity Fund 1,4,5 18 

Asian Smaller Companies Fund 20 

Asian Special Situations Fund 22 

Australia Fund 24 

China Consumer Fund 25 

China Focus Fund 26 

China Opportunities Fund 28 

Emerging Asia Fund 30 

Emerging Europe, Middle East and Africa Fund 32 

Emerging Markets Fund 34 

Euro Blue Chip Fund 36 

EURO STOXX 50 Fund 2,3 37 

European Aggressive Fund 38 

European Dividend Fund 39 

European Dynamic Growth Fund 40 

European Dynamic Value Fund 41 

European Fund 1,4 42 

European Growth Fund 45 

European Larger Companies Fund 46 

European Smaller Companies Fund 47 

European Special Situations Fund 50 

France Fund 51 

Germany Fund 52 

Global Consumer Industries Fund 53 

Global Demographics Fund 54 

Global Dividend Fund 56 

Global Financial Services Fund 57 

Global Focus Fund 58 

Global Health Care Fund 60 

Global Industrials Fund 61 

Global Opportunities Fund 63 

Global Property Fund 6 65 

Global Real Asset Securities Fund 66 

Global Technology Fund 68 

Global Telecommunications Fund 69 

Greater China Fund 70 

Greater China Fund II 1,4,5 72 

Iberia Fund 74 

India Focus Fund 7 75 

Indonesia Fund 76 

International Fund 77 

Italy Fund 86 

Japan Advantage Fund 87 

Japan Fund 88 

Japan Smaller Companies Fund 89 

Korea Fund 4 91 

Latin America Fund 92 

Malaysia Fund 93 

Nordic Fund 94 

Pacific Fund 95 

Singapore Fund 97 

South East Asia Fund 98 

Switzerland Fund 100 

Taiwan Fund 101 

Thailand Fund 102 

United Kingdom Fund 103 

World Fund 104 

Asset Allocation Funds 

Fidelity Patrimoine 1,4 113 

Fidelity Sélection Europe 1,4 124 

Fidelity Sélection Internationale 1,4 128 

FIDELITY PORTFOLIO SELECTOR (FPS) 

FPS Global Growth Fund 137 

FPS Growth Fund 4 146 

FPS Moderate Growth Fund 4 153 

Balanced Funds 

Euro Balanced Fund 161 

Growth & Income Fund 1 165 

1 

Multi Asset Navigator Fund 179 

Multi Asset Strategic Defensive Fund 4 189 

Multi Asset Strategic Fund 4 198 

Bond Funds 

Asian Bond Fund 208 

Asian High Yield Fund 210 

China RMB Bond Fund 4 214 

Core Euro Bond Fund 4 216 

Emerging Market Debt Fund 218 

Emerging Markets Inflation-linked Bond Fund 4 221 

Euro Bond Fund 222 

Euro Corporate Bond Fund 224 

Euro Short Term Bond Fund 226 

European High Yield Fund 228 

Global Corporate Bond Fund 4 233 

Global High Grade Income Fund 236 

Global High Yield Bond Fund 1 237 

Global High Yield Focus Fund 4 245 

Global Inflation-linked Bond Fund 248 

Global Strategic Bond Fund 4 252 

International Bond Fund 263 

Sterling Bond Fund 269 

US Dollar Bond Fund 272 

US High Yield Fund 275 

Cash Funds 

Euro Cash Fund 1 280 

US Dollar Cash Fund 1 281 

MoneyBuilder Funds 

MoneyBuilder Europe Fund 1,4,5 282 

MoneyBuilder European Bond Fund 1,4,5 285 

MoneyBuilder Global Fund 1,4,5 290 

Fidelity Lifestyle Funds 

Diversified Income Fund 1,5 300 

Fidelity Target 2020 Fund 318 

Fidelity Target 2015 (Euro) Fund 4 331 


Fidelity Target 2025 (Euro) Fund 353 




Singapore Retirement Funds 

Live 2020 Fund 1,4,5 389 

Live 2030 Fund 1,4,5 399 

Live Today Fund 1,4,5 407 

Reserved Equity Funds 

FIDELITY ADVISOR WORLD FUNDS (FAWF) 

FAWF America Fund 1,4,5 416 

FAWF American Diversified Fund 1,4,5 417 

FAWF American Growth Fund 1,4,5 420 

FAWF Asian Special Situations Fund 1,4,5 421 

FAWF Europe Fund 1,4,5 423 

FAWF International Fund 1,4,5 424 

FAWF Japan Fund 1,4,5 432 

FAWF Pacific Fund 1,4,5 433 

FAWF US Large-Cap Stock Fund 1,4,5 435 

Reserved Bond Funds 

FAWF US Dollar Bond Fund 1,4,5 436 

FAWF US High Income Fund 1,4,5 439 

Reserved Balanced Fund 

FAWF Global Balanced Fund 1,4,5 444 

Institutional Reserved Equity Funds 

Institutional America Fund 457 

Institutional Asia Pacific (ex-Japan) Fund 1 460 

Institutional Asia Pacific (ex-Japan) Opportunities Fund 1 461 

Institutional Emerging Markets Equity Fund 1 462 

Institutional Euro Blue Chip Fund 464 

Institutional European Larger Companies Fund 465 

Institutional Global Focus Fund 4 466 

Institutional Hong Kong Equity Fund 1 468 

Institutional Hong Kong Opportunities Fund 1 470 

Institutional Japan Fund 471 

Institutional Japan Aggressive Fund 472 

Institutional Pacific (ex-Japan) Fund 4 473 

Institutional Reserved Bond Funds 

Institutional European High Yield Fund 4 474 

Institutional Global Bond Fund 477 

Statement of Net Assets 480 

Statement of Net Asset Value per Share 502 

Notes to the Financial Statements 515 

Directory 526

Fidelity 

Funds 

Introduction 

Fidelity Funds (the “Company”) is an open-ended investment company established in Luxembourg as a société d’investissement à capital variable 

(“SICAV”). It has an umbrella structure and its assets are held in a number of different funds (“sub-funds”). Each sub-fund is a separate portfolio of 

securities managed in accordance with specific investment objectives. Separate classes of shares in the Company (the “Shares”) are issued in relation 

to the sub-funds. Each sub-fund provides an investment opportunity in professionally managed pools of securities in different geographical areas and 

currencies, with the investment objective of capital growth, income or a balance between capital growth and income. 

Shares are authorised for sale in a number of jurisdictions and are generally listed on the Luxembourg Stock Exchange, except for the Reserved Funds, 

the Institutional Reserved Funds and the class E Shares. 

Swiss investors are advised that with the exception of Asian Equity Fund, European Fund, Greater China Fund II, Fidelity Patrimoine, Fidelity Sélection 

Europe, Fidelity Sélection Internationale, Growth & Income Fund, Global High Yield Bond Fund, Euro Cash Fund, US Dollar Cash Fund, the MoneyBuilder 

Funds, Diversified Income Fund, Live 2020 Fund, Live 2030 Fund, Live Today Fund, the Reserved Funds, Institutional Asia Pacific (ex-Japan) Fund, 

Institutional Asia Pacific (ex-Japan) Opportunities Fund, Institutional Emerging Markets Equity Fund, Institutional Hong Kong Equity Fund, Institutional 

Hong Kong Opportunities Fund, the present sub-funds of the Company have been authorised by the Swiss Financial Market Supervisory Authority for 

distribution in Switzerland. 

This Semi-Annual Report of the Company does not constitute an offer of Shares. Shares are offered on the basis of the information contained in the current Prospectus (and the documents referred to 

within it) supplemented by the last available Annual Report of the Company and any subsequently published Semi-Annual Report. Copies of the current Prospectus, latest Annual and Semi-Annual 

Reports and Portfolio Changes for the Company are available free of charge from the registered office of the Company or from any of the companies registered as distributors of Fidelity Funds, or, for 

investors in Switzerland, from the Representative of the Company in Switzerland. 

This Semi-Annual Report has been approved for circulation in the United Kingdom by FIL Investments International, UK distributor of the Company, authorised and regulated in the UK by the Financial 

Services Authority. 

2

Fidelity 

Funds 

Directors and Supervisory Officers 

Board of Directors of Fidelity Funds 

Edward C. Johnson 3d 

Chairman of the Board 

USA 

Dr. Yousef Al-Awadi, K.B.E.* � Barry R.J. Bateman Didier J. Cherpitel* � 

Director Director Director 

Kuwait United Kingdom Switzerland 

Sir Charles Fraser, K.C.V.O.* Jean Hamilius* Simon M. Haslam 


United Kingdom Grand Duchy of Luxembourg United Kingdom 

Helmert Frans van den Hoven, K.B.E.* Alexander Kemner Dr. Arno Morenz* � 


The Netherlands The Netherlands Germany 

Dr. David J. Saul Dr. Erhard Schipporeit* � 

Director Director 

Bermuda Germany 

Takeshi Isayama* Anthony Wu* 


Japan Hong Kong 

FIL (Luxembourg) S.A. 

Corporate Director 

Grand Duchy of Luxembourg 

Represented by Marc Wathelet 

Board of Directors of the Management Company 

Nick Clay Judy Marlinski Allan Pelvang 


Grand Duchy of Luxembourg Japan Bermuda 

Jon Skillman Marc Wathelet 


Grand Duchy of Luxembourg Grand Duchy of Luxembourg 

Supervisory Officers of the Management Company 

Stephan von Bismarck Nishith Gandhi Charles E. Hutchinson 

Supervisory Officer Supervisory Officer Supervisory Officer 

United Kingdom Grand Duchy of Luxembourg Grand Duchy of Luxembourg 

* Independent Director 

� Member of the Audit Committee 

� Chairman of the Audit Committee 

3

Fidelity 

Funds 

Investment Manager’s Report* 

Performance Overview - 6 months ended 31 October 2012 

Global equities rose over the six months ended 31 October 2012. Weak economic data and consequent concerns about global growth coupled with 

persistent speculation about Greece exiting the eurozone and anxiety about Spain’s banking system weighed on markets in the initial months. Equities, 

however, recovered after an agreement by eurozone leaders to relax conditions for recapitalising banks and central bank stimulus measures aimed 

at boosting money supply in order to support faltering growth. The European Central Bank (ECB) announced a new, conditional sovereign bond-buying 

programme and the US Federal Reserve (Fed) extended its “Operation Twist” where it sold short term securities to buy longer term debt to push down 

long term borrowing cost, and launched a third round of quantitative easing (QE3). Moreover, the Bank of Japan and Bank of England (BoE) expanded 

their asset purchase programmes. Separately, Chinese authorities announced an infrastructure investment programme. Stock markets lost some ground 

towards the end of the period due to resurgence of concerns about global growth and company earnings. Uncertainty about the upcoming US 

Presidential election and impending fiscal cliff also kept investor sentiment subdued. 

Equities in Europe ex-UK rose the most in US Dollar terms over the period, closely followed by those in Pacific ex-Japan. The UK and the US rose by 

smaller margins whilst emerging markets and Japan declined over the period. At a sector level, health care, telecommunications and financials 

generated the best returns, outperforming the information technology and materials sectors. Returns in US Dollar terms were hurt by its appreciation 

against the Euro, Sterling and the Yen. 

110 

105 

100 

95 

90 

85 

Apr 12 

May 12 

Jun 12 

Jul 12 

Aug 12 

MSCI World Global Bonds 

Sep 12 

Oct 12 

MSCI EUROPE EX-UK 

MSCI PACIFIC EX-JAPAN 

Global Bonds 

MSCI UK 

MSCI World 

MSCI USA 

MSCI EM 

MSCI JAPAN 

Source: Datastream, Total Returns in USD rebased to 100, 30.04.2012 – 31.10.2012 Source: Datastream, Total Returns, USD, 30.04.2012 – 31.10.2012 

European equities advanced over the period, though stocks remained volatile. There were concerns about the spread of the debt crisis and the 

possibility of Greece exiting the eurozone. However, healthy corporate results and accommodative policy actions by global policymakers provided 

support. ECB President Mario Draghi’s pledge to do “whatever it takes” to save the Euro also proved positive. Sentiment improved further after the 

ECB agreed to launch an unlimited bond purchase programme to lower borrowing costs for some indebted eurozone nations. As a result, financial 

stocks surged over the period. Overall, the health care and utilities sectors performed well, whilst consumer discretionary and telecommunication 

services lagged. 

The UK stock market rose mainly due to encouraging policy announcements by global central banks. The BoE increased its asset purchase facility to 

£375 billion. There was encouraging news on the economic front, as the UK emerged from recession over the third quarter of 2012, supported by the 

Olympic Games. Concerns about the eurozone credit crisis, which caused significant volatility in April and May, also subsided somewhat after 

authorities approved several policy measures to recapitalise banking systems in troubled countries. Financials, technology and consumer related firms 

were among the notable gainers during the period, whilst there was a rotation out of defensives. Returns from the resource sectors were weak due to 

growing concerns about demand, especially from China. 

US equities gained following aggressive policy intervention at home and abroad. Lacklustre economic data and weak jobs growth early in the period 

prompted the Fed to launch an aggressive QE programme linked to a recovery in the jobs market. Continued consolidation in the housing sector and 

policy interventions in Europe also supported sentiment. Nevertheless, the uncertainty surrounding the outcome of the US Presidential election 

restrained gains. On the corporate front, many businesses lowered their earnings expectations citing a weaker demand outlook and corporate profits 

were expected to decline. Most businesses had sound balance sheets and remained cash rich. Valuations were cheap on a free cashflow basis and 

fair on a price-to-earnings basis. 

After rallying strongly at the start of 2012, the Japanese market started to lose momentum by the second quarter. As developments overseas escalated, 

the rate of decline in Japan accelerated. Below consensus economic data in China and the US, and deteriorating conditions in the eurozone resulted 

in renewed risk aversion globally. Statements from monetary authorities raised expectations of coordinated easing and stocks recovered some ground. 

However, gains were short lived. Uncertainty about the outlook for global growth, particularly in China and Europe, contributed to a surge in the Yen. 

Improvements in US economic data provided a subsequent boost to sentiment, but Japanese stocks lacked direction. The latest wave of central bank 

stimulus measures lifted Japanese equities, though tensions with China and negative earnings revisions capped gains. 

Asia Pacific ex-Japan equities edged higher over a period that was characterised by fears over slowing growth in China. Cyclicals ended lower, whilst 

defensives advanced strongly. Consumer discretionary was the worst performing sector in US Dollar terms, driven by a slowdown in retail sales and 

subdued consumer confidence in the developed world. Materials and energy shares also succumbed to flagging economic growth prospects. On the 

other hand, high yielding stocks within the telecommunications and utilities sectors surged. Financials also performed well, particularly following the 

announcement of liquidity enhancing measures by leading central banks around the world. 

Emerging market equities declined over the period. Stocks in the larger emerging economies, such as China, South Korea, Brazil and Taiwan, fell amid 

flight to safer assets and data releases from the US and China that suggested a slower pace of economic activity than expected. Conversely, in the 

Emerging Europe, Middle East and Africa (EMEA) region, equities in South Africa and Turkey rose on the back of improving investor sentiment and 

macroeconomic data. Nevertheless, the uncertainty over the US Presidential election, leadership change in China and the slowdown in Chinese 

economic activity remained a prime concern for investors. 

*The information stated in this report is historical and not necessarily indicative of future performance. 

4 

-6.75 

-1.01 

2.16 

2.08 

1.92 

2.56 

5.91 

6.28

Fidelity 

Funds 

20 

15 

10 

5 

0 

-5 

-10 

-15 

-20 

-25 

Globally, earnings downgrades continued to surpass upgrades, but the net earnings upgrades ratio improved recently in the US, Asia Pacific ex-Japan 

and emerging markets. Companies in Europe and Japan continue to show weak trends, indicating that the downgrades have not yet bottomed. 

However, the rate of downgrades appears to be slowing and much of the bad news already seems to be priced in. Earnings per share growth forecasts 

for 2012 have been reduced in most regions, whilst those for 2013 remain relatively healthy, but could see some deterioration. Markets have been 

strong this year and any improvement in earnings and revenues can be a catalyst for a further rerating by investors. Such a focus on fundamentals is 

beneficial for genuine stock pickers, but the market environment remains volatile and risk related trades continue to influence sentiment. 

Bond markets 

Investment Manager’s Report* 

Nov 09 

Dec 09 

Jan 10 

Feb 10 

Mar 10 

Apr 10 

May 10 

Jun 10 

Jul 10 

Aug 10 

Sep 10 

Oct 10 

Nov 10 

Dec 10 

Jan 11 

Feb 11 

Mar 11 

Apr 11 

May 11 

Jun 11 

Jul 11 

Aug 11 

Sep 11 

Oct 11 

Nov 11 

Dec 11 

Jan 12 

Feb 12 

Mar 12 

Apr 12 

May 12 

Jun 12 

Jul 12 

Aug 12 

Sep 12 

Oct 12 

US Europe ex-UK UK Asia Pacific ex-Japan Japan Emerging Market 

Source: Datastream, Net earnings upgrades ratio (three month moving average) 31.10.2012 

Most traditional fixed income asset classes advanced and recorded positive absolute returns over the period. Investors continued to search for higher 

yielding risk assets, whilst also looking for “safer haven” developed market government debt. Overall, global high yield and investment grade 

corporate bonds outperformed developed market government bonds as risk spreads, in aggregate, came down. Market sentiment was buoyed by 

actions taken by the ECB and the Fed’s announcement of a third round of QE. Elsewhere, emerging market debt recorded strong returns. These bonds 

provided a good source of additional yield over developed market government debt, backed by stronger economic fundamentals and capital flows. 

Basis Points 

140 

120 

100 

80 

60 

40 

20 

0 

Dec 08 

May 09 

Sep 09 

Jan 10 

Source: Datastream 31.10.2012 

Net earnings upgrade ratio improves in the US 

European interbank liquidity conditions improve 

May 10 

Sep 10 

Jan 11 

May 11 

3-Month Euribor-OIS spread 

Sep 11 

Jan 12 

Jun 12 

Oct 12 

Meanwhile, the European banks’ reluctance to lend to one another further declined over the period. The 3-month Euribor OIS spread, the difference 

between the Euro interbank offered rate and overnight indexed swaps, declined to its lowest level in the post-financial crisis period. The chart shows 

this spread jumped distinctly in October 2008 when Lehman Brothers’ collapsed. Subsequent crisis response actions brought the spread down in the 

following months, but it remained elevated compared to pre-crisis levels. The more recent eurozone sovereign debt crisis caused renewed problems 

for Europeans banks, resulting in another sharp spike in the spread in late 2011. Once again however, restorative policy actions, in particular the ECB’s 

refinancing operations in December 2011 and February 2012, helped to bring spreads down. The main driver of further improvement was the ECB’s 

announcement of its preparedness to undertake unlimited sovereign bond purchases if necessary. 

5

Fidelity 

Funds 

Footnotes 

1 These sub-funds have not been authorised by the Swiss Financial Market Supervisory Authority (FINMA) and have therefore not been approved for 

distribution in Switzerland. 

2 EURO STOXX 50 is a mark of STOXX LIMITED and has been licensed for certain purposes by Fidelity Funds. 

3 EURO STOXX 50 Index is owned by STOXX LIMITED. The name of the index is a service mark of STOXX LIMITED and has been licensed for certain 

purposes by Fidelity Funds. © 1998 by STOXX LIMITED. All rights reserved. 

4 These sub-funds are not authorised by the Securities & Futures Commission in Hong Kong and may not be promoted or offered to the public in 

Hong Kong. 

5 These sub-funds have not been authorised by the “Finanzmarktaufsicht” (Austrian Financial Market Authority) and have therefore not been approved 

for distribution in Austria. 

6 These sub-funds are authorised by the Securities and Futures Commission in Hong Kong under the Securities and Futures Commission Code on Unit 

Trusts and Mutual Funds and not under the Securities and Futures Commission Code on Real Estate Investment Trusts. Such authorisation does not 

imply official recommendation. 

7 This sub-fund invests in Indian equity securities through a wholly-owned Mauritian subsidiary, Fid Funds (Mauritius) Limited. 

Please note that not all countries of distribution have been disclosed in the above footnotes. For a complete list please refer to the prospectus. 

6

Fidelity 

Funds 

America Fund 

Schedule of Investments as at 31 October 2012 

Country Ccy Shares or Market % Net 

Code Nominal Value Assets 

USD 

Securities Admitted to or Dealt on an Official Stock Exchange 

Energy 

Chevron US USD 434,195 47,596,449 2.57 

Occidental Petroleum US USD 306,954 24,224,805 1.31 

Dresser-Rand Group US USD 380,199 19,633,482 1.06 

Valero Energy US USD 654,193 18,847,306 1.02 

Cameron International US USD 356,158 17,348,439 0.94 

QEP Resources US USD 585,252 17,042,547 0.92 

144,693,028 7.80 

Materials 

Mosaic US USD 363,449 19,033,844 1.03 

19,033,844 1.03 

Industrials 

Equifax US USD 600,311 30,105,600 1.62 

Towers Watson & Co (A) US USD 482,877 25,747,006 1.39 

Ingersoll-Rand IE USD 411,046 19,286,279 1.04 

Owens Corning US USD 562,954 18,870,230 1.02 

ADT US USD 375,784 15,407,153 0.83 

Pentair CH USD 92,636 3,884,246 0.21 

113,300,514 6.11 

Information Technology 

Google (A) US USD 96,788 65,533,088 3.53 

Microsoft US USD 2,235,920 63,947,320 3.45 

Apple US USD 99,799 59,521,985 3.21 

Fiserv US USD 393,029 29,378,906 1.58 

Cisco Systems US USD 1,512,187 26,070,104 1.41 

Synopsys US USD 726,874 23,361,719 1.26 

eBay US USD 470,579 22,714,853 1.22 

Mastercard (A) US USD 44,679 20,509,903 1.11 

Adobe Systems US USD 604,617 20,502,560 1.11 

Check Point Software Technologies IL USD 383,214 16,968,715 0.92 

Facebook (A) US USD 750,036 15,878,260 0.86 

Electronic Arts US USD 1,271,602 15,538,979 0.84 

Lam Research US USD 396,898 14,038,277 0.76 

NVIDIA US USD 1,166,093 14,016,436 0.76 

Nuance Communications US USD 617,487 13,751,446 0.74 

VeriFone Systems US USD 261,616 7,715,059 0.42 

429,447,610 23.16 

Consumer Discretionary 

Time Warner Cable US USD 427,292 42,135,286 2.27 

Time Warner US USD 955,211 41,054,988 2.21 

Comcast (A) US USD 848,279 31,628,067 1.71 

Stanley Black & Decker US USD 413,397 28,602,911 1.54 

Walt Disney US USD 565,987 27,778,657 1.50 

Lowe’s US USD 803,910 25,918,064 1.40 

News (A) US USD 906,427 21,654,550 1.17 

Dollar General US USD 369,802 17,809,678 0.96 

Advance Auto Parts US USD 186,195 12,961,052 0.70 

Viacom (B) US USD 244,234 12,541,427 0.68 

PVH US USD 110,823 11,810,411 0.64 

Expedia US USD 177,882 10,583,953 0.57 

Big Lots US USD 200,391 5,823,370 0.31 

290,302,414 15.66 

Consumer Staples 

CVS Caremark US USD 842,232 38,953,210 2.10 

British American Tobacco GB GBP 647,291 32,049,053 1.73 

Dr Pepper Snapple Group US USD 717,644 30,765,393 1.66 

JM Smucker US USD 309,724 26,373,009 1.42 

Lorillard US USD 208,553 24,200,467 1.31 

Mondelez International US USD 871,062 22,987,327 1.24 

Constellation Brands US USD 595,291 21,055,460 1.14 

Elizabeth Arden US USD 338,195 15,729,430 0.85 

212,113,349 11.44 

Healthcare 

Johnson & Johnson US USD 857,251 60,564,791 3.27 

Pfizer US USD 2,211,298 55,149,783 2.97 

McKesson US USD 398,508 36,826,128 1.99 

Sanofi FR EUR 404,687 35,601,124 1.92 

Celgene US USD 388,390 28,562,233 1.54 

Baxter International US USD 419,030 26,092,968 1.41 

Express Scripts Holding US USD 416,861 25,716,149 1.39 

Gilead Sciences US USD 383,099 25,579,500 1.38 

Covidien IE USD 402,712 22,060,560 1.19 

Humana US USD 267,371 19,780,134 1.07 

7 

MEDNAX US USD 183,861 12,548,523 0.68 

Endo Pharmaceuticals Holdings US USD 414,851 11,835,691 0.64 

Centene US USD 254,041 9,630,703 0.52 

Hanger Orthopedic Group US USD 315,373 7,960,007 0.43 

377,908,294 20.38 

Telecommunication Services 

CenturyLink US USD 410,562 15,749,162 0.85 

15,749,162 0.85 

Financials 

Wells Fargo & Co US USD 1,509,464 50,884,028 2.74 

Citigroup US USD 1,067,186 39,624,611 2.14 

Aon GB USD 725,095 39,024,604 2.10 

Capital One Financial US USD 583,601 34,794,265 1.88 

American International Group US USD 634,742 21,955,736 1.18 

ACE CH USD 189,725 14,906,666 0.80 

Validus Holdings BM USD 95,206 3,411,226 0.18 

204,601,136 11.03 

Fractions (3) (0.00) 

Total Investments (Cost USD 1,619,532,142) 1,807,149,348 97.45 

Forward Foreign Exchange Contracts 

- A Shares (SGD) (hedged) 



USD 

Underlying Unrealised % Net 

exposure gain / (loss) Assets 

USD USD 

Bought SGD Sold USD at 1.22897 07/11/2012 3,688,048 26,238 0.00 

Bought SGD Sold USD at 1.22606 07/11/2012 834,791 3,946 0.00 

Bought USD Sold SGD at 0.81965 07/11/2012 4,639,068 959 0.00 

Bought SGD Sold USD at 1.22394 07/11/2012 132,687 397 0.00 


Bought USD Sold SGD at 0.82133 07/11/2012 59,740 135 0.00 


Bought USD Sold SGD at 0.81764 07/11/2012 13,358 (30) (0.00) 





Bought SGD Sold USD at 1.21631 07/11/2012 188,356 (614) (0.00) 


Bought SGD Sold USD at 1.21999 07/12/2012 4,694,562 (1,343) (0.00) 

28,851 0.00 

Other Assets and Liabilities 47,184,180 2.54 

Net Assets 1,854,362,379 100.00 

GEOGRAPHICAL SPLIT 

Country Country Code % Net Assets 

USA US 87.36 

UK GB 3.83 

Ireland IE 2.23 

France FR 1.92 

Switzerland CH 1.01 

Israel IL 0.92 

Bermuda BM 0.18 

Cash and other net assets 2.55 

The accompanying notes to the financial statements form an integral part of these financial statements. The percentage of net assets in the schedule of investments and in the geographical split is subject to rounding.

Fidelity 

Funds 

American Diversified Fund 




USD 


Energy 

Exxon Mobil US USD 31,687 2,865,429 2.37 

Chevron US USD 20,942 2,295,629 1.90 


Denbury Resources US USD 44,306 674,782 0.56 

Apache US USD 7,285 599,658 0.50 

Valero Energy US USD 16,166 465,736 0.38 

Marathon Petroleum US USD 8,542 463,756 0.38 

Cameron International US USD 8,490 413,569 0.34 

Phillips 66 US USD 7,979 376,207 0.31 

Dresser-Rand Group US USD 4,792 247,466 0.20 

QEP Resources US USD 7,377 214,809 0.18 

Royal Dutch Shell ADR NL USD 3,051 209,057 0.17 

EQT US USD 3,092 187,171 0.15 

Ensco (A) GB USD 3,002 171,798 0.14 

National Oilwell Varco US USD 2,174 159,500 0.13 

Helix Energy Solutions Group US USD 9,239 155,128 0.13 

Schlumberger US USD 2,060 142,752 0.12 

Rowan Companies (A) US USD 4,290 135,959 0.11 

Western Refining US USD 4,676 116,338 0.10 

World Fuel Services US USD 3,077 106,279 0.09 

Tesoro US USD 2,536 94,683 0.08 

Marathon Oil US USD 2,633 78,908 0.07 

Oceaneering International US USD 627 32,348 0.03 

Delek US Holdings US USD 783 20,074 0.02 

12,045,064 9.95 

Utilities 

Edison International US USD 11,875 556,700 0.46 

Dominion Resources US USD 4,537 238,020 0.20 

FirstEnergy US USD 4,849 221,827 0.18 

PPL US USD 7,399 218,634 0.18 

Pinnacle West Capital US USD 3,984 211,203 0.17 

PG&E US USD 4,636 196,963 0.16 

NextEra Energy US USD 2,550 177,616 0.15 

AES US USD 13,364 139,517 0.12 

NRG Energy US USD 6,034 130,027 0.11 

American Electric Power US USD 2,665 118,116 0.10 

ITC Holdings US USD 1,031 81,762 0.07 

CenterPoint Energy US USD 2,638 56,907 0.05 

Portland General Electric US USD 1,775 48,491 0.04 

NV Energy US USD 2,241 42,408 0.04 

American Water Works US USD 944 34,533 0.03 

2,472,724 2.04 

Materials 

Ashland US USD 14,894 1,040,183 0.86 

CF Industries Holdings US USD 2,275 464,147 0.38 

Mosaic US USD 7,589 397,424 0.33 

LyondellBasell Industries (A) NL USD 7,370 390,248 0.32 

WR Grace & Co US USD 4,928 318,742 0.26 

Freeport-McMoRan Copper & Gold US USD 7,616 297,034 0.25 

Ecolab US USD 3,524 243,549 0.20 

PPG Industries US USD 2,010 233,484 0.19 

Albemarle US USD 2,441 134,576 0.11 

Newmont Mining US USD 2,176 118,217 0.10 

Silver Wheaton (USA) CA USD 2,091 84,489 0.07 

Rock-Tenn (A) US USD 1,141 82,862 0.07 

Ball US USD 901 38,620 0.03 

Westlake Chemical US USD 268 20,342 0.02 

3,863,917 3.19 

Industrials 

United Technologies US USD 19,278 1,506,997 1.24 

United Parcel Service (B) US USD 14,225 1,040,148 0.86 

Honeywell International US USD 14,456 882,853 0.73 

Cummins US USD 8,424 786,401 0.65 

General Electric US USD 36,622 770,529 0.64 

Caterpillar US USD 8,840 748,694 0.62 

Ingersoll-Rand IE USD 13,919 653,095 0.54 

Danaher US USD 10,959 568,011 0.47 

Boeing US USD 6,827 480,297 0.40 

Union Pacific US USD 3,690 452,952 0.37 

Equifax US USD 7,566 379,459 0.31 

CSX US USD 15,940 326,927 0.27 

Towers Watson & Co (A) US USD 6,086 324,522 0.27 

Precision Castparts US USD 1,774 305,314 0.25 

Northrop Grumman US USD 3,968 270,824 0.22 

Copart US USD 9,432 266,746 0.22 

Owens Corning US USD 7,096 237,846 0.20 

FedEx US USD 2,299 210,685 0.17 

8 



USD 

Parker Hannifin US USD 2,674 210,440 0.17 

ADT US USD 4,736 194,196 0.16 

Corporate Executive Board US USD 3,877 169,966 0.14 

Chicago Bridge & Iron Co NL USD 1,877 70,399 0.06 

Flowserve US USD 499 67,637 0.06 

Sauer-Danfoss US USD 1,491 59,286 0.05 

Toro US USD 1,389 58,415 0.05 

Republic Services US USD 2,013 57,208 0.05 

Pentair CH USD 1,168 48,958 0.04 

AECOM Technology US USD 1,936 41,426 0.03 

Colfax US USD 857 29,195 0.02 

11,219,426 9.26 


Apple US USD 10,810 6,447,457 5.32 

Google (A) US USD 5,581 3,779,080 3.12 

Oracle US USD 52,429 1,625,295 1.34 

QUALCOMM US USD 25,882 1,516,676 1.25 

Microsoft US USD 48,403 1,384,340 1.14 

Cisco Systems US USD 74,060 1,276,792 1.05 


Broadcom (A) US USD 32,854 1,039,183 0.86 

eBay US USD 16,951 818,215 0.68 

Cognizant Technology Solutions (A) US USD 10,819 722,401 0.60 

Accenture (A) IE USD 8,110 543,826 0.45 

IBM US USD 2,708 528,055 0.44 

Mastercard (A) US USD 896 411,130 0.34 

Fiserv US USD 4,954 370,300 0.31 

Check Point Software Technologies IL USD 7,637 338,163 0.28 

EMC US USD 12,310 300,116 0.25 

Synopsys US USD 9,162 294,458 0.24 

Visa (A) US USD 2,116 291,410 0.24 

Linear Technology US USD 8,060 252,184 0.21 

IAC Inter Active Corp US USD 5,067 245,331 0.20 

Flextronics International SG USD 38,930 223,266 0.18 

Facebook (A) US USD 9,454 200,134 0.17 

Electronic Arts US USD 16,028 195,858 0.16 

NVIDIA US USD 16,172 194,392 0.16 

Maxim Integrated Products US USD 6,424 177,764 0.15 

Lam Research US USD 5,003 176,942 0.15 

Nuance Communications US USD 7,783 173,327 0.14 

Altera US USD 4,971 150,222 0.12 

Juniper Networks US USD 9,020 148,928 0.12 

Analog Devices US USD 3,271 127,799 0.11 

NXP Semiconductor NL USD 5,292 127,173 0.11 

VMware (A) US USD 1,482 124,519 0.10 

Arrow Electronics US USD 3,385 119,215 0.10 

Global Payments US USD 2,371 100,604 0.08 

VeriFone Systems US USD 3,297 97,243 0.08 

BMC Software US USD 2,375 96,944 0.08 

ADTRAN US USD 5,603 93,965 0.08 

Sourcefire US USD 1,893 79,541 0.07 

Cirrus Logic US USD 1,691 67,641 0.06 

Motorola Solutions US USD 799 41,236 0.03 

25,954,773 21.43 


Home Depot US USD 22,651 1,386,894 1.15 

TJX US USD 28,847 1,185,880 0.98 




McDonald’s US USD 11,273 978,085 0.81 

Time Warner Cable US USD 8,003 789,129 0.65 

Lowe’s US USD 21,331 687,718 0.57 

Amazon.com US USD 1,979 457,981 0.38 

Omnicom Group US USD 8,798 418,448 0.35 

Expedia US USD 6,739 400,958 0.33 

Dollar General US USD 8,092 389,692 0.32 

General Motors US USD 14,546 366,271 0.30 

Stanley Black & Decker US USD 5,211 360,519 0.30 

Walt Disney US USD 7,134 350,130 0.29 

TRW Automotive Holdings US USD 7,456 348,483 0.29 

News (A) US USD 11,425 272,940 0.23 

NIKE (B) US USD 2,842 258,600 0.21 

Target US USD 4,050 256,839 0.21 

Coach US USD 4,581 254,318 0.21 

Ralph Lauren US USD 1,380 211,795 0.17 

PetSmart US USD 3,110 204,150 0.17 

VF US USD 1,312 203,344 0.17 

DIRECTV US USD 3,890 198,450 0.16 

Delphi Automotive Restricted GB USD 5,972 186,491 0.15 

Advance Auto Parts US USD 2,347 163,365 0.13 

PVH US USD 1,397 148,862 0.12 


Fidelity 

Funds 

American Diversified Fund - continued 




USD 

Staples US USD 12,882 147,627 0.12 

O’Reilly Automotive US USD 1,603 135,321 0.11 

Best Buy US USD 6,602 100,220 0.08 

Sherwin-Williams US USD 622 87,930 0.07 

Big Lots US USD 2,526 73,399 0.06 

Ross Stores US USD 1,089 65,977 0.05 

WABCO Holdings US USD 928 54,334 0.04 

CBS (B) US USD 1,636 53,170 0.04 

Marriott International (A) US USD 1,056 38,410 0.03 

Wyndham Worldwide US USD 745 37,551 0.03 

Starwood Hotels & Resorts Worldwide US USD 692 35,507 0.03 

14,617,355 12.07 



Philip Morris International US USD 29,031 2,565,477 2.12 

PepsiCo US USD 21,268 1,471,985 1.22 


Kraft Foods Group US USD 11,450 517,985 0.43 

Wal-Mart Stores US USD 6,544 487,081 0.40 

Lorillard US USD 3,533 409,977 0.34 

British American Tobacco GB GBP 8,159 403,955 0.33 

Dr Pepper Snapple Group US USD 9,045 387,776 0.32 

Procter & Gamble US USD 5,133 355,670 0.29 

Estee Lauder (A) US USD 5,600 345,058 0.28 

JM Smucker US USD 3,904 332,413 0.27 

Kellogg US USD 5,563 292,392 0.24 

Constellation Brands US USD 7,503 265,389 0.22 

Costco Wholesale US USD 2,601 254,949 0.21 

Colgate-Palmolive US USD 2,123 221,054 0.18 

Elizabeth Arden US USD 4,263 198,258 0.16 

Nu Skin Enterprises (A) US USD 4,108 186,606 0.15 

Whole Foods Market US USD 1,775 168,015 0.14 

Ingredion US USD 2,537 155,189 0.13 

Tyson Foods (A) US USD 8,263 138,813 0.11 

Campbell Soup US USD 3,448 121,507 0.10 

McCormick & Co US USD 1,351 82,822 0.07 

Monster Beverage US USD 788 35,259 0.03 

13,190,222 10.89 

Healthcare 

Pfizer US USD 118,251 2,949,186 2.44 



Baxter International US USD 14,698 915,259 0.76 

Merck & Co US USD 17,377 791,167 0.65 

Johnson & Johnson US USD 10,805 763,375 0.63 

WellPoint US USD 12,096 738,092 0.61 

Humana US USD 8,239 609,522 0.50 

Medtronic US USD 14,670 607,638 0.50 

Allergan US USD 6,093 542,873 0.45 

Amgen US USD 6,196 535,855 0.44 

Celgene US USD 6,853 503,942 0.42 

McKesson US USD 5,023 464,167 0.38 

Sanofi FR EUR 5,101 448,726 0.37 

Valeant Pharmaceuticals International (USA) CA USD 7,919 442,768 0.37 

Biogen Idec US USD 3,123 434,027 0.36 

Eli Lilly & Co US USD 7,571 368,119 0.30 

Covidien IE USD 5,076 278,057 0.23 

Aetna US USD 5,122 223,726 0.18 

Onyx Pharmaceuticals US USD 2,846 221,582 0.18 

Charles River Laboratories International US USD 5,246 197,152 0.16 

UnitedHealth Group US USD 3,376 187,892 0.16 

Universal Health Services US USD 3,993 165,764 0.14 

MEDNAX US USD 2,317 158,165 0.13 

Stryker US USD 2,969 155,465 0.13 

Endo Pharmaceuticals Holdings US USD 5,229 149,180 0.12 

Edwards Lifesciences US USD 1,442 124,327 0.10 

Centene US USD 3,202 121,388 0.10 

AmerisourceBergen US USD 2,965 117,547 0.10 

Warner Chilcott (A) IE USD 9,438 109,855 0.09 

Hospira US USD 3,403 104,237 0.09 

Hanger Orthopedic Group US USD 3,975 100,330 0.08 

HCA Holdings US USD 3,016 86,006 0.07 

Medivation US USD 1,647 83,695 0.07 

PDL BioPharma US USD 10,505 81,727 0.07 

Waters US USD 960 77,854 0.06 

Zimmer Holdings US USD 906 57,881 0.05 

Varian Medical Systems US USD 668 44,572 0.04 

Amsurg US USD 595 16,749 0.01 

CR Bard US USD 172 16,509 0.01 

17,209,073 14.21 


Verizon Communications US USD 14,725 655,872 0.54 

CenturyLink US USD 15,097 579,102 0.48 

SBA Communications (A) US USD 5,836 386,444 0.32 

AT&T US USD 10,023 346,385 0.29 

9 

Frontier Communications US USD 31,829 149,120 0.12 

NII Holdings US USD 12,738 98,722 0.08 

MetroPCS Communications US USD 1,702 17,518 0.01 

IDT US USD 1,598 15,884 0.01 

2,249,047 1.86 

Financials 

Wells Fargo & Co US USD 75,061 2,530,320 2.09 

JPMorgan Chase & Co US USD 48,320 2,009,611 1.66 


Citigroup US USD 43,453 1,613,407 1.33 

Berkshire Hathaway (B) US USD 12,274 1,063,068 0.88 

PNC Financial Services Group US USD 10,867 628,193 0.52 

Invesco US USD 24,715 594,403 0.49 

Prudential Financial US USD 10,316 586,655 0.48 

Aon GB USD 9,139 491,877 0.41 

MetLife US USD 13,311 469,095 0.39 

American International Group US USD 13,132 454,219 0.38 

American Tower US USD 5,040 375,272 0.31 

Aflac US USD 6,885 342,333 0.28 

Charles Schwab US USD 24,891 336,530 0.28 

CME Group US USD 5,634 314,123 0.26 

Boston Properties US USD 2,529 267,917 0.22 

American Express US USD 4,091 227,730 0.19 

BlackRock US USD 1,122 212,424 0.18 

Huntington Bancshares Inc/OH US USD 31,292 199,957 0.17 

CBOE Holdings US USD 6,692 196,616 0.16 

ACE CH USD 2,391 187,888 0.16 

SLM US USD 9,501 165,991 0.14 

Public Storage US USD 1,192 163,216 0.13 

SunTrust Banks US USD 5,968 161,498 0.13 

Loews US USD 3,615 153,290 0.13 

Hartford Financial Services Group US USD 6,856 148,438 0.12 

Regions Financial US USD 19,778 127,568 0.11 

Synovus Financial US USD 48,901 117,412 0.10 

Home Properties US USD 1,904 114,522 0.09 

NASDAQ OMX Group US USD 4,497 107,075 0.09 

IntercontinentalExchange US USD 765 100,262 0.08 

Interactive Brokers Group (A) US USD 6,854 96,922 0.08 

CBRE Group (A) US USD 5,072 89,822 0.07 

Discover Financial Services US USD 2,081 83,972 0.07 

Redwood Trust US USD 5,102 78,518 0.06 

American National Insurance US USD 890 64,803 0.05 

Simon Property Group US USD 408 61,603 0.05 

Validus Holdings BM USD 1,200 42,996 0.04 

CapitalSource US USD 4,907 38,075 0.03 

Calamos Asset Management (A) US USD 1,818 19,305 0.02 

16,700,726 13.79 

Securities Admitted to or Dealt on Other Regulated Markets 

Healthcare 

Roche Holding ADR CH USD 4,181 200,938 0.17 

200,938 0.17 

Unlisted 



USD 

Industrials 

Hyster-Yale Materials Handling US USD 831 34,003 0.03 

34,003 0.03 

Fractions 11 0.00 

Total Investments (Cost USD 119,486,186) 119,757,279 98.89 


Net Assets 121,104,195 100.00

Fidelity 

Funds 

American Diversified Fund - continued 




USA US 94.22 


UK GB 1.04 

Netherlands NL 0.66 

Canada CA 0.44 




Singapore SG 0.18 



10

Fidelity 

Funds 

American Growth Fund 




USD 


Energy 


Chevron US USD 53,790 5,896,453 2.19 

EOG Resources US USD 37,467 4,343,186 1.61 

Schlumberger US USD 60,715 4,206,963 1.56 

National Oilwell Varco US USD 40,101 2,942,628 1.09 

Helmerich & Payne US USD 36,352 1,732,891 0.64 

Ensco (A) GB USD 24,416 1,397,061 0.52 

Rowan Companies (A) US USD 41,469 1,314,161 0.49 

Cameco CA CAD 26,239 505,937 0.19 

35,623,745 13.23 

Utilities 

Exelon US USD 59,420 2,119,507 0.79 

2,119,507 0.79 

Materials 

Freeport-McMoRan Copper & Gold US USD 74,962 2,923,523 1.09 

Mosaic US USD 34,377 1,800,337 0.67 

Potash Corp of Saskatchewan CA CAD 33,541 1,348,841 0.50 

6,072,701 2.26 

Industrials 

Danaher US USD 91,363 4,735,329 1.76 


Emerson Electric US USD 80,310 3,886,177 1.44 

Donaldson US USD 97,804 3,142,456 1.17 

Rockwell Automation US USD 38,754 2,730,616 1.01 

Parker Hannifin US USD 34,383 2,706,311 1.01 

Robert Half International US USD 68,668 1,840,301 0.68 

Deere & Co US USD 17,966 1,531,600 0.57 

Rockwell Collins US USD 27,876 1,487,461 0.55 

25,983,297 9.65 



Apple US USD 12,952 7,725,032 2.87 

Google (A) US USD 7,664 5,189,183 1.93 

Amphenol (A) US USD 58,312 3,496,390 1.30 

Maxim Integrated Products US USD 106,850 2,956,540 1.10 


Lenovo Group CN HKD 2,659,178 2,123,800 0.79 

Juniper Networks US USD 123,561 2,039,986 0.76 

Altera US USD 67,019 2,025,321 0.75 

Agilent Technologies US USD 49,317 1,772,953 0.66 

Xilinx US USD 48,356 1,578,324 0.59 

TE Connectivity CH USD 39,182 1,260,482 0.47 

Intel US USD 54,467 1,184,117 0.44 

NetApp US USD 39,962 1,081,760 0.40 

Akamai Technologies US USD 22,855 867,132 0.32 

FLIR Systems US USD 26,792 519,771 0.19 

44,992,668 16.71 




Mattel US USD 79,534 2,924,466 1.09 

Dick’s Sporting Goods US USD 54,110 2,678,972 1.00 

Amazon.com US USD 11,051 2,557,610 0.95 

Coach US USD 45,060 2,501,754 0.93 

Omnicom Group US USD 46,265 2,200,366 0.82 

Johnson Controls US USD 68,676 1,760,861 0.65 

BorgWarner US USD 25,904 1,689,960 0.63 

Under Armour (A) US USD 26,743 1,395,474 0.52 


29,392,170 10.92 


Procter & Gamble US USD 122,005 8,453,725 3.14 

Coca-Cola US USD 215,429 7,968,729 2.96 

Wal-Mart Stores US USD 90,653 6,747,326 2.51 

Colgate-Palmolive US USD 46,488 4,839,451 1.80 

General Mills US USD 110,732 4,418,210 1.64 

HJ Heinz US USD 76,711 4,414,713 1.64 

Estee Lauder (A) US USD 63,825 3,932,876 1.46 


44,448,829 16.51 

11 

Healthcare 


Pfizer US USD 339,978 8,479,054 3.15 

Merck & Co US USD 179,408 8,168,465 3.03 



Mettler-Toledo International US USD 17,479 2,922,776 1.09 



Stryker US USD 43,429 2,274,372 0.84 

43,362,896 16.11 

Financials 

US Bancorp US USD 160,369 5,308,200 1.97 

Marsh & McLennan US USD 143,155 4,848,654 1.80 


Northern Trust US USD 89,916 4,275,506 1.59 


Aon GB USD 69,941 3,764,251 1.40 

Lazard (A) BM USD 84,846 2,502,110 0.93 

Goldman Sachs Group US USD 18,880 2,305,835 0.86 

Greenhill & Co US USD 38,402 1,826,772 0.68 

Franklin Resources US USD 11,534 1,475,723 0.55 

34,760,796 12.91 




- A-ACC Shares (EUR) (hedged) 



USD 



USD USD 

Bought EUR Sold USD at 0.77686 07/11/2012 3,286,324 25,424 0.01 


Bought USD Sold EUR at 1.29525 07/11/2012 3,311,747 (4,974) (0.00) 

25,273 0.01 


Net Assets 269,225,526 100.00 



USA US 93.02 

UK GB 1.92 



China CN 0.79 





Fidelity 

Funds 

ASEAN Fund 




USD 


Energy 

PTT (F) TH THB 2,929,400 30,199,580 1.37 

Tambang Batubara Bukit Asam Persero ID IDR 10,027,000 16,658,564 0.76 

Sapurakencana Petroleum MY MYR 13,515,080 11,089,339 0.50 

PTT Exploration & Production (F) TH THB 1,236,900 6,678,627 0.30 

Petronas Dagangan MY MYR 767,000 5,536,149 0.25 

70,162,259 3.19 

Utilities 

Tenaga Nasional MY MYR 14,142,775 32,131,631 1.46 

Manila Electric PH PHP 1,643,990 11,157,217 0.51 

Perusahaan Gas Negara Persero (B) ID IDR 21,913,800 10,580,768 0.48 

Glow Energy (F) TH THB 4,226,500 9,816,141 0.45 

Petronas Gas MY MYR 1,146,800 7,347,796 0.33 

Aboitiz Power PH PHP 7,671,800 6,177,003 0.28 

YTL Power International MY MYR 10,476,400 5,582,298 0.25 

82,792,854 3.76 

Materials 

PTT Global Chemical (F) TH THB 13,831,378 27,287,932 1.24 

Semen Gresik Persero ID IDR 13,032,000 20,162,478 0.92 

Indocement Tunggal Prakarsa ID IDR 6,168,500 13,706,921 0.62 

Petronas Chemicals Group MY MYR 6,162,800 13,094,978 0.60 

Siam Cement (F) (Reg’d) TH THB 852,400 11,485,120 0.52 

Holcim Philippines PH PHP 24,921,300 8,123,216 0.37 

Ta Ann Holdings MY MYR 4,801,700 5,964,746 0.27 

Kingsgate Consolidated AU AUD 844,990 4,829,984 0.22 

Indophil Resources NL AU AUD 7,192,762 2,089,449 0.09 

106,744,824 4.85 

Industrials 

Keppel SG SGD 7,172,300 62,242,252 2.83 

Fraser and Neave SG SGD 6,123,000 45,772,082 2.08 

Noble Group HK SGD 26,088,389 27,765,583 1.26 

Sime Darby MY MYR 5,626,498 17,988,310 0.82 

DMCI Holdings PH PHP 11,560,600 15,185,415 0.69 

Wijaya Karya Persero ID IDR 96,103,913 13,671,249 0.62 

ComfortDelGro SG SGD 9,740,000 13,456,075 0.61 

IJM MY MYR 7,541,208 12,350,711 0.56 

Hutchison Port Holdings Trust SG USD 15,058,000 11,702,627 0.53 

SembCorp Industries SG SGD 2,543,000 11,259,956 0.51 

Citra Marga Nusaphala Persada ID IDR 44,144,500 10,657,274 0.48 

Jardine Strategic Holdings HK USD 285,217 10,339,021 0.47 

International Container Terminal Services PH PHP 5,310,900 9,172,316 0.42 

JobStreet MY MYR 11,086,450 7,175,812 0.33 

Singapore Airlines SG SGD 822,000 7,115,905 0.32 

Surya Semesta Internusa ID IDR 20,545,500 2,517,360 0.11 

Amtek Engineering SG SGD 2,701,000 1,321,624 0.06 

United Tractors ID IDR 504,742 1,105,856 0.05 

280,799,428 12.76 


CSE Global SG SGD 7,210,500 5,098,057 0.23 

My EG Services MY MYR 13,925,700 3,550,790 0.16 

8,648,847 0.39 


Astra International ID IDR 83,098,000 69,459,718 3.16 

Genting Malaysia MY MYR 27,708,900 32,518,242 1.48 

Genting MY MYR 7,561,700 21,876,409 0.99 

Media Nusantara Citra ID IDR 70,020,000 20,539,370 0.93 

BEC World (F) TH THB 7,384,200 14,111,789 0.64 

Singapore Press Holdings SG SGD 4,146,000 13,692,960 0.62 

Media Prima MY MYR 16,808,800 12,528,091 0.57 

Media Chinese International HK MYR 19,852,300 10,707,994 0.49 

TAN Chong Motor Holdings MY MYR 7,194,600 10,418,944 0.47 

Genting Singapore SG SGD 8,655,000 9,376,835 0.43 

Jardine Cycle & Carriage SG SGD 231,000 9,265,658 0.42 

Padini Holdings MY MYR 10,650,500 7,137,353 0.32 

APM Automotive Holdings MY MYR 4,277,100 6,823,113 0.31 

Modern Internasional ID IDR 62,200,000 4,779,348 0.22 

Workpoint Entertainment (F) TH THB 4,755,400 4,669,041 0.21 

Courts Asia SG SGD 8,095,000 4,461,518 0.20 

Bloomberry Resorts PH PHP 4,089,000 1,402,454 0.06 

Indomobil Sukses Internasional ID IDR 1,570,500 831,677 0.04 

Modern Internasional Rts 11/03/2013 ID IDR 18,660,000 365,298 0.02 

254,965,812 11.59 

12 


IOI MY MYR 13,506,940 22,341,937 1.02 

Gudang Garam ID IDR 4,266,500 21,774,181 0.99 

First Resources SG SGD 12,573,000 21,047,901 0.96 

Wilmar International SG SGD 6,842,000 17,262,493 0.78 

Charoen Pokphand Foods (F) TH THB 12,618,900 14,443,497 0.66 

Genting Plantations MY MYR 4,634,100 13,603,638 0.62 

Thai Beverage TH SGD 30,933,000 10,997,396 0.50 

Kuala Lumpur Kepong MY MYR 1,178,200 8,249,959 0.37 

Petra Foods SG SGD 3,339,000 7,164,231 0.33 

Alliance Global Group PH PHP 15,443,000 5,589,682 0.25 

142,474,915 6.48 

Healthcare 

Kalbe Farma ID IDR 244,569,500 24,633,186 1.12 

Biosensors International Group SG SGD 14,889,000 13,161,751 0.60 

Raffles Medical Group SG SGD 6,201,604 12,407,653 0.56 

50,202,590 2.28 


Singapore Telecommunications SG SGD 29,635,500 77,925,450 3.54 

Telekomunikasi Indonesia Persero ID IDR 41,390,000 41,903,144 1.90 

Advanced Info Service (F) TH THB 5,723,300 36,692,939 1.67 

DiGi.Com MY MYR 19,642,400 34,095,919 1.55 

Maxis MY MYR 14,076,300 32,026,618 1.46 

Philippine Long Distance Telephone PH PHP 351,795 22,677,128 1.03 

Axiata Group MY MYR 5,372,375 11,468,136 0.52 

StarHub SG SGD 3,781,000 11,359,715 0.52 

Telekom Malaysia MY MYR 5,225,800 10,215,680 0.46 

278,364,729 12.65 

Financials 

United Overseas Bank SG SGD 6,395,078 95,174,430 4.33 

DBS Group Holdings SG SGD 6,689,355 75,816,948 3.45 

Oversea-Chinese Banking SG SGD 10,144,876 75,266,027 3.42 

Kasikornbank (F) TH THB 11,830,700 68,980,731 3.14 

Bank Mandiri Persero ID IDR 59,413,695 50,896,401 2.31 

Bank Rakyat Indonesia Persero ID IDR 59,550,500 45,757,648 2.08 

CIMB Group Holdings MY MYR 16,261,600 40,560,298 1.84 

Bangkok Bank (Honk Kong) (F) TH THB 6,803,700 39,892,131 1.81 

Global Logistic Properties SG SGD 17,078,000 35,775,890 1.63 

Malayan Banking MY MYR 11,653,859 34,400,982 1.56 

Bank Central Asia ID IDR 36,926,000 31,440,734 1.43 

Siam Commercial Bank (F) TH THB 5,880,200 30,657,637 1.39 

Public Bank MY MYR 5,690,430 29,577,097 1.34 

CapitaMall Trust SG SGD 15,606,000 26,841,356 1.22 

Alliance Financial Group MY MYR 19,306,000 25,686,211 1.17 

Security Bank PH PHP 4,921,600 19,382,317 0.88 

CapitaLand SG SGD 5,178,000 13,761,287 0.63 

Keppel Land SG SGD 4,102,000 11,338,407 0.52 

Frasers Centrepoint Trust SG SGD 5,559,000 8,877,662 0.40 

Wing Tai Holdings SG SGD 5,821,890 8,226,294 0.37 

BDO Unibank PH PHP 5,253,790 8,179,094 0.37 

Rizal Commercial Banking PH PHP 6,968,900 7,780,893 0.35 

City Developments SG SGD 800,000 7,457,617 0.34 

Mapletree Industrial Trust SG SGD 6,005,782 6,881,040 0.31 

Hemaraj Land and Development (F) TH THB 59,138,100 6,031,482 0.27 

SM Prime Holdings PH PHP 14,921,700 5,263,066 0.24 

Asian Property Development (F) TH THB 17,756,280 5,009,522 0.23 

Singapore Exchange SG SGD 886,000 4,859,701 0.22 

CapitaMalls Malaysia Trust MY MYR 7,712,700 4,538,290 0.21 

Vista Land & Lifescapes PH PHP 38,730,000 4,522,111 0.21 

Hong Leong Bank MY MYR 933,800 4,481,189 0.20 

Pruksa Real Estate (F) TH THB 6,784,200 4,316,168 0.20 

Hemaraj Land and Development NVDR TH THB 6,565,000 669,563 0.03 

Metro Pacific Investments PH PHP 4,259,000 428,904 0.02 

838,729,128 38.12 

Unlisted 



USD 

Materials 

Siam Cement NVDR TH THB 673,400 8,170,819 0.37 

8,170,819 0.37 


Felda Global Ventures Holdings* MY MYR 6,012,200 9,048,188 0.41 

9,048,188 0.41 


Total Access Communication NVDR TH THB 2,372,300 6,684,660 0.30 

6,684,660 0.30 

*Security with price determined by the Directors. 


Fidelity 

Funds 

ASEAN Fund - continued 




USD 

Financials 

Asian Property Development NVDR TH THB 27,445,640 7,743,150 0.35 

7,743,150 0.35 




Net Assets 2,200,072,247 100.00 




Malaysia MY 22.43 

Indonesia ID 18.25 

Thailand TH 15.66 

Philippines PH 5.68 

Hong Kong HK 2.22 

Australia AU 0.31 


13

Fidelity 

Funds 

Asia Pacific Dividend Fund 




USD 


Energy 

CNOOC CN HKD 2,419,000 5,001,969 1.94 

PetroChina (H) CN HKD 3,114,000 4,220,256 1.64 

S-Oil KR KRW 24,885 2,268,746 0.88 

China Shenhua Energy (H) CN HKD 500,500 2,114,625 0.82 

Origin Energy AU AUD 170,184 1,999,431 0.78 

WorleyParsons AU AUD 72,194 1,840,694 0.71 

Cairn India IN INR 166,865 1,038,953 0.40 

18,484,674 7.17 

Utilities 

Power Assets Holdings HK HKD 304,000 2,581,377 1.00 

Cheung Kong Infrastructure Holdings HK HKD 296,000 1,732,327 0.67 

4,313,704 1.67 

Materials 

BHP Billiton (Australia) AU AUD 258,182 9,128,331 3.54 

LG Chem KR KRW 9,349 2,615,663 1.01 

China Shanshui Cement Group CN HKD 3,517,000 2,590,999 1.01 

Taiwan Cement TW TWD 1,596,000 2,031,288 0.79 

Amcor (Australia) AU AUD 222,813 1,822,092 0.71 

Rio Tinto (Australia) AU AUD 30,094 1,769,606 0.69 

POSCO KR KRW 4,643 1,457,147 0.57 

Taiwan Fertilizer TW TWD 568,000 1,343,521 0.52 

Oriental Union Chemical TW TWD 1,154,500 1,216,305 0.47 

Formosa Chemicals & Fibre TW TWD 295,000 693,769 0.27 

24,668,721 9.57 

Industrials 

Keppel SG SGD 348,900 3,027,804 1.17 

China State Construction International Holdings HK HKD 2,486,000 2,937,062 1.14 

Sydney Airport AU AUD 613,828 2,156,539 0.84 

CTCI TW TWD 624,000 1,232,105 0.48 

International Container Terminal Services PH PHP 702,900 1,213,960 0.47 

Eva Airways TW TWD 1,737,000 1,000,591 0.39 

11,568,061 4.49 


Tencent Holdings CN HKD 157,000 5,524,964 2.14 

Taiwan Semiconductor Manufacturing TW TWD 1,541,000 4,645,293 1.80 

MediaTek TW TWD 210,000 2,315,906 0.90 

ASUSTeK Computer TW TWD 205,000 2,180,645 0.85 

Kingsoft CN HKD 3,734,000 2,153,496 0.84 

Quanta Computer TW TWD 868,000 1,970,530 0.76 

NQ Mobile ADR CN USD 203,000 1,439,270 0.56 


Novatek Microelectronics TW TWD 372,000 1,390,665 0.54 

NHN KR KRW 5,370 1,240,727 0.48 

SK Hynix KR KRW 49,550 1,124,908 0.44 

Chicony Electronics TW TWD 504,000 1,097,932 0.43 

Samsung Electronics (Pref’d) KR KRW 1,313 952,008 0.37 

Samsung Electronics KR KRW 746 889,320 0.34 

Sina CN USD 15,600 858,000 0.33 

Baidu ADR CN USD 7,100 766,800 0.30 

NCSoft KR KRW 3,518 674,254 0.26 

30,623,984 11.88 


Sunny Optical Technology Group CN HKD 6,282,000 3,671,668 1.42 

Hyundai Wia KR KRW 12,292 1,980,369 0.77 

Great Wall Motor (H) CN HKD 715,000 1,955,982 0.76 

Giordano International HK HKD 2,236,000 1,849,942 0.72 

Xinyi Glass Holdings HK HKD 2,728,000 1,517,740 0.59 

Shenzhou International Group Holdings CN HKD 769,000 1,493,705 0.58 

Makalot Industrial TW TWD 416,000 1,246,949 0.48 

Television Broadcasts HK HKD 142,000 1,055,278 0.41 

Luk Fook Holdings International HK HKD 384,000 957,564 0.37 

Sands China CN HKD 234,400 877,557 0.34 

16,606,754 6.44 


Woolworths AU AUD 115,511 3,518,074 1.36 

ITC IN INR 476,550 2,495,879 0.97 

Hengan International Group CN HKD 194,500 1,761,670 0.68 

LG Household & Health Care KR KRW 2,843 1,668,545 0.65 

CP ALL (F) TH THB 1,184,800 1,528,826 0.59 

Kuala Lumpur Kepong MY MYR 180,400 1,263,192 0.49 

Charoen Pokphand Foods (F) TH THB 701,800 803,275 0.31 

13,039,461 5.06 

14 

Healthcare 

Ramsay Health Care AU AUD 117,750 2,898,295 1.12 


Dr Reddy’s Laboratories IN INR 44,516 1,448,677 0.56 

6,006,847 2.33 


Far EasTone Telecommunications TW TWD 1,414,000 3,238,890 1.26 

StarHub SG SGD 1,005,000 3,019,443 1.17 

Telstra AU AUD 701,084 3,009,000 1.17 

HKT Trust HK HKD 2,744,000 2,533,916 0.98 

DiGi.Com MY MYR 1,367,800 2,374,272 0.92 

China Mobile HK HKD 207,000 2,285,049 0.89 

KT KR KRW 57,600 1,952,552 0.76 

SmarTone Telecommunications Holdings HK HKD 941,556 1,893,440 0.73 

Hutchison Telecommunications Hong Kong Holdings HK HKD 3,154,000 1,306,368 0.51 

Taiwan Mobile TW TWD 366,600 1,270,807 0.49 

22,883,737 8.88 

Financials 

Australia & NZ Banking Group AU AUD 656,695 17,287,080 6.71 

Commonwealth Bank of Australia AU AUD 263,726 15,760,657 6.11 

Westfield Group AU AUD 369,746 4,081,127 1.58 

Industrial & Commercial Bank of China (H) CN HKD 5,916,000 3,881,046 1.51 

Cheung Kong Holdings HK HKD 253,000 3,715,766 1.44 

China Construction Bank (H) CN HKD 4,769,000 3,563,103 1.38 

Suncorp Group AU AUD 345,083 3,354,280 1.30 

United Overseas Bank SG SGD 221,000 3,289,022 1.28 

New World Development HK HKD 2,002,000 3,069,829 1.19 


Housing Development Finance IN INR 213,757 3,013,823 1.17 


BOC Hong Kong Holdings HK HKD 858,500 2,629,711 1.02 

Shinhan Financial Group KR KRW 76,610 2,610,870 1.01 

Bank of China (H) CN HKD 5,556,000 2,269,872 0.88 

AIA Group HK HKD 544,600 2,147,313 0.83 

China Overseas Land & Investment HK HKD 818,000 2,122,990 0.82 

Sino Land HK HKD 1,132,000 2,013,706 0.78 

Goodman Group AU AUD 408,518 1,870,648 0.73 

Link REIT HK HKD 360,000 1,787,809 0.69 

Mega Financial Holding TW TWD 2,333,668 1,685,330 0.65 

IGB Real Estate Investment Trust MY MYR 3,495,700 1,508,417 0.59 

Metropolitan Bank & Trust PH PHP 652,648 1,508,187 0.59 

Frasers Centrepoint Trust SG SGD 934,000 1,491,588 0.58 

Guangzhou R&F Properties (H) CN HKD 1,212,400 1,477,124 0.57 

Longfor Properties CN HKD 836,000 1,464,156 0.57 


Ascendas Real Estate Investment Trust SG SGD 729,000 1,405,792 0.55 

HDFC Bank (Dematerialised) IN INR 112,095 1,313,732 0.51 

SOHO China CN HKD 1,691,000 1,141,758 0.44 

Kasikornbank (F) TH THB 194,400 1,133,479 0.44 

Stockland AU AUD 288,928 1,034,940 0.40 

DBS Group Holdings SG SGD 88,000 997,389 0.39 

Sunlight Real Estate Investment Trust HK HKD 2,443,000 996,722 0.39 

Federal Bank IN INR 104,411 937,857 0.36 

103,958,702 40.33 



MPI TW TWD 8 12 0.00 

12 0.00 

Open Ended Fund 

Fidelity Institutional Liquidity Fund - A-ACC-USD IE USD 89 1,508,395 0.59 

1,508,395 0.59 

Unlisted 



USD 

Materials 

Siam Cement NVDR TH THB 72,800 883,332 0.34 

883,332 0.34 


TPK Holdings GDR KY USD 81,454 1,023,123 0.40 

1,023,123 0.40 


Total Access Communication NVDR TH THB 527,300 1,485,824 0.58 

1,485,824 0.58 


Fidelity 

Funds 

Asia Pacific Dividend Fund - continued 




USD 

Financials 

Kasikornbank NVDR TH THB 211,900 1,229,310 0.48 

1,229,310 0.48 



Other Assets and Liabilities (497,015) (0.19) 

Net Assets 257,787,630 100.00 




China CN 19.25 


Taiwan TW 11.08 

Korea KR 7.54 


India IN 3.98 






USA US 0.40 

Cash and other net liabilities (0.19) 

15

Fidelity 

Funds 

Asia Pacific Property Fund 6 




USD 


Materials 

China Shanshui Cement Group CN HKD 914,849 673,976 1.63 

673,976 1.63 

Industrials 

China State Construction International Holdings HK HKD 442,787 523,126 1.27 

Nippon Parking Development JP JPY 2,392 129,605 0.31 

652,731 1.58 


Sekisui House JP JPY 20,127 205,487 0.50 

205,487 0.50 

Financials 

Mitsubishi Estate JP JPY 144,546 2,856,055 6.92 


Mitsui Fudosan JP JPY 101,548 2,048,832 4.97 

Wharf Holdings HK HKD 282,688 1,921,366 4.66 

Sumitomo Realty & Development JP JPY 64,039 1,766,210 4.28 

Sino Land HK HKD 927,118 1,649,242 4.00 

Hang Lung Properties HK HKD 420,830 1,455,089 3.53 

Hongkong Land Holdings HK USD 230,542 1,454,896 3.53 


CapitaLand SG SGD 467,945 1,243,632 3.02 


Westfield Retail Trust AU AUD 290,810 933,644 2.26 

New World Development HK HKD 586,418 899,202 2.18 

Henderson Land Development HK HKD 124,419 856,370 2.08 

Hang Lung Group HK HKD 132,653 780,826 1.89 

Frasers Centrepoint Trust SG SGD 480,296 767,027 1.86 

Stockland AU AUD 203,640 729,438 1.77 

Dexus Property Group AU AUD 672,436 685,730 1.66 

GPT Group AU AUD 170,778 629,522 1.53 

ORIX JREIT JP JPY 124 600,651 1.46 

Aeon Mall JP JPY 22,688 587,970 1.43 

Daiwa House Industry JP JPY 38,424 581,956 1.41 

CapitaMall Trust SG SGD 317,178 545,527 1.32 

SM Prime Holdings PH PHP 1,534,179 541,124 1.31 

Cheung Kong Holdings HK HKD 36,594 537,449 1.30 

Nomura Real Estate Office Fund JP JPY 85 534,703 1.30 

Ascendas Real Estate Investment Trust SG SGD 244,265 471,036 1.14 

Mori Hills REIT Investment JP JPY 95 461,549 1.12 

Advance Residence Investment JP JPY 207 447,777 1.09 

Nippon Building Fund JP JPY 38 412,259 1.00 

Robinsons Land PH PHP 883,012 408,106 0.99 

KLCC Property Holdings MY MYR 200,352 388,384 0.94 

Fortune Real Estate Investment Trust SG HKD 478,466 376,561 0.91 

Nippon Accommodations Fund JP JPY 52 370,309 0.90 

CDL Hospitality Trusts SG SGD 233,286 369,102 0.89 

Japan Excellent JP JPY 63 349,678 0.85 

Daibiru JP JPY 42,266 341,855 0.83 

CapitaCommercial Trust SG SGD 265,306 339,589 0.82 

Kenedix Realty Investment JP JPY 98 334,232 0.81 

Summarecon Agung ID IDR 1,823,751 331,398 0.80 

Top REIT JP JPY 69 319,078 0.77 

Sunway Real Estate Investment Trust MY MYR 621,823 311,008 0.75 

Mapletree Industrial Trust SG SGD 225,968 258,899 0.63 

Tokyo Tatemono JP JPY 62,210 255,343 0.62 

Global Logistic Properties SG SGD 115,271 241,476 0.59 

Singapore Land SG SGD 41,168 230,920 0.56 

Mirvac Group AU AUD 148,015 230,613 0.56 

Longfor Properties CN HKD 131,281 229,923 0.56 

UEM Land Holdings MY MYR 328,431 227,611 0.55 

Guangzhou R&F Properties (H) CN HKD 172,358 209,991 0.51 

Keppel Land SG SGD 71,358 197,242 0.48 

Ciputra Development ID IDR 2,740,429 193,497 0.47 

Japan Real Estate Investment JP JPY 18 182,943 0.44 

Radium Life Tech TW TWD 242,490 149,986 0.36 

Sunlight Real Estate Investment Trust HK HKD 363,195 148,180 0.36 

Asian Property Development (F) TH THB 521,921 147,248 0.36 

China Overseas Land & Investment HK HKD 54,891 142,461 0.35 

Hysan Development HK HKD 32,020 140,827 0.34 

Agung Podomoro Land ID IDR 3,384,483 128,272 0.31 

Prosperity REIT HK HKD 403,448 115,243 0.28 

IGB MY MYR 140,887 112,376 0.27 

IGB Real Estate Investment Trust MY MYR 24,884 10,738 0.03 

39,121,926 94.85 

16 

Equity Linked Notes 

GSI (China Vanke (A)) ELN 30/06/2015 CN USD 140,612 187,480 0.45 

UBS (China Vanke (A)) ELN 15/07/2013 CN USD 132,287 176,380 0.43 

363,860 0.88 

Unlisted 



USD 

Financials 

Asian Property Development NVDR TH THB 521,189 147,041 0.36 

GPT Group (In Specie)* AU EUR 3,595,695 47 0.00 

147,088 0.36 


Other Assets and Liabilities 82,346 0.20 

Net Assets 41,247,414 100.00 



Japan JP 31.00 




China CN 3.58 








A full list of footnotes is given on page 6. 


Fidelity 

Funds 

Asian Aggressive Fund 




USD 


Energy 

Oil Search AU AUD 183,875 1,413,298 2.27 

CNOOC CN HKD 606,265 1,253,625 2.01 

China Petroleum & Chemical (H) CN HKD 981,308 1,030,390 1.65 

WorleyParsons AU AUD 37,203 948,552 1.52 

4,645,865 7.45 

Utilities 

China Resources Gas Group HK HKD 439,322 970,618 1.56 

Cheung Kong Infrastructure Holdings HK HKD 118,848 695,554 1.12 

Spark Infrastructure Group AU AUD 284,378 497,895 0.80 

2,164,067 3.47 

Materials 


China National Building Material (H) CN HKD 591,004 744,636 1.19 

POSCO KR KRW 2,012 631,471 1.01 

Jiangxi Copper (H) CN HKD 175,267 448,473 0.72 

4,333,154 6.95 

Industrials 

Keppel SG SGD 113,761 987,238 1.58 

Transurban Group AU AUD 119,882 755,255 1.21 

COSCO Pacific HK HKD 486,891 713,393 1.14 

Orient Overseas International HK HKD 80,928 507,675 0.81 

Samsung Heavy Industries KR KRW 15,349 466,785 0.75 

IJM MY MYR 205,742 336,956 0.54 

Tata Motors (A) IN INR 58,871 170,135 0.27 

3,937,437 6.31 


Samsung Electronics KR KRW 3,229 3,849,648 6.17 


Hon Hai Precision Industry TW TWD 446,259 1,345,233 2.16 

SK Hynix KR KRW 43,599 989,812 1.59 

Lenovo Group CN HKD 1,213,455 969,147 1.55 


Synnex Technology International TW TWD 305,190 640,982 1.03 

Sina CN USD 4,070 223,823 0.36 

10,504,166 16.84 


Hyundai Motor KR KRW 8,664 1,777,397 2.85 

Techtronic Industries HK HKD 692,511 1,309,083 2.10 

BEC World (F) TH THB 623,560 1,191,673 1.91 

SA SA International Holdings HK HKD 1,586,185 1,083,879 1.74 

Tata Motors IN INR 142,148 674,841 1.08 

Golden Eagle Retail Group CN HKD 305,676 667,405 1.07 

Hankook Tire KR KRW 13,446 562,860 0.90 

Television Broadcasts HK HKD 37,458 278,371 0.45 

David Jones AU AUD 36,847 101,938 0.16 

7,647,447 12.26 


LG Household & Health Care KR KRW 1,589 932,826 1.50 

First Resources SG SGD 519,788 870,154 1.39 

CP ALL (F) TH THB 658,845 850,151 1.36 

Shenguan Holdings Group CN HKD 1,120,966 615,599 0.99 

Treasury Wine Estates AU AUD 119,363 610,150 0.98 

3,878,880 6.22 

Healthcare 

Dr Reddy’s Laboratories IN INR 27,107 882,127 1.41 

882,127 1.41 


Far EasTone Telecommunications TW TWD 293,652 672,636 1.08 

LG Uplus KR KRW 100,762 642,937 1.03 

HKT Trust HK HKD 549,847 507,750 0.81 

Telstra AU AUD 75,223 322,850 0.52 

2,146,173 3.44 

Financials 






17 



USD 


HDFC Bank (Dematerialised) IN INR 84,765 993,431 1.59 

Kasikornbank (F) TH THB 152,098 886,831 1.42 


China Resources Land HK HKD 375,505 849,307 1.36 

Mega Financial Holding TW TWD 1,160,567 838,139 1.34 

Westpac Banking AU AUD 30,633 807,927 1.30 

CapitaLand SG SGD 297,814 791,485 1.27 

Shinhan Financial Group KR KRW 19,358 659,719 1.06 

Standard Chartered (Hong Kong) GB HKD 27,185 643,787 1.03 

Korean Reinsurance KR KRW 60,525 592,634 0.95 

Charter Hall Retail REIT AU AUD 139,049 523,173 0.84 

Supalai (F) TH THB 770,849 479,598 0.77 


Hongkong Land Holdings HK USD 74,916 472,778 0.76 

Shriram Transport Finance IN INR 32,649 377,502 0.61 

Metropolitan Bank & Trust PH PHP 155,025 358,244 0.57 

Samsung Card KR KRW 6,611 255,086 0.41 

United Overseas Bank SG SGD 1 7 0.00 

21,424,158 34.35 




Net Assets 62,377,080 100.00 




Korea KR 18.21 





India IN 4.97 



UK GB 1.03 





Fidelity 

Funds 

Asian Equity Fund 1,4,5 




USD 


Energy 

CNOOC CN HKD 6,550,000 13,543,984 2.31 

PTT (F) TH THB 635,800 6,554,548 1.12 

20,098,532 3.43 

Utilities 

Korea Electric Power KR KRW 160,510 4,157,115 0.71 

ENN Energy Holdings CN HKD 792,000 3,286,707 0.56 

China Resources Gas Group HK HKD 1,426,000 3,150,537 0.54 

10,594,359 1.81 

Materials 

LG Chem KR KRW 27,763 7,767,530 1.33 

POSCO KR KRW 22,859 7,174,009 1.23 

Lafarge Malayan Cement MY MYR 1,561,000 4,975,318 0.85 

Formosa Plastics TW TWD 1,813,000 4,904,534 0.84 

Nan Ya Plastics TW TWD 2,382,000 4,169,038 0.71 



Korea Zinc KR KRW 7,574 3,089,975 0.53 


42,131,251 7.20 

Industrials 

Hutchison Whampoa HK HKD 996,000 9,726,856 1.66 

Keppel SG SGD 847,000 7,350,388 1.26 

IJM MY MYR 3,110,100 5,093,607 0.87 

Jardine Matheson Holdings HK USD 79,200 4,858,706 0.83 

Fraser and Neave SG SGD 555,000 4,148,866 0.71 

Hyundai Engineering & Construction KR KRW 57,270 3,436,162 0.59 


Orion (South Korea) KR KRW 3,369 3,165,074 0.54 

SembCorp Marine SG SGD 768,000 2,942,011 0.50 

Orient Overseas International HK HKD 456,000 2,860,570 0.49 

46,833,142 8.00 





Hon Hai Precision Industry TW TWD 4,766,240 14,367,672 2.45 

NHN KR KRW 46,641 10,776,301 1.84 

Baidu ADR CN USD 85,300 9,212,400 1.57 


AAC Technologies Holdings CN HKD 1,285,000 4,565,184 0.78 

NCSoft KR KRW 23,215 4,449,351 0.76 

Samsung Electronics (Pref’d) KR KRW 5,504 3,990,749 0.68 

Delta Electronics TW TWD 1,074,000 3,642,686 0.62 


Advantech TW TWD 716,000 2,457,657 0.42 

ASM Pacific Technology HK HKD 217,000 2,411,373 0.41 

Powertech Technology TW TWD 1,284,000 1,981,106 0.34 

Chroma ATE TW TWD 948,000 1,791,307 0.31 

SouFun Holdings ADR CN USD 63,578 1,146,311 0.20 

153,410,425 26.20 



Hyundai Motor (Pref’d) KR KRW 93,173 6,087,380 1.04 

Great Wall Motor (H) CN HKD 1,987,000 5,435,716 0.93 

Techtronic Industries HK HKD 2,716,000 5,134,172 0.88 

Giant Manufacturing TW TWD 968,000 4,967,515 0.85 

Sands China CN HKD 1,218,400 4,561,500 0.78 

Galaxy Entertainment Group HK HKD 1,098,000 3,732,841 0.64 

Golden Eagle Retail Group CN HKD 1,222,000 2,668,083 0.46 

Grand Korea Leisure KR KRW 89,580 2,518,530 0.43 

Stella International Holdings HK HKD 919,000 2,411,584 0.41 

Prada IT HKD 293,600 2,374,822 0.41 

New Oriental Education & Technology Group ADR CN USD 96,900 1,625,982 0.28 

Hyundai Department Store KR KRW 11,916 1,477,161 0.25 

54,688,413 9.34 



KT&G KR KRW 113,886 8,612,303 1.47 

China Mengniu Dairy HK HKD 2,697,000 8,140,069 1.39 

Want Want China Holdings CN HKD 5,128,000 6,981,249 1.19 

Yantai Changyu Pioneer Wine (B) CN HKD 1,148,449 5,822,213 0.99 


18 

Gudang Garam ID IDR 967,000 4,935,107 0.84 

Amorepacific KR KRW 2,851 3,239,080 0.55 

Dairy Farm International Holdings HK USD 206,100 2,291,731 0.39 

56,390,413 9.63 

Healthcare 


2,468,884 0.42 







KT KR KRW 81,130 2,750,184 0.47 

Asia Satellite Telecommunications Holdings HK HKD 785,500 2,491,853 0.43 

32,883,077 5.62 

Financials 

AIA Group HK HKD 4,787,000 18,874,744 3.22 




Ping An Insurance Group (H) CN HKD 978,500 7,665,807 1.31 


BOC Hong Kong Holdings HK HKD 2,384,000 7,302,539 1.25 

China Merchants Bank (H) CN HKD 3,400,000 6,323,052 1.08 

Henderson Land Development HK HKD 883,000 6,077,624 1.04 


China Overseas Land & Investment HK HKD 1,904,000 4,941,532 0.84 


Korean Reinsurance KR KRW 458,530 4,489,741 0.77 

Samsung Fire & Marine Insurance KR KRW 19,769 4,308,378 0.74 

Bangkok Bank (Honk Kong) (F) TH THB 731,600 4,289,590 0.73 

Chinatrust Financial Holding TW TWD 6,659,966 3,644,054 0.62 


Wing Hang Bank HK HKD 276,862 2,925,509 0.50 

Supalai (F) TH THB 2,810,800 1,748,791 0.30 

China Vanke (B) CN HKD 280,300 365,653 0.06 

131,656,766 22.49 


UBS (Kweichow Moutai (A)) ELN 09/07/2015 CN USD 118,500 4,697,006 0.80 

UBS (China Vanke (A)) ELN 15/07/2013 CN USD 1,758,400 2,344,496 0.40 

UBS (Wuliangye Yibin (A)) ELN 22/04/2013 CN USD 427,300 2,300,809 0.39 

BNP (Kweichow Moutai (A)) ELN 20/08/2013 CN USD 44,800 1,775,746 0.30 

GSI (Ping An Insurance Group (A)) ELN 20/04/2015 CN USD 7,758 48,238 0.01 

11,166,295 1.91 




13,273,057 2.27 

Unlisted 



USD 



2,412,880 0.41 

Financials 

Bangkok Bank NVDR TH THB 342,800 1,966,042 0.34 

Supalai NVDR TH THB 1,024,500 637,412 0.11 

2,603,454 0.44 



Net Assets 585,480,402 100.00 



Fidelity 

Funds 

Asian Equity Fund 1,4,5 - continued 














Italy IT 0.41 


19

Fidelity 

Funds 

Asian Smaller Companies Fund 




USD 


Energy 

Karoon Gas Australia AU AUD 14,704 84,550 1.39 

Beach Energy AU AUD 18,815 26,789 0.44 

MIE Holdings CN HKD 96,000 26,121 0.43 

Maverick Drilling & Exploration AU AUD 23,716 25,320 0.42 

Berkeley Resources AU AUD 36,113 17,559 0.29 

Linc Energy AU AUD 20,847 11,805 0.19 

Sino Gas & Energy Holdings CN AUD 145,862 11,353 0.19 

Sino Prosper State Gold Resources Holdings* HK HKD 224,000 9,972 0.16 

New Standard Energy AU AUD 27,960 9,079 0.15 

222,548 3.67 

Materials 

Soulbrain KR KRW 1,011 40,571 0.67 

CPMC Holdings CN HKD 55,000 38,640 0.64 

China Metal Recycling Holdings HK HKD 34,800 34,589 0.57 

Greatview Aseptic Packaging CN HKD 50,000 26,144 0.43 

Prairie Downs Metals AU AUD 35,091 24,351 0.40 

Troy Resources AU AUD 5,009 22,978 0.38 

Sovereign Metals AU AUD 51,742 20,650 0.34 

Yip’s Chemical Holdings HK HKD 30,000 20,214 0.33 

Papillon Resources AU AUD 10,180 19,505 0.32 

Alkane Resources AU AUD 19,791 17,329 0.29 

Rotam Global Agrosciences HK TWD 7,000 16,748 0.28 

Silver Lake Resources AU AUD 4,447 16,259 0.27 

Mineral Deposits AU AUD 2,828 14,283 0.24 

AMVIG Holdings HK HKD 48,000 14,214 0.23 

326,475 5.38 

Industrials 

Amtek Engineering SG SGD 157,000 76,822 1.27 

Goodpack SG SGD 48,000 76,094 1.26 

51job ADR CN USD 1,600 74,816 1.23 

KEPCO Plant Service & Engineering KR KRW 1,200 65,850 1.09 

China Singyes Solar Technologies Holdings HK HKD 88,800 52,194 0.86 

Surya Semesta Internusa ID IDR 391,000 47,908 0.79 

Tower Bersama Infrastructure ID IDR 87,000 45,169 0.74 

EVA Precision Industrial Holdings HK HKD 420,000 44,140 0.73 

JobStreet MY MYR 67,500 43,690 0.72 

TK KR KRW 1,720 43,477 0.72 

Pembangunan Perumahan Persero ID IDR 499,500 39,937 0.66 

King Slide Works TW TWD 7,000 39,015 0.64 

Singamas Container Holdings HK HKD 122,000 30,561 0.50 

Boer Power Holdings CN HKD 85,000 30,455 0.50 

Haitian International Holdings CN HKD 23,000 28,269 0.47 

Airtac International Group CN TWD 6,000 27,936 0.46 

Yungtay Engineering TW TWD 14,000 27,691 0.46 

Seek AU AUD 3,602 24,884 0.41 

JVM KR KRW 558 24,556 0.41 

China Automation Group CN HKD 104,000 24,516 0.40 

WCT MY MYR 23,800 21,473 0.35 

China Everbright International HK HKD 41,000 21,010 0.35 

China Metal International Holdings HK HKD 120,000 20,863 0.34 

CTCI TW TWD 9,000 17,771 0.29 

Muhibbah Engineering (M) MY MYR 47,700 14,424 0.24 

Cleanaway TW TWD 2,000 13,798 0.23 

977,319 16.12 


SouFun Holdings ADR CN USD 5,400 97,362 1.61 

Daou Technology KR KRW 6,520 92,442 1.52 

NetDragon Websoft HK HKD 63,500 67,679 1.12 

Tong Hsing Electronic Industries TW TWD 18,000 62,091 1.02 

Suprema KR KRW 3,041 51,981 0.86 

SBS Contents Hub KR KRW 3,235 48,457 0.80 

21Vianet Group ADR CN USD 4,000 44,240 0.73 

Venture SG SGD 7,000 43,768 0.72 

Golfzon KR KRW 836 42,032 0.69 

AutoNavi Holdings ADR CN USD 3,300 35,904 0.59 

KongZhong ADR CN USD 6,000 35,340 0.58 

CSE Global SG SGD 48,000 33,938 0.56 

Bitauto Holdings ADR CN USD 6,400 32,640 0.54 

NQ Mobile ADR CN USD 4,500 31,905 0.53 

China ITS Holdings CN HKD 201,000 31,365 0.52 

Kingsoft CN HKD 52,000 29,990 0.49 

Topoint Technology TW TWD 51,340 28,702 0.47 

TXC TW TWD 15,000 25,897 0.43 

Travelsky Technology (H) CN HKD 49,000 25,206 0.42 

WPG Holdings TW TWD 21,000 25,193 0.42 

Perfect World ADR CN USD 2,200 23,386 0.39 

20 



USD 

Chroma ATE TW TWD 12,000 22,675 0.37 

VST Holdings HK HKD 114,000 19,912 0.33 

Kingdee International Software Group CN HKD 94,000 19,437 0.32 

Anapass KR KRW 1,864 18,186 0.30 

VanceInfo Technologies ADR CN USD 2,300 18,055 0.30 

PAX Global Technology HK HKD 98,000 17,390 0.29 

Jiayuan.com International ADR CN USD 2,900 16,182 0.27 

iProperty Group MY AUD 16,420 15,682 0.26 

STS Semiconductor & Telecommunications KR KRW 2,857 14,451 0.24 

ICD KR KRW 888 10,796 0.18 

Phoenix New Media ADR CN USD 2,600 9,490 0.16 

1,091,774 18.01 


Media Nusantara Citra ID IDR 463,500 135,961 2.24 

REXLot Holdings HK HKD 1,300,000 93,524 1.54 

Interpark KR KRW 7,423 56,721 0.94 

Mitra Adiperkasa ID IDR 77,500 52,710 0.87 

Techtronic Industries HK HKD 26,500 50,094 0.83 

OSIM International SG SGD 33,000 43,733 0.72 

Hyundai Home Shopping Network KR KRW 345 40,922 0.67 

AirMedia Group ADR CN USD 17,500 40,250 0.66 

Hotel Shilla KR KRW 840 35,370 0.58 

KT Skylife KR KRW 1,270 35,312 0.58 

China Lodging Group ADR CN USD 2,000 34,020 0.56 

Modern Internasional ID IDR 441,000 33,886 0.56 

Kolao Holdings KR KRW 1,850 33,043 0.54 

Royale Furniture Holdings HK HKD 389,250 32,386 0.53 

Minth Group CN HKD 30,000 30,094 0.50 

Merida Industry TW TWD 7,900 30,070 0.50 

Luk Fook Holdings International HK HKD 12,000 29,924 0.49 

YGM Trading HK HKD 12,000 28,748 0.47 

Imagi International Holdings HK HKD 2,008,000 28,614 0.47 

Hosa International CN HKD 90,000 27,130 0.45 

Sitoy Group Holdings HK HKD 47,000 27,125 0.45 

Modern Media Holdings HK HKD 84,000 25,751 0.42 

Ace Hardware Indonesia ID IDR 28,000 20,352 0.34 

China ZhengTong Auto Services Holdings CN HKD 29,000 19,532 0.32 

China Outfitters Holdings CN HKD 114,000 19,398 0.32 

IT HK HKD 48,000 18,964 0.31 

China Dongxiang Group CN HKD 152,000 18,911 0.31 

YOU On Demand Holdings US USD 5,188 18,366 0.30 

MNC Sky Vision ID IDR 73,000 16,487 0.27 

Leisure & Resorts World PH PHP 70,500 16,463 0.27 

Stelux Holdings International HK HKD 63,000 14,050 0.23 

China Lilang CN HKD 21,000 11,859 0.20 

Future Bright Holdings HK HKD 72,000 11,291 0.19 

Ambow Education Holding ADR CN USD 2,700 7,506 0.12 

VisionChina Media ADR CN USD 13,900 3,058 0.05 

Modern Internasional Rts 11/03/2013 ID IDR 132,300 2,590 0.04 

1,144,215 18.87 


Shenguan Holdings Group CN HKD 146,000 80,179 1.32 

Korea Kolmar KR KRW 2,685 70,858 1.17 

Lotte Chilsung Beverage KR KRW 45 58,718 0.97 

Petra Foods SG SGD 26,000 55,786 0.92 

Tiga Pilar Sejahtera Food ID IDR 519,500 48,548 0.80 

Genic KR KRW 790 42,864 0.71 

Nippon Indosari Corpindo ID IDR 68,000 42,365 0.70 

Mayora Indah ID IDR 15,500 38,064 0.63 

China Tianyi Holdings HK HKD 260,000 37,495 0.62 

Ming Fai International Holdings HK HKD 408,000 36,681 0.60 

Sino Grandness Food Industry Group CN SGD 77,000 30,156 0.50 

China Corn Oil CN HKD 55,000 28,226 0.47 

Hop Hing Group Holdings HK HKD 408,000 19,943 0.33 

Iwatsuka Confectionery JP JPY 500 18,687 0.31 

Labixiaoxin Snacks Group CN HKD 48,000 17,095 0.28 

Korea Kolmar KR KRW 1,625 15,189 0.25 

640,854 10.57 

Healthcare 

China Medical System Holdings CN HKD 124,500 71,544 1.18 

Lee’s Pharmaceutical Holdings HK HKD 115,000 70,377 1.16 

Trauson Holdings CN HKD 122,000 63,360 1.04 

Hutchison China MediTech HK GBP 8,126 58,526 0.97 

WuXi PharmaTech Cayman ADR CN USD 3,500 50,015 0.82 

Biosensors International Group SG SGD 54,000 47,736 0.79 

3SBio ADR CN USD 2,900 38,918 0.64 

GI Dynamics CDI US AUD 40,536 25,099 0.41 

Acrux AU AUD 7,220 24,201 0.40 

China Animal Healthcare CN SGD 103,000 21,866 0.36 



Fidelity 

Funds 

Starpharma Holdings AU AUD 12,907 21,710 0.36 

Mesoblast AU AUD 3,517 20,957 0.35 

Universal Biosensors AU AUD 16,167 15,360 0.25 

SomnoMed AU AUD 13,634 11,616 0.19 

541,285 8.93 


Asia Satellite Telecommunications Holdings HK HKD 9,000 28,551 0.47 

28,551 0.47 

Financials 

Magnificent Estates HK HKD 1,518,000 73,333 1.21 

Chailease Holding TW TWD 38,000 67,154 1.11 

Sawada Holdings JP JPY 11,100 61,086 1.01 

Clipan Finance (Indonesia) ID IDR 1,220,500 50,693 0.84 


Summarecon Agung ID IDR 222,000 40,340 0.67 

Lippo Karawaci ID IDR 416,500 40,220 0.66 

Security Bank PH PHP 8,500 33,475 0.55 

Sapphire Technology KR KRW 986 32,638 0.54 

Ciputra Development ID IDR 437,500 30,891 0.51 

Magic Holdings International HK HKD 63,000 23,988 0.40 

Guotai Junan International Holdings HK HKD 75,000 22,037 0.36 

CitisecOnline.com PH PHP 41,400 18,711 0.31 

China Overseas Grand Oceans Group HK HKD 10,000 10,380 0.17 

Clipan Finance (Indonesia) Wts 07/10/2014 ID IDR 681,000 3,677 0.06 

549,869 9.07 


Industrials 

Lung Yen Life Service TW TWD 14,000 42,869 0.71 

Sporton International TW TWD 10,200 22,983 0.38 

65,852 1.09 


PChome Online TW TWD 5,780 25,929 0.43 

E Ink Holdings TW TWD 16,000 12,778 0.21 

Giga Solar Materials TW TWD 1,420 9,507 0.16 

Insyde Software TW TWD 3,000 8,789 0.14 

57,003 0.94 


Formosa Optical Technology TW TWD 8,000 20,391 0.34 

20,391 0.34 

Healthcare 

Pacific Hospital Supply TW TWD 19,900 57,553 0.95 

57,553 0.95 

Unlisted 

Asian Smaller Companies Fund - continued 




USD 

Industrials 

Toyo-Thai NVDR TH THB 295,200 261,173 4.31 

261,173 4.31 


YOU On Demand Holdings Placing* NL USD 12,500 41,595 0.69 

YOU On Demand Holdings Wts 30/08/2017 US USD 12,500 2,659 0.04 

44,254 0.73 

Financials 

Supalai NVDR TH THB 61,900 38,512 0.64 

38,512 0.64 




Net Assets 6,063,204 100.00 

21 












Japan JP 1.32 


USA US 0.76 


Cash and other net liabilities (0.07)

Fidelity 

Funds 

Asian Special Situations Fund 




USD 


Energy 

CNOOC CN HKD 16,736,720 34,607,921 2.33 

PTT (F) TH THB 1,690,836 17,431,056 1.17 

52,038,977 3.50 

Utilities 


ENN Energy Holdings CN HKD 2,179,076 9,042,909 0.61 


27,985,084 1.88 

Materials 

LG Chem KR KRW 72,053 20,159,028 1.36 

POSCO KR KRW 62,116 19,494,258 1.31 

Lafarge Malayan Cement MY MYR 4,036,981 12,866,920 0.87 


Nan Ya Plastics TW TWD 6,466,333 11,317,543 0.76 





111,057,856 7.48 

Industrials 

Hutchison Whampoa HK HKD 2,582,988 25,225,257 1.70 

Keppel SG SGD 2,200,531 19,096,523 1.29 


IJM MY MYR 8,072,842 13,221,401 0.89 





SembCorp Marine SG SGD 1,988,780 7,618,505 0.51 

Orient Overseas International HK HKD 1,196,813 7,507,820 0.51 

122,362,402 8.24 




Tencent Holdings CN HKD 1,307,725 46,019,975 3.10 


NHN KR KRW 123,416 28,515,063 1.92 




NCSoft KR KRW 61,444 11,776,292 0.79 


Novatek Microelectronics TW TWD 1,998,108 7,469,620 0.50 

ASM Pacific Technology HK HKD 635,533 7,062,241 0.48 

Advantech TW TWD 1,886,169 6,474,242 0.44 


Chroma ATE TW TWD 2,776,083 5,245,587 0.35 

Elec & Eltek International (Hong-Kong) SG HKD 1,819,939 3,968,933 0.27 


401,123,618 27.01 






Giant Manufacturing TW TWD 2,453,326 12,589,807 0.85 





Stella International Holdings HK HKD 2,441,199 6,406,048 0.43 

Prada IT HKD 773,031 6,252,762 0.42 


Hyundai Department Store KR KRW 30,671 3,802,144 0.26 

141,555,724 9.53 



KT&G KR KRW 293,096 22,164,545 1.49 




Hengan International Group CN HKD 1,669,754 15,123,678 1.02 



22 


146,530,843 9.87 

Healthcare 


6,464,917 0.44 







KT KR KRW 200,389 6,792,888 0.46 

Asia Satellite Telecommunications Holdings HK HKD 1,986,914 6,303,116 0.42 

71,161,677 4.79 

Financials 








Ping An Insurance Group (H) CN HKD 2,025,160 15,865,595 1.07 

Henderson Land Development HK HKD 2,277,237 15,674,054 1.06 





Korean Reinsurance KR KRW 1,161,636 11,374,271 0.77 







338,889,157 22.82 





UBS (Wuliangye Yibin (A)) ELN 22/04/2013 CN USD 669,156 3,603,092 0.24 

UBS (Ping An Insurance Group (A)) ELN 09/09/2013 CN USD 502,419 3,123,964 0.21 

BNP (Wuliangye Yibin (A)) ELN 20/08/2013 NL USD 521,966 2,810,542 0.19 

BNP (Ping An Insurance Group (A)) ELN 20/08/2013 NL USD 241,415 1,501,080 0.10 

BNP (China Vanke (A)) ELN 20/08/2013 NL USD 195,427 260,565 0.02 

36,364,891 2.45 



Fidelity Institutional Liquidity Fund - A-ACC-USD IE USD 1,224 20,805,744 1.40 

20,805,744 1.40 

Unlisted 



USD 



6,250,065 0.42 

Financials 


3,953,629 0.27 


DB (China Vanke (A)) ELN 11/07/2018 CN USD 355,033 473,369 0.03 

473,369 0.03 



Other Assets and Liabilities (1,977,936) (0.13) 

Net Assets 1,485,040,015 100.00 


Fidelity 

Funds 

Asian Special Situations Fund - continued 














Italy IT 0.42 


Cash and other net assets (0.13) 

23

Fidelity 

Funds 

Australia Fund 




AUD 


Energy 

Oil Search AU AUD 3,621,204 26,824,667 4.70 


Karoon Gas Australia AU AUD 550,078 3,048,403 0.53 

39,447,523 6.91 

Materials 

BHP Billiton (Australia) AU AUD 1,150,314 39,196,905 6.87 

Rio Tinto (Australia) AU AUD 452,233 25,628,816 4.49 

Iluka Resources AU AUD 1,407,629 13,897,897 2.44 

James Hardie Industries IE AUD 991,093 9,108,684 1.60 

Newcrest Mining AU AUD 292,503 7,752,787 1.36 

Independence Group NL AU AUD 960,148 3,813,810 0.67 

Alkane Resources AU AUD 1,237,327 1,044,134 0.18 

100,443,033 17.60 

Industrials 

Seek AU AUD 3,800,057 25,300,696 4.43 

Sydney Airport AU AUD 6,557,096 22,202,007 3.89 

Brambles AU AUD 1,204,282 8,709,745 1.53 

NRW Holdings AU AUD 481,193 981,226 0.17 

57,193,674 10.02 


carsales.com AU AUD 667,712 4,971,448 0.87 

4,971,448 0.87 


Domino’s Pizza Enterprises AU AUD 2,233,946 21,060,149 3.69 

Kathmandu Holdings NZ AUD 918,349 1,307,166 0.23 

22,367,315 3.92 


Wesfarmers AU AUD 769,840 26,714,232 4.68 

Woolworths AU AUD 668,698 19,628,253 3.44 

46,342,485 8.12 

Healthcare 


Cochlear AU AUD 20,888 1,484,180 0.26 

17,816,616 3.12 


Telstra AU AUD 7,006,701 28,982,493 5.08 

28,982,493 5.08 

Financials 

Australia & NZ Banking Group AU AUD 2,149,824 54,541,965 9.56 


Suncorp Group AU AUD 3,385,231 31,712,764 5.56 

Westpac Banking AU AUD 1,100,821 27,981,149 4.90 

National Australia Bank AU AUD 1,014,586 26,069,812 4.57 

Goodman Group AU AUD 5,069,795 22,373,877 3.92 

Westfield Group AU AUD 1,247,013 13,265,316 2.32 

Mortgage Choice AU AUD 6,493,045 11,180,052 1.96 

Macquarie Group AU AUD 132,221 4,196,270 0.74 

Stockland AU AUD 1,000,041 3,452,340 0.60 

248,918,141 43.62 


Total Investments (Cost AUD 465,510,849) 566,482,727 99.27 


Net Assets 570,640,729 100.00 

24 





New Zealand NZ 0.23 



Fidelity 

Funds 

China Consumer Fund 




USD 


Materials 

Zhaojin Mining Industry (H) CN HKD 451,000 754,477 0.15 

Fufeng Group HK HKD 1,035,000 391,896 0.08 

1,146,373 0.23 

Industrials 

China Southern Airlines (H) CN HKD 13,042,000 6,133,916 1.21 

Air China (H) CN HKD 5,524,000 3,902,075 0.77 


China Eastern Airlines (H) CN HKD 6,932,000 2,406,835 0.47 

Cathay Pacific Airways HK HKD 685,000 1,235,199 0.24 

51job ADR CN USD 25,400 1,187,704 0.23 

Yungtay Engineering TW TWD 599,000 1,184,777 0.23 

China Airlines TW TWD 1,702,000 659,404 0.13 

19,256,203 3.80 





Sina CN USD 75,947 4,177,085 0.82 

Qihoo 360 Technology ADR CN USD 86,500 1,788,820 0.35 


Digital China Holdings HK HKD 847,000 1,416,025 0.28 


66,610,452 13.14 


Belle International Holdings HK HKD 8,573,000 15,852,007 3.13 

SJM Holdings HK HKD 4,534,000 9,798,511 1.93 



Li & Fung HK HKD 5,420,000 9,049,444 1.79 

Wynn Macau CN HKD 3,147,200 8,872,339 1.75 

Brilliance China Automotive Holdings HK HKD 4,022,000 4,962,025 0.98 


Dongfeng Motor Group (H) CN HKD 2,940,000 3,624,915 0.72 

China Resources Enterprise HK HKD 1,110,000 3,588,291 0.71 

Intime Department Store Group CN HKD 2,616,000 3,074,173 0.61 

Shangri-La Asia HK HKD 1,484,000 2,857,198 0.56 

Cheng Shin Rubber Industry TW TWD 1,118,800 2,779,436 0.55 

Goodbaby International Holdings CN HKD 8,176,000 2,704,898 0.53 

Skyworth Digital Holdings HK HKD 4,316,249 2,311,389 0.46 

Yulon Motor TW TWD 1,285,000 2,231,572 0.44 

China Lodging Group ADR CN USD 129,200 2,197,692 0.43 


Wowprime TW TWD 147,000 2,048,274 0.40 

Phoenix Satellite Television Holdings HK HKD 6,092,000 1,925,116 0.38 

Chow Tai Fook Jewellery Group HK HKD 1,466,600 1,799,316 0.36 


Springland International Holdings CN HKD 2,983,000 1,459,679 0.29 

Hengdeli Holdings HK HKD 4,672,000 1,458,386 0.29 

Trinity HK HKD 2,004,000 1,394,826 0.28 

Lifestyle International Holdings HK HKD 643,000 1,367,673 0.27 

Formosa International Hotels TW TWD 122,100 1,296,739 0.26 

China Lilang CN HKD 2,215,000 1,250,879 0.25 

Embry Holdings HK HKD 2,535,000 1,204,517 0.24 

Bona Film Group ADR CN USD 204,872 1,075,578 0.21 

Prada IT HKD 125,500 1,015,123 0.20 

Bosideng International Holdings HK HKD 2,374,000 748,183 0.15 

Haier Electronics Group HK HKD 534,000 678,441 0.13 

TCL Multimedia Technology Holdings HK HKD 818,000 451,650 0.09 

Geely Automobile Holdings HK HKD 845,000 359,894 0.07 

119,831,526 23.65 



Uni-President Enterprises TW TWD 5,608,920 9,835,939 1.94 

Tingyi Cayman Islands Holding CN HKD 3,114,000 9,218,681 1.82 

China Foods HK HKD 5,540,000 5,585,853 1.10 

;Sun Art Retail Group CN HKD 4,033,500 5,465,716 1.08 



Uni-President China Holdings CN HKD 3,260,000 4,091,142 0.81 

Standard Foods TW TWD 833,280 2,121,093 0.42 

President Chain Store TW TWD 422,000 2,072,369 0.41 

China Agri-Industries Holdings HK HKD 3,264,000 2,029,027 0.40 

China Modern Dairy Holdings CN HKD 7,344,000 1,899,675 0.37 

Wumart Stores (H) CN HKD 875,250 1,550,794 0.31 

Shenguan Holdings Group CN HKD 2,072,000 1,137,878 0.22 

Yantai Changyu Pioneer Wine (B) CN HKD 223,442 1,132,769 0.22 

25 

Tsingtao Brewery (H) CN HKD 164,000 882,546 0.17 

Tibet 5100 Water Resources Holdings HK HKD 2,247,000 630,903 0.12 

73,290,462 14.46 

Healthcare 

China Medical System Holdings CN HKD 5,054,000 2,904,287 0.57 

Sino Biopharmaceutical HK HKD 5,384,000 2,138,318 0.42 

Lijun International Pharmaceutical Holding HK HKD 6,036,000 1,630,936 0.32 

Microport Scientific CN HKD 1,593,000 814,288 0.16 

Hua Han Bio-Pharmaceutical Holdings HK HKD 3,348,000 769,736 0.15 

China Shineway Pharmaceutical Group CN HKD 291,000 463,930 0.09 

Sinopharm Group (H) CN HKD 108,000 361,336 0.07 

9,082,831 1.79 


China Mobile HK HKD 1,899,000 20,962,840 4.14 

China Telecom (H) CN HKD 20,002,000 11,850,748 2.34 

China Unicom Hong Kong HK HKD 6,348,000 10,321,668 2.04 


Chunghwa Telecom TW TWD 1,719,000 5,351,287 1.06 

Taiwan Mobile TW TWD 1,192,300 4,133,068 0.82 

China Communications Services (H) CN HKD 4,984,000 2,794,523 0.55 

O-Net Communications Group CN HKD 2,457,000 644,028 0.13 

61,715,912 12.18 

Financials 

China Life Insurance (H) CN HKD 12,965,000 38,031,466 7.50 



China Pacific Insurance Group (H) CN HKD 3,399,800 10,570,854 2.09 

Cathay Financial Holding TW TWD 6,488,324 6,471,836 1.28 


Longfor Properties CN HKD 1,999,000 3,501,015 0.69 

China Life Insurance TW TWD 4,017,455 3,112,954 0.61 

CITIC Securities (H) CN HKD 1,028,500 1,914,047 0.38 

China Taiping Insurance Holdings HK HKD 995,400 1,692,261 0.33 

Fubon Financial Holding TW TWD 1,581,247 1,612,159 0.32 

China Resources Land HK HKD 674,000 1,524,434 0.30 


Wing Hang Bank HK HKD 94,133 994,672 0.20 


Magic Holdings International HK HKD 1,943,600 740,064 0.15 

136,184,335 26.87 


UBS (SAIC Motor (A)) ELN 16/09/2014 CN USD 998,400 2,073,567 0.41 



UBS (Ping An Insurance Group (A)) ELN 07/06/2013 CN USD 108,400 674,015 0.13 

BNP (SAIC Motor (A)) ELN 20/08/2013 NL USD 265,900 552,245 0.11 

6,339,411 1.25 

Unlisted 



USD 



518,258 0.10 




Net Assets 506,778,059 100.00 






Italy IT 0.20 




Fidelity 

Funds 

China Focus Fund 




USD 


Energy 

CNOOC CN HKD 96,181,640 198,882,845 5.38 


China Petroleum & Chemical (H) CN HKD 60,260,548 63,274,602 1.71 

Kunlun Energy HK HKD 20,484,224 37,821,307 1.02 

China Shenhua Energy (H) CN HKD 4,148,533 17,527,654 0.47 

China Oilfield Services (H) CN HKD 8,898,607 16,729,099 0.45 

Anton Oilfield Services Group CN HKD 31,696,369 9,515,490 0.26 

505,672,989 13.69 

Utilities 


China Resources Power Holdings HK HKD 11,483,037 24,519,065 0.66 


China Longyuan Power Group (H) CN HKD 27,877,986 18,027,228 0.49 

92,623,354 2.51 

Materials 

China Resources Cement Holdings HK HKD 57,560,591 38,762,196 1.05 

Lee & Man Paper Manufacturing HK HKD 68,678,123 35,755,538 0.97 

West China Cement CN HKD 102,638,234 18,362,150 0.50 

Zhaojin Mining Industry (H) CN HKD 4,185,881 7,002,550 0.19 

Shandong Chenming Paper Holdings (H) CN HKD 14,900,062 5,492,237 0.15 

Nine Dragons Paper Holdings HK HKD 6,089,097 4,237,894 0.11 

Tangshan Jidong Cement (A) CN CNY 853,454 1,464,798 0.04 

111,077,363 3.01 

Industrials 

Guangshen Railway (H) CN HKD 98,857,695 33,905,106 0.92 


China Everbright International HK HKD 41,346,901 21,188,252 0.57 


Dongfang Electric (H) CN HKD 12,264,043 20,388,902 0.55 

China Automation Group CN HKD 49,432,831 11,652,627 0.32 

Zhuzhou CSR Times Electric (H) CN HKD 3,731,738 10,927,612 0.30 

Zoomlion Heavy Industry Science and Technology (H) CN HKD 7,574,024 10,086,730 0.27 

China High Speed Transmission Equipment Group HK HKD 21,531,939 7,348,798 0.20 

Sichuan Expressway (H) CN HKD 18,153,755 5,877,691 0.16 

51job ADR CN USD 111,643 5,220,446 0.14 

SITC International Holdings CN HKD 11,853,522 3,136,129 0.08 

Shanghai Industrial Holdings HK HKD 974,017 3,107,689 0.08 

Daqin Railway (A) CN CNY 278,561 269,628 0.01 

184,897,795 5.01 



Baidu ADR CN USD 1,186,249 128,114,840 3.47 

Sina CN USD 1,363,075 74,969,144 2.03 


Hollysys Automation Technologies CN USD 2,046,534 21,304,421 0.58 

AsiaInfo-Linkage CN USD 1,836,889 18,883,214 0.51 

Kingdee International Software Group CN HKD 53,869,686 11,139,087 0.30 

PAX Global Technology HK HKD 58,513,743 10,383,436 0.28 

ZTE (H) CN HKD 6,440,999 8,998,704 0.24 


604,610,851 16.37 



Li Ning CN HKD 50,498,971 26,648,593 0.72 

Samsonite International US HKD 8,825,605 18,227,040 0.49 


Gree Electric Appliances (A) CN CNY 3,553,888 13,150,316 0.36 

Tianneng Power International HK HKD 17,104,048 11,505,140 0.31 


TAL Education Group ADR CN USD 1,174,596 10,489,144 0.28 

Chaowei Power Holdings CN HKD 17,636,869 9,549,807 0.26 

Embry Holdings HK HKD 19,059,053 9,055,996 0.25 

SMI HK HKD 382,894,053 9,009,414 0.24 

Tenfu Cayman Holdings CN HKD 13,828,445 8,563,465 0.23 

SAIC Motor (A) CN CNY 3,644,021 7,568,230 0.20 


Geely Automobile Holdings HK HKD 15,870,095 6,759,224 0.18 

Pou Sheng International Holdings HK HKD 38,175,870 2,421,573 0.07 

Imagi International Holdings HK HKD 132,713,234 1,891,171 0.05 


Mecox Lane ADR CN USD 1,224,141 758,967 0.02 

Hengdeli Holdings HK HKD 557,719 174,094 0.00 


374,242,449 10.13 

26 



USD 




Tingyi Cayman Islands Holding CN HKD 9,989,147 29,571,857 0.80 


Tsingtao Brewery (H) CN HKD 2,782,620 14,974,322 0.41 


China Yurun Food Group CN HKD 7,279,230 5,295,540 0.14 

Besunyen Holdings CN HKD 50,986,477 3,928,948 0.11 


219,812,202 5.95 

Healthcare 

Sino Biopharmaceutical HK HKD 84,213,586 33,446,407 0.91 

WuXi PharmaTech Cayman ADR CN USD 1,777,540 25,401,051 0.69 

China Medical System Holdings CN HKD 42,946,857 24,679,458 0.67 

Mindray Medical International ADR CN USD 670,558 22,792,252 0.62 

Trauson Holdings CN HKD 13,279,689 6,896,685 0.19 

China Shineway Pharmaceutical Group CN HKD 2,741,787 4,371,120 0.12 

Jiangsu Hengrui Medicine CN CNY 145,047 698,491 0.02 

118,285,464 3.20 




O-Net Communications Group CN HKD 8,288,104 2,172,474 0.06 

176,375,628 4.77 

Financials 








China Vanke (B) CN HKD 26,834,422 35,005,619 0.95 

Agricultural Bank of China (H) CN HKD 65,653,493 28,188,143 0.76 


Hui Xian Real Estate Investment Trust CN CNY 29,136,837 19,451,266 0.53 

Wing Hang Bank HK HKD 1,588,247 16,782,483 0.45 

China Liansu Group Holdings CN HKD 24,764,718 14,457,828 0.39 

China Resources Land HK HKD 6,282,307 14,209,145 0.38 

CITIC Securities (H) CN HKD 4,481,671 8,340,427 0.23 

Haitong Securities (H) CN HKD 6,552,402 8,335,293 0.23 

Hang Lung Properties HK HKD 1,654,235 5,719,781 0.15 

China Vanke (A) CN CNY 3,094,245 4,125,594 0.11 

979,379,459 26.51 


UBS (SAIC Motor (A)) ELN 16/09/2014 CN USD 25,661,974 53,297,091 1.44 

UBS (Gree Electric Appliances (A)) ELN 01/07/2014 CN USD 12,835,543 47,494,861 1.29 

BNP (Daqin Railway (A)) ELN 20/08/2013 NL USD 17,944,623 17,369,196 0.47 

BNP (Gree Electric Appliances (A)) ELN 20/08/2013 NL USD 4,386,614 16,231,617 0.44 


BNP (CITIC Securities (A)) ELN 20/08/2013 NL USD 6,660,958 11,624,467 0.31 

BNP (China Merchants Securities (A)) ELN 20/08/2013 NL USD 7,215,694 11,054,635 0.30 

BNP (China Vanke (A)) ELN 05/05/2014 CN USD 8,057,148 10,742,692 0.29 

UBS (Yonyou Software (A)) ELN 31/12/2012 CN USD 5,632,524 9,992,155 0.27 

BNP (Tangshan Jidong Cement (A)) ELN 20/08/2013 NL USD 5,216,765 8,953,630 0.24 

BNP (Ping An Insurance Group (A)) ELN 20/08/2013 NL USD 1,204,467 7,489,194 0.20 

BNP (SAIC Motor (A)) ELN 20/08/2013 NL USD 2,700,356 5,608,342 0.15 

UBS (Daqin Railway (A)) ELN 16/04/2013 CN USD 5,273,031 5,103,941 0.14 


UBS (Tangshan Jidong Cement (A)) ELN 08/12/2014 GB USD 1,437,720 2,467,586 0.07 

DB (China Merchants Securities (A)) ELN 03/03/2016 CN USD 1,467,807 2,248,720 0.06 

ML (SAIC Motor (A)) ELN 24/06/2016 GB USD 881,794 1,831,388 0.05 

GSI (China Merchants Securities (A)) ELN 16/02/2016 CN USD 1,181,289 1,809,766 0.05 

GSI (Daqin Railway (A)) ELN 24/06/2016 CN USD 1,155,076 1,118,036 0.03 

UBS (Zhejiang Baoxiniao Garment (A)) ELN 30/12/2014 GB USD 565,686 947,328 0.03 

DB (Daqin Railway (A)) ELN 23/05/2016 CN USD 381,241 369,016 0.01 

UBS (China Merchants Securities (A)) ELN 14/02/2014 CN USD 168,421 258,026 0.01 


231,368,771 6.26 



Fidelity Institutional Liquidity Fund - A-ACC-USD IE USD 1 12,524 0.00 

12,524 0.00 



Fidelity 

Funds 

Unlisted 

China Focus Fund - continued 




USD 


Peace Mark Holdings* HK HKD 13,498,793 17 0.00 

17 0.00 


DB (Ping An Insurance Group (A)) ELN 27/02/2017 CN USD 137,836 857,045 0.02 


931,406 0.03 




Net Assets 3,694,147,194 100.00 






USA US 0.49 

UK GB 0.14 



27

Fidelity 

Funds 

China Opportunities Fund 




USD 


Energy 

CNOOC CN HKD 904,923 1,871,185 3.66 




Kunlun Energy HK HKD 469,969 867,732 1.70 

Inner Mongolia Yitai Coal (B) CN USD 32,330 175,680 0.34 

China Coal Energy (H) CN HKD 46,686 46,169 0.09 

6,571,957 12.86 

Utilities 

Power Assets Holdings HK HKD 76,448 649,146 1.27 

Guangdong Investment HK HKD 424,839 346,105 0.68 

ENN Energy Holdings CN HKD 80,144 332,587 0.65 

China Resources Power Holdings HK HKD 49,798 106,331 0.21 

Hong Kong & China Gas HK HKD 3,890 10,306 0.02 

1,444,475 2.83 

Materials 



Anhui Conch Cement (H) CN HKD 88,314 302,073 0.59 

Zijin Mining Group CN HKD 484,752 193,752 0.38 


1,682,457 3.29 

Industrials 

Hutchison Whampoa HK HKD 98,429 961,248 1.88 

Jardine Matheson Holdings HK USD 10,001 613,524 1.20 



China Communications Construction (H) CN HKD 341,194 317,774 0.62 

China Railway Construction (H) CN HKD 249,184 245,277 0.48 


China Railway Group (H) CN HKD 315,517 159,477 0.31 

Zhuzhou CSR Times Electric (H) CN HKD 51,743 151,519 0.30 

Jardine Strategic Holdings HK USD 3,891 141,056 0.28 

Air China (H) CN HKD 196,080 138,508 0.27 

China Southern Airlines (H) CN HKD 201,526 94,782 0.19 


Dongfang Electric (H) CN HKD 22,720 37,772 0.07 

Zoomlion Heavy Industry Science and Technology (H) CN HKD 18,908 25,180 0.05 

Shanghai Zhenhua Heavy Industries (B) CN USD 62,481 19,307 0.04 

Hopewell Highway Infrastructure (CNY) HK CNY 33,264 17,556 0.03 

CSR (H) CN HKD 14,006 10,829 0.02 

Sany Heavy Equipment International Holdings CN HKD 19,452 10,145 0.02 

Hiwin Technologies TW TWD 856 5,469 0.01 

4,033,254 7.89 



Lenovo Group CN HKD 631,812 504,608 0.99 

AAC Technologies Holdings CN HKD 89,286 317,205 0.62 

Sina CN USD 2,023 111,267 0.22 

Baidu ADR CN USD 856 92,438 0.18 

China Leason CBM & Shale Gas Group HK HKD 1,937,453 63,568 0.12 

Qihoo 360 Technology ADR CN USD 2,256 46,664 0.09 

Sohu.com CN USD 1,167 44,398 0.09 

4,225,002 8.27 



Belle International Holdings HK HKD 351,698 650,312 1.27 

Brilliance China Automotive Holdings HK HKD 465,300 574,050 1.12 

Great Wall Motor (H) CN HKD 202,499 553,964 1.08 

Li & Fung HK HKD 302,678 505,364 0.99 

SJM Holdings HK HKD 196,469 424,592 0.83 

Prada IT HKD 40,189 325,070 0.64 

Galaxy Entertainment Group HK HKD 89,870 305,528 0.60 


Geely Automobile Holdings HK HKD 301,511 128,417 0.25 



Samsonite International US HKD 37,932 78,339 0.15 

Wynn Macau CN HKD 24,121 68,000 0.13 

Chow Tai Fook Jewellery Group HK HKD 51,977 63,768 0.12 

Cheng Shin Rubber Industry TW TWD 21,569 53,583 0.10 

Jardine Cycle & Carriage SG SGD 1,167 46,815 0.09 

28 



USD 


L’Occitane International LU HKD 6,517 20,198 0.04 

4,917,168 9.62 


Hengan International Group CN HKD 77,031 697,705 1.37 

Want Want China Holdings CN HKD 281,670 383,465 0.75 

Vinda International Holdings HK HKD 165,345 229,555 0.45 

China Mengniu Dairy HK HKD 60,691 183,178 0.36 

First Pacific (Hong Kong) HK HKD 100,374 111,491 0.22 

Dairy Farm International Holdings HK USD 5,602 62,295 0.12 

1,667,689 3.26 

Healthcare 



Sino Biopharmaceutical HK HKD 40,461 16,070 0.03 

Guangzhou Pharmaceutical (H) CN HKD 6,225 12,014 0.02 

286,219 0.56 



China Telecom (H) CN HKD 186,742 110,641 0.22 

3,213,520 6.29 

Financials 





China Life Insurance (H) CN HKD 561,784 1,647,933 3.22 








Wharf Holdings HK HKD 89,092 605,536 1.18 



Wheelock & HK HKD 122,550 532,546 1.04 

Hong Kong Exchanges and Clearing HK HKD 26,183 430,097 0.84 

Sino Land HK HKD 187,521 333,579 0.65 

Shimao Property Holdings HK HKD 158,342 299,357 0.59 

Agricultural Bank of China (H) CN HKD 581,236 249,552 0.49 

Swire Properties HK HKD 78,976 243,479 0.48 


Bank of Communications (H) CN HKD 201,137 142,690 0.28 


Greentown China Holdings CN HKD 97,456 119,067 0.23 


Haitong Securities (H) CN HKD 71,118 90,469 0.18 

New World China Land HK HKD 102,708 47,104 0.09 

Sun Hung Kai Properties HK HKD 3,080 42,582 0.08 

22,403,999 43.83 


UBS (Changsha Zoomlion (A)) ELN 02/12/2013 CN USD 168,092 226,004 0.44 

UBS (Gree Electric Appliances (A)) ELN 01/07/2014 CN USD 49,565 183,402 0.36 

UBS (Qingdao Haier (A)) ELN 07/12/2012 CN USD 92,360 168,139 0.33 

UBS (Qingdao Haier (A)) ELN 09/07/2013 CN USD 66,799 121,607 0.24 

699,152 1.37 




Net Assets 51,113,034 100.00 


Fidelity 

Funds 

China Opportunities Fund - continued 






Italy IT 0.64 

USA US 0.15 



Luxembourg LU 0.04 


29

Fidelity 

Funds 

Emerging Asia Fund 




USD 


Energy 

CNOOC CN HKD 8,578,000 17,737,450 2.51 

Reliance Industries (Dematerialised) IN INR 1,080,624 16,090,648 2.27 


PTT (F) TH THB 880,500 9,077,193 1.28 


Cairn India IN INR 664,191 4,135,458 0.58 

Esso Thailand (F) TH THB 6,007,500 2,098,960 0.30 

Tambang Batubara Bukit Asam Persero ID IDR 155,000 257,512 0.04 

70,027,419 9.90 

Utilities 



10,660,604 1.51 

Materials 

Ultratech Cement IN INR 272,740 10,081,375 1.42 

Ambuja Cements IN INR 2,620,018 9,810,917 1.39 

Grasim Industries IN INR 98,511 6,383,982 0.90 


Anhui Conch Cement (H) CN HKD 1,764,000 6,033,690 0.85 




India Cements IN INR 2,325,149 4,103,969 0.58 

Lafarge Republic PH PHP 12,984,000 3,221,523 0.46 

Holcim Philippines PH PHP 2,300,200 749,761 0.11 

62,477,934 8.83 

Industrials 

Larsen & Toubro IN INR 397,948 11,959,417 1.69 



SM Investments PH PHP 234,050 4,571,689 0.65 

DMCI Holdings PH PHP 2,980,400 3,914,901 0.55 

Pembangunan Perumahan Persero ID IDR 47,941,500 3,833,089 0.54 


IJM MY MYR 2,155,080 3,529,510 0.50 

Jasa Marga Persero ID IDR 5,675,500 3,418,052 0.48 

United Tractors ID IDR 1,452,000 3,181,234 0.45 

MAX India IN INR 674,202 3,019,970 0.43 

Petrosea ID IDR 3,056,500 447,497 0.06 

51,727,402 7.31 



Tata Consultancy Services IN INR 671,630 16,385,409 2.32 

Infosys IN INR 201,962 8,828,033 1.25 




VTech Holdings HK HKD 275,900 3,261,475 0.46 

68,888,401 9.74 



Tata Motors IN INR 2,042,949 9,698,797 1.37 


Mahindra & Mahindra IN INR 418,734 6,841,649 0.97 




Sunny Optical Technology Group CN HKD 4,846,000 2,832,363 0.40 

Bajaj Auto IN INR 29,701 999,665 0.14 

53,125,556 7.51 


ITC IN INR 2,951,980 15,460,674 2.18 

Godrej Consumer Products IN INR 506,236 6,764,022 0.96 




Hindustan Unilever IN INR 447,287 4,530,175 0.64 

CP ALL (F) TH THB 3,297,800 4,255,370 0.60 


Universal Robina PH PHP 1,964,000 3,434,970 0.49 



30 

Want Want China Holdings CN HKD 982,000 1,336,893 0.19 

62,948,394 8.90 

Healthcare 

Cipla (India) IN INR 1,511,884 10,191,280 1.44 

Dr Reddy's Laboratories IN INR 283,973 9,241,286 1.31 


25,062,847 3.54 






XL Axiata ID IDR 6,280,000 4,466,803 0.63 

33,994,540 4.80 

Financials 

HDFC Bank (Dematerialised) IN INR 2,262,468 26,515,684 3.75 



Housing Development Finance IN INR 1,614,371 22,761,491 3.22 

ICICI Bank IN INR 789,599 15,324,601 2.17 












Security Bank PH PHP 1,280,310 5,042,135 0.71 



Rural Electrification IN INR 1,162,770 4,622,118 0.65 

Infrastructure Development Finance IN INR 975,113 2,916,408 0.41 

Oberoi Realty IN INR 568,819 2,881,413 0.41 


Metropolitan Bank & Trust PH PHP 667,498 1,542,503 0.22 

South Indian Bank IN INR 2,628,105 1,129,523 0.16 

Metro Pacific Investments PH PHP 8,638,000 869,893 0.12 

SM Prime Holdings PH PHP 762,200 268,837 0.04 

224,441,722 31.72 

Unlisted 



USD 

Materials 

Siam Cement NVDR TH THB 353,400 4,288,042 0.61 

4,288,042 0.61 


Modern Internasional Placing ID IDR 24,433,500 1,653,490 0.23 

1,653,490 0.23 



6,484,878 0.92 

Financials 

Kasikornbank NVDR TH THB 1,271,000 7,373,540 1.04 



16,063,268 2.27 




Fidelity 

Funds 

Emerging Asia Fund - continued 



- A-ACC Shares (PLN) (hedged) 

Bought PLN Sold USD at 3.23724 07/11/2012 1,307,690 18,648 0.00 

Bought USD Sold INR at 0.01873 07/11/2012 432,207 4,024 0.00 


Bought INR Sold USD at 54.07000 07/11/2012 430,664 1,543 0.00 

Bought IDR Sold USD at 9,623.00025 07/11/2012 170,871 176 0.00 

Bought MYR Sold USD at 3.05250 07/11/2012 77,052 95 0.00 

Bought THB Sold USD at 30.70500 07/11/2012 133,786 91 0.00 

Bought PHP Sold USD at 41.16000 07/11/2012 54,869 72 0.00 

Bought HKD Sold USD at 7.75000 07/11/2012 533,161 (0) (0.00) 

Bought USD Sold IDR at 0.00010 07/12/2012 188,517 (26) (0.00) 

Bought USD Sold MYR at 0.32707 07/12/2012 70,153 (31) (0.00) 

Bought USD Sold HKD at 0.12898 07/11/2012 89,858 (34) (0.00) 


Bought USD Sold THB at 0.03252 07/12/2012 133,938 (83) (0.00) 

Bought USD Sold PHP at 0.02430 07/12/2012 57,958 (90) (0.00) 


Bought USD Sold INR at 0.01841 07/12/2012 478,668 (435) (0.00) 

Bought USD Sold IDR at 0.00010 07/11/2012 171,048 (619) (0.00) 

Bought USD Sold MYR at 0.32454 07/11/2012 77,146 (815) (0.00) 

Bought USD Sold PHP at 0.02386 07/11/2012 54,941 (1,054) (0.00) 

Bought USD Sold THB at 0.03223 07/11/2012 133,877 (1,471) (0.00) 

Bought USD Sold PLN at 0.31242 07/11/2012 1,326,338 (3,756) (0.00) 

19,803 0.00 


Net Assets 707,611,868 100.00 




USD USD 


India IN 32.60 








31

Fidelity 

Funds 

Emerging Europe, Middle East and Africa Fund 




USD 


Energy 

Lukoil OAO RU USD 1,075,040 65,279,837 5.90 

Surgutneftegas (Pref’d) RU USD 53,763,222 33,303,300 3.01 

Ophir Energy GB GBP 1,773,576 15,863,502 1.43 

Africa Oil CA CAD 1,189,110 11,767,597 1.06 

Anadarko Petroleum US USD 155,840 10,676,610 0.96 

Sasol ZA ZAR 156,500 6,671,793 0.60 

Tullow Oil GB GBP 197,198 4,465,987 0.40 

148,028,626 13.37 

Materials 

Harmony Gold Mining ZA ZAR 3,090,386 25,288,248 2.28 

First Quantum Minerals CA CAD 1,007,093 22,703,888 2.05 

Polymetal International RU GBP 478,943 8,606,315 0.78 

Nampak ZA ZAR 2,037,713 6,785,253 0.61 

AngloGold Ashanti ZA ZAR 136,338 4,531,520 0.41 

Exxaro Resources ZA ZAR 171,198 3,422,339 0.31 

DRDGOLD ZA ZAR 3,019,383 2,115,179 0.19 

Consolidated Infrastructure Group ZA ZAR 783,947 1,174,236 0.11 

74,626,978 6.74 

Industrials 

Bidvest Group ZA ZAR 597,740 14,252,889 1.29 

Industries Qatar QA QAR 248,259 10,363,446 0.94 

Wilson Bayly Holmes-Ovcon ZA ZAR 627,851 10,279,601 0.93 

Blue Label Telecoms ZA ZAR 7,553,177 5,865,633 0.53 

40,761,569 3.68 



IBS Group Holding GDR RU EUR 287,905 6,498,088 0.59 

18,783,412 1.70 


Naspers (N) ZA ZAR 1,312,782 85,144,536 7.69 

Foschini Group ZA ZAR 679,368 9,854,209 0.89 

City Lodge Hotels ZA ZAR 723,338 7,667,514 0.69 

Cashbuild ZA ZAR 347,622 6,005,514 0.54 

Mr Price Group ZA ZAR 230,333 3,554,872 0.32 

112,226,645 10.14 


Shoprite Holdings ZA ZAR 1,976,811 40,610,827 3.67 

SABMiller (South Africa) GB ZAR 832,845 35,533,943 3.21 

AVI ZA ZAR 5,044,057 33,231,460 3.00 

Nigerian Breweries NG NGN 43,081,873 33,222,138 3.00 

East African Breweries KE KES 6,617,787 18,650,411 1.68 

Tongaat Hulett ZA ZAR 570,575 8,940,812 0.81 

Guinness (Nigeria) NG NGN 5,060,537 8,481,238 0.77 

Nestle Foods Nigeria NG NGN 1,947,530 8,364,081 0.76 

Clover Industries ZA ZAR 4,675,302 7,541,591 0.68 

Coca-Cola Icecek TR TRY 377,170 7,311,446 0.66 

Zeder Investments ZA ZAR 20,109,328 6,719,251 0.61 

Anadolu Efes Biracilik Ve Malt Sanayii TR TRY 379,548 5,687,295 0.51 

214,294,493 19.35 

Healthcare 

Aspen Pharmacare Holdings ZA ZAR 247,504 4,505,715 0.41 

4,505,715 0.41 


MTN Group ZA ZAR 4,359,907 78,536,696 7.09 

Mobile Telesystems ADR RU USD 1,216,121 20,601,094 1.86 

Vodacom Group ZA ZAR 1,613,112 20,314,675 1.83 

Safaricom KE KES 172,363,189 8,905,567 0.80 

Sistema JSFC RU USD 8,212,014 6,178,256 0.56 

134,536,288 12.15 

Financials 

SberBank of Russia RU USD 14,567,035 42,648,593 3.85 

Remgro ZA ZAR 1,908,273 32,650,677 2.95 

Discovery Holdings ZA ZAR 3,929,072 25,134,180 2.27 

Turkiye Garanti Bankasi TR TRY 4,861,187 23,179,456 2.09 

Brait LU ZAR 4,928,453 19,363,789 1.75 

SberBank of Russia (Pref’d) RU USD 8,853,198 18,645,295 1.68 

RMB Holdings ZA ZAR 3,782,142 16,576,910 1.50 

JSE ZA ZAR 1,593,714 12,914,462 1.17 

Zenith Bank NG NGN 106,115,339 12,166,435 1.10 

32 

Access Bank NG NGN 213,151,144 12,070,022 1.09 

Redefine Properties ZA ZAR 10,145,469 10,520,587 0.95 

First Gulf Bank AE AED 3,689,243 10,495,927 0.95 

Reinet Investments SCA LU ZAR 4,123,515 7,269,161 0.66 

First Bank of Nigeria NG NGN 64,778,512 6,681,044 0.60 

Equity Bank KE KES 14,134,404 4,024,886 0.36 

Guaranty Trust Bank NG NGN 27,172,406 3,423,132 0.31 

Diamond Bank NG NGN 103,650,806 2,684,092 0.24 

Skye Bank NG NGN 72,470,842 1,881,282 0.17 

262,329,930 23.69 


Energy 

NovaTek OAO GDR RU USD 341,958 38,983,187 3.52 

Eurasia Drilling GDR CY USD 454,300 15,718,763 1.42 

54,701,950 4.94 

Materials 

Uralkali GDR RU USD 225,276 8,826,322 0.80 

8,826,322 0.80 


MHP GDR UA USD 222,824 3,386,922 0.31 

3,386,922 0.31 

Financials 

Guaranty Trust Bank GDR NG USD 1,303,981 8,084,682 0.73 

Halyk Savings Bank of Kazakhstan GDR KZ USD 669,956 4,763,386 0.43 

12,848,068 1.16 

Unlisted 

Energy 

Griffiths Energy 12.00% 01/09/2017* CA USD 1,985,731 1,985,731 0.18 

Kalahari Energy* VG USD 257,053 3 0.00 

1,985,734 0.18 

Financials 

SA Investment Opportunities Placing* VG GBP 15 840,809 0.08 

840,809 0.08 


Total Investments (Cost USD 982,435,707) 1,092,683,464 98.69 





USD 



USD USD 

Bought EUR Sold ZAR at 0.09427 07/11/2012 629,070 39,079 0.00 

Bought PLN Sold EUR at 4.16542 07/11/2012 1,302,984 7,909 0.00 

Bought EUR Sold USD at 0.77686 07/11/2012 421,500 3,261 0.00 


Bought PLN Sold EUR at 4.16234 07/12/2012 1,324,615 1,894 0.00 

Bought EUR Sold CAD at 0.78973 07/11/2012 35,318 844 0.00 

Bought EUR Sold USD at 0.77184 07/12/2012 418,100 632 0.00 

Bought USD Sold RUB at 0.03192 07/11/2012 316,031 604 0.00 

Bought EUR Sold GBP at 1.25943 07/11/2012 45,003 578 0.00 

Bought RUB Sold USD at 31.42600 07/11/2012 315,643 388 0.00 

Bought EUR Sold TRY at 0.43176 07/11/2012 24,938 153 0.00 


Bought GBP Sold EUR at 0.80566 07/11/2012 51,523 94 0.00 

Bought TRY Sold EUR at 2.33512 07/11/2012 34,498 71 0.00 


Bought EUR Sold USD at 0.77191 07/11/2012 992 1 0.00 

Bought EUR Sold USD at 0.77069 07/11/2012 6,400 (2) (0.00) 

Bought CAD Sold EUR at 1.29623 07/11/2012 41,231 (10) (0.00) 

Bought EUR Sold GBP at 1.23930 07/11/2012 6,613 (22) (0.00) 


Bought EUR Sold TRY at 0.42639 07/12/2012 38,031 (77) (0.00) 

Bought EUR Sold TRY at 0.42528 07/11/2012 9,630 (86) (0.00) 

Bought USD Sold RUB at 0.03166 07/12/2012 285,238 (236) (0.00) 

Bought USD Sold EUR at 1.29525 07/11/2012 428,544 (644) (0.00) 



Fidelity 

Funds 

Emerging Europe, Middle East and Africa Fund - continued 


Bought EUR Sold ZAR at 0.08661 07/11/2012 41,586 (1,004) (0.00) 

Bought EUR Sold PLN at 0.24117 07/11/2012 1,310,892 (1,960) (0.00) 

Bought ZAR Sold EUR at 11.22114 07/11/2012 673,388 (2,732) (0.00) 

51,578 0.00 


Net Assets 1,107,201,532 100.00 




USD USD 


South Africa ZA 44.33 

Russia RU 22.54 

Nigeria NG 8.77 

UK GB 5.05 


Turkey TR 3.27 

Kenya KE 2.85 


Cyprus CY 1.42 


USA US 0.96 

United Arab Emirates AE 0.95 

Qatar QA 0.94 

Kazakhstan KZ 0.43 

Ukraine UA 0.31 

Virgin Islands (British) VG 0.08 


33

Fidelity 

Funds 

Emerging Markets Fund 




USD 


Energy 


CNOOC CN HKD 22,640,149 46,814,935 1.59 

Ophir Energy GB GBP 4,759,327 42,569,144 1.44 

PTT (F) TH THB 3,273,677 33,748,777 1.14 


Africa Oil CA CAD 1,457,711 14,425,711 0.49 


Reliance Industries (Dematerialised) IN INR 177,608 2,644,609 0.09 

Cairn India IN INR 128,362 799,221 0.03 

240,108,439 8.13 

Utilities 




51,458,442 1.74 

Materials 

First Quantum Minerals CA CAD 2,476,616 55,832,771 1.89 

Harmony Gold Mining ZA ZAR 6,460,557 52,865,939 1.79 


Volcan Cia Minera (B) PE PEN 15,592,990 15,635,084 0.53 


Exxaro Resources ZA ZAR 161,933 3,237,120 0.11 

LG Chem KR KRW 8,017 2,242,996 0.08 

POSCO KR KRW 6,416 2,013,581 0.07 

Lafarge Malayan Cement MY MYR 461,600 1,471,241 0.05 

Formosa Plastics TW TWD 480,000 1,298,498 0.04 


Nan Ya Plastics TW TWD 610,000 1,067,638 0.04 

China Shanshui Cement Group CN HKD 1,043,000 768,386 0.03 

182,905,186 6.20 

Industrials 


Copa Holdings (A) PA USD 158,600 14,473,810 0.49 



IJM MY MYR 914,056 1,497,007 0.05 



Sany Heavy Equipment International Holdings CN HKD 1,117,000 582,560 0.02 

63,633,750 2.16 










NCSoft KR KRW 82,398 15,792,262 0.53 


NHN KR KRW 11,119 2,569,021 0.09 

Delta Electronics TW TWD 309,000 1,048,035 0.04 

HCL Technologies IN INR 67,266 756,971 0.03 

Powertech Technology TW TWD 369,000 569,337 0.02 

578,408,137 19.59 


Naspers (N) ZA ZAR 1,741,961 112,980,284 3.83 




Giant Manufacturing TW TWD 5,001,978 25,668,802 0.87 




PCD Stores Group CN HKD 112,197,512 10,519,264 0.36 

Bajaj Auto IN INR 47,717 1,606,041 0.05 


Prada IT HKD 90,300 730,403 0.02 

Hyundai Department Store KR KRW 3,439 426,314 0.01 

New Oriental Education & Technology Group ADR CN USD 24,500 411,110 0.01 

394,769,789 13.37 

34 



USD 


SABMiller GB GBP 2,148,696 92,003,740 3.12 


KT&G KR KRW 732,904 55,423,787 1.88 


Fomento Economico Mexicano ADR MX USD 536,427 48,337,463 1.64 

Shoprite Holdings ZA ZAR 2,115,669 43,463,472 1.47 



AVI ZA ZAR 5,321,745 35,060,939 1.19 

Cia Brasileira de Dist. Grupo Pao de Acucar (Pref’d) BR BRL 534,231 24,536,419 0.83 


East African Breweries KE KES 7,629,593 21,501,905 0.73 



Gudang Garam ID IDR 158,500 808,908 0.03 


561,156,999 19.01 

Healthcare 


Cipla (India) IN INR 126,055 849,709 0.03 

28,302,413 0.96 


MTN Group ZA ZAR 4,253,196 76,614,476 2.59 

America Movil (L) ADR MX USD 3,003,290 75,983,234 2.57 




Mobile Telesystems ADR RU USD 635,153 10,759,488 0.36 


Axiata Group MY MYR 492,700 1,051,742 0.04 

KT KR KRW 23,430 794,241 0.03 

220,103,564 7.46 

Financials 




Remgro ZA ZAR 1,988,164 34,017,620 1.15 





BM&FBovespa BR BRL 3,729,729 24,091,201 0.82 

Korean Reinsurance KR KRW 2,379,003 23,294,242 0.79 


SberBank of Russia (Pref’d) RU USD 9,225,319 19,429,001 0.66 

Discovery Holdings ZA ZAR 2,378,381 15,214,445 0.52 



CNinsure ADR CN USD 1,937,417 11,237,017 0.38 


Banco do Estado do Rio Grande do Sul (Pref’d) (B) BR BRL 687,822 5,411,281 0.18 

Guaranty Trust Bank NG NGN 34,950,680 4,403,025 0.15 


China Merchants Bank (H) CN HKD 986,830 1,835,229 0.06 





481,741,930 16.32 


Energy 

Eurasia Drilling GDR CY USD 1,223,006 42,316,004 1.43 

42,316,004 1.43 

Financials 

Guaranty Trust Bank GDR NG USD 3,658,743 22,684,209 0.77 

Grupo de Inversiones Suramericana CO COP 798,836 15,454,015 0.52 

38,138,224 1.29 



8,810 0.00 


Fidelity 

Funds 

Unlisted 

Emerging Markets Fund - continued 




USD 

Materials 

Siam Cement NVDR TH THB 2,400 29,121 0.00 

29,121 0.00 



14,593,618 0.49 

Financials 

Bangkok Bank NVDR TH THB 100,200 574,672 0.02 

574,672 0.02 




Net Assets 2,952,390,811 100.00 








UK GB 4.92 


Mexico MX 4.21 





India IN 2.22 

Brazil BR 1.83 






Kenya KE 0.73 

USA US 0.70 

Peru PE 0.53 

Colombia CO 0.52 

Panama PA 0.49 

Italy IT 0.02 



35

Fidelity 

Funds 

Euro Blue Chip Fund 




EUR 


Energy 

Eni IT EUR 597,449 10,580,827 2.29 

Saipem IT EUR 303,413 10,516,303 2.27 

Aker Solutions NO NOK 364,142 5,512,829 1.19 


BG Group GB GBP 257,908 3,680,261 0.80 

34,325,855 7.42 

Utilities 

Iberdrola ES EUR 1,925,528 7,682,857 1.66 

7,682,857 1.66 

Materials 

Linde DE EUR 76,919 9,980,255 2.16 

Arkema FR EUR 89,008 6,260,813 1.35 

Brenntag DE EUR 63,606 6,185,066 1.34 

Johnson Matthey GB GBP 162,816 4,553,509 0.98 

Clariant (Reg’d) CH CHF 451,895 3,733,474 0.81 

Lanxess DE EUR 54,629 3,481,499 0.75 

AZ Electronic Materials GB GBP 744,447 3,281,794 0.71 

Syngenta (Reg’d) CH CHF 7,784 2,346,556 0.51 

39,822,966 8.61 

Industrials 

Siemens (Reg’d) DE EUR 190,282 14,754,464 3.19 

Ryanair Holdings IE EUR 2,258,045 10,093,462 2.18 

Schneider Electric FR EUR 169,020 8,152,682 1.76 

Philips Electronics NL EUR 422,545 8,150,894 1.76 

Bilfinger Berger DE EUR 97,537 7,363,091 1.59 

MTU Aero Engines Holding DE EUR 104,361 6,760,510 1.46 

Safran FR EUR 199,031 6,109,249 1.32 

Prysmian IT EUR 363,479 5,394,021 1.17 

Alstom FR EUR 198,710 5,236,020 1.13 

Legrand FR EUR 159,092 4,728,214 1.02 

A.P. Moller-Maersk (B) DK DKK 769 4,138,269 0.89 

Wolseley CH GBP 84,753 2,855,119 0.62 

IMI GB GBP 203,009 2,409,644 0.52 

NORMA Group DE EUR 68,254 1,455,175 0.31 

GFK DE EUR 26,830 942,534 0.20 

88,543,348 19.14 


SAP DE EUR 290,470 16,324,421 3.53 

ASML Holding NL EUR 250,140 10,618,449 2.30 

Amadeus IT Holding (A) ES EUR 191,941 3,666,068 0.79 

30,608,938 6.62 


Schibsted (B) NO NOK 404,233 11,665,846 2.52 

LVMH Moet Hennessy Louis Vuitton FR EUR 86,562 10,854,818 2.35 

Volkswagen (Pref’d) DE EUR 61,362 9,793,353 2.12 

Inditex ES EUR 67,566 6,651,236 1.44 

PPR FR EUR 47,998 6,510,920 1.41 

ElringKlinger DE EUR 230,901 4,945,903 1.07 

Continental DE EUR 59,934 4,634,670 1.00 

Reed Elsevier NL EUR 398,196 4,127,298 0.89 

Autogrill IT EUR 467,125 3,683,284 0.80 

Christian Dior FR EUR 27,697 3,067,443 0.66 

CTS Eventim DE EUR 130,470 2,987,756 0.65 

Hugo Boss DE EUR 29,839 2,304,490 0.50 

WPP IE GBP 209,423 2,082,111 0.45 

73,309,128 15.85 


Unilever NL EUR 273,809 7,757,011 1.68 

Henkel & Co (Pref’d) DE EUR 95,945 5,911,163 1.28 

Henkel & Co DE EUR 68,860 3,437,489 0.74 

Aryzta CH CHF 52,476 2,022,077 0.44 

Glanbia IE EUR 189,288 1,385,591 0.30 

20,513,331 4.43 

Healthcare 

Sanofi FR EUR 312,682 21,206,080 4.58 

Bayer (Reg’d) DE EUR 222,786 14,968,985 3.24 

Fresenius SE & Co DE EUR 94,772 8,339,909 1.80 

Novo Nordisk (B) DK DKK 66,859 8,312,893 1.80 

UCB BE EUR 74,624 3,358,070 0.73 

56,185,937 12.14 

36 



EUR 


Vodafone Group GB GBP 2,510,685 5,253,010 1.14 

Drillisch DE EUR 208,722 1,982,860 0.43 

7,235,870 1.56 

Financials 

Allianz (Reg’d) DE EUR 263,588 25,214,801 5.45 

Banco Bilbao Vizcaya Argentaria ES EUR 2,126,599 13,688,919 2.96 

Banco Santander ES EUR 1,733,332 10,034,261 2.17 

Unibail-Rodamco FR EUR 32,900 5,719,622 1.24 

UBS (Reg’d) CH CHF 403,790 4,671,124 1.01 

Erste Group Bank AT EUR 182,759 3,540,963 0.77 

London Stock Exchange Group GB GBP 186,738 2,265,275 0.49 

65,134,965 14.08 


Financials 

BNP Paribas FR EUR 305,126 11,841,943 2.56 

Aegon NL EUR 614,996 2,649,402 0.57 

14,491,345 3.13 


Total Investments (Cost EUR 361,548,303) 437,854,536 94.64 

Futures 

Ccy Underlying Unrealised % Net 


EUR 

Euro Stoxx 50 Future 21/12/2012 EUR 22,466,379 8,357 0.00 

8,357 0.00 


Net Assets 462,657,762 100.00 



Germany DE 32.80 


Spain ES 9.02 


Italy IT 6.52 

UK GB 4.63 

Norway NO 3.71 



Denmark DK 2.69 

USA US 0.87 

Austria AT 0.77 

Belgium BE 0.73 



Fidelity 

Funds 

EURO STOXX 50 Fund 2,3 




EUR 


Energy 

Total FR EUR 351,381 13,640,610 5.59 

Eni IT EUR 423,419 7,498,750 3.07 

Repsol YPF ES EUR 123,300 1,901,286 0.78 

23,040,646 9.44 

Utilities 

E.ON DE EUR 316,634 5,550,594 2.27 

GDF Suez FR EUR 216,756 3,837,665 1.57 

Enel IT EUR 1,008,431 2,924,450 1.20 

RWE DE EUR 77,439 2,730,112 1.12 

Iberdrola ES EUR 620,919 2,477,467 1.01 

17,520,288 7.18 

Materials 

BASF DE EUR 145,440 9,297,979 3.81 

Air Liquide FR EUR 49,472 4,501,952 1.84 

ArcelorMittal LU EUR 146,171 1,670,735 0.68 

CRH (UK) IE EUR 114,795 1,647,365 0.67 

17,118,031 7.01 

Industrials 




Vinci FR EUR 80,119 2,735,663 1.12 

Cie de St-Gobain FR EUR 70,339 1,912,517 0.78 

21,886,254 8.97 


SAP DE EUR 146,267 8,220,205 3.37 


Nokia FI EUR 592,592 1,231,406 0.50 

12,271,862 5.03 


Daimler (Reg’d) DE EUR 155,528 5,602,896 2.30 



Inditex ES EUR 33,545 3,302,170 1.35 

Vivendi FR EUR 205,887 3,249,926 1.33 

BMW DE EUR 50,868 3,125,839 1.28 

24,216,185 9.92 


Anheuser-Busch InBev BE EUR 117,693 7,592,375 3.11 


Danone FR EUR 95,754 4,541,133 1.86 

L’Oreal FR EUR 37,720 3,706,744 1.52 

Carrefour FR EUR 94,100 1,754,024 0.72 

24,646,236 10.10 

Healthcare 

Sanofi FR EUR 190,692 12,932,731 5.30 


Cie Generale d’Optique Essilor International FR EUR 33,704 2,344,113 0.96 

24,068,924 9.86 


Telefonica ES EUR 629,754 6,398,301 2.62 

Deutsche Telekom (Reg’d) DE EUR 471,424 4,152,774 1.70 

France Telecom FR EUR 306,201 2,633,941 1.08 

13,185,016 5.40 

Financials 



Banco Bilbao Vizcaya Argentaria ES EUR 851,649 5,482,065 2.25 

Deutsche Bank (Reg’d) DE EUR 147,364 5,153,319 2.11 

ING Groep NL EUR 611,090 4,165,189 1.71 

AXA FR EUR 298,099 3,656,184 1.50 

Muenchener Rueckversicherungs (Reg’d) DE EUR 25,471 3,158,404 1.29 

UniCredit IT EUR 855,192 2,912,784 1.19 

Intesa Sanpaolo IT EUR 2,210,541 2,738,860 1.12 

Assicurazioni Generali IT EUR 211,418 2,651,182 1.09 


48,329,415 19.80 

37 


Financials 


Societe Generale FR EUR 122,805 3,011,793 1.23 

9,510,062 3.90 



Futures 



EUR 



EUR 

Euro Stoxx 50 Future 21/12/2012 EUR 8,388,400 (197,763) (0.08) 

(197,763) (0.08) 


Net Assets 244,100,051 100.00 





Spain ES 11.72 

Italy IT 7.67 





Finland FI 0.50 




Fidelity 

Funds 

European Aggressive Fund 




EUR 


Energy 

BG Group GB GBP 1,017,983 14,526,271 3.25 

Saipem IT EUR 253,862 8,798,873 1.97 

Technip FR EUR 92,848 8,068,450 1.80 

John Wood Group GB GBP 688,711 7,275,478 1.63 


Transocean (Switzerland) CH CHF 96,311 3,383,137 0.76 



53,504,406 11.96 

Materials 




Umicore BE EUR 57,857 2,290,866 0.51 

Symrise DE EUR 80,320 2,227,689 0.50 

Kazakhmys GB GBP 188,919 1,665,646 0.37 

Akzo Nobel NL EUR 1,889 79,289 0.02 

24,389,385 5.45 

Industrials 


Intertek Group GB GBP 189,103 6,629,104 1.48 

Weir Group GB GBP 294,478 6,379,132 1.43 

Experian IE GBP 447,658 5,956,496 1.33 

GEA Group DE EUR 220,466 5,311,024 1.19 

Kuehne & Nagel International (Regd) CH CHF 57,578 5,186,443 1.16 




Adecco (Reg’d) CH CHF 70,104 2,616,491 0.59 

Rolls-Royce Holdings GB GBP 204,117 2,168,965 0.48 

SMA Solar Technology DE EUR 74,978 1,240,137 0.28 

55,689,853 12.45 



SAP DE EUR 148,314 8,335,235 1.86 


Wirecard DE EUR 261,963 4,618,402 1.03 

Gemalto NL EUR 19,032 1,325,001 0.30 

35,046,157 7.84 



Inditex ES EUR 69,190 6,811,047 1.52 


Publicis Groupe FR EUR 124,810 5,187,724 1.16 

BMW DE EUR 74,932 4,604,572 1.03 

Tiffany & Co US USD 72,123 3,476,748 0.78 

Carnival GB GBP 111,822 3,426,338 0.77 

Burberry Group GB GBP 178,879 2,593,693 0.58 

Informa CH GBP 446,612 2,222,638 0.50 

TF1 FR EUR 314,189 2,082,762 0.47 

Bwin.Party Digital Entertainment GI GBP 811,118 1,209,384 0.27 

46,415,542 10.38 


Nestle (Reg’d) CH CHF 342,781 16,787,439 3.75 


Diageo GB GBP 363,956 8,015,456 1.79 

Tesco GB GBP 1,675,769 6,665,327 1.49 


Carlsberg (B) DK DKK 82,071 5,462,427 1.22 

Oriflame Cosmetics SDR LU SEK 219,684 4,677,449 1.05 

L’Oreal FR EUR 47,253 4,643,529 1.04 

Glanbia IE EUR 496,200 3,632,184 0.81 

68,446,192 15.30 

Healthcare 


Sanofi FR EUR 213,305 14,466,360 3.23 

Roche Holding CH CHF 53,894 7,998,643 1.79 


Smith & Nephew GB GBP 266,108 2,167,503 0.48 

Elan ADR IE USD 255,975 2,121,387 0.47 

46,569,654 10.41 

38 



EUR 



Millicom International Cellular SDR LU SEK 115,599 7,706,690 1.72 

Ziggo NL EUR 76,360 1,908,229 0.43 

20,795,931 4.65 

Financials 


UBS (Reg’d) CH CHF 987,712 11,426,057 2.55 

Barclays GB GBP 3,248,350 9,189,782 2.05 

HSBC Holdings GB GBP 1,012,757 7,667,268 1.71 

Delta Lloyd NL EUR 552,470 7,088,196 1.58 



Deutsche Boerse DE EUR 110,284 4,605,463 1.03 

Intesa Sanpaolo RSP IT EUR 2,687,664 2,736,042 0.61 


Swiss Re CH CHF 44,683 2,382,706 0.53 

Kinnevik Investment (B) SE SEK 124,105 1,829,476 0.41 

Man Group GB GBP 980,851 956,879 0.21 

74,354,236 16.62 


Financials 


7,463,425 1.67 

Unlisted 

Industrials 

Rolls-Royce Holdings (C) GB GBP 15,512,906 19,291 0.00 

19,291 0.00 



Futures 



EUR 

Euro Stoxx 50 Future 21/12/2012 EUR (26,201,278) 918,928 0.21 

FTSE 100 Index Future 21/12/2012 GBP (6,530,387) 151,254 0.03 

1,070,182 0.24 


Net Assets 447,262,994 100.00 



UK GB 24.19 






Spain ES 4.71 



Italy IT 2.58 

USA US 2.27 





Sweden SE 0.41 

Gibraltar GI 0.27 



Fidelity 

Funds 

European Dividend Fund 




EUR 


Energy 

BG Group GB GBP 27,173 387,746 2.47 

Statoil NO NOK 14,430 274,823 1.75 

Royal Dutch Shell (A) NL GBP 9,450 249,727 1.59 

Total FR EUR 5,767 223,875 1.43 

1,136,171 7.23 

Utilities 

GDF Suez FR EUR 22,320 395,178 2.52 

Electricite de France FR EUR 14,858 242,552 1.54 

Centrica GB GBP 54,977 221,575 1.41 

E.ON DE EUR 10,361 181,628 1.16 

SSE GB GBP 7,375 132,793 0.85 

RWE DE EUR 2,900 102,242 0.65 

Fortum FI EUR 3,369 48,071 0.31 

1,324,039 8.43 

Materials 

Fuchs Petrolub DE EUR 6,933 333,113 2.12 

Air Liquide FR EUR 3,456 314,462 2.00 

BASF DE EUR 2,105 134,576 0.86 

Akzo Nobel NL EUR 2,398 100,626 0.64 

882,777 5.62 

Industrials 

Atlas Copco (A) SE SEK 15,402 292,279 1.86 

Sandvik SE SEK 25,929 277,545 1.77 

Rolls-Royce Holdings GB GBP 18,064 191,953 1.22 

Societe BIC FR EUR 1,867 175,654 1.12 

937,431 5.97 


Inditex ES EUR 3,478 342,421 2.18 

Hennes & Mauritz (B) SE SEK 9,875 257,948 1.64 

Axel Springer DE EUR 6,580 217,746 1.39 

Sodexo FR EUR 3,181 188,844 1.20 

Luxottica Group IT EUR 5,594 164,179 1.05 

Swatch Group CH CHF 392 125,187 0.80 

Reed Elsevier NL EUR 7,319 75,866 0.48 

1,372,191 8.74 


Nestle (Reg’d) CH CHF 13,130 643,028 4.09 

Philip Morris International US USD 6,709 457,088 2.91 


Unilever NL EUR 14,652 415,096 2.64 

Tesco GB GBP 90,338 359,316 2.29 

Reckitt Benckiser Group GB GBP 7,688 358,507 2.28 

Imperial Tobacco Group GB GBP 12,116 352,564 2.24 

Danone FR EUR 5,802 275,177 1.75 

Lindt & Spruengli CH CHF 66 159,925 1.02 

Carlsberg (B) DK DKK 2,121 141,187 0.90 

L’Oreal FR EUR 1,373 134,893 0.86 

Swedish Match SE SEK 3,828 100,649 0.64 

3,847,701 24.50 

Healthcare 

Novartis (Reg’d) CH CHF 11,463 532,432 3.39 

Roche Holding BR CH CHF 3,098 474,720 3.02 

Sanofi FR EUR 6,474 439,089 2.80 

GlaxoSmithKline GB GBP 23,566 406,320 2.59 

Bayer (Reg’d) DE EUR 3,957 265,848 1.69 

AstraZeneca GB GBP 7,303 261,305 1.66 

Novo Nordisk (B) DK DKK 2,081 258,709 1.65 

Coloplast (B) DK DKK 1,116 188,845 1.20 

Fresenius Medical Care & Co DE EUR 2,476 134,157 0.85 

Roche Holding CH CHF 854 126,740 0.81 

3,088,165 19.66 


Vodafone Group GB GBP 227,263 475,494 3.03 

Deutsche Telekom (Reg’d) DE EUR 27,019 238,015 1.52 

Swisscom (Reg’d) CH CHF 429 137,485 0.88 

850,994 5.42 

Financials 

HSBC Holdings GB GBP 80,342 608,241 3.87 

Muenchener Rueckversicherungs (Reg’d) DE EUR 4,079 505,792 3.22 

39 



EUR 

Svenska Handelsbanken (A) SE SEK 17,005 449,510 2.86 

Sampo (A) FI EUR 8,358 202,087 1.29 

Unibail-Rodamco FR EUR 1,045 181,637 1.16 

Zurich Financial Services CH CHF 668 127,094 0.81 

Admiral Group GB GBP 6,325 87,145 0.55 

2,161,506 13.76 

Unlisted 

Industrials 


1,707 0.01 




Net Assets 15,705,299 100.00 



UK GB 27.35 







USA US 2.91 

Spain ES 2.18 



Italy IT 1.05 



Fidelity 

Funds 

European Dynamic Growth Fund 




EUR 


Energy 

AMEC GB GBP 482,338 6,357,970 1.67 

Saipem IT EUR 124,522 4,315,943 1.13 

10,673,913 2.80 

Materials 

Linde DE EUR 106,266 13,787,975 3.61 


Sika (BR) CH CHF 4,399 7,082,805 1.85 

Chr. Hansen Holding DK DKK 266,189 6,437,317 1.69 


41,496,686 10.87 

Industrials 

Experian IE GBP 1,010,029 13,439,366 3.52 

Schindler Holding CH CHF 110,798 11,265,692 2.95 

Assa Abloy (B) SE SEK 411,542 10,586,743 2.77 

SGS (Reg’d) CH CHF 4,781 7,813,268 2.05 

Serco Group GB GBP 1,108,678 7,810,278 2.05 


Bureau Veritas FR EUR 82,088 6,725,432 1.76 

GFK DE EUR 187,737 6,595,213 1.73 



Rexel FR EUR 308,996 4,315,132 1.13 


Michael Page International GB GBP 817,252 3,662,705 0.96 

93,392,951 24.46 


SAP DE EUR 298,643 16,783,750 4.40 

Alten FR EUR 281,057 6,819,845 1.79 

United Internet (Reg’d) DE EUR 383,422 5,918,122 1.55 


Infineon Technologies DE EUR 658,130 3,455,185 0.90 

37,160,513 9.73 


PPR FR EUR 74,746 10,139,346 2.66 

Informa CH GBP 1,628,730 8,105,638 2.12 



William Hill GB GBP 1,429,620 6,008,945 1.57 

Inditex ES EUR 58,311 5,740,111 1.50 

Tod’s IT EUR 62,123 5,606,636 1.47 

ASOS GB GBP 199,355 5,590,307 1.46 

Hennes & Mauritz (B) SE SEK 213,409 5,574,293 1.46 

60,720,434 15.90 


Danone FR EUR 258,847 12,275,841 3.21 


SABMiller GB GBP 169,895 5,608,226 1.47 

Glanbia (UK) IE EUR 677,103 4,976,707 1.30 

Swedish Match SE SEK 146,823 3,860,673 1.01 

33,269,498 8.71 

Healthcare 


Eurofins Scientific LU EUR 81,134 9,679,303 2.53 

Gerresheimer DE EUR 242,163 9,270,000 2.43 

Sonova Holding (Reg’d) CH CHF 77,124 5,985,204 1.57 


Grifols ES EUR 208,508 5,579,676 1.46 


Elekta (B) SE SEK 361,750 3,977,403 1.04 

QIAGEN NL EUR 272,211 3,648,992 0.96 

64,623,301 16.92 


Avanti Communications Group GB GBP 256,178 850,578 0.22 

850,578 0.22 

Financials 


UBS (Reg’d) CH CHF 701,709 8,117,521 2.13 

Deutsche Boerse DE EUR 127,178 5,310,933 1.39 

40 

ICAP GB GBP 968,271 3,914,486 1.03 

30,893,486 8.09 

Unlisted 

Industrials 


55,090 0.01 



Futures 



EUR 



EUR 


FTSE 100 Index Future 21/12/2012 GBP 439,631 (944) (0.00) 

8,053 0.00 


Net Assets 381,852,760 100.00 




UK GB 15.48 






Spain ES 2.96 

Italy IT 2.60 







Fidelity 

Funds 

European Dynamic Value Fund 




EUR 


Energy 

Royal Dutch Shell (Netherlands) (A) NL EUR 76,866 2,033,481 7.51 

BP GB GBP 154,890 853,850 3.15 

Eni IT EUR 43,611 772,349 2.85 

MOL Hungarian Oil and Gas HU HUF 4,663 312,207 1.15 

3,971,887 14.66 

Utilities 

Gas Natural SDG ES EUR 32,297 386,594 1.43 

386,594 1.43 

Materials 

Johnson Matthey GB GBP 19,073 533,429 1.97 

Clariant (Reg’d) CH CHF 59,730 493,481 1.82 

HeidelbergCement DE EUR 10,027 410,008 1.51 

1,436,918 5.30 

Industrials 

Philips Electronics NL EUR 32,483 626,597 2.31 

Wolseley CH GBP 14,530 489,491 1.81 

Orkla NO NOK 52,597 320,646 1.18 

Eiffage FR EUR 6,665 176,648 0.65 

1,613,382 5.96 


SAP DE EUR 14,818 832,800 3.07 

STMicroelectronics CH EUR 105,895 480,446 1.77 

Sage Group GB GBP 105,435 407,367 1.50 

Telefonaktiebolaget LM Ericsson (B) SE SEK 35,235 239,001 0.88 

1,959,614 7.23 


Lagardere FR EUR 48,274 1,017,862 3.76 

Renault FR EUR 15,771 544,263 2.01 

Cie Generale des Etablissements Michelin (B) FR EUR 5,824 385,907 1.42 

Carnival GB GBP 11,668 357,526 1.32 

TF1 FR EUR 53,558 355,036 1.31 

2,660,594 9.82 


WM Morrison Supermarkets GB GBP 239,599 798,212 2.95 

Delhaize Group BE EUR 13,590 400,826 1.48 

Metro DE EUR 14,871 330,498 1.22 

Marine Harvest NO NOK 317,365 192,187 0.71 

1,721,723 6.36 

Healthcare 

Sanofi FR EUR 29,318 1,988,345 7.34 

Teva Pharmaceutical Industries ADR IL USD 30,582 954,601 3.52 

Actelion (Reg’d) CH CHF 12,421 462,357 1.71 

Sorin IT EUR 219,035 396,673 1.46 

3,801,976 14.04 



Telecom Italia (Pref’d) IT EUR 1,276,364 786,240 2.90 

1,712,987 6.32 

Financials 

UBS (Reg’d) CH CHF 114,807 1,328,116 4.90 

Barclays GB GBP 366,810 1,037,729 3.83 

Delta Lloyd NL EUR 54,424 698,254 2.58 


Ageas BE EUR 28,540 560,387 2.07 

Deutsche Boerse DE EUR 10,187 425,418 1.57 

ICAP GB GBP 78,396 316,934 1.17 

KBC Groep BE EUR 10,338 187,220 0.69 

5,128,374 18.93 


Financials 

Aegon NL EUR 207,587 894,283 3.30 

894,283 3.30 

41 



Futures 



EUR 



EUR 

FTSE 100 Index Future 21/12/2012 GBP 92,289 (1,864) (0.01) 

Euro Stoxx 50 Future 21/12/2012 EUR 215,497 (3,714) (0.01) 

(5,578) (0.02) 


Net Assets 27,086,779 100.00 



UK GB 21.44 





Italy IT 7.22 




Spain ES 1.43 

Hungary HU 1.15 




Fidelity 

Funds 

European Fund 1,4 




EUR 


Energy 


BP GB GBP 794,263 4,378,477 2.75 

BG Group GB GBP 225,708 3,220,773 2.02 


Saipem IT EUR 44,031 1,526,113 0.96 


Royal Dutch Shell (B) NL GBP 24,134 657,413 0.41 

AMEC GB GBP 46,573 613,907 0.39 

Eni IT EUR 31,318 554,638 0.35 

Aker Solutions NO NOK 33,063 500,551 0.31 

Cie Generale de Geophysique - Veritas FR EUR 11,619 292,907 0.18 

Tullow Oil GB GBP 16,141 281,808 0.18 


Amerisur Resources GB GBP 300,659 175,725 0.11 

Ophir Energy GB GBP 20,096 138,570 0.09 

Rockhopper Exploration GB GBP 44,641 87,433 0.05 

Hunting GB GBP 8,872 82,577 0.05 

Petroceltic International IE GBP 837,724 71,776 0.05 

Ichor Coal DE EUR 16,759 70,389 0.04 

Exillon Energy RU GBP 35,924 69,577 0.04 

Salamander Energy GB GBP 28,946 69,292 0.04 

Faroe Petroleum GB GBP 35,425 66,960 0.04 


Sevan Drilling NO NOK 58,046 34,680 0.02 

Gold Oil* GB GBP 567,092 10,490 0.01 

FAR AU AUD 369,014 9,698 0.01 

22,057,748 13.83 

Utilities 

Drax Group GB GBP 47,309 330,335 0.21 


SSE GB GBP 17,800 320,523 0.20 


RWE DE EUR 6,793 239,478 0.15 

Helius Energy GB GBP 304,376 59,614 0.04 

Modern Water GB GBP 69,689 37,697 0.02 

1,593,243 1.00 

Materials 

Anglo American GB GBP 102,410 2,423,500 1.52 


Clariant (Reg'd) CH CHF 63,366 523,517 0.33 

BHP Billiton GB GBP 17,715 437,399 0.27 

Givaudan (Reg'd) CH CHF 541 417,516 0.26 

Umicore BE EUR 9,125 361,320 0.23 

Arkema FR EUR 4,936 347,189 0.22 


AZ Electronic Materials GB GBP 60,488 266,653 0.17 

Lanxess DE EUR 2,927 186,533 0.12 

Symrise DE EUR 6,261 173,653 0.11 

Brenntag DE EUR 1,774 172,537 0.11 

Linde DE EUR 1,288 167,067 0.10 

Kenmare Resources IE GBP 305,162 149,554 0.09 

Banro CA CAD 40,767 143,402 0.09 

Kazakhmys GB GBP 11,764 103,721 0.07 

London Mining GB GBP 53,209 100,905 0.06 

Sika (BR) CH CHF 61 98,530 0.06 

Central Asia Metals GB GBP 75,350 91,827 0.06 

Tiger Resources AU AUD 335,988 82,850 0.05 


Accsys Technologies GB EUR 452,227 68,965 0.04 

Petra Diamonds GB GBP 48,107 59,524 0.04 

Teranga Gold CA CAD 29,048 48,176 0.03 

Ormonde Mining IE GBP 442,305 36,439 0.02 

Polar Star Mining CA CAD 185,932 26,534 0.02 

Olympus Pacific Minerals CDI CA AUD 92,254 13,221 0.01 

Eurotin CA CAD 70,543 9,251 0.01 

Ausgold AU AUD 49,765 6,366 0.00 

8,792,842 5.51 

Industrials 

Serco Group GB GBP 205,716 1,449,203 0.91 

Siemens (Reg'd) DE EUR 18,573 1,440,162 0.90 

Zodiac Aerospace FR EUR 15,746 1,243,593 0.78 

Schneider Electric FR EUR 20,350 981,588 0.62 

Michael Page International GB GBP 200,830 900,065 0.56 

MTU Aero Engines Holding DE EUR 13,241 857,740 0.54 


Fiat Industrial IT EUR 65,489 547,159 0.34 

Bilfinger Berger DE EUR 6,377 481,421 0.30 

42 



EUR 


Assa Abloy (B) SE SEK 12,501 321,595 0.20 

FLSmidth & Co DK DKK 5,530 252,049 0.16 

Atlantia IT EUR 18,676 237,743 0.15 

Orkla NO NOK 37,771 230,262 0.14 

Alstom FR EUR 7,920 208,682 0.13 

Bertrandt DE EUR 2,841 183,413 0.12 

Schindler Holding (Reg'd) CH CHF 1,825 182,209 0.11 

GFK DE EUR 5,165 181,447 0.11 

Schindler Holding CH CHF 1,738 176,728 0.11 

Brammer GB GBP 50,532 150,971 0.09 

Travis Perkins GB GBP 10,092 135,543 0.09 

Eiffage FR EUR 4,786 126,854 0.08 

Intertek Group GB GBP 3,557 124,699 0.08 

Ansaldo STS IT EUR 19,027 119,299 0.07 

Amadeus Fire DE EUR 3,201 114,603 0.07 

Sthree GB GBP 30,573 114,152 0.07 

CENTROTEC Sustainable DE EUR 6,678 92,954 0.06 

Silverdell GB GBP 523,390 85,425 0.05 

Blue Label Telecoms ZA ZAR 103,210 61,791 0.04 

Regenersis GB GBP 37,018 60,648 0.04 

SKIL Ports & Logistics GB GBP 32,507 42,445 0.03 

Clean Air Power GB GBP 378,755 39,446 0.02 

XP Power SG GBP 1,626 19,773 0.01 

Rolls-Royce Holdings GB GBP 237 2,514 0.00 

Zenergy Power GB GBP 1,512 1,579 0.00 

Robert Walters GB GBP 203 500 0.00 

12,355,516 7.75 


SAP DE EUR 55,692 3,129,878 1.96 



Playtech GB GBP 125,311 660,093 0.41 

Microsoft US USD 17,321 381,897 0.24 



GameLoft FR EUR 48,328 255,171 0.16 

Monitise GB GBP 544,132 250,361 0.16 

Planet Payment US GBP 115,044 236,053 0.15 

IBS Group Holding GDR RU EUR 12,643 219,990 0.14 

Google (A) US USD 400 208,944 0.13 

Gemalto NL EUR 2,835 197,359 0.12 

Wirecard DE EUR 11,144 196,473 0.12 

Moneysupermarket.com Group GB GBP 112,310 187,147 0.12 


WANdisco GB GBP 31,188 155,136 0.10 

EVS Broadcast Equipment BE EUR 3,330 148,900 0.09 

United Internet (Reg'd) DE EUR 8,923 137,724 0.09 

Neopost FR EUR 3,099 130,875 0.08 

IQE GB GBP 287,412 114,371 0.07 

Ubisense Group GB GBP 41,339 113,610 0.07 

Aveva Group GB GBP 4,554 112,702 0.07 

Alten FR EUR 4,487 108,867 0.07 

Wolfson Microelectronics GB GBP 41,988 108,604 0.07 

SDL GB GBP 16,372 108,006 0.07 

Brady GB GBP 84,766 106,991 0.07 

Microgen GB GBP 56,404 96,094 0.06 

Micronas Semiconductor Holding (Reg'd) CH CHF 13,057 86,449 0.05 

Stanley Gibbons Group GB GBP 32,218 85,136 0.05 

Ffastfill GB GBP 498,797 81,411 0.05 

Vizrt (Norway) IL NOK 28,500 73,581 0.05 

RIB Software DE EUR 13,877 66,473 0.04 

Microsaic Systems GB GBP 105,089 52,273 0.03 

Sopra Group FR EUR 1,341 48,817 0.03 

Globo GB GBP 168,954 48,586 0.03 

Bond International Software GB GBP 37,973 24,319 0.02 

YOC DE EUR 3,179 23,846 0.01 

Ant GB GBP 51,313 12,762 0.01 

Axway Software FR EUR 151 1,817 0.00 

11,678,951 7.32 



WPP IE GBP 280,471 2,788,478 1.75 


British Sky Broadcasting Group GB GBP 211,971 1,868,888 1.17 


BMW DE EUR 22,306 1,370,714 0.86 

PPR FR EUR 8,468 1,148,637 0.72 

Volkswagen (Pref'd) DE EUR 6,960 1,110,870 0.70 

Lagardere FR EUR 43,891 925,434 0.58 

Renault FR EUR 25,460 878,616 0.55 

Inditex ES EUR 7,758 763,689 0.48 




Fidelity 

Funds 

European Fund 1,4 - continued 




EUR 

BMW (Pref'd) DE EUR 14,485 618,499 0.39 

IPSOS FR EUR 21,437 581,165 0.36 

Volkswagen DE EUR 2,884 433,813 0.27 


LVMH Moet Hennessy Louis Vuitton FR EUR 3,252 407,828 0.26 

Informa CH GBP 77,864 387,505 0.24 


Schibsted (B) NO NOK 9,176 264,816 0.17 

TF1 FR EUR 38,461 254,958 0.16 

Ted Baker GB GBP 18,910 222,927 0.14 

ProSiebenSat.1 Media (Pref'd) DE EUR 9,603 206,461 0.13 

ASOS GB GBP 7,029 197,120 0.12 

Cie Financiere Richemont CH CHF 3,598 180,076 0.11 

Paddy Power IE EUR 3,119 177,613 0.11 

Reed Elsevier (GBP) GB GBP 21,630 163,004 0.10 

Sportingbet GB GBP 239,481 159,326 0.10 

Burberry Group GB GBP 10,870 157,609 0.10 

UBM IE GBP 18,077 157,241 0.10 

CTS Eventim DE EUR 6,796 155,630 0.10 

Alpargatas BR BRL 25,325 143,797 0.09 

Salvatore Ferragamo Italia IT EUR 9,002 141,056 0.09 

Brunello Cucinelli IT EUR 10,073 137,494 0.09 

SHW DE EUR 4,324 125,169 0.08 

Mood Media CA CAD 62,296 112,930 0.07 

Modern Times Group (B) SE SEK 2,960 69,568 0.04 

Ocado Group GB GBP 68,052 54,584 0.03 

Phorm SG GBP 56,142 50,267 0.03 

Bodaclick ES EUR 23,463 20,882 0.01 

Mothercare GB GBP 3,170 10,941 0.01 

Stroer Out-of-Home Media DE EUR 581 3,952 0.00 

Tom Tailor Holding DE EUR 186 3,051 0.00 

24,843,531 15.58 


Nestle (Reg'd) CH CHF 87,840 4,301,907 2.70 

Danone FR EUR 78,018 3,699,993 2.32 


WM Morrison Supermarkets GB GBP 665,446 2,216,901 1.39 

Imperial Tobacco Group GB GBP 50,453 1,468,132 0.92 

Reckitt Benckiser Group GB GBP 28,323 1,320,771 0.83 

Diageo GB GBP 57,295 1,261,812 0.79 


Unilever (UK) GB GBP 35,389 1,017,012 0.64 


L'Oreal FR EUR 7,076 695,311 0.44 

Tate & Lyle GB GBP 50,109 452,391 0.28 

Nutreco NL EUR 6,862 396,285 0.25 


Glanbia IE EUR 39,322 287,835 0.18 

Aryzta CH CHF 7,110 273,953 0.17 

Metro DE EUR 10,679 237,336 0.15 


Agriterra MZ GBP 614,006 24,624 0.02 

23,039,714 14.45 

Healthcare 

Sanofi FR EUR 103,075 6,990,541 4.38 




GlaxoSmithKline GB GBP 69,342 1,195,574 0.75 

Bayer (Reg'd) DE EUR 11,309 759,875 0.48 


Sorin IT EUR 240,497 435,539 0.27 

Actelion (Reg'd) CH CHF 8,920 332,027 0.21 

Eurofins Scientific LU EUR 2,283 272,373 0.17 

Sartorius Stedim Biotech FR EUR 3,155 219,972 0.14 

Nexus DE EUR 14,674 137,940 0.09 

Shire IE GBP 5,705 123,649 0.08 

Craneware GB GBP 21,504 115,724 0.07 

Advanced Computer Software Group GB GBP 150,013 114,261 0.07 

Synergy Health GB GBP 9,311 107,564 0.07 

Elekta (B) SE SEK 9,653 106,132 0.07 

Ossur IS DKK 87,882 89,535 0.06 

Lombard Medical Technologies GB GBP 34,578 74,173 0.05 

Audika Groupe FR EUR 7,379 67,668 0.04 


Elan ADR IE USD 7,091 58,764 0.04 

Sinclair IS Pharma GB GBP 156,902 55,364 0.03 

Sphere Medical Holdings GB GBP 48,261 43,510 0.03 

Optos GB GBP 13,820 35,015 0.02 

Verona Pharma GB GBP 565,304 27,241 0.02 

19,263,920 12.08 



BT Group GB GBP 228,327 603,361 0.38 

Telecom Italia (Pref'd) IT EUR 916,580 564,613 0.35 


43 

Daisy Group GB GBP 29,749 33,849 0.02 

5,432,350 3.41 

Financials 

HSBC Holdings GB GBP 527,059 3,990,200 2.50 

UBS (Reg'd) CH CHF 342,564 3,962,857 2.49 


Resolution GB GBP 816,123 2,215,491 1.39 

Prudential GB GBP 156,620 1,652,572 1.04 

Legal & General Group GB GBP 872,132 1,453,276 0.91 


Lloyds Banking Group GB GBP 2,148,803 1,084,217 0.68 

ICAP GB GBP 222,606 899,944 0.56 

Allianz (Reg'd) DE EUR 6,924 662,304 0.42 

Credit Suisse Group (Reg'd) CH CHF 30,196 540,241 0.34 

Hannover Rueckversicherung (Reg'd) DE EUR 9,242 501,537 0.31 




Ageas BE EUR 20,495 402,424 0.25 

International Personal Finance GB GBP 76,168 328,674 0.21 


Banco Bilbao Vizcaya Argentaria ES EUR 41,991 270,296 0.17 

Aberdeen Asset Management GB GBP 52,701 212,666 0.13 

Capital Shopping Centres Group GB GBP 48,687 201,614 0.13 

VZ Holding CH CHF 1,860 171,091 0.11 

IG Group Holdings GB GBP 27,875 150,962 0.09 

Banco Santander ES EUR 18,816 108,927 0.07 

Avanza Bank Holding SE SEK 7,150 108,348 0.07 

Altamir Amboise FR EUR 15,034 104,038 0.07 

Ashmore Group GB GBP 22,285 100,789 0.06 

Almonty Industries CA CAD 103,862 78,517 0.05 

JK Wohnbau DE EUR 23,489 73,989 0.05 

Vostok Nafta Investment SDR SE SEK 37,332 71,233 0.04 

Bank St Petersburg (Pref'd) RU USD 40,352 62,550 0.04 

LXB Retail Properties GB GBP 38,358 54,855 0.03 

Fulcrum Utility Services GB GBP 234,616 51,057 0.03 

Marwyn Management Partners GB GBP 107,950 42,957 0.03 

Vozrozhdenie Bank RU USD 1,587 21,489 0.01 

Paragon Entertainment* GB GBP 150,681 12,180 0.01 

Ageas - Strip VVPR BE EUR 1,311 8 0.00 

24,865,252 15.60 

Closed Ended Fund 

Marwyn Value Investors GB GBP 71,562 112,350 0.07 

Oakley Capital Investments BM GBP 54,620 92,035 0.06 

Loudwater Trust GB GBP 113,822 45,294 0.03 

Marwyn Value Investors (B)* GB GBP 15,376 11,472 0.01 

261,151 0.16 


Industrials 

Glencore Finance Europe 5.00% 31/12/2014 LU USD 282,549 264,875 0.17 

Connaught* GB GBP 24,450 0 0.00 

264,875 0.17 

Financials 

BNP Paribas FR EUR 20,635 800,834 0.50 

Aegon NL EUR 149,072 642,201 0.40 

Marwyn Management Partners Wts 12/01/2014 GB GBP 33,826 0 0.00 

1,443,035 0.91 


Fidelity Institutional Liquidity Fund - A-ACC-EUR IE EUR 12 164,907 0.10 

164,907 0.10 

Unlisted 



EUR 

Energy 

Griffiths Energy 12.00% 01/09/2017* CA USD 159,906 123,276 0.08 

Impact Oil&Gas* GB GBP 461,268 88,622 0.06 

Burried Hill Energy* CY USD 34,288 52,866 0.03 

Rockwell Petroleum Placing* CA USD 151,173 1 0.00 

Sphere Minerals* AU AUD 2,485 0 0.00 

264,765 0.17 

Utilities 

Sterecycle 0.00% 27/01/2014 Placing* GB CAD 104,923 1 0.00 

Sterecycle Placing Wts 27/01/2014* GB CAD 54 0 0.00 

1 0.00 

Materials 

Polar Star Mining* CA CAD 123,005 15,799 0.01 

Eurotin Wts 26/07/2013 CA CAD 38,439 30 0.00

Fidelity 

Funds 

European Fund 1,4 - continued 


CopperCo (In liquidation)* AU AUD 150,450 1 0.00 

15,830 0.01 

Industrials 

Rolls-Royce Holdings (C) GB GBP 17,981 22 0.00 

Carter & Carter Group (In liquidation)* GB GBP 37,061 0 0.00 

Clean Recycle & Energy Placing* GB GBP 99 0 0.00 

Clean Recycle & Energy Wts 31/12/2049* GB GBP 51 0 0.00 

22 0.00 


Cambridge Broadband Networks* GB GBP 192,918 34,546 0.02 

Cambridge Broadband Networks (Pref'd)* GB USD 13,996 10,790 0.01 

Mathengine* GB GBP 5,548 0 0.00 

Minorplanet Systems* GB GBP 20,287 0 0.00 

45,336 0.03 


Koytas Tekstil Sanayi* TR TRY 2,682 0 0.00 

0 0.00 

Healthcare 

TMO Renewables (Placing)* GB GBP 44,254 13,070 0.01 

York Pharma* GB GBP 21,224 0 0.00 

13,070 0.01 


Ip Access (B)* GB GBP 5,481 50,575 0.03 

Ip Access* GB GBP 35,882 29,896 0.02 

Ip Access (C)* GB GBP 26,349 23,221 0.01 

Ip Access (C1)* GB GBP 4,025 3,547 0.00 

107,239 0.07 

Financials 

Marwyn Management 10.00% 30/04/2015* GB GBP 4,613 5,736 0.00 

SAO Special Finance Rts 10/02/2013* CA CAD 858 1,489 0.00 

XL Techgroup (A)* GB GBP 26,221 0 0.00 

7,225 0.00 






EUR 



EUR EUR 

Bought EUR Sold CAD at 0.80002 20/12/2012 450,026 17,400 0.01 

Bought EUR Sold GBP at 1.25009 20/12/2012 2,675,135 15,779 0.01 


Bought EUR Sold AUD at 0.80180 20/12/2012 188,576 1,276 0.00 


Bought SEK Sold EUR at 8.68530 20/12/2012 76,477 655 0.00 


Bought NOK Sold EUR at 7.43418 20/12/2012 110,857 291 0.00 

Bought AUD Sold EUR at 1.27381 20/12/2012 14,485 210 0.00 

Bought CHF Sold EUR at 1.20672 20/12/2012 733,918 203 0.00 



Bought DKK Sold EUR at 7.45584 20/12/2012 20,507 (1) (0.00) 

Bought NOK Sold EUR at 7.40681 20/12/2012 5,397 (6) (0.00) 

Bought EUR Sold NOK at 0.13478 20/12/2012 14,930 (10) (0.00) 




Bought EUR Sold SEK at 0.11524 20/12/2012 62,849 (477) (0.00) 

Bought CAD Sold EUR at 1.26453 20/12/2012 85,114 (2,215) (0.00) 

Bought EUR Sold GBP at 1.22704 20/12/2012 217,832 (2,755) (0.00) 

Bought GBP Sold EUR at 0.79591 20/12/2012 301,367 (3,280) (0.00) 

Bought SEK Sold EUR at 8.52107 20/12/2012 663,666 (6,970) (0.00) 

24,600 0.02 

44 

Futures 



(11,954) (0.01) 


Net Assets 159,439,605 100.00 




EUR 


UK GB 39.10 





Italy IT 2.67 


Spain ES 2.01 





USA US 0.52 









Iceland IS 0.06 




Mozambique MZ 0.02 


Cash and other net assets 1.84

Fidelity 

Funds 

European Growth Fund 




EUR 


Energy 

Royal Dutch Shell (Netherlands) (A) NL EUR 12,331,258 326,223,427 4.86 

BP GB GBP 34,461,287 189,972,266 2.83 

BG Group GB GBP 12,121,995 172,976,758 2.57 

Saipem IT EUR 2,860,985 99,161,753 1.48 

Transocean (Switzerland) CH CHF 2,786,050 97,866,279 1.46 

John Wood Group GB GBP 8,379,271 88,517,797 1.32 

AMEC GB GBP 3,076,714 40,555,899 0.60 

Aker Solutions NO NOK 2,110,985 31,958,712 0.48 

1,047,232,891 15.59 

Materials 

Anglo American GB GBP 7,135,897 168,868,389 2.51 

Johnson Matthey GB GBP 3,345,021 93,551,183 1.39 

Linde DE EUR 267,009 34,644,407 0.52 

297,063,979 4.42 

Industrials 

Zodiac Aerospace FR EUR 1,048,735 82,829,067 1.23 

Schneider Electric FR EUR 1,414,386 68,222,931 1.02 

Serco Group GB GBP 7,359,154 51,842,842 0.77 



Michael Page International GB GBP 6,654,129 29,822,015 0.44 




358,645,442 5.34 


SAP DE EUR 3,093,934 173,879,115 2.59 

Amadeus IT Holding (A) ES EUR 4,311,608 82,351,712 1.23 

Microsoft US USD 3,669,065 80,897,401 1.20 

ASML Holding NL EUR 1,172,775 49,784,284 0.74 

Google (A) US USD 85,208 44,476,664 0.66 

431,389,176 6.42 


WPP IE GBP 19,289,518 191,778,900 2.85 

Publicis Groupe FR EUR 4,240,043 176,237,369 2.62 

Reed Elsevier NL EUR 12,949,388 134,220,411 2.00 

British Sky Broadcasting Group GB GBP 14,914,403 131,496,163 1.96 

BMW DE EUR 1,916,864 117,791,300 1.75 




Cie Financiere Richemont CH CHF 764,523 38,265,566 0.57 

Inditex ES EUR 367,251 36,152,204 0.54 

Reed Elsevier (GBP) GB GBP 4,648,345 35,029,336 0.52 

Burberry Group GB GBP 2,337,907 33,898,983 0.50 

Renault FR EUR 980,720 33,844,648 0.50 

1,129,146,186 16.81 


Danone FR EUR 5,315,680 252,096,106 3.75 

British American Tobacco GB GBP 4,808,659 183,549,243 2.73 

Nestle (Reg’d) CH CHF 3,229,870 158,180,651 2.35 

Unilever NL EUR 5,406,125 153,155,512 2.28 

Diageo GB GBP 5,733,460 126,268,877 1.88 

Imperial Tobacco Group GB GBP 3,214,481 93,537,929 1.39 

Reckitt Benckiser Group GB GBP 1,976,130 92,152,649 1.37 

WM Morrison Supermarkets GB GBP 25,545,278 85,102,894 1.27 

Swedish Match SE SEK 1,942,612 51,080,395 0.76 

L’Oreal FR EUR 363,283 35,699,841 0.53 

1,230,824,097 18.32 

Healthcare 

Sanofi FR EUR 3,608,137 244,703,833 3.64 

Roche Holding CH CHF 1,589,192 235,859,093 3.51 

Novo Nordisk (B) DK DKK 1,213,413 150,869,451 2.25 

GlaxoSmithKline GB GBP 4,877,635 84,098,875 1.25 


Smith & Nephew GB GBP 3,563,447 29,025,027 0.43 

Shire IE GBP 1,182,965 25,640,725 0.38 

Fresenius Medical Care & Co DE EUR 242,040 13,116,152 0.20 

Elan ADR IE USD 1,470,390 12,185,805 0.18 

848,760,212 12.63 

45 



142,374,118 2.12 

Financials 


UBS (Reg’d) CH CHF 18,081,461 209,170,156 3.11 

Prudential GB GBP 12,138,756 128,081,681 1.91 

Legal & General Group GB GBP 60,704,648 101,155,086 1.51 


Resolution GB GBP 29,370,337 79,730,344 1.19 

ICAP GB GBP 18,171,683 73,463,750 1.09 


London Stock Exchange Group GB GBP 3,167,437 38,423,434 0.57 

Credit Suisse Group (Reg’d) CH CHF 2,108,853 37,729,390 0.56 

Ageas - Strip VVPR BE EUR 271,800 1,631 0.00 

1,052,060,706 15.66 


Industrials 

Glencore Finance Europe 5.00% 31/12/2014 LU USD 58,591,635 54,926,552 0.82 

54,926,552 0.82 


Fidelity Institutional Liquidity Fund - A-ACC-EUR IE EUR 2,430 34,196,400 0.51 

34,196,400 0.51 

Unlisted 

Industrials 


4,637 0.00 


Total Investments (Cost EUR 6,025,057,982) 6,626,624,400 98.63 

Futures 



EUR 



EUR 


FTSE 100 Index Future 21/12/2012 GBP 43,453,588 (1,027,802) (0.02) 

(1,648,230) (0.02) 


Net Assets 6,718,506,792 100.00 



UK GB 40.25 







USA US 1.87 

Spain ES 1.76 

Italy IT 1.48 







Fidelity 

Funds 

European Larger Companies Fund 




EUR 


Energy 


BP GB GBP 1,119,851 6,173,322 2.90 

BG Group GB GBP 384,221 5,482,710 2.58 


Saipem IT EUR 83,479 2,893,373 1.36 


Royal Dutch Shell (B) NL GBP 78,252 2,131,572 1.00 

AMEC GB GBP 103,578 1,365,315 0.64 


33,791,363 15.89 

Materials 



7,493,654 3.52 

Industrials 







13,797,185 6.49 


SAP DE EUR 98,487 5,534,944 2.60 



11,433,392 5.38 



WPP IE GBP 613,152 6,096,033 2.87 




PPR FR EUR 17,139 2,324,948 1.09 

BMW (Pref’d) DE EUR 46,965 2,005,398 0.94 

Volkswagen DE EUR 9,352 1,406,580 0.66 

IPSOS FR EUR 51,262 1,389,724 0.65 

Inditex ES EUR 11,234 1,105,856 0.52 

Renault FR EUR 30,736 1,060,706 0.50 

BMW DE EUR 14,605 897,447 0.42 

39,111,435 18.39 


Danone FR EUR 171,390 8,128,187 3.82 








Diageo GB GBP 97,025 2,136,806 1.00 

L’Oreal FR EUR 17,360 1,705,934 0.80 


38,526,353 18.11 

Healthcare 

Sanofi FR EUR 142,767 9,682,455 4.55 






27,019,343 12.70 



5,536,905 2.60 

Financials 


UBS (Reg’d) CH CHF 566,545 6,553,918 3.08 


46 



EUR 






Credit Suisse Group (Reg’d) CH CHF 65,489 1,171,653 0.55 

ICAP GB GBP 260,064 1,051,375 0.49 

33,859,028 15.92 




Net Assets 212,712,077 100.00 



UK GB 43.59 






Spain ES 2.62 

Italy IT 1.36 





Fidelity 

Funds 

European Smaller Companies Fund 




EUR 


Energy 



Amerisur Resources GB GBP 9,515,007 5,561,193 0.88 

Ophir Energy GB GBP 739,136 5,096,673 0.81 

AMEC GB GBP 256,025 3,374,809 0.54 

Petroceltic International IE GBP 31,870,363 2,730,657 0.43 

Rockhopper Exploration GB GBP 1,176,534 2,304,337 0.37 

Hunting GB GBP 233,818 2,176,358 0.35 

Ichor Coal DE EUR 441,701 1,855,144 0.29 

Exillon Energy RU GBP 946,780 1,833,741 0.29 

Salamander Energy GB GBP 762,886 1,826,214 0.29 

Faroe Petroleum GB GBP 933,641 1,764,756 0.28 

Premier Oil GB GBP 338,400 1,475,799 0.23 

Sevan Drilling NO NOK 1,529,825 914,008 0.15 

Gold Oil* GB GBP 14,945,944 276,466 0.04 

FAR AU AUD 9,725,525 255,596 0.04 

46,800,314 7.44 

Utilities 

Drax Group GB GBP 313,800 2,191,107 0.35 

Helius Energy GB GBP 8,021,949 1,571,164 0.25 

Modern Water GB GBP 1,836,673 993,533 0.16 

4,755,804 0.76 

Materials 

AZ Electronic Materials GB GBP 2,480,146 10,933,381 1.74 


Lanxess DE EUR 103,652 6,605,770 1.05 

Sika (BR) CH CHF 3,793 6,106,824 0.97 

Kenmare Resources IE GBP 10,309,485 5,052,477 0.80 

Banro CA CAD 1,298,127 4,566,302 0.73 

Mineral Deposits AU AUD 749,263 2,917,296 0.46 

London Mining GB GBP 1,402,341 2,659,405 0.42 

Central Asia Metals GB GBP 1,985,871 2,420,127 0.38 

Tiger Resources AU AUD 8,855,097 2,183,555 0.35 


Accsys Technologies GB EUR 11,918,629 1,817,591 0.29 

Petra Diamonds GB GBP 1,267,873 1,568,772 0.25 

Teranga Gold CA CAD 765,563 1,269,703 0.20 


Ormonde Mining IE GBP 11,657,138 960,370 0.15 

Polar Star Mining CA CAD 4,900,314 699,323 0.11 

Olympus Pacific Minerals CDI CA AUD 2,431,381 348,432 0.06 

Eurotin CA CAD 1,859,196 243,813 0.04 

Ausgold AU AUD 1,311,568 167,768 0.03 

62,636,700 9.96 

Industrials 


Travis Perkins GB GBP 556,657 7,476,059 1.19 

GFK DE EUR 201,343 7,073,164 1.12 

Brammer GB GBP 2,347,796 7,014,307 1.12 

Amadeus Fire DE EUR 164,269 5,880,828 0.93 

Bertrandt DE EUR 74,887 4,833,926 0.77 

Sthree GB GBP 1,263,068 4,715,966 0.75 


CENTROTEC Sustainable DE EUR 229,420 3,193,525 0.51 


Regenersis GB GBP 1,857,213 3,042,799 0.48 

Blue Label Telecoms ZA ZAR 4,858,354 2,908,623 0.46 

Panalpina Welttransport Holding (Reg’d) CH CHF 33,380 2,432,781 0.39 


Silverdell GB GBP 13,794,173 2,251,417 0.36 


DCC IE EUR 93,400 2,059,003 0.33 


KUKA DE EUR 73,150 1,691,960 0.27 

BBA Aviation GB GBP 633,300 1,590,823 0.25 

Shanks Group GB GBP 1,434,300 1,454,538 0.23 

Mitie Group GB GBP 393,400 1,426,536 0.23 

XP Power SG GBP 112,211 1,364,694 0.22 

Cookson Group GB GBP 185,300 1,342,247 0.21 

Belimo Holding (Reg’d) CH CHF 982 1,334,554 0.21 

Volex GB GBP 558,200 1,131,458 0.18 

SKIL Ports & Logistics GB GBP 856,738 1,118,660 0.18 

Clean Air Power GB GBP 9,982,237 1,039,618 0.17 

Rexel FR EUR 65,600 916,104 0.15 

PayPoint GB GBP 89,501 856,998 0.14 


May Gurney Integrated Services GB GBP 301,254 616,254 0.10 

47 



EUR 

Brunel International NL EUR 12,140 451,001 0.07 

Proffice (B) SE SEK 26,057 58,208 0.01 


Robert Walters GB GBP 5,343 13,188 0.00 

92,063,986 14.64 


United Internet (Reg’d) DE EUR 504,531 7,787,430 1.24 

IBS Group Holding GDR RU EUR 439,515 7,647,563 1.22 

GameLoft FR EUR 1,273,701 6,725,141 1.07 

Monitise GB GBP 14,340,833 6,598,376 1.05 


Moneysupermarket.com Group GB GBP 3,927,375 6,544,374 1.04 

Alten FR EUR 264,288 6,412,953 1.02 

EVS Broadcast Equipment BE EUR 142,573 6,374,433 1.01 

Planet Payment US GBP 3,032,041 6,221,283 0.99 

Gemalto NL EUR 74,712 5,201,470 0.83 

Playtech GB GBP 887,539 4,675,246 0.74 

SDL GB GBP 636,089 4,196,279 0.67 

Sopra Group FR EUR 113,736 4,141,130 0.66 

WANdisco GB GBP 821,979 4,088,665 0.65 

Aveva Group GB GBP 164,629 4,073,999 0.65 

CompuGroup Medical DE EUR 258,700 3,621,800 0.58 

Microgen GB GBP 1,834,961 3,126,140 0.50 

IQE GB GBP 7,574,868 3,014,297 0.48 

Ubisense Group GB GBP 1,089,520 2,994,252 0.48 

RIB Software DE EUR 621,144 2,975,279 0.47 

Vizrt (Norway) IL NOK 1,122,397 2,897,783 0.46 

Wolfson Microelectronics GB GBP 1,106,603 2,862,306 0.46 

Brady GB GBP 2,234,034 2,819,790 0.45 

Micronas Semiconductor Holding (Reg’d) CH CHF 344,113 2,278,390 0.36 

Stanley Gibbons Group GB GBP 849,113 2,243,806 0.36 

ASM International NL EUR 91,700 2,236,563 0.36 

Ffastfill GB GBP 13,146,004 2,145,626 0.34 

Vizrt IL EUR 714,841 1,864,305 0.30 

Altran Technologies FR EUR 323,000 1,674,755 0.27 

Innovation Group GB GBP 5,941,100 1,625,364 0.26 

Kofax GB GBP 434,700 1,525,754 0.24 

Micro Focus International GB GBP 207,072 1,478,067 0.23 

Microsaic Systems GB GBP 2,769,667 1,377,681 0.22 

Globo GB GBP 4,452,858 1,280,506 0.20 

Telecity Group GB GBP 103,900 1,164,776 0.19 

InterXion Holding NL USD 70,100 1,138,124 0.18 

Premier Farnell GB GBP 312,000 642,116 0.10 

Bond International Software GB GBP 1,000,785 640,928 0.10 

YOC DE EUR 83,795 628,463 0.10 

Fidessa Group GB GBP 36,374 601,594 0.10 

Devoteam FR EUR 62,519 556,419 0.09 

Ant GB GBP 1,352,363 336,345 0.05 

Axway Software FR EUR 6,458 77,948 0.01 

137,089,452 21.79 



Informa CH GBP 1,748,298 8,700,687 1.38 


Ted Baker GB GBP 601,184 7,087,230 1.13 

ASOS GB GBP 226,565 6,353,308 1.01 

Paddy Power IE EUR 111,411 6,343,724 1.01 

Sportingbet GB GBP 6,311,623 4,199,096 0.67 

Taylor Wimpey GB GBP 5,507,000 4,184,246 0.67 

IPSOS FR EUR 148,305 4,020,536 0.64 

Alpargatas BR BRL 667,463 3,789,825 0.60 

Salvatore Ferragamo Italia IT EUR 237,242 3,717,583 0.59 

Brunello Cucinelli IT EUR 265,473 3,623,704 0.58 

William Hill GB GBP 806,500 3,389,862 0.54 

SHW DE EUR 113,951 3,298,874 0.52 

Signet Jewelers BM GBP 77,400 3,071,346 0.49 

Mood Media CA CAD 1,641,831 2,976,314 0.47 

Tod’s IT EUR 32,578 2,940,164 0.47 

Amer Sports FI EUR 244,600 2,671,032 0.42 

Rational DE EUR 8,194 1,598,649 0.25 

Cineworld Group GB GBP 524,200 1,580,774 0.25 

Ocado Group GB GBP 1,793,549 1,438,580 0.23 

Phorm SG GBP 1,479,658 1,324,813 0.21 

M&C Saatchi GB GBP 410,324 947,800 0.15 

N Brown Group GB GBP 226,600 947,086 0.15 

Kabel Deutschland Holding DE EUR 16,300 906,117 0.14 



Stroer Out-of-Home Media DE EUR 15,318 104,160 0.02 

Tom Tailor Holding DE EUR 4,894 80,415 0.01 

98,510,986 15.66 



Fidelity 

Funds 

European Smaller Companies Fund - continued 




EUR 


Glanbia IE EUR 779,516 5,706,059 0.91 

Booker Group GB GBP 1,367,300 1,742,804 0.28 

Royal UNIBREW DK DKK 20,380 1,251,263 0.20 

Marine Harvest NO NOK 1,965,200 1,190,066 0.19 


Agriterra MZ GBP 16,182,382 648,983 0.10 

11,582,140 1.84 

Healthcare 


Synergy Health GB GBP 521,406 6,023,555 0.96 

Sartorius Stedim Biotech FR EUR 83,153 5,797,444 0.92 

Nexus DE EUR 494,170 4,645,195 0.74 

Sartorius (Pref’d) DE EUR 60,700 3,915,150 0.62 

Craneware GB GBP 724,389 3,898,252 0.62 

Ossur IS DKK 3,793,305 3,864,650 0.61 

Elekta (B) SE SEK 327,804 3,604,169 0.57 

Gerresheimer DE EUR 92,500 3,540,900 0.56 

Audika Groupe FR EUR 333,656 3,059,622 0.49 

Advanced Computer Software Group GB GBP 3,953,669 3,011,393 0.48 

Consort Medical GB GBP 234,900 2,228,787 0.35 

United Drug IE GBP 724,800 2,036,984 0.32 

Lombard Medical Technologies GB GBP 911,314 1,954,871 0.31 

Sorin IT EUR 876,800 1,587,885 0.25 

Sonova Holding (Reg’d) CH CHF 19,002 1,474,646 0.23 

Sinclair IS Pharma GB GBP 4,135,206 1,459,130 0.23 

Grifols ES EUR 53,400 1,428,984 0.23 

Sphere Medical Holdings GB GBP 1,271,928 1,146,731 0.18 

Optos GB GBP 364,221 922,834 0.15 

QIAGEN NL EUR 58,300 781,512 0.12 

Verona Pharma GB GBP 14,898,839 717,935 0.11 

69,285,910 11.01 


Jazztel GB EUR 530,000 2,708,300 0.43 

Avanti Communications Group GB GBP 785,215 2,607,118 0.41 


Drillisch DE EUR 48,600 461,700 0.07 

6,669,231 1.06 

Financials 

International Personal Finance GB GBP 1,898,481 8,192,128 1.30 

VZ Holding CH CHF 87,252 8,025,660 1.28 

IG Group Holdings GB GBP 1,194,715 6,470,134 1.03 

Aberdeen Asset Management GB GBP 1,388,967 5,604,897 0.89 

Avanza Bank Holding SE SEK 294,132 4,457,382 0.71 

Altamir Amboise FR EUR 587,537 4,065,753 0.65 

LXB Retail Properties GB GBP 2,149,844 3,074,438 0.49 

Brewin Dolphin Holdings GB GBP 1,324,800 2,975,288 0.47 

Ashmore Group GB GBP 587,327 2,656,343 0.42 

Almonty Industries CA CAD 2,737,330 2,069,358 0.33 

Close Brothers Group GB GBP 194,700 2,048,318 0.33 

Capital Shopping Centres Group GB GBP 471,400 1,952,067 0.31 

JK Wohnbau DE EUR 619,051 1,950,010 0.31 

Amlin GB GBP 408,677 1,896,631 0.30 

Vostok Nafta Investment SDR SE SEK 983,899 1,877,388 0.30 

GSW Immobilien DE EUR 55,883 1,774,006 0.28 

Bank St Petersburg (Pref’d) RU USD 1,063,493 1,648,535 0.26 

Fulcrum Utility Services GB GBP 6,183,408 1,345,634 0.21 

Marwyn Management Partners GB GBP 2,845,063 1,132,147 0.18 

ICAP GB GBP 209,082 845,268 0.13 

Paragon Group of Cos GB GBP 214,400 667,606 0.11 


Max Property Group GB GBP 406,600 543,547 0.09 

Paragon Entertainment* GB GBP 3,971,256 320,998 0.05 

66,159,895 10.52 


Oakley Capital Investments BM GBP 2,191,340 3,692,411 0.59 

Marwyn Value Investors GB GBP 1,886,038 2,961,030 0.47 

Loudwater Trust GB GBP 2,999,838 1,193,737 0.19 


8,149,531 1.30 


Energy 

Africa Oil SEK CA SEK 195,300 1,505,386 0.24 

1,505,386 0.24 

Industrials 


8 0.00 

48 


Code Nominal Value 

EUR 

Assets 

Financials 


TWP Holdco 93* GB GBP 2 0 0.00 

11 0.00 

Unlisted 

Energy 

Griffiths Energy 12.00% 01/09/2017* CA USD 4,214,394 3,248,989 0.52 

Impact Oil&Gas* GB GBP 12,156,906 2,335,676 0.37 

Burried Hill Energy* CY USD 903,663 1,393,317 0.22 

Rockwell Petroleum Placing* CA USD 4,284,223 33 0.00 


6,978,016 1.11 

Utilities 

Sterecycle 0.00% 27/01/2014 Placing* GB CAD 2,765,291 21 0.00 

Sterecycle Placing Wts 27/01/2014* GB CAD 1,410 0 0.00 

21 0.00 

Materials 

Polar Star Mining* CA CAD 3,241,842 416,379 0.07 

Eurotin Wts 26/07/2013 CA CAD 1,013,076 781 0.00 

CopperCo (In liquidation)* AU AUD 7,912,033 63 0.00 

417,223 0.07 

Industrials 


Clean Recycle & Energy Placing* GB GBP 2,618 0 0.00 

Clean Recycle & Energy Wts 31/12/2049* GB GBP 1,355 0 0.00 

9 0.00 


Cambridge Broadband Networks* GB GBP 5,084,444 910,473 0.14 

Cambridge Broadband Networks (Pref’d)* GB USD 368,871 284,372 0.05 

Micro Focus International (B) GB GBP 227,780 141,627 0.02 



1,336,481 0.21 



0 0.00 

Healthcare 

TMO Renewables (Placing)* GB GBP 1,166,334 344,467 0.05 


344,474 0.05 


Ip Access (B)* GB GBP 144,457 1,332,921 0.21 




2,826,329 0.45 

Financials 


SAO Special Finance Rts 10/02/2013* CA CAD 22,612 39,247 0.01 


190,432 0.03 






EUR EUR 


Bought EUR Sold CAD at 0.80002 20/12/2012 12,225,724 472,708 0.08 

Bought EUR Sold ZAR at 0.09393 20/12/2012 2,003,149 131,672 0.02 

Bought EUR Sold AUD at 0.80180 20/12/2012 5,617,491 38,018 0.01 


Bought SEK Sold EUR at 8.68530 20/12/2012 2,015,583 17,273 0.00 

Bought NOK Sold EUR at 7.43418 20/12/2012 5,598,510 14,693 0.00 



Bought CHF Sold EUR at 1.21641 20/12/2012 1,195,321 9,930 0.00

Fidelity 

Funds 


Bought CHF Sold EUR at 1.20672 20/12/2012 20,935,461 5,782 0.00 

Bought AUD Sold EUR at 1.27381 20/12/2012 381,748 5,525 0.00 

Bought NOK Sold EUR at 7.45864 20/12/2012 697,178 4,130 0.00 




Bought SEK Sold EUR at 8.63630 20/12/2012 660,005 1,901 0.00 

Bought CHF Sold EUR at 1.20898 20/12/2012 850,305 1,826 0.00 


Bought EUR Sold GBP at 1.24501 20/12/2012 745,654 1,351 0.00 

Bought CHF Sold EUR at 1.20989 20/12/2012 441,364 1,279 0.00 





Bought EUR Sold AUD at 0.79877 20/12/2012 170,431 506 0.00 




Bought USD Sold EUR at 1.30579 20/12/2012 40,588 251 0.00 




Bought DKK Sold EUR at 7.45880 20/12/2012 241,326 84 0.00 

Bought EUR Sold DKK at 0.13423 20/12/2012 67,058 56 0.00 

Bought EUR Sold DKK at 0.13420 20/12/2012 67,058 40 0.00 








Bought EUR Sold CHF at 0.82716 20/12/2012 55,538 (118) (0.00) 










Bought EUR Sold NOK at 0.13478 20/12/2012 1,013,883 (637) (0.00) 

Bought EUR Sold NOK at 0.13411 20/12/2012 188,814 (1,058) (0.00) 



Bought EUR Sold CHF at 0.82582 20/12/2012 519,733 (1,942) (0.00) 

Bought EUR Sold ZAR at 0.08774 20/12/2012 634,573 (2,831) (0.00) 

Bought EUR Sold NOK at 0.13462 20/12/2012 2,310,371 (4,230) (0.00) 

Bought EUR Sold CHF at 0.82514 20/12/2012 968,180 (4,415) (0.00) 

Bought USD Sold EUR at 1.28131 20/12/2012 368,061 (4,668) (0.00) 


Bought EUR Sold USD at 0.76167 20/12/2012 537,076 (6,191) (0.00) 

Bought EUR Sold GBP at 1.23920 20/12/2012 3,231,165 (9,248) (0.00) 

Bought DKK Sold EUR at 7.44454 20/12/2012 6,233,045 (9,758) (0.00) 

Bought SEK Sold EUR at 8.54251 20/12/2012 1,966,634 (15,755) (0.00) 

Bought EUR Sold SEK at 0.11524 20/12/2012 2,155,733 (16,360) (0.00) 


Bought CAD Sold EUR at 1.26453 20/12/2012 2,273,274 (59,151) (0.01) 


Bought GBP Sold EUR at 0.79591 20/12/2012 7,942,645 (86,451) (0.01) 


689,945 0.11 

Futures 

European Smaller Companies Fund - continued 




EUR EUR 



EUR 


(84,957) (0.01) 


Net Assets 629,028,396 100.00 

49 



UK GB 42.76 








Italy IT 1.89 






USA US 0.99 









Spain ES 0.31 





Fidelity 

Funds 

European Special Situations Fund 




EUR 


Energy 

BP GB GBP 61,763 340,475 2.13 

Saipem IT EUR 9,729 337,209 2.11 

John Wood Group GB GBP 29,238 308,869 1.93 

AMEC GB GBP 21,328 281,133 1.76 


BG Group GB GBP 14,418 205,742 1.29 

1,709,886 10.70 

Materials 


BASF DE EUR 4,509 288,267 1.80 

Syngenta (Reg’d) CH CHF 808 243,539 1.52 

Arkema FR EUR 3,081 216,745 1.36 


1,192,086 7.46 

Industrials 

Experian IE GBP 29,704 395,240 2.47 




Serco Group GB GBP 35,787 252,107 1.58 

Babcock International Group GB GBP 16,681 202,868 1.27 



Zodiac Aerospace FR EUR 2,061 162,745 1.02 

2,275,281 14.23 


SAP DE EUR 7,536 423,551 2.65 

Spectris GB GBP 9,987 214,605 1.34 

ASML Holding NL EUR 2,742 116,417 0.73 

754,573 4.72 


WPP IE GBP 57,271 569,392 3.56 

PPR FR EUR 2,423 328,615 2.06 

William Hill GB GBP 77,094 324,038 2.03 


Continental DE EUR 3,718 287,533 1.80 

UBM IE GBP 27,242 236,963 1.48 

Informa CH GBP 44,396 220,945 1.38 


Christian Dior FR EUR 1,640 181,594 1.14 

Hugo Boss DE EUR 1,992 153,812 0.96 

Volkswagen (Pref’d) DE EUR 960 153,186 0.96 

Chime Communications GB GBP 44,267 118,904 0.74 

Brunello Cucinelli IT EUR 102 1,392 0.01 

3,088,059 19.32 


Diageo GB GBP 18,244 401,799 2.51 


Royal UNIBREW DK DKK 998 61,262 0.38 

750,314 4.69 

Healthcare 

Sanofi FR EUR 9,094 616,768 3.86 




1,586,372 9.92 

Financials 


Allianz (Reg’d) DE EUR 6,044 578,150 3.62 

UBS (Reg’d) CH CHF 41,351 478,354 2.99 

Zurich Financial Services CH CHF 1,937 368,304 2.30 

London Stock Exchange Group GB GBP 18,518 224,641 1.41 

2,281,188 14.27 


Financials 


381,000 2.38 

50 

Unlisted 

Industrials 


2,636 0.02 



Contracts For Difference 



EUR 

Linde EUR 332,483 40,027 0.25 

Nestle (Reg’d) CHF 366,820 26,993 0.17 

Volkswagen (Pref’d) EUR 187,812 18,168 0.11 

Sanoma EUR (39,075) 13,097 0.08 

Arnoldo Mondadori Editore EUR (55,898) 10,760 0.07 

Straumann Holdings (Reg’d) CHF (73,521) 8,039 0.05 

Stobart Group GBP (43,126) 4,451 0.03 

121,535 0.76 

Futures 



EUR 



EUR 

Euro Stoxx 50 Future 21/12/2012 EUR 300,420 1,778 0.01 

1,778 0.01 


Net Assets 15,983,945 100.00 



UK GB 28.89 







Italy IT 2.12 






Fidelity 

Funds 

France Fund 




EUR 


Energy 

Total FR EUR 450,135 17,474,237 7.69 

Technip FR EUR 74,577 6,480,716 2.85 

Cie Generale de Geophysique - Veritas FR EUR 207,692 5,235,926 2.30 

29,190,879 12.85 

Materials 

Air Liquide FR EUR 137,547 12,516,776 5.51 

12,516,776 5.51 

Industrials 


Edenred FR EUR 256,799 5,733,042 2.52 




Societe BIC FR EUR 48,304 4,544,405 2.00 

Safran FR EUR 139,934 4,295,260 1.89 

36,204,180 15.93 


Dassault Systemes FR EUR 72,331 5,879,750 2.59 

Gemalto NL EUR 71,332 4,966,158 2.19 

10,845,908 4.77 



Cie Generale des Etablissements Michelin (B) FR EUR 100,321 6,647,275 2.93 

Vivendi FR EUR 410,737 6,483,478 2.85 

PPR FR EUR 38,909 5,277,967 2.32 

IPSOS FR EUR 94,918 2,573,228 1.13 

SEB FR EUR 32,203 1,616,592 0.71 

34,914,250 15.36 


Danone FR EUR 253,664 12,030,025 5.29 

L’Oreal FR EUR 108,442 10,656,553 4.69 

Remy Cointreau FR EUR 63,236 5,060,182 2.23 

Casino Guichard Perrachon FR EUR 68,907 4,642,926 2.04 

32,389,686 14.25 

Healthcare 

Sanofi FR EUR 251,219 17,037,693 7.50 

BioMerieux FR EUR 127,882 9,552,805 4.20 

26,590,498 11.70 

Financials 

AXA FR EUR 847,763 10,397,811 4.58 


Euler Hermes FR EUR 49,602 2,637,820 1.16 

20,119,409 8.85 


Financials 


Societe Generale FR EUR 124,706 3,058,421 1.35 

19,686,136 8.66 




Net Assets 227,246,747 100.00 

51 







Fidelity 

Funds 

Germany Fund 




EUR 


Energy 

Saipem IT EUR 624,249 21,636,468 3.22 

21,636,468 3.22 

Materials 

BASF DE EUR 310,157 19,828,308 2.95 

Lanxess DE EUR 270,843 17,260,841 2.57 


Linde DE EUR 52,396 6,798,432 1.01 

54,663,056 8.14 

Industrials 


Bertrandt DE EUR 258,040 16,656,513 2.48 


Fraport Frankfurt Airport Services Worldwide DE EUR 241,863 10,941,902 1.63 

Amadeus Fire DE EUR 284,123 10,171,602 1.52 

GFK DE EUR 251,671 8,841,205 1.32 




CENTROTEC Sustainable DE EUR 380,697 5,299,302 0.79 

Pfeiffer Vacuum Technology DE EUR 41,202 3,242,612 0.48 

118,020,471 17.58 


SAP DE EUR 846,968 47,599,625 7.09 

Dialog Semiconductor DE EUR 676,356 10,375,295 1.55 

CompuGroup Medical DE EUR 707,775 9,908,845 1.48 

Software DE EUR 213,536 6,600,412 0.98 

Bechtle DE EUR 112,375 3,270,667 0.49 


78,873,608 11.75 




ProSiebenSat.1 Media (Pref’d) DE EUR 1,022,752 21,989,172 3.28 

Adidas DE EUR 327,435 21,522,311 3.21 


Daimler (Reg’d) DE EUR 293,647 10,578,615 1.58 



Kabel Deutschland Holding DE EUR 47,135 2,620,241 0.39 

181,941,425 27.10 

Healthcare 



Sartorius (Pref’d) DE EUR 198,507 12,803,706 1.91 

Draegerwerk & Co (Pref’d) DE EUR 88,058 6,647,493 0.99 


STRATEC Biomedical DE EUR 108,521 3,532,350 0.53 

98,626,000 14.69 


Freenet DE EUR 1,477,661 18,847,567 2.81 


26,586,037 3.96 

Financials 


Aareal Bank DE EUR 668,165 11,058,131 1.65 

UBS (Reg’d) CH CHF 781,647 9,042,257 1.35 

79,692,310 11.87 



52 

Futures 



EUR 

Dax Index Future 21/12/2012 EUR 6,839,752 19,252 0.00 

19,252 0.00 


Net Assets 671,332,619 100.00 




Italy IT 3.22 





Fidelity 

Funds 

Global Consumer Industries Fund 




EUR 


Industrials 


1,724,040 0.74 


Google (A) US USD 4,257 2,221,823 0.95 

Moneysupermarket.com Group GB GBP 997,070 1,661,466 0.71 

eBay US USD 37,822 1,407,445 0.60 


6,487,817 2.78 





McDonald’s US USD 82,332 5,506,814 2.36 


Fuji Heavy Industries JP JPY 493,758 3,664,402 1.57 



NIKE (B) US USD 45,687 3,205,129 1.37 

Naspers (N) ZA ZAR 62,808 3,140,432 1.34 

Lowe’s US USD 98,752 2,454,441 1.05 

Denso JP JPY 101,211 2,444,847 1.05 

Mattel US USD 85,571 2,425,667 1.04 

Anhanguera Educacional Participacoes BR BRL 180,666 2,406,141 1.03 

Newell Rubbermaid US USD 147,863 2,351,640 1.01 

McGraw-Hill US USD 49,526 2,114,087 0.90 

Ascena Retail Group US USD 138,101 2,101,634 0.90 

Brands US USD 55,146 2,010,883 0.86 

Steven Madden US USD 58,835 1,924,058 0.82 

Chipotle Mexican Grill US USD 9,812 1,905,793 0.82 

Coach US USD 44,457 1,902,849 0.81 



Mitra Adiperkasa ID IDR 3,347,530 1,755,194 0.75 



Bajaj Auto IN INR 61,315 1,590,973 0.68 

News (A) US USD 84,634 1,558,744 0.67 

Golden Eagle Retail Group CN HKD 815,363 1,372,437 0.59 

Asics JP JPY 104,049 1,164,085 0.50 

Toyota Motor JP JPY 38,971 1,156,772 0.50 

Trinity HK HKD 1,993,951 1,069,917 0.46 

Start Today JP JPY 104,616 882,164 0.38 

87,161,617 37.31 




Diageo GB GBP 341,900 7,529,720 3.22 










Glanbia IE EUR 491,583 3,598,385 1.54 


Tesco GB GBP 798,540 3,176,170 1.36 




Britannia Industries IN INR 353,690 2,448,603 1.05 

Calbee JP JPY 31,782 2,248,794 0.96 

Japan Tobacco JP JPY 105,562 2,245,499 0.96 

Mead Johnson Nutrition (A) US USD 47,101 2,240,412 0.96 

Devro GB GBP 536,418 2,186,621 0.94 

East African Breweries KE KES 968,843 2,104,951 0.90 

Kraft Foods Group US USD 60,064 2,094,852 0.90 





PZ Cussons GB GBP 440,126 1,852,664 0.79 

Anadolu Efes Biracilik Ve Malt Sanayii TR TRY 159,857 1,846,644 0.79 

DE Master Blenders 1753 NL EUR 187,382 1,766,827 0.76 


53 



EUR 

Souza Cruz BR BRL 138,290 1,403,502 0.60 

United Spirits IN INR 83,058 1,391,927 0.60 

Barry Callebaut (Reg’d) CH CHF 1,731 1,275,198 0.55 

Booker Group GB GBP 976,260 1,244,373 0.53 

Nigerian Breweries NG NGN 1,408,929 837,597 0.36 

Avon Products US USD 35,471 430,421 0.18 

127,922,997 54.76 




Net Assets 233,613,497 100.00 



USA US 43.71 

UK GB 16.89 

Japan JP 5.91 



India IN 2.32 


China CN 1.97 







Korea KR 1.09 

Kenya KE 0.90 








Fidelity 

Funds 

Global Demographics Fund 




USD 


Materials 

Mosaic US USD 16,186 847,646 1.41 

847,646 1.41 

Industrials 


FANUC JP JPY 1,908 303,263 0.51 

1,017,936 1.70 


Google (A) US USD 1,503 1,017,624 1.69 

eBay US USD 16,533 798,027 1.33 

Keyence JP JPY 2,370 628,181 1.05 



3,048,090 5.08 



Naspers (N) ZA ZAR 12,717 824,824 1.37 





Anhanguera Educacional Participacoes BR BRL 35,146 607,167 1.01 




NIKE (B) US USD 4,393 399,787 0.67 


Inditex ES EUR 2,743 350,316 0.58 

Tiffany & Co US USD 5,087 318,086 0.53 


8,367,049 13.94 


Diageo GB GBP 44,576 1,273,410 2.12 




SABMiller GB GBP 23,122 990,067 1.65 


Anheuser-Busch InBev BE EUR 10,521 880,358 1.47 

Nigerian Breweries NG NGN 1,092,149 842,199 1.40 

Mead Johnson Nutrition (A) US USD 12,255 756,128 1.26 

Devro GB GBP 124,127 656,332 1.09 


CVS Caremark US USD 13,180 609,566 1.02 




East African Breweries KE KES 175,053 493,339 0.82 

Cia de Bebidas das Americas BR BRL 13,758 464,037 0.77 

PZ Cussons GB GBP 74,603 407,348 0.68 

Coca-Cola Icecek TR TRY 18,498 358,584 0.60 

LG Household & Health Care KR KRW 558 327,388 0.55 

Souza Cruz BR BRL 19,481 256,456 0.43 

14,791,088 24.64 

Healthcare 

Sanofi FR EUR 21,065 1,853,143 3.09 



Cooper Companies US USD 12,255 1,168,505 1.95 


Stryker US USD 18,787 983,875 1.64 

Hikma Pharmaceuticals GB GBP 82,317 981,913 1.64 



Express Scripts Holding US USD 14,336 884,383 1.47 

Humana US USD 11,908 880,959 1.47 

Raffles Medical Group SG SGD 429,243 858,794 1.43 

Sawai Pharmaceutical JP JPY 7,573 835,486 1.39 

Laboratory of America Holdings US USD 9,249 785,054 1.31 

3SBio ADR CN USD 57,286 768,777 1.28 

MEDNAX US USD 10,892 743,368 1.24 


DENTSPLY International US USD 19,828 731,834 1.22 

DaVita US USD 6,243 697,850 1.16 


54 

Santen Pharmaceutical JP JPY 13,584 593,848 0.99 


CR Bard US USD 5,838 561,715 0.94 

Cochlear AU AUD 6,720 495,438 0.83 

Endologix US USD 36,244 480,602 0.80 

Ansell AU AUD 29,204 472,748 0.79 

Consort Medical GB GBP 37,516 461,733 0.77 

Medica FR EUR 21,041 376,380 0.63 

Tornier NL USD 21,446 364,798 0.61 

Diagnosticos da America BR BRL 50,869 339,347 0.57 

Dr Reddy’s Laboratories ADR IN USD 9,943 325,026 0.54 

GN Store Nord DK DKK 20,521 321,866 0.54 

Ramsay Health Care AU AUD 12,975 319,356 0.53 

Adcock Ingram Holdings ZA ZAR 45,782 305,424 0.51 

Shandong Weigao Group Medical Polymer (H) CN HKD 226,600 305,001 0.51 

ABIOMED US USD 15,261 293,008 0.49 

BioMarin Pharmaceutical US USD 7,804 292,019 0.49 

25,920,892 43.17 

Financials 

HDFC Bank ADR IN USD 24,857 922,430 1.54 

Bangkok Bank (Honk Kong) (F) TH THB 144,631 848,015 1.41 

SberBank of Russia RU USD 204,056 597,424 1.00 

2,367,869 3.94 

Unlisted 

Industrials 


6,356 0.01 







USD 



USD USD 



Bought USD Sold JPY at 0.01288 07/11/2012 169,626 4,857 0.01 

Bought USD Sold ZAR at 0.12120 07/11/2012 45,478 2,396 0.00 

Bought USD Sold GBP at 1.62011 07/11/2012 433,904 1,907 0.00 

Bought GBP Sold USD at 0.62221 07/11/2012 432,330 1,574 0.00 

Bought USD Sold JPY at 0.01259 07/12/2012 165,429 856 0.00 

Bought USD Sold SEK at 0.15208 07/11/2012 41,497 326 0.00 

Bought SEK Sold USD at 6.65735 07/11/2012 41,308 189 0.00 

Bought CHF Sold USD at 0.93290 07/11/2012 64,316 183 0.00 

Bought USD Sold ZAR at 0.11486 07/12/2012 71,979 151 0.00 

Bought DKK Sold USD at 5.75645 07/11/2012 80,953 85 0.00 

Bought USD Sold AUD at 1.03520 07/12/2012 81,735 46 0.00 









Bought AUD Sold USD at 0.96367 07/11/2012 80,940 (41) (0.00) 


Bought USD Sold DKK at 0.17380 07/12/2012 68,381 (79) (0.00) 

Bought ZAR Sold USD at 8.66849 07/11/2012 71,408 (140) (0.00) 

Bought USD Sold SEK at 0.15009 07/12/2012 40,856 (183) (0.00) 

Bought USD Sold CHF at 1.07237 07/12/2012 65,605 (190) (0.00) 

Bought USD Sold ZAR at 0.11347 07/11/2012 20,148 (291) (0.00) 




Bought JPY Sold USD at 79.46590 07/11/2012 170,513 (887) (0.00) 

Bought USD Sold GBP at 1.60701 07/12/2012 458,057 (1,666) (0.00) 


32,909 0.05 


Fidelity 

Funds 

Global Demographics Fund - continued 


- Y-ACC Shares (EUR) (hedged) 








Bought USD Sold SEK at 0.15208 07/11/2012 37,423 294 0.00 

Bought SEK Sold USD at 6.65735 07/11/2012 37,252 170 0.00 



Bought DKK Sold USD at 5.75645 07/11/2012 72,962 77 0.00 























29,672 0.05 


Net Assets 60,037,405 100.00 




USD USD 


USA US 34.75 

UK GB 11.80 


Japan JP 4.32 


China CN 3.91 



India IN 2.08 













Kenya KE 0.82 




Spain ES 0.58 

Korea KR 0.55 


55

Fidelity 

Funds 

Global Dividend Fund 




USD 


Energy 


Eni IT EUR 69,684 1,600,805 2.05 

BP GB GBP 196,654 1,406,204 1.80 

4,635,742 5.92 

Utilities 

SSE GB GBP 69,526 1,623,916 2.07 

National Grid GB GBP 141,430 1,611,764 2.06 

Ameren US USD 26,577 874,649 1.12 

4,110,329 5.25 

Industrials 

3M US USD 17,607 1,542,197 1.97 

Lockheed Martin US USD 15,590 1,455,326 1.86 

Secom JP JPY 20,100 1,021,981 1.31 


4,847,426 6.19 



Oracle US USD 43,561 1,350,391 1.73 

Analog Devices US USD 29,961 1,170,576 1.50 

Cisco Systems US USD 44,895 773,990 0.99 

Intel US USD 35,020 761,335 0.97 

6,545,236 8.36 



Mattel US USD 62,962 2,315,113 2.96 

Genuine Parts US USD 23,377 1,443,296 1.84 

Shimano JP JPY 18,900 1,189,175 1.52 

Makita JP JPY 25,300 999,729 1.28 


9,181,635 11.73 


Kimberly-Clark US USD 27,413 2,279,391 2.91 


Reynolds American US USD 42,293 1,758,120 2.25 

KT&G KR KRW 17,706 1,338,966 1.71 

Kao JP JPY 45,500 1,276,543 1.63 

Associated British Foods GB GBP 56,773 1,268,351 1.62 

PepsiCo US USD 14,718 1,018,633 1.30 


Lawson JP JPY 11,900 873,515 1.12 

12,939,917 16.53 

Healthcare 

Sanofi FR EUR 35,037 3,082,276 3.94 

Novartis (Reg’d) CH CHF 48,414 2,916,851 3.73 

Astellas Pharma JP JPY 45,500 2,259,219 2.89 

Merck & Co US USD 40,111 1,826,254 2.33 



Medtronic US USD 36,954 1,530,635 1.96 

Pfizer US USD 50,694 1,264,308 1.62 

16,151,510 20.63 


Telstra AU AUD 405,648 1,741,011 2.22 

Telecom Corp of New Zealand NZ NZD 658,442 1,301,601 1.66 

Vodafone Group GB GBP 450,810 1,223,479 1.56 

4,266,091 5.45 

Financials 


BB&T US USD 69,917 2,015,008 2.57 

RSA Insurance Group GB GBP 865,212 1,567,293 2.00 

Muenchener Rueckversicherungs (Reg’d) DE EUR 8,997 1,447,126 1.85 

Hiscox BM GBP 180,100 1,395,611 1.78 

Schroders GB GBP 50,664 1,245,467 1.59 

Hannover Rueckversicherung (Reg’d) DE EUR 14,572 1,025,807 1.31 

11,621,892 14.85 

56 







USD USD 









Bought JPY Sold USD at 79.46590 07/11/2012 282,335 (1,469) (0.00) 

Bought USD Sold CHF at 1.06466 07/11/2012 173,072 (1,662) (0.00) 



28,283 0.04 




USD 













15,354 0.02 


Net Assets 78,273,841 100.00 



USA US 35.24 

UK GB 18.62 

Japan JP 9.74 






Italy IT 2.05 


Korea KR 1.71 




Fidelity 

Funds 

Global Financial Services Fund 




EUR 


Industrials 

Equifax US USD 48,600 1,878,991 0.74 

1,878,991 0.74 



Visa (A) US USD 30,217 3,208,182 1.27 

Fiserv US USD 44,556 2,567,628 1.01 

FleetCor Technologies US USD 36,741 1,329,263 0.53 

10,709,338 4.23 



4,912,175 1.94 


SBA Communications (A) US USD 49,590 2,531,628 1.00 

2,531,628 1.00 

Financials 


Aberdeen Asset Management GB GBP 1,567,285 6,324,463 2.50 


HSBC Holdings (Hong Kong) GB HKD 770,343 5,827,338 2.30 

UBS (Reg’d) CH CHF 479,567 5,547,729 2.19 


Shinsei Bank JP JPY 4,791,517 5,399,632 2.13 


Link REIT HK HKD 1,373,218 5,257,404 2.08 

Central Pattana (F) TH THB 2,908,224 5,156,586 2.04 


American Express US USD 119,528 5,128,925 2.03 

American Tower US USD 87,666 5,032,283 1.99 

Invesco US USD 265,942 4,930,767 1.95 


Affiliated Managers Group US USD 49,015 4,709,725 1.86 

Danske Bank DK DKK 381,723 4,605,428 1.82 


ORIX JP JPY 56,843 4,494,617 1.78 

Barclays ADR GB USD 396,057 4,479,204 1.77 




DNB NO NOK 411,762 3,962,895 1.57 

SunTrust Banks US USD 187,701 3,915,685 1.55 


SberBank of Russia RU USD 1,555,006 3,509,772 1.39 

China Vanke (B) CN HKD 3,329,888 3,348,793 1.32 



Aeon Mall JP JPY 159,622 3,189,040 1.26 


Bank of America US USD 425,659 3,026,216 1.20 

ING Groep NL EUR 426,230 2,905,183 1.15 

Robinsons Land PH PHP 7,661,954 2,729,976 1.08 

Toronto-Dominion Bank CA CAD 43,594 2,728,619 1.08 

SM Prime Holdings PH PHP 10,009,717 2,721,795 1.08 

CubeSmart US USD 257,375 2,581,410 1.02 

Sumitomo Mitsui Financial Group JP JPY 104,606 2,460,651 0.97 

Lincoln National US USD 129,830 2,459,193 0.97 

Aliansce Shopping Centers BR BRL 283,265 2,439,426 0.96 

CIT Group US USD 83,095 2,367,659 0.94 

Standard Chartered (Hong Kong) GB HKD 129,090 2,356,798 0.93 

Ascendas Real Estate Investment Trust SG SGD 1,492,471 2,218,771 0.88 

Boardwalk Real Estate Investment Trust CA CAD 44,546 2,205,059 0.87 




Prudential Financial US USD 46,164 2,023,942 0.80 

Amlin GB GBP 424,517 1,970,141 0.78 

China Overseas Grand Oceans Group HK HKD 2,114,493 1,692,124 0.67 

Ocwen Financial US USD 51,589 1,520,068 0.60 

BR Malls Participacoes BR BRL 139,443 1,423,144 0.56 

Parque Arauco CL CLP 786,458 1,384,428 0.55 

Altisource Portfolio Solutions LU USD 15,705 1,380,263 0.55 

Security Bank PH PHP 445,190 1,351,632 0.53 

SOHO China CN HKD 2,572,799 1,339,213 0.53 

Swedbank SE SEK 90,900 1,300,853 0.51 

Ciputra Development ID IDR 23,235,147 1,264,776 0.50 

Hang Lung Group HK HKD 249,380 1,131,648 0.45 

57 



EUR 

Alam Sutera Realty ID IDR 24,156,043 1,121,536 0.44 

Summarecon Agung ID IDR 7,793,116 1,091,713 0.43 


Mapletree Logistics Trust SG SGD 1,497,230 1,046,981 0.41 

American Equity Investment Life Holding US USD 119,360 1,046,239 0.41 

Bumi Serpong Damai ID IDR 8,865,830 880,036 0.35 

216,366,403 85.52 


Financials 

Aegon NL EUR 334,466 1,440,879 0.57 

SberBank of Russia GDR RU USD 158,765 1,430,815 0.57 

2,871,694 1.14 

Unlisted 

Financials 


3,072,461 1.21 




Net Assets 253,003,058 100.00 



USA US 34.92 

UK GB 10.39 


Japan JP 6.14 



China CN 3.50 












Chile CL 0.55 



India IN 0.43 



Fidelity 

Funds 

Global Focus Fund 




USD 


Energy 


Imperial Oil CA CAD 36,498 1,624,449 1.17 



Canadian Natural Resources CA CAD 32,274 980,782 0.71 

Halliburton US USD 30,179 967,228 0.70 


Range Resources US USD 12,644 826,692 0.60 


Peabody Energy US USD 27,693 777,901 0.56 

Athabasca Oil CA CAD 31,711 386,482 0.28 

12,094,034 8.74 

Utilities 

SSE GB GBP 62,166 1,452,012 1.05 

Southern US USD 23,226 1,083,709 0.78 

2,535,721 1.83 

Materials 

Goldcorp CA CAD 32,188 1,455,789 1.05 

First Quantum Minerals CA CAD 55,468 1,250,460 0.90 

LyondellBasell Industries (A) NL USD 19,289 1,021,344 0.74 

Mosaic US USD 17,881 936,422 0.68 


Xstrata CH GBP 53,610 846,685 0.61 

Shin-Etsu Chemical JP JPY 13,971 787,688 0.57 

Newcrest Mining AU AUD 27,300 750,794 0.54 

ArcelorMittal LU EUR 49,170 729,006 0.53 

Detour Gold CA CAD 19,711 564,090 0.41 

9,202,724 6.65 

Industrials 

General Electric US USD 96,607 2,032,603 1.47 


Danaher US USD 25,511 1,322,228 0.96 


Union Pacific US USD 9,087 1,115,296 0.81 


Kubota JP JPY 100,722 1,027,392 0.74 

Deutsche Post (Reg’d) DE EUR 43,784 868,660 0.63 


Tyco International CH USD 27,585 740,102 0.54 

Cummins India IN INR 55,707 503,858 0.36 

FANUC JP JPY 2,870 456,267 0.33 

12,889,662 9.32 


Google (A) US USD 3,322 2,249,399 1.63 

eBay US USD 44,540 2,149,934 1.55 



CommVault Systems US USD 14,805 949,745 0.69 



Texas Instruments US USD 29,870 843,531 0.61 

Altera US USD 26,188 791,394 0.57 

Citrix Systems US USD 12,314 774,064 0.56 

Motorola Solutions US USD 14,908 769,400 0.56 



NVIDIA US USD 52,765 634,240 0.46 

Sina CN USD 10,776 592,690 0.43 

Info Edge India IN INR 29,958 194,345 0.14 

15,178,879 10.97 





Nissan Motor JP JPY 157,040 1,311,263 0.95 

Rakuten JP JPY 139,224 1,250,330 0.90 


Don Quijote JP JPY 26,751 1,052,361 0.76 

Coach US USD 17,556 974,708 0.70 



ITV GB GBP 571,950 798,497 0.58 

Cheesecake Factory US USD 23,556 772,872 0.56 


58 


14,775,384 10.68 





Diageo GB GBP 46,444 1,326,779 0.96 







Cia Brasileira de Dist. Grupo Pao de Acucar ADR (Pref’d) BR USD 20,361 946,992 0.68 



Booker Group GB GBP 541,002 894,481 0.65 

DE Master Blenders 1753 NL EUR 57,076 698,080 0.50 

Britannia Industries IN INR 74,833 672,013 0.49 


United Spirits IN INR 12,563 273,099 0.20 

19,485,726 14.09 

Healthcare 


Sanofi FR EUR 25,756 2,265,775 1.64 


Merck & Co US USD 28,646 1,304,263 0.94 

Santen Pharmaceutical JP JPY 25,993 1,136,283 0.82 


Stryker US USD 19,061 998,245 0.72 

Kalbe Farma ID IDR 9,433,224 950,120 0.69 

Valeant Pharmaceuticals International CA CAD 16,310 911,506 0.66 


Quest Diagnostics US USD 13,917 801,340 0.58 

Humana US USD 10,126 749,149 0.54 

Elan ADR IE USD 33,092 355,740 0.26 

Algeta NO NOK 5,144 138,458 0.10 

15,882,241 11.48 




BCE CA CAD 24,747 1,076,681 0.78 

4,105,649 2.97 

Financials 







Aeon Credit Service JP JPY 64,711 1,373,367 0.99 

ORIX JP JPY 12,915 1,324,647 0.96 


China Pacific Insurance Group (H) CN HKD 381,444 1,186,009 0.86 

Public Storage US USD 8,069 1,105,076 0.80 


Tokio Marine Holdings JP JPY 40,181 1,060,720 0.77 

Housing Development Finance IN INR 69,328 977,479 0.71 

MetLife US USD 27,563 971,327 0.70 

Shinsei Bank JP JPY 572,925 837,482 0.61 

Bank Central Asia ID IDR 892,691 760,084 0.55 

Aozora Bank JP JPY 240,433 677,275 0.49 

Grupo BTG Pactual BR BRL 33,303 519,749 0.38 

Zenith Bank NG NGN 2,345,343 268,900 0.19 

26,009,179 18.80 

Unlisted 



USD 

Industrials 


9,375 0.01 




Fidelity 

Funds 

Global Focus Fund - continued 




USD 


Net Assets 138,320,383 100.00 



USA US 41.61 

UK GB 9.76 

Japan JP 8.89 



India IN 2.67 

China CN 2.60 






Korea KR 1.67 










Kenya KE 0.46 



59

Fidelity 

Funds 

Global Health Care Fund 




EUR 


Materials 

Sigma-Aldrich US USD 44,762 2,416,254 0.62 

2,416,254 0.62 

Industrials 


1,146,864 0.29 

Healthcare 


Merck & Co US USD 592,775 20,806,586 5.32 

Sanofi FR EUR 294,522 19,974,463 5.11 



Pfizer US USD 691,730 13,299,835 3.40 




UnitedHealth Group US USD 234,191 10,049,097 2.57 


Stryker US USD 185,805 7,501,605 1.92 



Allergan US USD 85,018 5,839,850 1.49 


Humana US USD 99,220 5,658,848 1.45 

CSL AU AUD 147,884 5,613,687 1.44 


Teva Pharmaceutical Industries ADR IL USD 172,689 5,390,469 1.38 

Valeant Pharmaceuticals International CA CAD 121,062 5,215,732 1.33 

Laboratory of America Holdings US USD 75,937 4,969,055 1.27 

Cooper Companies US USD 60,923 4,478,322 1.14 

Hikma Pharmaceuticals GB GBP 447,796 4,117,934 1.05 

Bristol-Myers Squibb US USD 160,927 4,113,925 1.05 


Sawai Pharmaceutical JP JPY 44,174 3,757,290 0.96 

DaVita US USD 39,586 3,411,314 0.87 

Boston Scientific US USD 865,362 3,389,023 0.87 

Vertex Pharmaceuticals US USD 88,250 3,272,458 0.84 

Cigna US USD 83,843 3,227,302 0.83 

Fresenius Medical Care & Co DE EUR 58,024 3,144,310 0.80 

MEDNAX US USD 58,670 3,086,979 0.79 

DENTSPLY International US USD 105,587 3,004,464 0.77 

Lee’s Pharmaceutical Holdings HK HKD 6,288,197 2,966,709 0.76 

Covance US USD 79,141 2,960,915 0.76 

Ossur IS DKK 2,688,457 2,739,022 0.70 

Cochlear AU AUD 45,096 2,563,136 0.66 

Daiichi Sankyo JP JPY 211,957 2,497,238 0.64 

Synergy Health GB GBP 214,994 2,483,718 0.64 


CareFusion US USD 119,299 2,426,199 0.62 


Sirona Dental Systems US USD 52,500 2,303,338 0.59 

3SBio ADR CN USD 212,839 2,201,996 0.56 

Endologix US USD 205,493 2,100,648 0.54 

CR Bard US USD 27,578 2,045,481 0.52 

Adcock Ingram Holdings ZA ZAR 386,891 1,989,781 0.51 

Sorin IT EUR 1,065,565 1,929,739 0.49 

Grifols ADR ES USD 98,633 1,912,369 0.49 

Ansell AU AUD 150,463 1,877,703 0.48 


Tornier NL USD 139,379 1,827,736 0.47 

St Jude Medical US USD 58,797 1,731,978 0.44 

Hologic US USD 109,113 1,702,550 0.44 

ViroPharma US USD 81,884 1,599,621 0.41 

Hospira US USD 66,996 1,582,003 0.40 

Diagnosticos da America BR BRL 300,862 1,547,273 0.40 


Health Net US USD 89,621 1,473,033 0.38 

Eli Lilly & Co US USD 39,179 1,468,518 0.38 

Elan IE EUR 170,428 1,452,045 0.37 

Ion Beam Applications BE EUR 202,456 1,315,967 0.34 

Cipla (India) IN INR 250,111 1,299,737 0.33 

Fisher & Paykel Healthcare NZ NZD 795,355 1,184,370 0.30 

Actelion (Reg’d) CH CHF 30,815 1,147,055 0.29 

United Drug IE GBP 393,943 1,107,140 0.28 

Microport Scientific CN HKD 2,742,516 1,080,748 0.28 

GN Store Nord DK DKK 86,879 1,050,510 0.27 

Medica FR EUR 75,419 1,040,031 0.27 

Apollo Hospitals Enterprise IN INR 90,997 1,013,615 0.26 


ABIOMED US USD 63,372 938,015 0.24 

60 



EUR 

AVANIR Pharmaceuticals US USD 423,033 935,986 0.24 


Synageva BioPharma US USD 24,879 810,623 0.21 

Questcor Pharmaceuticals US USD 40,256 791,382 0.20 

Centene US USD 26,642 778,622 0.20 

Optimer Pharmaceuticals US USD 104,118 775,380 0.20 


HMS Holdings US USD 28,111 468,101 0.12 


ZIOPHARM Oncology US USD 105,195 389,269 0.10 

Threshold Pharmaceuticals US USD 50,149 160,830 0.04 


Verona Pharma GB GBP 1,325,713 63,883 0.02 

Cardiome Pharma CA CAD 169,252 35,252 0.01 

359,096,484 91.81 

Unlisted 

Healthcare 

Oxford Nanopore Technology* GB GBP 1,469 299,357 0.08 

299,357 0.08 


Options 

Ccy Contracts Market % Net 

Value Assets 

EUR 

Purchased Call Eli Lilly & Co 19/01/2013 USD 2,057 539,141 0.14 

539,141 0.14 


Net Assets 391,122,121 100.00 



USA US 47.25 


UK GB 6.17 



Japan JP 3.70 







India IN 0.97 

China CN 0.84 




Italy IT 0.49 

Spain ES 0.49 








Fidelity 

Funds 

Global Industrials Fund 




EUR 


Energy 



Suncor Energy CA CAD 187,822 4,814,581 2.37 


Chevron US USD 42,338 3,577,908 1.76 



Hess US USD 57,517 2,320,383 1.14 


Williams US USD 76,445 2,040,289 1.00 



Bonavista Energy CA CAD 139,357 1,913,519 0.94 

Halliburton US USD 75,257 1,859,457 0.91 

Pioneer Natural Resources US USD 21,580 1,750,859 0.86 

BP GB GBP 292,888 1,614,585 0.79 

Ensco (A) GB USD 35,479 1,565,085 0.77 

Ocean Rig UDW CY USD 110,187 1,358,294 0.67 

Athabasca Oil CA CAD 129,665 1,218,292 0.60 


Coastal Energy US CAD 70,867 1,009,709 0.50 

China Petroleum & Chemical (H) CN HKD 1,218,006 985,959 0.48 

EOG Resources US USD 10,882 972,442 0.48 


Fugro NL EUR 13,716 715,441 0.35 


Genel Energy GB GBP 54,316 548,465 0.27 

Cobalt International Energy US USD 33,011 523,429 0.26 

Hoegh LNG Holdings BM NOK 88,790 504,081 0.25 

Petroquest Energy US USD 103,695 476,450 0.23 


Magnum Hunter Resources US USD 153,257 453,695 0.22 


Comstock Resources US USD 33,102 444,544 0.22 


WesternZagros Resources CA CAD 427,034 421,652 0.21 

Africa Oil CA CAD 52,213 398,346 0.20 

68,013,254 33.42 

Utilities 

Red Electrica ES EUR 69,504 2,514,292 1.24 

2,514,292 1.24 

Materials 

BHP Billiton GB GBP 229,840 5,674,883 2.79 

Eastman Chemical US USD 58,854 2,685,115 1.32 


Arkema FR EUR 35,219 2,477,296 1.22 

Albemarle US USD 53,249 2,263,134 1.11 



Mexichem MX MXN 500,725 1,916,620 0.94 


Rio Tinto (UK) GB GBP 39,596 1,528,654 0.75 


Iluka Resources AU AUD 132,380 1,045,503 0.51 

Silver Wheaton CA CAD 32,746 1,020,023 0.50 

First Quantum Minerals CA CAD 55,550 965,446 0.47 

Eldorado Gold CA CAD 83,462 949,004 0.47 

Xstrata CH GBP 67,317 819,618 0.40 

Fortescue Metals Group AU AUD 250,991 812,688 0.40 

Turquoise Hill Resources CA CAD 134,907 811,731 0.40 

Evolution Mining AU AUD 452,743 723,004 0.36 

Commercial Metals US USD 67,317 713,055 0.35 

Yamato Kogyo JP JPY 32,837 709,671 0.35 

Reliance Steel & Aluminum US USD 16,328 679,589 0.33 

Korea Zinc KR KRW 2,101 660,699 0.32 

Regis Resources AU AUD 150,119 644,355 0.32 

Franco-Nevada CA CAD 13,773 614,015 0.30 

Volcan Cia Minera (B) PE PEN 704,554 544,626 0.27 

Eramet FR EUR 5,382 527,029 0.26 

Anglo American GB GBP 21,344 505,106 0.25 

US Silica Holdings US USD 44,989 437,706 0.22 

Premier Gold Mines CA CAD 98,421 426,685 0.21 

Jupiter Energy AU AUD 1,011,627 418,809 0.21 




North American Palladium CA USD 96,597 116,916 0.06 

61 

Gold Standard Ventures CA CAD 54,364 65,841 0.03 

41,129,040 20.21 

Industrials 


Honeywell International US USD 93,419 4,398,203 2.16 

Danaher US USD 106,030 4,236,668 2.08 

Industries Qatar QA QAR 119,892 3,858,345 1.90 


Precision Castparts US USD 24,663 3,273,093 1.61 

AMETEK US USD 117,708 3,211,430 1.58 


Cummins US USD 41,665 2,998,448 1.47 

Alstom FR EUR 110,281 2,905,901 1.43 


LIXIL Group JP JPY 151,712 2,581,185 1.27 

China Communications Construction (H) CN HKD 3,405,115 2,444,901 1.20 

Schindler Holding (Reg’d) CH CHF 24,476 2,444,012 1.20 

Galliford Try GB GBP 229,156 2,104,472 1.03 

Ryanair Holdings (UK) IE EUR 444,673 1,987,690 0.98 


Sung Kwang Bend KR KRW 89,989 1,673,043 0.82 

MasTec US USD 95,100 1,649,583 0.81 

Trimas US USD 70,625 1,338,837 0.66 


Encore Wire US USD 40,699 955,090 0.47 

Brammer GB GBP 296,231 885,024 0.43 

Rush Enterprises (A) US USD 59,414 863,866 0.42 


Chemring Group GB GBP 136,765 533,520 0.26 

66,350,707 32.60 


Corning US USD 266,804 2,422,986 1.19 

2,422,986 1.19 



Delphi Automotive Restricted GB USD 111,542 2,685,491 1.32 


7,624,969 3.75 


Energy 

NovaTek OAO GDR RU USD 23,592 2,073,399 1.02 

Magnum Hunter Resources Wts 14/10/2013 US USD 8,376 253 0.00 

2,073,652 1.02 

Industrials 

Globaltrans Investment GDR CY USD 90,149 1,285,720 0.63 

1,285,720 0.63 

Unlisted 



EUR 

Industrials 


31,122 0.02 



Net Assets 203,527,988 100.00 


Fidelity 

Funds 

Global Industrials Fund - continued 




USA US 42.29 

UK GB 11.40 




China CN 3.68 




Qatar QA 1.90 


Japan JP 1.62 



Spain ES 1.24 

Korea KR 1.15 






Peru PE 0.27 



62

Fidelity 

Funds 

Global Opportunities Fund 




USD 


Energy 








42,248,270 10.05 

Utilities 

Centrica GB GBP 1,202,400 6,286,021 1.50 


11,056,152 2.63 

Materials 


Mosaic US USD 93,800 4,912,306 1.17 

Monsanto US USD 55,100 4,738,049 1.13 

Sika (BR) CH CHF 1,030 2,151,185 0.51 


18,835,411 4.48 

Industrials 

Deutsche Post (Reg’d) DE EUR 329,061 6,528,490 1.55 



Tyco International CH USD 154,900 4,155,967 0.99 


Danaher US USD 46,900 2,430,827 0.58 

ADT US USD 57,950 2,375,950 0.57 

Watsco US USD 30,000 2,057,700 0.49 

30,609,157 7.28 



Amdocs US USD 229,500 7,516,125 1.79 

Google (A) US USD 9,213 6,237,938 1.48 

Keyence JP JPY 20,720 5,491,825 1.31 


Cadence Design Systems US USD 343,400 4,344,010 1.03 





KLA-Tencor US USD 39,400 1,823,432 0.43 


NVIDIA US USD 140,200 1,685,204 0.40 

52,520,301 12.50 





Newell Rubbermaid US USD 153,800 3,172,894 0.76 


Hennes & Mauritz (B) SE SEK 69,400 2,351,378 0.56 

Shimamura JP JPY 16,200 1,686,547 0.40 

25,838,675 6.15 





Fomento Economico Mexicano MX MXN 680,200 6,096,679 1.45 


ITC IN INR 898,776 4,707,241 1.12 

CP ALL (F) TH THB 3,617,600 4,668,029 1.11 





Mead Johnson Nutrition (A) US USD 27,400 1,690,580 0.40 

61,626,013 14.66 

Healthcare 




63 

Sanofi FR EUR 53,803 4,733,159 1.13 


Stryker US USD 82,800 4,336,236 1.03 




Henry Schein US USD 44,200 3,257,098 0.78 

UnitedHealth Group US USD 55,400 3,083,564 0.73 

CSL AU AUD 50,251 2,474,330 0.59 

Allergan US USD 27,000 2,405,700 0.57 



GN Store Nord DK DKK 70,000 1,097,919 0.26 

62,503,927 14.87 


America Movil (L) MX MXN 4,671,100 5,915,811 1.41 



AT&T US USD 142,100 4,910,976 1.17 

BCE CA CAD 95,800 4,167,968 0.99 


Telecom Corp of New Zealand NZ NZD 1,109,628 2,193,501 0.52 


32,552,615 7.75 

Financials 

HSBC Holdings (Hong Kong) GB HKD 863,200 8,470,013 2.02 





Credit Saison JP JPY 229,400 5,030,980 1.20 


Aozora Bank JP JPY 1,451,000 4,087,312 0.97 



UBS (Reg’d) CH CHF 209,960 3,150,574 0.75 

Ventas US USD 40,625 2,567,500 0.61 



66,619,617 15.85 

Unlisted 



USD 

Industrials 


49,993 0.01 




Net Assets 420,232,910 100.00 


Fidelity 

Funds 

Global Opportunities Fund - continued 




USA US 47.08 

UK GB 7.15 

Japan JP 7.04 








India IN 1.64 






Korea KR 0.77 






64

Fidelity 

Funds 

Global Property Fund 6 




USD 


Financials 

Simon Property Group US USD 82,266 12,435,263 5.77 

Westfield Group AU AUD 1,013,770 11,189,637 5.19 

Prologis US USD 282,140 9,541,959 4.42 


Sun Hung Kai Properties HK HKD 658,422 9,103,832 4.22 

Ventas US USD 142,348 8,996,373 4.17 

British Land GB GBP 962,544 8,205,654 3.80 



Kimco Realty US USD 369,064 7,200,436 3.34 

HCP US USD 120,960 5,368,218 2.49 

Equity Residential US USD 93,967 5,321,341 2.47 

Host Hotels & Resorts US USD 342,957 4,959,159 2.30 


DDR US USD 271,727 4,094,927 1.90 


Apartment Investment & Management (A) US USD 139,812 3,709,207 1.72 


Boston Properties US USD 33,078 3,504,258 1.62 

GPT Group AU AUD 921,536 3,396,975 1.57 


RioCan Real Estate Investment Trust CA CAD 116,831 3,150,558 1.46 

Mirvac Group AU AUD 1,908,364 2,973,305 1.38 

SL Green Realty US USD 39,487 2,941,795 1.36 

Nippon Building Fund JP JPY 271 2,905,446 1.35 



General Growth Properties US USD 140,832 2,675,800 1.24 


Hammerson GB GBP 345,603 2,630,170 1.22 

Duke Realty US USD 163,754 2,341,683 1.09 

Hysan Development HK HKD 521,810 2,294,996 1.06 

CBL & Associates Properties US USD 98,840 2,187,334 1.01 

Unite Group GB GBP 470,902 2,150,394 1.00 


Tanger Factory Outlet Centers US USD 61,095 1,902,487 0.88 

Macerich US USD 33,944 1,898,804 0.88 

Boardwalk Real Estate Investment Trust CA CAD 29,072 1,866,707 0.87 

H&R REIT CA CAD 77,163 1,857,694 0.86 

Japan Real Estate Investment JP JPY 186 1,856,347 0.86 

ORIX JREIT JP JPY 373 1,814,705 0.84 

Castellum SE SEK 121,269 1,626,126 0.75 

Ascendas Real Estate Investment Trust SG SGD 809,668 1,561,351 0.72 

Mobimo Holding (Reg’d) CH CHF 6,689 1,553,103 0.72 

American Campus Communities US USD 34,329 1,551,002 0.72 

Allied Properties REIT CA CAD 48,272 1,525,381 0.71 

AvalonBay Communities US USD 10,596 1,425,312 0.66 

Charter Hall Retail REIT AU AUD 367,871 1,384,117 0.64 


Forest City Enterprises (A) US USD 84,666 1,356,343 0.63 

Sun Communities US USD 30,169 1,259,244 0.58 

Kenedix Realty Investment JP JPY 352 1,202,912 0.56 

Douglas Emmett US USD 50,717 1,179,689 0.55 

Lexington Realty Trust US USD 116,119 1,096,159 0.51 

CFS Retail Property Trust Group AU AUD 536,556 1,086,281 0.50 

Norwegian Property NO NOK 723,562 1,084,713 0.50 

Mercialys FR EUR 41,117 863,494 0.40 

First Industrial Realty Trust US USD 63,686 831,099 0.39 

TAG Immobilien DE EUR 66,572 768,804 0.36 

UDR US USD 31,688 765,593 0.35 

Development Securities GB GBP 259,049 668,576 0.31 

SOHO China CN HKD 972,236 656,451 0.30 

@5:KWG Property Holding HK HKD 1,028,387 606,779 0.28 

Primaris Retail REIT CA CAD 25,812 605,140 0.28 

Digital Realty Trust US USD 8,220 505,603 0.23 


Cedar Realty Trust US USD 51,714 271,497 0.13 

Kite Realty Group Trust US USD 48,544 269,904 0.13 

211,861,271 98.23 




Net Assets 215,688,935 100.00 

65 



USA US 45.76 




UK GB 6.33 








China CN 0.30 




Fidelity 

Funds 

Global Real Asset Securities Fund 




USD 


Energy 








Canadian Natural Resources CA CAD 118,314 3,595,425 1.56 

BP GB GBP 490,989 3,510,891 1.52 

Peabody Energy US USD 114,077 3,204,423 1.39 

Enbridge CA CAD 72,408 2,872,034 1.24 

Athabasca Oil CA CAD 216,911 2,643,615 1.15 


FMC Technologies US USD 47,693 1,930,136 0.84 

Kosmos Energy BM USD 145,953 1,649,269 0.71 

Range Resources US USD 19,343 1,264,645 0.55 


Canadian Overseas Petroleum CA CAD 903,500 180,812 0.08 

Canacol Energy CA CAD 427,143 156,004 0.07 

64,754,856 28.06 

Utilities 

RWE DE EUR 97,035 4,437,476 1.92 

SSE GB GBP 174,954 4,086,394 1.77 

Southern US USD 84,103 3,924,246 1.70 

Spark Infrastructure Group AU AUD 1,714,388 3,001,585 1.30 

15,449,701 6.69 

Materials 




Shin-Etsu Chemical JP JPY 56,500 3,185,453 1.38 



Mosaic US USD 52,100 2,728,477 1.18 





Detour Gold CA CAD 58,876 1,684,898 0.73 

London Mining GB GBP 641,993 1,579,239 0.68 

HeidelbergCement (India) IN INR 1,525,548 1,371,738 0.59 

40,297,552 17.46 

Industrials 



Kubota JP JPY 423,000 4,314,711 1.87 

Cummins US USD 41,500 3,874,025 1.68 


Danaher US USD 59,215 3,069,113 1.33 

Cummins India IN INR 314,130 2,841,241 1.23 


Tyco International CH USD 92,890 2,492,239 1.08 

Smiths Group GB GBP 144,700 2,464,792 1.07 

CSX US USD 118,038 2,420,959 1.05 


FANUC JP JPY 9,800 1,557,965 0.68 

SKF India IN INR 97,511 1,169,268 0.51 

42,222,911 18.29 



3,277,705 1.42 

Healthcare 


3,686,426 1.60 



3,759,442 1.63 

Financials 



Vornado Realty Trust US USD 52,490 4,182,403 1.81 

66 



CubeSmart US USD 255,761 3,327,451 1.44 

Big Yellow Group GB GBP 599,726 3,308,467 1.43 


Ayala PH PHP 244,750 2,637,418 1.14 



Global Logistic Properties SG SGD 794,000 1,663,313 0.72 

Inmobiliaria Vesta MX MXN 694,577 1,047,317 0.45 

Oberoi Realty IN INR 205,205 1,039,488 0.45 

42,877,795 18.58 


Materials 

African Petroleum AU AUD 728,936 884,922 0.38 

884,922 0.38 

Unlisted 

Industrials 


18,721 0.01 






USD USD 


Bought USD Sold JPY at 0.01288 07/11/2012 2,197,663 62,931 0.03 

Bought USD Sold CAD at 1.01684 07/11/2012 3,580,544 58,428 0.03 


Bought USD Sold CAD at 1.02333 07/11/2012 630,125 14,370 0.01 

Bought USD Sold GBP at 1.62011 07/11/2012 3,255,084 14,304 0.01 


Bought GBP Sold USD at 0.62221 07/11/2012 2,613,267 9,512 0.00 

Bought AUD Sold USD at 0.98011 07/11/2012 466,377 7,713 0.00 

Bought CAD Sold USD at 1.00050 07/11/2012 4,206,397 4,272 0.00 


Bought USD Sold AUD at 1.03767 07/11/2012 1,945,421 931 0.00 








Bought SGD Sold USD at 1.22004 07/11/2012 1,276,192 (264) (0.00) 

Bought USD Sold HKD at 0.12897 07/11/2012 1,398,967 (651) (0.00) 


Bought AUD Sold USD at 0.96367 07/11/2012 1,472,075 (745) (0.00) 

Bought USD Sold SGD at 0.81326 07/11/2012 206,509 (1,568) (0.00) 

Bought USD Sold CAD at 0.99884 07/12/2012 4,261,078 (4,437) (0.00) 

Bought USD Sold GBP at 1.60701 07/12/2012 2,548,343 (9,267) (0.00) 

Bought USD Sold SGD at 0.81369 07/11/2012 1,326,736 (9,372) (0.00) 

Bought JPY Sold USD at 79.46590 07/11/2012 2,209,161 (11,498) (0.00) 


410,432 0.18 




USD 





Bought USD Sold CAD at 1.02333 07/11/2012 39,120 892 0.00 

Bought USD Sold GBP at 1.62011 07/11/2012 168,884 742 0.00 


Bought GBP Sold USD at 0.62221 07/11/2012 140,467 511 0.00 

Bought AUD Sold USD at 0.98011 07/11/2012 22,140 366 0.00 


Bought CAD Sold USD at 1.00050 07/11/2012 224,688 228 0.00 



Fidelity 

Funds 

Global Real Asset Securities Fund - continued 
















Bought USD Sold CAD at 0.99884 07/12/2012 226,572 (236) (0.00) 



Bought USD Sold GBP at 1.60701 07/12/2012 135,482 (493) (0.00) 



Bought USD Sold PLN at 0.31242 07/11/2012 1,955,059 (5,536) (0.00) 

33,878 0.01 

- E-ACC Shares (EUR) (hedged) 




















Bought SGD Sold USD at 1.22004 07/11/2012 1,045,871 (216) (0.00) 

Bought USD Sold HKD at 0.12897 07/11/2012 1,151,742 (536) (0.00) 









337,755 0.15 




USD USD 































67 


Bought USD Sold AUD at 1.03598 07/11/2012 271,324 (311) (0.00) 











Bought EUR Sold USD at 0.76126 07/11/2012 6,258,052 (78,199) (0.03) 

145,053 0.06 


Net Assets 230,797,674 100.00 




USD USD 


USA US 38.17 


UK GB 7.55 

Japan JP 6.09 


India IN 3.66 













Fidelity 

Funds 

Global Technology Fund 




EUR 


Materials 

JSR JP JPY 321,092 4,235,603 1.51 

4,235,603 1.51 


Google (A) US USD 42,430 22,147,677 7.92 

Cisco Systems US USD 1,624,453 21,590,246 7.72 



Apple US USD 40,920 18,814,718 6.73 

Telefonaktiebolaget LM Ericsson (B) SE SEK 1,636,091 11,097,769 3.97 

Corning US USD 1,018,587 9,250,317 3.31 



NVIDIA US USD 850,112 7,877,593 2.82 

Texas Instruments US USD 330,490 7,195,092 2.57 



ARM Holdings GB GBP 777,376 6,428,563 2.30 


Citrix Systems US USD 116,885 5,664,322 2.03 



Altera US USD 217,716 5,072,225 1.81 

Cadence Design Systems US USD 510,028 4,973,905 1.78 

AsiaInfo-Linkage CN USD 572,288 4,535,458 1.62 

eBay US USD 119,626 4,451,616 1.59 

Applied Materials US USD 539,983 4,404,323 1.57 

Sina CN USD 77,728 3,295,736 1.18 

Amdocs US USD 123,542 3,119,176 1.12 


VMware (A) US USD 40,332 2,612,768 0.93 

Universal Display US USD 90,454 2,274,705 0.81 

Acme Packet US USD 171,412 2,197,595 0.79 

Micron Technology US USD 453,053 1,891,303 0.68 

Symantec US USD 132,646 1,859,099 0.66 

ServiceSource International US USD 253,154 1,744,758 0.62 


QLIK Technologies US USD 114,144 1,608,585 0.58 


Oracle US USD 53,450 1,277,390 0.46 

Informatica US USD 45,031 936,632 0.33 

Kingsoft CN HKD 2,073,395 921,860 0.33 

ADTRAN US USD 47,576 615,090 0.22 

250,094,360 89.41 



TripAdvisor US USD 98,383 2,296,631 0.82 

GOME Electrical Appliances Holding HK HKD 13,889,201 1,113,922 0.40 

AirMedia Group ADR CN USD 580,788 1,029,814 0.37 

11,828,407 4.23 

Financials 

CME Group US USD 79,784 3,429,033 1.23 

3,429,033 1.23 



E Ink Holdings TW TWD 1,655,388 1,019,219 0.36 

1,019,219 0.36 



Net Assets 279,703,147 100.00 

68 



USA US 69.10 

China CN 7.48 

Korea KR 7.07 



UK GB 2.30 


Japan JP 1.51 





Fidelity 

Funds 

Global Telecommunications Fund 




EUR 



Google (A) US USD 7,750 4,045,242 1.79 


6,980,345 3.09 


Vivendi FR EUR 325,616 5,139,847 2.28 


10,190,126 4.52 


Verizon Communications US USD 660,233 22,670,486 10.05 


AT&T US USD 782,162 20,839,336 9.24 



Telefonica ES EUR 1,021,033 10,373,700 4.60 


KDDI JP JPY 143,715 8,591,972 3.81 

Crown Castle International US USD 149,699 7,686,104 3.41 


TELUS CA CAD 122,918 6,135,773 2.72 

Deutsche Telekom (Reg’d) DE EUR 681,984 6,007,596 2.66 

BT Group GB GBP 2,257,167 5,964,632 2.64 

Softbank JP JPY 210,913 5,117,205 2.27 

TeliaSonera SE SEK 948,911 4,821,348 2.14 

NTT DoCoMo JP JPY 4,122 4,631,616 2.05 

Sprint Nextel US USD 1,067,218 4,558,020 2.02 


SK Telecom ADR KR USD 276,247 3,315,880 1.47 






MTN Group ZA ZAR 190,165 2,640,819 1.17 

Telecom Italia (Pref’d) IT EUR 3,196,162 1,968,836 0.87 

Globe Telecom PH PHP 48,672 1,040,514 0.46 

201,434,062 89.27 

Financials 


4,581,314 2.03 




Net Assets 225,646,019 100.00 

69 



USA US 35.94 

UK GB 12.23 

Japan JP 8.13 



Spain ES 4.60 








Korea KR 1.47 






Italy IT 0.87 



Fidelity 

Funds 

Greater China Fund 




USD 


Energy 

CNOOC CN HKD 7,764,651 16,055,620 3.17 





46,787,103 9.23 

Utilities 

Huaneng Power International (H) CN HKD 3,712,096 2,955,903 0.58 





11,819,626 2.33 

Materials 


Formosa Chemicals & Fibre TW TWD 1,448,696 3,406,985 0.67 

China National Building Material (H) CN HKD 2,372,227 2,988,888 0.59 

Jiangxi Copper (H) CN HKD 1,086,272 2,779,560 0.55 




Taiwan Fertilizer TW TWD 714,863 1,690,904 0.33 

BBMG (H) CN HKD 1,323,894 1,125,681 0.22 

Fufeng Group HK HKD 1,039,347 393,542 0.08 

24,175,846 4.77 

Industrials 



CSR (H) CN HKD 3,502,430 2,707,978 0.53 

Zhuzhou CSR Times Electric (H) CN HKD 913,547 2,675,131 0.53 

China Shipping Container Lines (H) CN HKD 9,967,148 2,630,835 0.52 

51job ADR CN USD 43,631 2,040,167 0.40 



Cleanaway TW TWD 247,606 1,708,222 0.34 

China COSCO Holdings (H) CN HKD 3,453,507 1,707,656 0.34 

China Railway Construction (H) CN HKD 1,454,686 1,431,875 0.28 

Zoomlion Heavy Industry Science and Technology (H) CN HKD 1,033,556 1,376,442 0.27 



Johnson Electric Holdings HK HKD 1,672,839 1,070,090 0.21 

Shanghai Electric Group (H) CN HKD 1,739,234 700,712 0.14 




34,788,845 6.86 






Delta Electronics TW TWD 998,412 3,386,314 0.67 



Quanta Computer TW TWD 1,093,261 2,481,917 0.49 

TPK Holding TW TWD 154,754 1,930,165 0.38 


AAC Technologies Holdings CN HKD 469,254 1,667,105 0.33 

Sina CN USD 28,954 1,592,467 0.31 




Radiant Opto-Electronics TW TWD 294,112 1,214,440 0.24 


Youku ADR CN USD 46,826 920,590 0.18 

AU Optronics TW TWD 2,054,732 775,113 0.15 

HTC TW TWD 75,879 544,118 0.11 

United Microelectronics TW TWD 1,345,859 496,268 0.10 

104,724,188 20.65 




Galaxy Entertainment Group HK HKD 931,518 3,166,858 0.62 

Wynn Macau CN HKD 997,613 2,812,393 0.55 

70 



USD 

Cheng Shin Rubber Industry TW TWD 960,792 2,386,897 0.47 





Sands China CN HKD 461,666 1,728,405 0.34 


Largan Precision TW TWD 62,900 1,329,620 0.26 





Prada IT HKD 127,198 1,028,855 0.20 


Giant Manufacturing TW TWD 183,708 942,739 0.19 



Trinity HK HKD 1,204,085 838,069 0.17 

Li & Fung HK HKD 371,409 620,120 0.12 

Hengdeli Holdings HK HKD 1,960,881 612,098 0.12 


Bona Film Group ADR CN USD 48,323 253,697 0.05 


40,465,729 7.98 







Tingyi Cayman Islands Holding CN HKD 629,000 1,862,090 0.37 


Biostime International Holdings CN HKD 485,727 1,239,717 0.24 



Sun Art Retail Group CN HKD 751,804 1,018,755 0.20 

Standard Foods TW TWD 312,503 795,468 0.16 

China Modern Dairy Holdings CN HKD 2,403,178 621,631 0.12 

28,555,668 5.63 

Healthcare 

China Medical System Holdings CN HKD 1,482,642 852,002 0.17 

852,002 0.17 






China Unicom Hong Kong HK HKD 880,599 1,431,830 0.28 




33,161,917 6.54 

Financials 























Wheelock & HK HKD 430,316 1,869,959 0.37 


Hong Kong Exchanges and Clearing HK HKD 95,548 1,569,537 0.31 



Fidelity 

Funds 

Hui Xian Real Estate Investment Trust CN CNY 1,784,162 1,190,619 0.23 


CITIC Securities (H) CN HKD 531,155 988,484 0.19 

Fubon Financial Holding TW TWD 905,560 923,263 0.18 

Sinyi Realty TW TWD 228,615 303,010 0.06 

165,206,096 32.58 





BNP (China Vanke (A)) ELN 20/08/2013 NL USD 1,215,068 1,620,064 0.32 

BNP (Ping An Insurance Group (A)) ELN 20/08/2013 NL USD 171,827 1,068,393 0.21 

UBS (CITIC Securities (A)) ELN 16/09/2013 CN USD 461,466 805,334 0.16 

GSI (CITIC Securities (A)) ELN 05/05/2015 CN USD 361,415 630,729 0.12 

BNP (China Pacific Insurance Group (A)) ELN 20/08/2013 NL USD 212,961 611,913 0.12 


UBS (Kweichow Moutai (A)) ELN 09/07/2015 CN USD 3,195 126,638 0.02 

10,981,044 2.17 



Simplo Technology TW TWD 320,890 1,570,381 0.31 

1,570,381 0.31 



2,002,796 0.39 

Unlisted 

Greater China Fund - continued 




USD 


TPK Holdings GDR KY USD 33,973 426,726 0.08 

426,726 0.08 


DB (CITIC Securities (A)) ELN 07/08/2020 CN USD 118,412 206,648 0.04 


402,334 0.08 




Net Assets 507,120,062 100.00 







Japan JP 0.41 


Italy IT 0.20 

Cayman Islands KY 0.08 


71

Fidelity 

Funds 

Greater China Fund II 1,4,5 




USD 


Energy 

CNOOC CN HKD 7,956,000 16,451,289 3.33 





46,121,720 9.34 

Utilities 

Huaneng Power International (H) CN HKD 4,136,000 3,293,453 0.67 




China Resources Gas Group HK HKD 856,000 1,891,206 0.38 

12,070,878 2.45 

Materials 






Jiangxi Copper (H) CN HKD 896,000 2,292,690 0.46 


BBMG (H) CN HKD 1,388,500 1,180,613 0.24 

Taiwan Fertilizer TW TWD 420,000 993,449 0.20 

Fufeng Group HK HKD 985,000 372,963 0.08 

21,487,153 4.35 

Industrials 



51job ADR CN USD 42,000 1,963,920 0.40 


CSR (H) CN HKD 2,355,000 1,820,819 0.37 



China Railway Construction (H) CN HKD 1,618,500 1,593,120 0.32 


Cleanaway TW TWD 194,000 1,338,396 0.27 



Johnson Electric Holdings HK HKD 1,837,000 1,175,101 0.24 

Zoomlion Heavy Industry Science and Technology (H) CN HKD 844,200 1,124,266 0.23 

Shanghai Electric Group (H) CN HKD 1,520,000 612,385 0.12 





30,026,625 6.08 















Sina CN USD 25,400 1,397,000 0.28 



Youku ADR CN USD 51,100 1,004,626 0.20 


United Microelectronics TW TWD 1,283,000 473,089 0.10 

AU Optronics TW TWD 922,000 347,809 0.07 

HTC TW TWD 34,000 243,808 0.05 

104,646,352 21.20 





72 



USD 


Wynn Macau CN HKD 728,800 2,054,576 0.42 







Largan Precision TW TWD 63,000 1,331,735 0.27 




Prada IT HKD 141,700 1,146,159 0.23 




SA SA International Holdings HK HKD 1,348,000 921,122 0.19 


Hengdeli Holdings HK HKD 1,924,000 600,585 0.12 


Trinity HK HKD 698,000 485,823 0.10 

Bona Film Group ADR CN USD 45,800 240,450 0.05 


37,549,120 7.61 






Tingyi Cayman Islands Holding CN HKD 446,000 1,320,338 0.27 


Biostime International Holdings CN HKD 434,000 1,107,693 0.22 


Sun Art Retail Group CN HKD 729,500 988,531 0.20 

Standard Foods TW TWD 311,000 791,642 0.16 

Yantai Changyu Pioneer Wine (B) CN HKD 127,920 648,507 0.13 

China Modern Dairy Holdings CN HKD 2,288,000 591,838 0.12 

24,917,343 5.05 

Healthcare 

China Medical System Holdings CN HKD 1,497,000 860,253 0.17 

860,253 0.17 








China Unicom Hong Kong HK HKD 400,000 650,389 0.13 


30,389,866 6.16 

Financials 





























Fidelity 

Funds 

CITIC Securities (H) CN HKD 590,000 1,097,995 0.22 

Hong Kong Exchanges and Clearing HK HKD 54,700 898,539 0.18 


Sinyi Realty TW TWD 202,000 267,734 0.05 

160,342,164 32.48 



UBS (CITIC Securities (A)) ELN 16/09/2013 CN USD 921,600 1,608,343 0.33 




BNP (Kweichow Moutai (A)) ELN 20/08/2013 CN USD 24,700 979,038 0.20 

UBS (China Pacific Insurance Group (A)) ELN 21/06/2013 CN USD 227,900 654,837 0.13 


11,497,490 2.33 



Simplo Technology TW TWD 305,400 1,494,577 0.30 

1,494,577 0.30 



9,007 0.00 

Unlisted 

Greater China Fund II 1,4,5 - continued 




USD 



428,912 0.09 




Net Assets 493,686,049 100.00 






Japan JP 0.49 

Italy IT 0.23 





73

Fidelity 

Funds 

Iberia Fund 




EUR 


Energy 

Galp Energia (B) PT EUR 430,268 5,313,805 4.40 


Tecnicas Reunidas ES EUR 98,374 3,727,379 3.09 

13,102,045 10.85 

Utilities 


Enagas ES EUR 220,509 3,382,602 2.80 

Red Electrica ES EUR 63,321 2,290,640 1.90 

Gas Natural SDG ES EUR 170,631 2,042,449 1.69 

Energias de Portugal PT EUR 779,812 1,634,486 1.35 

EDP Renovaveis ES EUR 245,490 900,456 0.75 

16,043,348 13.29 

Materials 

Portucel Empresa Produtora de Pasta e Papel PT EUR 2,062,718 4,434,845 3.67 

Miquel y Costas & Miquel ES EUR 188,068 3,947,553 3.27 

Vidrala ES EUR 58,579 1,168,075 0.97 


Acerinox ES EUR 57,624 463,297 0.38 

10,517,626 8.71 

Industrials 

Abertis Infraestructuras ES EUR 139,446 1,620,368 1.34 

Construcciones y Auxiliar de Ferrocarriles ES EUR 4,194 1,539,316 1.28 

Ferrovial ES EUR 113,754 1,239,916 1.03 

International Consolidated Airlines Group GB EUR 143,406 290,685 0.24 

4,690,285 3.89 



Indra Sistemas ES EUR 264,585 2,328,348 1.93 

7,735,118 6.41 


Inditex ES EUR 57,197 5,630,496 4.66 

Antena 3 de Television ES EUR 621,056 1,919,064 1.59 

Mediaset Espana Comunicacion ES EUR 238,112 986,734 0.82 

8,536,294 7.07 


Ebro Foods ES EUR 367,953 5,213,899 4.32 

Viscofan ES EUR 131,218 4,899,697 4.06 

Distribuidora Internacional de Alimentacion ES EUR 384,129 1,793,883 1.49 

Devro GB GBP 275,979 1,124,983 0.93 


Baron de Ley ES EUR 9,153 399,511 0.33 

Jeronimo Martins SGPS PT EUR 22,321 301,335 0.25 

Campofrio Food Group ES EUR 29,958 169,263 0.14 

14,981,211 12.41 

Healthcare 

Grifols ADR ES USD 304,039 5,894,958 4.88 

Almirall ES EUR 47,407 327,107 0.27 

6,222,065 5.15 


Sonaecom SGPS PT EUR 3,181,296 4,453,814 3.69 

Tim Participacoes BR BRL 143,649 387,644 0.32 

Telefonica Deutschland Holding DE EUR 46,697 274,998 0.23 

5,116,456 4.24 

Financials 


Banco Santander ES EUR 885,281 5,124,891 4.25 

Mapfre ES EUR 867,262 1,854,207 1.54 

Banco Espanol de Credito ES EUR 428,678 1,205,014 1.00 

Bolsas y Mercados Espanoles ES EUR 49,872 829,377 0.69 

Banco Espirito Santo (Reg’d) PT EUR 666,039 499,529 0.41 

14,925,110 12.36 

74 

Unlisted 



EUR 

Financials 

Bankinter* ES EUR 22,828 59,202 0.05 

59,202 0.05 





EUR 

Banco Santander EUR 179,563 179,563 0.15 

179,563 0.15 


Net Assets 120,724,537 100.00 




Portugal PT 13.78 

UK GB 2.07 







Fidelity 

Funds 

India Focus Fund 7 




USD 


Energy 

Reliance Industries (Dematerialised) IN INR 11,688,660 174,045,839 7.39 

Cairn India IN INR 4,294,785 26,740,655 1.14 

Oil & Natural Gas IN INR 2,631,591 13,085,129 0.56 

Great Eastern Shipping IN INR 975,858 4,639,703 0.20 

Hardy Oil & Gas GB GBP 1,071,193 2,241,934 0.10 

Coal India IN INR 209,600 1,344,565 0.06 

222,097,825 9.43 

Materials 

Ambuja Cements IN INR 10,556,553 39,530,057 1.68 


Grasim Industries IN INR 378,414 24,523,030 1.04 

Sterlite Industries India IN INR 9,593,113 17,630,502 0.75 

ACC IN INR 614,211 15,661,831 0.67 

Jindal Steel & Power IN INR 1,836,455 13,172,119 0.56 

Tata Steel IN INR 1,049,773 7,604,707 0.32 

151,739,459 6.44 

Industrials 

Larsen & Toubro IN INR 2,224,057 66,838,948 2.84 

Gateway Distriparks IN INR 8,591,235 22,748,492 0.97 

MAX India IN INR 3,827,239 17,143,446 0.73 

ABB (India) IN INR 497,386 6,785,027 0.29 

Ashok Leyland IN INR 14,945,861 6,473,551 0.27 

BEML IN INR 1,107,514 5,924,338 0.25 

Transport Corp of India IN INR 4,595,028 5,379,203 0.23 

Escorts IN INR 4,139,856 5,040,417 0.21 

IVRCL IN INR 6,711,596 4,925,309 0.21 

Container Of India IN INR 222,258 4,135,041 0.18 

145,393,772 6.17 


Infosys IN INR 3,515,437 153,664,527 6.52 

Tata Consultancy Services IN INR 6,071,778 148,130,025 6.29 

Hexaware Technologies IN INR 18,008,488 37,286,503 1.58 

Financial Technologies India IN INR 722,976 13,327,930 0.57 

Info Edge India IN INR 1,888,828 12,253,161 0.52 

NIIT IN INR 10,139,408 6,259,016 0.27 

Logix Microsystems IN INR 1,162,900 391,269 0.02 

371,312,431 15.77 


Tata Motors IN INR 17,582,765 83,473,291 3.54 

Bata India IN INR 3,646,164 57,688,022 2.45 

Mahindra & Mahindra IN INR 3,339,661 54,566,357 2.32 

Bajaj Auto IN INR 1,498,513 50,436,389 2.14 

Motherson Sumi Systems IN INR 16,994,055 49,042,433 2.08 

Titan Industries IN INR 6,616,979 31,721,436 1.35 

Indian Hotels IN INR 8,317,199 9,710,080 0.41 

Jagran Prakashan IN INR 3,828,746 7,026,648 0.30 

Dynamatic Technologies IN INR 391,908 5,049,233 0.21 

Vaibhav Gems IN INR 1,817,706 2,623,878 0.11 

DB IN INR 535,452 2,075,739 0.09 

Zee Learn IN INR 1,552,264 795,187 0.03 

BAG Films & Media IN INR 6,534,515 484,540 0.02 

Future Market Networks IN INR 181,586 95,936 0.00 

354,789,169 15.06 


ITC IN INR 24,021,702 125,811,046 5.34 

Hindustan Unilever IN INR 8,035,847 81,388,003 3.46 

207,199,049 8.80 

Healthcare 

Dr Reddy’s Laboratories IN INR 2,123,187 69,094,523 2.93 

Cipla (India) IN INR 7,519,849 50,689,662 2.15 

Lupin IN INR 3,818,293 40,108,182 1.70 

159,892,367 6.79 


Bharti Airtel IN INR 1,139,312 5,689,359 0.24 

5,689,359 0.24 

Financials 

HDFC Bank (Dematerialised) IN INR 16,796,790 196,855,104 8.36 


ICICI Bank IN INR 6,115,122 118,682,780 5.04 

75 

Multi Commodity Exchange of India* IN INR 2,549,918 63,245,004 2.69 

Kotak Mahindra Bank IN INR 3,332,304 37,218,616 1.58 

Infrastructure Development Finance IN INR 10,202,915 30,515,302 1.30 

Federal Bank IN INR 2,896,056 26,013,418 1.10 

Shriram Transport Finance IN INR 1,901,777 21,989,154 0.93 

Jammu & Kashmir Bank IN INR 961,233 21,805,686 0.93 

South Indian Bank IN INR 46,948,660 20,177,875 0.86 

State Bank of India IN INR 480,474 18,718,485 0.79 

Axis Bank IN INR 709,158 15,463,855 0.66 

Edelweiss Financial Services IN INR 22,587,870 14,237,221 0.60 

Mahindra Lifespace Developers IN INR 1,290,045 9,711,756 0.41 

Oberoi Realty IN INR 1,424,944 7,218,206 0.31 

TCI Developers IN INR 229,751 650,572 0.03 

West Pioneer Properties VG GBP 6,321,666 586,337 0.02 

Bank of Punjab PK PKR 900 77 0.00 

742,915,148 31.54 

Unlisted 



USD 

Healthcare 

Napo Pharmaceuticals* US GBP 2,431,300 39 0.00 

Avestha Gengraine Technologies* IN INR 895,108 0 0.00 

39 0.00 




Net Assets 2,355,146,474 100.00 



India IN 100.13 

UK GB 0.10 


Pakistan PK 0.00 

USA US 0.00 





Fidelity 

Funds 

Indonesia Fund 




USD 


Energy 

Indo Tambangraya Megah ID IDR 4,332,384 18,286,644 2.34 


Harum Energy ID IDR 8,794,249 4,931,046 0.63 

Medco Energi Internasional ID IDR 24,832,467 4,074,023 0.52 

Bumi Resources ID IDR 51,051,737 3,498,654 0.45 

Adaro Energy ID IDR 20,889,028 2,971,566 0.38 

47,738,718 6.12 

Utilities 


34,999,558 4.48 

Materials 



Timah Persero ID IDR 30,933,599 4,593,176 0.59 

65,742,486 8.42 

Industrials 





Express Transindo Utama ID IDR 67,080,457 3,910,990 0.50 

Petrosea ID IDR 13,230,118 1,936,999 0.25 

AKR Corporindo ID IDR 2,532,640 1,170,254 0.15 

67,036,506 8.59 


Astra Graphia ID IDR 16,428,163 2,388,161 0.31 

2,388,161 0.31 



Modern Internasional ID IDR 153,503,161 11,794,937 1.51 


Ramayana Lestari Sentosa ID IDR 61,149,300 7,047,921 0.90 

Global Mediacom ID IDR 17,865,958 4,220,406 0.54 


Gajah Tunggal ID IDR 7,654,911 1,728,805 0.22 

Modern Internasional Rts 11/03/2013 ID IDR 46,050,948 901,519 0.12 

Surya Citra Media ID IDR 4,038,425 817,699 0.10 

MNC Sky Vision ID IDR 3,588,989 810,547 0.10 

97,036,084 12.43 



Unilever Indonesia ID IDR 8,714,260 23,571,370 3.02 

Charoen Pokphand Indonesia ID IDR 43,743,277 14,194,101 1.82 

Indofood CBP Sukses Makmur ID IDR 10,209,048 7,579,452 0.97 

Indofood Sukses Makmur ID IDR 10,729,474 6,350,382 0.81 

Indofood Agri Resources SG SGD 4,847,310 4,976,303 0.64 

83,476,601 10.69 

Healthcare 


Tempo Scan Pacific ID IDR 32,233,414 10,794,004 1.38 

30,057,150 3.85 




Indosat ID IDR 6,101,632 4,118,186 0.53 

73,177,561 9.38 

Financials 




Bank Danamon (Indonesia) ID IDR 24,289,992 15,385,222 1.97 

Bank Negara Indonesia Persero ID IDR 33,823,929 13,521,702 1.73 

Summarecon Agung ID IDR 67,753,361 12,311,627 1.58 


Lippo Karawaci ID IDR 103,030,592 9,949,373 1.27 

Panin Financial ID IDR 419,651,297 5,795,445 0.74 

76 



USD 

Lippo Cikarang ID IDR 10,016,075 3,874,096 0.50 

266,982,322 34.21 




10,076,396 1.29 

Unlisted 


Modern Internasional Placing ID IDR 14,770,399 999,558 0.13 

999,558 0.13 



Net Assets 780,522,928 100.00 








Fidelity 

Funds 

International Fund 




USD 


Energy 


Chevron US USD 135,806 14,887,043 0.96 



BP GB GBP 1,404,192 10,040,885 0.65 

BG Group GB GBP 488,338 9,039,018 0.58 



Saipem IT EUR 92,159 4,143,367 0.27 

Denbury Resources US USD 237,052 3,610,304 0.23 

JX Holdings JP JPY 676,547 3,594,053 0.23 



Enbridge CA CAD 87,860 3,484,939 0.23 

Schlumberger US USD 47,710 3,305,839 0.21 

Cenovus Energy CA CAD 92,590 3,272,313 0.21 

TransCanada CA CAD 67,774 3,030,707 0.20 


Dresser-Rand Group US USD 49,997 2,581,864 0.17 



QEP Resources US USD 76,963 2,241,148 0.14 

Apache US USD 25,921 2,133,556 0.14 


CNOOC CN HKD 920,574 1,903,549 0.12 

AMEC GB GBP 98,948 1,691,846 0.11 

Inpex JP JPY 298 1,689,327 0.11 

Baytex Energy CA CAD 36,868 1,675,749 0.11 

Crescent Point Energy CA CAD 35,831 1,491,490 0.10 

Ensco (A) GB USD 25,980 1,486,589 0.10 

Rowan Companies (A) US USD 44,645 1,414,815 0.09 

Talisman Energy CA CAD 124,533 1,340,811 0.09 

Phillips 66 US USD 28,216 1,330,363 0.09 

Japan Petroleum Exploration JP JPY 35,288 1,323,735 0.09 

Marathon Petroleum US USD 23,893 1,297,173 0.08 

Cameco CA CAD 61,442 1,184,722 0.08 

Helmerich & Payne US USD 24,710 1,177,934 0.08 

Eni IT EUR 44,772 1,028,529 0.07 


PetroChina (H) CN HKD 722,449 979,101 0.06 


Oil Search AU AUD 94,820 728,806 0.05 

EQT US USD 9,664 584,981 0.04 

SK Innovation KR KRW 3,330 487,906 0.03 

China Shenhua Energy (H) CN HKD 100,319 423,849 0.03 




Technip FR EUR 3,110 350,511 0.02 

S-Oil KR KRW 3,646 332,427 0.02 


Gran Tierra Energy CA CAD 59,746 296,525 0.02 

Anadarko Petroleum US USD 4,254 291,409 0.02 

Origin Energy AU AUD 22,141 260,131 0.02 

China Petroleum & Chemical (H) CN HKD 236,883 248,731 0.02 


PTT (F) TH THB 21,674 223,438 0.01 

Pinecrest Energy CA CAD 121,877 219,514 0.01 


Hunting GB GBP 14,854 179,348 0.01 

Petroceltic International IE GBP 1,402,653 155,890 0.01 






Statoil NO NOK 4,609 113,871 0.01 


Repsol YPF ES EUR 5,028 100,565 0.01 

Total FR EUR 1,842 92,761 0.01 




China Oilfield Services (H) CN HKD 34,980 65,762 0.00 

Toyo Kanetsu JP JPY 28,815 55,925 0.00 

Anton Oilfield Services Group CN HKD 124,598 37,405 0.00 

Gold Oil* GB GBP 949,517 22,783 0.00 

FAR AU AUD 617,863 21,063 0.00 

Helix Energy Solutions Group US USD 1 12 0.00 

Western Refining US USD 1 9 0.00 

Tesoro US USD 1 8 0.00 

Marathon Oil US USD 1 6 0.00 

77 



USD 

Oceaneering International US USD 1 3 0.00 

Delek US Holdings US USD 1 2 0.00 

163,446,067 10.56 

Utilities 

Edison International US USD 39,916 1,871,260 0.12 

Exelon US USD 40,391 1,440,736 0.09 


PG&E US USD 17,781 755,512 0.05 


PPL US USD 23,124 683,316 0.04 




AES US USD 51,260 535,159 0.03 




Beijing Enterprises Water Group HK HKD 1,312,394 299,447 0.02 

ITC Holdings US USD 3,222 255,538 0.02 

Perusahaan Gas Negara Persero (B) ID IDR 516,436 249,354 0.02 


GDF Suez FR EUR 7,130 163,740 0.01 

Korea Electric Power KR KRW 5,250 135,974 0.01 


Fortis (Canada) CA CAD 3,628 122,282 0.01 

Electricite de France FR EUR 4,746 100,500 0.01 



CLP Holdings HK HKD 10,660 90,789 0.01 


E.ON DE EUR 3,310 75,257 0.00 

China Longyuan Power Group (H) CN HKD 109,588 70,865 0.00 

SSE GB GBP 2,356 55,022 0.00 

RWE DE EUR 926 42,364 0.00 

Fortum FI EUR 1,076 19,918 0.00 

Iberdrola ES EUR 221 1,143 0.00 

Pinnacle West Capital US USD 1 17 0.00 

American Electric Power US USD 1 9 0.00 

CenterPoint Energy US USD 1 5 0.00 

Portland General Electric US USD 1 4 0.00 

American Water Works US USD 1 3 0.00 

NV Energy US USD 1 3 0.00 

12,469,498 0.81 

Materials 



Mosaic US USD 91,476 4,790,614 0.31 

Potash Corp of Saskatchewan CA CAD 111,696 4,491,859 0.29 



Agrium CA CAD 26,630 2,791,510 0.18 

Franco-Nevada CA CAD 41,468 2,397,919 0.15 


Hitachi Chemical JP JPY 135,896 1,911,741 0.12 

Ube Industries JP JPY 773,314 1,762,835 0.11 

Asahi Kasei JP JPY 316,442 1,737,787 0.11 




Agnico-Eagle Mines CA CAD 22,159 1,253,893 0.08 

PPG Industries US USD 10,244 1,190,000 0.08 

Nitto Denko JP JPY 25,262 1,144,894 0.07 

Eldorado Gold CA CAD 74,124 1,093,265 0.07 

IAMGOLD CA CAD 69,200 1,084,339 0.07 



Yamato Kogyo JP JPY 36,707 1,029,017 0.07 



LG Chem KR KRW 3,098 866,723 0.06 

Ecolab US USD 11,014 761,186 0.05 

Rio Tinto (Australia) AU AUD 11,842 696,316 0.05 

Showa Denko KK JP JPY 408,695 624,047 0.04 

Methanex CA CAD 19,762 593,823 0.04 



Linde DE EUR 2,821 474,809 0.03 


Hitachi Metals JP JPY 44,142 412,552 0.03 

Lanxess DE EUR 4,907 405,646 0.03 

Petronas Chemicals Group MY MYR 179,834 382,120 0.02 

Iluka Resources AU AUD 36,858 377,595 0.02 



Fidelity 

Funds 

International Fund - continued 




USD 






Rock-Tenn (A) US USD 4,378 317,841 0.02 

Tahoe Resources US CAD 15,421 314,781 0.02 

Banro CA CAD 68,258 311,452 0.02 

Sumitomo Metal Mining JP JPY 20,845 273,753 0.02 

Inner Mongolia Baotou Steel Rare-Earth Hi-Tech (A) CN CNY 55,142 251,581 0.02 

POSCO KR KRW 796 249,885 0.02 

James Hardie Industries IE AUD 25,951 247,476 0.02 


Tokyo Ohka Kogyo JP JPY 11,089 225,641 0.01 


Sika (BR) CH CHF 102 213,996 0.01 





Honam Petrochemical KR KRW 817 166,419 0.01 

Lafarge Malayan Cement MY MYR 51,748 164,933 0.01 

Formosa Plastics TW TWD 59,822 161,831 0.01 

China Resources Cement Holdings HK HKD 226,270 152,374 0.01 



Nan Ya Plastics TW TWD 82,888 145,073 0.01 

Lee & Man Paper Manufacturing HK HKD 269,973 140,554 0.01 

Fuchs Petrolub DE EUR 2,214 138,024 0.01 

Taiwan Cement TW TWD 107,533 136,861 0.01 



Siam Cement (F) (Reg’d) TH THB 9,030 121,671 0.01 

Asahi Holdings JP JPY 7,112 119,727 0.01 

Korea Zinc KR KRW 261 106,677 0.01 


Independence Group NL AU AUD 25,141 103,618 0.01 

Umicore BE EUR 1,938 99,520 0.01 

Symrise DE EUR 2,690 96,776 0.01 

Nitta Gelatin JP JPY 11,833 95,741 0.01 


Taiheiyo Cement JP JPY 36,172 76,993 0.00 


West China Cement CN HKD 403,469 72,181 0.00 

Pacific Metals JP JPY 18,393 62,386 0.00 


BASF DE EUR 672 55,761 0.00 

Akzo Nobel NL EUR 829 45,138 0.00 

JSP JP JPY 2,943 38,037 0.00 

Glencore International CH GBP 6,568 36,347 0.00 




Shandong Chenming Paper Holdings (H) CN HKD 58,572 21,590 0.00 

Stella Chemifa JP JPY 1,104 20,694 0.00 

Eurotin CA CAD 118,115 20,092 0.00 

Nine Dragons Paper Holdings HK HKD 23,936 16,659 0.00 

Ausgold AU AUD 83,324 13,825 0.00 

Tangshan Jidong Cement (A) CN CNY 3,355 5,758 0.00 

Sumitomo Chemical JP JPY 1,839 5,159 0.00 

Mitsubishi Gas Chemical JP JPY 613 3,023 0.00 

Arkema FR EUR 10 931 0.00 

WR Grace & Co US USD 1 25 0.00 

Silver Wheaton (USA) CA USD 1 7 0.00 

Ball US USD 1 3 0.00 

Westlake Chemical US USD 1 2 0.00 

74,408,142 4.81 

Industrials 




Danaher US USD 100,323 5,199,763 0.34 

Caterpillar US USD 56,728 4,804,267 0.31 

Mitsui & Co JP JPY 314,284 4,417,252 0.29 


Equifax US USD 78,943 3,958,980 0.26 

Cummins US USD 40,805 3,809,133 0.25 

Ingersoll-Rand IE USD 80,170 3,761,564 0.24 


Towers Watson & Co (A) US USD 63,500 3,385,812 0.22 

Parker Hannifin US USD 41,197 3,242,650 0.21 


Canadian National Railway CA CAD 32,915 2,842,672 0.18 

Central Japan Railway JP JPY 30,891 2,654,349 0.17 


Emerson Electric US USD 54,590 2,641,631 0.17 



78 



USD 


Sumitomo JP JPY 164,701 2,240,141 0.14 

CSX US USD 106,273 2,179,665 0.14 

Donaldson US USD 66,483 2,136,086 0.14 

ADT US USD 49,417 2,026,089 0.13 

Sumitomo Electric Industries JP JPY 188,243 2,022,076 0.13 



West Japan Railway JP JPY 43,442 1,894,633 0.12 

Rockwell Automation US USD 26,343 1,856,138 0.12 



Mitsubishi JP JPY 74,307 1,323,174 0.09 

Robert Half International US USD 46,677 1,250,946 0.08 


Obayashi JP JPY 246,132 1,099,485 0.07 

Deere & Co US USD 12,212 1,041,106 0.07 

Precision Castparts US USD 5,943 1,023,071 0.07 


Rockwell Collins US USD 18,949 1,011,103 0.07 

Kubota JP JPY 85,832 875,507 0.06 


Boeing US USD 11,835 832,626 0.05 

Capita GB GBP 70,320 820,101 0.05 

Keppel SG SGD 85,568 742,575 0.05 


Seek AU AUD 99,503 687,401 0.04 

FedEx US USD 7,186 658,472 0.04 


Sydney Airport AU AUD 171,696 603,212 0.04 

International Consolidated Airlines Group CDI GB GBP 218,932 569,627 0.04 

ATS Automation Tooling Systems CA CAD 58,833 546,306 0.04 


Pentair CH USD 12,182 510,791 0.03 


Daewoo International KR KRW 11,155 427,315 0.03 

Orkla NO NOK 53,916 426,348 0.03 


GFK DE EUR 8,651 394,223 0.03 

51job ADR CN USD 8,191 383,011 0.02 

Hutchison Port Holdings Trust SG USD 465,316 361,629 0.02 


Brammer GB GBP 84,609 327,890 0.02 

Toyo Engineering JP JPY 79,088 326,793 0.02 


Hoshizaki Electric JP JPY 11,587 315,076 0.02 


Nichias JP JPY 58,243 285,123 0.02 

Weir Group GB GBP 9,862 277,123 0.02 


Jasa Marga Persero ID IDR 419,153 252,434 0.02 



Sthree GB GBP 51,190 247,925 0.02 

Brambles AU AUD 31,534 236,637 0.02 

Eiffage FR EUR 6,832 234,881 0.02 

GEA Group DE EUR 7,384 230,722 0.01 

Kuehne & Nagel International (Regd) CH CHF 1,928 225,310 0.01 

Nitta JP JPY 14,653 224,918 0.01 

Flowserve US USD 1,560 211,393 0.01 


Shanghai Electric Group (H) CN HKD 474,831 191,303 0.01 






Ultra Electronics Holdings GB GBP 6,298 171,981 0.01 

IJM MY MYR 103,481 169,477 0.01 

easyJet GB GBP 16,590 167,258 0.01 

FANUC JP JPY 1,034 164,439 0.01 

Hitachi Transport System JP JPY 10,545 158,115 0.01 

CTCI TW TWD 77,518 153,061 0.01 

China Shipping Container Lines (H) CN HKD 547,706 144,567 0.01 

Fraser and Neave SG SGD 18,390 137,475 0.01 

Cie de St-Gobain FR EUR 3,844 135,565 0.01 


Guangshen Railway (H) CN HKD 388,608 133,280 0.01 


Sinko Industries JP JPY 24,830 129,465 0.01 

Harbin Electric CN HKD 156,446 128,390 0.01 

Hopewell Holdings HK HKD 34,878 125,226 0.01 

Atlas Copco (A) SE SEK 4,920 121,104 0.01 

China COSCO Holdings (H) CN HKD 243,089 120,200 0.01 

Hyundai Engineering & Construction KR KRW 1,923 115,356 0.01 

Sandvik SE SEK 8,282 114,999 0.01 

Adecco (Reg’d) CH CHF 2,348 113,666 0.01 

Sung Kwang Bend KR KRW 4,608 111,117 0.01 

Orion (South Korea) KR KRW 110 103,539 0.01 

United Tractors ID IDR 46,711 102,340 0.01

Fidelity 

Funds 





USD 

SembCorp Marine SG SGD 25,493 97,657 0.01 


Colfax US USD 2,679 91,245 0.01 

China Shipping Development (H) CN HKD 170,348 88,692 0.01 


TK KR KRW 3,248 82,109 0.01 


Meggitt GB GBP 12,601 78,461 0.01 

Societe BIC FR EUR 596 72,781 0.00 


SMA Solar Technology DE EUR 2,511 53,874 0.00 

Hirano Tecseed (Kinzoku) JP JPY 8,644 47,634 0.00 



XP Power SG GBP 2,722 42,944 0.00 

SATS SG SGD 18,755 42,673 0.00 


Hopewell Highway Infrastructure HK HKD 68,631 36,444 0.00 

China High Speed Transmission Equipment Group HK HKD 84,642 28,888 0.00 


Sichuan Expressway (H) CN HKD 71,362 23,105 0.00 


Kitz JP JPY 4,108 17,310 0.00 

SITC International Holdings CN HKD 46,596 12,328 0.00 

Shanghai Industrial Holdings HK HKD 3,829 12,216 0.00 

Nippon Parking Development JP JPY 210 11,397 0.00 


Ryanair Holdings IE EUR 259 1,501 0.00 

Bilfinger Berger DE EUR 11 1,095 0.00 

Robert Walters GB GBP 339 1,087 0.00 

Daqin Railway (A) CN CNY 1,095 1,060 0.00 

Haitian International Holdings CN HKD 849 1,043 0.00 

Safran FR EUR 23 909 0.00 

Prysmian IT EUR 42 802 0.00 

Alstom FR EUR 23 779 0.00 

Legrand FR EUR 18 703 0.00 

A.P. Moller-Maersk (B) DK DKK 1 616 0.00 

IMI GB GBP 23 358 0.00 

NORMA Group DE EUR 8 216 0.00 

Northrop Grumman US USD 1 22 0.00 

Copart US USD 1 21 0.00 

Corporate Executive Board US USD 1 14 0.00 

Chicago Bridge & Iron Co NL USD 1 6 0.00 

Sauer-Danfoss US USD 1 5 0.00 

Toro US USD 1 5 0.00 

AECOM Technology US USD 1 3 0.00 

135,386,771 8.75 


Apple US USD 64,202 38,291,625 2.48 

Google (A) US USD 41,009 27,766,651 1.79 



SAP DE EUR 115,949 8,452,571 0.55 

Oracle US USD 272,176 8,437,458 0.55 



eBay US USD 144,315 6,966,107 0.45 




Cognizant Technology Solutions (A) US USD 61,413 4,100,516 0.27 

Fiserv US USD 51,685 3,863,418 0.25 


Synopsys US USD 95,586 3,072,139 0.20 




Maxim Integrated Products US USD 92,710 2,565,291 0.17 


Amphenol (A) US USD 39,638 2,376,673 0.15 



Electronic Arts US USD 167,220 2,043,424 0.13 

Juniper Networks US USD 112,183 1,852,139 0.12 

Altera US USD 61,093 1,846,216 0.12 


NVIDIA US USD 153,345 1,843,206 0.12 


IAC Inter Active Corp US USD 33,781 1,635,652 0.11 


Fujitsu JP JPY 392,737 1,506,806 0.10 

Hitachi JP JPY 283,886 1,501,794 0.10 

Kyocera JP JPY 15,065 1,322,851 0.09 

Kakaku.com JP JPY 35,436 1,212,248 0.08 

Agilent Technologies US USD 33,523 1,205,166 0.08 

Xilinx US USD 32,870 1,072,866 0.07 

EMC US USD 43,402 1,058,134 0.07 

Sina CN USD 19,210 1,056,569 0.07 

79 



USD 

VeriFone Systems US USD 34,403 1,014,554 0.07 

eAccess JP JPY 1,993 1,001,409 0.06 

Open Text CA CAD 18,466 986,707 0.06 

CGI Group (A) CA CAD 37,645 970,340 0.06 

Visa (A) US USD 6,613 910,770 0.06 

TE Connectivity CH USD 26,634 856,813 0.06 

TDK JP JPY 21,655 812,099 0.05 

Intel US USD 37,024 804,904 0.05 

NetApp US USD 27,164 735,327 0.05 

MediaTek TW TWD 60,899 671,597 0.04 


SK Hynix KR KRW 28,091 637,732 0.04 

ARM Holdings GB GBP 59,185 634,868 0.04 


Capcom JP JPY 31,450 598,706 0.04 

Canon JP JPY 18,245 592,687 0.04 






ASUSTeK Computer TW TWD 48,313 513,916 0.03 


Gemalto NL EUR 5,384 486,201 0.03 


Hon Hai Precision Industry TW TWD 156,348 471,307 0.03 


Tokyo Electron JP JPY 9,526 428,386 0.03 

Quanta Computer TW TWD 187,635 425,968 0.03 



Novatek Microelectronics TW TWD 105,218 393,342 0.03 

SCSK JP JPY 23,082 392,600 0.03 

VMware (A) US USD 4,631 389,169 0.03 



Citizen Holdings JP JPY 75,532 382,334 0.02 

Samsung Electronics (Pref’d) KR KRW 511 370,664 0.02 

NHN KR KRW 1,582 365,517 0.02 


Keyence JP JPY 1,285 340,621 0.02 





United Internet (Reg’d) DE EUR 14,940 299,121 0.02 

Gree JP JPY 16,982 295,095 0.02 

ADTRAN US USD 17,512 293,678 0.02 


TPK Holding TW TWD 20,080 250,450 0.02 


IQE GB GBP 481,232 248,400 0.02 


Computer Modelling Group CA CAD 12,440 245,228 0.02 



Alten FR EUR 7,512 236,447 0.02 


SDL GB GBP 27,413 234,575 0.02 

Brady GB GBP 141,928 232,372 0.02 

Shimadzu JP JPY 32,493 218,532 0.01 


Micronas Semiconductor Holding (Reg’d) CH CHF 21,861 187,756 0.01 


Enigmo JP JPY 1,962 183,749 0.01 

Topcon JP JPY 38,747 183,537 0.01 


Origin Electric JP JPY 42,916 166,421 0.01 

Kingboard Chemical Holdings HK HKD 54,863 161,868 0.01 



NCSoft KR KRW 788 150,953 0.01 


GMO internet JP JPY 20,477 143,050 0.01 

carsales.com AU AUD 17,484 135,071 0.01 


Delta Electronics TW TWD 34,975 118,625 0.01 


Megachips JP JPY 4,966 110,846 0.01 


Globo GB GBP 282,890 105,523 0.01 

ASM Pacific Technology HK HKD 8,146 90,526 0.01 

AmTRAN Technology TW TWD 102,051 85,664 0.01 

Hollysys Automation Technologies CN USD 8,045 83,747 0.01 

Advantech TW TWD 24,178 82,989 0.01 

AsiaInfo-Linkage CN USD 7,221 74,230 0.00 



YOC DE EUR 5,324 51,790 0.00 

Elec & Eltek International (Hong-Kong) SG HKD 23,329 50,875 0.00

Fidelity 

Funds 





USD 

CAC JP JPY 5,273 44,339 0.00 



Maruwa Aichi JP JPY 1,410 41,471 0.00 

PAX Global Technology HK HKD 230,017 40,817 0.00 

Shinko Shoji JP JPY 4,414 38,127 0.00 

ZTE (H) CN HKD 25,319 35,374 0.00 

WebCrew JP JPY 5,395 33,776 0.00 

NSD JP JPY 3,372 32,245 0.00 


Advanced Semiconductor Engineering TW TWD 41,038 30,683 0.00 

Ant GB GBP 85,916 27,717 0.00 

ITC Networks JP JPY 2,759 22,078 0.00 


IBM US USD 1 42 0.00 

Linear Technology US USD 1 20 0.00 

Flextronics International SG USD 3 18 0.00 

Analog Devices US USD 1 10 0.00 

Motorola Solutions US USD 1 3 0.00 

238,319,429 15.40 





WPP IE GBP 677,220 8,733,650 0.56 



Honda Motor JP JPY 214,102 6,435,105 0.42 


TJX US USD 137,553 5,654,807 0.37 




Nintendo JP JPY 37,418 4,827,266 0.31 

Lowe’s US USD 148,672 4,793,181 0.31 



Omnicom Group US USD 90,108 4,285,550 0.28 




Dollar General US USD 59,352 2,858,386 0.18 

News (A) US USD 119,198 2,847,641 0.18 


Expedia US USD 46,008 2,737,450 0.18 

BMW DE EUR 31,821 2,536,395 0.16 

Coach US USD 44,946 2,495,409 0.16 

General Motors US USD 96,981 2,441,975 0.16 


TRW Automotive Holdings US USD 49,709 2,323,384 0.15 

Sekisui House JP JPY 211,221 2,156,499 0.14 

Renault FR EUR 46,214 2,068,748 0.13 

Inditex ES EUR 15,991 2,041,891 0.13 

Mattel US USD 54,063 1,987,907 0.13 

PPR FR EUR 11,092 1,951,700 0.13 

Dick’s Sporting Goods US USD 36,781 1,821,033 0.12 

Advance Auto Parts US USD 24,485 1,704,419 0.11 

BMW (Pref’d) DE EUR 30,379 1,682,615 0.11 


PVH US USD 14,574 1,553,106 0.10 


IPSOS FR EUR 42,580 1,497,360 0.10 

Pearson GB GBP 70,973 1,425,322 0.09 

Lagardere FR EUR 49,484 1,353,401 0.09 


Johnson Controls US USD 46,683 1,196,946 0.08 

BorgWarner US USD 17,608 1,148,751 0.07 


Kia Motors KR KRW 19,742 1,092,341 0.07 

Jupiter Telecommunications JP JPY 766 1,042,798 0.07 

Quebecor (B) CA CAD 29,870 1,041,312 0.07 

NIKE (B) US USD 11,264 1,025,003 0.07 

Target US USD 15,534 985,186 0.06 

Under Armour (A) US USD 18,179 948,574 0.06 


Bridgestone JP JPY 35,871 836,042 0.05 


Yamada Denki JP JPY 18,070 782,033 0.05 

Big Lots US USD 26,352 765,791 0.05 

DIRECTV US USD 14,923 761,215 0.05 


InterContinental Hotels Group GB GBP 27,941 689,572 0.04 

Best Buy US USD 44,017 668,181 0.04 

Taylor Wimpey GB GBP 672,611 662,908 0.04 


CyberAgent JP JPY 319 635,632 0.04 

VF US USD 4,100 635,528 0.04 

Domino’s Pizza Enterprises AU AUD 58,495 572,189 0.04 

80 



USD 

Magna International CA CAD 12,959 569,112 0.04 

TF1 FR EUR 65,423 562,553 0.04 


Cineplex CA CAD 18,077 553,693 0.04 

Stanley Electric JP JPY 39,053 536,954 0.03 





Staples US USD 40,261 461,392 0.03 


Makita JP JPY 10,974 433,646 0.03 

ASOS GB GBP 11,770 428,121 0.03 

Astral Media (A) CA CAD 10,237 421,735 0.03 


Informa CH GBP 60,961 393,529 0.03 


Dena JP JPY 12,323 383,736 0.02 






Gildan Activewear (A) CA CAD 9,460 321,835 0.02 

Pal JP JPY 6,223 317,720 0.02 



Hikari Tsushin JP JPY 5,444 300,351 0.02 



Duskin JP JPY 15,310 290,351 0.02 

Fujibo Holdings JP JPY 69,892 288,309 0.02 


SHW DE EUR 7,239 271,852 0.02 

Hotel Shilla KR KRW 6,312 265,778 0.02 

GKN GB GBP 76,299 255,503 0.02 



Tim Hortons CA CAD 4,860 240,355 0.02 

Hyundai Motor (Pref’d) KR KRW 3,482 227,503 0.01 

Chiyoda JP JPY 7,847 224,227 0.01 

Avex Group Holdings JP JPY 11,281 222,862 0.01 


Astra International ID IDR 249,553 208,596 0.01 

Bauer Performance Sports US CAD 18,855 201,307 0.01 

AviChina Industry & Technology (H) CN HKD 491,841 200,579 0.01 

Grand Korea Leisure KR KRW 6,176 173,640 0.01 

K’s Holdings JP JPY 6,437 171,749 0.01 


Hajime Construction JP JPY 4,782 150,484 0.01 


Koshidaka Holdings JP JPY 4,843 132,538 0.01 


Goldwin JP JPY 20,232 123,843 0.01 

Kawai Musical Instruments Manufacturing JP JPY 58,856 123,000 0.01 



Fields JP JPY 7,970 114,444 0.01 

Phorm SG GBP 94,003 109,174 0.01 


Li Ning CN HKD 198,511 104,755 0.01 

Axel Springer DE EUR 2,102 90,222 0.01 


Stella International Holdings HK HKD 31,292 82,115 0.01 

Prada IT HKD 9,909 80,150 0.01 

Sodexo FR EUR 1,016 78,247 0.01 

Shimano JP JPY 1,226 77,150 0.00 



Arnest One JP JPY 4,353 64,514 0.00 

Bwin.Party Digital Entertainment GI GBP 27,165 52,538 0.00 


Gree Electric Appliances (A) CN CNY 13,970 51,694 0.00 

Hyundai Department Store KR KRW 393 48,737 0.00 

Otsuka Kagu JP JPY 4,966 48,449 0.00 


Tianneng Power International HK HKD 67,236 45,227 0.00 

Goodbaby International Holdings CN HKD 126,438 41,830 0.00 

TAL Education Group ADR CN USD 4,617 41,233 0.00 

Chaowei Power Holdings CN HKD 69,330 37,540 0.00 

Ryohin Keikaku JP JPY 552 36,480 0.00 

Embry Holdings HK HKD 74,921 35,599 0.00 

Kathmandu Holdings NZ AUD 24,047 35,515 0.00 

SMI HK HKD 1,505,150 35,416 0.00 

Nippon Seiki JP JPY 3,679 35,326 0.00 

Round One JP JPY 6,683 33,751 0.00 

Tenfu Cayman Holdings CN HKD 54,359 33,663 0.00 


SAIC Motor (A) CN CNY 14,325 29,751 0.00 

Geely Automobile Holdings HK HKD 62,385 26,570 0.00

Fidelity 

Funds 





USD 

Shenzhou International Group Holdings CN HKD 13,349 25,928 0.00 


West Holdings JP JPY 1,533 19,517 0.00 

Fuji Corp Miyagi JP JPY 797 11,670 0.00 

Pou Sheng International Holdings HK HKD 150,069 9,519 0.00 


Imagi International Holdings HK HKD 521,694 7,434 0.00 

SA SA International Holdings HK HKD 10,242 6,998 0.00 


Rinnai JP JPY 61 4,182 0.00 

Mecox Lane ADR CN USD 4,812 2,983 0.00 

ElringKlinger DE EUR 26 736 0.00 

Continental DE EUR 7 689 0.00 

Hengdeli Holdings HK HKD 2,192 684 0.00 

Autogrill IT EUR 54 548 0.00 

AirMedia Group ADR CN USD 237 546 0.00 

Hugo Boss DE EUR 3 343 0.00 

PetSmart US USD 1 16 0.00 

O’Reilly Automotive US USD 1 11 0.00 

Sherwin-Williams US USD 1 7 0.00 

Ross Stores US USD 1 5 0.00 

CBS (B) US USD 1 4 0.00 

WABCO Holdings US USD 1 4 0.00 

Marriott International (A) US USD 1 3 0.00 

Starwood Hotels & Resorts Worldwide US USD 1 3 0.00 

Wyndham Worldwide US USD 1 3 0.00 

210,872,195 13.63 





Danone FR EUR 167,664 10,314,193 0.67 


PepsiCo US USD 123,624 8,556,038 0.55 



Diageo GB GBP 225,371 6,438,185 0.42 











Estee Lauder (A) US USD 54,015 3,328,415 0.22 

General Mills US USD 75,270 3,003,281 0.19 

HJ Heinz US USD 52,144 3,000,903 0.19 




Seven & I Holdings JP JPY 83,548 2,575,341 0.17 

Kraft Foods Group US USD 56,015 2,534,139 0.16 

L’Oreal FR EUR 17,010 2,168,255 0.14 


Kellogg US USD 37,089 1,949,415 0.13 



Aeon JP JPY 113,554 1,236,236 0.08 

Pigeon JP JPY 24,953 1,148,154 0.07 

Alimentation Couche Tard (B) CA CAD 22,872 1,124,178 0.07 

Shoppers Drug Mart CA CAD 24,362 1,016,055 0.07 



Uni-President Enterprises TW TWD 419,958 736,449 0.05 

Wesfarmers AU AUD 20,158 725,806 0.05 



Woolworths AU AUD 17,510 533,285 0.03 




Nigerian Breweries NG NGN 592,199 456,668 0.03 

Metro DE EUR 15,243 439,447 0.03 

Tesco GB GBP 84,979 438,437 0.03 



Glanbia IE EUR 39,264 372,813 0.02 

Devro GB GBP 67,306 355,885 0.02 



KT&G KR KRW 3,757 284,113 0.02 

Uni-President China Holdings CN HKD 220,205 276,347 0.02 





81 



USD 



Oriflame Cosmetics SDR LU SEK 7,357 203,199 0.01 


Ajinomoto JP JPY 12,262 186,914 0.01 

Lotte Samkang KR KRW 226 151,588 0.01 


Tingyi Cayman Islands Holding CN HKD 39,267 116,246 0.01 

Amorepacific KR KRW 96 109,454 0.01 

Kao JP JPY 3,862 108,364 0.01 

Wuliangye Yibin (A) CN CNY 18,242 98,222 0.01 




Siam Makro (F) TH THB 4,087 61,014 0.00 

Tsingtao Brewery (H) CN HKD 10,938 58,864 0.00 

Agriterra MZ GBP 1,028,068 53,481 0.00 

Kweichow Moutai CN CNY 1,116 44,226 0.00 

Grape King Industrial TW TWD 15,256 34,996 0.00 

Kobe Bussan JP JPY 858 22,552 0.00 

China Yurun Food Group CN HKD 28,615 20,817 0.00 

Unicharm JP JPY 307 16,569 0.00 

Besunyen Holdings CN HKD 200,427 15,445 0.00 

China Agri-Industries Holdings HK HKD 9,713 6,038 0.00 

Sugi Holdings JP JPY 61 2,211 0.00 

Henkel & Co (Pref’d) DE EUR 11 879 0.00 

Henkel & Co DE EUR 8 511 0.00 

Aryzta CH CHF 6 301 0.00 

Costco Wholesale US USD 1 20 0.00 

Nu Skin Enterprises (A) US USD 1 15 0.00 

Whole Foods Market US USD 1 13 0.00 

Campbell Soup US USD 1 10 0.00 

McCormick & Co US USD 1 7 0.00 

Monster Beverage US USD 1 3 0.00 

182,425,369 11.79 

Healthcare 

Pfizer US USD 920,917 22,967,660 1.48 

Sanofi FR EUR 233,436 20,535,806 1.33 





Merck & Co US USD 203,950 9,285,865 0.60 






Medtronic US USD 97,808 4,051,205 0.26 


Celgene US USD 51,075 3,756,034 0.24 

WellPoint US USD 58,538 3,571,968 0.23 

Humana US USD 41,618 3,078,863 0.20 


Stryker US USD 51,095 2,675,829 0.17 

Valeant Pharmaceuticals International CA CAD 39,265 2,194,308 0.14 

MEDNAX US USD 30,084 2,053,249 0.13 

Mettler-Toledo International US USD 11,881 1,986,758 0.13 

Shire IE GBP 58,172 1,635,540 0.11 

Endo Pharmaceuticals Holdings US USD 54,554 1,556,430 0.10 


Takeda Pharmaceutical JP JPY 32,927 1,527,990 0.10 

Valeant Pharmaceuticals International (USA) CA USD 27,165 1,518,772 0.10 

Otsuka Holdings JP JPY 48,089 1,481,030 0.10 

Teva Pharmaceutical Industries ADR IL USD 31,348 1,269,287 0.08 

Centene US USD 33,407 1,266,467 0.08 

Catamaran US CAD 23,714 1,112,899 0.07 

Amgen US USD 12,568 1,086,868 0.07 

Hanger Orthopedic Group US USD 41,472 1,046,766 0.07 


Aetna US USD 19,647 858,169 0.06 

Sosei Group JP JPY 277 764,281 0.05 


Cie Generale d’Optique Essilor International FR EUR 7,277 656,523 0.04 


Cooper Companies US USD 6,645 633,602 0.04 




Nikkiso JP JPY 50,273 599,800 0.04 




Sorin IT EUR 224,525 527,437 0.03 

Shionogi & Co JP JPY 29,417 487,580 0.03 


Olympus JP JPY 27,037 471,750 0.03 


Laboratory of America Holdings US USD 5,015 425,682 0.03

Fidelity 

Funds 





USD 

3SBio ADR CN USD 31,062 416,856 0.03 



DaVita US USD 3,385 378,397 0.02 


Hospira US USD 10,636 325,782 0.02 





CR Bard US USD 3,166 304,582 0.02 

Nexus DE EUR 24,570 299,589 0.02 




Elan ADR IE USD 24,060 258,645 0.02 

Ansell AU AUD 15,836 256,339 0.02 







Elekta (B) SE SEK 16,162 230,505 0.01 

Rohto Pharmaceutical JP JPY 16,553 227,751 0.01 


Medica FR EUR 11,409 204,086 0.01 

Tornier NL USD 11,629 197,805 0.01 

Roche Holding BR CH CHF 990 196,698 0.01 

Ossur IS DKK 147,146 194,459 0.01 


Aspen Pharmacare Holdings ZA ZAR 9,918 180,550 0.01 






ABIOMED US USD 8,275 158,879 0.01 



Varian Medical Systems US USD 2,088 139,305 0.01 



AstraZeneca GB GBP 2,333 108,270 0.01 





Mindray Medical International ADR CN USD 2,636 89,596 0.01 

Coloplast (B) DK DKK 357 78,247 0.01 

Optos GB GBP 23,139 76,048 0.00 

Tsukui JP JPY 2,820 65,435 0.00 



Trauson Holdings CN HKD 52,202 27,111 0.00 

Uchiyama Holdings JP JPY 920 16,797 0.00 

Sysmex JP JPY 61 2,877 0.00 

Jiangsu Hengrui Medicine CN CNY 570 2,746 0.00 

Fresenius SE & Co DE EUR 11 1,241 0.00 

UCB BE EUR 9 499 0.00 

AmerisourceBergen US USD 1 9 0.00 

Warner Chilcott (A) IE USD 1 9 0.00 

PDL BioPharma US USD 1 7 0.00 

Waters US USD 1 6 0.00 

Zimmer Holdings US USD 1 5 0.00 

Amsurg US USD 1 1 0.00 

201,809,898 13.04 




NTT DoCoMo JP JPY 1,785 2,601,598 0.17 

Nippon Telegraph & Telephone JP JPY 50,279 2,298,395 0.15 

Rogers Communications (B) (Non-Vtg) CA CAD 52,094 2,272,712 0.15 

KDDI JP JPY 22,524 1,746,695 0.11 

BCE CA CAD 37,321 1,623,730 0.10 

TELUS CA CAD 21,835 1,413,849 0.09 


Far EasTone Telecommunications TW TWD 511,961 1,172,691 0.08 

AT&T US USD 32,965 1,139,257 0.07 

Verizon Communications US USD 24,974 1,112,322 0.07 

Telecom Italia (Pref’d) IT EUR 1,308,355 1,045,426 0.07 

Advanced Info Service (F) TH THB 147,555 945,999 0.06 


Telstra AU AUD 183,468 787,433 0.05 

China Mobile HK HKD 68,275 753,675 0.05 

Telekom Malaysia MY MYR 337,677 660,109 0.04 

Axiata Group MY MYR 307,703 656,837 0.04 

Maxis MY MYR 255,500 581,318 0.04 


82 



USD 

Taiwan Mobile TW TWD 160,245 555,484 0.04 


Telekomunikasi Indonesia Persero ID IDR 511,860 518,206 0.03 



StarHub SG SGD 115,704 347,625 0.02 

Millicom International Cellular SDR LU SEK 3,871 334,795 0.02 

LG Uplus KR KRW 35,702 227,802 0.01 

Telecom Corp of New Zealand NZ NZD 103,620 204,836 0.01 


Philippine Long Distance Telephone PH PHP 1,536 99,038 0.01 


KT KR KRW 2,569 87,074 0.01 

Ziggo NL EUR 2,557 82,898 0.01 





O-Net Communications Group CN HKD 32,580 8,540 0.00 

Drillisch DE EUR 24 295 0.00 

IDT US USD 1 1 0.00 

True (F) TH THB 1 0 0.00 

41,571,283 2.69 

Financials 



UBS (Reg’d) CH CHF 703,772 10,560,512 0.68 



Aon GB USD 142,895 7,690,609 0.50 

Mitsubishi UFJ Financial Group JP JPY 1,665,494 7,525,024 0.49 







Bank of Montreal CA CAD 70,625 4,173,706 0.27 



Berkshire Hathaway (B) US USD 42,911 3,716,504 0.24 

ORIX JP JPY 35,987 3,691,053 0.24 



American International Group US USD 103,152 3,568,037 0.23 

Marsh & McLennan US USD 97,310 3,295,875 0.21 

Mizuho Financial Group JP JPY 1,959,123 3,063,075 0.20 

Northern Trust US USD 61,120 2,906,277 0.19 

MS&AD Insurance Group Holdings JP JPY 165,943 2,806,667 0.18 

Sumitomo Mitsui Trust Holdings JP JPY 858,218 2,597,759 0.17 

Royal Bank of Canada CA CAD 43,062 2,453,895 0.16 


ICAP GB GBP 436,637 2,289,735 0.15 

Charles Schwab US USD 165,953 2,243,690 0.15 

PNC Financial Services Group US USD 37,429 2,163,750 0.14 

CME Group US USD 37,566 2,094,297 0.14 

Invesco US USD 84,363 2,028,931 0.13 

ACE CH USD 24,949 1,960,273 0.13 


Manulife Financial CA CAD 144,619 1,785,711 0.12 

Intact Financial CA CAD 28,380 1,719,168 0.11 

Lazard (A) BM USD 57,674 1,700,810 0.11 

Goldman Sachs Group US USD 12,834 1,567,393 0.10 

Brookfield Asset Management (A) CA CAD 44,772 1,540,231 0.10 

Credit Suisse Group (Reg’d) CH CHF 64,199 1,489,869 0.10 




Sun Life Financial CA CAD 57,148 1,415,863 0.09 



Greenhill & Co US USD 26,104 1,241,749 0.08 


Delta Lloyd NL EUR 74,290 1,236,362 0.08 

Nomura Real Estate Holdings JP JPY 66,913 1,199,317 0.08 

Bank of Nova Scotia CA CAD 21,823 1,184,605 0.08 


Mitsubishi UFJ Lease & Finance JP JPY 25,397 1,093,058 0.07 


MetLife US USD 30,107 1,060,962 0.07 

Prudential Financial US USD 18,630 1,059,512 0.07 


Franklin Resources US USD 7,841 1,003,124 0.06 

Boardwalk Real Estate Investment Trust CA CAD 14,773 948,569 0.06 

Canadian Imperial Bank of Commerce CA CAD 11,987 940,350 0.06 

Bank Rakyat Indonesia Persero ID IDR 1,211,494 930,892 0.06 

Daiwahouse Residential Investment JP JPY 111 870,563 0.06 

Suncorp Group AU AUD 88,641 861,612 0.06 

Goodman Group AU AUD 185,280 848,417 0.05

Fidelity 

Funds 





USD 


BlackRock US USD 4,305 814,818 0.05 





Aeon Credit Service JP JPY 35,130 745,558 0.05 

Ageas BE EUR 29,256 745,120 0.05 

National Australia Bank AU AUD 26,567 708,297 0.05 


Malayan Banking MY MYR 215,989 637,578 0.04 

SLM US USD 36,446 636,709 0.04 

Takara Leben JP JPY 58,304 623,773 0.04 



Japan Retail Fund Investment JP JPY 340 617,978 0.04 


Loews US USD 13,868 587,989 0.04 

Westfield Group AU AUD 52,888 583,759 0.04 


Brookfield Office Properties CA CAD 36,414 565,496 0.04 

CIMB Group Holdings MY MYR 221,305 551,987 0.04 





Melcor Developments CA CAD 31,166 483,993 0.03 



Mega Financial Holding TW TWD 636,284 459,512 0.03 



China Life Insurance (H) CN HKD 149,795 439,408 0.03 




China Merchants Bank (H) CN HKD 216,497 402,624 0.03 




Bank Mandiri Persero ID IDR 449,886 385,392 0.02 




Kerry Properties HK HKD 70,476 348,003 0.02 



Country Garden Holdings CN HKD 844,397 335,931 0.02 




IntercontinentalExchange US USD 2,389 313,358 0.02 

Mortgage Choice AU AUD 170,019 303,754 0.02 




Agile Property Holdings CN HKD 238,159 267,820 0.02 


Mitsubishi Estate JP JPY 12,711 251,145 0.02 






Muenchener Rueckversicherungs (Reg’d) DE EUR 1,303 209,572 0.01 


Acom JP JPY 6,578 193,940 0.01 

Svenska Handelsbanken (A) SE SEK 5,432 186,252 0.01 

Mitsui Fudosan JP JPY 8,930 180,163 0.01 




Alliance Financial Group MY MYR 125,176 166,544 0.01 

Chinatrust Financial Holding TW TWD 293,929 160,826 0.01 





Sumitomo Realty & Development JP JPY 5,631 155,310 0.01 


Hang Lung Properties HK HKD 43,508 150,437 0.01 



Siam Commercial Bank (F) TH THB 27,679 144,312 0.01 


Samsung Fire & Marine Insurance KR KRW 633 138,038 0.01 

Bank St Petersburg (Pref’d) RU USD 67,564 135,851 0.01 


China Life Insurance TW TWD 160,360 124,256 0.01 


83 



USD 

Intesa Sanpaolo RSP IT EUR 90,012 118,860 0.01 

Macquarie Group AU AUD 3,462 114,010 0.01 

Link REIT HK HKD 22,686 112,661 0.01 



Erste Group Bank AT EUR 4,204 105,656 0.01 

Swiss Re CH CHF 1,496 103,510 0.01 

China Pacific Insurance Group (H) CN HKD 32,709 101,700 0.01 

Iida Home Max JP JPY 11,281 99,297 0.01 



Sampo (A) FI EUR 2,670 83,734 0.01 

Westfield Retail Trust AU AUD 25,572 82,099 0.01 

Kinnevik Investment (B) SE SEK 4,156 79,476 0.01 

Hui Xian Real Estate Investment Trust CN CNY 114,536 76,463 0.00 

Unibail-Rodamco FR EUR 338 76,111 0.00 


Toho Real Estate JP JPY 13,181 71,972 0.00 



Amata (F) TH THB 136,045 67,999 0.00 



China Liansu Group Holdings CN HKD 97,350 56,833 0.00 




Tokyu Land JP JPY 9,196 51,516 0.00 

Daiwa House Industry JP JPY 3,379 51,174 0.00 



Airport Facilities JP JPY 10,239 47,144 0.00 







Admiral Group GB GBP 2,020 36,108 0.00 


KLCC Property Holdings MY MYR 17,618 34,152 0.00 

Fortune Real Estate Investment Trust SG HKD 42,074 33,113 0.00 

CITIC Securities (H) CN HKD 17,617 32,786 0.00 

Haitong Securities (H) CN HKD 25,757 32,766 0.00 

Nippon Accommodations Fund JP JPY 5 32,563 0.00 

CDL Hospitality Trusts SG SGD 20,514 32,457 0.00 

Japan Excellent JP JPY 6 30,749 0.00 

Daibiru JP JPY 3,717 30,061 0.00 

CapitaCommercial Trust SG SGD 23,330 29,862 0.00 



Top REIT JP JPY 6 28,058 0.00 

Sunway Real Estate Investment Trust MY MYR 54,680 27,348 0.00 


KWG Property Holding HK HKD 39,698 23,423 0.00 


Krung Thai Bank (F) TH THB 35,040 20,549 0.00 

Singapore Land SG SGD 3,620 20,306 0.00 


UEM Land Holdings MY MYR 28,880 20,015 0.00 



China Vanke (A) CN CNY 12,163 16,218 0.00 


Radium Life Tech TW TWD 21,323 13,189 0.00 


Sunlight Real Estate Investment Trust HK HKD 31,937 13,030 0.00 



Agung Podomoro Land ID IDR 297,612 11,280 0.00 

Prosperity REIT HK HKD 35,477 10,134 0.00 

IGB MY MYR 12,389 9,882 0.00 

Banco Santander ES EUR 199 1,493 0.00 

IGB Real Estate Investment Trust MY MYR 2,188 944 0.00 

Aflac US USD 1 27 0.00 

Ageas - Strip VVPR BE EUR 2,863 22 0.00 

American Express US USD 1 18 0.00 

CBOE Holdings US USD 1 16 0.00 

Home Properties US USD 1 9 0.00 

Discover Financial Services US USD 1 7 0.00 

American National Insurance US USD 1 5 0.00 

Simon Property Group US USD 1 5 0.00 

CapitalSource US USD 1 3 0.00 

Calamos Asset Management (A) US USD 1 2 0.00 

247,605,408 16.00 




Loudwater Trust GB GBP 190,580 98,373 0.01

Fidelity 

Funds 


567,190 0.04 



UBS (SAIC Motor (A)) ELN 16/09/2014 CN USD 100,877 209,510 0.01 

UBS (Gree Electric Appliances (A)) ELN 01/07/2014 CN USD 50,456 186,702 0.01 


BNP (Wuliangye Yibin (A)) ELN 20/08/2013 NL USD 24,314 130,921 0.01 

UBS (Inner Mongolia Baotou Steel (A)) ELN 11/08/2014 CN USD 21,673 98,880 0.01 


BNP (Daqin Railway (A)) ELN 20/08/2013 NL USD 70,540 68,278 0.00 

BNP (Gree Electric Appliances (A)) ELN 20/08/2013 NL USD 17,244 63,806 0.00 

BNP (Ping An Insurance Group (A)) ELN 20/08/2013 NL USD 7,829 48,681 0.00 

UBS (Wuliangye Yibin (A)) ELN 22/04/2013 CN USD 8,577 46,186 0.00 

BNP (CITIC Securities (A)) ELN 20/08/2013 NL USD 26,184 45,696 0.00 

BNP (China Merchants Securities (A)) ELN 20/08/2013 NL USD 28,365 43,456 0.00 

BNP (China Vanke (A)) ELN 05/05/2014 CN USD 31,673 42,229 0.00 


UBS (Yonyou Software (A)) ELN 31/12/2012 CN USD 22,141 39,279 0.00 

BNP (Tangshan Jidong Cement (A)) ELN 20/08/2013 NL USD 20,507 35,197 0.00 

BNP (China Int’l Travel Services (A)) ELN 08/10/2013 NL USD 6,750 32,926 0.00 

UBS (Lijiang Yulong Tourism (A)) ELN 08/10/2013 GB USD 8,921 28,033 0.00 


UBS (Daqin Railway (A)) ELN 16/04/2013 CN USD 20,728 20,064 0.00 

GSI (China Vanke (A)) ELN 30/06/2015 CN USD 12,365 16,486 0.00 


UBS (Tangshan Jidong Cement (A)) ELN 08/12/2014 GB USD 5,652 9,700 0.00 

DB (China Merchants Securities (A)) ELN 03/03/2016 CN USD 5,770 8,840 0.00 

ML (SAIC Motor (A)) ELN 24/06/2016 GB USD 3,466 7,199 0.00 

GSI (China Merchants Securities (A)) ELN 16/02/2016 CN USD 4,644 7,114 0.00 

GSI (Daqin Railway (A)) ELN 24/06/2016 CN USD 4,541 4,395 0.00 

UBS (Zhejiang Baoxiniao Garment (A)) ELN 30/12/2014 GB USD 2,224 3,724 0.00 


DB (Daqin Railway (A)) ELN 23/05/2016 CN USD 1,499 1,451 0.00 

UBS (China Merchants Securities (A)) ELN 14/02/2014 CN USD 662 1,014 0.00 

1,830,870 0.12 


Industrials 



750,428 0.05 

Healthcare 


770,759 0.05 

Financials 

Aegon NL EUR 212,860 1,189,480 0.08 



1,515,470 0.10 




1,013,493 0.07 

Unlisted 





USD 

Energy 






575,041 0.04 

Utilities 



2 0.00 

Materials 


Eurotin Wts 26/07/2013 CA CAD 64,361 64 0.00 


34,380 0.00 

Industrials 


Hyster-Yale Materials Handling US USD 1 3 0.00 

84 




17,136 0.00 







127,113 0.01 


Cyberview Technology* GB GBP 14,329 0 0.00 


Peace Mark Holdings* HK HKD 53,064 0 0.00 

0 0.00 

Healthcare 



28,388 0.00 


Total Access Communication NVDR TH THB 313,385 883,056 0.06 

Shin NVDR TH THB 210,412 428,666 0.03 





1,544,632 0.10 

Financials 

Kasikornbank NVDR TH THB 76,935 446,329 0.03 


Land and Houses NVDR TH THB 590,519 164,634 0.01 



SAO Special Finance Rts 10/02/2013* CA CAD 1,437 3,234 0.00 

GPT Group (In Specie)* AU EUR 316,185 4 0.00 


895,442 0.06 



DB (Ping An Insurance Group (A)) ELN 27/02/2017 CN USD 542 3,369 0.00 

9,729 0.00 





USD 



USD USD 






Bought SEK Sold EUR at 8.68530 20/12/2012 166,099 1,423 0.00 




Bought CHF Sold EUR at 1.20672 20/12/2012 1,593,983 440 0.00 









Bought EUR Sold SEK at 0.11524 20/12/2012 136,500 (1,036) (0.00) 





53,427 0.00

Fidelity 

Funds 

Futures 



Euro Stoxx 50 Future 21/12/2012 EUR (439,231) 26,506 0.00 


16,556 0.00 


Net Assets 1,547,092,458 100.00 




USD 


USA US 48.91 

UK GB 12.04 

Japan JP 8.27 






China CN 2.00 



Korea KR 1.15 



Spain ES 0.52 

Italy IT 0.49 















India IN 0.04 



Kenya KE 0.02 












85

Fidelity 

Funds 

Italy Fund 




EUR 


Energy 

Eni IT EUR 1,381,155 24,460,259 9.73 

Saipem IT EUR 286,566 9,932,384 3.95 

Cam Finanziaria IT EUR 2,975,730 1,438,468 0.57 

35,831,111 14.25 

Utilities 

Snam IT EUR 3,233,156 11,037,996 4.39 

Enel IT EUR 3,506,855 10,169,880 4.04 

21,207,876 8.43 

Materials 

Buzzi Unicem IT EUR 427,176 3,910,797 1.56 

Buzzi Unicem RSP IT EUR 643,067 2,889,942 1.15 

6,800,739 2.70 

Industrials 

Prysmian IT EUR 1,067,713 15,844,861 6.30 

Ansaldo STS IT EUR 1,095,807 6,870,711 2.73 

Finmeccanica IT EUR 1,533,292 5,860,241 2.33 

Societa Iniziative Autostradali e Servizi IT EUR 744,570 4,780,139 1.90 

Fiat Industrial IT EUR 290,640 2,428,296 0.97 

35,784,248 14.23 


STMicroelectronics (Italy) CH EUR 1,346,921 6,101,552 2.43 

Ei Towers IT EUR 114,360 2,326,083 0.92 

Datalogic IT EUR 239,000 1,578,596 0.63 

SAES Getters IT EUR 82,019 583,973 0.23 

10,590,204 4.21 


Autogrill IT EUR 1,446,202 11,403,300 4.53 

Luxottica Group IT EUR 250,737 7,359,142 2.93 

Marcolin IT EUR 838,717 3,514,224 1.40 

Safilo Group IT EUR 329,150 2,141,118 0.85 

Indesit IT EUR 424,367 2,025,081 0.81 

Piquadro IT EUR 995,551 1,601,842 0.64 

Brembo IT EUR 86,385 679,849 0.27 

28,724,556 11.42 


Parmalat IT EUR 6,883,115 12,031,685 4.78 

Davide Campari-Milano IT EUR 787,224 4,928,020 1.96 

16,959,705 6.74 

Healthcare 

Recordati IT EUR 1,110,784 6,859,092 2.73 

Amplifon IT EUR 1,386,206 4,951,528 1.97 

Sorin IT EUR 2,197,146 3,979,031 1.58 

15,789,651 6.28 

Financials 

Intesa Sanpaolo IT EUR 13,341,992 16,530,728 6.57 

Mediobanca IT EUR 2,548,197 11,201,873 4.45 

UniCredit IT EUR 2,335,901 7,956,078 3.16 

Exor IT EUR 378,739 7,529,336 2.99 

Fondiaria-Sai IT EUR 5,640,274 5,662,835 2.25 

Banca Generali IT EUR 447,195 5,071,193 2.02 

Credito Emiliano IT EUR 585,325 2,176,238 0.87 

56,128,281 22.32 



86 

Futures 



EUR 

FTSE/MIB Index Future 26/12/2012 EUR 7,184,001 (255,021) (0.10) 

(255,021) (0.10) 


Net Assets 251,483,071 100.00 



Italy IT 88.16 




Fidelity 

Funds 


Energy 

JX Holdings JP JPY 7,635,804 3,240,458,461 3.26 

3,240,458,461 3.26 

Materials 

Asahi Kasei JP JPY 7,427,227 3,258,325,747 3.28 

Hitachi Chemical JP JPY 2,192,335 2,463,729,737 2.48 

Ube Industries JP JPY 9,089,511 1,655,243,098 1.67 

7,377,298,582 7.42 

Industrials 

Mitsui & Co JP JPY 4,619,866 5,187,090,757 5.22 

Sumitomo Electric Industries JP JPY 4,418,269 3,791,363,035 3.81 

Central Japan Railway JP JPY 386,905 2,655,821,714 2.67 

11,634,275,506 11.70 


Fujitsu JP JPY 9,217,952 2,825,240,794 2.84 

Hitachi JP JPY 6,663,098 2,815,842,599 2.83 

Kyocera JP JPY 353,584 2,480,327,787 2.50 

TDK JP JPY 508,272 1,522,674,477 1.53 

9,644,085,657 9.70 


Honda Motor JP JPY 3,004,583 7,214,134,357 7.26 

Nissan Motor JP JPY 5,066,151 3,379,272,800 3.40 

Nintendo JP JPY 182,423 1,880,038,476 1.89 

Bridgestone JP JPY 841,939 1,567,567,861 1.58 

Toyota Motor JP JPY 334,318 1,028,298,200 1.03 

15,069,311,694 15.16 


Seven & I Holdings JP JPY 1,466,552 3,611,301,039 3.63 

Aeon JP JPY 2,665,239 2,317,925,287 2.33 

5,929,226,326 5.97 

Healthcare 

Otsuka Holdings JP JPY 1,128,697 2,776,909,679 2.79 

Shionogi & Co JP JPY 514,508 681,258,760 0.69 

3,458,168,439 3.48 


KDDI JP JPY 528,655 3,275,028,876 3.29 

3,275,028,876 3.29 

Financials 

Mitsubishi UFJ Financial Group JP JPY 20,852,917 7,526,564,720 7.57 

Sumitomo Mitsui Financial Group JP JPY 2,493,426 6,077,726,320 6.11 

Mizuho Financial Group JP JPY 45,199,889 5,645,451,458 5.68 

ORIX JP JPY 495,567 4,060,390,398 4.09 

MS&AD Insurance Group Holdings JP JPY 1,870,302 2,527,020,154 2.54 

Nomura Real Estate Holdings JP JPY 1,570,514 2,248,702,925 2.26 

28,085,855,975 28.26 


Total Investments (Cost JPY 92,247,090,455) 87,713,709,518 88.25 


- A Shares (EUR) (hedged) 

Japan Advantage Fund 




JPY 



JPY JPY 

Bought EUR Sold JPY at 0.01000 07/11/2012 5,899,941,000 213,778,747 0.22 



Bought JPY Sold EUR at 103.40000 07/11/2012 1,268,337,792 (2,721,792) (0.00) 

Bought JPY Sold EUR at 102.83010 07/11/2012 520,184,290 (3,977,188) (0.00) 





87 


329,313,815 0.33 

Other Assets and Liabilities 11,353,322,470 11.42 

Net Assets 99,396,345,803 100.00 




JPY JPY 





Fidelity 

Funds 

Japan Fund 




JPY 


Energy 

JX Holdings JP JPY 2,665,023 1,130,974,066 3.14 

Inpex JP JPY 2,258 1,024,005,997 2.84 

Japan Petroleum Exploration JP JPY 267,761 802,397,702 2.22 

2,957,377,765 8.20 

Materials 




Ube Industries JP JPY 2,929,315 533,442,095 1.48 

Showa Denko KK JP JPY 3,101,153 378,273,596 1.05 


Tokyo Ohka Kogyo JP JPY 84,144 136,774,766 0.38 

3,257,904,885 9.03 

Industrials 

Sumitomo JP JPY 1,249,739 1,357,888,165 3.76 

West Japan Railway JP JPY 329,639 1,148,454,834 3.18 

Mitsui & Co JP JPY 891,218 1,000,641,808 2.77 

Mitsubishi JP JPY 563,839 802,057,539 2.22 

Central Japan Railway JP JPY 109,315 750,367,744 2.08 


Obayashi JP JPY 1,867,630 666,465,979 1.85 

6,431,046,176 17.83 


eAccess JP JPY 15,120 607,016,398 1.68 

Capcom JP JPY 238,637 362,912,647 1.01 

Canon JP JPY 138,439 359,264,489 1.00 

Tokyo Electron JP JPY 72,285 259,671,589 0.72 

SCSK JP JPY 175,146 237,979,340 0.66 

1,826,844,463 5.06 


Toyota Motor JP JPY 438,147 1,347,654,355 3.74 

Sekisui House JP JPY 1,589,300 1,296,234,622 3.59 

Honda Motor JP JPY 512,287 1,230,023,722 3.41 

Nintendo JP JPY 116,092 1,196,430,371 3.32 

Nissan Motor JP JPY 1,764,850 1,177,207,022 3.26 

Jupiter Telecommunications JP JPY 5,813 632,104,506 1.75 

Yamada Denki JP JPY 137,115 474,038,809 1.31 

Hikari Tsushin JP JPY 41,306 182,061,181 0.50 

Duskin JP JPY 116,172 175,999,609 0.49 

7,711,754,197 21.38 



379,834,155 1.05 

Healthcare 




1,667,059,972 4.62 


NTT DoCoMo JP JPY 13,545 1,576,989,650 4.37 

Nippon Telegraph & Telephone JP JPY 381,513 1,393,199,603 3.86 

2,970,189,253 8.23 

Financials 

Mitsubishi UFJ Financial Group JP JPY 5,896,143 2,128,129,297 5.90 

Sumitomo Mitsui Trust Holdings JP JPY 6,512,098 1,574,662,903 4.36 

Sumitomo Mitsui Financial Group JP JPY 619,343 1,509,648,833 4.18 



Daiwahouse Residential Investment JP JPY 839 527,702,395 1.46 

Japan Retail Fund Investment JP JPY 2,577 374,594,787 1.04 


7,807,117,145 21.64 



88 



JPY 

Other Assets and Liabilities 1,066,506,126 2.96 

Net Assets 36,075,634,140 100.00 






Fidelity 

Funds 

Japan Smaller Companies Fund 




JPY 


Energy 

Inpex JP JPY 123 55,560,140 0.80 

JX Holdings JP JPY 94,186 39,970,570 0.58 

Toyo Kanetsu JP JPY 92,846 14,395,132 0.21 

109,925,842 1.59 

Materials 


Toray Industries JP JPY 245,995 114,480,082 1.66 

Kuraray JP JPY 84,519 78,348,561 1.13 

Daicel JP JPY 156,977 75,131,870 1.09 

Nihon Parkerizing JP JPY 44,030 52,978,220 0.77 

Nihon Nohyaku JP JPY 130,176 46,063,204 0.67 

Zeon JP JPY 64,131 36,893,835 0.53 

Nissan Chemical Industries JP JPY 40,872 35,964,080 0.52 

Nippon Kayaku JP JPY 39,244 34,842,013 0.50 

Hitachi Metals JP JPY 42,116 31,443,950 0.46 

Maruichi Steel Tube JP JPY 14,358 23,805,085 0.34 

Daiken JP JPY 112,947 19,878,554 0.29 

FP JP JPY 3,254 19,510,797 0.28 


Tokyo Ohka Kogyo JP JPY 10,816 17,581,417 0.25 


JSP JP JPY 10,625 10,970,640 0.16 

Toyo Ink SC Holdings JP JPY 33,501 9,841,752 0.14 

Nittetsu Mining JP JPY 29,673 9,520,476 0.14 


Yushiro Chemical Industry JP JPY 9,380 7,177,300 0.10 

Pacific Metals JP JPY 21,058 5,705,910 0.08 

Chubu Steel Plate JP JPY 11,199 3,058,581 0.04 

Hodogaya Chemical JP JPY 16,272 2,423,203 0.04 

877,597,428 12.71 

Industrials 

Kubota JP JPY 264,182 215,267,891 3.12 

Sumitomo Electric Industries JP JPY 132,665 113,841,327 1.65 

MISUMI Group JP JPY 53,123 104,141,029 1.51 


LIXIL Group JP JPY 40,584 71,550,108 1.04 

Marubeni JP JPY 133,048 68,723,652 1.00 

JGC JP JPY 22,015 60,389,906 0.87 

SMC (Japan) JP JPY 4,786 60,158,289 0.87 

Hitachi Transport System JP JPY 49,295 59,046,148 0.86 

Aeon Delight JP JPY 28,715 47,140,466 0.68 

Tsubakimoto Chain JP JPY 108,161 42,229,446 0.61 

Toyo Engineering JP JPY 121,562 40,125,977 0.58 

Kintetsu World Express JP JPY 17,804 40,016,162 0.58 

ITOCHU JP JPY 44,030 35,120,079 0.51 

East Japan Railway JP JPY 6,317 34,595,705 0.50 

Aida Engineering JP JPY 64,322 32,674,348 0.47 

Oiles JP JPY 17,804 26,681,307 0.39 

Daikin Industries JP JPY 8,519 18,787,832 0.27 

Tocalo JP JPY 16,081 18,644,158 0.27 

Nitta JP JPY 12,443 15,258,393 0.22 

FANUC JP JPY 1,149 14,587,190 0.21 

Hisaka Works JP JPY 17,229 9,563,036 0.14 

JP-Holdings (Japan) JP JPY 9,093 9,036,720 0.13 

Yahagi Construction JP JPY 20,388 6,927,198 0.10 

Asahi Glass JP JPY 12,443 6,739,224 0.10 

Fuji Machine Manufacturing JP JPY 3,254 3,677,384 0.05 

1,238,019,926 17.93 


Otsuka JP JPY 21,249 138,160,572 2.00 

Horiba JP JPY 41,446 90,168,719 1.31 

Murata Manufacturing JP JPY 20,005 77,588,626 1.12 

Nidec JP JPY 12,539 71,142,988 1.03 

Wacom (Japan) JP JPY 250 57,834,611 0.84 

Yokogawa Electric JP JPY 48,433 43,956,499 0.64 

Itochu Techno-Solutions JP JPY 10,433 43,075,339 0.62 

Lasertec JP JPY 22,877 33,191,648 0.48 

Nuflare Technology JP JPY 53 31,910,778 0.46 

Anritsu JP JPY 30,630 30,747,301 0.45 

Enplas JP JPY 10,146 28,915,201 0.42 

Citizen Holdings JP JPY 71,310 28,835,481 0.42 

Yahoo Japan JP JPY 988 27,132,981 0.39 

eAccess JP JPY 652 26,168,894 0.38 

Shimadzu JP JPY 44,987 24,169,974 0.35 

Toshiba JP JPY 71,788 21,232,337 0.31 


Omron JP JPY 10,625 16,877,056 0.24 

89 



JPY 

CMK (Japan) JP JPY 48,433 12,593,711 0.18 

Hitachi High-Technologies JP JPY 6,796 11,882,252 0.17 

Ubic JP JPY 1,589 10,772,642 0.16 

NSD JP JPY 12,922 9,871,135 0.14 

Megachips JP JPY 4,690 8,363,125 0.12 

Iriso Electronics JP JPY 6,222 6,878,783 0.10 

TDK JP JPY 2,010 6,021,767 0.09 

Ricoh JP JPY 7,657 5,106,811 0.07 

Digital Garage JP JPY 32 4,854,370 0.07 

885,764,101 12.83 



Makita JP JPY 30,630 96,687,592 1.40 

Shimamura JP JPY 7,753 64,480,326 0.93 

Sumitomo Rubber Industries JP JPY 63,078 59,182,846 0.86 

Rinnai JP JPY 10,816 58,933,731 0.85 

Tamron JP JPY 22,398 48,572,638 0.70 

HIS JP JPY 20,101 48,444,837 0.70 

Bridgestone JP JPY 25,557 47,582,884 0.69 

Sega Sammy Holdings JP JPY 30,534 45,897,414 0.66 

Denso JP JPY 16,463 41,209,566 0.60 

Arc Land Sakamoto JP JPY 35,416 40,961,624 0.59 

Rakuten JP JPY 54,559 39,142,102 0.57 

Suzuki Motor JP JPY 21,058 38,087,877 0.55 

Aisin Seiki JP JPY 15,602 36,198,841 0.52 

Fields JP JPY 29,577 33,926,980 0.49 


Isuzu Motors JP JPY 70,831 29,857,696 0.43 

Unipres JP JPY 15,793 29,056,632 0.42 

Nikon JP JPY 10,912 22,204,471 0.32 

NOK JP JPY 17,325 22,123,522 0.32 

Nitori Holdings JP JPY 2,680 17,466,823 0.25 

Fujibo Holdings JP JPY 52,645 17,348,211 0.25 

Hajime Construction JP JPY 6,413 16,121,639 0.23 

ESCRIT JP JPY 22,015 15,868,721 0.23 

Nippon Seiki JP JPY 18,186 13,952,080 0.20 

St Marc Holdings JP JPY 3,924 11,676,684 0.17 

Calsonic Kansei JP JPY 29,673 9,563,116 0.14 

Canon Marketing Japan JP JPY 6,987 8,125,029 0.12 

Avex Group Holdings JP JPY 4,690 7,402,070 0.11 

Nihon Plast JP JPY 16,081 6,502,004 0.09 

Sekisui Chemical JP JPY 9,572 6,264,496 0.09 

Ryohin Keikaku JP JPY 1,053 5,560,822 0.08 

1,129,987,602 16.37 


Toyo Suisan Kaisha JP JPY 44,987 89,457,001 1.30 

Cosmos Pharmaceutical JP JPY 11,008 86,703,292 1.26 

Ajinomoto JP JPY 62,217 75,764,072 1.10 

Yaoko JP JPY 20,196 65,806,698 0.95 

Lawson JP JPY 8,327 48,831,668 0.71 

Tsuruha Holdings JP JPY 5,839 35,326,559 0.51 

Warabeya Nichiyo JP JPY 15,315 24,935,335 0.36 

FamilyMart JP JPY 4,499 17,401,198 0.25 

Pigeon JP JPY 4,690 17,240,125 0.25 

Kobayashi Pharmaceutical JP JPY 2,584 10,883,337 0.16 

472,349,285 6.84 

Healthcare 

Paramount Bed Holdings JP JPY 45,849 127,512,229 1.85 

Nihon Kohden JP JPY 26,418 78,421,906 1.14 


Rohto Pharmaceutical JP JPY 70,831 77,851,477 1.13 

Eiken Chemical JP JPY 61,260 67,154,036 0.97 

Sysmex JP JPY 14,836 55,618,193 0.81 



Nagaileben JP JPY 18,282 21,412,503 0.31 

Ship Healthcare Holdings JP JPY 6,413 17,050,591 0.25 

Tsukui JP JPY 8,232 15,257,634 0.22 

Hitachi Medical JP JPY 14,358 14,069,682 0.20 

629,468,244 9.12 

Financials 


Bank of Yokohama JP JPY 342,670 125,786,464 1.82 



Sony Financial Holdings JP JPY 74,660 106,057,818 1.54 

ORIX JP JPY 11,266 92,307,110 1.34 

Suruga Bank JP JPY 94,761 90,772,707 1.31 

Resona Holdings JP JPY 214,695 74,054,275 1.07 


Fidelity 

Funds 

Japan Smaller Companies Fund - continued 




JPY 

Sumitomo Realty & Development JP JPY 33,501 73,811,113 1.07 

Century Tokyo Leasing JP JPY 44,509 70,473,189 1.02 

Daibiru JP JPY 88,156 56,959,953 0.83 

Tokyo Tatemono JP JPY 161,763 53,040,958 0.77 

Hitachi Capital JP JPY 28,237 43,227,112 0.63 

Shizuoka Bank JP JPY 51,688 42,170,007 0.61 

Credit Saison JP JPY 22,494 39,408,131 0.57 

Acom JP JPY 15,468 36,428,978 0.53 

Aozora Bank JP JPY 159,849 35,970,428 0.52 

T&D Holdings JP JPY 39,340 34,260,503 0.50 

NTT Urban Development JP JPY 378 24,820,315 0.36 

Iida Home Max JP JPY 26,227 18,441,949 0.27 

J Trust JP JPY 9,189 10,774,187 0.16 

1,402,847,495 20.32 




Net Assets 6,903,995,873 100.00 





90

Fidelity 

Funds 

Korea Fund 4 




USD 


Energy 

SK Innovation KR KRW 54,727 8,018,411 2.26 

S-Oil KR KRW 43,313 3,948,786 1.11 

11,967,197 3.38 

Materials 

LG Chem KR KRW 62,198 17,401,888 4.91 

Poongsan KR KRW 190,146 5,513,095 1.56 

Honam Petrochemical KR KRW 20,340 4,141,089 1.17 

27,056,072 7.63 

Industrials 



Samsung Heavy Industries KR KRW 323,083 9,825,691 2.77 

TK KR KRW 341,215 8,624,957 2.43 

Daewoo International KR KRW 150,005 5,746,266 1.62 

Samsung C&T KR KRW 94,983 5,147,896 1.45 

Korean Air Lines KR KRW 109,017 4,883,726 1.38 

LS KR KRW 30,083 2,451,371 0.69 

64,072,032 18.08 



SK Hynix KR KRW 1,425,382 32,359,700 9.13 

NHN KR KRW 79,357 18,335,348 5.17 

LG Display KR KRW 564,106 16,699,947 4.71 

NCSoft KR KRW 43,373 8,312,735 2.35 

SBS Contents Hub KR KRW 335,103 5,019,500 1.42 

Silicon Works KR KRW 196,512 5,012,437 1.41 

Gamevil KR KRW 48,033 5,008,187 1.41 

CJ E&M KR KRW 182,014 4,885,632 1.38 

WeMade Entertainment KR KRW 29,963 1,362,387 0.38 

131,216,441 37.03 




Modetour Network KR KRW 331,763 9,318,273 2.63 

Cheil Industries KR KRW 101,203 8,647,162 2.44 

Hotel Shilla KR KRW 143,538 6,044,073 1.71 


Jcontentree KR KRW 1,342,163 5,001,384 1.41 

Cheil Worldwide KR KRW 81,819 1,575,102 0.44 

71,508,357 20.18 




22,592,273 6.38 

Healthcare 

Yuhan KR KRW 21,442 3,700,733 1.04 

3,700,733 1.04 


SK Broadband KR KRW 1,197,190 4,346,944 1.23 

4,346,944 1.23 

Financials 


KB Financial Group KR KRW 228,898 7,759,167 2.19 

16,773,557 4.73 




40,905 0.01 



91 



USD 


Net Assets 354,384,696 100.00 








Fidelity 

Funds 

Latin America Fund 




USD 


Energy 

Pacific Rubiales Energy CO CAD 2,429,154 58,092,808 2.58 

Petroleo Brasileiro (Pref’d) ADR BR USD 2,486,650 51,001,194 2.26 

Petroleo Brasileiro ADR BR USD 2,122,845 44,919,398 1.99 

HRT Participacoes em Petroleo BR BRL 2,053,893 6,097,368 0.27 

Petroleo Brasileiro (Pref’d) BR BRL 555,469 5,710,021 0.25 

165,820,789 7.36 

Utilities 

Cia Energetica de Minas Gerais ADR BR USD 2,744,252 33,178,002 1.47 

Cia Paranaense de Energia ADR BR USD 1,083,362 16,033,761 0.71 

49,211,763 2.18 

Materials 

Grupo Mexico (B) MX MXN 32,921,774 105,141,457 4.66 

Industrias Penoles MX MXN 933,620 46,890,294 2.08 

CAP CL CLP 1,237,286 42,568,516 1.89 

Vale (Pref’d) ADR BR USD 2,180,626 38,618,882 1.71 

Antofagasta GB GBP 1,285,469 26,064,218 1.16 

Mexichem MX MXN 4,969,636 24,674,510 1.09 

Duratex BR BRL 3,304,895 22,681,290 1.01 


Braskem BR BRL 1,696,724 11,151,670 0.49 

Methanex CA CAD 200,117 6,013,233 0.27 

343,720,336 15.25 

Industrials 

Alfa (A) MX MXN 33,854,918 62,478,312 2.77 


WEG BR BRL 1,199,570 13,730,797 0.61 

Empresas ICA MX MXN 6,206,020 12,941,552 0.57 

Salfacorp CL CLP 3,572,660 8,462,149 0.38 

Industrias Romi BR BRL 2,472,759 6,403,462 0.28 

141,926,078 6.30 


Totvs BR BRL 650,737 13,080,741 0.58 

MercadoLibre AR USD 139,723 11,665,469 0.52 

24,746,210 1.10 


Lojas Renner BR BRL 1,357,290 50,149,973 2.22 

Lojas Americanas (Pref’d) BR BRL 3,769,850 31,570,080 1.40 

Anhanguera Educacional Participacoes BR BRL 1,710,997 29,558,337 1.31 

Cia Hering BR BRL 1,056,704 24,258,625 1.08 

MRV Engenharia e Participacoes BR BRL 3,055,041 15,988,127 0.71 

SACI Falabella CL CLP 714,603 7,290,053 0.32 

T4F Entretenimento BR BRL 975,035 5,544,337 0.25 

164,359,532 7.29 


Cia de Bebidas das Americas ADR BR USD 3,498,483 142,808,087 6.34 

Fomento Economico Mexicano ADR MX USD 1,047,119 94,355,876 4.19 

Wal-Mart de Mexico MX MXN 25,897,467 76,575,714 3.40 

Cia Brasileira de Dist. Grupo Pao de Acucar (Pref’d) BR BRL 1,164,123 53,466,443 2.37 

BRF - Brasil Foods BR BRL 2,863,428 51,948,262 2.30 

Souza Cruz BR BRL 2,464,927 32,449,855 1.44 

Cosan Industria e Comercio BR BRL 1,068,433 20,246,147 0.90 

Controladora Comercial Mexicana MX MXN 4,303,777 11,999,224 0.53 

Brazil Pharma BR BRL 1,987,029 11,983,611 0.53 

Copeinca PE NOK 467,335 3,621,796 0.16 

499,455,015 22.16 

Healthcare 

Genomma Lab Internacional (B) MX MXN 10,639,609 20,740,390 0.92 

20,740,390 0.92 


America Movil (L) ADR MX USD 5,493,737 138,991,547 6.17 

Telefonica Brasil (Pref’d) BR BRL 1,150,987 24,915,759 1.11 

Tim Participacoes BR BRL 6,138,625 21,487,607 0.95 



199,186,562 8.84 

Financials 

Itau Unibanco Holding ADR BR USD 12,275,101 178,357,216 7.91 

BM&FBovespa BR BRL 13,053,790 84,317,509 3.74 

92 



USD 

Grupo Financiero Banorte MX MXN 12,240,363 67,739,699 3.01 

Bolsa Mexicana de Valores MX MXN 17,282,786 37,848,792 1.68 

Banco Bradesco (Pref’d) BR BRL 2,093,093 32,789,594 1.45 

BR Malls Participacoes BR BRL 2,258,835 29,903,544 1.33 

Banco de Chile CL CLP 199,626,018 29,551,951 1.31 

Banco do Estado do Rio Grande do Sul (Pref’d) (B) BR BRL 3,644,218 28,670,049 1.27 

Banco de Credito e Inversiones CL CLP 306,529 19,487,812 0.86 

First Cash Financial Services US USD 424,231 18,746,758 0.83 

Intergroup Financial Services PE USD 285,639 9,280,426 0.41 

536,693,350 23.81 


Materials 

Cementos Argos CO COP 4,410,932 21,899,270 0.97 

Grupo Argos CO COP 331,959 3,680,578 0.16 

25,579,848 1.13 

Financials 

Grupo de Inversiones Suramericana CO COP 2,390,445 46,244,779 2.05 

Bolsa de Valores de Colombia CO COP 485,219,496 8,480,542 0.38 

54,725,321 2.43 



1,013 0.00 




Net Assets 2,254,053,898 100.00 






Chile CL 4.76 


Peru PE 1.46 

UK GB 1.16 

USA US 0.83 

Argentina AR 0.52 






Fidelity 

Funds 

Malaysia Fund 




USD 


Energy 

Sapurakencana Petroleum MY MYR 5,101,474 4,185,841 1.69 

Petronas Dagangan MY MYR 359,645 2,595,893 1.05 

Bumi Armada MY MYR 1,228,471 1,574,216 0.63 

8,355,950 3.36 

Utilities 

Tenaga Nasional MY MYR 4,445,280 10,099,440 4.07 

Petronas Gas MY MYR 891,716 5,713,420 2.30 

YTL Power International MY MYR 3,375,947 1,798,857 0.72 

17,611,717 7.09 

Materials 


Ta Ann Holdings MY MYR 1,908,419 2,370,667 0.95 

Tasek MY MYR 228,502 1,030,818 0.41 

11,670,150 4.70 

Industrials 

Sime Darby MY MYR 3,613,302 11,551,981 4.65 

IJM MY MYR 2,401,337 3,932,820 1.58 


WCT MY MYR 3,199,723 2,886,921 1.16 

Dialog Group MY MYR 3,385,803 2,656,356 1.07 

MISC MY MYR 917,965 1,272,346 0.51 

Gamuda MY MYR 968,183 1,142,558 0.46 

26,458,432 10.65 


My EG Services MY MYR 2,972,621 757,962 0.31 

757,962 0.31 


Genting Malaysia MY MYR 7,812,638 9,168,652 3.69 

Genting MY MYR 3,089,271 8,937,428 3.60 

Media Prima MY MYR 5,842,786 4,354,799 1.75 

Media Chinese International HK MYR 5,102,804 2,752,366 1.11 

TAN Chong Motor Holdings MY MYR 1,768,939 2,561,710 1.03 

Padini Holdings MY MYR 3,166,637 2,122,098 0.85 

DRB-Hicom MY MYR 2,152,674 1,745,192 0.70 

APM Automotive Holdings MY MYR 933,698 1,489,497 0.60 

UMW Holdings MY MYR 452,505 1,476,276 0.59 

Courts Asia SG SGD 1,730,256 953,621 0.38 

Berjaya Sports Toto MY MYR 243,095 352,836 0.14 

35,914,475 14.46 


IOI MY MYR 4,688,413 7,755,141 3.12 

Kuala Lumpur Kepong MY MYR 783,363 5,485,242 2.21 

Genting Plantations MY MYR 1,685,975 4,949,265 1.99 

British American Tobacco (Malaysia) MY MYR 136,141 2,814,463 1.13 

QL Resources MY MYR 2,281,019 2,363,749 0.95 

Oldtown MY MYR 2,025,728 1,258,196 0.51 

Guan Chong MY MYR 1,891,386 1,174,755 0.47 

PPB Group MY MYR 64,672 284,561 0.11 

26,085,372 10.50 

Healthcare 

KPJ Healthcare MY MYR 1,421,188 2,801,446 1.13 

Supermax MY MYR 3,920,213 2,588,656 1.04 

5,390,102 2.17 


DiGi.Com MY MYR 5,659,065 9,823,190 3.95 

Maxis MY MYR 4,246,673 9,662,096 3.89 



Time dotCom MY MYR 2,978,259 3,407,562 1.37 

36,969,498 14.88 

Financials 



Public Bank MY MYR 1,632,716 8,486,356 3.42 


AMMB Holdings MY MYR 2,063,112 4,302,857 1.73 

CapitaMalls Malaysia Trust MY MYR 6,386,652 3,758,020 1.51 

Hong Leong Bank MY MYR 691,602 3,318,913 1.34 

93 



USD 

UEM Land Holdings MY MYR 3,639,184 2,522,047 1.02 

Multi-Purpose Holdings MY MYR 1,659,386 1,969,098 0.79 

RHB Capital MY MYR 749,052 1,836,481 0.74 

Public Bank (F) MY MYR 225,934 1,172,857 0.47 

IGB MY MYR 1,241,904 990,583 0.40 

Sunway Wts 17/08/2016 MY MYR 816,479 101,424 0.04 

67,305,862 27.10 




6,692,278 2.69 

Unlisted 

Industrials 

Dialog Group Wts 16/02/2017 MY MYR 295,653 38,434 0.02 

38,434 0.02 


Felda Global Ventures Holdings* MY MYR 2,139,979 3,220,607 1.30 

3,220,607 1.30 




Net Assets 248,405,712 100.00 










Fidelity 

Funds 

Nordic Fund 




SEK 


Energy 

Petroleum Geo-Services NO NOK 367,729 41,996,022 2.11 

Hoegh LNG Holdings BM NOK 852,850 41,614,843 2.09 

BW Offshore NO NOK 9,733,134 37,881,218 1.91 

Aker (A) NO NOK 156,715 36,595,927 1.84 

Songa Offshore CY NOK 3,162,414 25,681,613 1.29 

Ocean Rig UDW CY USD 230,918 24,465,787 1.23 

208,235,410 10.48 

Materials 


Hoganas (B) SE SEK 148,792 32,883,075 1.66 

Outokumpu FI EUR 5,642,799 31,669,996 1.59 

Svenska Cellulosa SE SEK 240,096 31,020,467 1.56 

152,707,892 7.69 

Industrials 

Saab (B) SE SEK 496,232 62,525,185 3.15 

Tomra Systems NO NOK 1,063,188 58,054,286 2.92 

A.P. Moller-Maersk (A) DK DKK 1,244 54,657,187 2.75 

Lindab International SE SEK 946,356 47,052,822 2.37 

SKF (B) SE SEK 308,985 46,193,310 2.33 

Assa Abloy (B) SE SEK 208,502 46,099,860 2.32 

Wilh Wilhelmsen ASA NO NOK 969,552 45,845,003 2.31 

Solar (B) DK DKK 110,101 45,224,257 2.28 

Beijer Alma (B) SE SEK 385,879 43,025,512 2.17 

Intrum Justitia SE SEK 444,831 42,703,746 2.15 

Loomis (B) SE SEK 441,836 40,207,033 2.02 

NKT Holding DK DKK 177,778 39,450,510 1.99 

Wartsila FI EUR 146,956 39,420,548 1.98 

Nibe Industrier (B) SE SEK 356,908 35,869,257 1.81 

Orkla NO NOK 654,033 34,269,069 1.73 

Konecranes FI EUR 163,285 34,243,347 1.72 

FLSmidth & Co DK DKK 74,976 29,371,029 1.48 

Systemair SE SEK 334,719 25,689,658 1.29 

769,901,619 38.76 


SimCorp DK DKK 31,787 46,110,534 2.32 

46,110,534 2.32 



Autoliv SDR SE SEK 151,594 58,136,347 2.93 

Amer Sports FI EUR 536,425 50,346,788 2.53 

Pandora DK DKK 341,352 35,947,472 1.81 

222,941,085 11.22 


AarhusKarlshamn SE SEK 212,464 55,453,015 2.79 



Raisio FI EUR 833,212 21,842,165 1.10 

163,439,455 8.23 

Healthcare 

ALK-Abello DK DKK 137,098 60,498,896 3.05 


Getinge (B) SE SEK 177,198 36,148,387 1.82 

Ossur IS DKK 3,751,469 32,849,896 1.65 

Elekta (B) SE SEK 275,845 26,067,378 1.31 

204,551,788 10.30 



34,224,968 1.72 

Financials 

Avanza Bank Holding SE SEK 385,121 50,161,955 2.53 

Kinnevik Investment (B) SE SEK 395,072 50,055,656 2.52 

Pohjola Bank (A) FI EUR 490,918 44,303,514 2.23 

Vostok Nafta Investment SDR SE SEK 1,591,593 26,102,132 1.31 

170,623,257 8.59 


Total Investments (Cost SEK 1,836,881,345) 1,972,736,009 99.31 

94 



SEK 


Net Assets 1,986,541,752 100.00 













Fidelity 

Funds 

Pacific Fund 




USD 


Energy 


Karoon Gas Australia AU AUD 540,422 3,107,498 0.48 


Linc Energy AU AUD 1,233,766 698,639 0.11 

12,231,765 1.90 

Utilities 




10,502,805 1.64 

Materials 



Soulbrain KR KRW 73,904 2,965,726 0.46 

Iluka Resources AU AUD 267,524 2,740,650 0.43 

Ise Chemical JP JPY 402,221 2,524,718 0.39 

China Metal Recycling Holdings HK HKD 2,534,854 2,519,513 0.39 


AMVIG Holdings HK HKD 7,213,231 2,136,003 0.33 

Nihon Parkerizing JP JPY 120,380 1,813,152 0.28 

Greatview Aseptic Packaging CN HKD 3,155,669 1,650,062 0.26 

Alkane Resources AU AUD 1,107,832 970,009 0.15 

29,901,914 4.66 

Industrials 

Goodpack SG SGD 5,307,218 8,413,488 1.31 

Nitta JP JPY 375,566 5,764,911 0.90 

EVA Precision Industrial Holdings HK HKD 49,149,331 5,165,338 0.80 

51job ADR CN USD 99,839 4,668,460 0.73 


TK KR KRW 169,999 4,297,098 0.67 


Nihon M&A Center JP JPY 115,985 3,482,608 0.54 

Sydney Airport AU AUD 922,646 3,241,497 0.50 

Haitian International Holdings CN HKD 2,296,769 2,822,895 0.44 

SHO-BOND Holdings JP JPY 88,087 2,661,698 0.41 

Hamakyorex JP JPY 84,552 2,633,756 0.41 

Goodpack Wts 31/11/2012 SG SGD 2,565,235 2,597,233 0.40 

KEPCO Plant Service & Engineering KR KRW 47,260 2,593,353 0.40 


Seek AU AUD 362,431 2,503,789 0.39 

Guangshen Railway (H) CN HKD 7,134,889 2,447,044 0.38 


China Singyes Solar Technologies Holdings HK HKD 3,604,514 2,118,617 0.33 

Airtac International Group CN TWD 384,069 1,788,201 0.28 

Austal AU AUD 1,359,756 1,720,190 0.27 



WCT MY MYR 1,801,301 1,625,207 0.25 

Gateway Distriparks IN INR 608,253 1,610,576 0.25 

China Automation Group CN HKD 6,744,132 1,589,770 0.25 


Power Logics KR KRW 378,825 1,391,085 0.22 

Asahi Diamond Industrial JP JPY 146,844 1,298,128 0.20 

Muhibbah Engineering (M) MY MYR 3,917,023 1,184,435 0.18 

Weichai Power (H) CN HKD 215,919 758,836 0.12 

Fook Woo Group Holdings* HK HKD 7,378,514 652,160 0.10 

86,523,047 13.47 



Daou Technology KR KRW 850,684 12,061,230 1.88 




GMO internet JP JPY 827,372 5,779,913 0.90 


VTech Holdings HK HKD 364,005 4,302,988 0.67 

Internet Initiative Japan JP JPY 152,099 3,971,774 0.62 

Tong Hsing Electronic Industries TW TWD 1,102,636 3,803,516 0.59 

NHN KR KRW 14,486 3,346,888 0.52 

Duksan Hi-Metal KR KRW 172,596 3,218,463 0.50 

Lite-On Technology TW TWD 2,484,362 3,140,832 0.49 

Perfect World ADR CN USD 277,154 2,946,150 0.46 

Fujitsu JP JPY 707,948 2,716,170 0.42 

NSD JP JPY 268,084 2,563,570 0.40 

Financial Technologies India IN INR 138,797 2,558,695 0.40 

REA Group AU AUD 142,276 2,544,169 0.40 

95 



USD 

Wacom (Japan) JP JPY 863 2,500,110 0.39 


carsales.com AU AUD 312,557 2,414,646 0.38 

WPG Holdings TW TWD 1,970,024 2,363,378 0.37 

Sina CN USD 42,037 2,312,055 0.36 

Horiba JP JPY 84,266 2,294,884 0.36 

Bitauto Holdings ADR CN USD 446,074 2,274,977 0.35 

Info Edge India IN INR 335,697 2,177,726 0.34 

21Vianet Group ADR CN USD 196,620 2,174,620 0.34 

NCSoft KR KRW 11,106 2,128,648 0.33 

Digital Garage JP JPY 1,087 2,091,632 0.33 


AutoNavi Holdings ADR CN USD 179,901 1,957,321 0.30 

NQ Mobile ADR CN USD 242,384 1,718,500 0.27 

KongZhong ADR CN USD 285,663 1,682,555 0.26 

VanceInfo Technologies ADR CN USD 212,575 1,668,716 0.26 

Travelsky Technology (H) CN HKD 3,054,397 1,571,217 0.24 

Geodesic IN INR 1,968,389 1,448,206 0.23 

Jiayuan.com International ADR CN USD 254,135 1,418,073 0.22 


VST Holdings HK HKD 7,186,480 1,255,262 0.20 

Micronics Japan JP JPY 317,955 1,154,312 0.18 

China High Precision Automation Group* HK HKD 4,794,171 613,648 0.10 


139,732,042 21.75 


Fujibo Holdings JP JPY 2,959,813 12,209,490 1.90 


Nippon Seiki JP JPY 706,037 6,780,378 1.06 



Samsonite International US HKD 2,252,534 4,652,036 0.72 

Universal Entertainment JP JPY 201,111 4,317,246 0.67 


REXLot Holdings HK HKD 53,321,862 3,836,077 0.60 

Mitra Adiperkasa ID IDR 5,185,883 3,527,042 0.55 

Hikari Tsushin JP JPY 62,674 3,458,033 0.54 

Navitas AU AUD 782,736 3,337,827 0.52 

Toridoll JP JPY 219,454 3,302,822 0.51 

AirMedia Group ADR CN USD 1,390,386 3,197,888 0.50 

Dena JP JPY 93,629 2,915,581 0.45 

Honeys JP JPY 174,570 2,777,700 0.43 

Rakuten JP JPY 301,332 2,706,170 0.42 

Chiyoda JP JPY 93,438 2,669,803 0.42 

Hyundai Home Shopping Network KR KRW 20,642 2,448,448 0.38 

Minth Group CN HKD 2,424,792 2,432,355 0.38 


OSIM International SG SGD 1,772,257 2,348,671 0.37 


Saizeriya JP JPY 156,876 2,201,087 0.34 

Sankyo Seiko JP JPY 652,630 2,195,532 0.34 


Royale Furniture Holdings HK HKD 25,749,915 2,142,444 0.33 


MNC Sky Vision ID IDR 8,214,485 1,855,180 0.29 

Mando KR KRW 13,879 1,826,258 0.28 

China ZhengTong Auto Services Holdings CN HKD 2,513,166 1,692,660 0.26 

Haseko JP JPY 2,647,877 1,685,185 0.26 

Start Today JP JPY 150,952 1,651,115 0.26 

China Dongxiang Group CN HKD 11,675,880 1,452,663 0.23 

Round One JP JPY 283,943 1,434,093 0.22 


YGM Trading HK HKD 556,995 1,334,393 0.21 

Imagi International Holdings HK HKD 92,336,999 1,315,808 0.20 


YOU On Demand Holdings US USD 364,777 1,291,312 0.20 

Point JP JPY 33,888 1,289,198 0.20 


China Lilang CN HKD 2,133,397 1,204,795 0.19 

Xebio JP JPY 57,897 1,131,256 0.18 

Educomp Solutions IN INR 293,361 799,297 0.12 



IJM Land Wts 11/09/2013 MY MYR 149,629 40,598 0.01 

131,186,652 20.42 


Japan Tobacco JP JPY 262,351 7,238,940 1.13 



Nippon Indosari Corpindo ID IDR 6,020,898 3,751,104 0.58 


Calbee JP JPY 39,076 3,586,407 0.56 



Fidelity 

Funds 

Pacific Fund - continued 




USD 

United Spirits IN INR 160,365 3,486,020 0.54 


Tiga Pilar Sejahtera Food ID IDR 25,005,071 2,336,776 0.36 


NVC Lighting Holdings CN HKD 7,938,376 2,088,217 0.33 

Zhongpin CN USD 163,659 1,895,173 0.30 

Lotte Chilsung Beverage KR KRW 1,354 1,766,491 0.28 

Britannia Industries IN INR 176,058 1,581,026 0.25 

McLeod Russel India IN INR 265,482 1,489,227 0.23 

48,042,350 7.48 

Healthcare 



Message JP JPY 939 2,892,517 0.45 

WuXi PharmaTech Cayman ADR CN USD 201,302 2,876,601 0.45 

3SBio ADR CN USD 199,200 2,673,262 0.42 

Mesoblast AU AUD 436,042 2,598,266 0.40 

China Animal Healthcare CN SGD 11,354,867 2,410,557 0.38 

Medy-Tox KR KRW 31,835 2,390,982 0.37 

Acrux AU AUD 696,610 2,334,954 0.36 

Starpharma Holdings AU AUD 1,305,283 2,195,574 0.34 

Hutchison China MediTech HK GBP 243,191 1,751,527 0.27 


GI Dynamics CDI US AUD 2,064,893 1,278,558 0.20 

37,368,942 5.82 




14,418,247 2.24 

Financials 

ORIX JP JPY 215,594 22,112,476 3.44 



Kenedix Realty Investment JP JPY 1,964 6,706,880 1.04 







Sony Financial Holdings JP JPY 225,378 4,007,745 0.62 

Osaka Securities Exchange JP JPY 908 3,379,970 0.53 

Tian An China Investment HK HKD 5,853,322 3,375,422 0.53 



Lippo Karawaci ID IDR 30,083,950 2,905,122 0.45 

IndusInd Bank IN INR 342,599 2,399,469 0.37 

Clipan Finance (Indonesia) ID IDR 55,089,331 2,288,095 0.36 


Sapphire Technology KR KRW 64,566 2,137,212 0.33 

CNinsure ADR CN USD 173,213 1,004,636 0.16 


Clipan Finance (Indonesia) Wts 07/10/2014 ID IDR 7,606,830 41,073 0.01 

Shriram City Union Finance IN INR 650 9,411 0.00 

110,575,826 17.21 



1,784,237 0.28 


Industrials 

Lung Yen Life Service TW TWD 544,575 1,667,514 0.26 

Tat Hong Holdings Wts 02/08/2013 SG SGD 167,863 138 0.00 

Aps-Star Industries* IN INR 57,324 0 0.00 

1,667,652 0.26 


PChome Online TW TWD 362,294 1,625,258 0.25 

E Ink Holdings TW TWD 1,542,963 1,232,282 0.19 


3,680,397 0.57 

Healthcare 

Pacific Hospital Supply TW TWD 540,180 1,562,266 0.24 

1,562,266 0.24 



10,391 0.00 

96 

Unlisted 



USD 

Industrials 

Toyo-Thai NVDR TH THB 11,056,402 9,781,961 1.52 

9,781,961 1.52 




388,977 0.06 




Net Assets 642,340,540 100.00 










India IN 3.30 



USA US 1.13 






Fidelity 

Funds 

Singapore Fund 




USD 


Industrials 




Keppel SG SGD 871,511 7,563,094 3.41 

Noble Group HK SGD 5,146,926 5,477,816 2.47 


ComfortDelGro SG SGD 1,859,248 2,568,602 1.16 

SembCorp Industries SG SGD 297,748 1,318,375 0.60 

Gallant Venture SG SGD 4,934,379 1,104,122 0.50 

Amtek Engineering SG SGD 2,089,021 1,022,177 0.46 

Singapore Airlines SG SGD 108,185 936,537 0.42 

Sarin Technologies IL SGD 252,511 203,995 0.09 

58,375,173 26.35 


Silverlake Axis MY SGD 8,286,196 3,073,547 1.39 


Elec & Eltek International SG USD 455,717 1,005,231 0.45 

Venture SG SGD 96,696 604,594 0.27 

6,360,403 2.87 


Singapore Press Holdings SG SGD 1,512,673 4,995,894 2.26 


Genting Singapore SG SGD 3,299,160 3,574,313 1.61 

GuocoLeisure SG SGD 2,316,880 1,172,388 0.53 

Courts Asia SG SGD 1,813,293 999,387 0.45 

14,975,673 6.76 


Wilmar International SG SGD 1,861,163 4,695,748 2.12 

First Resources SG SGD 2,018,175 3,378,536 1.53 

Petra Foods SG SGD 1,490,654 3,198,379 1.44 

Golden Agri-Resources SG SGD 6,107,180 3,113,802 1.41 

Thai Beverage TH SGD 4,408,773 1,567,421 0.71 

Olam International SG SGD 833,960 1,335,451 0.60 

Sheng Siong Group SG SGD 3,185,231 1,236,400 0.56 

Guan Chong MY MYR 1,162,174 721,835 0.33 

19,247,572 8.69 

Healthcare 



Cordlife Group SG SGD 2,747,704 1,183,548 0.53 

8,867,027 4.00 



StarHub SG SGD 752,507 2,260,848 1.02 

13,687,404 6.18 

Financials 


Oversea-Chinese Banking SG SGD 2,122,973 15,750,587 7.11 

DBS Group Holdings SG SGD 819,236 9,285,198 4.19 

Hongkong Land Holdings HK USD 1,445,656 9,123,199 4.12 



City Developments SG SGD 442,313 4,123,255 1.86 


Singapore Exchange SG SGD 673,044 3,691,639 1.67 

UOL Group SG SGD 621,345 2,871,184 1.30 


CapitaLand SG SGD 877,925 2,333,213 1.05 

Ascott Residence Trust SG SGD 1,944,456 2,025,806 0.91 

Frasers Centrepoint Trust SG SGD 1,131,633 1,807,205 0.82 

Ascendas India Trust SG SGD 2,644,306 1,643,533 0.74 

Wing Tai Holdings SG SGD 931,031 1,315,542 0.59 


Ho Bee Investment SG SGD 636,663 767,940 0.35 

93,032,972 41.99 


Frasers Commercial Trust SG SGD 1,087,593 1,105,713 0.50 

1,105,713 0.50 

97 



USD 




Net Assets 221,534,928 100.00 










Fidelity 

Funds 

South East Asia Fund 




USD 


Energy 

CNOOC CN HKD 33,695,314 69,674,627 1.15 

SK Innovation KR KRW 342,145 50,130,248 0.82 



S-Oil KR KRW 374,639 34,155,502 0.56 

China Coal Energy (H) CN HKD 11,240,588 11,116,269 0.18 


246,262,000 4.05 

Utilities 



Power Assets Holdings HK HKD 3,813,806 32,384,439 0.53 

Beijing Enterprises Water Group HK HKD 134,842,973 30,766,908 0.51 


Cheung Kong Infrastructure Holdings HK HKD 3,707,023 21,695,197 0.36 

CLP Holdings HK HKD 1,095,257 9,328,142 0.15 

208,866,274 3.44 

Materials 

LG Chem KR KRW 223,397 62,502,037 1.03 



Inner Mongolia Baotou Steel Rare-Earth Hi-Tech (A) CN CNY 5,665,593 25,848,856 0.43 

Honam Petrochemical KR KRW 83,985 17,098,814 0.28 



192,085,425 3.16 

Industrials 


Keppel SG SGD 5,893,618 51,145,670 0.84 


Daewoo International KR KRW 1,146,130 43,904,868 0.72 

51job ADR CN USD 796,498 37,244,230 0.61 

Jardine Strategic Holdings HK USD 1,005,128 36,435,568 0.60 



Shanghai Electric Group (H) CN HKD 48,786,935 19,655,533 0.32 

Cleanaway TW TWD 2,684,261 18,518,579 0.30 

Orient Overseas International HK HKD 2,853,742 17,902,034 0.29 

CTCI TW TWD 7,964,614 15,726,343 0.26 



Harbin Electric CN HKD 16,074,217 13,191,530 0.22 

Hopewell Holdings HK HKD 3,583,586 12,866,485 0.21 






China Shipping Development (H) CN HKD 17,502,558 9,112,767 0.15 

TK KR KRW 333,755 8,436,372 0.14 

Hopewell Highway Infrastructure (CNY) HK CNY 12,369,153 6,530,724 0.11 

SATS SG SGD 1,926,986 4,384,490 0.07 

Hopewell Highway Infrastructure HK HKD 7,051,573 3,744,423 0.06 

Singamas Container Holdings HK HKD 7,837,259 1,963,230 0.03 


542,381,197 8.92 





Sina CN USD 1,423,246 78,278,539 1.29 

MediaTek TW TWD 6,257,071 69,003,747 1.14 


SK Hynix KR KRW 2,886,217 65,524,301 1.08 

ASUSTeK Computer TW TWD 4,963,924 52,802,721 0.87 



Samsung Electronics (Pref’d) KR KRW 52,525 38,084,177 0.63 


TPK Holding TW TWD 2,063,158 25,732,708 0.42 

Youku ADR CN USD 1,256,998 24,712,587 0.41 

Kingboard Chemical Holdings HK HKD 5,636,948 16,631,290 0.27 

AmTRAN Technology TW TWD 10,485,272 8,801,639 0.14 


98 



USD 

Advanced Semiconductor Engineering TW TWD 4,216,514 3,152,558 0.05 

1,416,147,969 23.30 



Kia Motors KR KRW 2,028,392 112,233,394 1.85 


Hotel Shilla KR KRW 648,517 27,307,577 0.45 


AviChina Industry & Technology (H) CN HKD 50,534,643 20,608,602 0.34 


Ace Hardware Indonesia ID IDR 4,408,458 3,204,286 0.05 

Shenzhou International Group Holdings CN HKD 1,371,520 2,664,039 0.04 

453,427,620 7.46 






Lotte Chilsung Beverage KR KRW 19,750 25,770,535 0.42 

Vinda International Holdings HK HKD 15,815,588 21,957,405 0.36 

Lotte Samkang KR KRW 23,263 15,575,007 0.26 

Wuliangye Yibin (A) CN CNY 1,874,242 10,091,912 0.17 

Siam Makro (F) TH THB 419,881 6,268,898 0.10 


Kweichow Moutai CN CNY 114,641 4,544,065 0.07 

Grape King Industrial TW TWD 1,567,452 3,595,711 0.06 

313,051,739 5.15 

Healthcare 




China Shineway Pharmaceutical Group CN HKD 1,602,719 2,555,151 0.04 

42,736,222 0.70 






Maxis MY MYR 26,251,583 59,728,014 0.98 






StarHub SG SGD 11,888,142 35,716,980 0.59 

LG Uplus KR KRW 3,668,180 23,405,732 0.39 


True (F) TH THB 98 16 0.00 

734,422,530 12.08 

Financials 





Cheung Kong Holdings HK HKD 5,251,943 77,134,360 1.27 





Hongkong Land Holdings HK USD 8,408,399 53,063,436 0.87 




Shimao Property Holdings HK HKD 21,104,268 39,899,162 0.66 


Shinhan Financial Group KR KRW 1,067,405 36,377,187 0.60 

Kerry Properties HK HKD 7,241,137 35,755,816 0.59 


Country Garden Holdings CN HKD 86,758,222 34,515,495 0.57 



Keppel Land SG SGD 10,345,181 28,595,290 0.47 

Agile Property Holdings CN HKD 24,469,881 27,517,345 0.45 

Henderson Land Development HK HKD 3,528,170 24,284,137 0.40 




Fidelity 

Funds 

Swire Properties HK HKD 5,785,268 17,835,558 0.29 



Greentown China Holdings CN HKD 13,136,225 16,049,214 0.26 


Wharf Holdings HK HKD 2,221,961 15,102,148 0.25 






Amata (F) TH THB 13,978,045 6,986,583 0.11 



KWG Property Holding HK HKD 4,078,803 2,406,615 0.04 

Krung Thai Bank (F) TH THB 3,600,228 2,111,368 0.03 

Security Bank PH PHP 342,380 1,348,368 0.02 

1,619,947,592 26.65 



UBS (Inner Mongolia Baotou Steel (A)) ELN 11/08/2014 CN USD 2,226,767 10,159,462 0.17 

BNP (Wuliangye Yibin (A)) ELN 20/08/2013 NL USD 1,810,745 9,750,008 0.16 

BNP (China Int’l Travel Services (A)) ELN 08/10/2013 NL USD 693,499 3,382,978 0.06 

UBS (Lijiang Yulong Tourism (A)) ELN 08/10/2013 GB USD 916,548 2,880,323 0.05 

43,484,927 0.72 




28,721,944 0.47 

Unlisted 

South East Asia Fund - continued 




USD 


TPK Holdings GDR KY USD 234,341 2,943,497 0.05 

2,943,497 0.05 



Shin NVDR TH THB 21,618,980 44,043,581 0.72 

126,542,322 2.08 

Financials 

Kasikornbank NVDR TH THB 7,904,757 45,858,414 0.75 

Bangkok Bank NVDR TH THB 3,158,415 18,114,285 0.30 

Land and Houses NVDR TH THB 60,673,313 16,915,431 0.28 


83,854,515 1.38 




Net Assets 6,078,927,900 100.00 
















UK GB 0.05 



99

Fidelity 

Funds 

Switzerland Fund 




CHF 


Energy 


6,874,374 2.37 

Materials 



Givaudan (Reg’d) CH CHF 9,669 9,011,489 3.10 

Sika (BR) CH CHF 3,756 7,298,029 2.51 

42,170,263 14.52 

Industrials 

Flughafen Zuerich (Reg’d) CH CHF 21,341 8,504,343 2.93 

ABB (Reg’d) CH CHF 402,512 6,754,145 2.33 


Rieter Holding (Reg’d) CH CHF 36,282 5,380,647 1.85 

Adecco (Reg’d) CH CHF 113,624 5,117,620 1.76 

Gategroup Holding CH CHF 189,158 4,643,830 1.60 

Kaba Holding (B) CH CHF 12,667 4,462,084 1.54 

Zehnder Group (BR) CH CHF 80,666 4,424,552 1.52 

45,917,512 15.82 


Swatch Group (Reg’d) CH CHF 110,601 7,482,130 2.58 

Swatch Group CH CHF 17,161 6,613,782 2.28 

Kuoni Reisen Holding (B) (Reg’d) CH CHF 23,291 5,792,540 2.00 

Cie Financiere Richemont CH CHF 49,193 2,971,251 1.02 

PubliGroupe (Reg’d) CH CHF 14,736 1,872,913 0.65 

24,732,616 8.52 



Aryzta CH CHF 218,768 10,172,703 3.50 

Barry Callebaut (Reg’d) CH CHF 4,919 4,373,248 1.51 

40,704,080 14.02 

Healthcare 


Sanofi FR EUR 179,505 14,691,054 5.06 

Novartis (Reg’d) CH CHF 256,940 14,401,513 4.96 

Actelion (Reg’d) CH CHF 221,720 9,959,668 3.43 

Tecan Group (Reg’d) CH CHF 82,612 5,741,546 1.98 

BB Biotech (Reg’d) CH CHF 31,579 2,851,545 0.98 

75,859,723 26.13 

Financials 

UBS (Reg’d) CH CHF 1,766,322 24,657,851 8.49 

Zurich Financial Services CH CHF 43,335 9,945,447 3.43 

GAM Holding CH CHF 574,447 7,467,812 2.57 

Swiss Re CH CHF 93,258 6,001,164 2.07 

VZ Holding CH CHF 39,988 4,438,618 1.53 

Swissquote Group Holding (Reg’d) CH CHF 78,157 2,247,026 0.77 

EFG Financial Products Holding CH CHF 24,887 1,144,792 0.39 

55,902,710 19.25 


Total Investments (Cost CHF 274,624,921) 292,161,279 100.63 


Net Assets 290,333,805 100.00 






The accompanying notes to the financial statements form an integral part of these financial statements. The percentage of net assets in the schedule of investments and in the geographical split is subject to rounding. 

100

Fidelity 

Funds 

Taiwan Fund 




USD 


Energy 

Formosa Petrochemical TW TWD 1,120,450 3,236,668 1.46 

3,236,668 1.46 

Materials 




China Steel TW TWD 803,948 685,786 0.31 


14,353,292 6.46 

Industrials 

CTCI TW TWD 2,263,867 4,470,067 2.01 

Transasia Airways TW TWD 3,397,299 1,604,854 0.72 

Yungtay Engineering TW TWD 475,342 940,191 0.42 

Hiwin Technologies TW TWD 66,874 427,273 0.19 

7,442,385 3.35 




MediaTek TW TWD 1,170,471 12,908,101 5.81 




Advanced Semiconductor Engineering TW TWD 6,041,698 4,517,192 2.03 



TXC TW TWD 1,798,511 3,105,015 1.40 

WPG Holdings TW TWD 2,529,430 3,034,480 1.37 



Tong Hsing Electronic Industries TW TWD 769,935 2,655,870 1.20 

AU Optronics TW TWD 5,944,774 2,242,566 1.01 

Visual Photonics Epitaxy TW TWD 2,005,225 2,088,721 0.94 

Siliconware Precision Industries TW TWD 2,109,082 2,042,797 0.92 

Inotera Memories TW TWD 11,438,173 1,543,242 0.69 

United Microelectronics TW TWD 4,166,235 1,536,245 0.69 

Unimicron Technology TW TWD 1,452,989 1,476,456 0.66 

Catcher Technology TW TWD 216,700 935,298 0.42 

Kinsus Interconnect Technology TW TWD 330,543 902,048 0.41 

Epistar TW TWD 479,337 757,496 0.34 

117,136,842 52.74 



Merida Industry TW TWD 1,394,770 5,308,936 2.39 

Kenda Rubber Industrial TW TWD 3,137,658 3,625,529 1.63 


Makalot Industrial TW TWD 597,174 1,790,013 0.81 

Yulon Motor TW TWD 735,982 1,278,129 0.58 

Yulon Nissan Motor TW TWD 135,812 1,070,812 0.48 

Johnson Health Tech TW TWD 378,361 912,961 0.41 

LES Enphants TW TWD 906,205 623,646 0.28 

Chong Hong Construction TW TWD 184,744 420,034 0.19 

Hotai Motor TW TWD 49,931 352,955 0.16 

24,047,379 10.83 




4,965,614 2.24 




Chunghwa Telecom TW TWD 624,136 1,942,951 0.87 

9,882,042 4.45 

Financials 



E.Sun Financial Holding TW TWD 7,380,837 3,674,769 1.65 

Yuanta Financial Holding TW TWD 7,239,791 3,247,782 1.46 

Chailease Holding TW TWD 1,714,627 3,030,121 1.36 

Prince Housing & Development TW TWD 4,230,346 2,825,045 1.27 

Fubon Financial Holding TW TWD 2,584,534 2,635,059 1.19 

SinoPac Financial Holdings TW TWD 6,840,060 2,626,789 1.18 

101 



USD 



First Financial Holding TW TWD 1,924,177 1,085,526 0.49 

34,455,672 15.51 


Industrials 


532,060 0.24 


Phison Electronics TW TWD 212,706 1,622,865 0.73 

Chipbond Technology TW TWD 885,774 1,490,099 0.67 

3,112,964 1.40 

Unlisted 



454,623 0.20 




Net Assets 222,087,757 100.00 







Fidelity 

Funds 

Thailand Fund 




USD 


Energy 

PTT (F) TH THB 5,846,893 60,276,408 7.31 

PTT Exploration & Production (F) TH THB 6,580,204 35,529,736 4.31 

Thai Oil (F) TH THB 5,320,457 11,480,950 1.39 

107,287,094 13.01 

Utilities 

Glow Energy (F) TH THB 7,639,076 17,741,925 2.15 

Eastern Water Resources Development and Mgmt (F) TH THB 16,332,325 6,738,472 0.82 

Thai Tap Water Supply (F) TH THB 19,510,140 5,012,192 0.61 

29,492,589 3.58 

Materials 

Siam Cement (F) (Reg’d) TH THB 2,584,387 34,821,681 4.22 

PTT Global Chemical (F) TH THB 12,166,079 24,002,462 2.91 

Siam City Cement (F) TH THB 554,565 7,669,180 0.93 

66,493,323 8.06 

Industrials 

Airports of Thailand (F) TH THB 5,375,850 14,332,829 1.74 

Sino Thai Engineering & Construction (F) TH THB 18,858,419 13,107,317 1.59 

Toyo-Thai (F) TH THB 11,917,359 10,543,678 1.28 

Thai Airways International (F) TH THB 8,729,744 6,550,353 0.79 

Bangkok Expressway (F) TH THB 6,878,368 6,210,678 0.75 

Dynasty Ceramic (F) TH THB 3,540,072 5,463,208 0.66 

Precious Shipping (F) TH THB 9,462,656 4,126,811 0.50 

60,334,874 7.32 


Hana Microelectronics TH THB 33,796 24,184 0.00 

24,184 0.00 


BEC World (F) TH THB 15,274,509 29,190,792 3.54 

Minor International (F) TH THB 28,908,134 17,180,558 2.08 

Indorama Ventures (F) TH THB 11,073,245 9,566,511 1.16 

DKSH Holding CH CHF 66,452 4,235,748 0.51 

VGI Global Media TH THB 721,679 1,373,233 0.17 

Siam Global House TH THB 2,276,225 1,226,569 0.15 

62,773,411 7.61 


CP ALL (F) TH THB 24,661,817 31,822,777 3.86 

Charoen Pokphand Foods (F) TH THB 18,579,553 21,266,015 2.58 

Thai Union Frozen Products (F) TH THB 6,048,036 14,148,472 1.72 

Tesco TLGF TH THB 22,500,579 11,286,361 1.37 

Siam Makro (F) TH THB 558,732 8,341,972 1.01 

86,865,597 10.53 

Healthcare 

Bangkok Dusit Medical Services (F) TH THB 5,406,146 18,661,310 2.26 

Bumrungrad Hospital (F) TH THB 3,321,198 8,174,217 0.99 

Bangkok Dusit Medical Services NVDR TH THB 457,745 1,580,075 0.19 

28,415,602 3.45 



Shin (F) TH THB 10,425,039 21,238,562 2.58 

Total Access Communication (F) TH THB 4,232,688 11,926,856 1.45 

Jasmine International (F) TH THB 49,535,309 7,771,203 0.94 

Thaicom TH THB 6,412,424 4,564,977 0.55 

99,080,798 12.01 

Financials 




Asian Property Development (F) TH THB 51,126,697 14,424,210 1.75 

Krung Thai Bank (F) TH THB 23,874,763 14,001,447 1.70 

Central Pattana (F) TH THB 5,269,763 12,120,269 1.47 

Hemaraj Land and Development NVDR TH THB 115,446,138 11,774,326 1.43 


BTS Group Holdings TH THB 43,512,622 8,203,273 0.99 

Pruksa Real Estate (F) TH THB 12,583,978 8,006,038 0.97 

LPN Development (F) TH THB 9,737,522 5,733,879 0.70 

Amata (F) TH THB 10,953,475 5,474,826 0.66 


Land and Houses (F) TH THB 13,143,510 3,664,799 0.44 

102 



USD 

Bank of Ayudhya (F) TH THB 2,599,686 2,500,718 0.30 

Hemaraj Land and Development (F) TH THB 3,644,959 371,749 0.05 

223,987,432 27.16 




19,343,722 2.35 

Unlisted 

Industrials 

Asia Aviation NVDR TH THB 31,563,683 4,691,746 0.57 

Toyo-Thai NVDR TH THB 2,489,799 2,202,807 0.27 

6,894,553 0.84 


Big C Supercenter NVDR TH THB 1,022,352 6,223,146 0.75 

6,223,146 0.75 



4,392,978 0.53 

Financials 

Bank of Ayudhya NVDR TH THB 14,352,864 13,806,467 1.67 

Land and Houses NVDR TH THB 15,483,327 4,316,678 0.52 

Bangkok Life Assurance NVDR TH THB 1,155,860 1,585,317 0.19 

LPN Development NVDR TH THB 1,390,832 818,983 0.10 

20,527,445 2.49 




Net Assets 824,646,245 100.00 









Fidelity 

Funds 

United Kingdom Fund 




GBP 


Energy 

BG Group GB GBP 338,604 3,885,479 4.33 

BP GB GBP 778,622 3,451,633 3.85 



8,269,918 9.22 

Materials 





5,973,353 6.66 

Industrials 



Capita GB GBP 331,602 2,397,485 2.67 


International Consolidated Airlines Group CDI GB GBP 1,032,393 1,665,249 1.86 



easyJet GB GBP 78,234 488,962 0.54 

Meggitt GB GBP 59,423 229,374 0.26 

15,880,286 17.70 


ARM Holdings GB GBP 279,094 1,855,973 2.07 

1,855,973 2.07 


Pearson GB GBP 334,682 4,166,790 4.64 

WPP IE GBP 382,111 3,054,976 3.40 

InterContinental Hotels Group GB GBP 131,758 2,015,897 2.25 

Taylor Wimpey GB GBP 3,171,761 1,937,946 2.16 



GKN GB GBP 359,797 746,939 0.83 

14,673,875 16.36 


Diageo GB GBP 313,444 5,551,101 6.19 



8,759,445 9.76 

Healthcare 


Shire IE GBP 215,561 3,757,236 4.19 

10,542,179 11.75 



5,412,315 6.03 

Financials 






17,989,077 20.05 

Unlisted 

Energy 


1 0.00 

Industrials 


35,306 0.04 

103 


Code Nominal Value 

GBP 

Assets 



1 0.00 


Total Investments (Cost GBP 81,189,499) 89,391,730 99.63 


Net Assets 89,720,365 100.00 



UK GB 84.75 








Fidelity 

Funds 

World Fund 




EUR 


Energy 

Saipem IT EUR 105,347 3,651,325 0.88 


BG Group GB GBP 193,094 2,755,391 0.66 

Chevron US USD 27,643 2,336,082 0.56 

BP GB GBP 371,199 2,046,285 0.49 

Eni IT EUR 115,135 2,039,039 0.49 




Total FR EUR 31,047 1,205,258 0.29 





Technip FR EUR 9,048 786,256 0.19 


Suncor Energy CA CAD 25,664 657,875 0.16 


JX Holdings JP JPY 132,768 543,741 0.13 

Enbridge CA CAD 17,561 536,987 0.13 

Cenovus Energy CA CAD 18,506 504,224 0.12 

TransCanada CA CAD 13,546 466,996 0.11 



AMEC GB GBP 31,116 410,154 0.10 



Apache US USD 5,669 359,703 0.09 



Galp Energia (B) PT EUR 21,687 267,840 0.06 



Inpex JP JPY 59 259,752 0.06 

Baytex Energy CA CAD 7,369 258,213 0.06 

Crescent Point Energy CA CAD 7,162 229,821 0.06 



Talisman Energy CA CAD 24,891 206,603 0.05 

Japan Petroleum Exploration JP JPY 7,038 203,538 0.05 

Tecnicas Reunidas ES EUR 4,958 187,877 0.05 

Ensco (A) GB USD 3,993 176,152 0.04 

CNOOC CN HKD 108,004 172,171 0.04 


Cameco CA CAD 10,797 160,496 0.04 




Helmerich & Payne US USD 2,883 105,964 0.03 


EQT US USD 2,118 98,841 0.02 

SK Innovation KR KRW 656 74,080 0.02 


Hunting GB GBP 7,448 69,324 0.02 










S-Oil KR KRW 718 50,473 0.01 




PTT (F) TH THB 4,386 34,859 0.01 



Cam Finanziaria IT EUR 56,762 27,439 0.01 





Gold Oil* GB GBP 476,076 8,806 0.00 

FAR AU AUD 309,789 8,142 0.00 

Petroleum Geo-Services NO NOK 18 241 0.00 

Hoegh LNG Holdings BM NOK 42 239 0.00 

BW Offshore NO NOK 480 217 0.00 

Aker (A) NO NOK 8 210 0.00 

Songa Offshore CY NOK 156 147 0.00 

104 



EUR 

Ocean Rig UDW CY USD 11 140 0.00 

Statoil NO NOK 7 125 0.00 


Western Refining US USD 4 77 0.00 

Tesoro US USD 2 63 0.00 

Marathon Oil US USD 2 52 0.00 



39,428,666 9.50 

Utilities 



Snam IT EUR 61,673 210,550 0.05 

Enel IT EUR 66,893 193,991 0.05 


Enagas ES EUR 11,115 170,499 0.04 


Exelon US USD 4,713 129,606 0.03 

PG&E US USD 3,884 127,227 0.03 


Red Electrica ES EUR 3,192 115,459 0.03 

PPL US USD 5,068 115,457 0.03 


AES US USD 11,197 90,120 0.02 



Energias de Portugal PT EUR 39,306 82,386 0.02 




Beijing Enterprises Water Group HK HKD 258,473 45,466 0.01 


ITC Holdings US USD 706 43,177 0.01 





Fortis (Canada) CA CAD 725 18,842 0.00 


GDF Suez FR EUR 10 179 0.00 

Pinnacle West Capital US USD 3 140 0.00 

Electricite de France FR EUR 7 110 0.00 

Centrica GB GBP 25 101 0.00 

E.ON DE EUR 5 82 0.00 

American Electric Power US USD 2 78 0.00 

SSE GB GBP 3 60 0.00 

RWE DE EUR 1 46 0.00 

CenterPoint Energy US USD 2 38 0.00 

Portland General Electric US USD 2 32 0.00 

NV Energy US USD 2 28 0.00 


Fortum FI EUR 2 22 0.00 

4,072,124 0.98 

Materials 

Linde DE EUR 12,443 1,614,539 0.39 





Lanxess DE EUR 19,903 1,268,443 0.31 




Arkema FR EUR 11,810 830,726 0.20 

Mosaic US USD 19,025 768,092 0.19 

BASF DE EUR 11,679 746,630 0.18 



Potash Corp of Saskatchewan CA CAD 20,429 633,342 0.15 

Agrium CA CAD 5,323 430,138 0.10 


Goldcorp CA CAD 9,739 339,568 0.08 

Sika (BR) CH CHF 194 311,591 0.08 

Hitachi Chemical JP JPY 27,140 294,337 0.07 

Givaudan (Reg’d) CH CHF 366 282,611 0.07 

Ube Industries JP JPY 151,655 266,517 0.06 

Asahi Kasei JP JPY 61,004 258,272 0.06 



Portucel Empresa Produtora de Pasta e Papel PT EUR 103,971 223,537 0.05 


Miquel y Costas & Miquel ES EUR 9,480 198,975 0.05 



Fidelity 

Funds 

World Fund - continued 




EUR 



Agnico-Eagle Mines CA CAD 4,429 193,210 0.05 

Nitto Denko JP JPY 5,038 176,039 0.04 


IAMGOLD CA CAD 13,831 167,084 0.04 


BHP Billiton (Australia) AU AUD 5,634 153,562 0.04 

CF Industries Holdings US USD 972 152,956 0.04 

LG Chem KR KRW 615 132,676 0.03 

Ecolab US USD 2,414 128,614 0.03 


Banro CA CAD 34,224 120,386 0.03 


Umicore BE EUR 2,433 96,336 0.02 


Symrise DE EUR 3,378 93,679 0.02 





Buzzi Unicem IT EUR 8,148 74,599 0.02 






Vidrala ES EUR 2,953 58,876 0.01 





Buzzi Unicem RSP IT EUR 12,267 55,126 0.01 


Rock-Tenn (A) US USD 956 53,524 0.01 





POSCO KR KRW 161 38,985 0.01 










Acerinox ES EUR 2,905 23,352 0.01 



Asahi Holdings JP JPY 1,637 21,249 0.01 









Eurotin CA CAD 59,221 7,766 0.00 

JSP JP JPY 677 6,751 0.00 

Ausgold AU AUD 41,778 5,344 0.00 


Stella Chemifa JP JPY 254 3,673 0.00 


Sumitomo Chemical JP JPY 423 916 0.00 

Mitsubishi Gas Chemical JP JPY 141 536 0.00 

Chr. Hansen Holding DK DKK 14 328 0.00 

WR Grace & Co US USD 4 211 0.00 

Hoganas (B) SE SEK 7 189 0.00 

Outokumpu FI EUR 278 182 0.00 

Svenska Cellulosa SE SEK 12 178 0.00 

Fuchs Petrolub DE EUR 3 151 0.00 

Silver Wheaton (USA) CA USD 2 56 0.00 

Ball US USD 1 26 0.00 


24,208,011 5.83 

Industrials 







Ryanair Holdings IE EUR 299,612 1,339,267 0.32 


105 



EUR 




Caterpillar US USD 16,965 1,107,661 0.27 

Safran FR EUR 36,060 1,106,849 0.27 



Cummins US USD 10,913 785,329 0.19 



Alstom FR EUR 26,366 694,749 0.17 

Equifax US USD 17,739 685,833 0.17 

Mitsui & Co JP JPY 61,372 664,981 0.16 



Danaher US USD 15,608 623,638 0.15 

GFK DE EUR 17,372 610,274 0.15 


A.P. Moller-Maersk (B) DK DKK 102 549,093 0.13 

CSX US USD 32,085 507,324 0.12 





NORMA Group DE EUR 22,289 475,209 0.11 


Canadian National Railway CA CAD 6,579 438,022 0.11 


Fraport Frankfurt Airport Services Worldwide DE EUR 9,107 411,981 0.10 

Central Japan Railway JP JPY 6,051 400,854 0.10 

Edenred FR EUR 17,711 395,394 0.10 

ADT US USD 11,104 350,989 0.08 

Sumitomo JP JPY 32,849 344,445 0.08 

Bureau Veritas FR EUR 4,017 329,148 0.08 

IMI GB GBP 26,937 319,727 0.08 

Societe BIC FR EUR 3,332 313,496 0.08 


Sumitomo Electric Industries JP JPY 36,290 300,523 0.07 

West Japan Railway JP JPY 8,665 291,320 0.07 




Flughafen Zuerich (Reg’d) CH CHF 808 266,706 0.06 




Emerson Electric US USD 6,370 237,636 0.06 

Kuehne & Nagel International (Regd) CH CHF 2,421 218,102 0.05 

ABB (Reg’d) CH CHF 15,233 211,818 0.05 

Mitsubishi JP JPY 14,821 203,452 0.05 


Donaldson US USD 7,758 192,158 0.05 

Secom JP JPY 4,563 178,875 0.04 


Obayashi JP JPY 49,091 169,057 0.04 

Rieter Holding (Reg’d) CH CHF 1,373 168,744 0.04 

Rockwell Automation US USD 3,074 166,974 0.04 

Kubota JP JPY 19,760 155,386 0.04 

Gategroup Holding CH CHF 7,159 145,636 0.04 

Boeing US USD 2,597 140,824 0.03 

Kaba Holding (B) CH CHF 479 139,936 0.03 

Zehnder Group (BR) CH CHF 3,053 138,759 0.03 


Brammer GB GBP 42,422 126,740 0.03 

Pfeiffer Vacuum Technology DE EUR 1,551 122,090 0.03 


Keppel SG SGD 17,005 113,770 0.03 

Robert Half International US USD 5,447 112,532 0.03 

Finmeccanica IT EUR 29,248 111,784 0.03 

FedEx US USD 1,575 111,259 0.03 


Seek AU AUD 18,611 99,121 0.02 

Sthree GB GBP 25,666 95,831 0.02 

Deere & Co US USD 1,425 93,656 0.02 

Societa Iniziative Autostradali e Servizi IT EUR 14,203 91,181 0.02 

Rockwell Collins US USD 2,211 90,957 0.02 

Pentair CH USD 2,737 88,487 0.02 



Abertis Infraestructuras ES EUR 7,029 81,674 0.02 

Construcciones y Auxiliar de Ferrocarriles ES EUR 211 77,589 0.02 



Orkla NO NOK 11,509 70,161 0.02 


Ferrovial ES EUR 5,734 62,498 0.02 


Hoshizaki Electric JP JPY 2,668 55,920 0.01 


51job ADR CN USD 1,527 55,037 0.01

Fidelity 

Funds 





EUR 


SMA Solar Technology DE EUR 3,153 52,151 0.01 



Nichias JP JPY 13,409 50,604 0.01 



FANUC JP JPY 358 43,880 0.01 


Nitta JP JPY 3,373 39,919 0.01 

Eiffage FR EUR 1,454 38,544 0.01 










IJM MY MYR 20,941 26,440 0.01 

CTCI TW TWD 15,267 23,240 0.01 








Hyundai Engineering & Construction KR KRW 389 17,997 0.00 

Sung Kwang Bend KR KRW 907 16,871 0.00 

XP Power SG GBP 1,365 16,599 0.00 


United Tractors ID IDR 9,200 15,539 0.00 

Colfax US USD 587 15,417 0.00 






TK KR KRW 640 12,467 0.00 


Hirano Tecseed (Kinzoku) JP JPY 1,990 8,454 0.00 

SATS SG SGD 3,694 6,479 0.00 



Kitz JP JPY 946 3,072 0.00 




Saab (B) SE SEK 24 358 0.00 

Tomra Systems NO NOK 52 333 0.00 

A.P. Moller-Maersk (A) DK DKK 1 313 0.00 

Lindab International SE SEK 47 270 0.00 

SKF (B) SE SEK 15 265 0.00 

Assa Abloy (B) SE SEK 10 264 0.00 

Wilh Wilhelmsen ASA NO NOK 48 263 0.00 

Solar (B) DK DKK 5 259 0.00 

Beijer Alma (B) SE SEK 19 247 0.00 

Intrum Justitia SE SEK 22 245 0.00 

Loomis (B) SE SEK 22 230 0.00 

NKT Holding DK DKK 9 226 0.00 

Wartsila FI EUR 7 226 0.00 

Nibe Industrier (B) SE SEK 18 206 0.00 

Konecranes FI EUR 8 196 0.00 

Northrop Grumman US USD 3 179 0.00 

Copart US USD 8 177 0.00 

FLSmidth & Co DK DKK 4 168 0.00 

Haitian International Holdings CN HKD 167 158 0.00 

Systemair SE SEK 16 147 0.00 

Atlas Copco (A) SE SEK 7 133 0.00 

Sandvik SE SEK 12 126 0.00 

Corporate Executive Board US USD 3 113 0.00 

Chicago Bridge & Iron Co NL USD 2 47 0.00 

Sauer-Danfoss US USD 1 39 0.00 

Toro US USD 1 39 0.00 

AECOM Technology US USD 2 27 0.00 

46,704,251 11.25 


Apple US USD 15,970 7,342,755 1.77 

SAP DE EUR 109,645 6,162,070 1.48 

Google (A) US USD 10,084 5,263,796 1.27 




Oracle US USD 79,659 1,903,756 0.46 



106 



EUR 


eBay US USD 39,190 1,458,349 0.35 




Fiserv US USD 11,614 669,278 0.16 

Taiwan Semiconductor Manufacturing TW TWD 244,359 567,874 0.14 

Gemalto NL EUR 8,100 563,907 0.14 


Mastercard (A) US USD 1,321 467,335 0.11 



Dassault Systemes FR EUR 4,988 405,512 0.10 


Dialog Semiconductor DE EUR 25,466 390,647 0.09 


CompuGroup Medical DE EUR 26,649 373,085 0.09 



NVIDIA US USD 34,459 319,319 0.08 



Tencent Holdings CN HKD 9,224 250,252 0.06 

Software DE EUR 8,040 248,517 0.06 


Fujitsu JP JPY 75,713 223,943 0.05 

Hitachi JP JPY 54,728 223,199 0.05 

Kakaku.com JP JPY 8,158 215,152 0.05 


Amphenol (A) US USD 4,625 213,801 0.05 



Altera US USD 8,721 203,176 0.05 


Kyocera JP JPY 2,904 196,604 0.05 



EMC US USD 9,493 178,420 0.04 



eAccess JP JPY 397 153,977 0.04 

Visa (A) US USD 1,449 153,888 0.04 






Bechtle DE EUR 4,231 123,146 0.03 

TDK JP JPY 4,175 120,695 0.03 

Indra Sistemas ES EUR 13,336 117,360 0.03 

STMicroelectronics (Italy) CH EUR 25,693 116,387 0.03 

Sina CN USD 2,728 115,676 0.03 


Agilent Technologies US USD 3,912 108,414 0.03 



SK Hynix KR KRW 5,532 96,828 0.02 

Xilinx US USD 3,835 96,513 0.02 

IQE GB GBP 241,284 96,015 0.02 




Alten FR EUR 3,767 91,394 0.02 


Canon JP JPY 3,639 91,132 0.02 

Keyence JP JPY 445 90,893 0.02 

SDL GB GBP 13,744 90,671 0.02 


Brady GB GBP 71,161 89,819 0.02 








Intel US USD 4,320 72,408 0.02 





NetApp US USD 3,170 66,148 0.02 

Tokyo Electron JP JPY 1,900 65,869 0.02 

VMware (A) US USD 1,015 65,756 0.02 




SCSK JP JPY 4,604 60,366 0.01 


NHN KR KRW 320 57,025 0.01

Fidelity 

Funds 





EUR 




Gree JP JPY 3,910 52,374 0.01 



ADTRAN US USD 3,838 49,621 0.01 

Ei Towers IT EUR 2,181 44,370 0.01 





Globo GB GBP 141,838 40,788 0.01 





Enigmo JP JPY 452 32,612 0.01 

Topcon JP JPY 8,920 32,574 0.01 


Datalogic IT EUR 4,559 30,112 0.01 





NCSoft KR KRW 159 23,550 0.01 


YOC DE EUR 2,669 20,019 0.00 


Megachips JP JPY 1,143 19,673 0.00 






SAES Getters IT EUR 1,565 11,139 0.00 

Ant GB GBP 43,077 10,714 0.00 


Elec & Eltek International (Hong-Kong) SG HKD 4,721 7,937 0.00 

CAC JP JPY 1,214 7,869 0.00 

Maruwa Aichi JP JPY 325 7,360 0.00 

SouFun Holdings ADR CN USD 491 6,822 0.00 


WebCrew JP JPY 1,242 5,995 0.00 

NSD JP JPY 776 5,723 0.00 


ITC Networks JP JPY 635 3,918 0.00 


IBM US USD 2 350 0.00 

SimCorp DK DKK 2 264 0.00 

Linear Technology US USD 7 167 0.00 

Flextronics International SG USD 33 148 0.00 

Analog Devices US USD 3 85 0.00 

Motorola Solutions US USD 1 27 0.00 

53,679,848 12.93 





WPP IE GBP 212,965 2,117,321 0.51 




PPR FR EUR 13,704 1,858,905 0.45 

Inditex ES EUR 18,681 1,838,914 0.44 





TJX US USD 41,536 1,316,391 0.32 



ElringKlinger DE EUR 46,569 997,500 0.24 

Honda Motor JP JPY 42,421 982,936 0.24 


Comcast (A) US USD 32,502 934,242 0.23 


ProSiebenSat.1 Media (Pref’d) DE EUR 38,508 827,930 0.20 

Lowe’s US USD 33,139 823,648 0.20 


Adidas DE EUR 12,328 810,351 0.20 


Nintendo JP JPY 7,853 780,993 0.19 


Autogrill IT EUR 89,568 706,241 0.17 


IPSOS FR EUR 25,183 682,704 0.16 


107 



EUR 

Nissan Motor JP JPY 88,001 566,472 0.14 

Expedia US USD 12,085 554,353 0.13 

BMW DE EUR 8,983 552,009 0.13 

BMW (Pref’d) DE EUR 12,746 544,259 0.13 




News (A) US USD 26,785 493,310 0.12 



Vivendi FR EUR 28,328 447,150 0.11 

Renault FR EUR 12,739 439,629 0.11 

Toyota Motor JP JPY 14,263 423,358 0.10 

Daimler (Reg’d) DE EUR 11,056 398,303 0.10 

Hyundai Motor KR KRW 2,245 355,066 0.09 




Coach US USD 6,712 287,280 0.07 

PVH US USD 3,275 269,052 0.06 

Swatch Group (Reg’d) CH CHF 4,186 234,649 0.06 


Informa CH GBP 41,847 208,257 0.05 



NIKE (B) US USD 2,771 194,408 0.05 



Kuoni Reisen Holding (B) (Reg’d) CH CHF 881 181,661 0.04 

Mattel US USD 6,309 178,828 0.04 

Target US USD 3,393 165,904 0.04 

Kia Motors KR KRW 3,888 165,852 0.04 

ASOS GB GBP 5,901 165,483 0.04 

TF1 FR EUR 24,899 165,053 0.04 

Dick’s Sporting Goods US USD 4,292 163,816 0.04 

Quebecor (B) CA CAD 5,970 160,454 0.04 

Jupiter Telecommunications JP JPY 153 160,341 0.04 

Best Buy US USD 13,289 155,521 0.04 





Big Lots US USD 5,922 132,662 0.03 


DIRECTV US USD 3,260 128,188 0.03 








Ralph Lauren US USD 945 111,845 0.03 

SEB FR EUR 2,221 111,492 0.03 


Johnson Controls US USD 5,447 107,675 0.03 

VF US USD 899 107,382 0.03 

SHW DE EUR 3,630 105,080 0.03 

BorgWarner US USD 2,055 103,339 0.02 

Antena 3 de Television ES EUR 31,304 96,730 0.02 








Staples US USD 8,824 77,959 0.02 

Makita JP JPY 2,526 76,964 0.02 


Dena JP JPY 2,837 68,106 0.02 


Marcolin IT EUR 15,999 67,034 0.02 


Astral Media (A) CA CAD 2,046 64,984 0.02 

PubliGroupe (Reg’d) CH CHF 558 58,737 0.01 

Pal JP JPY 1,433 56,389 0.01 




Gildan Activewear (A) CA CAD 1,891 49,591 0.01 



Duskin JP JPY 3,054 44,644 0.01 

Phorm SG GBP 47,132 42,200 0.01 

Safilo Group IT EUR 6,279 40,842 0.01 


Chiyoda JP JPY 1,807 39,796 0.01 


Indesit IT EUR 8,095 38,629 0.01

Fidelity 

Funds 





EUR 

Tim Hortons CA CAD 971 37,036 0.01 

Hyundai Motor (Pref’d) KR KRW 705 35,493 0.01 





Piquadro IT EUR 18,990 30,555 0.01 

K’s Holdings JP JPY 1,482 30,482 0.01 



Hajime Construction JP JPY 1,101 26,708 0.01 



Koshidaka Holdings JP JPY 1,115 23,523 0.01 


Goldwin JP JPY 4,658 21,980 0.01 


Fields JP JPY 1,835 20,312 0.00 



Shimano JP JPY 282 13,693 0.00 

Brembo IT EUR 1,648 12,968 0.00 


Prada IT HKD 2,005 12,504 0.00 

Arnest One JP JPY 1,002 11,450 0.00 


New Oriental Education & Technology Group ADR CN USD 680 8,793 0.00 

Otsuka Kagu JP JPY 1,143 8,599 0.00 

Hyundai Department Store KR KRW 80 7,604 0.00 


Nippon Seiki JP JPY 847 6,270 0.00 





West Holdings JP JPY 353 3,464 0.00 




Rinnai JP JPY 14 742 0.00 

Autoliv SDR SE SEK 7 333 0.00 

Amer Sports FI EUR 26 289 0.00 

Pandora DK DKK 17 206 0.00 

PetSmart US USD 3 135 0.00 

Hennes & Mauritz (B) SE SEK 4 117 0.00 

Axel Springer DE EUR 3 99 0.00 

O’Reilly Automotive US USD 1 90 0.00 

Sodexo FR EUR 1 86 0.00 

Sherwin-Williams US USD 1 58 0.00 

Ross Stores US USD 1 44 0.00 

WABCO Holdings US USD 1 36 0.00 

CBS (B) US USD 1 35 0.00 

Marriott International (A) US USD 1 25 0.00 



61,982,772 14.94 



Danone FR EUR 69,180 3,280,881 0.79 




PepsiCo US USD 35,997 1,920,639 0.46 



L’Oreal FR EUR 14,532 1,428,028 0.34 


Diageo GB GBP 55,627 1,225,076 0.30 


Unilever (UK) GB GBP 31,141 894,939 0.22 



Henkel & Co (Pref’d) DE EUR 12,731 784,332 0.19 






Aryzta CH CHF 15,242 587,331 0.14 


Coca-Cola US USD 17,088 487,279 0.12 



Henkel & Co DE EUR 9,137 456,108 0.11 

Kellogg US USD 11,198 453,732 0.11 

Glanbia IE EUR 57,326 419,625 0.10 


Seven & I Holdings JP JPY 16,270 386,625 0.09 


108 



EUR 


Remy Cointreau FR EUR 4,361 348,989 0.08 

Casino Guichard Perrachon FR EUR 4,752 320,211 0.08 

Tesco GB GBP 70,511 280,455 0.07 

General Mills US USD 8,783 270,169 0.07 

HJ Heinz US USD 6,085 269,955 0.07 

Ebro Foods ES EUR 18,547 262,805 0.06 

Viscofan ES EUR 6,614 246,967 0.06 


Parmalat IT EUR 131,296 229,505 0.06 


Pigeon JP JPY 5,745 203,776 0.05 


Aeon JP JPY 21,891 183,731 0.04 

Alimentation Couche Tard (B) CA CAD 4,572 173,222 0.04 

Shoppers Drug Mart CA CAD 4,869 156,562 0.04 

Devro GB GBP 37,208 151,671 0.04 


Barry Callebaut (Reg’d) CH CHF 186 137,150 0.03 







Davide Campari-Milano IT EUR 15,016 94,002 0.02 

Distribuidora Internacional de Alimentacion ES EUR 19,362 90,420 0.02 






Metro DE EUR 3,245 72,114 0.02 





KT&G KR KRW 760 44,325 0.01 











Baron de Ley ES EUR 461 20,137 0.00 

Kao JP JPY 889 19,233 0.00 


Jeronimo Martins SGPS PT EUR 1,125 15,189 0.00 



Siam Makro (F) TH THB 805 9,264 0.00 

Campofrio Food Group ES EUR 1,510 8,532 0.00 

Kweichow Moutai CN CNY 220 6,715 0.00 




Sugi Holdings JP JPY 14 392 0.00 

AarhusKarlshamn SE SEK 10 318 0.00 

Costco Wholesale US USD 2 169 0.00 

Raisio FI EUR 41 125 0.00 

Nu Skin Enterprises (A) US USD 4 124 0.00 

Whole Foods Market US USD 2 111 0.00 

Campbell Soup US USD 3 81 0.00 

Lindt & Spruengli CH CHF 1 73 0.00 

McCormick & Co US USD 1 55 0.00 


43,185,871 10.41 

Healthcare 

Sanofi FR EUR 139,131 9,435,852 2.27 


Pfizer US USD 197,108 3,789,785 0.91 








Merck & Co US USD 38,991 1,368,590 0.33 






WellPoint US USD 15,533 730,724 0.18

Fidelity 

Funds 





EUR 

BioMerieux FR EUR 8,820 658,834 0.16 

Celgene US USD 11,479 650,769 0.16 

Humana US USD 10,140 578,316 0.14 

Sartorius (Pref’d) DE EUR 7,474 482,081 0.12 


UCB BE EUR 9,902 445,571 0.11 


MEDNAX US USD 7,477 393,426 0.09 

Stryker US USD 9,458 381,857 0.09 


Grifols ADR ES USD 15,325 297,133 0.07 

Sawai Pharmaceutical JP JPY 3,406 289,711 0.07 



Draegerwerk & Co (Pref’d) DE EUR 3,316 250,289 0.06 

Takeda Pharmaceutical JP JPY 6,567 234,945 0.06 


Otsuka Holdings JP JPY 9,271 220,113 0.05 

Centene US USD 7,507 219,396 0.05 




Amgen US USD 2,752 183,499 0.04 


Tecan Group (Reg’d) CH CHF 3,126 180,062 0.04 

Mettler-Toledo International US USD 1,386 178,725 0.04 



Catamaran US CAD 4,740 171,484 0.04 

Cooper Companies US USD 2,300 169,074 0.04 

Sorin IT EUR 89,704 162,453 0.04 


Aetna US USD 4,292 144,515 0.03 



STRATEC Biomedical DE EUR 4,086 132,999 0.03 

Recordati IT EUR 21,188 130,837 0.03 


Nexus DE EUR 12,319 115,801 0.03 

Laboratory of America Holdings US USD 1,736 113,591 0.03 

3SBio ADR CN USD 10,752 111,236 0.03 



Nikkiso JP JPY 11,574 106,454 0.03 


Elan ADR IE USD 12,221 101,281 0.02 

DaVita US USD 1,172 100,974 0.02 




Amplifon IT EUR 26,442 94,451 0.02 


BB Biotech (Reg’d) CH CHF 1,195 89,428 0.02 

Elekta (B) SE SEK 8,117 89,247 0.02 



Olympus JP JPY 6,224 83,727 0.02 

CR Bard US USD 1,096 81,287 0.02 



Ossur IS DKK 73,962 75,353 0.02 



Ansell AU AUD 5,481 68,403 0.02 


Edwards Lifesciences US USD 988 65,655 0.02 


Biogen Idec US USD 576 61,739 0.01 


Hospira US USD 2,331 55,046 0.01 

Medica FR EUR 3,949 54,459 0.01 


Tornier NL USD 4,025 52,784 0.01 









ABIOMED US USD 2,864 42,396 0.01 



Kalbe Farma ID IDR 470,650 36,545 0.01 


Optos GB GBP 11,602 29,395 0.01 

Shire IE GBP 1,172 25,401 0.01 



109 



EUR 

Almirall ES EUR 2,390 16,488 0.00 


Fresenius Medical Care & Co DE EUR 241 13,055 0.00 

Tsukui JP JPY 649 11,613 0.00 



Sysmex JP JPY 14 511 0.00 

ALK-Abello DK DKK 7 347 0.00 

Roche Holding BR CH CHF 1 215 0.00 

Getinge (B) SE SEK 9 207 0.00 

AstraZeneca GB GBP 3 119 0.00 

Coloplast (B) DK DKK 1 86 0.00 

AmerisourceBergen US USD 3 78 0.00 

Warner Chilcott (A) IE USD 8 73 0.00 

PDL BioPharma US USD 9 54 0.00 

Waters US USD 1 52 0.00 

Zimmer Holdings US USD 1 38 0.00 


54,891,681 13.23 



Freenet DE EUR 55,636 709,643 0.17 



NTT DoCoMo JP JPY 356 400,023 0.10 

Nippon Telegraph & Telephone JP JPY 10,028 353,402 0.09 

Rogers Communications (B) (Non-Vtg) CA CAD 10,412 350,198 0.08 


KDDI JP JPY 4,342 259,596 0.06 

BCE CA CAD 7,460 250,197 0.06 

Sonaecom SGPS PT EUR 160,352 224,493 0.05 

TELUS CA CAD 4,364 217,857 0.05 


AT&T US USD 7,207 192,031 0.05 



Telecom Italia (Pref’d) IT EUR 278,500 171,556 0.04 



Telstra AU AUD 34,317 113,545 0.03 




Maxis MY MYR 50,320 88,263 0.02 


Ziggo NL EUR 3,211 80,245 0.02 






StarHub SG SGD 22,788 52,781 0.01 

LG Uplus KR KRW 7,031 34,588 0.01 





Philippine Long Distance Telephone PH PHP 311 15,451 0.00 

Telefonica Deutschland Holding DE EUR 2,354 13,861 0.00 

KT KR KRW 520 13,585 0.00 



Deutsche Telekom (Reg’d) DE EUR 12 108 0.00 

Swisscom (Reg’d) CH CHF 1 62 0.00 

IDT US USD 1 11 0.00 

9,717,546 2.34 

Financials 


UBS (Reg’d) CH CHF 387,741 4,485,472 1.08 











Mitsubishi UFJ Financial Group JP JPY 326,258 1,136,422 0.27 


Aon GB USD 26,974 1,119,196 0.27 



Legal & General Group GB GBP 573,577 955,778 0.23 

Sumitomo Mitsui Financial Group JP JPY 36,760 864,694 0.21 

AXA FR EUR 58,468 717,112 0.17

Fidelity 

Funds 





EUR 

Bank of Montreal CA CAD 14,116 643,118 0.15 

Berkshire Hathaway (B) US USD 9,387 626,755 0.15 


ORIX JP JPY 7,495 592,596 0.14 



Lloyds Banking Group GB GBP 995,313 502,203 0.12 


Mizuho Financial Group JP JPY 378,933 456,743 0.11 


ICAP GB GBP 105,374 426,003 0.10 

MS&AD Insurance Group Holdings JP JPY 32,566 424,628 0.10 

Aareal Bank DE EUR 25,158 416,357 0.10 

Sumitomo Mitsui Trust Holdings JP JPY 171,171 399,433 0.10 

Royal Bank of Canada CA CAD 8,607 378,116 0.09 

AIA Group HK HKD 123,131 374,281 0.09 


Credit Suisse Group (Reg’d) CH CHF 19,827 354,732 0.09 

Invesco US USD 18,462 342,295 0.08 

ACE CH USD 5,606 339,587 0.08 

US Bancorp US USD 12,720 324,591 0.08 

Intesa Sanpaolo IT EUR 254,499 315,324 0.08 


Marsh & McLennan US USD 11,355 296,490 0.07 

Swiss Re CH CHF 5,408 288,402 0.07 



Manulife Financial CA CAD 28,906 275,157 0.07 

Intact Financial CA CAD 5,672 264,903 0.06 

Northern Trust US USD 7,132 261,443 0.06 

Brookfield Asset Management (A) CA CAD 8,949 237,331 0.06 

GAM Holding CH CHF 21,740 234,200 0.06 

Bank of China (H) CN HKD 697,480 219,677 0.05 

Sun Life Financial CA CAD 11,422 218,167 0.05 

Australia & NZ Banking Group AU AUD 10,529 213,680 0.05 

Mediobanca IT EUR 48,607 213,676 0.05 

Commonwealth Bank of Australia AU AUD 4,604 212,123 0.05 


Bank of Nova Scotia CA CAD 4,362 182,533 0.04 

Euler Hermes FR EUR 3,421 181,924 0.04 

MetLife US USD 6,602 179,350 0.04 



Nomura Real Estate Holdings JP JPY 12,900 178,244 0.04 

Mitsubishi UFJ Lease & Finance JP JPY 5,065 168,069 0.04 

Industrial & Commercial Bank of China (H) CN HKD 328,960 166,371 0.04 


BOC Hong Kong Holdings HK HKD 69,146 163,286 0.04 

United Overseas Bank SG SGD 13,540 155,347 0.04 

Lazard (A) BM USD 6,730 153,001 0.04 

UniCredit IT EUR 44,557 151,763 0.04 

China Construction Bank (H) CN HKD 259,499 149,469 0.04 





Exor IT EUR 7,224 143,622 0.03 

Bank Rakyat Indonesia Persero ID IDR 241,182 142,869 0.03 


Goldman Sachs Group US USD 1,498 140,999 0.03 

BlackRock US USD 940 137,214 0.03 






Ageas BE EUR 6,227 122,276 0.03 



Greenhill & Co US USD 3,046 111,705 0.03 



Goodman Group AU AUD 30,983 109,374 0.03 

Fondiaria-Sai IT EUR 107,588 108,019 0.03 

SLM US USD 7,961 107,221 0.03 



Loews US USD 3,029 99,017 0.02 


Banca Generali IT EUR 8,530 96,733 0.02 




Mapfre ES EUR 43,714 93,461 0.02 


Franklin Resources US USD 915 90,239 0.02 




Public Storage US USD 816 86,191 0.02 

110 



EUR 










Swissquote Group Holding (Reg’d) CH CHF 2,958 70,469 0.02 








Banco Espanol de Credito ES EUR 21,607 60,738 0.01 



















Bolsas y Mercados Espanoles ES EUR 2,514 41,804 0.01 

Credito Emiliano IT EUR 11,165 41,512 0.01 




EFG Financial Products Holding CH CHF 942 35,902 0.01 




Ping An Insurance Group (H) CN HKD 5,253 31,728 0.01 

















Iida Home Max JP JPY 2,597 17,623 0.00 


Macquarie Group AU AUD 648 16,440 0.00 





Amata (F) TH THB 26,794 10,324 0.00 


Tokyu Land JP JPY 2,117 9,143 0.00 

Airport Facilities JP JPY 2,357 8,367 0.00 





Security Bank PH PHP 656 1,993 0.00 

China Vanke (B) CN HKD 622 625 0.00 

Pohjola Bank (A) FI EUR 24 254 0.00 

Muenchener Rueckversicherungs (Reg’d) DE EUR 2 229 0.00 

Aflac US USD 6 227 0.00 

Svenska Handelsbanken (A) SE SEK 8 204 0.00 

American Express US USD 4 151 0.00 

CBOE Holdings US USD 6 130 0.00 

Sampo (A) FI EUR 4 92 0.00 

Home Properties US USD 2 76 0.00 

Discover Financial Services US USD 2 56 0.00 

American National Insurance US USD 1 43 0.00 

Simon Property Group US USD 1 41 0.00

Fidelity 

Funds 

Admiral Group GB GBP 3 40 0.00 

CapitalSource US USD 4 25 0.00 


Ageas - Strip VVPR BE EUR 269 2 0.00 

59,995,460 14.46 






219,237 0.05 



UBS (Kweichow Moutai (A)) ELN 09/07/2015 CN USD 899 27,462 0.01 








BNP (Ping An Insurance Group (A)) ELN 20/08/2013 NL USD 626 3,002 0.00 

BNP (China Vanke (A)) ELN 20/08/2013 NL USD 507 521 0.00 

136,983 0.03 


Industrials 



54,414 0.01 

Healthcare 


129,795 0.03 

Financials 


Aegon NL EUR 126,897 546,671 0.13 

Societe Generale FR EUR 8,601 210,932 0.05 


3,789,497 0.91 




117,928 0.03 

Unlisted 





EUR 

Energy 






222,273 0.05 

Utilities 



1 0.00 

Materials 




13,289 0.00 

Industrials 






1,759 0.00 




TPK Holdings GDR KY USD 449 4,350 0.00 

111 



42,409 0.01 



0 0.00 

Healthcare 



10,972 0.00 








289,524 0.07 

Financials 






Bankinter* ES EUR 1,151 2,984 0.00 

SAO Special Finance Rts 10/02/2013* CA CAD 720 1,250 0.00 


140,872 0.03 


DB (China Vanke (A)) ELN 11/07/2018 CN USD 921 947 0.00 

947 0.00 






EUR 


9,051 0.00 




EUR 



EUR EUR 
























20,650 0.00

Fidelity 

Funds 

Futures 




FTSE 100 Index Future 21/12/2012 GBP (211,432) 4,936 0.00 

Dax Index Future 21/12/2012 EUR 257,528 725 0.00 

FTSE/MIB Index Future 26/12/2012 EUR 137,035 (4,865) (0.00) 

39,123 0.01 


Net Assets 415,015,379 100.00 




EUR 


USA US 31.45 


UK GB 10.90 



Japan JP 4.80 



Spain ES 2.97 

Italy IT 2.67 




China CN 0.78 

Korea KR 0.66 


















India IN 0.04 



Kenya KE 0.02 











112

Fidelity 

Funds 

Fidelity Patrimoine 1,4 




EUR 


Energy 

Exxon Mobil US USD 1,922 134,014 0.28 

BG Group GB GBP 8,808 125,689 0.27 

BP GB GBP 19,812 109,215 0.23 

Chevron US USD 1,283 108,452 0.23 

Gaz Capital (Gazprom) 3.755% 15/03/2017 Reg S LU EUR 101,371 105,151 0.22 

Occidental Petroleum US USD 1,217 74,040 0.16 

Surgutneftegas (Pref’d) RU USD 110,904 52,962 0.11 

Eni 3.75% 27/06/2019 EMTN IT EUR 43,268 47,205 0.10 

CNOOC CN HKD 24,917 39,720 0.08 

Saipem IT EUR 1,081 37,457 0.08 


Royal Dutch Shell (Netherlands) (A) NL EUR 1,005 26,594 0.06 

PTT (F) TH THB 3,155 25,072 0.05 

Eni IT EUR 1,394 24,683 0.05 

Total FR EUR 624 24,235 0.05 

Schlumberger US USD 452 24,127 0.05 

Apache US USD 365 23,192 0.05 

Cameron International US USD 616 23,122 0.05 

Transocean (Switzerland) CH CHF 656 23,041 0.05 

Anadarko Petroleum US USD 435 22,992 0.05 



Dresser-Rand Group US USD 532 21,194 0.04 

Valero Energy US USD 916 20,345 0.04 

Inpex JP JPY 5 19,998 0.04 

National Oilwell Varco US USD 345 19,520 0.04 

Petroleum Geo-Services NO NOK 1,464 19,457 0.04 


QEP Resources US USD 819 18,397 0.04 

EOG Resources US USD 206 18,377 0.04 

BW Offshore NO NOK 38,759 17,551 0.04 

Aker (A) NO NOK 624 16,955 0.04 


Japan Petroleum Exploration JP JPY 542 15,670 0.03 


Phillips 66 US USD 403 14,656 0.03 

Marathon Petroleum US USD 341 14,290 0.03 

Royal Dutch Shell (B) NL GBP 503 13,695 0.03 

Ensco (A) GB USD 307 13,525 0.03 

Songa Offshore CY NOK 12,593 11,899 0.03 

Valero Energy 6.625% 15/06/2037 US USD 12,362 11,873 0.03 

Ocean Rig UDW CY USD 920 11,335 0.02 


Rowan Companies (A) US USD 423 10,326 0.02 

Technip FR EUR 103 8,988 0.02 

Tullow Oil GB GBP 486 8,483 0.02 

EQT US USD 178 8,295 0.02 

Helmerich & Payne US USD 200 7,332 0.02 

Royal Dutch Shell ADR NL USD 139 7,327 0.02 

Cie Generale de Geophysique - Veritas FR EUR 288 7,262 0.02 

MOL Hungarian Oil & Gas 5.875% 20/04/2017 EMTN HU EUR 5,263 5,402 0.01 

HollyFrontier 9.875% 15/06/2017 US USD 5,981 5,069 0.01 

Afren 10.25% 08/04/2019 Reg S GB USD 5,502 4,890 0.01 

Galp Energia (B) PT EUR 351 4,340 0.01 


World Fuel Services US USD 140 3,725 0.01 

AMEC GB GBP 252 3,320 0.01 

Repsol YPF ES EUR 215 3,317 0.01 

China Shenhua Energy (H) CN HKD 956 3,113 0.01 

Tecnicas Reunidas ES EUR 80 3,044 0.01 


S-Oil KR KRW 41 2,916 0.01 


Cameco CA CAD 144 2,141 0.00 

Rockhopper Exploration GB GBP 716 1,403 0.00 

Hunting GB GBP 142 1,325 0.00 


Ichor Coal DE EUR 269 1,130 0.00 

Exillon Energy RU GBP 576 1,116 0.00 

Salamander Energy GB GBP 464 1,112 0.00 

Faroe Petroleum GB GBP 568 1,074 0.00 

China Coal Energy (H) CN HKD 1,245 949 0.00 

Tambang Batubara Bukit Asam Persero ID IDR 634 812 0.00 

Sevan Drilling NO NOK 931 557 0.00 

Cam Finanziaria IT EUR 878 425 0.00 

Gold Oil* GB GBP 9,100 168 0.00 

FAR AU AUD 5,922 156 0.00 

Petromena 9.75% 24/05/2013 (Defaulted)* NO NOK 131 3 0.00 

1,592,038 3.37 

113 



EUR 

Utilities 

CEZ 4.875% 16/04/2025 EMTN CZ EUR 77,883 92,616 0.20 

Centrica 5.50% 24/10/2016 EMTN GB GBP 50,685 72,224 0.15 

Fortum 2.25% 06/09/2022 EMTN FI EUR 63,048 62,131 0.13 

Edison Spa 3.875% 10/11/2017 EMTN IT EUR 45,741 48,962 0.10 

Veolia Environnement 6.00% 01/06/2018 FR USD 50,364 45,606 0.10 

GDF Suez 2.25% 01/06/2018 EMTN FR EUR 27,197 28,317 0.06 

Electricite de France 4.625% 26/04/2030 EMTN FR EUR 24,725 27,962 0.06 


Gas Natural Capital Markets 5.375% 24/05/2019 EMTN ES EUR 24,725 26,002 0.06 

Enel Finance International 4.875% 17/04/2023 EMTN NL EUR 24,725 25,141 0.05 

Edison International US USD 635 22,958 0.05 

EDP Finance 5.75% 21/09/2017 EMTN NL EUR 20,514 21,027 0.04 



Iberdrola International 4.25% 11/10/2018 EMTN NL EUR 17,307 17,922 0.04 


Iberdrola ES EUR 4,364 17,412 0.04 

Dominion Resources US USD 261 10,549 0.02 

PPL US USD 425 9,690 0.02 

First Hydro Finance 9.00% 31/07/2021 GB GBP 6,064 9,175 0.02 

Exelon US USD 326 8,968 0.02 

FirstEnergy US USD 220 7,775 0.02 

EDP Finance 8.625% 04/01/2024 EMTN NL GBP 5,562 7,268 0.02 

PG&E US USD 211 6,903 0.01 

NextEra Energy US USD 116 6,225 0.01 

Viridian Group FundCo II 1.125% 01/04/2017 Reg S KY EUR 5,981 6,205 0.01 

Southern Water Greensand 8.50% 15/04/2019 GB GBP 4,486 5,823 0.01 

Techem Energy Metering Serv. 7.875% 01/10/2020 Reg S DE EUR 5,203 5,525 0.01 

Techem 6.125% 01/10/2019 Reg S DE EUR 5,203 5,491 0.01 

AES US USD 608 4,890 0.01 

NRG Energy US USD 274 4,557 0.01 

Intergen 8.50% 30/06/2017 Reg S NL EUR 3,887 3,674 0.01 


Snam IT EUR 954 3,258 0.01 

Enel IT EUR 1,035 3,001 0.01 


Power Assets Holdings HK HKD 422 2,764 0.01 

Enagas ES EUR 180 2,763 0.01 




Red Electrica ES EUR 52 1,871 0.00 

Cheung Kong Infrastructure Holdings HK HKD 410 1,852 0.00 

EDP Finance 4.90% 01/10/2019 144A NL USD 2,273 1,684 0.00 

Gas Natural SDG ES EUR 139 1,668 0.00 

Intergen 9.50% 30/06/2017 Reg S NL GBP 1,196 1,398 0.00 

Energias de Portugal PT EUR 637 1,335 0.00 


EDP Finance 4.90% 01/10/2019 Reg S NL USD 1,675 1,242 0.00 

Helius Energy GB GBP 4,884 957 0.00 

CLP Holdings HK HKD 121 796 0.00 

EDP Renovaveis ES EUR 201 735 0.00 

Modern Water GB GBP 1,118 605 0.00 

TXU Europe Funding 7.00% 30/11/2005 (Defaulted)* GB EUR 124,520 1 0.00 

AES Drax Energy 11.25% 30/08/2010 (Defaulted)* KY GBP 897 0 0.00 

734,638 1.56 

Materials 

Rexam 6.75% VRN 29/06/2067 GB EUR 91,898 95,181 0.20 

Rio Tinto (UK) GB GBP 2,167 83,656 0.18 



Arkema 3.85% 30/04/2020 FR EUR 39,559 42,618 0.09 

Harmony Gold Mining ZA ZAR 6,577 41,488 0.09 



Lafarge 10.00% 30/05/2017 EMTN FR GBP 23,161 34,382 0.07 

Mosaic US USD 834 33,685 0.07 

HeidelbergCement Finance 8.00% 31/01/2017 NL EUR 26,799 31,212 0.07 


Chr. Hansen Holding DK DKK 1,095 26,471 0.06 

Ashland US USD 487 26,237 0.06 


Linde DE EUR 171 22,200 0.05 


Freeport-McMoRan Copper & Gold US USD 634 19,068 0.04 

Cabot Financial (Luxembourg) 10.375% 01/10/2019 Reg S LU GBP 13,815 18,060 0.04 

Sika (BR) CH CHF 11 17,579 0.04 

Brenntag DE EUR 180 17,497 0.04 

Air Liquide FR EUR 191 17,359 0.04 

Lanxess DE EUR 251 15,979 0.03 

LyondellBasell Industries (A) NL USD 381 15,547 0.03 

Hoganas (B) SE SEK 593 15,235 0.03 




Fidelity 

Funds 

Fidelity Patrimoine 1,4 - continued 




EUR 

Shin-Etsu Chemical JP JPY 341 14,816 0.03 

Outokumpu FI EUR 22,470 14,673 0.03 

Svenska Cellulosa SE SEK 956 14,372 0.03 

Nitto Denko JP JPY 388 13,553 0.03 

Ardagh Packaging Finance 7.375% 15/10/2017 Reg S IE EUR 12,619 13,478 0.03 

Ard Finance 11.125% 01/06/2018 Reg S LU EUR 12,030 12,333 0.03 


Yamato Kogyo JP JPY 521 11,266 0.02 

Polymetal International RU GBP 803 11,125 0.02 

Ecolab US USD 203 10,794 0.02 

ALROSA Finance 7.75% 03/11/2020 Reg S LU USD 11,961 10,559 0.02 


Arkema FR EUR 147 10,334 0.02 



Metinvest 8.75% 14/02/2018 Reg S NL USD 12,440 9,292 0.02 

Orion Engineered Carbons 10.00% 15/06/2018 Reg S DE EUR 8,074 8,793 0.02 

BASF DE EUR 130 8,316 0.02 

Lafarge 8.875% 24/11/2016 EMTN FR EUR 6,519 7,783 0.02 

PPG Industries US USD 84 7,519 0.02 


OI European Group 6.875% 31/03/2017 Reg S NL EUR 6,340 6,556 0.01 

Evraz Group 6.75% 27/04/2018 Reg S LU USD 8,313 6,466 0.01 

Albemarle US USD 140 5,964 0.01 

Ardagh (USA) 7.375% 15/10/2017 Reg S IE EUR 5,383 5,741 0.01 

Potash Corp of Saskatchewan CA CAD 184 5,707 0.01 

LG Chem KR KRW 25 5,335 0.01 

Lecta 8.875% 15/05/2019 Reg S LU EUR 5,143 5,282 0.01 

Newmont Mining US USD 125 5,239 0.01 

Cemex Finance 9.375% 12/10/2022 Reg S US USD 5,981 4,833 0.01 

Norske Skogindustrier 7.00% 26/06/2017 NO EUR 6,340 4,724 0.01 

First Quantum Minerals 7.25% 15/10/2019 Reg S CA USD 5,682 4,505 0.01 


Hitachi Chemical JP JPY 324 3,513 0.01 


Miquel y Costas & Miquel ES EUR 154 3,224 0.01 


Glencore International CH GBP 677 2,886 0.01 

Hidili Industry Int’l Development 1.50% 19/01/2015 KY CNY 22,846 2,851 0.01 


Tokyo Ohka Kogyo JP JPY 170 2,671 0.01 

HeidelbergCement Fin Lux 7.50% 03/04/2020 LU EUR 2,273 2,598 0.01 

Exxaro Resources ZA ZAR 165 2,540 0.01 


Banro CA CAD 654 2,301 0.00 

Kerling 10.625% 01/02/2017 Reg S GB EUR 2,459 2,286 0.00 


Inner Mongolia Baotou Steel Rare-Earth Hi-Tech (A) CN CNY 627 2,206 0.00 

AngloGold Holdings 3.50% 22/05/2014 Reg S GB USD 2,512 2,024 0.00 

London Mining GB GBP 854 1,619 0.00 





Buzzi Unicem IT EUR 126 1,154 0.00 

Mineral Deposits AU AUD 288 1,121 0.00 


Petra Diamonds GB GBP 772 955 0.00 

Vidrala ES EUR 48 954 0.00 

Buzzi Unicem RSP IT EUR 190 853 0.00 

Teranga Gold CA CAD 466 773 0.00 

China Shanshui Cement Group CN HKD 1,312 745 0.00 

Ormonde Mining IE GBP 7,098 585 0.00 

Polar Star Mining CA CAD 2,984 426 0.00 

ArcelorMittal LU EUR 36 412 0.00 

Acerinox ES EUR 47 378 0.00 

Olympus Pacific Minerals CDI CA AUD 1,480 212 0.00 

Eurotin CA CAD 1,132 148 0.00 

Ausgold AU AUD 799 102 0.00 

Chesapeake 10.375% 15/11/2011 (Defaulted)* US GBP 390 0 0.00 

Teksid Aluminum 11.375% 15/07/2011 Reg S (Defaulted)* LU EUR 4,807 0 0.00 

1,184,326 2.51 

Industrials 

Siemens Financieringsmaat. 6.125% VRN 14/09/2066 NL GBP 85,300 116,060 0.25 


General Electric 5.25% 06/12/2017 US USD 117,442 107,523 0.23 


HIT Finance 5.75% 09/03/2018 NL EUR 74,174 80,312 0.17 

Glencore Finance Europe 4.125% 03/04/2018 LU EUR 74,174 79,319 0.17 

Mitsubishi 1.875% 13/07/2017 EMTN JP USD 92,717 72,326 0.15 

Cie de St-Gobain 3.625% 15/06/2021 EMTN FR EUR 69,229 70,802 0.15 


Bureau Veritas 3.75% 24/05/2017 EMTN FR EUR 64,284 67,811 0.14 

Capita GB GBP 7,243 65,117 0.14 



Deutsche Bahn Finance 4.375% 23/09/2021 EMTN NL EUR 37,087 44,270 0.09 

Danaher US USD 1,064 42,526 0.09 

114 



EUR 

ST Engeneering Financial 1 4.80% 16/07/2019 EMTN SG USD 47,199 42,063 0.09 

United Technologies US USD 671 40,419 0.09 

Ingersoll-Rand IE USD 962 34,797 0.07 

United Parcel Service (B) US USD 579 32,653 0.07 

Equifax US USD 841 32,499 0.07 

Siemens (Reg’d) DE EUR 404 31,347 0.07 


Saab (B) SE SEK 1,976 28,969 0.06 

Towers Watson & Co (A) US USD 676 27,793 0.06 

MTU Aero Engines Holding DE EUR 424 27,495 0.06 

Tomra Systems NO NOK 4,234 26,897 0.06 


Cummins US USD 353 25,395 0.05 

A.P. Moller-Maersk (A) DK DKK 5 25,324 0.05 


West Japan Railway JP JPY 667 22,428 0.05 

Lindab International SE SEK 3,769 21,800 0.05 

SKF (B) SE SEK 1,230 21,402 0.05 

Assa Abloy (B) SE SEK 830 21,359 0.05 

Wilh Wilhelmsen ASA NO NOK 3,861 21,241 0.05 

Fiat Industrial Finance Europe 6.25% 09/03/2018 EMTN LU EUR 19,856 21,211 0.04 

Solar (B) DK DKK 438 20,953 0.04 

Owens Corning US USD 788 20,370 0.04 

Beijer Alma (B) SE SEK 1,537 19,934 0.04 

Honeywell International US USD 423 19,907 0.04 

Intrum Justitia SE SEK 1,771 19,785 0.04 


Schneider Electric FR EUR 394 19,019 0.04 



Loomis (B) SE SEK 1,759 18,629 0.04 

NKT Holding DK DKK 708 18,278 0.04 

Wartsila FI EUR 585 18,264 0.04 

Union Pacific US USD 192 18,151 0.04 

Caterpillar US USD 276 18,034 0.04 

Schindler Holding CH CHF 173 17,577 0.04 

Ryanair Holdings IE EUR 3,727 16,659 0.04 

ADT US USD 526 16,632 0.04 

Nibe Industrier (B) SE SEK 1,421 16,619 0.04 

Emerson Electric US USD 441 16,443 0.03 

Parker Hannifin US USD 267 16,196 0.03 

Safran FR EUR 523 16,040 0.03 

Orkla NO NOK 2,604 15,877 0.03 

Konecranes FI EUR 650 15,865 0.03 


Legrand FR EUR 521 15,480 0.03 


Zodiac Aerospace FR EUR 193 15,245 0.03 

ABB (Reg’d) CH CHF 1,065 14,805 0.03 

Central Japan Railway JP JPY 221 14,654 0.03 

Secom JP JPY 351 13,771 0.03 

Ultra Electronics Holdings GB GBP 649 13,655 0.03 

FLSmidth & Co DK DKK 299 13,608 0.03 

Prysmian IT EUR 915 13,579 0.03 

Philips Electronics NL EUR 697 13,453 0.03 

Donaldson US USD 537 13,296 0.03 

easyJet GB GBP 1,709 13,280 0.03 




Schaeffler Finance 8.75% 15/02/2019 Reg S NL EUR 11,244 12,705 0.03 

Precision Castparts US USD 95 12,633 0.03 

Systemair SE SEK 1,333 11,902 0.03 

Boeing US USD 218 11,807 0.03 

Rieter Holding (Reg’d) CH CHF 96 11,795 0.03 

Rockwell Automation US USD 213 11,554 0.02 

Copa Holdings (A) PA USD 161 11,359 0.02 

Adecco (Reg’d) CH CHF 301 11,218 0.02 

REFER - Rede Ferroviaria 5.875% 18/02/2019 EMTN PT EUR 12,679 10,943 0.02 

Wienerberger 6.50% VRN (Perpetual) AT EUR 14,208 10,727 0.02 

Wilson Bayly Holmes-Ovcon ZA ZAR 838 10,578 0.02 

Gategroup Holding CH CHF 500 10,179 0.02 

Bertrandt DE EUR 154 9,929 0.02 

Rexel 7.00% 17/12/2018 FR EUR 8,971 9,824 0.02 


Zehnder Group (BR) CH CHF 213 9,699 0.02 

FedEx US USD 132 9,337 0.02 

Alstom FR EUR 328 8,642 0.02 

RZD Capital 7.487% 25/03/2031 Reg S IE GBP 5,502 8,198 0.02 

GFK DE EUR 233 8,175 0.02 

Edenred FR EUR 356 7,951 0.02 

Robert Half International US USD 377 7,787 0.02 

CSX US USD 466 7,372 0.02 

Cie de St-Gobain FR EUR 265 7,212 0.02 


Bureau Veritas FR EUR 81 6,619 0.01 

Deere & Co US USD 99 6,480 0.01 


Rockwell Collins US USD 153 6,294 0.01 

Meggitt GB GBP 1,298 6,230 0.01

Fidelity 

Funds 





EUR 

Amadeus Fire DE EUR 171 6,105 0.01 

NORMA Group DE EUR 260 5,544 0.01 

REFER - Rede Ferroviaria 4.25% 13/12/2021 PT EUR 8,134 5,209 0.01 

Zinc Capital 8.875% 15/05/2018 Reg S LU EUR 5,054 5,076 0.01 

Jardine Matheson Holdings HK USD 101 4,775 0.01 

GEA Group DE EUR 192 4,623 0.01 

Fraport Frankfurt Airport Services Worldwide DE EUR 101 4,589 0.01 

Keppel SG SGD 653 4,366 0.01 

Wendel 4.875% 26/05/2016 FR EUR 4,186 4,354 0.01 


Brunswick Rail Finance 6.50% 01/11/2017 Reg S IE USD 5,383 4,216 0.01 

Pentair CH USD 130 4,193 0.01 


IMI GB GBP 335 3,977 0.01 

Daewoo International KR KRW 127 3,748 0.01 

CENTROTEC Sustainable DE EUR 267 3,714 0.01 

51job ADR CN USD 88 3,179 0.01 

Jardine Strategic Holdings HK USD 111 3,110 0.01 


Republic Services US USD 116 2,535 0.01 

Michael Page International GB GBP 542 2,428 0.01 

Brammer GB GBP 811 2,423 0.01 


Travis Perkins GB GBP 162 2,175 0.00 

Intertek Group GB GBP 61 2,147 0.00 

Ansaldo STS IT EUR 323 2,028 0.00 

Sthree GB GBP 491 1,832 0.00 

Obrascon Huarte Lain 7.625% 15/03/2020 Reg S ES EUR 1,794 1,793 0.00 

Finmeccanica IT EUR 453 1,730 0.00 



Cleanaway TW TWD 297 1,581 0.00 

Orient Overseas International HK HKD 316 1,528 0.00 

Societa Iniziative Autostradali e Servizi IT EUR 220 1,411 0.00 


Pfeiffer Vacuum Technology DE EUR 17 1,360 0.00 

CTCI TW TWD 882 1,342 0.00 

Abertis Infraestructuras ES EUR 114 1,323 0.00 

Colfax US USD 49 1,294 0.00 



Lafarge Cement (UK) 10.75% 29/11/2013 GB GBP 837 1,140 0.00 



Hopewell Holdings HK HKD 397 1,098 0.00 


Ferrovial ES EUR 93 1,013 0.00 

Blue Label Telecoms ZA ZAR 1,656 992 0.00 

Sung Kwang Bend KR KRW 52 975 0.00 

Regenersis GB GBP 594 973 0.00 

United Tractors ID IDR 531 898 0.00 

China Everbright International HK HKD 2,212 874 0.00 

Air China (H) CN HKD 1,588 865 0.00 

China Shipping Development (H) CN HKD 1,938 778 0.00 

TK KR KRW 37 720 0.00 

Fiat Industrial IT EUR 86 717 0.00 

SKIL Ports & Logistics GB GBP 522 681 0.00 

Clean Air Power GB GBP 6,078 633 0.00 

Hopewell Highway Infrastructure (CNY) HK CNY 1,370 557 0.00 

SATS SG SGD 213 374 0.00 

Hopewell Highway Infrastructure HK HKD 781 320 0.00 

XP Power SG GBP 26 317 0.00 

International Consolidated Airlines Group GB EUR 117 237 0.00 

Singamas Container Holdings HK HKD 868 168 0.00 

Zenergy Power GB GBP 24 25 0.00 



2,779,208 5.89 


Apple US USD 515 236,688 0.50 

Iliad 4.875% 01/06/2016 FR EUR 195,325 209,384 0.44 


Google (A) US USD 313 163,313 0.35 





SAP DE EUR 1,087 61,108 0.13 




QUALCOMM US USD 985 44,501 0.09 

Adobe Systems US USD 1,657 43,310 0.09 

Oracle US USD 1,621 38,730 0.08 

eBay US USD 981 36,514 0.08 


Fiserv US USD 550 31,714 0.07 


115 



EUR 

Broadcom (A) US USD 1,220 29,748 0.06 



ASML Holding NL EUR 508 21,583 0.05 

SimCorp DK DKK 127 21,364 0.05 

Cognizant Technology Solutions (A) US USD 402 20,689 0.04 

Maxim Integrated Products US USD 956 20,388 0.04 


Amadeus IT Holding (A) ES EUR 898 17,144 0.04 




Altera US USD 654 15,227 0.03 

Lam Research US USD 556 15,154 0.03 

NVIDIA US USD 1,633 15,131 0.03 

Nuance Communications US USD 865 14,844 0.03 

Amphenol (A) US USD 320 14,794 0.03 

Visa (A) US USD 122 12,915 0.03 

Phones4u Finance 9.50% 01/04/2018 Reg S GB GBP 9,270 12,127 0.03 

eAccess JP JPY 31 11,854 0.03 

EMC US USD 624 11,733 0.02 

NCSoft KR KRW 77 11,367 0.02 

Gemalto NL EUR 144 10,054 0.02 


VeriFone Systems US USD 366 8,328 0.02 

Dassault Systemes FR EUR 100 8,155 0.02 

eAccess 8.375% 01/04/2018 Reg S JP EUR 7,057 7,972 0.02 

NXP 3.507% FRN 15/10/2013 NL EUR 7,954 7,944 0.02 

Accenture (A) IE USD 146 7,527 0.02 

Agilent Technologies US USD 271 7,502 0.02 

Capcom JP JPY 483 7,087 0.02 

Canon JP JPY 280 7,016 0.01 

Sina CN USD 158 6,682 0.01 

Xilinx US USD 265 6,678 0.01 

MediaTek TW TWD 693 5,890 0.01 

NXP Semiconductor NL USD 304 5,636 0.01 

SK Hynix KR KRW 320 5,593 0.01 

IAC Inter Active Corp US USD 148 5,532 0.01 

VMware (A) US USD 85 5,519 0.01 

TE Connectivity CH USD 215 5,333 0.01 

Tokyo Electron JP JPY 146 5,071 0.01 

Intel US USD 299 5,010 0.01 

SCSK JP JPY 354 4,647 0.01 

NetApp US USD 219 4,577 0.01 

ASUSTeK Computer TW TWD 550 4,507 0.01 

Dialog Semiconductor DE EUR 284 4,352 0.01 

BMC Software US USD 137 4,296 0.01 

Arrow Electronics US USD 154 4,178 0.01 

ADTRAN US USD 322 4,164 0.01 

CompuGroup Medical DE EUR 297 4,156 0.01 

GameLoft FR EUR 776 4,095 0.01 




Akamai Technologies US USD 125 3,669 0.01 

Wirecard DE EUR 205 3,622 0.01 

IBS Group Holding GDR RU EUR 203 3,530 0.01 

Global Payments US USD 108 3,526 0.01 

Sourcefire US USD 109 3,525 0.01 



Playtech GB GBP 540 2,847 0.01 

Software DE EUR 90 2,768 0.01 

WANdisco GB GBP 500 2,489 0.01 

EVS Broadcast Equipment BE EUR 53 2,389 0.01 

Cirrus Logic US USD 77 2,371 0.01 

United Internet (Reg’d) DE EUR 143 2,210 0.00 

FLIR Systems US USD 147 2,199 0.00 

TPK Holding TW TWD 228 2,197 0.00 

Youku ADR CN USD 139 2,109 0.00 

Indra Sistemas ES EUR 216 1,902 0.00 

IQE GB GBP 4,612 1,835 0.00 

Ubisense Group GB GBP 663 1,823 0.00 

Aveva Group GB GBP 73 1,809 0.00 

STMicroelectronics (Italy) CH EUR 398 1,801 0.00 

Alten FR EUR 72 1,747 0.00 

Wolfson Microelectronics GB GBP 674 1,743 0.00 

SDL GB GBP 263 1,733 0.00 

Brady GB GBP 1,360 1,717 0.00 

Microgen GB GBP 905 1,542 0.00 

Kingboard Chemical Holdings HK HKD 624 1,420 0.00 

Micronas Semiconductor Holding (Reg’d) CH CHF 210 1,387 0.00 

Bechtle DE EUR 47 1,372 0.00 

Stanley Gibbons Group GB GBP 517 1,366 0.00 


Vizrt (Norway) IL NOK 457 1,181 0.00 

RIB Software DE EUR 223 1,067 0.00 

Microsaic Systems GB GBP 1,686 839 0.00 

Sopra Group FR EUR 22 783 0.00 

Globo GB GBP 2,711 780 0.00

Fidelity 

Funds 





EUR 

AmTRAN Technology TW TWD 1,161 751 0.00 

Ei Towers IT EUR 34 686 0.00 

Powertech Technology TW TWD 407 484 0.00 

Datalogic IT EUR 71 466 0.00 

Bond International Software GB GBP 609 390 0.00 

YOC DE EUR 51 383 0.00 

Advanced Semiconductor Engineering TW TWD 467 269 0.00 

Ant GB GBP 823 205 0.00 

SAES Getters IT EUR 24 172 0.00 

Axway Software FR EUR 2 29 0.00 

2,235,247 4.74 


Pearson GB GBP 7,310 113,172 0.24 

WPP IE GBP 10,264 102,051 0.22 

Hyundai Motor KR KRW 592 93,653 0.20 

Eutelsat 5.00% 14/01/2019 FR EUR 76,646 89,544 0.19 


Time Warner US USD 2,585 85,664 0.18 


British Sky Broadcasting Group GB GBP 7,114 62,718 0.13 





Home Depot US USD 1,076 50,805 0.11 


Time Warner Cable US USD 598 45,484 0.10 

Viacom (B) US USD 1,074 42,534 0.09 

Lowe’s US USD 1,635 40,632 0.09 

Volkswagen Int’l Finance 1.875% 15/05/2017 EMTN NL EUR 39,559 40,624 0.09 


Stanley Black & Decker US USD 643 34,317 0.07 

Walt Disney US USD 793 29,987 0.06 


Amazon.com US USD 161 28,754 0.06 

McDonald’s US USD 429 28,712 0.06 

Autoliv SDR SE SEK 604 26,936 0.06 

Dollar General US USD 715 26,547 0.06 

Toyota Motor JP JPY 887 26,318 0.06 

Christian Dior FR EUR 237 26,253 0.06 

CPUK Finance 11.625% 28/02/2018 EMTN GB GBP 19,258 25,924 0.05 


LVMH Moet Hennessy Louis Vuitton FR EUR 199 24,938 0.05 

Unitymedia Hessen 7.50% 15/03/2019 Reg S DE EUR 22,607 24,811 0.05 


News (A) US USD 1,269 23,376 0.05 

Nintendo JP JPY 235 23,365 0.05 

Amer Sports FI EUR 2,136 23,326 0.05 



Coach US USD 511 21,856 0.05 

Continental DE EUR 267 20,665 0.04 

GKN GB GBP 7,858 20,287 0.04 

Unitymedia Kabel BW 9.50% 15/03/2021 Reg S DE EUR 17,583 19,978 0.04 

Polish Television Holding 11.25% 15/05/2017 Reg S NL EUR 18,450 19,327 0.04 

TJX US USD 603 19,125 0.04 


Omnicom Group US USD 511 18,745 0.04 

Inditex ES EUR 188 18,526 0.04 

PPR FR EUR 133 18,066 0.04 


Pandora DK DKK 1,359 16,655 0.04 

Grand Korea Leisure KR KRW 760 16,463 0.03 

Swatch Group (Reg’d) CH CHF 293 16,401 0.03 

Conti-Gummi Finance 7.50% 15/09/2017 Reg S NL EUR 15,251 16,387 0.03 


Expedia US USD 348 15,976 0.03 


Enterprise Inns 6.375% 26/09/2031 GB GBP 16,399 15,111 0.03 



Publicis Groupe FR EUR 345 14,340 0.03 

Kabel Deutschland Holding 6.50% 31/07/2017 Reg S DE EUR 13,277 14,237 0.03 

Advance Auto Parts US USD 261 13,991 0.03 

Nara Cable Funding 8.875% 01/12/2018 Reg S IE EUR 14,593 13,861 0.03 

PVH US USD 155 12,749 0.03 


Mattel US USD 437 12,374 0.03 


Lottomatica 8.25% VRN 31/03/2066 Reg S IT EUR 12,003 12,103 0.03 

Gala Group Finance 8.875% 01/09/2018 Reg S GB GBP 9,689 12,040 0.03 

Daily Mail & General Trust6.375% 21/06/2027 GB GBP 9,928 11,992 0.03 

ElringKlinger DE EUR 559 11,964 0.03 

NIKE (B) US USD 163 11,461 0.02 

Dick’s Sporting Goods US USD 297 11,335 0.02 

CTS Eventim DE EUR 465 10,637 0.02 

Central European Media Ent. 11.625% 15/09/2016 Reg S BM EUR 9,988 10,362 0.02 

Hugo Boss DE EUR 127 9,847 0.02 

116 



EUR 

BMW DE EUR 157 9,622 0.02 

Cie Financiere Richemont CH CHF 192 9,614 0.02 

Kia Motors KR KRW 225 9,580 0.02 



Yamada Denki JP JPY 277 9,257 0.02 

ProSiebenSat.1 Media (Pref’d) DE EUR 429 9,222 0.02 

Cie Generale des Etablissements Michelin (B) FR EUR 139 9,219 0.02 

Adidas DE EUR 137 9,027 0.02 

VF US USD 75 9,012 0.02 

Target US USD 184 9,002 0.02 

Vivendi FR EUR 570 8,992 0.02 

Fiat Finance & Trade 6.375% 01/04/2016 LU EUR 8,612 8,630 0.02 

Nord Anglia Education (UK) 10.25% 01/04/2017 144A GB USD 10,167 8,583 0.02 

General Motors US USD 425 8,259 0.02 

Seat Pagine Gialle 10.50% 31/01/2017 Reg S IT EUR 12,547 8,093 0.02 

Verisure Holding 8.75% 01/09/2018 Reg S SE EUR 7,536 8,041 0.02 

EN Germany Holdings 10.75% 15/11/2015 Reg S NL EUR 8,144 8,022 0.02 

PCD Stores Group CN HKD 109,714 7,930 0.02 

TRW Automotive Holdings US USD 218 7,858 0.02 


Johnson Controls US USD 377 7,450 0.02 

BorgWarner US USD 142 7,150 0.02 

Daily Mail & General Trust10.00% 09/04/2021 Reg S GB GBP 4,557 7,089 0.02 

House of Fraser Funding 8.875% 15/08/2018 Reg S GB GBP 5,622 7,051 0.01 

DIRECTV US USD 177 6,956 0.01 

Staples US USD 741 6,543 0.01 

Big Lots US USD 281 6,286 0.01 

IPSOS FR EUR 222 6,017 0.01 

Under Armour (A) US USD 147 5,904 0.01 

Fiat Finance & Trade 6.125% 08/07/2014 EMTN LU EUR 5,442 5,582 0.01 

Daimler (Reg’d) DE EUR 123 4,437 0.01 

Kabel Deutschland 6.50% 29/06/2018 Reg S DE EUR 4,115 4,412 0.01 


Hyva Global 8.625% 24/03/2016 Reg S NL USD 5,383 3,894 0.01 

Delphi Automotive Restricted GB USD 154 3,719 0.01 


Ted Baker GB GBP 303 3,577 0.01 

Hikari Tsushin JP JPY 84 3,555 0.01 

Duskin JP JPY 235 3,437 0.01 

Codere Fin. Lux. 8.25% 15/06/2015 Reg S (Secured) LU EUR 3,887 3,170 0.01 

ASOS GB GBP 113 3,163 0.01 

Cyfrowy Polsat Finance 7.125% 20/05/2018 Reg S SE EUR 2,871 3,093 0.01 

Faurecia 9.375% 15/12/2016 EMTN FR EUR 2,691 2,946 0.01 

Paddy Power IE EUR 50 2,850 0.01 

Reed Elsevier (GBP) GB GBP 372 2,807 0.01 

Renault FR EUR 80 2,766 0.01 

Burberry Group GB GBP 187 2,714 0.01 

Thomas Cook 7.75% 22/06/2017 EMTN GB GBP 3,409 2,702 0.01 



Albea Beauty Holdings 8.75% 01/11/2019 Reg S LU EUR 2,452 2,524 0.01 


Alpargatas BR BRL 406 2,307 0.00 

Salvatore Ferragamo Italia IT EUR 144 2,263 0.00 

Best Buy US USD 193 2,260 0.00 

SEB FR EUR 45 2,242 0.00 


Informa CH GBP 441 2,194 0.00 

Luxottica Group IT EUR 74 2,172 0.00 

SHW DE EUR 69 2,009 0.00 

Seat Pagine Gialle IT EUR 244,550 1,907 0.00 

Codere Fin. Lux. 8.25% 15/06/2015 Reg S (Guaranteed) LU EUR 2,273 1,859 0.00 




Antena 3 de Television ES EUR 507 1,567 0.00 


Kabel Deutschland Holding DE EUR 20 1,099 0.00 

Marcolin IT EUR 248 1,037 0.00 

Ocado Group GB GBP 1,092 876 0.00 

Phorm SG GBP 901 807 0.00 

Mediaset Espana Comunicacion ES EUR 194 806 0.00 

Safilo Group IT EUR 97 632 0.00 

Indesit IT EUR 125 598 0.00 

Piquadro IT EUR 294 473 0.00 

Bodaclick ES EUR 377 335 0.00 

Ace Hardware Indonesia ID IDR 488 274 0.00 

Shenzhou International Group Holdings CN HKD 152 227 0.00 

Brembo IT EUR 25 201 0.00 

Mothercare GB GBP 51 176 0.00 

Stroer Out-of-Home Media DE EUR 9 63 0.00 

Tom Tailor Holding DE EUR 3 49 0.00 

Technicolor 5.75% (Perpetual) (Defaulted)* FR EUR 4,545 0 0.00 

Truvo Subsidiary 8.50% 01/12/2014 Reg S (Defaulted)* US EUR 4,067 0 0.00 

Waterford Wedg. 9.875% 01/12/2010 Reg S (Defaulted)* IE EUR 2,775 0 0.00 

2,660,296 5.64

Fidelity 

Funds 





EUR 


Diageo GB GBP 7,317 161,149 0.34 


Heineken 2.125% 04/08/2020 EMTN NL EUR 146,493 146,188 0.31 

Philip Morris International 2.125% 30/05/2019 US EUR 122,387 126,027 0.27 


Davide Campari-Milano 4.50% 25/10/2019 IT EUR 97,662 101,064 0.21 



Anheuser-Busch InBev 2.00% 16/12/2019 EMTN BE EUR 67,993 69,304 0.15 

Philip Morris International US USD 838 57,091 0.12 

Mondelez International US USD 2,644 53,786 0.11 

Pernod-Ricard 5.00% 15/03/2017 FR EUR 46,977 53,479 0.11 

Procter & Gamble US USD 934 49,890 0.11 



Wal-Mart Stores US USD 819 46,970 0.10 

KT&G KR KRW 711 41,465 0.09 

PepsiCo US USD 767 40,923 0.09 

Fomento Economico Mexicano ADR MX USD 546 37,934 0.08 

Danone FR EUR 785 37,227 0.08 


Shoprite Holdings ZA ZAR 2,154 34,109 0.07 




Lorillard US USD 344 30,775 0.07 

JM Smucker US USD 434 28,469 0.06 

AVI ZA ZAR 5,417 27,515 0.06 


Estee Lauder (A) US USD 546 25,929 0.05 

AarhusKarlshamn SE SEK 846 25,692 0.05 

Aryzta CH CHF 665 25,636 0.05 

Unilever NL EUR 894 25,313 0.05 

Constellation Brands US USD 834 22,729 0.05 

Swedish Match SE SEK 862 22,664 0.05 


Colgate-Palmolive US USD 255 20,476 0.04 

Cia Brasileira de Dist. Grupo Pao de Acucar (Pref’d) BR BRL 544 19,256 0.04 

General Mills US USD 608 18,694 0.04 

HJ Heinz US USD 421 18,679 0.04 


L’Oreal FR EUR 180 17,692 0.04 

Elizabeth Arden US USD 474 16,980 0.04 


Imperial Tobacco Group GB GBP 580 16,863 0.04 

Kraft Foods Group US USD 475 16,575 0.04 


Bakkavor Finance 2 8.25% 15/02/2018 Reg S GB GBP 12,589 15,111 0.03 

Agrokor DD 9.125% 01/02/2020 Reg S HR EUR 11,961 12,368 0.03 

Co-Operative Group 5.625% 08/07/2020 GB GBP 8,253 10,550 0.02 

Raisio FI EUR 3,318 10,120 0.02 

Henkel & Co (Pref’d) DE EUR 158 9,756 0.02 




Reckitt Benckiser Group GB GBP 161 7,495 0.02 

Seven & I Holdings JP JPY 312 7,418 0.02 

Remy Cointreau FR EUR 88 7,018 0.01 


Kellogg US USD 163 6,593 0.01 


Casino Guichard Perrachon FR EUR 96 6,439 0.01 

Suedzucker Int’l Finance 5.25% VRN (Perpetual) NL EUR 5,622 5,835 0.01 

Henkel & Co DE EUR 114 5,674 0.01 

Tyson Foods (A) US USD 376 4,865 0.01 

Ebro Foods ES EUR 301 4,259 0.01 

Viscofan ES EUR 107 4,002 0.01 

Ingredion US USD 85 3,990 0.01 

Glanbia IE EUR 529 3,874 0.01 






Distribuidora Internacional de Alimentacion ES EUR 314 1,465 0.00 

Davide Campari-Milano IT EUR 232 1,454 0.00 


Devro GB GBP 225 919 0.00 

Wuliangye Yibin (A) CN CNY 208 861 0.00 

Siam Makro (F) TH THB 46 535 0.00 

Gudang Garam ID IDR 134 527 0.00 

Agriterra MZ GBP 9,853 395 0.00 

Kweichow Moutai CN CNY 13 388 0.00 

Baron de Ley ES EUR 7 326 0.00 

Grape King Industrial TW TWD 174 307 0.00 

Jeronimo Martins SGPS PT EUR 18 246 0.00 

Campofrio Food Group ES EUR 24 138 0.00 

2,369,583 5.02 

117 



EUR 

Healthcare 


Pfizer US USD 8,608 165,501 0.35 

Sanofi FR EUR 2,199 149,124 0.32 


Shire IE GBP 4,806 104,177 0.22 

Teva Pharmaceutical Finance IV 2.875% 15/04/2019 EMTN CW EUR 84,064 89,431 0.19 

Gilead Sciences US USD 1,684 86,666 0.18 



Bayer (Reg’d) DE EUR 791 53,127 0.11 


Novo Nordisk (B) DK DKK 408 50,667 0.11 

Merck & Co US USD 1,344 47,188 0.10 

McKesson US USD 558 39,753 0.08 

Covidien IE USD 908 38,334 0.08 

Novartis (Reg’d) CH CHF 680 31,569 0.07 

Celgene US USD 544 30,832 0.07 

ALK-Abello DK DKK 546 28,030 0.06 

WellPoint US USD 501 23,549 0.05 

Actelion (Reg’d) CH CHF 587 21,832 0.05 

Humana US USD 374 21,352 0.05 

Eurofins Scientific 8.081% VRN (Perpetual) LU EUR 20,334 20,883 0.04 

Dr Reddy’s Laboratories IN INR 786 19,707 0.04 


Takeda Pharmaceutical JP JPY 506 18,088 0.04 

Valeant Pharmaceuticals International (USA) CA USD 414 17,862 0.04 

Getinge (B) SE SEK 706 16,748 0.04 

Ossur IS DKK 16,349 16,657 0.04 

Stryker US USD 373 15,072 0.03 

Elekta (B) SE SEK 1,253 13,781 0.03 

Medtronic US USD 429 13,701 0.03 

MEDNAX US USD 257 13,546 0.03 

BioMerieux FR EUR 177 13,249 0.03 

Sawai Pharmaceutical JP JPY 153 12,997 0.03 

Amgen US USD 193 12,872 0.03 

Endo Pharmaceuticals Holdings US USD 581 12,776 0.03 

Tecan Group (Reg’d) CH CHF 219 12,586 0.03 

Mettler-Toledo International US USD 96 12,367 0.03 

Labco 8.50% 15/01/2018 Reg S FR EUR 10,436 10,437 0.02 

Centene US USD 356 10,396 0.02 

Onyx Pharmaceuticals US USD 164 9,820 0.02 

Hanger Orthopedic Group US USD 442 8,593 0.02 

UnitedHealth Group US USD 194 8,327 0.02 

Care UK Health & Social Care 9.75% 01/08/2017 Reg S GB GBP 5,981 8,131 0.02 

Aetna US USD 233 7,841 0.02 

Allergan US USD 97 6,654 0.01 

Eli Lilly & Co US USD 177 6,620 0.01 

BB Biotech (Reg’d) CH CHF 84 6,251 0.01 

Universal Health Services US USD 182 5,810 0.01 

UCB BE EUR 123 5,543 0.01 


Sartorius (Pref’d) DE EUR 83 5,370 0.01 


Grifols ADR ES USD 248 4,815 0.01 

Hospira US USD 196 4,620 0.01 

Eurofins Scientific LU EUR 37 4,371 0.01 

HCA Holdings US USD 173 3,812 0.01 

Medivation US USD 95 3,709 0.01 

Sartorius Stedim Biotech FR EUR 51 3,530 0.01 

Charles River Laboratories International US USD 99 2,877 0.01 

Draegerwerk & Co (Pref’d) DE EUR 37 2,788 0.01 

Smith & Nephew GB GBP 284 2,313 0.00 

Nexus DE EUR 235 2,214 0.00 


Recordati IT EUR 328 2,024 0.00 


Craneware GB GBP 345 1,857 0.00 


Synergy Health GB GBP 149 1,726 0.00 

STRATEC Biomedical DE EUR 46 1,482 0.00 

Shionogi & Co JP JPY 115 1,471 0.00 

Amplifon IT EUR 409 1,461 0.00 

Lombard Medical Technologies GB GBP 555 1,190 0.00 

Sorin IT EUR 648 1,174 0.00 


Audika Groupe FR EUR 118 1,086 0.00 

Elan ADR IE USD 122 1,012 0.00 

Sinclair IS Pharma GB GBP 2,518 888 0.00 

Biosensors International Group SG SGD 1,187 809 0.00 

Sphere Medical Holdings GB GBP 774 698 0.00 

Optos GB GBP 222 562 0.00 

Raffles Medical Group SG SGD 331 510 0.00 

Verona Pharma GB GBP 9,071 437 0.00 

Almirall ES EUR 39 267 0.00 

China Shineway Pharmaceutical Group CN HKD 177 218 0.00 

1,911,879 4.05

Fidelity 

Funds 





EUR 



America Movil 3.00% 12/07/2021 MX EUR 131,041 135,228 0.29 

Telefonica Emisiones 4.71% 20/01/2020 EMTN ES EUR 123,623 125,710 0.27 

MTN Group ZA ZAR 4,330 60,125 0.13 

America Movil (L) ADR MX USD 3,057 59,630 0.13 

America Movil 4.125% 25/10/2019 EMTN MX EUR 43,268 48,902 0.10 

Wind Acquisition Finance 7.375% 15/02/2018 Reg S B LU EUR 47,128 45,831 0.10 

America Movil 5.00% 30/03/2020 MX USD 46,977 42,765 0.09 



VIP Finance (VimpelCom) 7.748% 02/02/2021 Reg S IE USD 32,415 27,449 0.06 

Nippon Telegraph & Telephone JP JPY 772 27,208 0.06 

Telecom Italia 5.25% 10/02/2022 EMTN IT EUR 22,252 22,791 0.05 

Deutsche Telekom Int’l Finance 4.25% 13/07/2022 EMTN NL EUR 18,543 21,437 0.05 

Telefonica Emisiones 3.661% 18/09/2017 ES EUR 19,780 19,952 0.04 

Tdc 4.375% 23/02/2018 Reg S DK EUR 17,307 19,628 0.04 



Eileme 2 AB 11.75% 31/01/2020 Reg S SE EUR 15,550 17,549 0.04 

Wind Acquisition Finance 7.375% 15/02/2018 Reg S A LU EUR 17,404 16,631 0.04 

Virgin Media Finance 8.875% 15/10/2019 GB GBP 11,124 15,970 0.03 

Millicom International Cellular SDR LU SEK 238 15,857 0.03 

Verizon Communications US USD 459 15,773 0.03 

SBA Communications (A) US USD 277 14,131 0.03 

AT&T US USD 444 11,836 0.03 

Sistema JSFC RU USD 19,987 11,592 0.02 


VimpelCom Holdings 7.504% 01/03/2022 Reg S NL USD 11,244 9,359 0.02 

Telenet Finance Luxembourg 6.375% 15/11/2020 Reg S LU EUR 8,253 8,592 0.02 

Mobile Telesystems ADR RU USD 647 8,444 0.02 

Portugal Telecom Int’l Finance 5.875% 17/04/2018 EMTN NL EUR 8,373 8,380 0.02 


Freenet DE EUR 620 7,905 0.02 

Sunrise Communications 5.625% 31/12/2017 Reg S LU CHF 9,150 7,824 0.02 


Drillisch DE EUR 686 6,518 0.01 





Maxis MY MYR 2,907 5,098 0.01 


Telenet Finance V 6.75% 15/08/2024 Reg S LU EUR 4,545 4,713 0.01 



MTS Internation Funding 8.625% 22/06/2020 144A IE USD 4,533 4,334 0.01 


Frontier Communications 7.125% 15/01/2023 US USD 5,233 4,304 0.01 


Matterhorn Mobile 5.421% FRN 15/05/2019 Reg S LU CHF 4,665 3,922 0.01 

NII Holdings US USD 631 3,773 0.01 




MTS Internation Funding 8.625% 22/06/2020 Reg S IE USD 3,708 3,540 0.01 

Sunrise Communications I 7.00% 31/12/2017 CHF Reg S LU CHF 3,588 3,199 0.01 


StarHub SG SGD 1,316 3,049 0.01 

LG Uplus KR KRW 406 1,998 0.00 



Sunrise Communications I 7.00% 31/12/2017 EUR Reg S LU EUR 1,316 1,417 0.00 

Avanti Communications Group GB GBP 393 1,303 0.00 

OTE 7.25% 12/02/2015 EMTN GB EUR 1,196 1,052 0.00 

MetroPCS Communications US USD 77 614 0.00 

Daisy Group GB GBP 477 543 0.00 

Tim Participacoes BR BRL 117 317 0.00 

Telefonica Deutschland Holding DE EUR 38 225 0.00 

KPNQwest 7.125% 01/06/2009 (Defaulted)* NL EUR 1,106 0 0.00 

1,231,521 2.61 

Financials 

ETFS All Commodities DJ-UBSCISM GB USD 80,825 929,049 1.97 

European Union 2.75% 04/04/2022 EMTN 99 EUR 315,239 339,827 0.72 

FMS Wertmanagement 1.875% 09/05/2019 EMTN DE EUR 299,168 309,110 0.66 

Nordea Bank 2.25% 05/10/2017 EMTN SE EUR 210,159 218,702 0.46 

BNP Paribas 2.50% 23/08/2019 EMTN FR EUR 197,797 200,443 0.42 


Metropolitan Life GF I 4.625% 16/05/2017 EMTN US EUR 148,348 169,083 0.36 


Rabobank Nederland 0.52% FRN 09/11/2012 EMTN NL EUR 150,716 150,725 0.32 



KfW 1.25% 17/10/2019 DE EUR 131,041 130,955 0.28 


Wells Fargo & Co US USD 4,837 125,713 0.27 

Barclays GB GBP 42,403 119,962 0.25 


118 



EUR 

Santander International Debt 4.625% 21/03/2016 EMTN ES EUR 111,261 113,750 0.24 

Deutsche Bank 1.044% FRN 20/09/2016 EMTN DE EUR 111,261 104,383 0.22 

UniCredit 4.375% 11/09/2015 EMTN IT EUR 98,899 101,740 0.22 

Credit Suisse London 6.75% VRN 16/01/2023 EMTN CH GBP 74,174 101,130 0.21 

UBS London 6.375% 20/07/2016 EMTN CH GBP 67,993 98,198 0.21 

BBVA Senior Finance 3.25% 23/04/2015 ES EUR 98,899 97,759 0.21 

ANZ Banking Group 2.625% 16/11/2012 EMTN AU EUR 96,822 96,924 0.21 

UBS Stamford 7.625% 17/08/2022 CH USD 113,332 94,246 0.20 

Abbey National Treasury Serv. 5.25% 16/02/2029 EMTN GB GBP 61,812 92,200 0.20 

Banco Santander 3.125% 28/09/2015 ES EUR 89,009 90,235 0.19 

Mondi Finance 3.375% 28/09/2020 EMTN GB EUR 89,009 90,066 0.19 


UBS (Reg’d) CH CHF 7,137 82,560 0.18 

Prudential GB GBP 7,443 78,534 0.17 

Deutsche Bank 5.00% 24/06/2020 EMTN DE EUR 71,701 78,359 0.17 

Capital One Financial US USD 1,693 77,830 0.16 

Lloyds TSB Bank 4.875% 30/03/2027 EMTN GB GBP 54,394 77,758 0.16 

JPMorgan Chase & Co 2.75% 24/08/2022 EMTN US EUR 74,174 75,487 0.16 

JPMorgan Chase & Co US USD 2,344 75,156 0.16 


European Union 2.50% 04/11/2027 99 EUR 74,174 74,087 0.16 

American International Group 6.797% 15/11/2017 US EUR 61,812 73,706 0.16 

HSBC France 0.533% FRN 03/12/2012 EMTN FR EUR 70,925 70,955 0.15 

Allianz Finance II 6.50% VRN 13/01/2025 NL EUR 64,284 69,599 0.15 

DNB Bank 4.375% 24/02/2021 Reg S NO EUR 59,339 68,615 0.15 

Allianz (Reg’d) DE EUR 696 66,611 0.14 

Temasek Financial I 4.30% 25/10/2019 Reg S SG USD 74,174 65,172 0.14 

Citigroup 4.50% 14/01/2022 US USD 74,174 63,332 0.13 

Imperial Tobacco Finance 4.50% 05/07/2018 EMTN GB EUR 55,630 63,123 0.13 

Citigroup US USD 2,192 62,739 0.13 

Hannover Finance 5.75% VRN 14/09/2040 LU EUR 58,103 62,367 0.13 

RBS 5.125% 13/01/2024 GB GBP 42,032 62,315 0.13 

Intesa Sanpaolo 4.375% 16/08/2016 Reg S IT EUR 56,867 61,165 0.13 

Aon GB USD 1,399 58,054 0.12 


UBS London 5.625% 19/05/2014 EMTN CH EUR 51,922 55,776 0.12 

Credit Suisse Guernsey 2.875% 24/09/2015 EMTN CH EUR 50,685 53,300 0.11 

JPMorgan Chase & Co 4.25% 15/10/2020 US USD 61,317 52,151 0.11 


Gatwick Funding Limited 5.25% 23/01/2024 EMTN GB GBP 37,087 51,296 0.11 

Volkswagen Leasing 3.375% 03/06/2016 EMTN DE EUR 46,977 50,718 0.11 


Bank Nederlandse Gemeenten 3.875% 21/02/2013 EMTN NL EUR 46,988 47,536 0.10 


Severn Trent Water Utilities Fin. 5.25% 11/03/2016 EMTN GB EUR 41,043 46,556 0.10 

Wells Fargo & Co 2.625% 16/08/2022 EMTN US EUR 45,741 46,502 0.10 

HBOS 4.50% VRN 18/03/2030 EMTN GB EUR 57,772 45,690 0.10 

BP Capital Markets 2.994% 18/02/2019 EMTN GB EUR 40,796 43,863 0.09 

UBS London 2.375% 21/01/2013 CH EUR 41,988 42,193 0.09 

Berkshire Hathaway (B) US USD 629 41,973 0.09 

Mitsubishi UFJ Financial Group JP JPY 11,932 41,560 0.09 

GE Capital UK Funding 4.375% 31/07/2019 EMTN IE GBP 29,670 40,158 0.09 

BFCM 3.25% 23/08/2022 EMTN FR EUR 37,087 38,613 0.08 

Intesa Sanpaolo 4.125% 14/04/2020 EMTN IT EUR 39,559 38,208 0.08 

Unibail-Rodamco 2.25% 01/08/2018 EMTN FR EUR 37,087 37,791 0.08 


Bank of Ireland 4.00% 28/01/2015 EMTN IE EUR 35,851 36,033 0.08 




RBS 5.50% 23/03/2020 EMTN GB EUR 24,725 29,340 0.06 

Nederlandse Waterschapsbank 4.00% 12/03/2013 EMTN NL EUR 28,370 28,773 0.06 

KA Finanz 2.25% 17/12/2012 AT EUR 28,370 28,448 0.06 

Citigroup 5.00% 02/08/2019 EMTN US EUR 24,725 28,335 0.06 

Citigroup 4.25% VRN 25/02/2030 EMTN US EUR 32,142 27,522 0.06 


Rabobank Nederland 3.50% 17/10/2018 EMTN NL EUR 24,725 27,091 0.06 


Remgro ZA ZAR 2,024 26,696 0.06 

PNC Financial Services Group US USD 566 25,226 0.05 



Credit Suisse London 0.816% FRN 07/01/2013 EMTN CH EUR 24,212 24,247 0.05 

Royal Bank of Canada 4.50% 05/11/2012 EMTN CA EUR 24,159 24,170 0.05 

Invesco US USD 1,300 24,110 0.05 




US Bancorp US USD 880 22,460 0.05 

Bank of America 4.00% VRN 28/03/2018 EMTN US EUR 24,725 22,139 0.05 



JPMorgan Structured Prod 4.889% FRN 18/02/2014 EMTN NL USD 28,806 20,667 0.04 

Pohjola Bank (A) FI EUR 1,955 20,527 0.04 

Marsh & McLennan US USD 786 20,515 0.04 

ABN Amro Bank 4.31% VRN (Perpetual) NL EUR 26,962 20,301 0.04 


ABN Amro Bank 3.25% 18/01/2013 EMTN NL EUR 19,061 19,184 0.04 

Wind Acquisition Holdings Fin. 12.25% 15/07/2017 Reg S LU EUR 22,305 19,090 0.04 

BM&FBovespa BR BRL 3,797 18,906 0.04

Fidelity 

Funds 





EUR 


Crown Newco 3 7.00% 15/02/2018 Reg S GB GBP 13,756 18,192 0.04 

Northern Trust US USD 493 18,090 0.04 

ING Verzekeringen 2.088% VRN 21/06/2021 NL EUR 17,942 17,481 0.04 



Fortis Bank 4.625% VRN (Perpetual) Reg S BE EUR 20,334 16,931 0.04 


ACE CH USD 266 16,092 0.03 

Smurfit Kappa Acquisitions 7.75% 15/11/2019 Reg S IE EUR 14,413 15,932 0.03 

Eksportfinans 2.00% 15/09/2015 NO USD 21,279 15,671 0.03 


SberBank of Russia (Pref’d) RU USD 9,391 15,247 0.03 

MetLife US USD 554 15,045 0.03 

AXA FR EUR 1,176 14,421 0.03 


Alfa Bank (Alfa Bond) 7.875% 25/09/2017 Reg S IE USD 15,789 13,344 0.03 


Swiss Re CH CHF 247 13,155 0.03 

Mitsubishi UFJ Lease & Finance JP JPY 390 12,939 0.03 

Lloyds TSB Bank 13.00% VRN (Perpetual) EMTN GB GBP 7,911 12,935 0.03 

American Tower US USD 224 12,877 0.03 


VZ Holding CH CHF 136 12,475 0.03 

TMD Friction Finance 10.75% 15/05/2017 Reg S LU EUR 10,885 12,409 0.03 


Discovery Holdings ZA ZAR 2,421 11,940 0.03 

Boston Properties US USD 145 11,874 0.03 

Credit Agricole 8.125% VRN (Perpetual) FR GBP 10,107 11,715 0.02 

Assicurazioni Generali 6.269% VRN (Perpetual) IT GBP 13,516 11,673 0.02 

International Personal Finance 11.50% 06/08/2015 EMTN GB EUR 10,287 11,630 0.02 

Ardagh Glass Finance 7.125% 15/06/2017 Reg S IE EUR 11,303 11,405 0.02 

RBS Group 5.50% (Perpetual) GB EUR 15,789 11,022 0.02 

Societe Generale 7.756% VRN (Perpetual) FR EUR 12,440 10,956 0.02 

Zenith Bank NG NGN 119,935 10,601 0.02 

Lazard (A) BM USD 466 10,587 0.02 


Elli Finance (UK) 8.75% 15/06/2019 Reg S GB GBP 7,476 10,282 0.02 

OTP Bank 5.875% VRN (Perpetual) HU EUR 15,393 10,236 0.02 


Lloyds TSB Bank 6.35% VRN (Perpetual) GB EUR 12,323 9,920 0.02 

Goldman Sachs Group US USD 104 9,756 0.02 

BFCM 4.471% VRN (Perpetual) EMTN FR EUR 11,363 9,690 0.02 

Prudential Financial US USD 221 9,681 0.02 

UBS Jersey Branch 4.28% VRN (Perpetual) CH EUR 10,406 9,638 0.02 

Barclays Bank 14.00% VRN (Perpetual) GB GBP 5,921 9,508 0.02 

Boparan Finance 9.75% 30/04/2018 Reg S GB EUR 8,493 9,390 0.02 

UPCB Finance 7.625% 15/01/2020 Reg S KY EUR 8,612 9,383 0.02 

RL Finance Bonds 6.125% VRN (Perpetual) EMTN GB GBP 9,091 9,111 0.02 



Unitymedia Hessen 8.125% 01/12/2017 144A DE USD 10,245 8,540 0.02 


Gazprombank 8.617% 15/12/2015 Reg S IE RUB 338,506 8,386 0.02 

CNinsure ADR CN USD 1,874 8,381 0.02 



Transregional (Transcapitalbank) 7.74% VRN 18/07/2017 IE USD 11,722 8,049 0.02 

Greenhill & Co US USD 211 7,729 0.02 

BPCE 6.117% VRN (Perpetual) EMTN FR EUR 10,107 7,687 0.02 

Renaissance Cons. (Ren. Cap.) 13.00% 01/04/2013 Reg S IE USD 9,808 7,665 0.02 

Charles Schwab US USD 728 7,588 0.02 


RBS 9.50% VRN (Perpetual) GB GBP 5,682 7,383 0.02 




CME Group US USD 165 7,083 0.02 

UniCredit 6.95% 31/10/2022 Reg S IT EUR 6,878 6,930 0.01 

Ageas Hybrid Financing 5.125% VRN (Perpetual) LU EUR 9,569 6,830 0.01 

Credit Agricole 7.875% VRN (Perpetual) FR EUR 7,057 6,826 0.01 

UPCB Finance II 6.375% 01/07/2020 Reg S KY EUR 6,567 6,808 0.01 

BNP Paribas 5.945% VRN (Perpetual) FR GBP 7,296 6,706 0.01 



Cheung Kong Holdings HK HKD 582 6,584 0.01 

Resolution GB GBP 2,392 6,494 0.01 

RBS Group 7.092% VRN (Perpetual) GB EUR 8,134 6,435 0.01 

RBS 9.50% VRN 16/03/2022 EMTN GB USD 7,177 6,357 0.01 

RSF (Russian Standard Bank) 9.25% 11/07/2017 Reg S LU USD 7,954 6,348 0.01 


ATF Capital 10.00% VRN (Perpetual) NL USD 9,671 6,076 0.01 

ICAP GB GBP 1,482 5,993 0.01 

Kuznetski Cap. (Bank of Moscow) 6.02% VRN 10/05/2017 LU USD 7,685 5,984 0.01 

Bank of Scotland CF 6.059% VRN (Perpetual) Reg S GB GBP 5,981 5,960 0.01 

BNP Paribas Capital Trust VI 5.868% VRN (Perpetual) US EUR 6,181 5,956 0.01 

Erste Group Bank AT EUR 302 5,844 0.01 

SLM US USD 432 5,818 0.01 

RBS Capital Trust (C) 4.243% VRN (Perpetual) US EUR 9,031 5,801 0.01 

SunTrust Banks US USD 271 5,660 0.01 

119 



EUR 


RSHB (Russian Agri. Bank) 8.70% 17/03/2016 EMTN LU RUB 221,285 5,630 0.01 


Eurasia Capital (HCFB) 9.375% 24/04/2020 Reg S LU USD 6,997 5,542 0.01 


Loews US USD 164 5,373 0.01 


Country Garden Holdings 2.50% 22/02/2013 KY CNY 35,286 5,257 0.01 

Intesa Sanpaolo 5.25% 28/01/2022 EMTN IT GBP 4,366 5,207 0.01 

Hartford Financial Services Group US USD 312 5,203 0.01 

HSBC Bank Funding Sterling 5.844% VRN (Perpetual) GB GBP 4,605 5,160 0.01 


Barclays Bank 4.875% VRN (Perpetual) EMTN GB EUR 7,536 5,125 0.01 

BBVA Sub Capital Unipers 5.75% VRN 11/03/2018 EMTN ES GBP 4,486 5,014 0.01 

British Insurance Holdings 6.625% VRN 09/12/2030 NL GBP 5,981 4,928 0.01 

Swissquote Group Holding (Reg’d) CH CHF 207 4,926 0.01 

United Overseas Bank SG SGD 428 4,909 0.01 


Investec Bank 9.625% 17/02/2022 EMTN GB GBP 3,588 4,811 0.01 

RSF (Russian Standard Bank) 10.75% 10/04/2018 144A LU USD 5,981 4,737 0.01 

Aareal Bank DE EUR 280 4,638 0.01 

HBOS 4.875% 20/03/2015 EMTN GB EUR 4,545 4,632 0.01 


Hongkong Land Holdings HK USD 931 4,530 0.01 


Natixis 6.307% VRN (Perpetual) FR EUR 5,981 4,423 0.01 

Aviva 4.729% VRN (Perpetual) GB EUR 4,785 4,412 0.01 

Huntington Bancshares Inc/OH US USD 893 4,401 0.01 

Argon Capital (RBS) 8.162% VRN (Perpetual) EMTN IE GBP 6,011 4,260 0.01 

Banco do Estado do Rio Grande do Sul (Pref’d) (B) BR BRL 700 4,247 0.01 

Alfa Bank (Alfa Bond) 6.30% VRN 22/02/2017 IE USD 5,512 4,231 0.01 




Santander Issuances 7.30% VRN 27/07/2019 ES GBP 3,409 4,087 0.01 




Society of Lloyd’s 7.421% VRN (Perpetual) GB GBP 3,230 3,927 0.01 


Numericable Finance 12.375% 15/02/2019 Reg S LU EUR 3,349 3,874 0.01 

Wendel 5.875% 17/09/2019 EMTN FR EUR 3,708 3,818 0.01 

NASDAQ OMX Group US USD 204 3,753 0.01 

UniCredit 6.375% VRN 16/10/2018 EMTN IT GBP 3,409 3,736 0.01 

Direct Line Insurance Group 9.25% VRN 27/04/2042 GB GBP 2,691 3,718 0.01 

Validus Holdings BM USD 133 3,682 0.01 

Euler Hermes FR EUR 69 3,658 0.01 

CSFB (EXIM of Ukraine) 5.793% VRN 09/02/2016 GB USD 5,383 3,569 0.01 


Guaranty Trust Bank NG NGN 35,578 3,455 0.01 


Aberdeen Asset Management GB GBP 846 3,413 0.01 

Aviva 5.902% VRN (Perpetual) GB GBP 3,319 3,408 0.01 


Interactive Brokers Group (A) US USD 312 3,397 0.01 


Mediobanca IT EUR 752 3,306 0.01 

Danske Bank 5.684% VRN (Perpetual) EMTN DK GBP 2,931 3,284 0.01 



Broadgate Financing 1.504% FRN 05/01/2022 GB GBP 3,187 3,257 0.01 

LBG Capital No.1 6.439% 23/05/2020 GB EUR 3,469 3,243 0.01 

Numericable Finance 8.065% FRN 15/10/2018 Reg S LU EUR 3,230 3,234 0.01 

CBRE Group (A) US USD 231 3,148 0.01 

Shinhan Financial Group KR KRW 118 3,105 0.01 

Credit Suisse Group (Reg’d) CH CHF 172 3,080 0.01 

Kerry Properties HK HKD 802 3,052 0.01 


National Westminster Bank 6.50% 07/09/2021 GB GBP 2,392 3,001 0.01 

Mutual Securitisation 7.587% 30/09/2022* IE GBP 3,700 2,971 0.01 


Aeon Mall JP JPY 142 2,841 0.01 

International Personal Finance GB GBP 646 2,789 0.01 


Redwood Trust US USD 232 2,752 0.01 



Unique Pub Finance 5.659% 30/06/2027 GB GBP 2,392 2,587 0.01 




Novae Group 6.50% 27/04/2017 GB GBP 2,045 2,449 0.01 


Commerzbank 6.375% 22/03/2019 EMTN DE EUR 2,452 2,430 0.01 

IG Group Holdings GB GBP 447 2,422 0.01 



UniCredit IT EUR 689 2,348 0.00 

BSPB Fin. (Bk St Petersb) 7.63% VRN 25/07/2017 EMTN IE USD 3,265 2,324 0.00 

Barclays Bank 2.062% FRN (Perpetual) GB GBP 3,588 2,320 0.00

Fidelity 

Funds 





EUR 

PSB Finance (Promsvyazbank) 8.50% 25/04/2017 Reg S LU USD 2,990 2,317 0.00 

BNP Paribas 4.73% VRN (Perpetual) FR EUR 2,631 2,253 0.00 

Exor IT EUR 112 2,222 0.00 


Henderson Land Development HK HKD 391 2,073 0.00 

BPCE 4.75% VRN (Perpetual) FR EUR 3,588 2,049 0.00 



China Life Insurance (H) CN HKD 766 1,733 0.00 


Altamir Amboise FR EUR 241 1,669 0.00 

Ashmore Group GB GBP 358 1,617 0.00 

Swire Properties HK HKD 641 1,522 0.00 

Mapfre ES EUR 708 1,514 0.00 

Banca Generali IT EUR 132 1,497 0.00 


CapitaLand SG SGD 707 1,448 0.00 

Hypo Real Int’l Trust I 5.864% (Perpetual) US EUR 4,725 1,447 0.00 



Ziggo Bond 8.00% 15/05/2018 Reg S NL EUR 1,196 1,314 0.00 

Wharf Holdings HK HKD 246 1,289 0.00 

RBS Group 7.648% VRN (Perpetual) GB USD 1,675 1,281 0.00 

Siam Commercial Bank (F) TH THB 315 1,266 0.00 

Lloyds TSB Bank 6.50% 24/03/2020 EMTN GB EUR 1,196 1,265 0.00 


Goodman Group AU AUD 355 1,255 0.00 

JK Wohnbau DE EUR 377 1,187 0.00 

Unicredit Int’l Bank 8.125% VRN (Perpetual) LU EUR 1,196 1,091 0.00 


Banco Espanol de Credito ES EUR 350 984 0.00 

LXB Retail Properties GB GBP 616 880 0.00 

Fulcrum Utility Services GB GBP 3,765 819 0.00 

Boparan Finance 9.875% 30/04/2018 Reg S GB GBP 598 816 0.00 

Kasikornbank (F) TH THB 177 795 0.00 

Marwyn Management Partners GB GBP 1,732 689 0.00 

Bolsas y Mercados Espanoles ES EUR 41 677 0.00 

Credit Logement 0.852% FRN (Perpetual) FR EUR 1,053 649 0.00 

Credito Emiliano IT EUR 173 642 0.00 

Wing Hang Bank HK HKD 77 629 0.00 

Amata (F) TH THB 1,548 596 0.00 

Blue Ocean Res. 11.00% 28/06/2012 Reg S (Defaulted) SG USD 1,794 491 0.00 

Banco Espirito Santo (Reg’d) PT EUR 544 408 0.00 

Vozrozhdenie Bank RU USD 25 345 0.00 

Ascendas Real Estate Investment Trust SG SGD 178 265 0.00 

Chinatrust Financial Holding TW TWD 586 247 0.00 

KWG Property Holding HK HKD 452 205 0.00 

Paragon Entertainment* GB GBP 2,418 195 0.00 

Krung Thai Bank (F) TH THB 399 180 0.00 

Security Bank PH PHP 38 115 0.00 

BTA Bank 0.00% 30/06/2020 Reg S (Defaulted) KZ USD 546 52 0.00 


BTA Bank GDR KZ USD 1 2 0.00 


Cattles 7.125% 05/07/2017 (Defaulted)* GB GBP 4,605 0 0.00 

9,428,633 19.99 

Government 

Germany 0.50% 07/04/2017 DE EUR 1,274,555 1,281,340 2.72 

Germany 1.75% 04/07/2022 DE EUR 1,042,143 1,072,029 2.27 

Italy 4.25% 01/03/2020 IT EUR 916,295 915,503 1.94 

Italy 3.00% 15/06/2015 IT EUR 771,408 777,072 1.65 

France 3.00% 25/04/2022 FR EUR 663,856 712,862 1.51 

Spain 5.85% 31/01/2022 ES EUR 556,304 565,562 1.20 

Italy 5.00% 01/03/2022 IT EUR 504,382 515,443 1.09 

Germany 3.25% 04/07/2042 DE EUR 424,027 513,440 1.09 

Italy 4.00% 01/02/2017 IT EUR 494,493 505,552 1.07 

Spain 3.25% 30/04/2016 ES EUR 477,185 467,870 0.99 

Sweden 3.75% 12/08/2017 SE SEK 3,214,202 421,565 0.89 

Italy 5.00% 01/09/2040 IT EUR 321,420 299,319 0.63 

Germany 2.50% 27/02/2015 DE EUR 265,172 280,249 0.59 

Spain 4.30% 31/10/2019 ES EUR 247,246 237,079 0.50 

Italy 4.50% 15/07/2015 IT EUR 207,687 216,747 0.46 

Germany 3.25% 04/07/2015 DE EUR 192,852 209,087 0.44 

Spain 4.75% 30/07/2014 ES EUR 173,072 178,279 0.38 

Ireland 5.50% 18/10/2017 IE EUR 143,403 157,067 0.33 

Spain 4.00% 30/07/2015 ES EUR 124,859 126,670 0.27 

Germany 1.75% 09/10/2015 DE EUR 118,060 123,725 0.26 

Netherlands 2.25% 15/07/2022 NL EUR 101,371 106,034 0.22 

Germany 3.50% 04/07/2019 DE EUR 89,009 104,197 0.22 

Poland 3.375% 09/07/2024 EMTN PL EUR 84,064 85,868 0.18 

Belgium 4.00% 28/03/2032 BE EUR 74,174 82,358 0.17 

Finland 3.375% 15/04/2020 FI EUR 69,229 79,333 0.17 

UK Treasury 5.00% 07/03/2025 GB GBP 47,595 78,120 0.17 

France 4.50% 25/04/2041 FR EUR 61,812 77,426 0.16 

France 4.00% 25/04/2055 FR EUR 48,831 57,109 0.12 

Germany 1.50% 15/03/2013 DE EUR 46,410 46,661 0.10 


Spain 4.20% 30/07/2013 ES EUR 23,923 24,259 0.05 

Franz Haniel & Cie 6.25% 08/02/2018 DE EUR 5,383 5,899 0.01 

120 



EUR 


Portugal 4.80% 15/06/2020 PT EUR 5,203 4,245 0.01 

10,363,429 21.97 



Oakley Capital Investments BM GBP 876 1,477 0.00 

Loudwater Trust GB GBP 1,826 727 0.00 

Marwyn Value Investors (B)* GB GBP 247 184 0.00 

4,191 0.01 


BNP (Kweichow Moutai (A)) ELN 20/08/2013 CN USD 48 1,478 0.00 

UBS (Inner Mongolia Baotou Steel (A)) ELN 11/08/2014 CN USD 247 867 0.00 

BNP (Wuliangye Yibin (A)) ELN 20/08/2013 NL USD 200 832 0.00 

BNP (China Int’l Travel Services (A)) ELN 08/10/2013 NL USD 77 289 0.00 

UBS (Lijiang Yulong Tourism (A)) ELN 08/10/2013 GB USD 101 246 0.00 

3,712 0.01 


Energy 

Eurasia Drilling GDR CY USD 1,245 33,209 0.07 


PSOS Finance 12.00% 06/10/2015 KY USD 6,625 5,146 0.01 

Expro Finance Luxembourg 8.50% 15/12/2016 144A LU USD 129 102 0.00 

MPF 10.00% 08/05/2013 (Defaulted)* BM USD 4,186 0 0.00 

Viking Drilling 0.00% 20/12/2012 (Defaulted)* NO USD 709 0 0.00 

44,708 0.09 

Utilities 

Infinis 9.125% 15/12/2014 Reg S GB GBP 17,676 22,339 0.05 

Intergen 9.00% 30/06/2017 144A NL USD 13,217 9,680 0.02 

32,019 0.07 

Materials 

Ineos Group Holdings 7.875% 15/02/2016 Reg S LU EUR 19,676 18,879 0.04 

Lafarge Shui on Cement 9.00% 14/11/2014 Reg S HK CNY 80,380 10,575 0.02 

Norcell Sweden Holding 2 10.75% 29/09/2019 Reg S SE EUR 6,997 7,552 0.02 


Cemex Espana Luxembourg 8.875% 12/05/2017 Reg S ES EUR 4,997 5,047 0.01 

Steel Capital (Severstal) 6.70% 25/10/2017 Reg S LU USD 5,383 4,455 0.01 

Norcell Sweden Holding 2 10.75% 29/09/2019 144A SE EUR 3,947 4,253 0.01 

Goldcorp 2.00% 01/08/2014 CA USD 3,379 3,070 0.01 

Midwest Vanadium 11.50% 15/02/2018 144A AU USD 2,452 1,314 0.00 

62,328 0.13 

Industrials 

Tyco Flow Control Int’l 3.15% 15/09/2022 144A LU USD 95,190 73,368 0.16 

Algeco Scotsman Global Finance 9.00% 15/10/2018 Reg SGB EUR 8,732 8,999 0.02 

Rexel 6.125% 15/12/2019 144A FR USD 5,981 4,784 0.01 


Schaeffler Finance 8.50% 15/02/2019 144A NL USD 1,633 1,416 0.00 

Connaught* GB GBP 392 0 0.00 

93,128 0.20 


Time Warner Cable 4.50% 15/09/2042 US USD 58,103 45,655 0.10 

Jaguar Land Rover 8.125% 15/05/2018 Reg S GB GBP 14,772 20,013 0.04 

Chrysler Group 8.00% 15/06/2019 US USD 13,516 11,073 0.02 

European Media Capital 10.00% 01/02/2015 Reg S LU USD 10,074 7,339 0.02 

Nielsen Finance 7.75% 15/10/2018 US USD 7,775 6,736 0.01 

Nara Cable Funding 8.875% 01/12/2018 144A IE USD 8,373 6,125 0.01 

WMG Acquisition 6.25% 15/01/2021 Reg S US EUR 5,741 5,785 0.01 

Reynolds Group Issuer 5.75% 15/10/2020 144A US USD 5,981 4,674 0.01 

Independent News & Media IE EUR 7,921 673 0.00 

European Media Capital 10.00% 01/02/2015 144A LU USD 669 487 0.00 

108,560 0.23 


Altria Group 4.25% 09/08/2042 US USD 76,646 59,643 0.13 

Pernod-Ricard 4.45% 15/01/2022 144A FR USD 49,449 42,619 0.09 

Ontex IV 9.00% 15/04/2019 Reg S BE EUR 5,957 6,063 0.01 

108,325 0.23 

Healthcare 

Roche Holdings 7.00% 01/03/2039 144A US USD 24,725 29,456 0.06 

Watson Pharmaceuticals 4.625% 01/10/2042 US USD 25,961 21,468 0.05 

Fresenius US Finance II 9.00% 15/07/2015 144A US USD 15,861 14,046 0.03 

Fresenius Med. Care US Fin. II 5.875% 31/01/2022 144A US USD 9,545 7,892 0.02 


Roche Holding ADR CH USD 190 7,043 0.01 

87,550 0.19

Fidelity 

Funds 


OTE 4.625% 20/05/2016 GB EUR 18,720 14,772 0.03 


Intelsat Luxembourg 11.25% 04/02/2017 LU USD 7,536 6,122 0.01 

Clearwire Finance 12.00% 01/12/2015 144A US USD 5,981 4,899 0.01 

Virgin Media Finance 4.875% 15/02/2022 GB USD 3,564 2,789 0.01 

Matterhorn Mobile Holdings 8.25% 15/02/2020 Reg S LU EUR 2,273 2,483 0.01 

Clearwire Communications 12.00% 01/12/2017 144A US USD 2,877 2,462 0.01 

Matterhorn Mobile 6.75% 15/05/2019 Reg S LU CHF 2,392 2,106 0.00 

OTE 5.00% 05/08/2013 EMTN GB EUR 1,555 1,501 0.00 

ERC Ireland Preferred Equity 7.349% 15/02/2017 (Defaulted)* IE EUR 63,542 1 0.00 

Hellas Telecomm. Finance 8.21% 15/07/2015 (Defaulted)* LU EUR 15,749 0 0.00 

Hellas Telecomm. II 0.00% 15/01/2015 (Defaulted)* LU EUR 15,251 0 0.00 

49,158 0.10 

Financials 


HSBC Bank 3.10% 24/05/2016 144A GB USD 152,056 122,999 0.26 

BBVA 4.25% 30/03/2015 EMTN ES EUR 114,970 119,305 0.25 


BNP Paribas 2.375% 14/09/2017 MTN FR USD 124,859 97,265 0.21 

Intesa Sanpaolo 4.00% 08/11/2018 IT EUR 93,954 91,817 0.19 

Eston 2006-1 A1B 0.397% FRN 19/04/2021 GB EUR 91,316 84,664 0.18 

Clock Finance 2007-1 B2 0.515% FRN 25/02/2015 NL EUR 69,229 68,786 0.15 

Real Estate Capital 5 B 0.848% FRN 25/07/2016 GB GBP 42,410 51,334 0.11 


Clock Finance 2007-1 C2 0.695% FRN 25/02/2015 NL EUR 34,614 33,593 0.07 

Boats Investments (NL) 11.00% 31/03/2017 EMTN NL EUR 57,391 29,515 0.06 

Signum Luxembourg I 3.998% VRN 30/06/2015 EMTN LU EUR 26,016 23,936 0.05 

TS Co.mit One E 2.672% FRN 29/06/2013* DE EUR 48,617 21,878 0.05 

Guaranty Trust Bank GDR NG USD 3,724 17,802 0.04 

Assicurazioni Generali 10.125% VRN 10/07/2042 EMTN IT EUR 12,440 14,034 0.03 

Grupo de Inversiones Suramericana CO COP 813 12,128 0.03 

Zhaikmunai 10.50% 19/10/2015 Reg S KZ USD 14,174 11,993 0.03 

Proud 1 A 0.569% FRN 18/08/2017 FR EUR 9,147 8,631 0.02 

Smurfit Kappa Acquisitions 4.875% 15/09/2018 144A IE USD 8,373 6,487 0.01 

Aegon NL EUR 1,015 4,373 0.01 

Societe Generale FR EUR 173 4,242 0.01 

Wind Acquisition Holdings Fin. 12.25% 15/07/2017 144A LU USD 6,220 4,106 0.01 


Renhe Commercial Holdings 13.00% 10/03/2016 Reg S KY USD 8,373 3,433 0.01 

RBS Capital Trust III 5.512% VRN (Perpetual) US USD 5,682 3,044 0.01 

Mapfre 5.921% VRN 24/07/2037 ES EUR 3,588 2,729 0.01 

Societe Generale 5.922% VRN (Perpetual) Reg S FR USD 4,007 2,591 0.01 

Bankia 3.625% 05/10/2016 ES EUR 2,631 2,369 0.01 

Dresdner Funding Trust I 8.151% 30/06/2031 144A US USD 2,476 1,785 0.00 

European Loan Conduit 23X D 0.755% FRN 15/02/2019* IE EUR 11,542 1,784 0.00 

Bankia 3.50% 14/12/2015 ES EUR 1,435 1,339 0.00 

Bavarian Sky 2 A 0.961% FRN 15/01/2018 LU EUR 1,122 1,126 0.00 

Societe Generale 5.922% VRN (Perpetual) 144A FR USD 1,615 1,043 0.00 

Lambda Finance 2005-1X A2 0.589% FRN 15/11/2029 NL EUR 170 170 0.00 

Marwyn Management Partners Wts 12/01/2014 GB GBP 543 0 0.00 

1,268,443 2.69 

Government 

EFSF Treasury Bill 0.023% 21/03/2013 99 EUR 110,821 110,811 0.23 

Spain 4.90% 30/07/2040 ES EUR 116,206 93,752 0.20 

France 2.50% 12/01/2014 FR EUR 63,048 64,865 0.14 

US Treasury 1.25% 31/10/2019 US USD 81,591 63,319 0.13 



388,304 0.82 


Fidelity Institutional Liquidity Fund - A-ACC-EUR IE EUR 130 1,832,892 3.89 


1,835,351 3.89 

Money Market Instruments 





EUR 

KA Finanz CP 0.03% 09/11/2012 AT EUR 132,985 132,984 0.28 

Mizuho Corporate Bank CD 0.02% 02/11/2012 GB EUR 115,254 115,254 0.24 

Sumitomo Mitsui Banking CP 0.03% 03/12/2012 BE EUR 115,254 115,251 0.24 

BNP Paribas CD 0.096% 04/02/2013 FR EUR 115,254 115,225 0.24 


Natixis CD 0.059% 03/12/2012 FR EUR 101,955 101,950 0.22 

FMS Wertmanagement CP 0.02% 31/01/2013 DE EUR 90,430 90,425 0.19 

Sumitrust CD 0.029% 30/11/2012 JP EUR 88,657 88,655 0.19 

Deutsche Bank (Australia) CP 0.03% 04/01/2013 AU EUR 88,657 88,652 0.19 

Bank of Tokyo-Mitsubishi UFJ CD 0.050% 04/01/2013 JP EUR 88,657 88,649 0.19 

StadsHypotek CP 0.10% 27/12/2012 SE EUR 70,925 70,914 0.15 


Nationwide (Uregistered) CP 0.03% 12/11/2012 GB EUR 57,627 57,626 0.12 

Nordea Bank CP 0.13% 12/11/2012 SE EUR 50,534 50,532 0.11 

Electricite de France CP 0.03% 08/11/2012 FR EUR 48,761 48,761 0.10 


Svenska Handelsbanken CP 0.11% 27/12/2012 SE EUR 35,463 35,457 0.08 

121 


Pohjola Bank CP 0.03% 09/11/2012 FI EUR 27,484 27,483 0.06 

Aviva CP 0.01% 19/11/2012 GB EUR 22,164 22,164 0.05 

Swedbank CP 0.05% 05/11/2012 SE EUR 22,164 22,164 0.05 


Mitsubishi UFJ T&B CD 0.06% 16/01/2013 JP EUR 22,164 22,161 0.05 

DnB NOR Bank CP 0.03% 05/11/2012 NO EUR 17,731 17,731 0.04 



BPCE CP 0.025% 01/11/2012 FR EUR 13,299 13,299 0.03 

ABN Amro Bank CD 0.074% 05/12/2012 NL EUR 10,639 10,638 0.02 


Landesbank Hessen-Thuringen CP 0.12% 02/11/2012 DE EUR 8,866 8,866 0.02 



1,671,078 3.54 

Unlisted 



EUR 

Energy 



Burried Hill Energy* CY USD 550 848 0.00 

Remedial Cayman 10.00% 28/03/2012 (Defaulted)* KY USD 1,442 44 0.00 

Offshore Accommodation IS* US USD 281 0 0.00 

Remedial Cayman* KY USD 1 0 0.00 


Sphere Minerals* AU AUD 40 0 0.00 

Viking Drilling 0.00% FRN 05/10/2011 (Defaulted)* NO USD 1,196 0 0.00 

4,292 0.01 

Utilities 



0 0.00 

Materials 

Polar Star Mining* CA CAD 1,974 254 0.00 


Eurotin Wts 26/07/2013 CA CAD 617 0 0.00 

254 0.00 

Industrials 

Nobina* SE SEK 1,824 2,123 0.00 

Nobina Europe 9.125% 01/08/2012 SE EUR 2,022 1,326 0.00 


Carter & Carter Group (In liquidation)* GB GBP 336 0 0.00 



4,408 0.01 


Cambridge Broadband Networks* GB GBP 3,096 554 0.00 

TPK Holdings GDR KY USD 26 251 0.00 

Cambridge Broadband Networks (Pref’d)* GB USD 225 173 0.00 

Mathengine* GB GBP 89 0 0.00 

Minorplanet Systems* GB GBP 326 0 0.00 

978 0.00 


Gallery Capital* LU USD 3 3,516 0.01 


Koytas Tekstil Sanayi* TR TRY 43 0 0.00 

Talon Equityco Wts 23/11/2040* BE EUR 3 0 0.00 

Visiocorp Wts A 31/12/2012* GB GBP 5 0 0.00 

Visiocorp Wts B 31/12/2012* GB GBP 5 0 0.00 

3,516 0.01 

Healthcare 

TMO Renewables (Placing)* GB GBP 710 210 0.00 

York Pharma* GB GBP 341 0 0.00 

210 0.00 




Ip Access (B)* GB GBP 88 812 0.00 

Ip Access* GB GBP 576 480 0.00 

Ip Access (C)* GB GBP 423 373 0.00 

Ip Access (C1)* GB GBP 65 57 0.00 

23,448 0.05 

Financials 

Kasikornbank NVDR TH THB 875 3,914 0.01

Fidelity 

Funds 

Bangkok Bank NVDR TH THB 350 1,546 0.00 


Asian Property Development NVDR TH THB 1,164 253 0.00 

Marwyn Management 10.00% 30/04/2015* GB GBP 74 92 0.00 

Bankinter* ES EUR 19 48 0.00 

SAO Special Finance Rts 10/02/2013* CA CAD 14 24 0.00 

Nightingale Finance 2007-11 1 0.983% FRN 07/06/2015* GB USD 199,033 2 0.00 

Links Finance 0.00% 15/09/2009 EMTN (Defaulted)* KY USD 111,261 1 0.00 

Cattles 6.875% 17/01/2014 EMTN (Defaulted)* GB GBP 1,722 0 0.00 

Damovo Group* KY EUR 1,017 0 0.00 

XL Techgroup (A)* GB GBP 421 0 0.00 

7,324 0.02 



Bank Deposits 

Swedbank TD 0.01% 01/11/2012 SE EUR 155,330 155,330 0.33 

155,330 0.33 

Total Investments (including Bank Deposits) 42,447,430 89.98 




EUR 

Dow Jones - UBS Industrial Metals Subindex USD (177,088) 14,009 0.03 

Dow Jones - UBS Energy Subindex USD (178,354) 552 0.00 

Banco Santander EUR 147 147 0.00 

Dow Jones - UBS Agriculture Subindex USD 62,428 (2,187) (0.00) 

Dow Jones - UBS Precious Metals Subindex USD 302,958 (9,076) (0.02) 

Dow Jones - UBS Commodity Index USD 4,827,060 (103,767) (0.22) 

(100,322) (0.21) 

Credit Default Swaps 





EUR 

Bought protection on Spain 5.50% 20/12/2017 USD 25,238 1,734 0.00 

Bought protection on Italy 6.875% 20/12/2017 USD 21,889 1,343 0.00 

Sold protection on Virgin Media Finance 20/12/2017 EUR 6,818 836 0.00 

Sold protection on UPC Holding 20/12/2017 EUR 36,279 784 0.00 

Bought protection on Codere Finance 20/09/2015 EUR 3,887 747 0.00 

Bought protection on Generali Finance 20/06/2017 EUR 11,244 711 0.00 

Bought protection on Russia 5.00% 20/12/2017 USD 35,884 707 0.00 

Bought protection on France 4.25% 20/12/2017 USD 43,061 704 0.00 

Bought protection on Hammerson 20/12/2016 EUR 105,080 451 0.00 

Bought protection on Itraxx Xover 20/12/2017 EUR 47,845 424 0.00 

Sold protection on Royal Caribbean Cruises 20/03/2017 USD 5,981 420 0.00 

Bought protection on Codere Finance 8.25% 20/06/2015 EUR 2,273 417 0.00 

Sold protection on Fiat Finance & Trade 20/09/2014 EUR 25,597 345 0.00 

Sold protection on Fiat Industrial 20/03/2015 EUR 4,426 324 0.00 

Bought protection on Dixons 8.75% 20/12/2017 EUR 7,356 158 0.00 

Bought protection on Russia 5.00% 20/12/2014 USD 13,277 (42) (0.00) 

Sold protection on Alcatel 20/12/2014 EUR 5,203 (786) (0.00) 

Bought protection on UK Treasury 4.25% 20/09/2017 USD 44,257 (1,244) (0.00) 

Bought protection on Itraxx Europe Sub Fin. 20/12/2016 EUR 23,923 (2,278) (0.00) 

5,755 0.01 




EUR 



EUR EUR 




Bought EUR Sold SEK at 0.12054 20/11/2012 186,852 6,874 0.01 








122 



EUR EUR 









Bought USD Sold EUR at 1.31082 20/11/2012 100,421 1,042 0.00 















Bought EUR Sold CHF at 0.83332 20/11/2012 22,364 123 0.00 



Bought EUR Sold SEK at 0.12044 20/11/2012 2,341 84 0.00 


Bought EUR Sold ZAR at 0.09393 20/12/2012 865 57 0.00 



















Bought AUD Sold EUR at 1.27381 20/12/2012 232 3 0.00 



Bought NOK Sold EUR at 7.45407 20/12/2012 232 1 0.00 


Bought DKK Sold EUR at 7.45584 20/12/2012 329 0 0.00 

Bought EUR Sold NOK at 0.13478 20/12/2012 240 0 0.00 



Bought EUR Sold NOK at 0.13462 20/12/2012 832 (2) (0.00) 





Bought GBP Sold EUR at 0.80172 20/11/2012 2,984 (10) (0.00) 


Bought CHF Sold EUR at 1.20005 20/11/2012 3,764 (21) (0.00) 












Bought SEK Sold EUR at 8.27430 20/11/2012 2,433 (92) (0.00) 














Bought USD Sold EUR at 1.28865 20/11/2012 203,978 (1,368) (0.00)

Fidelity 

Funds 








146,383 0.31 

Futures 





EUR EUR 



EUR 

Long Gilt Future 27/12/2012 GBP (387,495) 5,901 0.01 

Ultra Long Term US Treasury Bond Future 19/12/2012 USD (250,405) 912 0.00 

US Treasury Note 10 Year Future 19/12/2012 USD (453,476) 744 0.00 

Long Term US Treasury Bond Future 19/12/2012 USD (28,438) 214 0.00 



Euro Stoxx 50 Future 21/12/2012 EUR 38,774 (38) (0.00) 

FTSE/MIB Index Future 26/12/2012 EUR 2,120 (75) (0.00) 


Euro Bobl Future 06/12/2012 EUR 867,203 (288) (0.00) 

Euro Bund Future 06/12/2012 EUR 427,364 (863) (0.00) 

6,579 0.01 


Net Assets 47,172,270 100.00 

123 



USA US 13.88 

UK GB 11.85 


Italy IT 8.59 



Spain ES 5.46 




Supranational 99 2.20 

Japan JP 2.04 


Korea KR 1.10 

China CN 1.05 














Czech Republic CZ 0.20 


Curacao CW 0.19 


Poland PL 0.18 







India IN 0.09 



Croatia HR 0.05 


Kenya KE 0.04 



Peru PE 0.03 








Fidelity 

Funds 

Fidelity Sélection Europe 1,4 




EUR 


Energy 

BG Group GB GBP 33,235 474,248 1.57 

BP GB GBP 74,004 407,954 1.35 

Saipem IT EUR 7,412 256,884 0.85 


Total FR EUR 4,438 172,299 0.57 

Eni IT EUR 9,414 166,722 0.55 



Transocean (Switzerland) CH CHF 3,352 117,746 0.39 

Technip FR EUR 735 63,901 0.21 










Aker (A) NO NOK 1,148 31,190 0.10 


Tecnicas Reunidas ES EUR 720 27,292 0.09 

AMEC GB GBP 1,808 23,837 0.08 



Hunting GB GBP 2,305 21,454 0.07 

Ocean Rig UDW CY USD 1,692 20,852 0.07 








Gold Oil* GB GBP 147,334 2,725 0.01 

FAR AU AUD 95,872 2,520 0.01 

2,787,034 9.20 

Utilities 


Enagas ES EUR 1,615 24,768 0.08 

Snam IT EUR 7,249 24,748 0.08 

Enel IT EUR 7,863 22,802 0.08 







271,540 0.90 

Materials 





Linde DE EUR 1,131 146,701 0.48 


Lanxess DE EUR 2,155 137,370 0.45 




Sika (BR) CH CHF 56 89,835 0.30 


Arkema FR EUR 941 66,201 0.22 

BASF DE EUR 936 59,843 0.20 



Banro CA CAD 10,591 37,257 0.12 



Hoganas (B) SE SEK 1,090 28,026 0.09 


Svenska Cellulosa SE SEK 1,759 26,438 0.09 








124 



EUR 



Buzzi Unicem IT EUR 958 8,768 0.03 

Vidrala ES EUR 429 8,553 0.03 



ArcelorMittal LU EUR 323 3,689 0.01 


Acerinox ES EUR 422 3,392 0.01 

Eurotin CA CAD 18,328 2,403 0.01 

Ausgold AU AUD 12,929 1,654 0.01 

2,414,790 7.98 

Industrials 




Siemens (Reg’d) DE EUR 2,660 206,277 0.68 

Capita GB GBP 22,937 206,222 0.68 





Safran FR EUR 3,484 106,950 0.35 



Legrand FR EUR 3,519 104,571 0.35 



Prysmian IT EUR 6,237 92,561 0.31 


GFK DE EUR 2,385 83,791 0.28 




ABB (Reg’d) CH CHF 4,275 59,449 0.20 

Edenred FR EUR 2,532 56,529 0.19 

Alstom FR EUR 2,101 55,365 0.18 

Saab (B) SE SEK 3,635 53,289 0.18 










easyJet GB GBP 5,411 42,059 0.14 




SKF (B) SE SEK 2,263 39,370 0.13 



Brammer GB GBP 13,129 39,223 0.13 



Solar (B) DK DKK 807 38,544 0.13 





Loomis (B) SE SEK 3,237 34,268 0.11 

NKT Holding DK DKK 1,302 33,623 0.11 

Wartsila FI EUR 1,077 33,598 0.11 




Sthree GB GBP 7,943 29,657 0.10 

Orkla NO NOK 4,791 29,207 0.10 

Konecranes FI EUR 1,196 29,185 0.10 

IMI GB GBP 2,147 25,479 0.08 




Meggitt GB GBP 4,110 19,730 0.07 












Fidelity 

Funds 

Fidelity Sélection Europe 1,4 - continued 




EUR 





Ferrovial ES EUR 833 9,079 0.03 

Fiat Industrial IT EUR 652 5,444 0.02 

XP Power SG GBP 422 5,137 0.02 




4,796,557 15.84 


SAP DE EUR 7,442 418,229 1.38 



Amadeus IT Holding (A) ES EUR 6,612 126,294 0.42 

Gemalto NL EUR 1,440 100,242 0.33 




Dassault Systemes FR EUR 713 57,975 0.19 







SimCorp DK DKK 233 39,299 0.13 





IQE GB GBP 74,672 29,714 0.10 



Alten FR EUR 1,166 28,284 0.09 


SDL GB GBP 4,254 28,061 0.09 

Brady GB GBP 22,023 27,797 0.09 

Google (A) US USD 49 25,830 0.09 











Sopra Group FR EUR 348 12,683 0.04 

Globo GB GBP 43,895 12,623 0.04 



YOC DE EUR 826 6,195 0.02 

Ei Towers IT EUR 256 5,215 0.02 

Datalogic IT EUR 536 3,539 0.01 

Ant GB GBP 13,331 3,316 0.01 

SAES Getters IT EUR 184 1,309 0.00 


2,144,799 7.08 


WPP IE GBP 39,940 397,086 1.31 

Pearson GB GBP 23,150 358,411 1.18 

Volkswagen (Pref’d) DE EUR 2,077 331,428 1.09 








Inditex ES EUR 1,348 132,732 0.44 


PPR FR EUR 891 120,887 0.40 

Publicis Groupe FR EUR 2,477 102,963 0.34 




BMW DE EUR 1,124 69,089 0.23 





IPSOS FR EUR 2,398 65,006 0.21 

Adidas DE EUR 988 64,956 0.21 


125 



EUR 

GKN GB GBP 24,887 64,249 0.21 

Vivendi FR EUR 4,050 63,928 0.21 



ASOS GB GBP 1,826 51,213 0.17 


Autoliv SDR SE SEK 1,110 49,549 0.16 








Informa CH GBP 7,138 35,525 0.12 

SHW DE EUR 1,123 32,520 0.11 





Renault FR EUR 575 19,858 0.07 




SEB FR EUR 318 15,940 0.05 



Phorm SG GBP 14,586 13,060 0.04 





Safilo Group IT EUR 738 4,801 0.02 

Indesit IT EUR 951 4,540 0.01 


Mothercare GB GBP 824 2,842 0.01 

Brembo IT EUR 194 1,524 0.01 



4,715,577 15.57 


Diageo GB GBP 25,065 552,002 1.82 


Danone FR EUR 5,611 266,115 0.88 



L’Oreal FR EUR 1,282 125,989 0.42 

Aryzta CH CHF 2,879 110,920 0.37 






Remy Cointreau FR EUR 624 49,894 0.16 


AarhusKarlshamn SE SEK 1,556 47,262 0.16 

Casino Guichard Perrachon FR EUR 679 45,780 0.15 

Glanbia IE EUR 5,512 40,348 0.13 





Viscofan ES EUR 961 35,876 0.12 


Raisio FI EUR 6,104 18,616 0.06 



Devro GB GBP 2,021 8,237 0.03 



Jeronimo Martins SGPS PT EUR 163 2,206 0.01 

Campofrio Food Group ES EUR 219 1,239 0.00 

2,688,231 8.88 

Healthcare 

Sanofi FR EUR 9,793 664,129 2.19 


Roche Holding CH CHF 2,606 386,729 1.28 


Shire IE GBP 15,616 338,468 1.12 


Fresenius SE & Co DE EUR 1,476 129,888 0.43 






ALK-Abello DK DKK 1,004 51,562 0.17

Fidelity 

Funds 





EUR 

Ossur IS DKK 50,313 51,259 0.17 


Elekta (B) SE SEK 4,529 49,791 0.16 



Nexus DE EUR 3,813 35,838 0.12 

UCB BE EUR 789 35,508 0.12 

Getinge (B) SE SEK 1,298 30,809 0.10 








Smith & Nephew GB GBP 2,039 16,607 0.05 






Optos GB GBP 3,590 9,097 0.03 

Sorin IT EUR 4,926 8,921 0.03 


Elan ADR IE USD 877 7,265 0.02 


Almirall ES EUR 347 2,395 0.01 

3,861,987 12.76 



Freenet DE EUR 4,460 56,883 0.19 







Telefonica Deutschland Holding DE EUR 342 2,014 0.01 

801,944 2.65 

Financials 




UBS (Reg’d) CH CHF 35,946 415,829 1.37 







AXA FR EUR 8,359 102,524 0.34 







Swiss Re CH CHF 991 52,822 0.17 



ICAP GB GBP 10,644 43,031 0.14 

















Exor IT EUR 849 16,881 0.06 



Mapfre ES EUR 6,350 13,577 0.04 






126 


Bolsas y Mercados Espanoles ES EUR 365 6,073 0.02 

Vozrozhdenie Bank RU USD 412 5,583 0.02 





4,550,267 15.03 






67,849 0.22 


Industrials 



32,745 0.11 

Financials 



Aegon NL EUR 6,503 28,014 0.09 


347,336 1.15 



20,386 0.07 

Unlisted 



EUR 

Energy 






68,788 0.23 

Utilities 



0 0.00 

Materials 




4,113 0.01 

Industrials 





3,040 0.01 






11,778 0.04 




0 0.00 

Healthcare 



3,396 0.01 



Ip Access* GB GBP 9,322 7,767 0.03

Fidelity 

Funds 


Ip Access (C1)* GB GBP 1,046 921 0.00 

27,861 0.09 

Financials 





2,310 0.01 






EUR 


1,315 0.00 




EUR EUR 



Bought EUR Sold ZAR at 0.09393 20/12/2012 14,012 921 0.00 





















6,392 0.02 

Futures 





EUR 



EUR 





(1,409) (0.00) 


Net Assets 30,278,101 100.00 

127 



UK GB 33.28 





Spain ES 3.68 

Italy IT 3.34 






USA US 0.58 


















Fidelity 

Funds 

Fidelity Sélection Internationale 1,4 




EUR 


Energy 

BG Group GB GBP 72,373 1,032,743 0.90 


BP GB GBP 165,720 913,555 0.80 

Chevron US USD 8,632 729,455 0.64 

Saipem IT EUR 13,910 482,117 0.42 



Eni IT EUR 18,214 322,562 0.28 

Total FR EUR 7,546 292,924 0.26 













Apache US USD 1,872 118,779 0.10 

Technip FR EUR 1,250 108,638 0.10 


Ensco (A) GB USD 2,366 104,375 0.09 








Aker (A) NO NOK 3,062 83,200 0.07 




CNOOC CN HKD 43,528 69,389 0.06 




Inpex JP JPY 14 62,982 0.06 






Tecnicas Reunidas ES EUR 1,199 45,437 0.04 


AMEC GB GBP 3,253 42,885 0.04 

Hess US USD 1,039 41,903 0.04 


EQT US USD 791 36,893 0.03 

Williams US USD 1,381 36,845 0.03 

Bonavista Energy CA CAD 2,517 34,556 0.03 



Pioneer Natural Resources US USD 390 31,618 0.03 


PTT (F) TH THB 3,150 25,036 0.02 




Hunting GB GBP 2,059 19,165 0.02 



Coastal Energy US CAD 1,280 18,234 0.02 


S-Oil KR KRW 249 17,483 0.02 





Cameco CA CAD 1,029 15,300 0.01 

Fugro NL EUR 248 12,920 0.01 

Genel Energy GB GBP 981 9,905 0.01 

Cobalt International Energy US USD 596 9,452 0.01 





Comstock Resources US USD 598 8,028 0.01 

Helix Energy Solutions Group US USD 616 7,973 0.01 

128 



EUR 





Gold Oil* GB GBP 131,612 2,435 0.00 

FAR AU AUD 85,642 2,251 0.00 


10,508,349 9.20 

Utilities 




Exelon US USD 2,331 64,096 0.06 




PPL US USD 1,892 43,095 0.04 

Snam IT EUR 12,168 41,541 0.04 

Enagas ES EUR 2,688 41,234 0.04 

PG&E US USD 1,195 39,137 0.03 

Enel IT EUR 13,198 38,274 0.03 



AES US USD 3,444 27,722 0.02 












CLP Holdings HK HKD 727 4,775 0.00 

1,101,995 0.96 

Materials 



Syngenta (Reg’d) CH CHF 1,399 421,887 0.37 



Linde DE EUR 2,231 289,483 0.25 




Lanxess DE EUR 3,260 207,751 0.18 

Mosaic US USD 5,112 206,372 0.18 

Sika (BR) CH CHF 119 192,014 0.17 

Ashland US USD 3,500 188,420 0.16 

Arkema FR EUR 2,492 175,258 0.15 




BASF DE EUR 1,592 101,795 0.09 



Hoganas (B) SE SEK 2,907 74,759 0.07 


Svenska Cellulosa SE SEK 4,692 70,524 0.06 










Ecolab US USD 901 48,006 0.04 


Eastman Chemical US USD 923 42,124 0.04 







Goldcorp CA CAD 978 34,117 0.03 

Banro CA CAD 9,461 33,281 0.03 

LG Chem KR KRW 148 31,992 0.03 




Fidelity 

Funds 

Fidelity Sélection Internationale 1,4 - continued 




EUR 


Mexichem MX MXN 7,855 30,068 0.03 

Semen Gresik Persero ID IDR 20,049 23,913 0.02 






JSR JP JPY 1,579 20,835 0.02 




Silver Wheaton CA CAD 567 17,648 0.02 




Toray Industries JP JPY 3,601 16,173 0.01 


Buzzi Unicem IT EUR 1,608 14,718 0.01 

Vidrala ES EUR 714 14,239 0.01 

Xstrata CH GBP 1,165 14,181 0.01 








Reliance Steel & Aluminum US USD 282 11,758 0.01 




Kuraray JP JPY 1,237 11,068 0.01 


Franco-Nevada CA CAD 238 10,623 0.01 

Daicel JP JPY 2,298 10,614 0.01 


Eramet FR EUR 93 9,118 0.01 



US Silica Holdings US USD 812 7,904 0.01 

Jupiter Energy AU AUD 18,269 7,563 0.01 

Nihon Parkerizing JP JPY 645 7,484 0.01 



Sigma-Aldrich US USD 125 6,758 0.01 

Nihon Nohyaku JP JPY 1,906 6,507 0.01 



Acerinox ES EUR 702 5,648 0.00 

Zeon JP JPY 939 5,212 0.00 

Nissan Chemical Industries JP JPY 598 5,081 0.00 

Nippon Kayaku JP JPY 574 4,922 0.00 


Hitachi Metals JP JPY 617 4,442 0.00 

Maruichi Steel Tube JP JPY 210 3,363 0.00 


Daiken JP JPY 1,653 2,808 0.00 

FP JP JPY 48 2,756 0.00 



Eurotin CA CAD 16,372 2,147 0.00 


JSP JP JPY 156 1,550 0.00 

Ausgold AU AUD 11,550 1,477 0.00 

Toyo Ink SC Holdings JP JPY 490 1,390 0.00 

Nittetsu Mining JP JPY 434 1,345 0.00 

Gold Standard Ventures CA CAD 941 1,139 0.00 

Yushiro Chemical Industry JP JPY 137 1,014 0.00 

Pacific Metals JP JPY 308 806 0.00 

Chubu Steel Plate JP JPY 164 432 0.00 

Hodogaya Chemical JP JPY 238 342 0.00 

6,918,605 6.05 

Industrials 



Capita GB GBP 52,889 475,515 0.42 





Danaher US USD 8,061 322,087 0.28 


United Technologies US USD 4,365 263,079 0.23 



United Parcel Service (B) US USD 3,852 217,126 0.19 

Equifax US USD 5,404 208,916 0.18 


129 



EUR 

Safran FR EUR 6,682 205,095 0.18 








Cummins US USD 2,540 182,764 0.16 




Alstom FR EUR 6,059 159,656 0.14 

ABB (Reg’d) CH CHF 11,258 156,541 0.14 


Saab (B) SE SEK 9,696 142,149 0.12 





Rieter Holding (Reg’d) CH CHF 1,015 124,708 0.11 






GFK DE EUR 3,075 108,034 0.09 




SKF (B) SE SEK 6,038 105,019 0.09 




Solar (B) DK DKK 2,151 102,816 0.09 

Zehnder Group (BR) CH CHF 2,256 102,548 0.09 



ADT US USD 3,089 97,645 0.09 


easyJet GB GBP 12,478 96,980 0.08 

Edenred FR EUR 4,305 96,104 0.08 



Loomis (B) SE SEK 8,634 91,410 0.08 


NKT Holding DK DKK 3,474 89,690 0.08 

Wartsila FI EUR 2,872 89,622 0.08 








Orkla NO NOK 12,780 77,910 0.07 

Konecranes FI EUR 3,191 77,851 0.07 





Industries Qatar QA QAR 1,911 61,490 0.05 



Fraport Frankfurt Airport Services Worldwide DE EUR 1,242 56,174 0.05 


Boeing US USD 968 52,510 0.05 

IMI GB GBP 4,423 52,495 0.05 

LIXIL Group JP JPY 2,974 50,601 0.04 

AMETEK US USD 1,847 50,381 0.04 

Brammer GB GBP 16,375 48,922 0.04 


Deere & Co US USD 705 46,317 0.04 

Meggitt GB GBP 9,478 45,494 0.04 

CSX US USD 2,860 45,225 0.04 



FedEx US USD 588 41,528 0.04 


Schindler Holding (Reg’d) CH CHF 384 38,341 0.03 



Galliford Try GB GBP 3,595 33,015 0.03 




Ryanair Holdings (UK) IE EUR 6,976 31,183 0.03 

Kubota JP JPY 3,867 30,411 0.03 

MasTec US USD 1,717 29,789 0.03 

Jardine Matheson Holdings HK USD 605 28,634 0.03

Fidelity 

Funds 





EUR 



Sthree GB GBP 7,095 26,493 0.02 

Keppel SG SGD 3,913 26,180 0.02 



Pentair CH USD 762 24,617 0.02 




Trimas US USD 1,108 21,004 0.02 



51job ADR CN USD 529 19,064 0.02 





Encore Wire US USD 653 15,325 0.01 

Ferrovial ES EUR 1,387 15,115 0.01 

MISUMI Group JP JPY 778 14,712 0.01 



Rush Enterprises (A) US USD 932 13,552 0.01 









Marubeni JP JPY 1,948 9,709 0.01 






JGC JP JPY 322 8,531 0.01 

SMC (Japan) JP JPY 70 8,499 0.01 


Hitachi Transport System JP JPY 722 8,342 0.01 

CTCI TW TWD 5,288 8,050 0.01 



Aeon Delight JP JPY 420 6,660 0.01 



Tsubakimoto Chain JP JPY 1,583 5,966 0.01 

Colfax US USD 219 5,755 0.01 


Kintetsu World Express JP JPY 261 5,653 0.00 




ITOCHU JP JPY 645 4,961 0.00 

East Japan Railway JP JPY 92 4,887 0.00 


Aida Engineering JP JPY 942 4,616 0.00 

XP Power SG GBP 377 4,589 0.00 

TK KR KRW 222 4,318 0.00 

Oiles JP JPY 261 3,769 0.00 



Daikin Industries JP JPY 125 2,654 0.00 

Tocalo JP JPY 235 2,634 0.00 

SATS SG SGD 1,279 2,244 0.00 

Nitta JP JPY 182 2,156 0.00 

FANUC JP JPY 17 2,061 0.00 


Hisaka Works JP JPY 252 1,351 0.00 

JP-Holdings (Japan) JP JPY 133 1,277 0.00 


Yahagi Construction JP JPY 298 979 0.00 

Asahi Glass JP JPY 182 952 0.00 

Fuji Machine Manufacturing JP JPY 48 520 0.00 



15,057,745 13.18 


Apple US USD 3,152 1,449,232 1.27 

Google (A) US USD 2,171 1,133,158 0.99 


SAP DE EUR 13,940 783,436 0.69 





QUALCOMM US USD 6,302 284,720 0.25 

130 



EUR 

eBay US USD 6,839 254,485 0.22 



Oracle US USD 9,260 221,298 0.19 

Fiserv US USD 3,661 210,951 0.18 







Gemalto NL EUR 1,854 129,052 0.11 



NVIDIA US USD 13,768 127,581 0.11 



Altera US USD 4,971 115,808 0.10 





SimCorp DK DKK 621 104,831 0.09 

Dassault Systemes FR EUR 1,212 98,563 0.09 



Visa (A) US USD 832 88,375 0.08 

Corning US USD 9,196 83,514 0.07 


EMC US USD 3,162 59,425 0.05 



Sina CN USD 1,327 56,280 0.05 

Fujitsu JP JPY 18,586 54,973 0.05 

Hitachi JP JPY 13,435 54,791 0.05 









Kyocera JP JPY 713 48,262 0.04 

Xilinx US USD 1,897 47,730 0.04 



VMware (A) US USD 577 37,396 0.03 



Intel US USD 2,137 35,809 0.03 





Software DE EUR 1,096 33,885 0.03 

SK Hynix KR KRW 1,916 33,539 0.03 


NetApp US USD 1,568 32,714 0.03 


TDK JP JPY 1,054 30,479 0.03 



Citrix Systems US USD 575 27,863 0.02 


IQE GB GBP 66,703 26,544 0.02 




Alten FR EUR 1,041 25,266 0.02 



SDL GB GBP 3,800 25,066 0.02 

Brady GB GBP 19,673 24,831 0.02 

Cadence Design Systems US USD 2,509 24,467 0.02 







Applied Materials US USD 2,656 21,665 0.02 

ADTRAN US USD 1,667 21,547 0.02 






Otsuka JP JPY 311 19,518 0.02 

Samsung Electronics (Pref’d) KR KRW 35 19,494 0.02

Fidelity 

Funds 





EUR 

Canon JP JPY 772 19,343 0.02 




Bechtle DE EUR 577 16,791 0.01 




Amdocs US USD 608 15,343 0.01 




FleetCor Technologies US USD 354 12,818 0.01 

SCSK JP JPY 977 12,813 0.01 

Horiba JP JPY 607 12,738 0.01 



NCSoft KR KRW 77 11,351 0.01 


Globo GB GBP 39,211 11,276 0.01 

Universal Display US USD 445 11,189 0.01 

Murata Manufacturing JP JPY 293 10,961 0.01 

Acme Packet US USD 843 10,810 0.01 

Nidec JP JPY 184 10,050 0.01 

Micron Technology US USD 2,229 9,303 0.01 

Symantec US USD 652 9,145 0.01 

Ei Towers IT EUR 430 8,754 0.01 

ServiceSource International US USD 1,245 8,582 0.01 



Wacom (Japan) JP JPY 4 8,170 0.01 

QLIK Technologies US USD 561 7,913 0.01 

Yokogawa Electric JP JPY 709 6,210 0.01 

Itochu Techno-Solutions JP JPY 153 6,085 0.01 

Datalogic IT EUR 899 5,941 0.01 


YOC DE EUR 738 5,534 0.00 

Lasertec JP JPY 335 4,689 0.00 

Informatica US USD 222 4,607 0.00 


Nuflare Technology JP JPY 1 4,508 0.00 


Anritsu JP JPY 448 4,344 0.00 

Enplas JP JPY 149 4,085 0.00 


Yahoo Japan JP JPY 14 3,833 0.00 

Shimadzu JP JPY 659 3,415 0.00 

Toshiba JP JPY 1,051 3,000 0.00 

Ant GB GBP 11,909 2,962 0.00 


Kakaku.com JP JPY 98 2,587 0.00 

Omron JP JPY 156 2,384 0.00 

SAES Getters IT EUR 309 2,198 0.00 

CMK (Japan) JP JPY 709 1,779 0.00 

Hitachi High-Technologies JP JPY 99 1,679 0.00 


Ubic JP JPY 23 1,522 0.00 

NSD JP JPY 189 1,395 0.00 

Megachips JP JPY 69 1,181 0.00 

Iriso Electronics JP JPY 91 972 0.00 

Ricoh JP JPY 112 721 0.00 

Digital Garage JP JPY 1 686 0.00 


12,884,182 11.27 


WPP IE GBP 85,827 853,307 0.75 

Pearson GB GBP 53,380 826,437 0.72 












Lowe’s US USD 10,551 262,242 0.23 



Inditex ES EUR 2,556 251,635 0.22 




PPR FR EUR 1,698 230,319 0.20 



131 



EUR 








News (A) US USD 8,356 153,905 0.13 


GKN GB GBP 57,386 148,147 0.13 

Coach US USD 3,414 146,130 0.13 



Autoliv SDR SE SEK 2,962 132,171 0.12 



BMW DE EUR 2,023 124,298 0.11 



Vivendi FR EUR 7,738 122,144 0.11 


TJX US USD 3,702 117,329 0.10 


Mattel US USD 4,035 114,375 0.10 



Adidas DE EUR 1,681 110,492 0.10 




Expedia US USD 2,071 94,997 0.08 

NIKE (B) US USD 1,215 85,243 0.07 




IPSOS FR EUR 2,897 78,540 0.07 

PVH US USD 911 74,850 0.07 

McGraw-Hill US USD 1,639 69,971 0.06 



Fuji Heavy Industries JP JPY 8,320 61,747 0.05 







Target US USD 1,044 51,035 0.04 



ASOS GB GBP 1,631 45,748 0.04 






VF US USD 335 40,081 0.04 

DIRECTV US USD 1,003 39,432 0.03 




Big Lots US USD 1,647 36,906 0.03 


Renault FR EUR 1,035 35,726 0.03 





Denso JP JPY 1,323 31,963 0.03 


Informa CH GBP 6,377 31,734 0.03 

Staples US USD 3,294 29,099 0.03 

SHW DE EUR 1,003 29,049 0.03 


SEB FR EUR 540 27,099 0.02 




Newell Rubbermaid US USD 1,581 25,145 0.02 


Ascena Retail Group US USD 1,477 22,471 0.02 

Brands US USD 590 21,501 0.02 

Steven Madden US USD 629 20,573 0.02 

Chipotle Mexican Grill US USD 105 20,377 0.02 




Bajaj Auto IN INR 656 17,011 0.01 


Sands China CN HKD 5,000 14,430 0.01

Fidelity 

Funds 





EUR 


Best Buy US USD 1,185 13,864 0.01 

Makita JP JPY 448 13,659 0.01 




Asics JP JPY 1,113 12,447 0.01 


Phorm SG GBP 13,030 11,666 0.01 

Trinity HK HKD 21,320 11,440 0.01 

TripAdvisor US USD 484 11,297 0.01 




Duskin JP JPY 648 9,476 0.01 


Shimamura JP JPY 113 9,109 0.01 

Sumitomo Rubber Industries JP JPY 923 8,361 0.01 

Rinnai JP JPY 158 8,326 0.01 

Safilo Group IT EUR 1,239 8,058 0.01 


Indesit IT EUR 1,597 7,621 0.01 

Tamron JP JPY 328 6,862 0.01 

HIS JP JPY 294 6,844 0.01 

Sega Sammy Holdings JP JPY 447 6,484 0.01 


Arc Land Sakamoto JP JPY 518 5,787 0.01 

Rakuten JP JPY 799 5,530 0.00 

GOME Electrical Appliances Holding HK HKD 68,321 5,479 0.00 

Suzuki Motor JP JPY 308 5,381 0.00 

Aisin Seiki JP JPY 228 5,114 0.00 



Fields JP JPY 433 4,793 0.00 

Isuzu Motors JP JPY 1,037 4,218 0.00 

Unipres JP JPY 231 4,105 0.00 

Nikon JP JPY 160 3,137 0.00 

NOK JP JPY 254 3,125 0.00 

Brembo IT EUR 325 2,559 0.00 


Nitori Holdings JP JPY 39 2,468 0.00 

Fujibo Holdings JP JPY 771 2,451 0.00 

Hajime Construction JP JPY 94 2,278 0.00 

ESCRIT JP JPY 322 2,242 0.00 


St Marc Holdings JP JPY 57 1,650 0.00 


Shenzhou International Group Holdings CN HKD 911 1,364 0.00 

Calsonic Kansei JP JPY 434 1,351 0.00 

Canon Marketing Japan JP JPY 102 1,148 0.00 

Avex Group Holdings JP JPY 69 1,046 0.00 

Nihon Plast JP JPY 235 919 0.00 


Sekisui Chemical JP JPY 140 885 0.00 

Ryohin Keikaku JP JPY 15 786 0.00 


15,819,727 13.84 


Diageo GB GBP 59,736 1,315,575 1.15 





Danone FR EUR 9,848 467,022 0.41 







Aryzta CH CHF 7,262 279,825 0.24 


PepsiCo US USD 4,208 224,499 0.20 

L’Oreal FR EUR 2,201 216,263 0.19 










HJ Heinz US USD 3,009 133,506 0.12 


AarhusKarlshamn SE SEK 4,152 126,071 0.11 




132 



EUR 



Glanbia IE EUR 12,516 91,616 0.08 



Remy Cointreau FR EUR 1,060 84,825 0.07 

Casino Guichard Perrachon FR EUR 1,155 77,830 0.07 




Viscofan ES EUR 1,600 59,728 0.05 

Anheuser-Busch InBev BE EUR 872 56,260 0.05 

Raisio FI EUR 16,281 49,658 0.04 



Aeon JP JPY 5,374 45,102 0.04 


KT&G KR KRW 710 41,406 0.04 

Kellogg US USD 998 40,448 0.04 




Devro GB GBP 9,100 37,094 0.03 



Tesco GB GBP 8,538 33,961 0.03 



AVI ZA ZAR 5,410 27,476 0.02 



Calbee JP JPY 340 24,045 0.02 

Japan Tobacco JP JPY 1,129 24,010 0.02 

Mead Johnson Nutrition (A) US USD 504 23,955 0.02 




Anadolu Efes Biracilik Ve Malt Sanayii TR TRY 1,709 19,745 0.02 






United Spirits IN INR 888 14,883 0.01 




Toyo Suisan Kaisha JP JPY 659 12,638 0.01 

Cosmos Pharmaceutical JP JPY 161 12,249 0.01 


Ajinomoto JP JPY 911 10,703 0.01 

Yaoko JP JPY 296 9,297 0.01 



Lawson JP JPY 122 6,899 0.01 



Tsuruha Holdings JP JPY 85 4,991 0.00 


Avon Products US USD 379 4,602 0.00 

Jeronimo Martins SGPS PT EUR 272 3,673 0.00 

Warabeya Nichiyo JP JPY 224 3,523 0.00 


FamilyMart JP JPY 66 2,458 0.00 

Pigeon JP JPY 69 2,436 0.00 


Campofrio Food Group ES EUR 365 2,063 0.00 


Kobayashi Pharmaceutical JP JPY 38 1,538 0.00 

11,884,184 10.40 

Healthcare 

Sanofi FR EUR 23,977 1,626,120 1.42 


Pfizer US USD 52,870 1,016,530 0.89 


Shire IE GBP 35,650 772,707 0.68 






Merck & Co US USD 10,902 382,677 0.33 







Celgene US USD 3,193 181,016 0.16

Fidelity 

Funds 





EUR 


Humana US USD 2,475 141,186 0.12 

ALK-Abello DK DKK 2,679 137,543 0.12 

Tecan Group (Reg’d) CH CHF 2,311 133,072 0.12 


Stryker US USD 2,988 120,652 0.11 

Ossur IS DKK 101,220 103,123 0.09 


MEDNAX US USD 1,676 88,161 0.08 



Elekta (B) SE SEK 7,630 83,895 0.07 

Getinge (B) SE SEK 3,462 82,182 0.07 



UCB BE EUR 1,626 73,157 0.06 


Sartorius (Pref’d) DE EUR 1,019 65,732 0.06 


Centene US USD 2,163 63,213 0.06 


Amgen US USD 943 62,870 0.06 







Aetna US USD 1,320 44,455 0.04 





Nexus DE EUR 3,406 32,013 0.03 



Astellas Pharma JP JPY 712 27,250 0.02 




Hospira US USD 1,057 24,971 0.02 






Sorin IT EUR 11,249 20,372 0.02 


Cie Generale d’Optique Essilor International FR EUR 263 18,324 0.02 


Paramount Bed Holdings JP JPY 671 18,014 0.02 






CSL AU AUD 414 15,700 0.01 

Teva Pharmaceutical Industries ADR IL USD 483 15,076 0.01 

Valeant Pharmaceuticals International CA CAD 339 14,587 0.01 

Laboratory of America Holdings US USD 212 13,898 0.01 

Elan ADR IE USD 1,577 13,070 0.01 



Cooper Companies US USD 170 12,525 0.01 


Bristol-Myers Squibb US USD 450 11,506 0.01 

Nihon Kohden JP JPY 387 11,079 0.01 


Santen Pharmaceutical JP JPY 323 10,893 0.01 


DaVita US USD 111 9,541 0.01 

Eiken Chemical JP JPY 897 9,487 0.01 

Boston Scientific US USD 2,420 9,479 0.01 

Vertex Pharmaceuticals US USD 247 9,152 0.01 

Cigna US USD 234 9,026 0.01 


DENTSPLY International US USD 295 8,403 0.01 


Covance US USD 221 8,281 0.01 


Optos GB GBP 3,207 8,126 0.01 

Sysmex JP JPY 217 7,857 0.01 

Cochlear AU AUD 126 7,169 0.01 

Daiichi Sankyo JP JPY 593 6,984 0.01 

CareFusion US USD 334 6,786 0.01 

Aspen Pharmacare Holdings ZA ZAR 483 6,774 0.01 


Sirona Dental Systems US USD 147 6,442 0.01 

3SBio ADR CN USD 595 6,159 0.01 

Endologix US USD 575 5,875 0.01 

133 



EUR 

CR Bard US USD 77 5,721 0.01 


Ansell AU AUD 421 5,252 0.00 

Tornier NL USD 390 5,112 0.00 


St Jude Medical US USD 164 4,844 0.00 

Hologic US USD 305 4,762 0.00 

ViroPharma US USD 229 4,474 0.00 

Diagnosticos da America BR BRL 841 4,327 0.00 

Health Net US USD 251 4,120 0.00 

Elan IE EUR 477 4,061 0.00 

Almirall ES EUR 578 3,987 0.00 

Ion Beam Applications BE EUR 566 3,681 0.00 

Cipla (India) IN INR 700 3,635 0.00 

Fisher & Paykel Healthcare NZ NZD 2,224 3,312 0.00 

United Drug IE GBP 1,102 3,096 0.00 

Nagaileben JP JPY 268 3,025 0.00 

Microport Scientific CN HKD 7,670 3,023 0.00 

GN Store Nord DK DKK 243 2,938 0.00 

Medica FR EUR 211 2,909 0.00 

Apollo Hospitals Enterprise IN INR 255 2,835 0.00 

ABIOMED US USD 177 2,623 0.00 


BioMarin Pharmaceutical US USD 89 2,570 0.00 

Ship Healthcare Holdings JP JPY 94 2,409 0.00 

Synageva BioPharma US USD 70 2,267 0.00 

Questcor Pharmaceuticals US USD 113 2,213 0.00 

Optimer Pharmaceuticals US USD 291 2,169 0.00 

Tsukui JP JPY 121 2,155 0.00 

Hitachi Medical JP JPY 210 1,988 0.00 


HMS Holdings US USD 79 1,309 0.00 


Mesoblast AU AUD 273 1,254 0.00 

ZIOPHARM Oncology US USD 294 1,089 0.00 

Threshold Pharmaceuticals US USD 140 450 0.00 

GI Dynamics CDI US AUD 593 283 0.00 

Cardiome Pharma CA CAD 473 99 0.00 

14,526,247 12.71 





AT&T US USD 4,383 116,776 0.10 


Freenet DE EUR 7,586 96,760 0.08 


KDDI JP JPY 1,442 86,226 0.08 











America Movil (L) MX MXN 36,164 35,309 0.03 


Maxis MY MYR 17,430 30,573 0.03 





Telefonica ES EUR 2,674 27,167 0.02 




Crown Castle International US USD 392 20,128 0.02 




Mobile Telesystems ADR RU USD 1,415 18,473 0.02 

StarHub SG SGD 7,893 18,282 0.02 

Singapore Telecommunications SG SGD 8,529 17,290 0.02 

TELUS CA CAD 322 16,068 0.01 


BT Group GB GBP 5,911 15,620 0.01 

Softbank JP JPY 552 13,401 0.01 

TeliaSonera SE SEK 2,485 12,626 0.01 

LG Uplus KR KRW 2,436 11,981 0.01 

Sprint Nextel US USD 2,795 11,937 0.01 


SK Telecom ADR KR USD 723 8,684 0.01 


XL Axiata ID IDR 12,931 7,091 0.01 


Tim Participacoes BR BRL 1,751 4,725 0.00

Fidelity 

Funds 





EUR 

MetroPCS Communications US USD 439 3,481 0.00 

Telefonica Deutschland Holding DE EUR 569 3,352 0.00 

Globe Telecom PH PHP 127 2,725 0.00 

3,432,796 3.00 

Financials 



UBS (Reg’d) CH CHF 85,827 992,865 0.87 










Aon GB USD 8,704 361,158 0.32 










AXA FR EUR 14,211 174,301 0.15 


Invesco US USD 8,904 165,091 0.14 




Swiss Re CH CHF 2,608 139,090 0.12 

ORIX JP JPY 1,712 135,387 0.12 











ACE CH USD 1,560 94,473 0.08 



ICAP GB GBP 19,150 77,417 0.07 





Lazard (A) BM USD 3,328 75,667 0.07 





MetLife US USD 2,463 66,911 0.06 





HSBC Holdings (Hong Kong) GB HKD 7,428 56,191 0.05 




Swissquote Group Holding (Reg’d) CH CHF 2,186 52,080 0.05 




Central Pattana (F) TH THB 28,043 49,723 0.04 





Affiliated Managers Group US USD 473 45,414 0.04 


Danske Bank DK DKK 3,681 44,408 0.04 




Barclays ADR GB USD 3,819 43,191 0.04 






134 



EUR 



DNB NO NOK 3,970 38,213 0.03 









SLM US USD 2,449 32,983 0.03 




Loews US USD 932 30,459 0.03 




Bank of America US USD 4,104 29,181 0.03 


Exor IT EUR 1,425 28,336 0.02 

ING Groep NL EUR 4,110 28,014 0.02 


Remgro ZA ZAR 2,021 26,658 0.02 



Toronto-Dominion Bank CA CAD 420 26,311 0.02 




CubeSmart US USD 2,482 24,892 0.02 




Lincoln National US USD 1,252 23,713 0.02 

Aliansce Shopping Centers BR BRL 2,731 23,523 0.02 




CIT Group US USD 801 22,830 0.02 


Mapfre ES EUR 10,572 22,603 0.02 




Boardwalk Real Estate Investment Trust CA CAD 430 21,263 0.02 








Amlin GB GBP 4,093 18,997 0.02 

BM&FBovespa BR BRL 3,791 18,879 0.02 







Bank of Yokohama JP JPY 5,016 17,770 0.02 







Sony Financial Holdings JP JPY 1,093 14,983 0.01 


Ocwen Financial US USD 497 14,657 0.01 




BR Malls Participacoes BR BRL 1,345 13,723 0.01 


Parque Arauco CL CLP 7,584 13,350 0.01 

Altisource Portfolio Solutions LU USD 151 13,309 0.01 


Suruga Bank JP JPY 1,387 12,824 0.01 


Swedbank SE SEK 877 12,544 0.01 







Alam Sutera Realty ID IDR 232,928 10,815 0.01

Fidelity 

Funds 





EUR 



Resona Holdings JP JPY 3,143 10,462 0.01 

Sumitomo Realty & Development JP JPY 490 10,427 0.01 


Bolsas y Mercados Espanoles ES EUR 608 10,110 0.01 

Mapletree Logistics Trust SG SGD 14,437 10,096 0.01 

American Equity Investment Life Holding US USD 1,151 10,089 0.01 



Century Tokyo Leasing JP JPY 652 9,956 0.01 




Bumi Serpong Damai ID IDR 85,490 8,486 0.01 




Daibiru JP JPY 1,291 8,047 0.01 




Hitachi Capital JP JPY 413 6,107 0.01 


Shizuoka Bank JP JPY 757 5,957 0.01 

Credit Saison JP JPY 329 5,567 0.00 


Acom JP JPY 226 5,146 0.00 



T&D Holdings JP JPY 576 4,840 0.00 


Wing Hang Bank HK HKD 463 3,775 0.00 

Amata (F) TH THB 9,281 3,576 0.00 

NTT Urban Development JP JPY 6 3,506 0.00 



Iida Home Max JP JPY 384 2,605 0.00 

J Trust JP JPY 135 1,522 0.00 





18,154,327 15.89 






60,608 0.05 





BNP (China Int’l Travel Services (A)) ELN 08/10/2013 NL USD 460 1,732 0.00 

UBS (Lijiang Yulong Tourism (A)) ELN 08/10/2013 GB USD 609 1,474 0.00 

22,258 0.02 


Energy 

NovaTek OAO GDR RU USD 426 37,443 0.03 


Magnum Hunter Resources Wts 14/10/2013 US USD 151 5 0.00 

70,609 0.06 

Industrials 


Globaltrans Investment GDR CY USD 1,414 20,170 0.02 


79,080 0.07 



5,014 0.00 

Healthcare 


39,927 0.03 

Financials 


Aegon NL EUR 16,623 71,612 0.06 

135 



SberBank of Russia GDR RU USD 1,531 13,797 0.01 



703,281 0.62 




51,386 0.04 

Unlisted 



EUR 

Energy 






61,447 0.05 

Utilities 



0 0.00 

Materials 




3,674 0.00 

Industrials 





7,496 0.01 







12,029 0.01 




0 0.00 

Healthcare 


Oxford Nanopore Technology* GB GBP 4 837 0.00 


3,870 0.00 








100,568 0.09 

Financials 









74,947 0.07 


Total Investments (Cost EUR 98,860,734) 111,584,344 97.64

Fidelity 

Funds 



2,189 0.00 




EUR EUR 
























5,711 0.00 

Futures 



EUR 





(2,446) (0.00) 

Options 





EUR 


Value Assets 

EUR 

Purchased Call Eli Lilly & Co 19/01/2013 USD 6 1,508 0.00 

1,508 0.00 


Net Assets 114,277,262 100.00 

136 



USA US 31.58 

UK GB 19.22 




Japan JP 4.38 


Spain ES 1.84 



Italy IT 1.56 


China CN 1.33 


Korea KR 1.09 




















India IN 0.11 





Qatar QA 0.05 

Kenya KE 0.03 


Peru PE 0.02 


Chile CL 0.01 






Fidelity 

Funds 

FPS Global Growth Fund 




USD 


Energy 


Chevron US USD 14,089 1,544,399 1.10 


BG Group GB GBP 37,442 693,041 0.49 


BP GB GBP 82,460 589,641 0.42 

Saipem IT EUR 8,356 375,698 0.27 









Apache US USD 3,166 260,584 0.19 





Ensco (A) GB USD 3,538 202,436 0.14 






Inpex JP JPY 24 138,595 0.10 

Eni IT EUR 5,352 122,940 0.09 

CNOOC CN HKD 57,533 118,966 0.08 







EQT US USD 1,348 81,597 0.06 

AMEC GB GBP 4,676 79,951 0.06 


Technip FR EUR 532 60,021 0.04 


Hess US USD 972 50,862 0.04 









S-Oil KR KRW 415 37,873 0.03 



Cameco CA CAD 1,751 33,764 0.02 

PTT (F) TH THB 3,003 30,962 0.02 






Aker (A) NO NOK 643 22,664 0.02 



Hunting GB GBP 1,458 17,605 0.01 



Fugro NL EUR 232 15,682 0.01 

















137 



USD 

Royal Dutch Shell (A) NL GBP 76 2,606 0.00 

Gold Oil* GB GBP 93,206 2,236 0.00 

FAR AU AUD 60,651 2,068 0.00 

13,770,125 9.82 

Utilities 


Exelon US USD 3,965 141,448 0.10 



PPL US USD 3,225 95,314 0.07 


PG&E US USD 2,010 85,415 0.06 




AES US USD 5,795 60,503 0.04 











1,430,524 1.02 

Materials 

Mosaic US USD 8,701 455,673 0.32 









Linde DE EUR 990 166,558 0.12 






Arkema FR EUR 1,315 120,005 0.09 



Ecolab US USD 1,536 106,175 0.08 







Lanxess DE EUR 970 80,220 0.06 


LG Chem KR KRW 248 69,305 0.05 

Sika (BR) CH CHF 32 66,752 0.05 












Toray Industries JP JPY 5,999 34,949 0.02 



Banro CA CAD 6,700 30,573 0.02 






JSR JP JPY 1,482 25,366 0.02 

Kuraray JP JPY 2,061 23,918 0.02 

Daicel JP JPY 3,828 22,936 0.02 





Fidelity 

Funds 

FPS Global Growth Fund - continued 




USD 



Hoganas (B) SE SEK 611 20,365 0.01 




Svenska Cellulosa SE SEK 985 19,211 0.01 


Xstrata CH GBP 1,100 17,375 0.01 



Umicore BE EUR 332 17,042 0.01 

Symrise DE EUR 461 16,572 0.01 

Nihon Parkerizing JP JPY 1,074 16,173 0.01 







Nihon Nohyaku JP JPY 3,175 14,062 0.01 






Zeon JP JPY 1,564 11,263 0.01 

Eramet FR EUR 88 11,173 0.01 











Maruichi Steel Tube JP JPY 350 7,267 0.01 

Daiken JP JPY 2,754 6,069 0.00 

FP JP JPY 79 5,956 0.00 



JSP JP JPY 259 3,349 0.00 


Toyo Ink SC Holdings JP JPY 817 3,005 0.00 

Nittetsu Mining JP JPY 724 2,906 0.00 




Yushiro Chemical Industry JP JPY 229 2,191 0.00 

Eurotin CA CAD 11,594 1,972 0.00 

Pacific Metals JP JPY 514 1,742 0.00 

Gold Standard Ventures CA CAD 888 1,396 0.00 

Ausgold AU AUD 8,179 1,357 0.00 



Akzo Nobel NL EUR 11 590 0.00 

6,232,134 4.44 

Industrials 

Danaher US USD 12,421 643,802 0.46 




Equifax US USD 8,871 444,881 0.32 



Cummins US USD 3,810 355,640 0.25 











ADT US USD 5,276 216,302 0.15 










138 



USD 




Capita GB GBP 11,002 128,305 0.09 



Alstom FR EUR 3,402 116,274 0.08 

Boeing US USD 1,651 116,138 0.08 


Deere & Co US USD 1,199 102,213 0.07 

CSX US USD 4,859 99,653 0.07 





FedEx US USD 1,002 91,848 0.07 









Safran FR EUR 1,783 70,984 0.05 

Kubota JP JPY 6,443 65,717 0.05 



AMETEK US USD 1,731 61,265 0.04 

Keppel SG SGD 6,535 56,713 0.04 



Pentair CH USD 1,301 54,531 0.04 



GFK DE EUR 1,089 49,635 0.04 

Brammer GB GBP 12,662 49,070 0.03 






ABB (Reg’d) CH CHF 2,347 42,336 0.03 


51job ADR CN USD 883 41,298 0.03 






Saab (B) SE SEK 2,036 38,722 0.03 

Kuehne & Nagel International (Regd) CH CHF 330 38,582 0.03 


MasTec US USD 1,607 36,158 0.03 




MISUMI Group JP JPY 1,296 31,792 0.02 






SKF (B) SE SEK 1,268 28,608 0.02 



Solar (B) DK DKK 452 28,008 0.02 

IMI GB GBP 1,818 27,998 0.02 






easyJet GB GBP 2,596 26,167 0.02 

Trimas US USD 1,039 25,541 0.02 


Loomis (B) SE SEK 1,813 24,901 0.02 


NKT Holding DK DKK 730 24,432 0.02 

Wartsila FI EUR 603 24,413 0.02 

Sthree GB GBP 5,025 24,337 0.02 




Orkla NO NOK 2,684 21,223 0.02 

Konecranes FI EUR 670 21,207 0.02 

Marubeni JP JPY 3,245 20,980 0.01 



CENTROTEC Sustainable DE EUR 1,098 19,817 0.01

Fidelity 

Funds 





USD 


JGC JP JPY 537 18,436 0.01 





CTCI TW TWD 8,832 17,438 0.01 














Tsubakimoto Chain JP JPY 2,638 12,892 0.01 

Colfax US USD 374 12,727 0.01 

Meggitt GB GBP 1,971 12,275 0.01 







ITOCHU JP JPY 1,074 10,722 0.01 




Aida Engineering JP JPY 1,569 9,975 0.01 

TK KR KRW 370 9,355 0.01 

SMA Solar Technology DE EUR 430 9,225 0.01 



Oiles JP JPY 434 8,145 0.01 


Daikin Industries JP JPY 208 5,736 0.00 

Tocalo JP JPY 392 5,692 0.00 

SATS SG SGD 2,137 4,862 0.00 

Nitta JP JPY 303 4,658 0.00 

FANUC JP JPY 28 4,453 0.00 

XP Power SG GBP 267 4,216 0.00 


Hisaka Works JP JPY 420 2,919 0.00 

JP-Holdings (Japan) JP JPY 222 2,759 0.00 


Yahagi Construction JP JPY 497 2,115 0.00 

Asahi Glass JP JPY 303 2,057 0.00 

Fuji Machine Manufacturing JP JPY 79 1,123 0.00 



14,065,884 10.03 


Apple US USD 5,212 3,108,444 2.22 

Google (A) US USD 3,431 2,323,094 1.66 




SAP DE EUR 8,077 588,842 0.42 



eBay US USD 10,901 526,196 0.38 

Oracle US USD 15,546 481,923 0.34 

Fiserv US USD 5,924 442,824 0.32 












NVIDIA US USD 20,296 243,954 0.17 


Altera US USD 7,645 231,027 0.16 







Visa (A) US USD 1,198 164,989 0.12 

139 



USD 


EMC US USD 5,351 130,448 0.09 

Fujitsu JP JPY 31,306 120,113 0.09 

Hitachi JP JPY 22,629 119,713 0.09 



Sina CN USD 1,937 106,536 0.08 

Kyocera JP JPY 1,201 105,449 0.08 

Xilinx US USD 3,227 105,331 0.08 

Corning US USD 8,627 101,621 0.07 


eAccess JP JPY 159 80,091 0.06 

Intel US USD 3,635 79,023 0.06 





SK Hynix KR KRW 3,200 72,657 0.05 

NetApp US USD 2,667 72,192 0.05 

VMware (A) US USD 832 69,931 0.05 

TDK JP JPY 1,775 66,574 0.05 








Gemalto NL EUR 575 51,933 0.04 





ADTRAN US USD 2,662 44,648 0.03 




Canon JP JPY 1,314 42,674 0.03 




Otsuka JP JPY 518 42,178 0.03 












SimCorp DK DKK 130 28,557 0.02 


SCSK JP JPY 1,662 28,268 0.02 

Horiba JP JPY 1,011 27,527 0.02 





IQE GB GBP 47,239 24,383 0.02 




Alten FR EUR 737 23,210 0.02 


SDL GB GBP 2,691 23,026 0.02 

Brady GB GBP 13,932 22,810 0.02 

Nidec JP JPY 306 21,719 0.02 


Amdocs US USD 570 18,680 0.01 









NCSoft KR KRW 73 14,038 0.01 


Yokogawa Electric JP JPY 1,181 13,419 0.01 







Sopra Group FR EUR 220 10,408 0.01

Fidelity 

Funds 





USD 

Globo GB GBP 27,769 10,358 0.01 







Enplas JP JPY 247 8,827 0.01 




Toshiba JP JPY 1,751 6,482 0.00 






Omron JP JPY 259 5,152 0.00 

YOC DE EUR 523 5,084 0.00 

CMK (Japan) JP JPY 1,181 3,845 0.00 

Hitachi High-Technologies JP JPY 166 3,627 0.00 


Ubic JP JPY 39 3,289 0.00 

NSD JP JPY 315 3,013 0.00 

Ant GB GBP 8,434 2,721 0.00 


Iriso Electronics JP JPY 152 2,100 0.00 

Ricoh JP JPY 187 1,559 0.00 

Digital Garage JP JPY 1 1,482 0.00 


21,907,149 15.62 






WPP IE GBP 43,347 559,021 0.40 

Lowe’s US USD 17,143 552,705 0.39 











News (A) US USD 13,583 324,504 0.23 




Coach US USD 5,455 302,846 0.22 




TJX US USD 6,289 258,533 0.18 

Mattel US USD 6,175 227,060 0.16 

Pearson GB GBP 11,104 222,991 0.16 



BMW DE EUR 2,731 217,676 0.16 

Expedia US USD 3,531 210,110 0.15 

Inditex ES EUR 1,545 197,286 0.14 




PVH US USD 1,556 165,807 0.12 

NIKE (B) US USD 1,702 154,878 0.11 






PPR FR EUR 639 112,357 0.08 


Target US USD 1,756 111,381 0.08 










VF US USD 572 88,648 0.06 

DIRECTV US USD 1,687 86,059 0.06 


140 



USD 



Big Lots US USD 2,813 81,755 0.06 




Renault FR EUR 1,461 65,393 0.05 

Staples US USD 5,616 64,358 0.05 


IPSOS FR EUR 1,549 54,464 0.04 





Swatch Group (Reg’d) CH CHF 645 46,899 0.03 

Informa CH GBP 7,077 45,686 0.03 


Denso JP JPY 1,427 44,726 0.03 



ASOS GB GBP 1,155 42,025 0.03 


GKN GB GBP 11,937 39,973 0.03 



Autoliv SDR SE SEK 622 36,004 0.03 


BMW (Pref’d) DE EUR 572 31,661 0.02 





Best Buy US USD 2,012 30,549 0.02 




Makita JP JPY 747 29,517 0.02 




SHW DE EUR 711 26,685 0.02 


Tiffany & Co US USD 414 25,863 0.02 

Carnival GB GBP 641 25,488 0.02 









Volkswagen DE EUR 114 22,207 0.02 



Duskin JP JPY 1,102 20,906 0.01 


Sumitomo Rubber Industries JP JPY 1,538 18,067 0.01 


Rinnai JP JPY 264 17,991 0.01 


Vivendi FR EUR 804 16,464 0.01 

TF1 FR EUR 1,802 15,494 0.01 

Asics JP JPY 1,055 15,305 0.01 

Tamron JP JPY 546 14,828 0.01 

HIS JP JPY 490 14,789 0.01 

Trinity HK HKD 20,211 14,067 0.01 




Rakuten JP JPY 1,331 11,949 0.01 






Phorm SG GBP 9,227 10,717 0.01 

Fields JP JPY 721 10,357 0.01 


Isuzu Motors JP JPY 1,727 9,115 0.01 



Nikon JP JPY 266 6,779 0.00 

NOK JP JPY 423 6,754 0.00 



Nitori Holdings JP JPY 65 5,332 0.00 



ESCRIT JP JPY 537 4,844 0.00

Fidelity 

Funds 





USD 



St Marc Holdings JP JPY 96 3,565 0.00 



Calsonic Kansei JP JPY 724 2,919 0.00 

Canon Marketing Japan JP JPY 170 2,480 0.00 



Nihon Plast JP JPY 392 1,985 0.00 

Sekisui Chemical JP JPY 233 1,912 0.00 




18,507,969 13.19 








Diageo GB GBP 23,523 671,991 0.48 



PepsiCo US USD 7,156 495,260 0.35 

Danone FR EUR 7,960 489,661 0.35 










HJ Heinz US USD 5,119 294,621 0.21 











L’Oreal FR EUR 884 112,709 0.08 

Glanbia IE EUR 11,745 111,518 0.08 

Aeon JP JPY 9,052 98,545 0.07 

Tesco GB GBP 17,705 91,344 0.07 

Kellogg US USD 1,696 89,126 0.06 

Aryzta CH CHF 1,746 87,259 0.06 







KT&G KR KRW 677 51,207 0.04 








Carlsberg (B) DK DKK 471 40,635 0.03 



AarhusKarlshamn SE SEK 872 34,342 0.02 

AVI ZA ZAR 5,158 33,979 0.02 




Calbee JP JPY 322 29,567 0.02 



Devro GB GBP 5,437 28,750 0.02 


Toyo Suisan Kaisha JP JPY 1,097 27,310 0.02 








Yaoko JP JPY 493 20,090 0.01 

141 



USD 






Lawson JP JPY 203 14,907 0.01 

Raisio FI EUR 3,419 13,527 0.01 




Warabeya Nichiyo JP JPY 373 7,612 0.01 



FamilyMart JP JPY 110 5,312 0.00 

Pigeon JP JPY 114 5,263 0.00 




Kobayashi Pharmaceutical JP JPY 63 3,322 0.00 

16,051,747 11.44 

Healthcare 

Pfizer US USD 88,489 2,206,928 1.57 


Sanofi FR EUR 17,249 1,517,427 1.08 



Merck & Co US USD 17,308 788,035 0.56 







Celgene US USD 5,453 400,987 0.29 


Humana US USD 4,019 297,336 0.21 


Stryker US USD 4,683 245,239 0.17 

Shire IE GBP 8,484 238,520 0.17 



MEDNAX US USD 2,738 186,884 0.13 



Amgen US USD 1,599 138,288 0.10 

Centene US USD 3,638 137,909 0.10 







Aetna US USD 2,221 97,021 0.07 











Hospira US USD 1,663 50,933 0.04 


Ossur IS DKK 37,032 48,939 0.03 




UCB BE EUR 668 39,018 0.03 

Paramount Bed Holdings JP JPY 1,118 38,927 0.03 

Elekta (B) SE SEK 2,718 38,771 0.03 


ALK-Abello DK DKK 563 37,467 0.03 




Elan ADR IE USD 3,124 33,578 0.02 




Nexus DE EUR 2,412 29,408 0.02 







Getinge (B) SE SEK 727 22,387 0.02

Fidelity 

Funds 





USD 

Eiken Chemical JP JPY 1,494 20,501 0.01 

CSL AU AUD 396 19,484 0.01 







Sysmex JP JPY 362 16,979 0.01 







DaVita US USD 106 11,840 0.01 




Cigna US USD 224 11,202 0.01 




Covance US USD 212 10,277 0.01 






3SBio ADR CN USD 570 7,643 0.01 

Optos GB GBP 2,271 7,465 0.01 


CR Bard US USD 74 7,100 0.01 


Sorin IT EUR 2,851 6,698 0.00 


Nagaileben JP JPY 446 6,537 0.00 

Ansell AU AUD 403 6,517 0.00 







Ship Healthcare Holdings JP JPY 156 5,205 0.00 


Elan IE EUR 456 5,040 0.00 

Tsukui JP JPY 201 4,658 0.00 



Hitachi Medical JP JPY 350 4,295 0.00 





Medica FR EUR 202 3,610 0.00 
















17,847,300 12.72 





AT&T US USD 5,875 203,029 0.14 



KDDI JP JPY 2,150 166,757 0.12 









Maxis MY MYR 29,109 66,229 0.05 

142 



USD 










StarHub SG SGD 13,182 39,605 0.03 




LG Uplus KR KRW 4,067 25,953 0.02 





TELUS CA CAD 304 19,654 0.01 


BT Group GB GBP 5,574 19,106 0.01 






Ziggo NL EUR 438 14,195 0.01 







3,999,899 2.85 

Financials 





Aon GB USD 14,847 799,081 0.57 

UBS (Reg’d) CH CHF 50,786 762,072 0.54 












Invesco US USD 13,177 316,902 0.23 




ORIX JP JPY 2,476 253,969 0.18 





ACE CH USD 2,664 209,276 0.15 





Lazard (A) BM USD 5,662 166,981 0.12 




MetLife US USD 4,199 147,989 0.11 


ICAP GB GBP 23,268 122,016 0.09 
















Cheung Kong Holdings HK HKD 5,824 85,531 0.06

Fidelity 

Funds 





USD 




SLM US USD 4,120 71,983 0.05 




Loews US USD 1,568 66,475 0.05 



















Swiss Re CH CHF 800 55,341 0.04 













DNB NO NOK 3,755 46,876 0.03 























Deutsche Boerse DE EUR 632 34,260 0.02 


Remgro ZA ZAR 1,927 32,968 0.02 















Suruga Bank JP JPY 2,311 27,711 0.02 






Amlin GB GBP 3,871 23,304 0.02 


Resona Holdings JP JPY 5,236 22,607 0.02 



143 



USD 


Century Tokyo Leasing JP JPY 1,085 21,514 0.02 












Daibiru JP JPY 2,150 17,389 0.01 
















Alam Sutera Realty ID IDR 220,281 13,266 0.01 




Shizuoka Bank JP JPY 1,261 12,874 0.01 














Amata (F) TH THB 15,500 7,747 0.01 

NTT Urban Development JP JPY 9 7,577 0.01 








J Trust JP JPY 224 3,289 0.00 






22,224,023 15.84 






55,677 0.04 







48,218 0.03 


Energy 




86,464 0.06

Fidelity 

Funds 

Industrials 




104,745 0.07 



6,104 0.00 

Healthcare 


87,139 0.06 

Financials 


Aegon NL EUR 8,559 47,827 0.03 





294,826 0.21 




81,799 0.06 

Unlisted 





USD 

Energy 






56,447 0.04 

Utilities 



0 0.00 

Materials 




3,374 0.00 

Industrials 





2,633 0.00 







12,929 0.01 




0 0.00 

Healthcare 


Oxford Nanopore Technology* GB GBP 4 1,039 0.00 


3,825 0.00 




Ip Access (B)* GB GBP 901 10,782 0.01 



144 


176,670 0.13 

Financials 





Marwyn Management 10.00% 30/04/2015* GB GBP 758 1,223 0.00 



130,866 0.09 






USD USD 
























5,247 0.00 

Futures 



USD 

Euro Stoxx 50 Future 21/12/2012 EUR 73,941 6,027 0.00 


5,651 0.00 

Options 



USD 


Value Assets 

USD 


1,871 0.00 


Net Assets 140,286,077 100.00

Fidelity 

Funds 





USA US 53.02 

UK GB 10.68 

Japan JP 7.49 




China CN 1.86 



Korea KR 1.54 



Spain ES 0.71 





Italy IT 0.50 














India IN 0.11 





Qatar QA 0.05 



Kenya KE 0.03 


Peru PE 0.02 


Chile CL 0.01 







145

Fidelity 

Funds 

FPS Growth Fund 4 




EUR 


Energy 


BP GB GBP 432,846 2,386,118 1.60 

BG Group GB GBP 121,273 1,730,524 1.16 



Chevron US USD 10,100 853,526 0.57 

Saipem IT EUR 23,661 820,102 0.55 




AMEC GB GBP 24,991 329,421 0.22 

Eni IT EUR 18,542 328,372 0.22 



Apache US USD 4,025 255,421 0.17 












Ensco (A) GB USD 2,432 107,263 0.07 




Inpex JP JPY 22 96,392 0.06 





EQT US USD 1,613 75,274 0.05 

CNOOC CN HKD 45,899 73,168 0.05 



Hunting GB GBP 5,308 49,407 0.03 








PTT (F) TH THB 4,196 33,345 0.02 








S-Oil KR KRW 197 13,849 0.01 

Cameco CA CAD 930 13,823 0.01 

Gold Oil* GB GBP 339,300 6,276 0.00 

FAR AU AUD 220,787 5,802 0.00 




17,730,452 11.87 

Utilities 




SSE GB GBP 9,594 172,755 0.12 


RWE DE EUR 3,661 129,074 0.09 



PPL US USD 3,860 87,927 0.06 

PG&E US USD 2,653 86,904 0.06 


AES US USD 7,648 61,557 0.04 

Exelon US USD 2,106 57,910 0.04 




Helius Energy 



GB GBP 182,113 35,668 0.02 

146 



EUR 








1,902,132 1.27 

Materials 







Mosaic US USD 5,473 220,945 0.15 


Umicore BE EUR 4,918 194,744 0.13 

Arkema FR EUR 2,660 187,128 0.13 




Lanxess DE EUR 1,751 111,606 0.07 



Ecolab US USD 1,838 97,947 0.07 


Symrise DE EUR 3,375 93,596 0.06 

Linde DE EUR 708 91,835 0.06 



Banro CA CAD 24,391 85,800 0.06 







Sika (BR) CH CHF 37 58,952 0.04 

















LG Chem KR KRW 117 25,343 0.02 






Polymetal International RU GBP 1,068 14,795 0.01 




Asahi Holdings JP JPY 611 7,926 0.01 





Eurotin CA CAD 42,207 5,535 0.00 



Ausgold AU AUD 29,775 3,809 0.00 



JSP JP JPY 253 2,518 0.00 




7,190,647 4.82 


Fidelity 

Funds 

FPS Growth Fund 4 - continued 




EUR 

Industrials 










Danaher US USD 9,238 369,121 0.25 


Cummins US USD 4,544 326,981 0.22 










Equifax US USD 4,183 161,737 0.11 



Orkla NO NOK 22,362 136,326 0.09 


CSX US USD 8,411 132,990 0.09 





Alstom FR EUR 4,269 112,475 0.08 


GFK DE EUR 3,090 108,563 0.07 


Boeing US USD 1,975 107,138 0.07 





Brammer GB GBP 30,234 90,328 0.06 


FedEx US USD 1,199 84,730 0.06 

ADT US USD 2,619 82,772 0.06 




Eiffage FR EUR 2,834 75,104 0.05 




Sthree GB GBP 18,292 68,299 0.05 




Kubota JP JPY 7,370 57,956 0.04 




Deere & Co US USD 637 41,847 0.03 











Pentair CH USD 646 20,867 0.01 

Hoshizaki Electric JP JPY 995 20,857 0.01 

Keppel SG SGD 3,100 20,738 0.01 


Nichias JP JPY 5,001 18,874 0.01 




51job ADR CN USD 419 15,101 0.01 

Nitta JP JPY 1,258 14,889 0.01 


Wilson Bayly Holmes-Ovcon ZA ZAR 1,115 14,068 0.01 

XP Power SG GBP 973 11,830 0.01 

Colfax US USD 447 11,741 0.01 





147 



EUR 



CTCI TW TWD 4,189 6,377 0.00 











TK KR KRW 176 3,421 0.00 

Hirano Tecseed (Kinzoku) JP JPY 742 3,153 0.00 


SATS SG SGD 1,013 1,778 0.00 



Kitz JP JPY 353 1,146 0.00 


Singamas Container Holdings HK HKD 4,122 796 0.00 



12,728,299 8.52 


Apple US USD 5,285 2,429,999 1.63 

SAP DE EUR 30,484 1,713,208 1.15 

Google (A) US USD 3,075 1,605,165 1.07 





Oracle US USD 24,214 578,676 0.39 






eBay US USD 9,094 338,406 0.23 






Fiserv US USD 2,739 157,833 0.11 






EMC US USD 6,773 127,302 0.09 



Gemalto NL EUR 1,696 118,083 0.08 


Visa (A) US USD 1,104 117,195 0.08 

Altera US USD 4,968 115,751 0.08 














Kakaku.com JP JPY 3,043 80,247 0.05 


NVIDIA US USD 8,126 75,301 0.05 


Neopost FR EUR 1,670 70,539 0.05 

IQE GB GBP 171,963 68,430 0.05 




Alten FR EUR 2,684 65,137 0.04 


SDL GB GBP 9,796 64,622 0.04 

Brady GB GBP 50,717 64,014 0.04 


eAccess JP JPY 147 57,140 0.04 

Fujitsu JP JPY 19,117 56,545 0.04 

Hitachi JP JPY 13,819 56,357 0.04

Fidelity 

Funds 





EUR 





VMware (A) US USD 773 50,077 0.03 

Kyocera JP JPY 733 49,642 0.03 





Xilinx US USD 1,714 43,124 0.03 





ADTRAN US USD 2,923 37,790 0.03 



Canon JP JPY 1,350 33,818 0.02 

Intel US USD 1,930 32,353 0.02 


Sina CN USD 749 31,740 0.02 


TDK JP JPY 1,054 30,475 0.02 


NetApp US USD 1,416 29,556 0.02 


Globo GB GBP 101,088 29,070 0.02 


SK Hynix KR KRW 1,518 26,568 0.02 





SCSK JP JPY 1,708 22,402 0.02 



Gree JP JPY 1,458 19,534 0.01 



NCSoft KR KRW 102 15,118 0.01 



YOC DE EUR 1,902 14,267 0.01 


Enigmo JP JPY 168 12,164 0.01 

Topcon JP JPY 3,327 12,150 0.01 





Ant GB GBP 30,701 7,636 0.01 




CAC JP JPY 453 2,935 0.00 


Shinko Shoji JP JPY 379 2,524 0.00 


WebCrew JP JPY 463 2,236 0.00 

NSD JP JPY 290 2,135 0.00 




18,458,876 12.36 



WPP IE GBP 150,562 1,496,909 1.00 




BMW DE EUR 12,082 742,453 0.50 


PPR FR EUR 4,520 613,084 0.41 




Renault FR EUR 14,294 493,277 0.33 


Inditex ES EUR 4,171 410,590 0.27 


TJX US USD 10,886 345,020 0.23 



IPSOS FR EUR 11,756 318,697 0.21 

Lowe’s US USD 12,011 298,538 0.20 



148 



EUR 







Informa CH GBP 43,598 216,971 0.15 




Coach US USD 3,987 170,632 0.11 




TF1 FR EUR 22,771 150,947 0.10 





Expedia US USD 3,029 138,962 0.09 



ASOS GB GBP 4,206 117,940 0.08 


News (A) US USD 6,317 116,335 0.08 

Target US USD 2,318 113,322 0.08 



NIKE (B) US USD 1,482 104,000 0.07 





DIRECTV US USD 2,227 87,560 0.06 




UBM IE GBP 9,743 84,750 0.06 



VF US USD 684 81,778 0.05 

Mattel US USD 2,819 79,904 0.05 

SHW DE EUR 2,587 74,891 0.05 




PVH US USD 772 63,449 0.04 


Staples US USD 6,720 59,371 0.04 









Best Buy US USD 3,484 40,768 0.03 


Modern Times Group (B) SE SEK 1,595 37,496 0.03 




Big Lots US USD 1,396 31,285 0.02 

Phorm SG GBP 33,591 30,076 0.02 

Makita JP JPY 942 28,706 0.02 

Dena JP JPY 1,058 25,402 0.02 




Pal JP JPY 534 21,032 0.01 




Duskin JP JPY 1,133 16,567 0.01 

Chiyoda JP JPY 674 14,843 0.01 



K’s Holdings JP JPY 553 11,369 0.01 




Koshidaka Holdings JP JPY 416 8,774 0.01 



Goldwin JP JPY 1,737 8,198 0.01 


Fields JP JPY 684 7,576 0.01 


Shimano JP JPY 105 5,107 0.00

Fidelity 

Funds 





EUR 

Arnest One JP JPY 374 4,271 0.00 

Otsuka Kagu JP JPY 426 3,207 0.00 




Round One JP JPY 574 2,234 0.00 





Fuji Corp Miyagi JP JPY 68 773 0.00 


21,629,132 14.48 



Danone FR EUR 41,877 1,985,996 1.33 







Diageo GB GBP 30,923 681,025 0.46 


PepsiCo US USD 11,192 597,143 0.40 





L’Oreal FR EUR 3,787 372,162 0.25 





Nutreco NL EUR 3,699 213,590 0.14 





Glanbia IE EUR 21,995 161,006 0.11 

Aryzta CH CHF 3,832 147,655 0.10 


Metro DE EUR 6,322 140,514 0.09 



HJ Heinz US USD 2,719 120,621 0.08 

Kellogg US USD 2,935 118,941 0.08 







Pigeon JP JPY 2,143 76,005 0.05 


KT&G KR KRW 946 55,147 0.04 




Aeon JP JPY 5,527 46,391 0.03 



AVI ZA ZAR 7,205 36,594 0.02 













Kao JP JPY 332 7,173 0.00 


Wuliangye Yibin (A) CN CNY 986 4,092 0.00 


Gudang Garam ID IDR 636 2,502 0.00 



Grape King Industrial TW TWD 824 1,458 0.00 



19,250,096 12.89 

149 



EUR 

Healthcare 

Sanofi FR EUR 59,306 4,022,127 2.69 


Pfizer US USD 73,564 1,414,407 0.95 







Merck & Co US USD 12,848 450,967 0.30 





Sorin IT EUR 137,970 249,863 0.17 







Celgene US USD 2,707 153,446 0.10 

Amgen US USD 1,995 132,977 0.09 


Stryker US USD 3,238 130,736 0.09 

Humana US USD 1,863 106,265 0.07 

Aetna US USD 2,931 98,712 0.07 



Nexus DE EUR 8,780 82,532 0.06 






Shire IE GBP 3,136 67,968 0.05 

MEDNAX US USD 1,281 67,415 0.05 



Elekta (B) SE SEK 5,775 63,500 0.04 





Ossur IS DKK 52,581 53,570 0.04 

Centene US USD 1,770 51,739 0.03 






Hospira US USD 1,775 41,921 0.03 


Nikkiso JP JPY 4,317 39,705 0.03 






Elan ADR IE USD 3,898 32,302 0.02 

Olympus JP JPY 2,322 31,229 0.02 



Optos GB GBP 8,268 20,950 0.01 






Tsukui JP JPY 242 4,332 0.00 




China Shineway Pharmaceutical Group CN HKD 843 1,036 0.00 


18,252,225 12.22 




BT Group GB GBP 123,064 325,199 0.22 





AT&T US USD 5,063 134,906 0.09 


MTN Group ZA ZAR 5,758 79,965 0.05

Fidelity 

Funds 





EUR 



KDDI JP JPY 1,096 65,547 0.04 







Maxis MY MYR 13,807 24,218 0.02 









StarHub SG SGD 6,253 14,482 0.01 


LG Uplus KR KRW 1,929 9,490 0.01 



4,647,289 3.11 

Financials 

UBS (Reg’d) CH CHF 188,461 2,180,155 1.46 










Lloyds Banking Group GB GBP 1,157,283 583,928 0.39 

ICAP GB GBP 123,218 498,140 0.33 





Aon GB USD 7,532 312,502 0.21 



Hannover Rueckversicherung (Reg’d) DE EUR 4,981 270,318 0.18 



Invesco US USD 13,401 248,459 0.17 



Ageas BE EUR 12,134 238,254 0.16 



ORIX JP JPY 2,305 182,249 0.12 






MetLife US USD 5,025 136,520 0.09 
















ACE CH USD 1,322 80,084 0.05 

SLM US USD 5,438 73,238 0.05 



Lazard (A) BM USD 3,007 68,364 0.05 

Loews US USD 2,069 67,634 0.05 









150 



EUR 





















Remgro ZA ZAR 2,692 35,505 0.02 
























































Kasikornbank (F) TH THB 840 3,777 0.00 

Tokyu Land JP JPY 790 3,410 0.00 

Airport Facilities JP JPY 879 3,121 0.00 


Amata (F) TH THB 7,352 2,833 0.00 

Sawada Holdings JP JPY 590 2,501 0.00 

Ascendas Real Estate Investment Trust SG SGD 847 1,259 0.00 


KWG Property Holding HK HKD 2,145 976 0.00 

Krung Thai Bank (F) TH THB 1,894 856 0.00 



22,995,577 15.40

Fidelity 

Funds 






156,251 0.10 




BNP (Wuliangye Yibin (A)) ELN 20/08/2013 NL USD 952 3,953 0.00 



17,632 0.01 


Energy 


44,166 0.03 

Industrials 



145,599 0.10 

Healthcare 


88,658 0.06 

Financials 


Aegon NL EUR 88,257 380,213 0.25 


Grupo de Inversiones Suramericana CO COP 1,082 16,130 0.01 


851,652 0.57 




102,303 0.07 

Unlisted 





EUR 

Energy 






158,414 0.11 

Utilities 



0 0.00 

Materials 




9,472 0.01 

Industrials 





12 0.00 







28,318 0.02 



0 0.00 

151 

Healthcare 



7,820 0.01 








130,000 0.09 

Financials 








38,324 0.03 





EUR EUR 
























14,719 0.01 

Futures 



EUR 



EUR 



(6,741) (0.00) 


Net Assets 149,337,751 100.00

Fidelity 

Funds 





USA US 31.41 

UK GB 23.37 





Japan JP 4.31 


Italy IT 1.60 

Spain ES 1.16 


China CN 0.75 

Korea KR 0.72 






















India IN 0.04 



Kenya KE 0.02 

Peru PE 0.01 








152

Fidelity 

Funds 

FPS Moderate Growth Fund 4 




EUR 


Energy 


BP GB GBP 129,871 715,932 0.71 

BG Group GB GBP 36,659 523,111 0.52 




Saipem IT EUR 7,147 247,698 0.25 

Chevron US USD 2,667 225,359 0.22 

Eni 3.75% 27/06/2019 EMTN IT EUR 190,557 207,894 0.21 



IPIC GMTN 5.875% 14/03/2021 Reg S KY EUR 105,281 123,742 0.12 


AMEC GB GBP 7,535 99,318 0.10 

Eni IT EUR 5,323 94,263 0.09 



Apache US USD 1,063 67,477 0.07 










Surgutneftegas (Pref'd) RU USD 84,131 40,176 0.04 


MOL Hungarian Oil and Gas HU HUF 569 38,104 0.04 



Ensco (A) GB USD 645 28,472 0.03 



CNOOC CN HKD 16,072 25,620 0.03 


Inpex JP JPY 6 24,683 0.02 



EQT US USD 431 20,102 0.02 


PTT (F) TH THB 2,393 19,019 0.02 


Hunting GB GBP 1,552 14,445 0.01 

Gaz Capital (Gazprom) 6.605% 13/02/2018 EMTN LU EUR 12,295 14,383 0.01 

Gaz Capital (Gazprom) 4.95% 23/05/2016 Reg S LU USD 16,875 13,909 0.01 

Marathon Oil 0.90% 01/11/2015 US USD 16,875 13,040 0.01 












IPIC GMTN 3.75% 01/03/2017 Reg S KY USD 6,750 5,528 0.01 

FMC Technologies 2.00% 01/10/2017 US USD 6,750 5,183 0.01 

Cameco CA CAD 244 3,629 0.00 

Gold Oil* GB GBP 99,201 1,835 0.00 

FAR AU AUD 64,551 1,696 0.00 

6,115,557 6.07 

Utilities 

CEZ 4.875% 16/04/2025 EMTN CZ EUR 303,887 361,373 0.36 




Abu Dhabi National Energy 4.375% 28/10/2013 Reg S AE EUR 185,972 191,626 0.19 






Enel 5.25% 20/05/2024 EMTN IT EUR 92,986 96,020 0.10 




153 



EUR 



SSE GB GBP 2,924 52,652 0.05 


RWE DE EUR 1,116 39,339 0.04 

Vattenfall 5.25% 17/03/2016 EMTN SE EUR 23,625 26,979 0.03 



PPL US USD 1,031 23,482 0.02 

PG&E US USD 696 22,812 0.02 



AES US USD 2,008 16,158 0.02 

Exelon US USD 553 15,202 0.02 


CEZ 3.625% 27/05/2016 CZ EUR 13,500 14,708 0.01 


E.ON International Finance 4.875% 28/01/2014 EMTN NL EUR 10,125 10,662 0.01 




Abu Dhabi National Energy 4.75% 15/09/2014 Reg S AE USD 9,113 7,429 0.01 


Thames Water Utilities Cayman 6.125% 04/02/2013 EMTN KY EUR 5,063 5,133 0.01 


2,758,666 2.74 

Materials 



Arkema 3.85% 30/04/2020 FR EUR 231,969 249,904 0.25 



Clariant (Reg'd) CH CHF 10,653 88,013 0.09 


Givaudan (Reg'd) CH CHF 89 68,585 0.07 

Umicore BE EUR 1,499 59,354 0.06 

Mosaic US USD 1,449 58,515 0.06 

Arkema FR EUR 811 57,033 0.06 






Lanxess DE EUR 512 32,630 0.03 

Eastman Chemical 4.80% 01/09/2042 US USD 37,194 31,785 0.03 




Symrise DE EUR 1,029 28,526 0.03 


Linde DE EUR 217 28,102 0.03 



Ecolab US USD 491 26,158 0.03 


Banro CA CAD 7,131 25,085 0.02 





Sika (BR) CH CHF 11 17,236 0.02 


















K+S 5.00% 24/09/2014 DE EUR 4,725 5,085 0.01 








Fidelity 

Funds 

FPS Moderate Growth Fund 4 - continued 




EUR 

Eurotin CA CAD 12,340 1,618 0.00 

Ausgold AU AUD 8,705 1,114 0.00 

2,602,018 2.58 

Industrials 








Siemens (Reg'd) DE EUR 3,029 234,897 0.23 




Legrand 3.375% 19/04/2022 EMTN FR EUR 185,972 200,980 0.20 









Danaher US USD 2,438 97,405 0.10 



Cummins US USD 1,198 86,251 0.09 









Equifax US USD 1,119 43,274 0.04 





Orkla NO NOK 6,419 39,134 0.04 



CSX US USD 2,209 34,931 0.03 

Alstom FR EUR 1,301 34,280 0.03 





GFK DE EUR 904 31,740 0.03 

Schindler Holding (Reg'd) CH CHF 300 29,931 0.03 


Boeing US USD 528 28,612 0.03 




Brammer GB GBP 8,840 26,409 0.03 


FedEx US USD 320 22,628 0.02 


ADT US USD 701 22,146 0.02 

Heathrow Funding 3.00% 08/06/2015 EMTN GB GBP 16,875 21,722 0.02 

Eiffage FR EUR 813 21,560 0.02 



Sthree GB GBP 5,348 19,968 0.02 









Rede Ferroviaria Nacional 4.00% 16/03/2015 PT EUR 13,500 12,161 0.01 

Deere & Co US USD 167 10,985 0.01 





Autoroutes Paris-Rhin-Rhone 4.375% 25/01/2016 EMTN FR EUR 8,100 8,730 0.01 


International Lease Finance 5.75% 15/05/2016 US USD 10,125 8,284 0.01 





154 



EUR 



Hutchison Whampoa Int'l 09/16 4.625% 11/09/2015 Reg S KY USD 6,750 5,665 0.01 


XP Power SG GBP 284 3,459 0.00 

Colfax US USD 119 3,136 0.00 

Rolls-Royce Holdings GB GBP 40 423 0.00 



7,156,443 7.10 


Apple US USD 1,397 642,299 0.64 

Iliad 4.875% 01/06/2016 FR EUR 584,223 626,275 0.62 

SAP DE EUR 9,102 511,519 0.51 

Google (A) US USD 822 429,236 0.43 





Oracle US USD 6,382 152,527 0.15 






eBay US USD 2,405 89,482 0.09 









Fiserv US USD 733 42,229 0.04 





Gemalto NL EUR 496 34,524 0.03 


EMC US USD 1,791 33,656 0.03 



Visa (A) US USD 295 31,298 0.03 


Altera US USD 1,316 30,660 0.03 








Fujitsu JP JPY 8,273 24,470 0.02 

Hitachi JP JPY 5,980 24,388 0.02 

United Internet (Reg'd) DE EUR 1,561 24,092 0.02 




Neopost FR EUR 509 21,499 0.02 

Kyocera JP JPY 317 21,483 0.02 


NVIDIA US USD 2,174 20,147 0.02 

IQE GB GBP 50,277 20,007 0.02 




Alten FR EUR 785 19,044 0.02 


SDL GB GBP 2,864 18,893 0.02 

Brady GB GBP 14,828 18,716 0.02 



Micronas Semiconductor Holding (Reg'd) CH CHF 2,284 15,122 0.02 





SAP 2.50% 10/04/2014 DE EUR 13,500 13,818 0.01 



VMware (A) US USD 206 13,373 0.01 

TDK JP JPY 456 13,188 0.01 




RIB Software DE EUR 2,428 11,628 0.01

Fidelity 

Funds 





EUR 

Xilinx US USD 450 11,320 0.01 



ADTRAN US USD 781 10,092 0.01 




Canon JP JPY 346 8,660 0.01 

NCSoft KR KRW 58 8,623 0.01 



Globo GB GBP 29,555 8,499 0.01 

Intel US USD 507 8,493 0.01 


NetApp US USD 372 7,759 0.01 



SCSK JP JPY 437 5,736 0.01 



YOC DE EUR 556 4,171 0.00 


Ant GB GBP 8,976 2,232 0.00 


5,734,164 5.69 



Volkswagen Int'l Finance 1.875% 15/05/2017 EMTN NL EUR 515,309 529,180 0.53 

WPP IE GBP 45,405 451,427 0.45 





BMW DE EUR 3,676 225,864 0.22 

PPR FR EUR 1,362 184,791 0.18 

Volkswagen (Pref'd) DE EUR 1,151 183,677 0.18 





Renault FR EUR 4,213 145,408 0.14 

Inditex ES EUR 1,262 124,273 0.12 


McDonald's US USD 1,565 104,674 0.10 

BMW (Pref'd) DE EUR 2,301 98,241 0.10 

IPSOS FR EUR 3,496 94,766 0.09 


TJX US USD 2,859 90,622 0.09 


Lowe's US USD 3,181 79,069 0.08 





Informa CH GBP 13,084 65,113 0.06 









Coach US USD 1,057 45,257 0.04 



TF1 FR EUR 6,537 43,331 0.04 






Expedia US USD 802 36,778 0.04 

ASOS GB GBP 1,230 34,482 0.03 

ProSiebenSat.1 Media (Pref'd) DE EUR 1,577 33,915 0.03 


News (A) US USD 1,690 31,126 0.03 



Target US USD 608 29,746 0.03 


NIKE (B) US USD 396 27,774 0.03 





UBM IE GBP 2,969 25,830 0.03 


155 



EUR 



DIRECTV US USD 584 22,984 0.02 


SHW DE EUR 756 21,896 0.02 

VF US USD 183 21,839 0.02 

Mattel US USD 740 20,975 0.02 


Dick's Sporting Goods US USD 503 19,215 0.02 



PVH US USD 207 16,976 0.02 

Staples US USD 1,795 15,855 0.02 



Bridgestone JP JPY 756 13,577 0.01 






Modern Times Group (B) SE SEK 486 11,428 0.01 



Best Buy US USD 915 10,708 0.01 



William Hill 7.125% 11/11/2016 EMTN GB GBP 6,750 9,241 0.01 

Phorm SG GBP 9,821 8,793 0.01 

Big Lots US USD 374 8,370 0.01 



Duskin JP JPY 290 4,242 0.00 





7,178,442 7.12 


Nestle (Reg'd) CH CHF 14,267 698,719 0.69 

Danone FR EUR 12,628 598,878 0.59 




Casino Guichard Perrachon 3.994% 09/03/2020 EMTN FR EUR 278,959 301,702 0.30 









Diageo GB GBP 9,357 206,072 0.20 




PepsiCo US USD 2,951 157,472 0.16 





L'Oreal FR EUR 1,140 112,027 0.11 

Carrefour 4.00% 09/04/2020 EMTN FR EUR 92,986 101,541 0.10 




Nutreco NL EUR 1,127 65,097 0.06 






Glanbia IE EUR 6,603 48,337 0.05 


Aryzta CH CHF 1,168 45,002 0.04 



Metro DE EUR 1,815 40,337 0.04 




HJ Heinz US USD 714 31,664 0.03 


KT&G KR KRW 540 31,455 0.03 

Kellogg US USD 771 31,241 0.03 


Fomento Economico Mexicano ADR MX USD 414 28,777 0.03

Fidelity 

Funds 





EUR 






AVI ZA ZAR 4,110 20,873 0.02 


Aeon JP JPY 2,392 20,076 0.02 

Philip Morris International 5.875% 04/09/2015 EMTN US EUR 16,875 19,276 0.02 


Cia Brasileira de Dist. Grupo Pao de Acucar (Prefíd) BR BRL 413 14,607 0.01 





Henkel & Co 4.625% 19/03/2014 EMTN DE EUR 8,438 8,910 0.01 

Tesco 5.125% 24/02/2015 EMTN GB EUR 6,750 7,418 0.01 


British Sugar 10.75% 02/07/2013 GB GBP 4,725 6,133 0.01 


7,949,761 7.89 

Healthcare 

Sanofi FR EUR 17,634 1,195,945 1.19 



Pfizer US USD 19,448 373,920 0.37 






Bayer (Reg'd) DE EUR 1,832 123,061 0.12 

Merck & Co US USD 3,374 118,416 0.12 





Sorin IT EUR 40,401 73,165 0.07 


Actelion (Reg'd) CH CHF 1,516 56,430 0.06 





Celgene US USD 724 41,055 0.04 


Amgen US USD 529 35,248 0.03 

Stryker US USD 850 34,318 0.03 

Humana US USD 499 28,432 0.03 

Aetna US USD 769 25,911 0.03 

Nexus DE EUR 2,567 24,130 0.02 





Shire IE GBP 960 20,799 0.02 






Elekta (B) SE SEK 1,689 18,565 0.02 

MEDNAX US USD 343 18,037 0.02 





Ossur IS DKK 15,373 15,662 0.02 

Dr Reddy's Laboratories IN INR 596 14,949 0.01 

Roche Holdings 5.625% 04/03/2016 EMTN US EUR 12,825 14,828 0.01 

Centene US USD 474 13,843 0.01 






Hospira US USD 474 11,195 0.01 

Cigna 2.75% 15/11/2016 US USD 13,500 10,993 0.01 


Elan ADR IE USD 1,193 9,885 0.01 





Unitedhealth Group 1.40% 15/10/2017 US USD 10,125 7,862 0.01 



Optos GB GBP 2,417 6,125 0.01 

156 



EUR 



5,309,746 5.27 





Tdc 4.375% 23/02/2018 Reg S DK EUR 213,166 241,751 0.24 


TeliaSonera 4.00% 22/03/2022 EMTN SE EUR 195,194 221,665 0.22 


Deutsche Telekom Int'l Finance 4.25% 13/07/2022 EMTN NL EUR 159,004 183,819 0.18 



BT Group GB GBP 37,507 99,114 0.10 

Telecom Italia (Pref'd) IT EUR 155,777 95,959 0.10 








AT&T US USD 1,335 35,578 0.04 


KDDI JP JPY 474 28,366 0.03 


Telenor 4.875% 29/05/2017 EMTN NO EUR 13,500 15,713 0.02 





Telecom Italia 7.375% 15/12/2017 EMTN IT GBP 6,750 9,387 0.01 



TDC 3.50% 23/02/2015 Reg S DK EUR 6,750 7,139 0.01 




3,506,879 3.48 

Financials 

FMS Wertmanagement 3.00% 08/09/2021 EMTN DE EUR 1,073,246 1,176,710 1.17 





UBS (Reg'd) CH CHF 56,129 649,310 0.64 











Societe Generale 4.25% 13/07/2022 EMTN FR EUR 371,945 413,195 0.41 





RBS 5.50% 23/03/2020 EMTN GB EUR 307,629 365,053 0.36 




Experian Finance 4.75% 04/02/2020 EMTN GB EUR 300,475 353,723 0.35 



KfW 1.25% 17/10/2019 DE EUR 320,663 320,454 0.32 












BAT Holdings 4.875% 24/02/2021 EMTN NL EUR 185,972 223,712 0.22 


Barclays Bank 4.25% 12/01/2022 EMTN GB GBP 154,357 216,049 0.21 



JPMorgan Chase & Co US USD 6,059 194,267 0.19

Fidelity 

Funds 





EUR 










ICAP GB GBP 36,791 148,737 0.15 


Rabobank Nederland 4.00% 11/01/2022 NL EUR 130,181 145,571 0.14 







Bank of America 4.75% 03/04/2017 EMTN US EUR 105,281 116,765 0.12 


Merck Financial Services 4.50% 24/03/2020 EMTN DE EUR 92,986 109,457 0.11 

Allianz (Reg'd) DE EUR 1,137 108,796 0.11 




Credit Suisse Group (Reg'd) CH CHF 4,890 87,487 0.09 




Westfield UK & Europe Fin. 4.25% 11/07/2022 EMTN GB GBP 65,090 84,873 0.08 


Aon GB USD 2,003 83,092 0.08 

Hannover Rueckversicherung (Reg'd) DE EUR 1,518 82,387 0.08 


Clydesdale Bank 4.625% 08/06/2026 EMTN GB GBP 55,792 79,906 0.08 






Ageas BE EUR 3,483 68,394 0.07 

KfW 3.125% 25/02/2014 DE EUR 64,126 66,687 0.07 

Invesco US USD 3,553 65,868 0.07 

RBS 5.125% 13/01/2024 GB GBP 43,646 64,709 0.06 






Fondo Reestructuracion 3.00% 19/11/2014 ES EUR 47,251 46,714 0.05 








MetLife US USD 1,342 36,459 0.04 




ORIX JP JPY 445 35,168 0.03 


KfW 1.375% 21/02/2017 DE EUR 33,750 34,826 0.03 




Goldman Sachs Group 4.50% 30/01/2017 US EUR 29,508 32,124 0.03 










StadsHypotek 1.875% 21/03/2017 SE EUR 22,275 23,203 0.02 

GE Capital European Funding 5.25% 18/05/2015 EMTN IE EUR 20,250 22,426 0.02 


ACE CH USD 354 21,427 0.02 


Remgro ZA ZAR 1,535 20,252 0.02 


SLM US USD 1,427 19,225 0.02 


Goldman Sachs Group 4.375% 16/03/2017 EMTN US EUR 17,550 19,043 0.02 




157 



EUR 

Lazard (A) BM USD 789 17,946 0.02 


Loews US USD 543 17,754 0.02 

HSBC France 4.875% 15/01/2014 EMTN FR EUR 16,875 17,747 0.02 





Nordea Bank 1.164% FRN 10/01/2014 EMTN SE EUR 16,875 17,142 0.02 

Bank of America 3.75% 12/07/2016 US USD 20,250 16,713 0.02 




Nestle Holdings 1.375% 21/06/2017 EMTN US USD 20,250 15,818 0.02 


FCE Bank 4.825% 15/02/2017 EMTN GB GBP 10,800 14,653 0.01 

Altadis Emisiones Financieras 4.00% 11/12/2015 ES EUR 13,500 14,601 0.01 




WM Covered Bond Program 4.375% 19/05/2014 EMTN US EUR 13,500 14,246 0.01 


Barclays Bank 1.759% FRN 17/01/2014 EMTN GB EUR 13,500 13,728 0.01 













SberBank of Russia (Pref'd) RU USD 7,124 11,567 0.01 



Bank St Petersburg (Pref'd) RU USD 7,059 10,942 0.01 

VTB Capital (VTB Bank) 6.00% 12/04/2017 Reg S LU USD 13,500 10,868 0.01 


Nordea Bank (Finland) 2.25% 16/11/2015 FI EUR 10,125 10,619 0.01 

Sumitomo Mitsui Banking 1.80% 18/07/2017 JP USD 13,500 10,592 0.01 


BPCE 2.875% 22/09/2015 EMTN FR EUR 10,125 10,555 0.01 



Credit Agricole Home Loan 2.125% 10/07/2017 EMTN FR EUR 9,450 9,852 0.01 






WM Covered Bond Program 4.00% 27/09/2016 EMTN US EUR 7,830 8,666 0.01 






KBC IFIMA 4.50% 27/03/2017 EMTN NL EUR 6,750 7,388 0.01 





Citigroup 4.75% 12/11/2013 US EUR 6,750 7,004 0.01 

ASIF III Jersey 4.75% 11/09/2013 EMTN GB EUR 6,750 6,947 0.01 

ABN Amro Bank 1.16% FRN 15/01/2013 EMTN NL EUR 6,750 6,795 0.01 

Rodamco Europe Finance 3.75% 12/12/2012 EMTN NL EUR 6,750 6,774 0.01 


BBVA US Senior Uniper 4.664% 09/10/2015 ES USD 7,763 6,043 0.01 

Capital One Financial 3.15% 15/07/2016 US USD 6,750 5,560 0.01 

Westpac Banking 3.00% 09/12/2015 AU USD 6,750 5,515 0.01 

Sun Hung Kai Properties CM 3.50% 02/11/2016 Reg S KY USD 6,750 5,444 0.01 





ING Bank 3.875% 23/12/2016 EMTN NL GBP 2,862 3,796 0.00 


Korea Exchange Bank 1.75% 27/09/2015 Reg S KR USD 4,725 3,659 0.00 


Banco do Estado do Rio Grande do Sul (Pref'd) (B) BR BRL 531 3,221 0.00 





Linde Finance 6.00% VRN (Perpetual) NL EUR 675 696 0.00 


26,306,135 26.11

Fidelity 

Funds 





EUR 

Government 

Germany 0.50% 07/04/2017 DE EUR 2,626,260 2,640,242 2.62 

Germany 1.75% 04/07/2022 DE EUR 1,168,856 1,202,376 1.19 

Italy 4.25% 01/03/2020 IT EUR 1,062,763 1,061,845 1.05 

Italy 4.00% 01/02/2017 IT EUR 916,170 936,661 0.93 

Italy 3.00% 15/06/2015 IT EUR 923,684 930,466 0.92 

Spain 5.85% 31/01/2022 ES EUR 877,685 892,291 0.89 

France 3.00% 25/04/2022 FR EUR 743,763 798,667 0.79 

Italy 5.00% 01/03/2022 IT EUR 597,528 610,631 0.61 

Germany 3.25% 04/07/2042 DE EUR 487,652 590,481 0.59 

Spain 3.25% 30/04/2016 ES EUR 587,477 576,009 0.57 

Italy 4.50% 15/07/2015 IT EUR 513,066 535,447 0.53 

Sweden 3.75% 12/08/2017 SE SEK 3,810,178 499,732 0.50 

Germany 2.50% 27/02/2015 DE EUR 450,039 475,627 0.47 

Italy 5.00% 01/09/2040 IT EUR 382,947 356,616 0.35 

Germany 1.75% 09/10/2015 DE EUR 313,018 328,036 0.33 

Spain 4.30% 31/10/2019 ES EUR 281,334 269,765 0.27 

Germany 3.25% 04/07/2015 DE EUR 217,473 235,781 0.23 

Spain 4.75% 30/07/2014 ES EUR 207,692 213,940 0.21 


Austria 3.50% 15/07/2015 AT EUR 154,577 167,996 0.17 



Spain 4.00% 30/07/2015 ES EUR 148,098 150,246 0.15 

Germany 3.50% 04/07/2019 DE EUR 122,858 143,822 0.14 

Italy 3.00% 01/11/2015 IT EUR 141,752 142,417 0.14 




Belgium 4.00% 28/03/2032 BE EUR 88,089 97,808 0.10 


France 4.50% 25/04/2041 FR EUR 74,206 92,952 0.09 


Czech Republic 4.00% 11/04/2017 CZ CZK 1,485,020 66,984 0.07 

France 4.00% 25/04/2055 FR EUR 56,547 66,133 0.07 

Germany 1.25% 14/10/2016 DE EUR 59,401 61,703 0.06 

Poland 5.00% 25/04/2016 PL PLN 236,253 58,980 0.06 

Belgium 2.75% 28/03/2016 BE EUR 33,750 36,142 0.04 

Germany 0.75% 24/02/2017 DE EUR 18,563 18,875 0.02 

Germany 3.75% 04/01/2015 DE EUR 10,125 10,938 0.01 




15,317,520 15.20 






45,683 0.05 


Energy 

Enterprise Products Operating 4.45% 15/02/2043 US USD 92,986 73,002 0.07 

Eurasia Drilling GDR CY USD 944 25,192 0.02 

Schlumberger Investment 1.25% 01/08/2017 144A LU USD 16,875 12,970 0.01 

111,164 0.11 

Materials 

Xstrata Finance (Canada) 2.45% 25/10/2017 144A CA USD 15,525 11,906 0.01 

11,906 0.01 

Industrials 

Tyco Flow Control Int'l 3.15% 15/09/2022 144A LU USD 210,430 162,189 0.16 



206,743 0.21 


Altera 1.75% 15/05/2017 US USD 8,775 6,962 0.01 

6,962 0.01 



91,247 0.09 



Danone 3.00% 15/06/2022 144A FR USD 185,972 147,970 0.15 


Heineken 1.40% 01/10/2017 144A NL USD 20,250 15,659 0.02 

478,420 0.47 

158 

Healthcare 




Gilead Sciences 3.05% 01/12/2016 US USD 13,500 11,177 0.01 


Express Scripts Holding 2.10% 12/02/2015 144A US USD 203 160 0.00 

201,825 0.20 


Vivendi 3.45% 12/01/2018 144A FR USD 92,986 73,324 0.07 

Deutsche Telekom Int'l Finance 3.125% 11/04/2016 144A NL USD 13,500 10,977 0.01 

84,301 0.08 

Financials 









Aegon NL EUR 25,335 109,145 0.11 






FADE 5.00% 17/06/2015 ES EUR 33,750 34,716 0.03 

Real Estate Capital 5 A 0.758% FRN 25/07/2016 GB GBP 26,543 32,585 0.03 

Credit Suisse (Guernsey) 1.625% 06/03/2015 144A CH USD 24,300 19,123 0.02 

UBS London 2.25% 30/03/2017 144A CH USD 23,625 18,933 0.02 

ABN Amro Bank 4.25% 02/02/2017 144A NL USD 17,550 14,663 0.01 


BAT Int'l Finance 2.125% 07/06/2017 144A GB USD 16,875 13,315 0.01 

European Loan Conduit 23X C 0.615% FRN 15/02/2019* IE EUR 42,528 12,316 0.01 


Intesa Sanpaolo 3.625% 12/08/2015 144A IT USD 11,306 8,721 0.01 




Volkswagen Car Lease (A) 0.76% FRN 21/07/2017 LU EUR 3,895 3,914 0.00 

Granite Master Issuer 2005-4 B4 0.47% FRN 20/12/2054 GB EUR 675 627 0.00 




2,343,189 2.33 

Government 

Spain 4.90% 30/07/2040 ES EUR 140,342 113,225 0.11 


France 2.50% 12/01/2014 FR EUR 75,613 77,792 0.08 


369,622 0.37 



Fidelity Institutional Liquidity Fund - A-ACC-USD IE USD 1 5 0.00 

4,263,518 4.23 

Unlisted 



EUR 

Energy 






46,316 0.05 

Utilities 



0 0.00 

Materials 




2,769 0.00 

Industrials 


Carter & Carter Group (In liquidation)* GB GBP 6,311 0 0.00

Fidelity 

Funds 



4 0.00 



Cambridge Broadband Networks (Pref'd)* GB USD 2,448 1,887 0.00 



7,930 0.01 



0 0.00 

Healthcare 



2,286 0.00 







27,046 0.03 

Financials 

Marwyn Management 10.00% 30/04/2015* GB GBP 807 1,003 0.00 





1,268 0.00 








EUR 



Bought protection on Itraxx Europe Senior Fin. 20/06/2017 EUR 20,250 624 0.00 

Bought protection on Itraxx Europe 20/12/2017 EUR 25,650 351 0.00 

Bought protection on Itraxx Europe Sub Fin. 20/12/2016 EUR 8,438 (803) (0.00) 

2,901 0.00 




EUR 



EUR EUR 


























159 


Bought EUR Sold PLN at 0.24278 20/11/2012 48,725 336 0.00 





Bought EUR Sold CZK at 0.04022 20/11/2012 11,825 116 0.00 













Bought NOK Sold EUR at 7.40681 20/12/2012 944 (1) (0.00) 












Bought CZK Sold EUR at 24.98949 20/11/2012 24,898 (116) (0.00) 


Bought EUR Sold CZK at 0.03970 20/11/2012 47,113 (157) (0.00) 






















329,691 0.33 



EUR 

Futures 


Ultra Long Term US Treasury Bond Future 19/12/2012 USD (924,782) 3,363 0.00 

US Treasury Note 10 Year Future 19/12/2012 USD (1,607,873) 1,467 0.00 


Euro Bobl Future 06/12/2012 EUR 1,710,678 153 0.00 





Euro Bund Future 06/12/2012 EUR (1,606,182) (15,732) (0.02) 

(3,075) (0.00) 

Interest Rate Swaps 



EUR EUR 



EUR 

Pay fixed 3.128% receive float. (6m EURIBOR) 05/04/2016 EUR 33,750 2,798 0.00 


Pay fixed 1.915% receive float. (6m GBPLIBOR) 27/10/2016 GBP 28,688 (1,431) (0.00) 

Pay fixed 3.03% float. (6m GBPLIBOR) 01/04/2016 GBP 28,688 (2,624) (0.00) 

399 0.00

Fidelity 

Funds 





EUR 


Net Assets 100,768,477 100.00 



USA US 17.74 

UK GB 14.85 



Italy IT 7.84 



Spain ES 5.14 


Japan JP 1.83 










Korea KR 0.31 


China CN 0.29 




















India IN 0.03 




Kenya KE 0.01 


Peru PE 0.01 






160

Fidelity 

Funds 

Euro Balanced Fund 




EUR 


Energy 

Eni IT EUR 363,938 6,445,349 1.35 

Saipem IT EUR 184,825 6,406,044 1.34 



BG Group GB GBP 157,106 2,241,844 0.47 


Eni 3.75% 27/06/2019 EMTN IT EUR 367,482 400,915 0.08 



Gazprom Int’l (Gazprom) 7.201% 01/02/2020 Reg S LU USD 81,660 70,670 0.01 


Korea Resources 4.125% 19/05/2015 KR USD 56,729 46,497 0.01 

Petrohawk Energy 7.25% 15/08/2018 US USD 39,711 34,900 0.01 

Enbridge Energy Partners 5.20% 15/03/2020 US USD 28,365 25,503 0.01 


Frontier Oil 6.875% 15/11/2018 US USD 19,855 16,257 0.00 

23,010,098 4.83 

Utilities 


CEZ 4.875% 16/04/2025 EMTN CZ EUR 795,898 946,458 0.20 












Alliander 2.875% 14/06/2024 EMTN NL EUR 56,729 58,527 0.01 


ENW Finance 6.125% 21/07/2021 EMTN GB GBP 28,365 42,687 0.01 

Wales & West Utilities Fin. 6.75% VRN 17/12/2036 EMTN GB GBP 28,365 41,544 0.01 


8,756,809 1.84 

Materials 

Linde DE EUR 46,856 6,079,508 1.28 

Arkema FR EUR 54,219 3,813,797 0.80 




Lanxess DE EUR 33,277 2,120,768 0.45 

AZ Electronic Materials GB GBP 453,483 1,999,116 0.42 



Arkema 3.85% 30/04/2020 FR EUR 379,909 409,282 0.09 

HeidelbergCement Fin Lux 9.50% 15/12/2018 EMTN LU EUR 85,094 104,693 0.02 

Dow Chemical 4.125% 15/11/2021 US USD 56,729 47,853 0.01 

Rio Tinto Finance (USA) 9.00% 01/05/2019 AU USD 28,365 30,136 0.01 

AngloGold Holdings 5.375% 15/04/2020 GB USD 28,365 22,866 0.00 

Freeport-McMoRan Copper & Gold 3.55% 01/03/2022 US USD 22,692 17,839 0.00 

25,405,017 5.33 

Industrials 


Ryanair Holdings IE EUR 1,375,496 6,148,469 1.29 





Safran FR EUR 121,240 3,721,471 0.78 


Alstom FR EUR 121,045 3,189,540 0.67 




IMI GB GBP 123,664 1,467,843 0.31 







GFK DE EUR 16,344 574,148 0.12 



161 



EUR 





Eversholt Funding 5.831% 02/12/2020 EMTN GB GBP 56,729 82,783 0.02 

Great Rolling Stock 6.25% 27/07/2020 EMTN GB GBP 28,365 42,147 0.01 

Glencore Finance Europe 7.125% 23/04/2015 EMTN LU EUR 28,365 32,116 0.01 


Fedex 2.625% 01/08/2022 US USD 28,365 22,092 0.00 

59,959,200 12.58 


SAP DE EUR 176,941 9,944,081 2.09 



Iliad 4.875% 01/06/2016 FR EUR 1,209,927 1,297,018 0.27 

Tyco Electronics Group 3.50% 03/02/2022 LU USD 28,365 22,639 0.00 

19,965,204 4.19 





Inditex ES EUR 41,158 4,051,625 0.85 

PPR FR EUR 29,238 3,966,150 0.83 




Autogrill IT EUR 284,551 2,243,686 0.47 




WPP IE GBP 127,571 1,268,325 0.27 






46,388,803 9.74 



Henkel & Co (Pref’d) DE EUR 58,445 3,600,806 0.76 

Henkel & Co DE EUR 41,946 2,093,959 0.44 

Aryzta CH CHF 31,966 1,231,755 0.26 

Heineken 2.125% 04/08/2020 EMTN NL EUR 1,206,579 1,204,060 0.25 

Philip Morris International 2.125% 30/05/2019 US EUR 1,030,646 1,061,301 0.22 

Glanbia IE EUR 115,306 844,038 0.18 








Procter & Gamble 2.00% 16/08/2022 Reg S US EUR 56,729 56,307 0.01 

Wal-Mart Stores 5.625% 15/04/2041 US USD 28,365 29,369 0.01 

Coca-Cola 3.30% 01/09/2021 US USD 28,365 24,306 0.01 

Procter & Gamble 1.45% 15/08/2016 US USD 28,365 22,475 0.00 

Reynolds American 1.05% 30/10/2015 US USD 28,365 21,915 0.00 

18,037,069 3.79 

Healthcare 

Sanofi FR EUR 190,471 12,917,761 2.71 




UCB BE EUR 45,457 2,045,581 0.43 



34,996,721 7.34 



America Movil 3.00% 12/07/2021 MX EUR 1,373,721 1,417,622 0.30 


Telefonica Emisiones 4.71% 20/01/2020 EMTN ES EUR 1,009,938 1,026,988 0.22 


Tdc 4.375% 23/02/2018 Reg S DK EUR 270,222 306,458 0.06 






Fidelity 

Funds 

Euro Balanced Fund - continued 




EUR 




AT&T 4.875% 01/06/2044 US GBP 56,729 76,106 0.02 

AT&T 5.875% 28/04/2017 US GBP 28,365 41,450 0.01 

AT&T 5.55% 15/08/2041 US USD 28,365 27,636 0.01 

Qwest 6.75% 01/12/2021 US USD 28,365 25,874 0.01 

Verizon Communications 4.75% 01/11/2041 US USD 28,365 25,607 0.01 

9,229,801 1.94 

Financials 


Banco Bilbao Vizcaya Argentaria ES EUR 1,295,426 8,338,655 1.75 



European Union 2.75% 04/04/2022 EMTN 99 EUR 2,779,789 2,996,607 0.63 

UBS (Reg’d) CH CHF 245,970 2,845,432 0.60 



Nordea Bank 2.25% 05/10/2017 EMTN SE EUR 1,772,907 1,844,973 0.39 

BNP Paribas 2.50% 23/08/2019 EMTN FR EUR 1,616,259 1,637,882 0.34 


Metropolitan Life GF I 4.625% 16/05/2017 EMTN US EUR 1,318,350 1,502,618 0.32 


European Union 3.75% 04/04/2042 EMTN 99 EUR 975,990 1,159,589 0.24 



KfW 1.25% 17/10/2019 DE EUR 1,087,338 1,086,631 0.23 

Santander International Debt 4.625% 21/03/2016 EMTN ES EUR 993,680 1,015,907 0.21 




























RBS 5.125% 13/01/2024 GB GBP 304,886 452,014 0.09 


RBS 5.50% 23/03/2020 EMTN GB EUR 370,027 439,098 0.09 




















Barclays Bank 6.75% VRN 16/01/2023 EMTN GB GBP 85,094 110,180 0.02 

Intesa Sanpaolo 6.375% VRN 12/11/2017 EMTN IT GBP 85,094 102,338 0.02 





Societe Generale SCF 4.00% 07/07/2016 EMTN FR EUR 56,729 63,039 0.01 


Abbey National Treasury Serv. 3.625% 08/09/2016 EMTN GB EUR 56,729 62,067 0.01 

RBS 5.75% 21/05/2014 EMTN GB EUR 56,729 60,773 0.01 


162 



EUR 

Bankia 5.75% 29/06/2016 EMTN ES EUR 56,729 54,985 0.01 

Axa 5.25% VRN 16/04/2040 EMTN FR EUR 56,729 54,734 0.01 


Korea Eximbank 5.875% 14/01/2015 KR USD 56,729 47,984 0.01 

National Agricultural 4.25% 28/01/2016 Reg S KR USD 56,729 46,923 0.01 

Glencore Funding 6.00% 15/04/2014 Reg S US USD 56,729 46,658 0.01 

Credit Logement 1.402% VRN (Perpetual) FR EUR 85,094 45,837 0.01 

Severn Trent Water Utilities Fin. 6.25% 07/06/2029 GB GBP 28,365 45,761 0.01 

HSBC Holdings 6.50% 20/05/2024 EMTN GB GBP 28,365 45,456 0.01 



Tesco Property Finance 2 6.052% 13/10/2039 GB GBP 27,340 39,661 0.01 


Bishopsgate Asset Finance 4.808% 14/08/2044 KY GBP 27,205 33,512 0.01 

Linde Finance 3.875% 01/06/2021 EMTN NL EUR 28,365 32,646 0.01 


Marsh & McLennan 4.80% 15/07/2021 US USD 28,365 24,963 0.01 

General Electric Capital 4.65% 17/10/2021 MTN US USD 28,365 24,813 0.01 

American Tower 4.70% 15/03/2022 US USD 28,365 24,137 0.01 


ORIX 5.00% 12/01/2016 JP USD 28,365 23,638 0.00 

Toronto-Dominion Bank 2.375% 19/10/2016 CA USD 28,365 23,016 0.00 

John Deere Capital 2.80% 27/01/2023 US USD 28,365 22,737 0.00 


Ventas Realty 4.25% 01/03/2022 US USD 14,182 11,720 0.00 

Credit Logement 0.852% FRN (Perpetual) FR EUR 15,884 9,795 0.00 

82,704,990 17.36 

Government 

Germany 0.50% 07/04/2017 DE EUR 15,251,994 15,333,197 3.22 

Germany 1.75% 04/07/2022 DE EUR 7,732,392 7,954,140 1.67 

Italy 4.25% 01/03/2020 IT EUR 7,437,487 7,431,063 1.56 

Italy 3.00% 15/06/2015 IT EUR 6,789,326 6,839,177 1.44 

France 3.00% 25/04/2022 FR EUR 4,910,846 5,273,363 1.11 

Spain 5.85% 31/01/2022 ES EUR 4,684,753 4,762,717 1.00 

Italy 5.00% 01/03/2022 IT EUR 4,322,193 4,416,974 0.93 

Germany 3.25% 04/07/2042 DE EUR 3,366,064 4,075,850 0.86 

Italy 4.00% 01/02/2017 IT EUR 3,479,620 3,557,444 0.75 

Spain 3.25% 30/04/2016 ES EUR 3,509,068 3,440,564 0.72 

Germany 2.50% 27/02/2015 DE EUR 2,565,410 2,711,275 0.57 

Italy 5.00% 01/09/2040 IT EUR 2,793,878 2,601,770 0.55 

Sweden 3.75% 12/08/2017 SE SEK 18,976,674 2,488,924 0.52 

Spain 4.30% 31/10/2019 ES EUR 1,907,849 1,829,396 0.38 

Ireland 5.50% 18/10/2017 IE EUR 1,496,404 1,638,984 0.34 

Italy 4.50% 15/07/2015 IT EUR 1,562,264 1,630,413 0.34 

Spain 4.75% 30/07/2014 ES EUR 1,531,540 1,577,610 0.33 

Germany 3.25% 04/07/2015 DE EUR 1,452,274 1,574,530 0.33 

Germany 3.50% 04/07/2019 DE EUR 1,080,038 1,264,332 0.27 

Germany 1.75% 09/10/2015 DE EUR 1,091,920 1,144,311 0.24 

Spain 4.00% 30/07/2015 ES EUR 1,073,250 1,088,815 0.23 



Belgium 4.00% 28/03/2032 BE EUR 639,571 710,136 0.15 

France 4.50% 25/04/2041 FR EUR 547,539 685,856 0.14 


France 4.00% 25/04/2055 FR EUR 394,724 461,640 0.10 



Germany Inflation Linked Bond 1.75% 15/04/2020 DE EUR 226,917 287,454 0.06 

Germany 3.25% 04/07/2021 DE EUR 212,735 247,696 0.05 

Australia Index Linked 4.00% 20/08/2020 AU AUD 113,459 177,108 0.04 

Germany 1.75% 14/06/2013 DE EUR 170,188 172,001 0.04 


Italy 2.10% 15/09/2021 IT EUR 141,823 137,076 0.03 

Korea Treasury Inflation Linked 2.75% 10/06/2020 KR KRW 149,765,521 134,613 0.03 

Norway 2.00% 24/05/2023 NO NOK 936,035 126,253 0.03 


Italy 2.10% 15/09/2016 IT EUR 85,094 89,298 0.02 

Germany 4.00% 04/07/2016 DE EUR 56,729 64,538 0.01 







Germany 4.25% 04/07/2018 DE EUR 28,365 34,039 0.01 

Japan 1.90% 20/03/2029 JP JPY 1,701,881 17,490 0.00 

Germany 4.00% 04/01/2018 DE EUR 14,182 16,680 0.00 

Japan 2.00% 20/09/2040 JP JPY 1,134,587 11,168 0.00 

89,408,456 18.76 


Energy 

Southeast Supply Header 4.85% 15/08/2014 144A US USD 56,729 45,681 0.01 

45,681 0.01

Fidelity 

Funds 

Industrials 


433,163 0.09 




Volkswagen Int’l Finance 2.375% 22/03/2017 144A NL USD 56,729 45,420 0.01 

Comcast 6.55% 01/07/2039 US USD 28,365 29,089 0.01 

NBCUniversal Media 4.375% 01/04/2021 US USD 28,365 24,960 0.01 

461,961 0.10 




SABMiller Holdings 3.75% 15/01/2022 144A US USD 113,459 96,398 0.02 


722,086 0.15 

Healthcare 



Express Scripts Holding 3.90% 15/02/2022 144A US USD 73,748 62,241 0.01 


389,829 0.08 

Financials 



Aegon NL EUR 374,627 1,613,893 0.34 

BBVA 4.25% 30/03/2015 EMTN ES EUR 1,031,664 1,070,564 0.22 











Storm 2010-1 A2 1.233% FRN 22/03/2052 NL EUR 56,729 57,161 0.01 

Brunt Alpha 2007-1 C 1.029% FRN 15/01/2017 GB GBP 55,898 55,689 0.01 

Hmi 2010-1X A2 1.740% FRN 15/10/2054 GB USD 49,034 38,280 0.01 

Eston 2006-1 A2 0.741% FRN 19/04/2021 GB GBP 28,365 31,730 0.01 

Wells Fargo & Co 3.676% 15/06/2016 US USD 28,365 23,719 0.00 

US Bancorp 3.00% 15/03/2022 MTN US USD 28,365 23,223 0.00 

BAT Int’l Finance 3.25% 07/06/2022 144A GB USD 28,365 22,789 0.00 

SMILE Securitisation 2007-1 D 0.774% FRN 20/12/2053 NL EUR 31,190 22,530 0.00 


Canary Wharf Finance II C2 1.079% FRN 22/10/2037 GB GBP 28,365 21,749 0.00 

Granite Master Issuer 2005-1 A5 0.29% FRN 20/12/2054 GB EUR 15,181 14,942 0.00 


MetLife 4.125% 13/08/2042 US USD 11,346 8,850 0.00 


Lambda Finance 2005-1X A2 0.589% FRN 15/11/2029 NL EUR 1,005 1,006 0.00 

17,148,379 3.60 

Government 

Spain 4.90% 30/07/2040 ES EUR 1,044,564 842,732 0.18 

France 2.50% 12/01/2014 FR EUR 557,078 573,132 0.12 





New Zealand Index Linked 2.00% 20/09/2025 NZ NZD 147,496 96,112 0.02 


France 2.25% 25/02/2016 FR EUR 42,547 45,032 0.01 

2,732,419 0.57 



12,903,587 2.71 

Unlisted 





EUR 

Financials 

Nightingale Finance 2007-11 1 0.983% FRN 07/06/2015* GB USD 1,345,282 10 0.00 


15 0.00 



163 


Bought protection on Hammerson 20/12/2016 EUR 620,391 2,662 0.00 

2,662 0.00 




EUR EUR 




Bought EUR Sold SEK at 0.12054 20/11/2012 1,103,174 40,582 0.01 















Bought KRW Sold USD at 1,119.50000 20/11/2012 95,696 2,494 0.00 


Bought EUR Sold JPY at 0.01034 20/11/2012 19,227 1,373 0.00 




Bought CZK Sold EUR at 25.18708 20/11/2012 249,422 800 0.00 


















Bought EUR Sold NZD at 0.63137 20/11/2012 84,360 (190) (0.00) 






Bought USD Sold KRW at 0.00088 20/11/2012 120,233 (4,827) (0.00) 










835,936 0.18 

Futures 



EUR 



EUR 

Long Gilt Future 27/12/2012 GBP (3,726,455) 56,745 0.01 

Euro Buxl Future 06/12/2012 EUR (374,811) 9,527 0.00 

Ultra Long Term US Treasury Bond Future 19/12/2012 USD (1,985,340) 7,225 0.00 



Euro Bobl Future 06/12/2012 EUR 1,969,146 1,520 0.00 

US Treasury Note 5 Year Future 19/12/2012 USD (1,468,476) 822 0.00 

Short Gilt Future 27/12/2012 GBP (118,440) 563 0.00 

Australia 10 Year Bond Future 17/12/2012 AUD (284,351) (539) (0.00) 

Long Term US Treasury Bond Future 19/12/2012 USD 111,742 (1,015) (0.00)

Fidelity 

Funds 

Euro Bund Future 06/12/2012 EUR 2,296,897 (6,512) (0.00) 

76,865 0.02 






EUR 

Pay fixed 4.222% receive float. (3m USDLIBOR)16/09/2018 USD 226,917 32,352 0.01 

Pay fixed 3.14% receive floating (6m EURBOR) 04/08/2021 EUR 113,459 14,204 0.00 

46,556 0.01 


Net Assets 476,499,293 100.00 




EUR 





Spain ES 9.51 



UK GB 4.89 

USA US 3.05 















Japan JP 0.12 


Korea KR 0.06 





164

Fidelity 

Funds 

Growth & Income Fund 1 




USD 


Energy 


Chevron US USD 4,690 514,127 0.42 





BG Group GB GBP 10,531 194,933 0.16 

BP GB GBP 27,196 194,467 0.16 




Apache US USD 1,982 163,111 0.13 

Saipem IT EUR 3,269 146,959 0.12 






Ensco (A) GB USD 2,028 116,069 0.09 




CNOOC CN HKD 47,154 97,505 0.08 


Eni IT EUR 4,161 95,579 0.08 

CNOOC Finance 2011 4.25% 26/01/2021 Reg S VG USD 75,865 83,509 0.07 











Hess US USD 1,196 62,579 0.05 


PTT (F) TH THB 5,820 59,998 0.05 


IPIC GMTN 6.875% 14/03/2026 EMTN KY GBP 28,449 57,432 0.05 






EQT US USD 790 47,832 0.04 




Plains All American Pipeline 8.75% 01/05/2019 US USD 28,449 38,341 0.03 

Baytex Energy CA CAD 837 38,031 0.03 







Crescent Point Energy CA CAD 813 33,849 0.03 



Inpex JP JPY 6 31,434 0.03 



Cameco CA CAD 1,552 29,930 0.02 







Fugro NL EUR 285 19,295 0.02 






Eni 3.75% 27/06/2019 EMTN IT EUR 9,428 13,342 0.01 





165 



USD 







AMEC GB GBP 479 8,183 0.01 

S-Oil KR KRW 90 8,179 0.01 


Denbury Resources 8.25% 15/02/2020 US USD 5,611 6,354 0.01 


Atlas Pipeline Lp/Fin Co 8.75% 15/06/2018 US USD 4,497 4,834 0.00 



Energy Transfer Equity 7.50% 15/10/2020 US USD 1,941 2,212 0.00 

Chesapeake Energy 6.775% 15/03/2019 US USD 2,141 2,165 0.00 

Teekay 8.50% 15/01/2020 MH USD 1,661 1,765 0.00 

Ferrellgas Partners 8.625% 15/06/2020 US USD 1,604 1,569 0.00 

Forest Oil Corporation 7.25% 15/06/2019 US USD 1,460 1,484 0.00 

Newfield Exploration 6.875% 01/02/2020 US USD 1,195 1,294 0.00 

Pioneer Natural Resource 7.50% 15/01/2020 US USD 821 1,049 0.00 

Alpha Natural Resources 6.00% 01/06/2019 US USD 1,115 985 0.00 


Tesoro 5.375% 01/10/2022 US USD 777 812 0.00 

Drill Rigs Holdings 6.50% 01/10/2017 144A MH USD 793 793 0.00 

Tesoro 4.25% 01/10/2017 US USD 690 719 0.00 

Pride International 6.875% 15/08/2020 US USD 547 706 0.00 

Chesapeake Energy 9.50% 15/02/2015 US USD 550 617 0.00 

MarkWest Energy 6.75% 01/11/2020 US USD 350 381 0.00 

Ship Finance International 8.50% 15/12/2013 BM USD 377 379 0.00 

Berry Petroleum 6.75% 01/11/2020 US USD 309 330 0.00 

Pioneer Natural Resource 6.65% 15/03/2017 US USD 257 306 0.00 



Energy Transfer Partners 9.00% 15/04/2019 US USD 81 106 0.00 

Tennessee Gas Pipeline 8.00% 01/02/2016 US USD 50 60 0.00 

7,717,250 6.29 

Utilities 


South East Water Finance 5.583% 29/03/2029 GB GBP 91,512 171,834 0.14 







Western Power Distribution S. West 5.75% 23/03/2040 GB GBP 37,932 72,305 0.06 

Eastern Power Networks 6.25% 12/11/2036 EMTN GB GBP 35,087 71,367 0.06 







PPL US USD 1,891 55,873 0.05 

Korea Electric Power 5.50% 21/07/2014 Reg S KR USD 52,157 55,802 0.05 

PG&E US USD 1,310 55,657 0.05 






Exelon US USD 1,274 45,446 0.04 

PPL Energy Supply 6.50% 01/05/2018 US USD 36,036 42,479 0.03 

Yorkshire Water Services 6.375% 19/08/2039 KY GBP 18,966 41,186 0.03 

AES US USD 3,776 39,424 0.03 


CEZ 4.875% 16/04/2025 EMTN CZ EUR 13,827 21,329 0.02 






Energy Future Intermediate Holding 10.00% 01/12/2020 US USD 8,531 9,688 0.01 










GenOn Energy 7.625% 15/06/2014 US USD 3,664 3,916 0.00 




Fidelity 

Funds 

Growth & Income Fund 1 - continued 




USD 

Genon Americas Genr 8.50% 01/10/2021 US USD 2,987 3,279 0.00 

AES 8.00% 15/10/2017 US USD 2,658 3,042 0.00 




NV Energy 6.25% 15/11/2020 US USD 1,422 1,699 0.00 

AmeriGas Finance 7.00% 20/05/2022 US USD 1,213 1,319 0.00 

GenOn Americas Generation 9.125% 01/05/2031 US USD 1,218 1,289 0.00 

AES 7.75% 15/10/2015 US USD 772 872 0.00 

AmeriGas Finance 6.75% 20/05/2020 US USD 566 612 0.00 

CMS Energy 6.875% 15/12/2015 US USD 121 137 0.00 

Edison Mission Energy 7.00% 15/05/2017 US USD 38 18 0.00 


2,487,444 2.03 

Materials 











Linde DE EUR 638 107,302 0.09 




Arkema FR EUR 1,140 104,043 0.08 

Rexam 6.75% 01/06/2013 Reg S GB USD 99,572 103,306 0.08 

Mosaic US USD 1,896 99,318 0.08 



Arkema 3.85% 30/04/2020 FR EUR 69,469 97,078 0.08 











Agrium CA CAD 604 63,353 0.05 

Ecolab US USD 901 62,240 0.05 

Lanxess DE EUR 689 56,988 0.05 

Akzo Nobel Sweden Finance 2.625% 27/07/2022 EMTN SE EUR 42,674 54,861 0.04 











BASF DE EUR 354 29,338 0.02 



Agnico-Eagle Mines CA CAD 503 28,457 0.02 


IAMGOLD CA CAD 1,570 24,609 0.02 

JSR JP JPY 1,423 24,349 0.02 

Xstrata CH GBP 1,490 23,534 0.02 













Eramet FR EUR 119 15,133 0.01 

LG Chem KR KRW 53 14,967 0.01 


Methanex CA CAD 448 13,477 0.01 







166 



USD 



Tahoe Resources US CAD 350 7,144 0.01 












Rockwood Specialties Gro 4.625% 15/10/2020 US USD 2,079 2,152 0.00 

Cemex 5.470% FRN 30/09/2015 144A MX USD 2,139 2,091 0.00 



Orion Engineered Carbons 9.625% 15/06/2018 144A DE USD 986 1,075 0.00 

Graphic Packaging International 7.875% 01/10/2018 US USD 487 541 0.00 

Owens-Illinois 7.80% 15/05/2018 US USD 135 156 0.00 

4,714,853 3.84 

Industrials 


Danaher US USD 6,477 335,728 0.27 


Cummins US USD 2,459 229,549 0.19 











SP Manweb 4.875% 20/09/2027 EMTN GB GBP 75,865 126,322 0.10 





Alstom FR EUR 3,014 103,002 0.08 


PSA International 5.90% 29/06/2016 Reg S SG USD 85,348 98,401 0.08 

Seek AU AUD 14,110 97,477 0.08 









Capita GB GBP 6,718 78,350 0.06 


PSA International 4.625% 11/09/2019 SG USD 66,382 76,058 0.06 


Boeing US USD 968 68,080 0.06 


Canadian National Railway CA CAD 747 64,514 0.05 

Aspire Defence Finance (A) 4.674% 31/03/2040 GB GBP 37,932 64,305 0.05 

AMETEK US USD 1,739 61,561 0.05 


Rolls-Royce 6.75% 30/04/2019 GB GBP 28,449 57,947 0.05 

Fedex 2.625% 01/08/2022 US USD 56,899 57,484 0.05 

Safran FR EUR 1,386 55,186 0.04 



FedEx US USD 588 53,841 0.04 

Equifax US USD 1,072 53,751 0.04 


CSX US USD 2,394 49,096 0.04 





MasTec US USD 1,977 44,488 0.04 











Deere & Co US USD 385 32,840 0.03

Fidelity 

Funds 





USD 








Trimas US USD 1,044 25,664 0.02 








IMI GB GBP 1,414 21,767 0.02 


GFK DE EUR 474 21,596 0.02 






Brammer GB GBP 4,378 16,965 0.01 







easyJet GB GBP 1,585 15,979 0.01 





ADT US USD 320 13,118 0.01 



Keppel SG SGD 1,411 12,247 0.01 






51job ADR CN USD 191 8,919 0.01 





Meggitt GB GBP 1,204 7,496 0.01 

Colfax US USD 219 7,461 0.01 











CTCI TW TWD 1,907 3,766 0.00 












Meritor 8.125% 15/09/2015 US USD 2,016 2,021 0.00 

TK KR KRW 80 2,020 0.00 



Covanta Holding 7.25% 01/12/2020 US USD 955 1,064 0.00 

SATS SG SGD 461 1,050 0.00 

Hopewell Highway Infrastructure HK HKD 1,689 897 0.00 

International Lease Finance 8.25% 15/12/2020 US USD 608 724 0.00 


Anixter 5.625% 01/05/2019 US USD 563 592 0.00 

Briggs & Stratton 6.875% 15/12/2020 US USD 454 503 0.00 

Corrections Corp of America 7.75% 01/06/2017 US USD 448 481 0.00 


GEO Group 7.75% 15/10/2017 US USD 67 73 0.00 

7,456,577 6.08 

167 



USD 


Apple US USD 2,033 1,212,469 0.99 

Google (A) US USD 1,169 791,695 0.65 





Oracle US USD 8,172 253,317 0.21 

SAP DE EUR 3,469 252,889 0.21 





Iliad 4.875% 01/06/2016 FR EUR 119,971 166,821 0.14 


eBay US USD 3,076 148,485 0.12 




Visa (A) US USD 889 122,481 0.10 

Altera US USD 3,672 110,975 0.09 



Corning US USD 8,457 99,624 0.08 



EMC US USD 3,333 81,266 0.07 





Fiserv US USD 849 63,437 0.05 



NVIDIA US USD 4,760 57,219 0.05 



VMware (A) US USD 557 46,841 0.04 






Sina CN USD 685 37,691 0.03 


Xilinx US USD 1,037 33,842 0.03 







ADTRAN US USD 1,643 27,549 0.02 

NCSoft KR KRW 142 27,203 0.02 



Intel US USD 1,168 25,390 0.02 




NetApp US USD 857 23,195 0.02 

Open Text CA CAD 419 22,393 0.02 

CGI Group (A) CA CAD 854 22,022 0.02 



Synopsys US USD 619 19,890 0.02 





Amdocs US USD 548 17,931 0.01 


SK Hynix KR KRW 691 15,691 0.01 









Canon JP JPY 339 11,028 0.01 








Samsung Electronics (Pref’d) KR KRW 13 9,120 0.01

Fidelity 

Funds 





USD 


SCSK JP JPY 430 7,305 0.01 




Computer Modelling Group CA CAD 282 5,565 0.00 




Alcatel-Lucent (USA) 6.45% 15/03/2029 US USD 7,058 4,447 0.00 




Powertech Technology TW TWD 879 1,357 0.00 

Advanced Semiconductor Engineering TW TWD 1,010 755 0.00 

Alcatel-Lucent (USA) 6.50% 15/01/2028 US USD 1,080 691 0.00 

Freescale Semiconductor US USD 70 639 0.00 

Jabil Circuit 5.625% 15/12/2020 US USD 548 585 0.00 

8,532,419 6.96 













Lowe’s US USD 5,130 165,376 0.13 

WPP IE GBP 12,189 157,192 0.13 

Coach US USD 2,713 150,643 0.12 

Pearson GB GBP 6,781 136,171 0.11 


TJX US USD 3,098 127,370 0.10 


NIKE (B) US USD 1,319 120,003 0.10 




Mattel US USD 2,815 103,510 0.08 








Target US USD 1,144 72,577 0.06 






Inditex ES EUR 527 67,351 0.05 




Marks & Spencer 7.125% 01/12/2037 144A GB USD 56,899 63,291 0.05 



PPR FR EUR 334 58,814 0.05 



DIRECTV US USD 1,099 56,077 0.05 




VF US USD 335 51,965 0.04 



News (A) US USD 1,869 44,658 0.04 

Marks & Spencer 6.125% 02/12/2019 EMTN GB GBP 23,708 43,311 0.04 



Denso JP JPY 1,313 41,127 0.03 





Expedia US USD 661 39,320 0.03 




Staples US USD 3,292 37,727 0.03 


168 



USD 








Vivendi FR EUR 1,609 32,941 0.03 




Adidas DE EUR 373 31,844 0.03 






GKN GB GBP 7,289 24,410 0.02 

BMW DE EUR 298 23,716 0.02 

Quebecor (B) CA CAD 678 23,632 0.02 


Asics JP JPY 1,349 19,582 0.02 



Trinity HK HKD 25,858 17,998 0.01 


Best Buy US USD 991 15,050 0.01 




Magna International CA CAD 294 12,916 0.01 

Cineplex CA CAD 410 12,566 0.01 


PVH US USD 94 10,055 0.01 

Astral Media (A) CA CAD 232 9,571 0.01 



Gildan Activewear (A) CA CAD 215 7,304 0.01 

Reed Elsevier (GBP) GB GBP 708 6,917 0.01 








Duskin JP JPY 285 5,403 0.00 



Big Lots US USD 171 4,958 0.00 


Bauer Performance Sports US CAD 428 4,569 0.00 


MGM Resorts International 6.625% 15/07/2015 US USD 3,275 3,492 0.00 

Cablevision Systems 5.875% 15/09/2022 US USD 2,619 2,580 0.00 

Dana Holding 6.50% 15/02/2019 US USD 1,822 1,922 0.00 

KB Home 7.50% 15/09/2022 US USD 1,746 1,904 0.00 

Limited Brands 5.625% 15/02/2022 US USD 1,705 1,844 0.00 

Ford Motor 6.375% 01/02/2029 US USD 1,649 1,798 0.00 

Albea Beauty Holdings 8.375% 01/11/2019 144A LU USD 1,636 1,673 0.00 


Dollar General 4.125% 15/07/2017 US USD 1,274 1,334 0.00 


Autonation 6.75% 15/04/2018 US USD 940 1,057 0.00 

Ford Motor 6.625% 01/10/2028 US USD 907 1,021 0.00 

Sally Holdings 5.75% 01/06/2022 US USD 747 803 0.00 

Ace Hardware Indonesia ID IDR 1,056 767 0.00 

Sonic Automotive 9.00% 15/03/2018 US USD 646 708 0.00 

Continental Rubber 4.50% 15/09/2019 144A US USD 680 687 0.00 


Dana Holding 6.75% 15/02/2021 US USD 472 501 0.00 

MGM Resorts International 7.50% 01/06/2016 US USD 383 409 0.00 


Ryland Group 5.375% 01/10/2022 US USD 374 381 0.00 

Choice Hotels Intl 5.75% 01/07/2022 US USD 324 356 0.00 

KB Home 8.00% 15/03/2020 US USD 305 342 0.00 

Ford Motor 7.125% 15/11/2025 US USD 260 299 0.00 



Motors Liquidation 6.75% 01/05/2028 (Defaulted)* US USD 193 0 0.00 


Motors Liquidation 7.20% 15/01/2011 (Defaulted)* US USD 1,415 0 0.00 





8,354,310 6.81

Fidelity 

Funds 





USD 






Diageo GB GBP 11,680 333,654 0.27 



PepsiCo US USD 3,735 258,479 0.21 













KT&G KR KRW 1,312 99,229 0.08 





HJ Heinz US USD 1,645 94,659 0.08 

Fomento Economico Mexicano ADR MX USD 1,007 90,778 0.07 











Glanbia IE EUR 7,693 73,048 0.06 



AVI ZA ZAR 9,994 65,845 0.05 



Tesco GB GBP 10,356 53,429 0.04 


Danone FR EUR 823 50,631 0.04 



Cia Brasileira de Dist. Grupo Pao de Acucar (Pref’d) BR BRL 1,003 46,080 0.04 



Kellogg US USD 835 43,909 0.04 



Calbee JP JPY 412 37,829 0.03 




Devro GB GBP 6,957 36,783 0.03 










Alimentation Couche Tard (B) CA CAD 519 25,513 0.02 



Shoppers Drug Mart CA CAD 553 23,059 0.02 





Aryzta CH CHF 365 18,266 0.01 











L’Oreal FR EUR 56 7,179 0.01 


169 



USD 




Rite Aid 7.50% 01/03/2017 US USD 4,893 5,031 0.00 

Rite Aid 10.375% 15/07/2016 US USD 3,992 4,236 0.00 

Rite Aid 8.00% 15/08/2020 US USD 3,338 3,822 0.00 




Smithfield Foods 6.625% 15/08/2022 US USD 1,104 1,155 0.00 



Rite Aid 9.75% 12/06/2016 US USD 392 428 0.00 

Rite Aid 9.50% 15/06/2017 US USD 239 246 0.00 

8,012,996 6.53 

Healthcare 

Pfizer US USD 32,125 801,202 0.65 



Sanofi FR EUR 4,663 410,241 0.33 

Merck & Co US USD 8,884 404,468 0.33 








Stryker US USD 2,770 145,059 0.12 


Shire IE GBP 4,554 128,034 0.10 






Amgen US USD 980 84,789 0.07 


Aetna US USD 1,447 63,220 0.05 





Humana US USD 762 56,340 0.05 






CSL AU AUD 796 39,184 0.03 


Hospira US USD 1,230 37,681 0.03 



MEDNAX US USD 472 32,231 0.03 




UCB BE EUR 520 30,334 0.02 





Catamaran US CAD 538 25,257 0.02 


Celgene US USD 331 24,318 0.02 

DaVita US USD 213 23,811 0.02 





Cigna US USD 451 22,527 0.02 





Covance US USD 426 20,667 0.02 

Ossur IS DKK 14,467 19,118 0.02 


Daiichi Sankyo JP JPY 1,141 17,431 0.01 






3SBio ADR CN USD 1,145 15,370 0.01 



CR Bard US USD 148 14,278 0.01

Fidelity 

Funds 





USD 


Centene US USD 360 13,634 0.01 

Sorin IT EUR 5,734 13,470 0.01 


Ansell AU AUD 810 13,106 0.01 

Tornier NL USD 750 12,758 0.01 


Hologic US USD 587 11,884 0.01 





Elan IE EUR 917 10,135 0.01 



Ion Beam Applications BE EUR 1,089 9,185 0.01 







Medica FR EUR 406 7,259 0.01 





HCA 4.75% 01/05/2023 US USD 6,413 6,425 0.01 






HCA 6.50% 15/02/2020 US USD 4,949 5,473 0.00 



HCA 5.875% 15/03/2022 US USD 4,314 4,624 0.00 




HCA 6.25% 15/02/2013 US USD 2,986 3,040 0.00 

HealthSouth 7.75% 15/09/2022 US USD 2,700 2,949 0.00 

HCA 7.25% 15/09/2020 US USD 2,529 2,790 0.00 


Elan ADR IE USD 232 2,494 0.00 

HCA 5.875% 01/05/2023 US USD 2,406 2,445 0.00 

HCA 7.50% 15/02/2022 US USD 2,136 2,401 0.00 

DaVita HealthCare Partners 6.625% 01/11/2020 US USD 2,176 2,330 0.00 



Tenet Healthcare 8.875% 01/07/2019 US USD 1,804 2,023 0.00 



HCA 6.375% 15/01/2015 US USD 1,112 1,197 0.00 

Community Health Systems 7.125% 15/07/2020 US USD 1,129 1,195 0.00 

Teleflex 6.875% 01/06/2019 US USD 1,084 1,171 0.00 


Threshold Pharmaceuticals US USD 270 1,123 0.00 


GI Dynamics CDI US AUD 1,141 706 0.00 

HealthSouth 8.125% 15/02/2020 US USD 600 661 0.00 


HCA 6.75% 15/07/2013 US USD 495 512 0.00 


Tenet Healthcare 9.875% 01/07/2014 US USD 283 313 0.00 


HCA 9.875% 15/02/2017 US USD 32 35 0.00 

7,357,139 6.00 


Telefonica Emisiones 5.597% 12/03/2020 EMTN ES GBP 284,493 466,507 0.38 



AT&T US USD 6,359 219,776 0.18 

Qwest 6.75% 01/12/2021 US USD 161,213 190,754 0.16 







AT&T 5.875% 28/04/2017 US GBP 61,640 116,840 0.10 

Telstra AU AUD 26,017 111,661 0.09 



Elisa 2.25% 04/10/2019 EMTN FI EUR 75,865 99,090 0.08 



AT&T 4.875% 01/06/2044 US GBP 52,157 90,764 0.07 


170 



USD 


AT&T 6.80% 15/05/2036 US USD 52,157 72,056 0.06 

AT&T 5.55% 15/08/2041 US USD 56,899 71,909 0.06 

TELUS CA CAD 1,103 71,411 0.06 





KDDI JP JPY 710 55,066 0.04 








BT Group GB GBP 11,152 38,227 0.03 

BCE CA CAD 847 36,850 0.03 

Softbank JP JPY 1,042 32,796 0.03 





Freenet DE EUR 1,686 27,887 0.02 





SK Telecom ADR KR USD 1,365 21,251 0.02 


Tdc 4.375% 23/02/2018 Reg S DK EUR 12,570 18,492 0.02 







Maxis MY MYR 6,286 14,303 0.01 









StarHub SG SGD 2,847 8,553 0.01 

British Telecom 9.625% 15/12/2030 GB USD 4,742 7,799 0.01 


Sprint Nextel 7.00% 15/08/2020 US USD 5,157 5,689 0.00 

LG Uplus KR KRW 878 5,605 0.00 




Sprint Capital 6.90% 01/05/2019 US USD 4,474 4,865 0.00 



Eileme 1 AB 14.25% 15/08/2020 144A SE USD 1,642 1,733 0.00 

Nextel Communications 7.375% 01/08/2015 US USD 1,714 1,719 0.00 

Wind Acquisition Finance 7.25% 15/02/2018 144A LU USD 1,746 1,701 0.00 


Crown Castle International 7.125% 01/11/2019 US USD 1,415 1,556 0.00 

Nextel Communications 5.95% 15/03/2014 US USD 863 865 0.00 

Sprint Capital 6.875% 15/11/2028 US USD 801 822 0.00 


Crown Castle International 9.00% 15/01/2015 US USD 178 191 0.00 

4,908,997 4.00 

Financials 




Imperial Tobacco Finance 7.75% 24/06/2019 EMTN GB GBP 180,179 374,081 0.30 











Invesco US USD 9,655 232,201 0.19 

European Investment Bank 1.75% 15/03/2017 99 USD 218,111 226,454 0.18 





RBS 5.75% 21/05/2014 EMTN GB EUR 146,988 204,254 0.17

Fidelity 

Funds 





USD 





Toronto-Dominion Bank CA CAD 2,322 188,517 0.15 


RBS 5.125% 13/01/2024 GB GBP 94,831 182,369 0.15 

UBS (Reg’d) CH CHF 12,030 180,512 0.15 











Co-Operative Bank (UK) 2.375% 23/10/2015 EMTN GB EUR 123,280 159,428 0.13 







SB Capital (SberBank of Russia) 5.125% 29/10/2022 Reg S LU USD 146,988 147,843 0.12 


Credit Suisse New York 5.00% 15/05/2013 MTN CH USD 132,763 136,016 0.11 




















Wellcome Trust Finance 4.75% 28/05/2021 GB GBP 61,640 117,316 0.10 

Aon GB USD 2,117 113,938 0.09 












ORIX 5.00% 12/01/2016 JP USD 90,089 97,386 0.08 


Motability Operations Group 3.75% 29/11/2017 EMTN GB EUR 66,382 95,155 0.08 









Deutsche Postbank 3.75% 12/02/2014 EMTN DE EUR 66,382 90,011 0.07 

American International Group 6.765% 15/11/2017 US GBP 47,415 89,857 0.07 




MetLife US USD 2,462 86,751 0.07 

Experian Finance 4.75% 23/11/2018 EMTN GB GBP 47,415 86,338 0.07 



Wharf Finance 4.625% 08/02/2017 EMTN HK USD 75,865 81,656 0.07 


CMT MTN 3.731% 21/03/2018 EMTN SG USD 75,865 80,509 0.07 


Barclays Bank 6.00% 14/01/2021 EMTN GB EUR 56,899 77,985 0.06 

Legal & General Group 4.00% VRN 08/06/2025 EMTN GB EUR 61,640 77,500 0.06 





171 



USD 







ORIX JP JPY 656 67,261 0.05 












Remgro ZA ZAR 3,734 63,886 0.05 


Banco Do Brasil (Cayman) 3.875% 10/10/2022 BR USD 61,640 61,605 0.05 






DNB NO NOK 4,750 59,304 0.05 



BAT Int’l Finance 8.125% 15/11/2013 Reg S GB USD 52,157 55,779 0.05 

Royal Bank of Canada CA CAD 977 55,691 0.05 


Prologis US USD 1,611 54,492 0.04 

iShares eb.rexx Government Germany DE EUR 309 54,026 0.04 

Lazard (A) BM USD 1,819 53,650 0.04 


Lloyds TSB Bank 10.75% VRN 16/12/2021 EMTN GB GBP 28,449 53,180 0.04 



UBI Banca 4.50% 22/02/2016 EMTN IT EUR 37,932 51,929 0.04 

Ventas US USD 813 51,376 0.04 







SLM US USD 2,685 46,905 0.04 

British Land GB GBP 5,497 46,860 0.04 






Eurasian Development Bank 4.767% 20/09/2022 Reg S 99 USD 42,674 43,825 0.04 


Loews US USD 1,022 43,316 0.04 







Kimco Realty US USD 2,108 41,120 0.03 






Intact Financial CA CAD 644 39,016 0.03 






Development Bank of Japan 1.60% 20/06/2014 JP JPY 2,844,928 36,497 0.03 














Synovus Financial US USD 13,818 33,178 0.03

Fidelity 

Funds 





USD 







BAT Int’l Finance 7.25% 12/03/2024 EMTN GB GBP 14,225 30,843 0.03 

HCP US USD 691 30,656 0.02 

Equity Residential US USD 537 30,389 0.02 


Amlin GB GBP 4,898 29,483 0.02 





Host Hotels & Resorts US USD 1,959 28,320 0.02 

RBS 5.50% 23/03/2020 EMTN GB EUR 18,227 28,056 0.02 





Bank of Nova Scotia CA CAD 495 26,884 0.02 










DDR US USD 1,552 23,385 0.02 







Canadian Imperial Bank of Commerce CA CAD 272 21,341 0.02 



Apartment Investment & Management (A) US USD 798 21,182 0.02 








Barclays Bank 2.062% FRN (Perpetual) GB GBP 23,708 19,886 0.02 


Swedbank SE SEK 1,049 19,467 0.02 






RioCan Real Estate Investment Trust CA CAD 667 17,992 0.01 





SL Green Realty US USD 226 16,800 0.01 











General Growth Properties US USD 804 15,281 0.01 

Hammerson GB GBP 1,974 15,020 0.01 


ICAP GB GBP 2,817 14,771 0.01 

KfW 1.25% 17/10/2019 DE EUR 11,313 14,665 0.01 


Duke Realty US USD 935 13,373 0.01 




Brookfield Office Properties CA CAD 826 12,834 0.01 


ACE CH USD 162 12,692 0.01 

CBL & Associates Properties US USD 564 12,491 0.01 

Ford Motor Credit 3.875% 15/01/2015 US USD 11,979 12,474 0.01 

Unite Group GB GBP 2,689 12,280 0.01 


172 



USD 




Melcor Developments CA CAD 707 10,984 0.01 

Tanger Factory Outlet Centers US USD 349 10,865 0.01 

Macerich US USD 194 10,844 0.01 

H&R REIT CA CAD 441 10,609 0.01 



Banco do Estado do Rio Grande do Sul (Pref’d) (B) BR BRL 1,292 10,162 0.01 







Castellum SE SEK 693 9,286 0.01 



Mobimo Holding (Reg’d) CH CHF 38 8,869 0.01 

American Campus Communities US USD 196 8,857 0.01 

Allied Properties REIT CA CAD 276 8,711 0.01 






AvalonBay Communities US USD 61 8,140 0.01 



Forest City Enterprises (A) US USD 484 7,746 0.01 


Sun Communities US USD 172 7,191 0.01 





Ally Financial 7.50% 15/09/2020 US USD 5,802 6,850 0.01 



Douglas Emmett US USD 290 6,737 0.01 



Lexington Realty Trust US USD 663 6,260 0.01 

CFS Retail Property Trust Group AU AUD 3,064 6,203 0.01 

Norwegian Property NO NOK 4,132 6,194 0.01 

Ally Financial 8.00% 01/11/2031 (Unsecured) US USD 5,037 6,005 0.00 





Mercialys FR EUR 235 4,931 0.00 


First Industrial Realty Trust US USD 364 4,746 0.00 

TAG Immobilien DE EUR 380 4,390 0.00 

UDR US USD 181 4,372 0.00 

International Lease Finance 5.625% 20/09/2013 MTN US USD 4,023 4,153 0.00 






Primaris Retail REIT CA CAD 147 3,456 0.00 







Digital Realty Trust US USD 47 2,887 0.00 


CIT Group 5.25% 15/03/2018 US USD 2,539 2,705 0.00 






Senior Housing Property Trust 6.75% 15/04/2020 US USD 1,929 2,186 0.00 






Amata (F) TH THB 3,347 1,673 0.00 

Cedar Realty Trust US USD 295 1,550 0.00 

Kite Realty Group Trust US USD 277 1,541 0.00 


Ford Motor Credit 6.625% 15/08/2017 US USD 883 1,036 0.00 

Ford Motor Credit 5.75% 01/02/2021 US USD 842 961 0.00 

Chinatrust Financial Holding TW TWD 1,267 693 0.00

Fidelity 

Funds 





USD 

Omega Healthcare Investors 7.50% 15/02/2020 US USD 480 530 0.00 


CB Richard Ellis Services 6.625% 15/10/2020 US USD 418 455 0.00 


Realogy Holdings US USD 6 199 0.00 

Bank of America 7.625% 01/06/2019 US USD 4 5 0.00 

Bank of America 7.375% 15/05/2014 MTN US USD 2 2 0.00 

HSBC Bank 1.052% FRN 28/02/2013 EMTN GB USD 1 1 0.00 


24,291,876 19.80 

Government 

Germany 3.25% 04/07/2021 DE EUR 1,377,419 2,080,331 1.70 

Japan 1.30% 20/06/2020 JP JPY 139,401,490 1,850,078 1.51 

Japan 1.90% 20/03/2029 JP JPY 130,956,794 1,745,730 1.42 

Germany 0.50% 07/04/2017 DE EUR 998,221 1,301,726 1.06 

UK Treasury 1.75% 22/01/2017 GB GBP 692,266 1,167,428 0.95 



France 3.00% 25/04/2022 FR EUR 640,109 891,604 0.73 

Japan 0.80% 20/09/2022 JP JPY 66,381,662 833,252 0.68 

Japan 2.50% 20/09/2034 JP JPY 57,699,889 817,774 0.67 


Italy 4.75% 01/09/2021 IT EUR 523,941 689,259 0.56 


Italy 4.75% 15/09/2016 IT EUR 384,065 524,368 0.43 



Italy 2.10% 15/09/2021 IT EUR 360,358 451,787 0.37 

Norway 2.00% 24/05/2023 NO NOK 2,389,740 418,108 0.34 


Spain 5.50% 30/04/2021 ES EUR 308,201 399,776 0.33 

Japan 2.00% 20/09/2040 JP JPY 25,414,693 324,503 0.26 

Italy 2.10% 15/09/2016 IT EUR 175,437 238,809 0.19 

Germany 2.25% 04/09/2021 DE EUR 154,113 216,053 0.18 

Germany 1.75% 04/07/2022 DE EUR 161,213 215,112 0.18 





Italy 4.00% 01/02/2017 IT EUR 25,140 33,340 0.03 

Italy 4.50% 15/07/2015 IT EUR 18,855 25,525 0.02 

Sweden 4.50% 12/08/2015 SE SEK 132,763 22,059 0.02 

Spain 5.85% 31/01/2022 ES EUR 15,084 19,892 0.02 

Germany 4.75% 04/07/2040 DE EUR 474 929 0.00 

19,327,942 15.76 



UBS (Inner Mongolia Baotou Steel (A)) ELN 11/08/2014 CN USD 533 2,433 0.00 




10,414 0.01 


Energy 




Linn Energy 6.25% 01/11/2019 144A US USD 6,605 6,672 0.01 

Offshore Group Investments 7.50% 01/11/2019 144A KY USD 6,603 6,553 0.01 


PBF Holding 8.25% 15/02/2020 144A US USD 5,179 5,463 0.00 

Consol Energy 8.25% 01/04/2020 US USD 4,724 5,043 0.00 

Unit 6.625% 15/05/2021 144A US USD 3,939 4,037 0.00 

Sabine Pass LNG 7.50% 30/11/2016 US USD 2,701 2,955 0.00 

Chesapeake Energy 5.75% (Perpetual) 144A US USD 3 2,884 0.00 

Linn Energy 6.50% 15/05/2019 US USD 2,530 2,561 0.00 

PDC Energy 7.75% 15/10/2022 144A US USD 2,481 2,536 0.00 

Clayton Williams Energy 7.75% 01/04/2019 US USD 2,390 2,434 0.00 

Alpha Natural Resources 9.75% 15/04/2018 US USD 2,233 2,273 0.00 

Continental Resources 5.00% 15/09/2022 US USD 2,132 2,254 0.00 

Kodiak Oil & Gas 8.125% 01/12/2019 144A CA USD 1,921 2,098 0.00 


Sabine Pass LNG 6.50% 01/11/2020 144A US USD 1,577 1,613 0.00 

Petroleum Geo-Services 7.375% 15/12/2018 144A NO USD 1,508 1,610 0.00 

Forest Oil Corporation 7.50% 15/09/2020 144A US USD 1,559 1,601 0.00 

WPX Energy 6.00% 15/01/2022 US USD 1,375 1,479 0.00 

Regency Energy Partners 5.50% 15/04/2023 US USD 1,362 1,423 0.00 


MarkWest Energy 6.50% 15/08/2021 US USD 1,265 1,386 0.00 

Magnum Hunter Resources 9.75% 15/05/2020 144A US USD 1,244 1,284 0.00 

Access Midstream Partner 6.125% 15/07/2022 US USD 1,141 1,209 0.00 

EV Energy 8.00% 15/04/2019 US USD 1,024 1,086 0.00 

Hornbeck Offshore Services 5.875% 01/04/2020 US USD 1,035 1,070 0.00 

173 



USD 

QR Enregy 9.25% 01/08/2020 144A US USD 959 999 0.00 

Halcon Resources 8.875% 15/05/2021 144A US USD 977 995 0.00 

WPX Energy 5.25% 15/01/2017 US USD 871 939 0.00 

Apache 6.00% 01/08/2013 US USD 20 936 0.00 

Penn Virginia Resource 8.375% 01/06/2020 144A US USD 836 874 0.00 

Precision Drilling 6.625% 15/11/2020 CA USD 781 838 0.00 

Chesapeake Energy 5.00% (Perpetual) US USD 10 819 0.00 

Sandridge Energy 7.50% 15/03/2021 144A US USD 784 817 0.00 

Ep Ener/Everest Acq Fin 7.75% 01/09/2022 144A US USD 777 812 0.00 

Targa Resources Partners 6.875% 01/02/2021 US USD 566 615 0.00 

Access Midstream Partner 5.875% 15/04/2021 US USD 588 614 0.00 

Targa Resources Partners 6.375% 01/08/2022 144A US USD 529 565 0.00 


Rosetta Resources 9.50% 15/04/2018 US USD 503 560 0.00 

Continental Resources 7.125% 01/04/2021 US USD 484 542 0.00 

Crestwood Midstream 7.75% 01/04/2019 US USD 516 532 0.00 

ATP Oil & Gas 11.875% 01/05/2015 (Defaulted) US USD 3,407 528 0.00 

Crosstex Energy 8.875% 15/02/2018 US USD 482 519 0.00 

Epl Oil & Gas 8.25% 15/02/2018 US USD 395 401 0.00 

Trinidad Drilling 7.875% 15/01/2019 144A CA USD 309 337 0.00 

Venoco 11.50% 01/10/2017 US USD 329 329 0.00 

Gulfmark Offshore 6.375% 15/03/2022 144A US USD 290 303 0.00 

Tesoro Logistics 5.875% 01/10/2020 144A US USD 233 243 0.00 

PDC Energy 12.00% 15/02/2018 US USD 215 237 0.00 


Helix Energy Solutions 9.50% 15/01/2016 144A US USD 61 64 0.00 


305,921 0.25 

Utilities 

Energy Future Inter. Holding 11.75% 01/03/2022 144A US USD 15,438 15,168 0.01 

Energy Future Holdings 10.00% 15/01/2020 US USD 13,618 14,639 0.01 


Calpine 7.875% 15/01/2023 144A US USD 4,601 5,107 0.00 


Puget Energy 5.625% 15/07/2022 144A US USD 3,247 3,541 0.00 

Nrg Energy 6.625% 15/03/2023 144A US USD 2,802 2,900 0.00 

Puget Energy 6.00% 01/09/2021 US USD 2,368 2,643 0.00 

PPL 8.75% 01/05/2014 US USD 42 2,271 0.00 

DPL 6.50% 15/10/2016 US USD 2,076 2,268 0.00 





PPL 9.50% 01/07/2013 US USD 25 1,360 0.00 

Duquesne Light Holdings 5.90% 01/12/2021 144A US USD 1,125 1,344 0.00 

AES 7.375% 01/07/2021 US USD 1,015 1,142 0.00 

Atlantic Power 9.00% 15/11/2018 CA USD 1,031 1,124 0.00 


Calpine 7.875% 31/07/2020 144A US USD 802 880 0.00 

Texas Competitive Electric 11.50% 01/10/2020 144A US USD 1,053 793 0.00 

Ipalco Enterprises 7.25% 01/04/2016 144A US USD 486 543 0.00 

Star Gas Partners 8.875% 01/12/2017 US USD 469 481 0.00 

GenOn Energy 9.50% 15/10/2018 US USD 372 427 0.00 

AES Trust III 6.75% 15/10/2029 US USD 6 324 0.00 

AES 9.75% 15/04/2016 US USD 132 159 0.00 

Enron 6.40% 15/07/2006 (Defaulted)* US USD 180 0 0.00 


73,998 0.06 

Materials 

LyondellBasell Industries 6.00% 15/11/2021 NL USD 104,936 121,595 0.10 

Verso Paper Holdings 11.75% 15/01/2019 144A US USD 3,812 3,965 0.00 

MPM Escrow 8.875% 15/10/2020 144A US USD 3,844 3,787 0.00 

FMG Resources 6.375% 01/02/2016 144A AU USD 3,604 3,609 0.00 

McJunkin Red Man 9.50% 15/12/2016 US USD 2,812 3,044 0.00 

Cemex Finance 9.375% 12/10/2022 144A US USD 2,459 2,569 0.00 

BWAY Holding Co 10.00% 15/06/2018 US USD 2,292 2,539 0.00 

Ineos Group Holdings 8.50% 15/02/2016 144A LU USD 2,497 2,435 0.00 

Resolute Forest Products 10.25% 15/10/2018 US USD 1,932 2,213 0.00 

Berry Plastics 8.25% 15/11/2015 US USD 2,058 2,158 0.00 

AngloGold Ashanti Holdings 6.00% 15/09/2013 GB USD 48 1,924 0.00 

Pretium Packaging 11.50% 01/04/2016 US USD 1,834 1,889 0.00 

Ardagh (USA) 7.375% 15/10/2017 IE USD 1,677 1,809 0.00 

Ryerson 9.00% 15/10/2017 144A US USD 1,644 1,689 0.00 

Ardagh Packaging Finance 9.125% 15/10/2020 144A IE USD 1,590 1,662 0.00 



Chemtura 7.875% 01/09/2018 US USD 1,338 1,407 0.00 


Headwaters 7.625% 01/04/2019 US USD 1,301 1,346 0.00 


Ard Finance 11.125% 01/06/2018 144A LU USD 1,171 1,212 0.00 

Crown Americas 6.25% 01/02/2021 US USD 1,055 1,171 0.00 

Verso Paper Holdings 1.75% 15/01/2019 Reg S US USD 1,480 1,066 0.00 

Severstal Columbus 10.25% 15/02/2018 US USD 813 844 0.00 

OXEA Finance 9.50% 15/07/2017 144A LU USD 533 582 0.00 

Boart Longyear Management 7.00% 01/04/2021 144A AU USD 495 503 0.00

Fidelity 

Funds 





USD 

Ardagh (USA) 9.125% 15/10/2020 144A IE USD 476 497 0.00 

Calcipar 6.875% 01/05/2018 144A LU USD 465 472 0.00 

Essar Steel Algoma 9.375% 15/03/2015 144A CA USD 491 470 0.00 

Texas Petrochemical 8.25% 01/10/2017 US USD 406 446 0.00 

Headwaters 2.50% 01/02/2014 US USD 451 440 0.00 

Boise Cascade 6.375% 01/11/2020 144A US USD 334 339 0.00 

Goldcorp 2.00% 01/08/2014 CA USD 257 303 0.00 

Ardagh Packaging Finance 7.375% 15/10/2017 144A IE USD 275 294 0.00 

New Gold 7.00% 15/04/2020 144A CA USD 269 286 0.00 

Sappi Papier Holding 6.625% 15/04/2021 144A AT USD 240 229 0.00 

Aperam 7.375% 01/04/2016 144A LU USD 231 201 0.00 

Boise Paper Holdings 9.00% 01/11/2017 US USD 160 177 0.00 

Aperam 7.75% 01/04/2018 144A LU USD 184 152 0.00 

175,018 0.14 

Industrials 

Experian Finance 2.375% 15/06/2017 144A GB USD 90,089 92,478 0.08 





International Lease Finance 7.125% 01/09/2018 144A US USD 3,694 4,350 0.00 

Ply Gem Industries 8.25% 15/02/2018 US USD 3,184 3,423 0.00 


HD Supply 8.125% 15/04/2019 144A US USD 2,268 2,507 0.00 

VWR Funding 7.25% 15/09/2017 144A US USD 2,391 2,438 0.00 

Western Express 12.50% 15/04/2015 144A US USD 3,620 2,335 0.00 

ARAMARK 3.945% FRN 01/02/2015 US USD 2,186 2,189 0.00 

Assoc Mat Llc/Amh New Fi 9.125% 01/11/2017 US USD 1,514 1,506 0.00 

ARAMARK Holdings 8.625% 01/05/2016 144A US USD 1,311 1,342 0.00 

Covanta Holding 6.375% 01/10/2022 US USD 1,024 1,114 0.00 

HDTFS 5.875% 15/10/2020 144A US USD 1,026 1,039 0.00 

Nortek 8.50% 15/04/2021 144A US USD 867 939 0.00 

Trac Intermodal 11.00% 15/08/2019 144A US USD 816 842 0.00 

Navios Maritime 8.125% 15/02/2019 MH USD 903 816 0.00 

Clean Harbors 5.25% 01/08/2020 144A US USD 795 809 0.00 

HDTFS 6.25% 15/10/2022 144A US USD 733 745 0.00 

Delta Air Lines 2009 1A 7.75% 17/12/2019 US USD 634 729 0.00 

Kansas City Southern Mexico 8.00% 01/02/2018 MX USD 643 716 0.00 

Navios Maritime Acquisition 8.625% 01/11/2017 MH USD 480 453 0.00 


Ceridian 12.25% 15/11/2015 US USD 386 381 0.00 

Isabelle Acquisition Sub 10.00% 15/11/2018 144A US USD 288 313 0.00 

Navios Logistics 9.25% 15/04/2019 MH USD 324 309 0.00 

Continental Airlines 2005-ERJ 1 9.798% 01/04/2021 US USD 245 269 0.00 

Casella Waste Systems 7.75% 15/02/2019 US USD 248 243 0.00 

General Cable 2.735% FRN 01/04/2015 US USD 193 191 0.00 


Continental Airlines 2009-2 B 9.25% 10/05/2017 US USD 110 123 0.00 

Continental Airlines 2007-1 C 7.339% 19/04/2014 US USD 49 52 0.00 

ARAMARK Holdings 8.625% 01/05/2016 Reg S US USD 2 2 0.00 

202,717 0.17 


Xerox 2.95% 15/03/2017 US USD 28,449 29,235 0.02 


First Data 6.75% 01/11/2020 144A US USD 5,583 5,597 0.00 

Hughes Satelite Systems 6.50% 15/06/2019 US USD 3,906 4,203 0.00 

Avaya 10.125% 01/11/2015 US USD 3,656 3,272 0.00 

WideOpenWest 10.25% 15/07/2019 144A US USD 2,853 3,017 0.00 

Freescale Semiconductor 10.125% 15/03/2018 144A US USD 2,580 2,822 0.00 

Audatex North America 6.75% 15/06/2018 144A US USD 2,250 2,421 0.00 

Reddy Ice 11.25% 15/03/2015 US USD 2,165 2,219 0.00 

SunGard Data Systems 6.625% 01/11/2019 144A US USD 2,086 2,112 0.00 

Ceridian 11.25% 15/11/2015 US USD 2,127 2,086 0.00 

Avaya 7.00% 01/04/2019 144A US USD 2,159 1,954 0.00 



Spansion 7.875% 15/11/2017 US USD 1,184 1,190 0.00 

SunGard Data Systems 4.875% 15/01/2014 US USD 1,114 1,153 0.00 

NCR 5.00% 15/07/2022 144A US USD 976 1,002 0.00 

Ceridian 8.875% 15/07/2019 144A US USD 922 987 0.00 

J2 Global Communications 8.00% 01/08/2020 144A US USD 811 838 0.00 

Infor US 9.375% 01/04/2019 US USD 591 652 0.00 

NXP 9.75% 01/08/2018 144A NL USD 554 649 0.00 

SunGard Data Systems 10.25% 15/08/2015 US USD 321 328 0.00 

Cequel Communications 6.375% 15/09/2020 144A US USD 306 311 0.00 

JDA Software Group 8.00% 15/12/2014 US USD 291 306 0.00 

NXP 3.217% FRN 15/10/2013 NL USD 200 200 0.00 

Seagate Technology Int’l 10.00% 01/05/2014 144A KY USD 59 64 0.00 

75,930 0.06 


Comcast 3.125% 15/07/2022 US USD 284,493 298,554 0.24 




Comcast 6.55% 01/07/2039 US USD 71,123 94,612 0.08 

174 



USD 

Reynolds Group Issuer 6.875% 15/02/2021 US USD 6,417 6,858 0.01 


CCH II Capital 13.50% 30/11/2016 US USD 4,500 4,855 0.00 

Caesars Entertainment Operating 8.50% 15/02/2020 144A US USD 4,886 4,837 0.00 

Station Casinos 3.66% 18/06/2018 144A US USD 4,918 4,217 0.00 

Claire’s Stores 9.00% 15/03/2019 144A US USD 3,922 4,118 0.00 

Clear Channel Communications 5.50% 15/09/2014 US USD 4,301 4,089 0.00 



General Motors 4.75% 01/12/2013 US USD 80 3,241 0.00 


Clear Channel Worldwide (B) 7.625% 15/03/2020 US USD 3,243 3,097 0.00 

K. Hovnanian Enterprises 7.25% 15/10/2020 144A US USD 2,572 2,729 0.00 

Clear Channel Worldwide (A) 9.25% 15/12/2017 US USD 2,503 2,690 0.00 

DISH DBS 4.625% 15/07/2017 US USD 2,572 2,649 0.00 

DISH DBS 5.875% 15/07/2022 US USD 2,342 2,465 0.00 

DISH DBS 6.75% 01/06/2021 US USD 2,195 2,459 0.00 

Laureate Education 9.25% 01/09/2019 144A US USD 2,377 2,386 0.00 

Videotron 5.00% 15/07/2022 CA USD 2,146 2,231 0.00 

National CineMedia 6.00% 15/04/2022 144A US USD 2,072 2,202 0.00 

Lamar Media 5.00% 01/05/2023 144A US USD 2,075 2,083 0.00 

Ameristar Casinos 7.50% 15/04/2021 US USD 1,696 1,828 0.00 

Petco Animal Supplies 9.25% 01/12/2018 144A US USD 1,602 1,770 0.00 

Sotheby’s 5.25% 01/10/2022 144A US USD 1,686 1,737 0.00 

Nielsen Finance 4.50% 01/10/2020 144A US USD 1,602 1,594 0.00 

Caesars Operating Escrow 9.00% 15/02/2020 144A US USD 1,553 1,555 0.00 

Hanesbrands 6.375% 15/12/2020 US USD 1,406 1,540 0.00 

CCO Holdings Capital 6.625% 31/01/2022 US USD 1,350 1,462 0.00 

MGM Resorts International 8.625% 01/02/2019 144A US USD 1,286 1,392 0.00 

Tenneco 6.875% 15/12/2020 US USD 1,190 1,297 0.00 

AmeriGas 6.50% 20/05/2021 US USD 1,176 1,252 0.00 


Delphi 6.125% 15/05/2021 US USD 1,071 1,189 0.00 

DISH DBS 6.625% 01/10/2014 US USD 1,029 1,115 0.00 

MDC Partners 11.00% 01/11/2016 CA USD 953 1,043 0.00 

UPCB Finance VI 6.875% 15/01/2022 144A KY USD 916 984 0.00 

MCE Finance 10.25% 15/05/2018 KY USD 859 981 0.00 

UPCB Finance V 7.25% 15/11/2021 144A KY USD 890 974 0.00 

National CineMedia 7.875% 15/07/2021 US USD 874 959 0.00 

Sheridan Group 12.50% 15/04/2014 US USD 1,143 955 0.00 

Burlington Coat Factory 10.00% 15/02/2019 US USD 815 907 0.00 

Ferrellgas 6.50% 01/05/2021 US USD 862 839 0.00 

Reynolds Group Issuer 8.25% 15/02/2021 US USD 824 814 0.00 

DISH DBS 7.00% 01/10/2013 US USD 772 812 0.00 

Sonic Automotive 7.00% 15/07/2022 144A US USD 733 792 0.00 


Universal City Development 8.875% 15/11/2015 US USD 607 633 0.00 

Wolverine World Wide 6.125% 15/10/2020 144A US USD 606 631 0.00 

Qvc 7.50% 01/10/2019 144A US USD 527 582 0.00 

Petco Holdings 8.50% 15/10/2017 144A US USD 547 552 0.00 

FGI Operating 7.875% 01/05/2020 144A US USD 494 539 0.00 

NAI Entertainment Holdings 8.25% 15/12/2017 144A US USD 470 524 0.00 

Cinemark USA 7.375% 15/06/2021 US USD 460 509 0.00 

Clear Channel Communications 5.50% 15/12/2016 US USD 757 483 0.00 

Bresnan Broadband Holdings 8.00% 15/12/2018 144A US USD 431 468 0.00 

WMG Acquisition 6.00% 15/01/2021 144A US USD 446 450 0.00 

Allbritton Communication 8.00% 15/05/2018 US USD 412 449 0.00 

Clear Channel Worldwide (A) 7.625% 15/03/2020 US USD 464 442 0.00 

Nexstar Broadcasting 7.00% 15/01/2014 US USD 438 441 0.00 

Lamar Media 7.875% 15/04/2018 US USD 388 428 0.00 



Pinnacle Entertainment 7.75% 01/04/2022 US USD 358 389 0.00 

WMG Acquisition 9.50% 15/06/2016 US USD 336 371 0.00 

Videotron 9.125% 15/04/2018 CA USD 331 358 0.00 

Satmex Escrow 9.50% 15/05/2017 MX USD 297 319 0.00 

Unitymedia Hessen 7.50% 15/03/2019 144A DE USD 288 317 0.00 

Motors Liquidation GUC Trust US USD 16 310 0.00 

Asbury Automotive Group 8.375% 15/11/2020 US USD 278 308 0.00 

Boyd Acquisition 8.375% 15/02/2018 144A US USD 293 301 0.00 

Tenneco 7.75% 15/08/2018 US USD 268 292 0.00 

DISH DBS 7.125% 01/02/2016 US USD 257 288 0.00 

Cooper-Standard Automotive 8.50% 01/05/2018 US USD 260 281 0.00 

DISH DBS 7.75% 31/05/2015 US USD 248 281 0.00 

AMC Networks 7.75% 15/07/2021 US USD 216 245 0.00 

Delphi 5.875% 15/05/2019 US USD 206 222 0.00 

American Casino & Entertainment 11.00% 15/06/2014 US USD 192 200 0.00 

Shingle Springs Tribal G.A. 9.375% 15/06/2015 144A US USD 177 147 0.00 


Easton-Bell Sports 9.75% 01/12/2016 US USD 125 135 0.00 

Nielsen Finance 11.625% 01/02/2014 US USD 73 83 0.00 

Nexstar Finance 7.00% 15/01/2014 US USD 12 12 0.00 

MTR Gaming Group 11.50% 01/08/2019 US USD 5 6 0.00 

Adelphia Recovery Trust* US USD 13 0 0.00 

Adelphia Recovery Trust ACC-1 US USD 31 0 0.00 

Sbarro 10.375% 01/02/2015 (Defaulted)* US USD 64 0 0.00 

842,412 0.69

Fidelity 

Funds 





USD 







Danone 3.00% 15/06/2022 144A FR USD 12,570 12,973 0.01 



Revlon Consumer Products 9.75% 15/11/2015 US USD 1,319 1,391 0.00 

Alphabet Holding 7.75% 01/11/2017 144A US USD 1,348 1,361 0.00 

Post Holdings 7.375% 15/02/2022 144A US USD 1,150 1,232 0.00 

Rite Aid 9.25% 15/03/2020 US USD 1,078 1,102 0.00 

Constellation Brands 4.625% 01/03/2023 US USD 592 606 0.00 

Prestige Brands 8.125% 01/02/2020 US USD 153 172 0.00 

410,691 0.33 

Healthcare 





HCA Holdings 7.75% 15/05/2021 US USD 13,500 14,529 0.01 


Vanguard Health Holding 8.00% 01/02/2018 US USD 2,850 2,961 0.00 

Vanguard Health Holding 7.75% 01/02/2019 144A US USD 2,477 2,588 0.00 

Radiation Therapy Services 8.875% 15/01/2017 US USD 2,558 2,495 0.00 

VPI Escrow 6.375% 15/10/2020 144A US USD 2,366 2,493 0.00 

Multiplan 9.875% 01/09/2018 144A US USD 2,069 2,284 0.00 

Aviv Healthcare Properties 7.75% 15/02/2019 US USD 2,071 2,185 0.00 


Fresenius Medical Care US Fin. 5.75% 15/02/2021 144A US USD 1,929 2,050 0.00 


Valeant Pharmaceuticals 6.75% 15/08/2021 144A US USD 1,593 1,701 0.00 


Emergency Medical Services 8.125% 01/06/2019 US USD 1,473 1,569 0.00 


Hologic 6.25% 01/08/2020 144A US USD 1,314 1,398 0.00 



Emdeon 11.00% 31/12/2019 US USD 1,031 1,183 0.00 

Mylan 7.875% 15/07/2020 144A US USD 1,042 1,178 0.00 


Tenet Healthcare 6.75% 01/02/2020 144A US USD 1,001 1,007 0.00 

Vanguard Health Holding 7.75% 01/02/2019 US USD 966 1,003 0.00 

Tenet Healthcare 4.75% 01/06/2020 144A US USD 925 923 0.00 

Sabra Health Care 8.125% 01/11/2018 144A US USD 797 865 0.00 

Surgical Care Affiliates 8.875% 15/07/2015 144A US USD 759 785 0.00 


IMS Health 6.00% 01/11/2020 144A US USD 671 685 0.00 

Valeant Pharmaceuticals 7.00% 01/10/2020 144A US USD 610 657 0.00 

Mylan 7.625% 15/07/2017 144A US USD 577 646 0.00 

DJO Finance 9.875% 15/04/2018 144A US USD 530 522 0.00 


Rotech Healthcare 10.75% 15/10/2015 US USD 415 407 0.00 

Sky Growth Acquisition 7.375% 15/10/2020 144A US USD 406 405 0.00 

Sabra Health Care 8.125% 01/11/2018 US USD 314 344 0.00 


American Renal Holdings 8.375% 15/05/2018 US USD 273 289 0.00 

Fresenius US Finance II 9.00% 15/07/2015 144A US USD 192 221 0.00 


Vanguard Health Systems 11.099% 01/02/2016 US USD 83 59 0.00 

522,952 0.43 


DIRECTV 4.375% 14/09/2029 US GBP 85,348 139,171 0.11 

DIRECTV 5.15% 15/03/2042 US USD 104,314 108,614 0.09 

Intelsat Jackson Holdings 7.25% 01/04/2019 LU USD 8,159 8,761 0.01 



Sprint Nextel 9.00% 15/11/2018 144A US USD 4,227 5,236 0.00 

Intelsat Jackson Holdings 6.625% 15/12/2022 144A LU USD 4,995 4,976 0.00 

Digicel Group 8.25% 30/09/2020 144A BM USD 3,631 3,940 0.00 



Leap Wireless International 4.50% 15/07/2014 US USD 2,492 2,417 0.00 

Windstream 7.50% 01/06/2022 US USD 2,168 2,298 0.00 


NII Capital 7.625% 01/04/2021 US USD 2,447 1,939 0.00 

SBA Communications 5.625% 01/10/2019 144A US USD 1,699 1,748 0.00 

Digicel 8.25% 01/09/2017 144A BM USD 1,339 1,440 0.00 

Level 3 Financing 7.00% 01/06/2020 144A US USD 1,304 1,327 0.00 

Clearwire Finance 12.00% 01/12/2015 144A US USD 995 1,057 0.00 

TW Telecom Holdings 8.00% 01/03/2018 US USD 763 843 0.00 

Telesat (Canada) (L) 6.00% 15/05/2017 144A CA USD 677 709 0.00 

Intelsat Jackson Holdings 7.25% 15/10/2020 LU USD 646 690 0.00 

NII Capital 8.875% 15/12/2019 US USD 694 588 0.00 

Digicel 12.00% 01/04/2014 144A BM USD 426 471 0.00 

Level 3 Communications 8.875% 01/06/2019 144A US USD 385 406 0.00 

175 



USD 

CC Holdings GS V 7.75% 01/05/2017 144A US USD 213 228 0.00 


308,729 0.25 

Financials 




Siverstone MI 2009-1 A2 1.979% FRN 21/01/2055 GB GBP 66,382 109,390 0.09 



Fosse MI 2011-1X A3 1.932% FRN 18/10/2054 GB GBP 59,639 97,615 0.08 





Granite Master Iss. 2007-2 3M2 0.691% FRN 17/12/2054 GB EUR 52,157 60,812 0.05 

Arkle 2010-2X 1A1 1.834% FRN 17/05/2060 GB USD 52,157 52,446 0.04 




Aegon NL EUR 8,141 45,495 0.04 




MetLife 4.125% 13/08/2042 US USD 32,243 32,622 0.03 


German Residential Asset ND 1 A 0.445% FRN 20/07/2016 IE EUR 21,161 26,958 0.02 



Leek Finance 18X BC 1.038% FRN 21/09/2038 GB EUR 18,966 23,481 0.02 


CIT Group 4.75% 15/02/2015 144A US USD 19,290 20,061 0.02 

Granite Master Issuer 2007-1 1C1 0.811% FRN 20/12/2054 GB USD 23,708 18,793 0.02 


Ally Financial 8.00% 01/11/2031 (Guaranteed) US USD 14,293 16,957 0.01 



Granite Mortgages 2003-3 1A3 0.719% FRN 20/01/2044 GB USD 12,638 12,537 0.01 

Leek Finance 17X A2A 0.907% FRN 21/12/2037 GB GBP 7,328 12,064 0.01 


General Motors Financial 4.75% 15/08/2017 144A US USD 7,659 7,841 0.01 

Ally Financial 7.00% (Perpetual) 144A US USD 7 7,005 0.01 



GMAC Capital Trust I 8.125% VRN 15/02/2040 US USD 230 6,021 0.00 


General Motors Financial 6.75% 01/06/2018 US USD 4,956 5,513 0.00 

EP Energy 9.375% 01/05/2020 144A US USD 3,796 4,232 0.00 

Santander CF 2007-1 A 0.394% FRN 20/09/2022 ES EUR 2,924 3,779 0.00 

Entertainment Properties 7.75% 15/07/2020 US USD 3,126 3,628 0.00 

SLM 4.625% 25/09/2017 MTN US USD 3,215 3,303 0.00 

Icahn Enterprises Finance 8.00% 15/01/2018 US USD 2,785 3,006 0.00 

Realogy 7.875% 15/02/2019 144A US USD 2,753 2,959 0.00 

Calpine Construction Finance 8.00% 01/06/2016 144A US USD 2,708 2,899 0.00 

Citigroup 5.95% VRN (Perpetual) US USD 2,801 2,888 0.00 


Omega Healthcare Investors 5.875% 15/03/2024 US USD 2,537 2,715 0.00 

Discover Financial Services 6.50% (Perpetual) US USD 102 2,589 0.00 

Affiliated Managers Group 5.25% 15/10/2022 US USD 103 2,582 0.00 

Annaly Capital Management 7.50% (Perpetual) US USD 91 2,321 0.00 

TransUnion 11.375% 15/06/2018 US USD 1,910 2,225 0.00 

Offshore Group Investments 11.50% 01/08/2015 KY USD 1,928 2,116 0.00 

SLM 3.875% 10/09/2015 MTN US USD 1,744 1,802 0.00 

Ineos Finance 9.00% 15/05/2015 144A GB USD 1,620 1,745 0.00 


UPCB Finance III 6.625% 01/07/2020 144A KY USD 1,384 1,484 0.00 

CNH Capital 3.875% 01/11/2015 144A US USD 1,407 1,446 0.00 


SLM 8.45% 15/06/2018 MTN US USD 1,071 1,271 0.00 

Host Hotels & Resorts 4.75% 01/03/2023 US USD 1,158 1,233 0.00 


Phh 9.25% 01/03/2016 US USD 1,013 1,165 0.00 

TransUnion Holding 8.125% 15/06/2018 144A US USD 1,098 1,104 0.00 


Icahn Enterprises Finance 8.00% 15/01/2018 144A US USD 875 945 0.00 

Realogy 9.00% 15/01/2020 144A US USD 815 917 0.00 

SLM 8.00% 25/03/2020 MTN US USD 781 908 0.00 

Montell Finance 8.10% 15/03/2027 144A NL USD 622 837 0.00 

US Bancorp (F) 6.50% VRN (Perpetual) US USD 27 808 0.00 

Wind Acquisition Holdings Fin. 12.25% 15/07/2017 144A LU USD 920 788 0.00 

CCO Holdings Capital 7.00% 15/01/2019 US USD 721 781 0.00 

Landry’s 9.375% 01/05/2020 144A US USD 696 738 0.00 

TransUnion Holding 9.625% 15/06/2018 US USD 645 682 0.00 

Capital One Capital VI 8.875% 15/05/2040 US USD 534 543 0.00 

Affiliated Managers Group 6.375% 15/08/2042 US USD 19 492 0.00 

NSG Holdings 7.75% 15/12/2025 144A US USD 380 394 0.00 

European Loan Conduit 23X D 0.755% FRN 15/02/2019* IE EUR 1,603 321 0.00 

Bavarian Sky 2 A 0.961% FRN 15/01/2018 LU EUR 216 281 0.00 

Ally Financial 7.00% (Perpetual) Reg S US USD 1 276 0.00

Fidelity 

Funds 

USI Holdings 4.310% FRN 15/11/2014 144A US USD 199 195 0.00 

Realogy 7.875% 15/02/2019 Reg S US USD 3 3 0.00 

1,969,875 1.61 

Government 

US Treasury 3.125% 15/11/2041 US USD 1,109,522 1,172,193 0.96 


Canada 3.25% 01/06/2021 CA CAD 483,638 544,522 0.44 







France 1.10% 25/07/2022 FR EUR 90,089 134,924 0.11 


4,676,742 3.81 




5,212,526 4.25 


Allianz Banking Group CP 0.22% 28/11/2012 DE USD 2 2 0.00 

Austria CP 0.21% 13/11/2012 AT USD 2 2 0.00 

Bank Nederlandse Gemeenten CP 0.29% 05/11/2012 NL USD 2 2 0.00 

Bank of Tokyo-Mitsubishi CD 0.296% 04/01/2013 AU USD 2 2 0.00 

BNP Paribas CD 0.352% 01/02/2013 FR USD 2 2 0.00 

Caisse des Depots CP 0.265% 22/01/2013 FR USD 2 2 0.00 

Caisse des Depots CP 0.35% 05/11/2012 FR USD 2 2 0.00 

Credit Agricole (Australia) CP 0.33% 15/11/2012 AU USD 2 2 0.00 

Deka CP 0.30% 03/12/2012 DE USD 2 2 0.00 

Deutsche Bank London CP 0.25% 19/11/2012 GB USD 2 2 0.00 

Erste Abwicklungsanstalt CP 0.240% 27/11/2012 DE USD 2 2 0.00 

FMS Wertmanagement CP 0.33% 27/03/2013 DE USD 2 2 0.00 

FMS Wertmanagement CP 0.49% 28/11/2012 DE USD 2 2 0.00 

HSBC France CD 0.261% 22/01/2013 FR USD 2 2 0.00 

KA Finanz CP 0.40% 06/11/2012 AT USD 2 2 0.00 

Landeskreditbank CP 0.26% 15/01/2013 DE USD 2 2 0.00 

Landeskreditbank CP 0.27% 03/01/2013 DE USD 2 2 0.00 

Mizuho (Australia) Corp. Bank CD 0.195% 05/11/2012 AU USD 2 2 0.00 

Natixis CP 0.28% 03/12/2012 FR USD 2 2 0.00 

Nederlandse Waterschapsbank CP 0.305% % 11/05/12 NL USD 2 2 0.00 

Nordea Bank CP 0.22% 24/01/2013 SE USD 2 2 0.00 

Nordea Bank CP 0.28% 15/04/2013 SE USD 2 2 0.00 

Raboa CD 0.264% 27/11/2012 AU USD 2 2 0.00 

SMBCE CD 0.251% 16/01/2013 GB USD 2 2 0.00 

SMBCE CD 0.27% 07/01/2013 GB USD 2 2 0.00 

Standard Chartered Bank CP 0.34% 13/11/2012 GB USD 2 2 0.00 

Sumitomo CP 0.24% 26/11/2012 GB USD 2 2 0.00 

Sumitomo CP 0.24% 27/11/2012 GB USD 2 2 0.00 

Svenska Handelsbanken CP 0.28% 02/05/2013 SE USD 2 2 0.00 

Svenska Handelsbanken CP 0.345% 02/11/2012 SE USD 2 2 0.00 

Allianz Banking Group CP 0.31% 28/12/2012 DE USD 1 1 0.00 

Bank of Tokyo-Mitsubishi CD 0.257% 04/01/2013 AU USD 1 1 0.00 

Bank of Tokyo-Mitsubishi UFJ CD 0.290% 21/11/2012 JP USD 1 1 0.00 

BNP Paribas CD 0.341% 14/01/2013 FR USD 1 1 0.00 

Credit Agricole (Australia) CP 0.32% 26/11/2012 AU USD 1 1 0.00 

Credit Agricole CIB (Australia) CP 0.32% 03/12/2012 AU USD 1 1 0.00 

Deutsche Bank London CP 0.31% 04/01/2013 GB USD 1 1 0.00 

HSBC France CD 0.26% 04/01/2013 FR USD 1 1 0.00 

Mizuho (Australia) CD 0.244% 09/11/2012 AU USD 1 1 0.00 

Nederlandse Waterschapsbank CP 0.29% 19/11/2012 NL USD 1 1 0.00 

Netherlands CP 0.23% 17/01/2013 NL USD 1 1 0.00 

Rabobank Nederland (Australia) CP 0.37% 03/12/2012 AU USD 1 1 0.00 

Svenska Handelsbanken CD 0.33% 30/11/2012 SE USD 1 1 0.00 

TFA CP 0.18% 26/11/2012 AU USD 1 1 0.00 

74 0.00 

Unlisted 





USD 

Energy 

Chesapeake Energy 0.472% FRN 02/12/2017 US USD 1,858 1,863 0.00 

RDS Ultra-Deepwater 11.875% 15/03/2017 144A KY USD 1,365 1,549 0.00 

Oil States International 6.50% 01/06/2019 US USD 919 975 0.00 

Samson Term 2Nd Lien 4.788% FRN 25/09/2018 US USD 296 300 0.00 


4,687 0.00 

Utilities 

Suburban Propane Partners 7.375% 01/08/2021 Reg S US USD 1,955 2,116 0.00 

Texas Competitive Electric 15.380% FRN 10/10/2017 US USD 3,215 2,114 0.00 



176 



USD 


6,028 0.00 

Materials 

FMG Resources August 2006 5.069% FRN 18/10/2017 AU USD 2,690 2,682 0.00 

American Rock Salt 8.25% 01/05/2018 144A US USD 1,641 1,514 0.00 

Edgen Murray 8.75% 01/11/2020 144A US USD 1,056 1,051 0.00 

Tekni-Plex 9.75% 01/06/2019 144A US USD 955 1,026 0.00 

Rain CII Carbon 8.00% 01/12/2018 144A US USD 655 658 0.00 

Consolidated Container 10.125% 15/07/2020 144A US USD 461 494 0.00 

Nufarm Australia Limited 6.375% 15/10/2019 144A AU USD 472 477 0.00 

7,902 0.01 

Industrials 


Tervita 9.75% 01/11/2019 144A CA USD 1,190 1,184 0.00 

NESCO 11.75% 15/04/2017 144A US USD 761 805 0.00 

USG 7.875% 30/03/2020 144A US USD 711 779 0.00 

Rural/Metro - WP Rocket 10.125% 15/07/2019 144A US USD 768 726 0.00 

United Airlines 9.875% 01/08/2013 144A US USD 150 153 0.00 

5,398 0.00 


First Data 5.949 FRN 24/03/2018 US USD 12,240 11,713 0.01 

Kronos 4.912% FRN 28/12/2017 US USD 2,264 2,273 0.00 

NXP 4.751% FRN 03/04/2019 US USD 2,122 2,150 0.00 

Viasystems 7.875% 01/05/2019 144A US USD 2,049 2,026 0.00 

Infor US 4.711% FRN 05/04/2019 US USD 1,946 1,972 0.00 

Kronos Terminal 4.853% 24/04/2020 US USD 1,932 1,949 0.00 


Facebook (B) US USD 39 835 0.00 


Nuance Communications 5.375% 15/08/2020 144A US USD 563 577 0.00 

NXP Semiconductor 4.588% 04/03/2017 NL USD 154 157 0.00 

Spansion 0.00% 15/01/2016 Escrow (Defaulted) US USD 655 37 0.00 

25,475 0.02 


WideOpenWest (B) 4.767% 17/07/2018 US USD 3,516 3,555 0.00 

Caesars Entertainment Operating 7.40% FRN 28/01/2018 US USD 3,603 3,237 0.00 

Tower Automotive Holdings 10.625% 01/09/2017 144A US USD 2,702 2,925 0.00 

Checkout Holdings 18.291% 15/11/2015 144A US USD 3,361 2,017 0.00 

Univision Communications 5.534% FRN 31/03/2017 US USD 1,764 1,728 0.00 

Mood Media 9.25% 15/10/2020 144A CA USD 1,337 1,351 0.00 


Serta Simmons Holdings 8.125% 01/10/2020 144A US USD 1,321 1,338 0.00 

Jo-Ann Stores Hlds 9.75% 15/10/2019 144A US USD 1,098 1,089 0.00 

Graton Economic Dev Auth 9.625% 01/09/2019 144A US USD 938 1,004 0.00 

Party City Holdings 4.781% FRN 27/07/2019 US USD 874 885 0.00 

International Automotive 9.125% 01/06/2018 144A LU USD 720 700 0.00 

Jaguar Holding 9.50% 01/12/2019 144A US USD 315 351 0.00 

Chester Downs & Marina 9.25% 01/02/2020 144A US USD 305 306 0.00 

K. Hovnanian Enterprises 5.00% 01/11/2021 Reg S US USD 367 306 0.00 

Chukchansi Economic 9.75% 30/05/2020 Reg S US USD 49 30 0.00 

Waterford Gaming 8.625% 15/09/2014 144A* US USD 66 25 0.00 

Mood Media 10.00% 31/10/2015 CA USD 5 6 0.00 

Vertis Holdings* US USD 1 2 0.00 

Adelphia Comm. 0.00% 31/12/2049 (Defaulted)* US USD 32 0 0.00 


Vertis Holdings (Old) US USD 2 0 0.00 

22,202 0.02 


BI-LO 9.25% 15/02/2019 144A US USD 968 1,019 0.00 

BJ’s Wholesale Club 4.78 FRN 06/09/2019 US USD 284 288 0.00 

1,307 0.00 

Healthcare 

Legend Acquisition Sub 10.75% 15/08/2020 144A US USD 2,589 2,550 0.00 


Jaguar Holding I 9.375% 15/10/2017 144A US USD 891 911 0.00 

Rural/Metro 10.125% 15/07/2019 144A US USD 741 699 0.00 

6,250 0.01 




Fairpoint Communications 7.372% FRN 24/01/2016 US USD 6,900 6,442 0.01 



Broadview Networks 11.375% 01/09/2012 (Defaulted) US USD 3,797 2,724 0.00 

Intelsat Jackson Holdings 4.797% FRN 02/04/2018 LU USD 1,289 1,301 0.00 

76,573 0.06

Fidelity 

Funds 

Financials 



Realogy 0.241% FRN 10/10/2016 US USD 6,430 6,427 0.01 



Asurion Term Loan 4.335% FRN 24/05/2019 US USD 2,452 2,543 0.00 

Hub International 8.125% 15/10/2018 144A US USD 1,556 1,603 0.00 



2010 Swift Mandatory CEST 6.00% 31/12/2013 144A US USD 90 818 0.00 

Penson Worldwide 12.50% 15/05/2017 144A US USD 505 114 0.00 



79,748 0.07 



Bank Deposits 

Pohjola Bank TD 0.16% 01/11/2012 FI USD 4 4 0.00 

DnB NOR Bank TD 0.16% 01/11/2012 NO USD 2 2 0.00 

6 0.00 







USD 

Sold protection on CDX.NA.IG 20/12/2017 USD 1,422,464 550 0.00 


Sold protection on CDX.NA.HY 20/12/2017 USD 948,309 (8,304) (0.01) 

Sold protection on Glencore Finance 20/09/2017 EUR 151,730 (11,283) (0.01) 

(19,006) (0.02) 




USD 



USD USD 

Bought AUD Sold USD at 0.98675 18/01/2013 2,219,310 38,620 0.03 













Bought USD Sold AUD at 1.04741 20/11/2012 470,913 5,161 0.00 










Bought USD Sold CHF at 1.07930 18/01/2013 433,748 1,211 0.00 




Bought USD Sold NZD at 0.82188 20/11/2012 471,780 534 0.00 










177 










Bought GBP Sold USD at 0.61977 20/11/2012 154,388 (53) (0.00) 






















Bought USD Sold AUD at 1.01915 18/01/2013 186,314 (2,153) (0.00) 






Bought CAD Sold USD at 0.99633 20/11/2012 1,005,675 (3,448) (0.00) 


Bought CZK Sold USD at 19.26650 20/11/2012 878,170 (3,887) (0.00) 

Bought CAD Sold USD at 0.98718 20/11/2012 317,005 (3,987) (0.00) 



Bought USD Sold CHF at 1.06811 18/01/2013 1,502,081 (11,422) (0.01) 






Bought USD Sold CZK at 0.04889 20/11/2012 906,233 (48,792) (0.04) 





(511,478) (0.42) 

Futures 



USD 


Japan 10 Year Bond Future 11/12/2012 JPY 136,793,639 3,603 0.00 

Euro Schatz Future 06/12/2012 EUR (1,753,130) 3,362 0.00 

Short Gilt Future 27/12/2012 GBP (267,284) 1,648 0.00 

Euro Bobl Future 06/12/2012 EUR (2,236,556) 1,388 0.00 

US Treasury Note 5 Year Future 19/12/2012 USD 488,551 1,033 0.00 





Australia 10 Year Bond Future 17/12/2012 AUD (653,582) (1,608) (0.00) 


US Treasury Note 10 Year Future 19/12/2012 USD (5,899,725) (7,838) (0.01) 

Long Term US Treasury Bond Future 19/12/2012 USD 1,386,790 (14,653) (0.01) 

50,675 0.04 




USD USD 



USD 



Pay fixed 1.50% receive float. (6m JPYLIBOR) 17/03/2015 JPY 47,415,473 17,269 0.01

Fidelity 

Funds 

Pay fixed 2.435% receive floating (6m BA) 01/03/2022 CAD 445,705 12,473 0.01 

Pay fixed 4.376% receive float. (6m EURIBOR) 07/01/2013 EUR 1,270,735 10,341 0.01 

153,952 0.13 

Options 




Value Assets 

USD 


3,763 0.00 


Net Assets 122,674,495 100.00 




USD 


USA US 35.96 

UK GB 12.76 


Japan JP 6.38 





Italy IT 2.44 

Korea KR 2.10 


Spain ES 1.96 

China CN 1.45 



















India IN 0.19 









Qatar QA 0.06 

Kenya KE 0.06 

Peru PE 0.04 






Chile CL 0.02 



Marshall Islands MH 0.00 


178

Fidelity 

Funds 

Multi Asset Navigator Fund 




USD 


Energy 

Exxon Mobil US USD 491 44,389 0.50 

Chevron US USD 218 23,869 0.27 

Occidental Petroleum US USD 240 18,964 0.21 

CNOOC CN HKD 7,603 15,721 0.18 



Suncor Energy CA CAD 283 9,421 0.11 


BP GB GBP 1,251 8,949 0.10 



BG Group GB GBP 429 7,948 0.09 







Apache US USD 70 5,790 0.07 

S-Oil KR KRW 62 5,608 0.06 


Ensco (A) GB USD 90 5,153 0.06 



Ophir Energy GB GBP 473 4,235 0.05 



Saipem IT EUR 90 4,025 0.05 



Denbury Resources US USD 253 3,858 0.04 




PTT (F) TH THB 308 3,178 0.04 

Hess US USD 58 3,056 0.03 




Williams US USD 78 2,687 0.03 


Bonavista Energy CA CAD 141 2,520 0.03 

Enbridge CA CAD 63 2,514 0.03 

Halliburton US USD 76 2,449 0.03 

Cenovus Energy CA CAD 67 2,361 0.03 





TransCanada CA CAD 49 2,187 0.02 

EQT US USD 35 2,118 0.02 

Eni 3.75% 27/06/2019 EMTN IT EUR 1,439 2,036 0.02 

Africa Oil CA CAD 198 1,960 0.02 





Athabasca Oil CA CAD 132 1,604 0.02 

Tambang Batubara Bukit Asam Persero ID IDR 940 1,562 0.02 


Aker Solutions NO NOK 68 1,339 0.02 

Coastal Energy US CAD 72 1,330 0.01 





Cameco CA CAD 53 1,022 0.01 

Talisman Energy CA CAD 90 967 0.01 

Rockhopper Exploration GB GBP 376 956 0.01 

Fugro NL EUR 14 942 0.01 

World Fuel Services US USD 26 913 0.01 

John Wood Group GB GBP 62 847 0.01 

Eni IT EUR 33 769 0.01 

Genel Energy GB GBP 55 722 0.01 

Cobalt International Energy US USD 34 689 0.01 

Hoegh LNG Holdings BM NOK 90 664 0.01 

Petroquest Energy US USD 105 627 0.01 

Amerisur Resources GB GBP 808 613 0.01 

Magnum Hunter Resources US USD 156 597 0.01 

Salamander Energy GB GBP 189 586 0.01 

Comstock Resources US USD 34 585 0.01 


179 



USD 

WesternZagros Resources CA CAD 434 555 0.01 

Gran Tierra Energy CA CAD 43 214 0.00 

Pinecrest Energy CA CAD 88 158 0.00 

JX Holdings JP JPY 1 1 0.00 

365,811 4.11 

Utilities 


















CEZ 4.875% 16/04/2025 EMTN CZ EUR 2,110 3,255 0.04 








PPL US USD 84 2,474 0.03 



Yorkshire Water Services 6.375% 19/08/2039 KY GBP 937 2,035 0.02 


Exelon US USD 49 1,741 0.02 

PG&E US USD 40 1,692 0.02 





Gas Natural Capital Markets 5.375% 24/05/2019 EMTN ES EUR 959 1,308 0.01 

Enel 5.25% 20/05/2024 EMTN IT EUR 959 1,285 0.01 

Electricite de France 4.50% 12/11/2040 EMTN FR EUR 863 1,226 0.01 

Enel Finance International 4.875% 17/04/2023 EMTN NL EUR 911 1,202 0.01 

AES US USD 115 1,198 0.01 


Fortum 2.25% 06/09/2022 EMTN FI EUR 767 981 0.01 

ITC Holdings US USD 12 925 0.01 

Iberdrola ES EUR 108 558 0.01 

GDF Suez 2.25% 01/06/2018 EMTN FR EUR 288 389 0.00 

Fortis (Canada) CA CAD 3 88 0.00 


157,210 1.76 

Materials 


LG Chem KR KRW 37 10,262 0.12 


Rio Tinto (UK) GB GBP 164 8,208 0.09 

BHP Billiton GB GBP 246 7,871 0.09 

First Quantum Minerals CA CAD 346 7,805 0.09 


Arkema 3.85% 30/04/2020 FR EUR 4,730 6,610 0.07 



Mosaic US USD 104 5,447 0.06 

Harmony Gold Mining ZA ZAR 643 5,260 0.06 



Anglo American GB GBP 146 4,480 0.05 









BASF DE EUR 36 2,989 0.03 

Lanxess DE EUR 35 2,855 0.03 




Fidelity 

Funds 

Multi Asset Navigator Fund - continued 




USD 


Ecolab US USD 40 2,756 0.03 






Eldorado Gold CA CAD 143 2,105 0.02 


Johnson Matthey GB GBP 57 2,060 0.02 

Agrium CA CAD 19 2,014 0.02 

Arkema FR EUR 20 1,856 0.02 


Linde DE EUR 10 1,750 0.02 

Clariant (Reg’d) CH CHF 156 1,676 0.02 



Iluka Resources AU AUD 142 1,450 0.02 





Xstrata CH GBP 72 1,137 0.01 

Fortescue Metals Group AU AUD 268 1,127 0.01 

Turquoise Hill Resources CA CAD 144 1,126 0.01 

Mexichem MX MXN 218 1,084 0.01 


Evolution Mining AU AUD 484 1,003 0.01 

Commercial Metals US USD 72 989 0.01 

Yamato Kogyo JP JPY 35 985 0.01 

Reliance Steel & Aluminum US USD 17 943 0.01 

Agnico-Eagle Mines CA CAD 16 905 0.01 

Regis Resources AU AUD 161 894 0.01 

Semen Gresik Persero ID IDR 557 862 0.01 

IAMGOLD CA CAD 50 782 0.01 

Eramet FR EUR 6 731 0.01 

Rock-Tenn (A) US USD 10 712 0.01 

JSR JP JPY 37 638 0.01 

Premier Gold Mines CA CAD 105 592 0.01 

US Silica Holdings US USD 46 576 0.01 

Jupiter Energy AU AUD 1,027 552 0.01 

London Mining GB GBP 222 545 0.01 

Methanex CA CAD 14 428 0.00 

Eastman Chemical 4.80% 01/09/2042 US USD 384 425 0.00 

Exxaro Resources ZA ZAR 16 322 0.00 

AZ Electronic Materials GB GBP 42 238 0.00 

Tahoe Resources US CAD 11 227 0.00 

Glencore International CH GBP 38 210 0.00 

Tiger Resources AU AUD 613 196 0.00 

Alkane Resources AU AUD 197 172 0.00 

Syngenta (Reg’d) CH CHF 1 170 0.00 

North American Palladium CA USD 103 162 0.00 

Gold Standard Ventures CA CAD 58 91 0.00 

Asahi Kasei JP JPY 1 1 0.00 

Hitachi Chemical JP JPY 1 1 0.00 

209,144 2.35 

Industrials 


General Electric US USD 614 12,909 0.14 

Danaher US USD 230 11,923 0.13 






Wolseley CH GBP 197 8,596 0.10 

Keppel SG SGD 968 8,397 0.09 


Cummins US USD 85 7,894 0.09 







51job ADR CN USD 131 6,115 0.07 



Equifax US USD 110 5,492 0.06 





Capita GB GBP 406 4,739 0.05 



Experian IE GBP 253 4,363 0.05 



180 



USD 











Boeing US USD 43 3,015 0.03 





Fedex 2.625% 01/08/2022 US USD 2,812 2,841 0.03 



Industries Qatar QA QAR 64 2,671 0.03 


CTCI TW TWD 1,308 2,582 0.03 





FedEx US USD 26 2,384 0.03 



MasTec US USD 97 2,172 0.02 


ADT US USD 52 2,117 0.02 






Alstom FR EUR 59 2,024 0.02 


AMETEK US USD 51 1,816 0.02 

United Tractors ID IDR 788 1,726 0.02 


CSX US USD 82 1,686 0.02 










LIXIL Group JP JPY 66 1,460 0.02 


GFK DE EUR 31 1,401 0.02 

TK KR KRW 55 1,385 0.02 


Serco Group GB GBP 151 1,383 0.02 



Deere & Co US USD 15 1,258 0.01 



Galliford Try GB GBP 100 1,190 0.01 


Ryanair Holdings (UK) IE EUR 194 1,124 0.01 



Ultra Electronics Holdings GB GBP 36 994 0.01 

easyJet GB GBP 96 967 0.01 

CENTROTEC Sustainable DE EUR 44 799 0.01 

Flowserve US USD 6 765 0.01 

Trimas US USD 31 757 0.01 

Ryanair Holdings IE EUR 126 733 0.01 

SATS SG SGD 316 720 0.01 

Encore Wire US USD 23 714 0.01 

Glencore Finance Europe 7.125% 23/04/2015 EMTN LU EUR 469 688 0.01 

Republic Services US USD 23 647 0.01 


Schneider Electric FR EUR 9 592 0.01 

Pentair CH USD 13 534 0.01 

Brammer GB GBP 129 500 0.01 

Pfeiffer Vacuum Technology DE EUR 5 489 0.01 

Rush Enterprises (A) US USD 26 489 0.01 

Meggitt GB GBP 73 453 0.01 


ATS Automation Tooling Systems CA CAD 42 394 0.00 




Colfax US USD 10 330 0.00

Fidelity 

Funds 





USD 


Chemring Group GB GBP 60 302 0.00 

IMI GB GBP 11 175 0.00 

Central Japan Railway JP JPY 1 1 0.00 

Mitsui & Co JP JPY 1 1 0.00 

Sumitomo Electric Industries JP JPY 1 1 0.00 

389,875 4.38 




Apple US USD 86 51,165 0.57 

Google (A) US USD 53 36,135 0.41 

Tencent Holdings CN HKD 727 25,587 0.29 


Microsoft US USD 707 20,216 0.23 

Cisco Systems US USD 806 13,900 0.16 

Sina CN USD 243 13,348 0.15 



Iliad 4.875% 01/06/2016 FR EUR 8,522 11,850 0.13 


SK Hynix KR KRW 474 10,758 0.12 

Oracle US USD 303 9,406 0.11 


SAP DE EUR 115 8,360 0.09 

Adobe Systems US USD 231 7,836 0.09 

eBay US USD 159 7,686 0.09 

Check Point Software Technologies IL USD 172 7,607 0.09 

Broadcom (A) US USD 232 7,353 0.08 




Fiserv US USD 79 5,890 0.07 

Visa (A) US USD 41 5,613 0.06 



ARM Holdings GB GBP 432 4,637 0.05 



Altera US USD 137 4,127 0.05 



Juniper Networks US USD 204 3,361 0.04 



NVIDIA US USD 259 3,112 0.03 

Facebook (A) US USD 141 2,980 0.03 

EMC US USD 120 2,935 0.03 



Corning US USD 235 2,763 0.03 



AAC Technologies Holdings CN HKD 707 2,512 0.03 

Electronic Arts US USD 175 2,135 0.02 


VMware (A) US USD 21 1,803 0.02 


Telefonaktiebolaget LM Ericsson (B) SE SEK 190 1,672 0.02 





NCSoft KR KRW 8 1,441 0.02 


Moneysupermarket.com Group GB GBP 629 1,360 0.02 

Xilinx US USD 40 1,296 0.01 


ADTRAN US USD 69 1,156 0.01 


Texas Instruments US USD 38 1,084 0.01 




Software DE EUR 25 995 0.01 

Intel US USD 45 972 0.01 

FleetCor Technologies US USD 20 959 0.01 


Sourcefire US USD 21 900 0.01 

NetApp US USD 33 888 0.01 

Global Payments US USD 20 864 0.01 

Citrix Systems US USD 14 853 0.01 

Cadence Design Systems US USD 59 749 0.01 

Akamai Technologies US USD 19 712 0.01 

Open Text CA CAD 13 712 0.01 

CGI Group (A) CA CAD 27 700 0.01 

AsiaInfo-Linkage CN USD 66 683 0.01 

Applied Materials US USD 63 663 0.01 

Cirrus Logic US USD 15 581 0.01 

181 



USD 


Bechtle DE EUR 13 493 0.01 

Amdocs US USD 14 470 0.01 

FLIR Systems US USD 22 427 0.00 

Universal Display US USD 11 343 0.00 

Acme Packet US USD 20 331 0.00 

Micron Technology US USD 53 285 0.00 

Symantec US USD 15 280 0.00 

Amadeus IT Holding (A) ES EUR 11 266 0.00 

ServiceSource International US USD 29 263 0.00 

Kingdee International Software Group CN HKD 1,241 257 0.00 

QLIK Technologies US USD 13 242 0.00 

Computer Modelling Group CA CAD 9 177 0.00 

Wirecard DE EUR 7 169 0.00 

Informatica US USD 5 141 0.00 

Kingsoft CN HKD 241 139 0.00 

Fujitsu JP JPY 1 1 0.00 

Hitachi JP JPY 1 1 0.00 

590,385 6.63 




Time Warner US USD 438 18,824 0.21 



Comcast (A) US USD 376 14,034 0.16 

Naspers (N) ZA ZAR 213 13,810 0.16 




Home Depot US USD 175 10,722 0.12 

Viacom (B) US USD 170 8,712 0.10 

Lowe’s US USD 269 8,671 0.10 


Pearson GB GBP 410 8,236 0.09 



Coach US USD 117 6,490 0.07 

WPP IE GBP 480 6,190 0.07 


NIKE (B) US USD 61 5,549 0.06 

McGraw-Hill US USD 95 5,276 0.06 






Mattel US USD 119 4,387 0.05 

TJX US USD 106 4,373 0.05 


News (A) US USD 178 4,251 0.05 

InterContinental Hotels Group GB GBP 161 3,985 0.04 



British Sky Broadcasting Group GB GBP 331 3,784 0.04 







Adidas DE EUR 38 3,244 0.04 


Fuji Heavy Industries JP JPY 312 2,999 0.03 




Expedia US USD 42 2,495 0.03 


Giant Manufacturing TW TWD 469 2,407 0.03 



VF US USD 15 2,301 0.03 


Schibsted (B) NO NOK 59 2,217 0.02 

Target US USD 35 2,206 0.02 



Denso JP JPY 64 2,001 0.02 

Anhanguera Educacional Participacoes BR BRL 114 1,969 0.02 

Newell Rubbermaid US USD 93 1,925 0.02 


Sands China CN HKD 489 1,832 0.02 



Ascena Retail Group US USD 87 1,720 0.02 



William Hill GB GBP 303 1,654 0.02

Fidelity 

Funds 





USD 


PVH US USD 15 1,623 0.02 




GKN GB GBP 441 1,476 0.02 





Eutelsat 3.125% 10/10/2022 FR EUR 959 1,258 0.01 


Golden Eagle Retail Group CN HKD 514 1,123 0.01 


Asics JP JPY 66 953 0.01 

Toyota Motor JP JPY 25 947 0.01 

Trinity HK HKD 1,258 876 0.01 

Big Lots US USD 28 800 0.01 

Quebecor (B) CA CAD 22 751 0.01 

Start Today JP JPY 66 722 0.01 


Best Buy US USD 34 517 0.01 

Inditex ES EUR 4 483 0.01 

PPR FR EUR 3 473 0.01 


Magna International CA CAD 9 411 0.00 

Cineplex CA CAD 13 399 0.00 

Kabel Deutschland Holding DE EUR 5 395 0.00 

TripAdvisor US USD 11 346 0.00 

Astral Media (A) CA CAD 7 304 0.00 

Reed Elsevier NL EUR 22 300 0.00 


Gildan Activewear (A) CA CAD 7 232 0.00 

Christian Dior FR EUR 2 223 0.00 

Tim Hortons CA CAD 4 173 0.00 

GOME Electrical Appliances Holding HK HKD 1,613 168 0.00 


Bauer Performance Sports US CAD 14 145 0.00 

Honda Motor JP JPY 1 2 0.00 

Nintendo JP JPY 1 1 0.00 

Nissan Motor JP JPY 1 1 0.00 

447,506 5.02 


CVS Caremark US USD 602 27,822 0.31 


SABMiller GB GBP 423 18,129 0.20 

Diageo GB GBP 600 17,135 0.19 



Mondelez International US USD 501 13,220 0.15 

Coca-Cola US USD 342 12,635 0.14 



British American Tobacco GB GBP 223 11,034 0.12 


PepsiCo US USD 141 9,778 0.11 

Nestle (Reg’d) CH CHF 143 9,055 0.10 

Hengan International Group CN HKD 838 7,586 0.09 



Dr Pepper Snapple Group US USD 164 7,046 0.08 






KT&G KR KRW 70 5,257 0.06 



Unilever (UK) GB GBP 130 4,828 0.05 




Shoprite Holdings ZA ZAR 210 4,324 0.05 









HJ Heinz US USD 63 3,626 0.04 



AVI ZA ZAR 529 3,488 0.04 




182 



USD 




Tesco GB GBP 504 2,599 0.03 






Britannia Industries IN INR 223 2,004 0.02 

Yantai Changyu Pioneer Wine (B) CN HKD 393 1,995 0.02 

Calbee JP JPY 20 1,840 0.02 

Japan Tobacco JP JPY 67 1,838 0.02 


Devro GB GBP 338 1,790 0.02 



PZ Cussons GB GBP 278 1,516 0.02 

Anadolu Efes Biracilik Ve Malt Sanayii TR TRY 101 1,511 0.02 


DE Master Blenders 1753 NL EUR 118 1,446 0.02 

Pernod-Ricard 5.00% 15/03/2017 FR EUR 959 1,416 0.02 

Carrefour 4.00% 09/04/2020 EMTN FR EUR 959 1,359 0.02 


Heineken 2.125% 04/08/2020 EMTN NL EUR 959 1,241 0.01 


Souza Cruz BR BRL 87 1,149 0.01 





Booker Group GB GBP 616 1,018 0.01 

Anheuser-Busch InBev 2.00% 16/12/2019 EMTN BE EUR 767 1,014 0.01 

Ingredion US USD 16 978 0.01 

Philip Morris International 2.125% 30/05/2019 US EUR 703 939 0.01 

Alimentation Couche Tard (B) CA CAD 17 811 0.01 


Shoppers Drug Mart CA CAD 18 733 0.01 

Imperial Tobacco Group GB GBP 16 609 0.01 


Unilever NL EUR 15 563 0.01 


Avon Products US USD 22 352 0.00 



Seven & I Holdings JP JPY 1 1 0.00 

420,333 4.72 

Healthcare 

Pfizer US USD 1,507 37,590 0.42 

Johnson & Johnson US USD 417 29,483 0.33 

Gilead Sciences US USD 318 21,228 0.24 

GlaxoSmithKline GB GBP 940 21,015 0.24 

Merck & Co US USD 413 18,815 0.21 

Express Scripts Holding US USD 278 17,156 0.19 

Sanofi FR EUR 174 15,282 0.17 


Baxter International US USD 187 11,625 0.13 



Shire IE GBP 264 7,427 0.08 


Stryker US USD 125 6,527 0.07 



Humana US USD 71 5,225 0.06 






Celgene US USD 53 3,924 0.04 


Amgen US USD 37 3,239 0.04 



MEDNAX US USD 45 3,092 0.03 




CSL AU AUD 51 2,487 0.03 







Aetna US USD 44 1,922 0.02 


Hospira US USD 61 1,881 0.02

Fidelity 

Funds 





USD 


Hikma Pharmaceuticals GB GBP 153 1,825 0.02 


Raffles Medical Group SG SGD 903 1,806 0.02 

Centene US USD 44 1,668 0.02 




DaVita US USD 14 1,512 0.02 

Boston Scientific US USD 296 1,502 0.02 


Cigna US USD 29 1,430 0.02 







Ossur IS DKK 918 1,214 0.01 










3SBio ADR CN USD 73 976 0.01 

HCA Holdings US USD 34 973 0.01 

Medivation US USD 19 947 0.01 

Endologix US USD 70 931 0.01 

CR Bard US USD 9 906 0.01 

Adcock Ingram Holdings ZA ZAR 132 882 0.01 

Sorin IT EUR 364 855 0.01 

Grifols ADR ES USD 34 847 0.01 

Ansell AU AUD 51 832 0.01 

Tornier NL USD 48 810 0.01 

Catamaran US CAD 17 803 0.01 

St Jude Medical US USD 20 767 0.01 

Hologic US USD 37 754 0.01 

ViroPharma US USD 28 709 0.01 

Charles River Laboratories International US USD 19 705 0.01 

Diagnosticos da America BR BRL 103 686 0.01 

Health Net US USD 31 653 0.01 

Elan IE EUR 58 643 0.01 

Ion Beam Applications BE EUR 69 583 0.01 

Cipla (India) IN INR 85 576 0.01 

STRATEC Biomedical DE EUR 13 532 0.01 

Fisher & Paykel Healthcare NZ NZD 272 525 0.01 

Actelion (Reg’d) CH CHF 11 508 0.01 

Varian Medical Systems US USD 8 504 0.01 

United Drug IE GBP 135 491 0.01 

Microport Scientific CN HKD 937 479 0.01 

GN Store Nord DK DKK 30 465 0.01 

Medica FR EUR 26 461 0.01 

Apollo Hospitals Enterprise IN INR 31 449 0.01 


ABIOMED US USD 22 416 0.00 

AVANIR Pharmaceuticals US USD 145 415 0.00 

BioMarin Pharmaceutical US USD 11 407 0.00 

Synageva BioPharma US USD 8 359 0.00 

Questcor Pharmaceuticals US USD 14 351 0.00 

Optimer Pharmaceuticals US USD 36 344 0.00 

Starpharma Holdings AU AUD 161 271 0.00 

UCB BE EUR 4 244 0.00 

HMS Holdings US USD 10 207 0.00 

Mesoblast AU AUD 33 199 0.00 

ZIOPHARM Oncology US USD 36 172 0.00 



Verona Pharma GB GBP 453 28 0.00 


Otsuka Holdings JP JPY 1 1 0.00 

377,129 4.23 








AT&T US USD 347 11,997 0.13 


Maxis MY MYR 4,310 9,806 0.11 

CenturyLink US USD 250 9,609 0.11 

Qwest 6.75% 01/12/2021 US USD 7,966 9,426 0.11 



183 



USD 

MTN Group ZA ZAR 487 8,770 0.10 





America Movil (L) ADR MX USD 299 7,559 0.08 


China Mobile HK HKD 636 7,016 0.08 



StarHub SG SGD 1,952 5,864 0.07 


AT&T 5.875% 28/04/2017 US GBP 3,046 5,774 0.06 





Telefonica ES EUR 342 4,508 0.05 

AT&T 4.875% 01/06/2044 US GBP 2,577 4,485 0.05 

LG Uplus KR KRW 602 3,843 0.04 

KDDI JP JPY 48 3,734 0.04 

TELUS CA CAD 57 3,686 0.04 

AT&T 6.80% 15/05/2036 US USD 2,577 3,561 0.04 


AT&T 5.55% 15/08/2041 US USD 2,812 3,553 0.04 





Tdc 4.375% 23/02/2018 Reg S DK EUR 1,918 2,822 0.03 



Deutsche Telekom (Reg’d) DE EUR 228 2,610 0.03 

BT Group GB GBP 756 2,592 0.03 




TeliaSonera SE SEK 318 2,095 0.02 



Sprint Nextel US USD 358 1,981 0.02 

Rogers Communications (B) (Non-Vtg) CA CAD 38 1,640 0.02 

Telefonica Emisiones 5.888% 31/01/2014 EMTN ES GBP 937 1,566 0.02 



TeliaSonera 3.625% 14/02/2024 EMTN SE EUR 959 1,357 0.02 


Frontier Communications US USD 273 1,281 0.01 


BCE CA CAD 27 1,171 0.01 


NII Holdings US USD 121 940 0.01 

Telecom Italia (Pref’d) IT EUR 1,071 856 0.01 

Telecom Italia 5.25% 10/02/2022 EMTN IT EUR 575 765 0.01 

Globe Telecom PH PHP 16 452 0.01 

British Telecom 9.625% 15/12/2030 GB USD 234 385 0.00 


375,866 4.22 

Financials 






Prologis US USD 813 27,497 0.31 

Wells Fargo & Co US USD 801 26,999 0.30 


Ventas US USD 410 25,925 0.29 






JPMorgan Chase & Co US USD 494 20,549 0.23 


Capital One Financial US USD 308 18,339 0.21 


Citigroup US USD 479 17,798 0.20 



HCP US USD 349 15,470 0.17 





Host Hotels & Resorts US USD 988 14,291 0.16 



Santander International Debt 4.625% 21/03/2016 EMTN ES EUR 10,246 13,588 0.15

Fidelity 

Funds 





USD 











DDR US USD 783 11,801 0.13 










RBS 5.75% 21/05/2014 EMTN GB EUR 7,263 10,093 0.11 

HSBC Bank 1.052% FRN 28/02/2013 EMTN GB USD 9,909 9,931 0.11 



Invesco US USD 400 9,628 0.11 








RBS 5.125% 13/01/2024 GB GBP 4,686 9,012 0.10 









Aon GB USD 157 8,453 0.09 
















Hammerson GB GBP 996 7,579 0.09 

































184 



USD 






UBS (Reg’d) CH CHF 380 5,706 0.06 









H&R REIT CA CAD 222 5,353 0.06 









Prudential GB GBP 362 4,957 0.06 



ORIX 5.00% 12/01/2016 JP USD 4,452 4,812 0.05 


Bangkok Bank (Honk Kong) (F) TH THB 807 4,729 0.05 






American International Group US USD 131 4,541 0.05 





Australia & NZ Banking Group AU AUD 169 4,445 0.05 






RBS 5.50% 23/03/2020 EMTN GB EUR 2,781 4,281 0.05 




HSBC Holdings (Hong Kong) GB HKD 429 4,206 0.05 












MetLife US USD 109 3,841 0.04 





American Express US USD 67 3,702 0.04 

Housing Development Finance IN INR 260 3,668 0.04 










Remgro ZA ZAR 198 3,384 0.04 





Danske Bank DK DKK 212 3,324 0.04 




ORIX JP JPY 32 3,245 0.04 

Barclays ADR GB USD 220 3,233 0.04 


UBS London 6.625% 11/04/2018 EMTN CH GBP 1,640 3,228 0.04

Fidelity 

Funds 





USD 





London Stock Exchange Group GB GBP 194 3,058 0.03 


Bank of Montreal CA CAD 51 3,011 0.03 






DNB NO NOK 229 2,860 0.03 











SberBank of Russia RU USD 865 2,533 0.03 





BM&FBovespa BR BRL 371 2,397 0.03 




KfW 1.25% 17/10/2019 DE EUR 1,726 2,238 0.03 


UDR US USD 91 2,206 0.02 

Korean Reinsurance KR KRW 223 2,187 0.02 

Bank of America US USD 237 2,184 0.02 




ING Groep NL EUR 237 2,097 0.02 


Lazard (A) BM USD 70 2,055 0.02 

ACE CH USD 26 2,048 0.02 





SberBank of Russia (Pref’d) RU USD 918 1,933 0.02 

Development Securities GB GBP 747 1,927 0.02 


CubeSmart US USD 143 1,863 0.02 


Development Bank of Japan 1.60% 20/06/2014 JP JPY 140,583 1,804 0.02 

Sumitomo Mitsui Financial Group JP JPY 58 1,778 0.02 

Lincoln National US USD 72 1,775 0.02 


Aliansce Shopping Centers BR BRL 158 1,761 0.02 





Standard Chartered (Hong Kong) GB HKD 72 1,701 0.02 


BAT Int’l Finance 7.25% 12/03/2024 EMTN GB GBP 703 1,524 0.02 

Discovery Holdings ZA ZAR 237 1,514 0.02 


Merck Financial Services 4.50% 24/03/2020 EMTN DE EUR 959 1,464 0.02 


Regions Financial US USD 224 1,444 0.02 

UBS London 6.375% 20/07/2016 EMTN CH GBP 767 1,437 0.02 

SLM US USD 82 1,426 0.02 

Lloyds TSB Bank 4.875% 30/03/2027 EMTN GB GBP 767 1,423 0.02 

Amlin GB GBP 236 1,422 0.02 

Bank of America 4.75% 03/04/2017 EMTN US EUR 959 1,380 0.02 



Loews US USD 31 1,317 0.01 

Manulife Financial CA CAD 104 1,288 0.01 






BNP Paribas Capital Trust VI 5.868% VRN (Perpetual) US EUR 959 1,199 0.01 


Amata (F) TH THB 2,295 1,147 0.01 


Brookfield Asset Management (A) CA CAD 32 1,111 0.01 


185 



USD 

Allianz Finance II 6.50% VRN 13/01/2025 NL EUR 767 1,078 0.01 


Clydesdale Bank 4.625% 08/06/2026 EMTN GB GBP 575 1,069 0.01 

CNinsure ADR CN USD 183 1,062 0.01 

BR Malls Participacoes BR BRL 78 1,027 0.01 

Sun Life Financial CA CAD 41 1,021 0.01 

Synovus Financial US USD 420 1,008 0.01 

JPMorgan Chase & Co 4.25% 15/10/2020 US USD 911 1,005 0.01 

Parque Arauco CL CLP 438 999 0.01 

Altisource Portfolio Solutions LU USD 9 996 0.01 

Banco Bilbao Vizcaya Argentaria ES EUR 119 994 0.01 

Barclays Bank 2.062% FRN (Perpetual) GB GBP 1,172 983 0.01 

Swedbank SE SEK 51 939 0.01 

NASDAQ OMX Group US USD 39 920 0.01 

Ciputra Development ID IDR 12,929 913 0.01 

Glencore Funding 6.00% 15/04/2014 Reg S US USD 820 875 0.01 

Gatwick Funding Limited 5.25% 23/01/2024 EMTN GB GBP 480 860 0.01 

Bank of Nova Scotia CA CAD 16 855 0.01 

Interactive Brokers Group (A) US USD 59 832 0.01 

Hang Lung Group HK HKD 139 817 0.01 

Alam Sutera Realty ID IDR 13,441 809 0.01 

Intesa Sanpaolo 4.375% 16/08/2016 Reg S IT EUR 575 803 0.01 

Summarecon Agung ID IDR 4,336 788 0.01 

Cedar Realty Trust US USD 149 782 0.01 

Kite Realty Group Trust US USD 140 778 0.01 

CBRE Group (A) US USD 44 771 0.01 

Mapletree Logistics Trust SG SGD 833 756 0.01 

American Equity Investment Life Holding US USD 66 755 0.01 

Banco Santander ES EUR 97 729 0.01 

Canadian Imperial Bank of Commerce CA CAD 9 678 0.01 

Redwood Trust US USD 44 674 0.01 

Bumi Serpong Damai ID IDR 4,933 635 0.01 

Banco do Estado do Rio Grande do Sul (Pref’d) (B) BR BRL 68 538 0.01 

BFCM 3.25% 23/08/2022 EMTN FR EUR 384 518 0.01 

Unibail-Rodamco 2.25% 01/08/2018 EMTN FR EUR 384 507 0.01 


Validus Holdings BM USD 13 469 0.01 

Guaranty Trust Bank NG NGN 3,477 438 0.00 

Credit Logement 0.852% FRN (Perpetual) FR EUR 525 420 0.00 

Brookfield Office Properties CA CAD 26 408 0.00 

Melcor Developments CA CAD 22 349 0.00 


Imperial Tobacco Finance 7.25% 15/09/2014 EMTN GB EUR 234 339 0.00 

Erste Group Bank AT EUR 10 257 0.00 

iShares eb.rexx Government Germany DE EUR 1 15 0.00 

Mitsubishi UFJ Financial Group JP JPY 1 2 0.00 

Mizuho Financial Group JP JPY 1 1 0.00 

MS&AD Insurance Group Holdings JP JPY 1 1 0.00 

Sumitomo Mitsui Trust Holdings JP JPY 1 1 0.00 

2,161,616 24.27 

Government 

Germany 3.25% 04/07/2021 DE EUR 68,066 102,800 1.15 

Japan 1.30% 20/06/2020 JP JPY 6,888,586 91,422 1.03 

Japan 1.90% 20/03/2029 JP JPY 6,471,287 86,266 0.97 

Germany 0.50% 07/04/2017 DE EUR 55,456 72,317 0.81 




France 3.00% 25/04/2022 FR EUR 31,631 44,059 0.49 

Japan 0.80% 20/09/2022 JP JPY 3,280,279 41,176 0.46 

Japan 2.50% 20/09/2034 JP JPY 2,851,265 40,411 0.45 


Italy 4.75% 01/09/2021 IT EUR 25,891 34,060 0.38 


Italy 4.75% 15/09/2016 IT EUR 18,979 25,912 0.29 



Italy 2.10% 15/09/2021 IT EUR 17,807 22,325 0.25 

Norway 2.00% 24/05/2023 NO NOK 118,090 20,661 0.23 


Spain 5.50% 30/04/2021 ES EUR 15,230 19,755 0.22 

Japan 2.00% 20/09/2040 JP JPY 1,255,878 16,035 0.18 

Italy 2.10% 15/09/2016 IT EUR 8,669 11,801 0.13 

Germany 1.75% 04/07/2022 DE EUR 7,966 10,630 0.12 


Italy 4.00% 01/02/2017 IT EUR 3,836 5,087 0.06 



Italy 4.50% 15/07/2015 IT EUR 2,877 3,895 0.04 

Spain 5.85% 31/01/2022 ES EUR 2,302 3,035 0.03 

UK Treasury 6.00% 07/12/2028 GB GBP 703 1,681 0.02 

Sweden 4.50% 12/08/2015 SE SEK 6,561 1,090 0.01 

Germany 2.25% 04/09/2021 DE EUR 43 60 0.00 

Germany 4.75% 04/07/2040 DE EUR 23 46 0.00 

961,985 10.80 


BNP (Kweichow Moutai (A)) ELN 20/08/2013 CN USD 72 2,842 0.03

Fidelity 

Funds 





USD 





7,139 0.08 


Energy 




Enterprise Products Operating 4.45% 15/02/2043 US USD 959 977 0.01 


12,079 0.14 

Materials 


5,973 0.07 

Industrials 




Globaltrans Investment GDR CY USD 39 727 0.01 

8,092 0.09 


Xerox 2.95% 15/03/2017 US USD 1,406 1,445 0.02 

E Ink Holdings TW TWD 192 154 0.00 

1,599 0.02 


Comcast 3.125% 15/07/2022 US USD 14,058 14,753 0.17 




Comcast 6.55% 01/07/2039 US USD 3,515 4,675 0.05 

Time Warner Cable 4.50% 15/09/2042 US USD 575 587 0.01 

36,473 0.41 







Danone 3.00% 15/06/2022 144A FR USD 1,918 1,980 0.02 


Altria Group 4.25% 09/08/2042 US USD 959 968 0.01 

23,231 0.26 

Healthcare 





Roche Holdings 7.00% 01/03/2039 144A US USD 767 1,186 0.01 

Watson Pharmaceuticals 4.625% 01/10/2042 US USD 288 309 0.00 

22,901 0.26 


DIRECTV 4.375% 14/09/2029 US GBP 4,218 6,877 0.08 

DIRECTV 5.15% 15/03/2042 US USD 5,155 5,367 0.06 

Vivendi 3.45% 12/01/2018 144A FR USD 959 981 0.01 

13,225 0.15 

Financials 


















186 

Guaranty Trust Bank GDR NG USD 364 2,257 0.03 


MetLife 4.125% 13/08/2042 US USD 1,593 1,612 0.02 


National Australia Bank 0.831% FRN 08/01/2013 Reg S AU USD 1,393 1,395 0.02 


Aegon NL EUR 221 1,232 0.01 

Proud 1 A 0.569% FRN 18/08/2017 FR EUR 993 1,216 0.01 

Brunt Alpha 2007-1 C 1.029% FRN 15/01/2017 GB GBP 923 1,193 0.01 


Leek Finance 18X BC 1.038% FRN 21/09/2038 GB EUR 937 1,160 0.01 

Clock Finance 2007-1 C2 0.695% FRN 25/02/2015 NL EUR 852 1,073 0.01 

SberBank of Russia GDR RU USD 88 1,033 0.01 

Intesa Sanpaolo 4.375% 15/10/2019 EMTN IT EUR 767 977 0.01 

Granite Master Issuer 2007-1 1C1 0.811% FRN 20/12/2054 GB USD 1,172 929 0.01 

BNP Paribas FR EUR 17 860 0.01 

Granite Mortgages 2003-3 1A3 0.719% FRN 20/01/2044 GB USD 624 620 0.01 

Leek Finance 17X A2A 0.907% FRN 21/12/2037 GB GBP 362 596 0.01 

TS Co.mit One E 2.672% FRN 29/06/2013* DE EUR 754 440 0.00 

Santander CF 2007-1 A 0.394% FRN 20/09/2022 ES EUR 144 187 0.00 

European Loan Conduit 23X C 0.615% FRN 15/02/2019* IE EUR 439 165 0.00 

European Loan Conduit 23X D 0.755% FRN 15/02/2019* IE EUR 245 49 0.00 


92,822 1.04 

Government 



Canada 3.25% 01/06/2021 CA CAD 23,899 26,908 0.30 







France 1.10% 25/07/2022 FR EUR 4,452 6,667 0.07 

US Treasury 3.00% 15/05/2042 US USD 767 789 0.01 

231,638 2.60 




278,516 3.13 




USD 

Raboa CD 0.264% 27/11/2012 AU USD 24,772 24,767 0.28 

Natixis CP 0.28% 03/12/2012 FR USD 24,772 24,766 0.28 

Mizuho (Australia) Corp. Bank CD 0.195% 05/11/2012 AU USD 22,295 22,294 0.25 

Allianz Banking Group CP 0.22% 28/11/2012 DE USD 22,295 22,291 0.25 

Deutsche Bank London CP 0.25% 19/11/2012 GB USD 19,818 19,815 0.22 

FMS Wertmanagement CP 0.49% 28/11/2012 DE USD 19,818 19,810 0.22 

BNP Paribas CD 0.352% 01/02/2013 FR USD 19,818 19,800 0.22 

Landeskreditbank CP 0.27% 03/01/2013 DE USD 19,198 19,189 0.22 

Svenska Handelsbanken CP 0.345% 02/11/2012 SE USD 18,579 18,579 0.21 

Austria CP 0.21% 13/11/2012 AT USD 18,579 18,578 0.21 

Bank Nederlandse Gemeenten CP 0.29% 05/11/2012 NL USD 18,579 18,578 0.21 

Caisse des Depots CP 0.35% 05/11/2012 FR USD 18,579 18,578 0.21 

KA Finanz CP 0.40% 06/11/2012 AT USD 18,579 18,578 0.21 

Nederlandse Waterschapsbank CP 0.305% % 11/05/12 NL USD 18,579 18,578 0.21 

Credit Agricole (Australia) CP 0.33% 15/11/2012 AU USD 18,579 18,577 0.21 

Standard Chartered Bank CP 0.34% 13/11/2012 GB USD 18,579 18,577 0.21 

Erste Abwicklungsanstalt CP 0.240% 27/11/2012 DE USD 18,579 18,576 0.21 

Sumitomo CP 0.24% 26/11/2012 GB USD 18,579 18,576 0.21 


Bank of Tokyo-Mitsubishi CD 0.296% 04/01/2013 AU USD 18,579 18,574 0.21 

Deka CP 0.30% 03/12/2012 DE USD 18,579 18,574 0.21 

SMBCE CD 0.27% 07/01/2013 GB USD 18,579 18,570 0.21 


Nordea Bank CP 0.22% 24/01/2013 SE USD 18,579 18,569 0.21 

SMBCE CD 0.251% 16/01/2013 GB USD 18,579 18,569 0.21 


HSBC France CD 0.261% 22/01/2013 FR USD 18,579 18,568 0.21 




Svenska Handelsbanken CD 0.33% 30/11/2012 SE USD 17,340 17,340 0.19 



Mizuho (Australia) CD 0.244% 09/11/2012 AU USD 16,102 16,101 0.18 


Nederlandse Waterschapsbank CP 0.29% 19/11/2012 NL USD 14,863 14,861 0.17 

TFA CP 0.18% 26/11/2012 AU USD 13,872 13,871 0.16 

Bank of Tokyo-Mitsubishi UFJ CD 0.290% 21/11/2012 JP USD 12,386 12,384 0.14 


Rabobank Nederland (Australia) CP 0.37% 03/12/2012 AU USD 12,386 12,382 0.14 

Netherlands CP 0.23% 17/01/2013 NL USD 10,528 10,523 0.12 

HSBC France CD 0.26% 04/01/2013 FR USD 9,909 9,904 0.11

Fidelity 

Funds 


Credit Agricole CIB (Australia) CP 0.32% 03/12/2012 AU USD 6,193 6,191 0.07 

Landesbank Hessen-Thuringen CP 0.20% 05/11/2012 DE USD 3,716 3,716 0.04 

767,907 8.62 

Unlisted 

Energy 

Rockwell Petroleum Placing* CA USD 164 0 0.00 

0 0.00 

Industrials 


87 0.00 



483 0.01 


Cyberview Technology* GB GBP 83 0 0.00 

0 0.00 

Healthcare 


133 0.00 




22,161 0.25 

Financials 







15,985 0.18 



Bank Deposits 

Pohjola Bank TD 0.16% 01/11/2012 FI USD 49,544 49,544 0.56 

DnB NOR Bank TD 0.16% 01/11/2012 NO USD 19,466 19,466 0.22 

69,010 0.77 





USD 



Dow Jones - UBS Agriculture Subindex USD 8,227 (374) (0.00) 


Dow Jones - UBS Commodity Index USD 636,130 (17,738) (0.20) 

(17,175) (0.19) 






USD 



USD 

Sold protection on CDX.NA.IG 20/12/2017 USD 70,292 27 0.00 

Bought protection on Hammerson 20/12/2016 EUR 863 5 0.00 

Sold protection on CDX.NA.HY 20/12/2017 USD 46,861 (410) (0.00) 

Sold protection on Glencore Finance 20/09/2017 EUR 7,498 (558) (0.01) 

(936) (0.01) 

187 




USD USD 








Bought KRW Sold USD at 1,119.00000 20/11/2012 21,353 547 0.01 











Bought USD Sold CHF at 1.07930 18/01/2013 49,617 138 0.00 

























Bought USD Sold EUR at 1.29839 20/11/2012 609 0 0.00 


Bought EUR Sold GBP at 1.23740 20/11/2012 705 (3) (0.00) 



Bought USD Sold EUR at 1.25596 20/11/2012 499 (16) (0.00) 

























Bought CAD Sold USD at 0.99633 20/11/2012 49,696 (170) (0.00) 



Bought CZK Sold USD at 19.26650 20/11/2012 43,395 (192) (0.00) 





Bought USD Sold KRW at 0.00088 20/11/2012 23,837 (957) (0.01) 






Bought USD Sold CZK at 0.04889 20/11/2012 44,782 (2,411) (0.03)

Fidelity 

Funds 




(14,930) (0.17) 

Futures 



USD 


Japan 10 Year Bond Future 11/12/2012 JPY 6,759,718 178 0.00 

Euro Schatz Future 06/12/2012 EUR (86,632) 166 0.00 


Euro Bobl Future 06/12/2012 EUR (103,666) 71 0.00 


US Treasury Note 5 Year Future 19/12/2012 USD 21,081 52 0.00 

Dax Index Future 21/12/2012 EUR 795 3 0.00 

Euro Stoxx 50 Future 21/12/2012 EUR 1,258 1 0.00 


US Treasury Note 10 Year Future 19/12/2012 USD (299,467) (381) (0.00) 


Long Term US Treasury Bond Future 19/12/2012 USD 68,529 (724) (0.01) 

2,450 0.03 




USD 



Pay fixed 1.50% receive float. (6m JPYLIBOR) 17/03/2015 JPY 2,343,056 853 0.01 

Pay fixed 2.435% receive floating (6m BA) 01/03/2022 CAD 22,025 616 0.01 

Pay fixed 4.376% receive float. (6m EURIBOR) 07/01/2013 EUR 62,794 511 0.01 

7,607 0.09 

Options 





USD USD 


Value Assets 

USD 

Purchased Call Eli Lilly & Co 19/01/2013 USD 1 239 0.00 

239 0.00 


Net Assets 8,907,231 100.00 

188 



USA US 25.73 

UK GB 12.72 


Japan JP 4.62 



Korea KR 3.67 


China CN 3.40 



Italy IT 1.80 



Spain ES 1.32 




















India IN 0.14 






Kenya KE 0.04 



Qatar QA 0.03 


Peru PE 0.03 





Chile CL 0.01 


Fidelity 

Funds 

Multi Asset Strategic Defensive Fund 4 




EUR 


Energy 





Chevron US USD 1,736 146,743 0.15 

Eni 3.75% 27/06/2019 EMTN IT EUR 106,079 115,729 0.12 




BP GB GBP 10,119 55,781 0.06 




BG Group GB GBP 3,031 43,250 0.04 

Apache US USD 678 43,046 0.04 

Ensco (A) GB USD 825 36,381 0.04 






Hess US USD 618 24,950 0.03 



Saipem IT EUR 681 23,590 0.02 

CNOOC CN HKD 14,623 23,310 0.02 









PTT (F) TH THB 1,944 15,450 0.02 




EQT US USD 287 13,406 0.01 








Origin Energy AU AUD 944 8,550 0.01 



Fugro NL EUR 147 7,693 0.01 





Cameco CA CAD 399 5,930 0.01 




Hoegh LNG Holdings BM NOK 955 5,420 0.01 

Talisman Energy CA CAD 635 5,272 0.01 







John Wood Group GB GBP 452 4,771 0.00 




Karoon Gas Australia AU AUD 614 2,722 0.00 



S-Oil KR KRW 17 1,225 0.00 

Gran Tierra Energy CA CAD 305 1,166 0.00 


China Coal Energy (H) CN HKD 523 399 0.00 


2,617,646 2.67 

189 



EUR 

Utilities 

CEZ 4.875% 16/04/2025 EMTN CZ EUR 298,198 354,608 0.36 















PPL US USD 687 15,660 0.02 

PG&E US USD 432 14,159 0.01 



Exelon US USD 400 10,995 0.01 


AES US USD 1,246 10,029 0.01 






Perusahaan Gas Negara Persero (B) ID IDR 2,468 919 0.00 

Cheung Kong Infrastructure Holdings HK HKD 172 778 0.00 



1,160,044 1.19 

Materials 

Arkema 3.85% 30/04/2020 FR EUR 91,832 98,932 0.10 








Mosaic US USD 707 28,553 0.03 






Rio Tinto (Australia) AU AUD 505 22,887 0.02 


BASF DE EUR 338 21,619 0.02 


Lanxess DE EUR 295 18,820 0.02 



Ecolab US USD 327 17,445 0.02 



Arkema FR EUR 233 16,418 0.02 







Agrium CA CAD 136 10,975 0.01 








JSR JP JPY 627 8,269 0.01 



Commercial Metals US USD 767 8,130 0.01 



Linde DE EUR 57 7,412 0.01 



Newcrest Mining AU AUD 327 6,923 0.01 




Fidelity 

Funds 

Multi Asset Strategic Defensive Fund 4 - continued 




EUR 


Eramet FR EUR 61 6,009 0.01 







IAMGOLD CA CAD 353 4,263 0.00 





LG Chem KR KRW 10 2,241 0.00 







Petronas Chemicals Group MY MYR 567 929 0.00 

Inner Mongolia Baotou Steel Rare-Earth Hi-Tech (A) CN CNY 263 927 0.00 


Honam Petrochemical KR KRW 4 613 0.00 

Taiwan Cement TW TWD 514 504 0.00 

China Shanshui Cement Group CN HKD 551 313 0.00 

1,077,469 1.10 

Industrials 







Danaher US USD 2,338 93,402 0.10 



Cummins US USD 801 57,680 0.06 










Capita GB GBP 2,968 26,687 0.03 



Seek AU AUD 4,242 22,594 0.02 

Equifax US USD 584 22,572 0.02 

AMETEK US USD 780 21,283 0.02 





Alstom FR EUR 731 19,258 0.02 

Boeing US USD 352 19,081 0.02 




MasTec US USD 1,023 17,737 0.02 






FedEx US USD 214 15,091 0.02 













GFK DE EUR 274 9,640 0.01 



Trimas US USD 468 8,873 0.01 




190 



EUR 


Deere & Co US USD 121 7,945 0.01 









ADT US USD 202 6,387 0.01 

Brammer GB GBP 1,963 5,865 0.01 




easyJet GB GBP 700 5,443 0.01 

CSX US USD 332 5,255 0.01 




Chemring Group GB GBP 906 3,536 0.00 



Meggitt GB GBP 532 2,553 0.00 

ATS Automation Tooling Systems CA CAD 300 2,148 0.00 


Colfax US USD 80 2,091 0.00 


Keppel SG SGD 274 1,834 0.00 




51job ADR CN USD 37 1,335 0.00 


Jasa Marga Persero ID IDR 2,003 930 0.00 

NRW Holdings AU AUD 537 876 0.00 

Shanghai Electric Group (H) CN HKD 2,269 705 0.00 

Cleanaway TW TWD 125 664 0.00 

Orient Overseas International HK HKD 133 642 0.00 

CTCI TW TWD 370 564 0.00 

China Shipping Container Lines (H) CN HKD 2,617 533 0.00 

Harbin Electric CN HKD 748 473 0.00 

Hopewell Holdings HK HKD 167 461 0.00 

China COSCO Holdings (H) CN HKD 1,162 443 0.00 


China Everbright International HK HKD 929 367 0.00 

Air China (H) CN HKD 667 363 0.00 

China Shipping Development (H) CN HKD 814 327 0.00 

TK KR KRW 16 302 0.00 

Hopewell Highway Infrastructure (CNY) HK CNY 575 234 0.00 

SATS SG SGD 90 157 0.00 



2,637,473 2.69 


Apple US USD 591 271,570 0.28 

Google (A) US USD 370 192,882 0.20 






SAP DE EUR 923 51,898 0.05 



Oracle US USD 1,765 42,193 0.04 



Visa (A) US USD 359 38,103 0.04 

Iliad 4.875% 01/06/2016 FR EUR 34,848 37,356 0.04 

eBay US USD 968 36,017 0.04 

Corning US USD 3,757 34,117 0.03 


Altera US USD 1,338 31,168 0.03 




Fiserv US USD 451 25,969 0.03 




EMC US USD 1,146 21,540 0.02 



NVIDIA US USD 2,287 21,189 0.02 



Facebook (A) US USD 1,037 16,931 0.02

Fidelity 

Funds 





EUR 



VMware (A) US USD 216 14,019 0.01 








Cadence Design Systems US USD 996 9,710 0.01 


Sina CN USD 218 9,241 0.01 






Xilinx US USD 325 8,188 0.01 

ADTRAN US USD 613 7,931 0.01 




NCSoft KR KRW 47 7,005 0.01 




Intel US USD 367 6,143 0.01 

Amdocs US USD 241 6,089 0.01 


NetApp US USD 269 5,612 0.01 





carsales.com AU AUD 745 4,440 0.00 





Micron Technology US USD 884 3,692 0.00 



ServiceSource International US USD 494 3,406 0.00 






SK Hynix KR KRW 134 2,349 0.00 




Quanta Computer TW TWD 897 1,569 0.00 




TPK Holding TW TWD 96 923 0.00 

Youku ADR CN USD 58 886 0.00 

Kingboard Chemical Holdings HK HKD 262 596 0.00 

AmTRAN Technology TW TWD 488 316 0.00 



2,122,401 2.17 











Lowe’s US USD 2,133 53,021 0.05 



Pearson GB GBP 2,996 46,381 0.05 


Coach US USD 1,024 43,849 0.04 



NIKE (B) US USD 568 39,838 0.04 

WPP IE GBP 3,420 34,005 0.03 



Mattel US USD 1,104 31,303 0.03 



191 



EUR 



Adidas DE EUR 357 23,466 0.02 









News (A) US USD 1,050 19,344 0.02 



Target US USD 378 18,463 0.02 



Denso JP JPY 673 16,259 0.02 





Vivendi FR EUR 933 14,734 0.02 

VF US USD 122 14,565 0.01 

DIRECTV US USD 363 14,266 0.01 



TJX US USD 430 13,632 0.01 









Staples US USD 1,197 10,574 0.01 







GKN GB GBP 3,221 8,314 0.01 

Asics JP JPY 692 7,742 0.01 




Trinity HK HKD 13,261 7,115 0.01 


Start Today JP JPY 696 5,867 0.01 



PVH US USD 60 4,896 0.01 






Big Lots US USD 108 2,414 0.00 






Best Buy US USD 138 1,611 0.00 



Hotel Shilla KR KRW 30 979 0.00 



Astra International ID IDR 1,192 768 0.00 

AviChina Industry & Technology (H) CN HKD 2,350 739 0.00 



2,450,229 2.50 












Diageo GB GBP 5,080 111,867 0.11 

SABMiller GB GBP 3,124 103,129 0.11

Fidelity 

Funds 





EUR 








PepsiCo US USD 813 43,389 0.04 












KT&G KR KRW 438 25,552 0.03 




Glanbia IE EUR 3,269 23,931 0.02 

Wesfarmers AU AUD 859 23,857 0.02 



HJ Heinz US USD 516 22,902 0.02 


Tesco GB GBP 5,311 21,123 0.02 



Woolworths AU AUD 747 17,529 0.02 

AVI ZA ZAR 3,338 16,956 0.02 


Calbee JP JPY 211 14,956 0.02 



Devro GB GBP 3,567 14,542 0.01 

























Lotte Chilsung Beverage KR KRW 1 924 0.00 

Vinda International Holdings HK HKD 736 787 0.00 

Lotte Samkang KR KRW 1 558 0.00 





3,756,367 3.84 

Healthcare 

Pfizer US USD 11,238 216,074 0.22 




Merck & Co US USD 3,278 115,062 0.12 




Sanofi FR EUR 1,119 75,899 0.08 



Stryker US USD 1,138 45,936 0.05 



Shire IE GBP 1,930 41,822 0.04 


192 



EUR 





Humana US USD 447 25,521 0.03 


Amgen US USD 342 22,804 0.02 



CSL AU AUD 453 17,183 0.02 



Aetna US USD 478 16,083 0.02 







MEDNAX US USD 278 14,651 0.01 

Ramsay Health Care AU AUD 769 14,585 0.01 





Hospira US USD 521 12,309 0.01 

Celgene US USD 209 11,841 0.01 


DaVita US USD 121 10,442 0.01 



Cigna US USD 257 9,879 0.01 








Ossur IS DKK 8,229 8,384 0.01 









3SBio ADR CN USD 651 6,740 0.01 



CR Bard US USD 84 6,261 0.01 





Sorin IT EUR 3,262 5,907 0.01 



Ansell AU AUD 461 5,748 0.01 








Elan IE EUR 522 4,445 0.00 












Medica FR EUR 231 3,183 0.00 










Mesoblast AU AUD 299 1,372 0.00

Fidelity 

Funds 





EUR 


Kalbe Farma ID IDR 11,419 887 0.00 


Biosensors International Group SG SGD 499 340 0.00 





2,384,895 2.44 






Tdc 4.375% 23/02/2018 Reg S DK EUR 156,940 177,985 0.18 





AT&T US USD 3,088 82,269 0.08 










Telstra AU AUD 7,822 25,882 0.03 

KDDI JP JPY 412 24,629 0.03 

TELUS CA CAD 464 23,147 0.02 


Freenet DE EUR 1,611 20,550 0.02 





BT Group GB GBP 6,470 17,098 0.02 















BCE CA CAD 190 6,384 0.01 



Advanced Info Service (F) TH THB 705 3,485 0.00 




Maxis MY MYR 1,221 2,141 0.00 

Taiwan Mobile TW TWD 766 2,046 0.00 





StarHub SG SGD 553 1,281 0.00 


LG Uplus KR KRW 171 839 0.00 

2,739,505 2.80 

Financials 

Rabobank Nederland 0.52% FRN 09/11/2012 EMTN NL EUR 1,524,468 1,524,552 1.56 















Simon Property Group US USD 2,879 335,542 0.34 

193 



EUR 









KfW 1.25% 17/10/2019 DE EUR 276,111 275,932 0.28 




RBS 5.50% 23/03/2020 EMTN GB EUR 211,286 250,725 0.26 





Ventas US USD 4,982 242,750 0.25 
























HCP US USD 4,234 144,851 0.15 


Equity Residential US USD 3,289 143,586 0.15 













DDR US USD 9,511 110,494 0.11 




Apartment Investment & Management (A) US USD 4,894 100,086 0.10 







RioCan Real Estate Investment Trust CA CAD 4,089 85,012 0.09 






SL Green Realty US USD 1,382 79,379 0.08 







General Growth Properties US USD 4,929 72,201 0.07 


Invesco US USD 3,728 69,119 0.07 


Duke Realty US USD 5,732 63,186 0.06 



CBL & Associates Properties US USD 3,459 59,021 0.06 


HSBC Holdings GB GBP 7,625 57,723 0.06

Fidelity 

Funds 





EUR 





Tanger Factory Outlet Centers US USD 2,138 51,335 0.05 

Macerich US USD 1,188 51,236 0.05 

H&R REIT CA CAD 2,701 50,126 0.05 








Castellum SE SEK 4,245 43,878 0.04 


American Campus Communities US USD 1,202 41,851 0.04 

Allied Properties REIT CA CAD 1,690 41,160 0.04 


UBS (Reg’d) CH CHF 3,428 39,654 0.04 




Forest City Enterprises (A) US USD 2,963 36,598 0.04 

Aon GB USD 861 35,705 0.04 

Sun Communities US USD 1,056 33,978 0.03 




Douglas Emmett US USD 1,775 31,832 0.03 





Lexington Realty Trust US USD 4,064 29,578 0.03 














MetLife US USD 895 24,314 0.02 

ORIX JP JPY 305 24,139 0.02 




Mercialys FR EUR 1,439 23,300 0.02 






DNB NO NOK 2,211 21,284 0.02 



UDR US USD 1,109 20,658 0.02 








Remgro ZA ZAR 1,247 16,451 0.02 
















Lazard (A) BM USD 571 12,980 0.01 




194 



EUR 





SLM US USD 886 11,932 0.01 




Loews US USD 337 11,019 0.01 



Amlin GB GBP 2,280 10,581 0.01 





































ACE CH USD 102 6,180 0.01 









American Equity Investment Life Holding US USD 641 5,619 0.01 



















China Overseas Land & Investment HK HKD 846 1,693 0.00 



Shimao Property Holdings HK HKD 981 1,431 0.00 






Keppel Land SG SGD 481 1,025 0.00 

Agile Property Holdings CN HKD 1,138 987 0.00 

Henderson Land Development HK HKD 164 871 0.00 

China Resources Land HK HKD 444 774 0.00 

China Life Insurance (H) CN HKD 322 728 0.00

Fidelity 

Funds 





EUR 

Alliance Financial Group MY MYR 598 614 0.00 

Greentown China Holdings CN HKD 611 575 0.00 

Siam Commercial Bank (F) TH THB 132 532 0.00 

China Life Insurance TW TWD 766 458 0.00 


Amata (F) TH THB 650 250 0.00 



27,072,698 27.66 

Government 

Germany 0.50% 07/04/2017 DE EUR 6,497,735 6,532,330 6.67 

Italy 3.00% 15/06/2015 IT EUR 1,855,562 1,869,186 1.91 

Italy 4.25% 01/03/2020 IT EUR 1,683,492 1,682,038 1.72 

Germany 1.75% 04/07/2022 DE EUR 1,311,450 1,349,059 1.38 

Spain 5.85% 31/01/2022 ES EUR 1,183,541 1,203,238 1.23 

Italy 5.00% 01/03/2022 IT EUR 1,116,127 1,140,603 1.17 

France 3.00% 25/04/2022 FR EUR 823,144 883,908 0.90 

Germany 2.50% 27/02/2015 DE EUR 830,120 877,319 0.90 

Germany 3.25% 04/07/2042 DE EUR 716,182 867,200 0.89 

Italy 5.00% 01/09/2040 IT EUR 744,085 692,922 0.71 


Spain 3.25% 30/04/2016 ES EUR 574,341 563,128 0.58 

Germany 3.50% 04/07/2019 DE EUR 460,403 538,964 0.55 

Italy 4.00% 01/02/2017 IT EUR 499,901 511,081 0.52 

Germany 2.25% 04/09/2021 DE EUR 449,707 486,032 0.50 

Spain 4.75% 30/07/2014 ES EUR 423,198 435,928 0.45 

Spain 4.30% 31/10/2019 ES EUR 372,042 356,744 0.36 

Germany 1.75% 09/10/2015 DE EUR 327,862 343,593 0.35 

Italy 4.50% 15/07/2015 IT EUR 305,168 318,480 0.33 

Spain 4.00% 30/07/2015 ES EUR 279,032 283,079 0.29 

Germany 3.25% 04/07/2015 DE EUR 260,430 282,353 0.29 


France 4.50% 25/04/2041 FR EUR 151,607 189,906 0.19 

Belgium 4.00% 28/03/2032 BE EUR 167,419 185,891 0.19 


France 4.00% 25/04/2055 FR EUR 88,360 103,339 0.11 




22,765,753 23.26 


BNP (Kweichow Moutai (A)) ELN 20/08/2013 CN USD 20 621 0.00 





1,559 0.00 


Energy 





49,601 0.05 

Industrials 

Globaltrans Investment GDR CY USD 597 8,521 0.01 


16,579 0.02 



1,990 0.00 



4,107 0.00 


Danone 3.00% 15/06/2022 144A FR USD 17,424 13,863 0.01 



33,407 0.03 

Healthcare 




24,908 0.03 

195 



6,870 0.01 

Financials 









Aegon NL EUR 1,796 7,739 0.01 









1,406,974 1.44 

Government 

EFSF Treasury Bill 0.023% 21/03/2013 99 EUR 1,120,932 1,120,834 1.15 

Spain 4.90% 30/07/2040 ES EUR 297,634 240,125 0.25 

France 2.50% 12/01/2014 FR EUR 153,468 157,890 0.16 


1,524,371 1.56 




1,143,635 1.17 


KA Finanz CP 0.03% 09/11/2012 AT EUR 1,345,119 1,345,110 1.37 

Mizuho Corporate Bank CD 0.02% 02/11/2012 GB EUR 1,165,770 1,165,770 1.19 

Sumitomo Mitsui Banking CP 0.03% 03/12/2012 BE EUR 1,165,770 1,165,739 1.19 

BNP Paribas CD 0.096% 04/02/2013 FR EUR 1,165,770 1,165,477 1.19 


Natixis CD 0.059% 03/12/2012 FR EUR 1,031,258 1,031,203 1.05 














Aviva CP 0.01% 19/11/2012 GB EUR 224,186 224,185 0.23 







BPCE CP 0.025% 01/11/2012 FR EUR 134,512 134,512 0.14 






16,902,635 17.27 

Unlisted 



EUR 

Energy 


0 0.00 

Industrials 


599 0.00

Fidelity 

Funds 



106 0.00 



0 0.00 

Healthcare 


916 0.00 




11,268 0.01 

Financials 


Kasikornbank NVDR TH THB 368 1,644 0.00 

Bangkok Bank NVDR TH THB 147 649 0.00 

Land and Houses NVDR TH THB 2,822 606 0.00 



19,507 0.02 



Bank Deposits 

Swedbank TD 0.01% 01/11/2012 SE EUR 1,571,131 1,571,131 1.61 

1,571,131 1.61 





EUR 






(93,716) (0.10) 






EUR 


34 0.00 




EUR 



EUR EUR 


Bought AUD Sold EUR at 1.27581 18/01/2013 1,639,194 21,800 0.02 



Bought GBP Sold EUR at 0.80780 18/01/2013 1,627,259 5,681 0.01 











196 



























Bought EUR Sold AUD at 0.78104 18/01/2013 204,279 (3,394) (0.00) 

Bought EUR Sold CHF at 0.82677 18/01/2013 2,197,236 (6,144) (0.01) 

Bought CAD Sold EUR at 1.26617 18/01/2013 3,118,694 (80,155) (0.08) 

(1,928) (0.00) 











Bought EUR Sold JPY at 0.00972 07/12/2012 62,689 461 0.00 



Bought JPY Sold EUR at 104.09771 07/11/2012 22,296 102 0.00 




Bought JPY Sold EUR at 102.89168 07/12/2012 10,827 (76) (0.00) 

Bought EUR Sold AUD at 0.79243 07/11/2012 16,950 (151) (0.00) 





Bought AUD Sold EUR at 1.24870 07/11/2012 474,252 (760) (0.00) 




42,851 0.04 




EUR EUR 







Bought GBP Sold EUR at 0.80566 07/11/2012 559,787 1,017 0.00 














Bought JPY Sold EUR at 102.59150 07/11/2012 102,718 (1,022) (0.00) 


49,565 0.05

Fidelity 

Funds 

Futures 


Long Gilt Future 27/12/2012 GBP (22,835) 348 0.00 





Euro Bund Future 06/12/2012 EUR (113,485) (403) (0.00) 


1,026 0.00 

Options 





EUR 


Value Assets 

EUR 


1,650 0.00 


Net Assets 97,877,265 100.00 

197 




USA US 14.51 

Italy IT 8.07 


UK GB 7.71 


Spain ES 5.03 




Japan JP 3.05 










China CN 0.51 


Korea KR 0.39 












India IN 0.08 






Qatar QA 0.03 


Kenya KE 0.02 




Peru PE 0.01 




Chile CL 0.01 



Fidelity 

Funds 

Multi Asset Strategic Fund 4 




USD 


Energy 


Chevron US USD 5,673 621,870 0.29 



BP GB GBP 47,248 337,854 0.16 



BG Group GB GBP 16,772 310,440 0.15 





Eni 3.75% 27/06/2019 EMTN IT EUR 139,514 197,433 0.09 

Apache US USD 2,277 187,405 0.09 

Saipem IT EUR 3,956 177,877 0.08 






Ensco (A) GB USD 2,440 139,606 0.07 



CNOOC CN HKD 60,662 125,436 0.06 









PTT (F) TH THB 7,391 76,191 0.04 


Hess US USD 1,386 72,544 0.03 





EQT US USD 985 59,620 0.03 









Inpex JP JPY 8 44,930 0.02 






Cameco CA CAD 1,914 36,901 0.02 







Eni IT EUR 1,173 26,951 0.01 



Fugro NL EUR 331 22,368 0.01 

AMEC GB GBP 1,267 21,659 0.01 















S-Oil KR KRW 123 11,178 0.01 

198 



USD 






9,522,846 4.51 

Utilities 

CEZ 4.875% 16/04/2025 EMTN CZ EUR 369,157 569,432 0.27 











PPL US USD 2,357 69,642 0.03 


PG&E US USD 1,431 60,794 0.03 





Exelon US USD 1,529 54,543 0.03 


AES US USD 4,125 43,063 0.02 














2,620,892 1.24 

Materials 








Arkema 3.85% 30/04/2020 FR EUR 124,090 173,407 0.08 





Mosaic US USD 2,389 125,095 0.06 





BASF DE EUR 1,121 92,994 0.04 


Lanxess DE EUR 1,087 89,821 0.04 



Agrium CA CAD 756 79,285 0.04 

Ecolab US USD 1,123 77,579 0.04 

Arkema FR EUR 767 70,026 0.03 

Linde DE EUR 400 67,401 0.03 
















Fidelity 

Funds 

Multi Asset Strategic Fund 4 - continued 




USD 






IAMGOLD CA CAD 1,965 30,798 0.01 


JSR JP JPY 1,625 27,806 0.01 

Xstrata CH GBP 1,746 27,577 0.01 









LG Chem KR KRW 73 20,455 0.01 



Eramet FR EUR 140 17,733 0.01 




US Silica Holdings US USD 1,084 13,684 0.01 





















Asahi Kasei JP JPY 34 186 0.00 

4,891,308 2.32 

Industrials 





Danaher US USD 7,571 392,415 0.19 



Cummins US USD 2,930 273,498 0.13 












Seek AU AUD 18,975 131,088 0.06 

Capita GB GBP 11,188 130,473 0.06 









Boeing US USD 1,206 84,858 0.04 



Equifax US USD 1,598 80,118 0.04 




Alstom FR EUR 2,246 76,772 0.04 


AMETEK US USD 1,981 70,104 0.03 

FedEx US USD 732 67,110 0.03 

199 



USD 

CSX US USD 3,165 64,905 0.03 










MasTec US USD 2,292 51,572 0.02 










GFK DE EUR 963 43,866 0.02 







Deere & Co US USD 462 39,414 0.02 












Trimas US USD 1,189 29,226 0.01 


easyJet GB GBP 2,639 26,610 0.01 




ADT US USD 595 24,402 0.01 



Brammer GB GBP 4,985 19,320 0.01 

Rush Enterprises (A) US USD 1,000 18,858 0.01 



Keppel SG SGD 1,929 16,739 0.01 


Safran FR EUR 391 15,561 0.01 







Meggitt GB GBP 2,005 12,483 0.01 

51job ADR CN USD 261 12,189 0.01 





Colfax US USD 273 9,300 0.00 





IMI GB GBP 399 6,138 0.00 



CTCI TW TWD 2,607 5,147 0.00 










TK KR KRW 109 2,761 0.00 


SATS SG SGD 631 1,435 0.00 


Singamas Container Holdings HK HKD 2,565 643 0.00

Fidelity 

Funds 





USD 

Sumitomo Electric Industries JP JPY 20 216 0.00 

9,559,847 4.52 


Apple US USD 2,590 1,544,586 0.73 

Google (A) US USD 1,506 1,019,863 0.48 





SAP DE EUR 4,873 355,231 0.17 

Oracle US USD 10,572 327,735 0.16 






eBay US USD 4,102 198,015 0.09 


Iliad 4.875% 01/06/2016 FR EUR 123,506 171,736 0.08 


Visa (A) US USD 1,076 148,205 0.07 


Altera US USD 4,410 133,269 0.06 



Corning US USD 9,645 113,620 0.05 




EMC US USD 3,853 93,927 0.04 

Fiserv US USD 1,215 90,854 0.04 




NVIDIA US USD 6,149 73,915 0.03 





VMware (A) US USD 676 56,816 0.03 





Sina CN USD 859 47,255 0.02 




Xilinx US USD 1,244 40,616 0.02 





NCSoft KR KRW 180 34,545 0.02 

ADTRAN US USD 2,026 33,969 0.02 








Intel US USD 1,402 30,472 0.01 




NetApp US USD 1,028 27,838 0.01 









SK Hynix KR KRW 945 21,444 0.01 


Amdocs US USD 625 20,477 0.01 



Canon JP JPY 485 15,763 0.01 

Bechtle DE EUR 406 15,339 0.01 







200 



USD 







SCSK JP JPY 614 10,442 0.00 











Fujitsu JP JPY 42 161 0.00 

Hitachi JP JPY 30 160 0.00 

Kyocera JP JPY 2 141 0.00 

TDK JP JPY 2 87 0.00 

10,717,861 5.07 











WPP IE GBP 21,024 271,130 0.13 


Pearson GB GBP 11,291 226,760 0.11 


Lowe’s US USD 6,202 199,943 0.09 

Coach US USD 3,281 182,179 0.09 


TJX US USD 4,096 168,386 0.08 



NIKE (B) US USD 1,586 144,343 0.07 



Mattel US USD 3,322 122,157 0.06 










Adidas DE EUR 1,184 100,939 0.05 









Target US USD 1,250 79,276 0.04 








VF US USD 418 64,772 0.03 

News (A) US USD 2,697 64,435 0.03 


DIRECTV US USD 1,201 61,253 0.03 



Expedia US USD 955 56,833 0.03 







Denso JP JPY 1,509 47,270 0.02 

Staples US USD 4,103 47,024 0.02 

Anhanguera Educacional Participacoes BR BRL 2,693 46,522 0.02

Fidelity 

Funds 





USD 






GKN GB GBP 12,139 40,649 0.02 


BMW DE EUR 506 40,348 0.02 


Vivendi FR EUR 1,851 37,900 0.02 





Inditex ES EUR 277 35,399 0.02 


PPR FR EUR 191 33,627 0.02 






Asics JP JPY 1,551 22,507 0.01 


Trinity HK HKD 29,721 20,686 0.01 


Best Buy US USD 1,311 19,897 0.01 

PVH US USD 176 18,706 0.01 

Renault FR EUR 391 17,481 0.01 










IPSOS FR EUR 290 10,187 0.00 



Autogrill IT EUR 917 9,382 0.00 

Big Lots US USD 317 9,223 0.00 




Duskin JP JPY 407 7,722 0.00 










Bridgestone JP JPY 4 89 0.00 

10,456,208 4.95 



Diageo GB GBP 17,494 499,766 0.24 











PepsiCo US USD 4,838 334,856 0.16 













Danone FR EUR 2,140 131,675 0.06 

KT&G KR KRW 1,666 126,010 0.06 



201 



USD 






HJ Heinz US USD 1,974 113,607 0.05 








AVI ZA ZAR 12,692 83,616 0.04 


Glanbia IE EUR 7,699 73,103 0.03 




Tesco GB GBP 11,903 61,410 0.03 


Kellogg US USD 1,104 58,049 0.03 






Calbee JP JPY 474 43,480 0.02 




Devro GB GBP 7,996 42,278 0.02 















L’Oreal FR EUR 178 22,727 0.01 









Aryzta CH CHF 103 5,151 0.00 





Grape King Industrial TW TWD 513 1,177 0.00 

Aeon JP JPY 12 132 0.00 

11,954,866 5.66 

Healthcare 

Pfizer US USD 39,577 987,055 0.47 




Merck & Co US USD 10,735 488,781 0.23 



Sanofi FR EUR 4,681 411,786 0.19 




Shire IE GBP 7,538 211,943 0.10 




Stryker US USD 3,186 166,870 0.08 






Amgen US USD 1,156 99,965 0.05 


Ramsay Health Care AU AUD 3,438 84,622 0.04

Fidelity 

Funds 





USD 

Humana US USD 1,039 76,858 0.04 




Aetna US USD 1,581 69,055 0.03 








Hospira US USD 1,500 45,932 0.02 

Celgene US USD 615 45,238 0.02 

CSL AU AUD 917 45,167 0.02 

MEDNAX US USD 655 44,712 0.02 














DaVita US USD 246 27,447 0.01 





Cigna US USD 520 25,966 0.01 




Covance US USD 491 23,823 0.01 

Ossur IS DKK 16,676 22,038 0.01 

Centene US USD 568 21,518 0.01 

Daiichi Sankyo JP JPY 1,315 20,092 0.01 







3SBio ADR CN USD 1,320 17,717 0.01 




CR Bard US USD 171 16,458 0.01 


Sorin IT EUR 6,609 15,526 0.01 


Ansell AU AUD 933 15,108 0.01 

Tornier NL USD 865 14,706 0.01 



Hologic US USD 677 13,698 0.01 





Elan IE EUR 1,057 11,683 0.01 

Ion Beam Applications BE EUR 1,256 10,588 0.01 






UCB BE EUR 147 8,554 0.00 


Medica FR EUR 468 8,368 0.00 












Elan ADR IE USD 330 3,551 0.00 




202 



USD 

Threshold Pharmaceuticals US USD 311 1,294 0.00 




Cardiome Pharma CA CAD 1,050 284 0.00 

Otsuka Holdings JP JPY 5 158 0.00 

9,419,605 4.46 







Tdc 4.375% 23/02/2018 Reg S DK EUR 188,876 277,852 0.13 


AT&T US USD 7,274 251,405 0.12 







Telstra AU AUD 34,988 150,165 0.07 






Freenet DE EUR 5,343 88,395 0.04 

TELUS CA CAD 1,319 85,400 0.04 





KDDI JP JPY 819 63,541 0.03 





BCE CA CAD 1,060 46,118 0.02 



BT Group GB GBP 12,831 43,982 0.02 











SK Telecom ADR KR USD 1,570 24,450 0.01 




Maxis MY MYR 8,591 19,547 0.01 







StarHub SG SGD 3,891 11,689 0.01 


LG Uplus KR KRW 1,201 7,660 0.00 


6,606,079 3.13 

Financials 

ETFS All Commodities DJ-UBSCISM GB USD 266,974 3,980,576 1.88 


Rabobank Nederland 0.52% FRN 09/11/2012 EMTN NL EUR 989,129 1,283,109 0.61 

FMS Wertmanagement 1.875% 09/05/2019 EMTN DE EUR 786,691 1,054,361 0.50 






Simon Property Group US USD 4,817 728,203 0.34 






European Union 3.75% 04/04/2042 EMTN 99 EUR 399,207 615,239 0.29

Fidelity 

Funds 





USD 





Ventas US USD 8,336 526,824 0.25 








KfW 1.25% 17/10/2019 DE EUR 362,057 469,333 0.22 









RBS 5.50% 23/03/2020 EMTN GB EUR 255,548 393,357 0.19 












HCP US USD 7,083 314,360 0.15 

Equity Residential US USD 5,503 311,615 0.15 














Invesco US USD 11,313 272,074 0.13 



UBS (Reg’d) CH CHF 17,180 257,800 0.12 





DDR US USD 15,912 239,797 0.11 









Apartment Investment & Management (A) US USD 8,187 217,210 0.10 













RioCan Real Estate Investment Trust CA CAD 6,842 184,495 0.09 





SL Green Realty US USD 2,312 172,270 0.08 







203 



USD 

Aon GB USD 2,948 158,677 0.08 

General Growth Properties US USD 8,247 156,694 0.07 






Duke Realty US USD 9,589 137,128 0.06 





CBL & Associates Properties US USD 5,788 128,089 0.06 









Tanger Factory Outlet Centers US USD 3,578 111,409 0.05 

Macerich US USD 1,988 111,193 0.05 




H&R REIT CA CAD 4,519 108,786 0.05 


MetLife US USD 3,068 108,130 0.05 




Castellum SE SEK 7,101 95,225 0.05 





American Campus Communities US USD 2,010 90,826 0.04 


Allied Properties REIT CA CAD 2,827 89,326 0.04 







Remgro ZA ZAR 4,742 81,128 0.04 



Forest City Enterprises (A) US USD 4,958 79,427 0.04 

ORIX JP JPY 759 77,819 0.04 






Sun Communities US USD 1,767 73,741 0.03 





Douglas Emmett US USD 2,970 69,082 0.03 

DNB NO NOK 5,480 68,409 0.03 




Lazard (A) BM USD 2,183 64,389 0.03 

Lexington Realty Trust US USD 6,800 64,191 0.03 




















SLM US USD 2,933 51,235 0.02 


Mercialys FR EUR 2,408 50,566 0.02

Fidelity 

Funds 





USD 







Loews US USD 1,116 47,314 0.02 








UDR US USD 1,856 44,833 0.02 








CIT Group US USD 1,106 40,871 0.02 
















Primaris Retail REIT CA CAD 1,512 35,437 0.02 


Amlin GB GBP 5,649 34,009 0.02 











RBS 5.125% 13/01/2024 GB GBP 15,056 28,954 0.01 

ICAP GB GBP 5,480 28,740 0.01 














ACE CH USD 300 23,610 0.01 


Swedbank SE SEK 1,210 22,456 0.01 






















204 



USD 























Amata (F) TH THB 4,575 2,287 0.00 

Chinatrust Financial Holding TW TWD 1,731 947 0.00 


Mizuho Financial Group JP JPY 206 322 0.00 

Nomura Real Estate Holdings JP JPY 7 128 0.00 


55,350,043 26.20 

Government 

Germany 0.50% 07/04/2017 DE EUR 7,752,123 10,109,125 4.78 

Italy 3.00% 15/06/2015 IT EUR 2,349,874 3,070,496 1.45 

Italy 4.25% 01/03/2020 IT EUR 2,209,488 2,863,540 1.36 

Germany 1.75% 04/07/2022 DE EUR 1,838,818 2,453,607 1.16 

Spain 5.85% 31/01/2022 ES EUR 1,530,612 2,018,460 0.96 

Italy 5.00% 01/03/2022 IT EUR 1,427,921 1,892,830 0.90 

France 3.00% 25/04/2022 FR EUR 1,157,643 1,612,474 0.76 

Germany 3.25% 04/07/2042 DE EUR 952,207 1,495,595 0.71 

Germany 2.50% 27/02/2015 DE EUR 1,022,627 1,401,912 0.66 

Italy 5.00% 01/09/2040 IT EUR 946,634 1,143,485 0.54 

Spain 3.25% 30/04/2016 ES EUR 812,744 1,033,661 0.49 

Italy 4.00% 01/02/2017 IT EUR 750,357 995,086 0.47 


Germany 3.50% 04/07/2019 DE EUR 546,374 829,657 0.39 

Spain 4.75% 30/07/2014 ES EUR 534,911 714,726 0.34 

Spain 4.30% 31/10/2019 ES EUR 504,314 627,266 0.30 

Italy 4.50% 15/07/2015 IT EUR 426,362 577,176 0.27 

Germany 1.75% 09/10/2015 DE EUR 408,669 555,535 0.26 

Germany 3.25% 04/07/2015 DE EUR 360,105 506,429 0.24 

Spain 4.00% 30/07/2015 ES EUR 356,537 469,186 0.22 

Germany 2.25% 04/09/2021 DE EUR 294,823 413,318 0.20 


France 4.50% 25/04/2041 FR EUR 191,559 311,249 0.15 

Belgium 4.00% 28/03/2032 BE EUR 213,657 307,721 0.15 


Sweden 3.75% 12/08/2017 SE SEK 1,151,342 195,877 0.09 

France 4.00% 25/04/2055 FR EUR 116,232 176,329 0.08 





37,570,469 17.78 







14,232 0.01 


Energy 





179,380 0.08 

Industrials 




94,220 0.04

Fidelity 

Funds 



6,691 0.00 



29,399 0.01 




Danone 3.00% 15/06/2022 144A FR USD 26,770 27,629 0.01 

114,094 0.05 

Healthcare 




106,537 0.05 



13,691 0.01 

Financials 











Aegon NL EUR 5,659 31,621 0.01 

BNP Paribas FR EUR 599 30,164 0.01 









Bavarian Sky 2 A 0.961% FRN 15/01/2018 LU EUR 862 1,121 0.00 


2,705,380 1.28 

Government 

EFSF Treasury Bill 0.023% 21/03/2013 99 EUR 727,301 943,328 0.45 

Spain 4.90% 30/07/2040 ES EUR 374,225 391,628 0.19 

France 2.50% 12/01/2014 FR EUR 194,081 259,005 0.12 



1,658,509 0.78 




2,639,630 1.25 






USD 

KA Finanz CP 0.03% 09/11/2012 AT EUR 872,761 1,132,086 0.54 


Sumitomo Mitsui Banking CP 0.03% 03/12/2012 BE EUR 756,393 981,121 0.46 

BNP Paribas CD 0.096% 04/02/2013 FR EUR 756,393 980,901 0.46 


Natixis CD 0.059% 03/12/2012 FR EUR 669,117 867,892 0.41 














Aviva CP 0.01% 19/11/2012 GB EUR 145,460 188,681 0.09 


205 






BPCE CP 0.025% 01/11/2012 FR EUR 87,276 113,209 0.05 






14,225,772 6.73 

Unlisted 

Energy 


0 0.00 

Industrials 


2,602 0.00 



963 0.00 



0 0.00 

Healthcare 


2,409 0.00 




74,610 0.04 

Financials 







80,483 0.04 



Bank Deposits 


1,322,312 0.63 





USD 



USD 


Dow Jones - UBS Energy Subindex USD (589,119) 2,363 0.00 


Dow Jones - UBS Precious Metals Subindex USD 1,000,699 (38,889) (0.02) 


(430,472) (0.20)

Fidelity 

Funds 





277 0.00 




USD USD 









Bought CHF Sold USD at 0.93623 18/01/2013 427,032 3,272 0.00 





Bought USD Sold CHF at 1.07930 18/01/2013 639,429 1,785 0.00 








































Bought USD Sold CHF at 1.06811 18/01/2013 3,452,333 (26,252) (0.01) 


10,856 0.01 




USD 



















206 













55,295 0.03 
































44,780 0.02 

Futures 



USD 










Euro Bund Future 06/12/2012 EUR (54,397) (1,744) (0.00) 

5,800 0.00 

Options 



USD USD 


Value Assets 

USD 


4,338 0.00 


Net Assets 211,276,264 100.00

Fidelity 

Funds 





USA US 23.09 


UK GB 8.91 

Italy IT 6.42 


Spain ES 4.06 




Japan JP 2.66 






China CN 1.07 

Korea KR 0.91 


















India IN 0.13 







Kenya KE 0.04 

Qatar QA 0.04 


Peru PE 0.03 






Chile CL 0.01 



207

Fidelity 

Funds 

Asian Bond Fund 




USD 


Energy 

Reliance Holdings (USA) 5.40% 14/02/2022 Reg S US USD 657,898 732,376 1.68 

Pertamina Persero 4.875% 03/05/2022 Reg S ID USD 614,038 670,077 1.54 

Petronas Capital 7.875% 22/05/2022 Reg S MY USD 438,599 631,950 1.45 




Korea National Oil 5.375% 30/07/2014 Reg S KR USD 350,879 375,424 0.86 

PTT 3.375% 25/10/2022 Reg S TH USD 175,439 172,922 0.40 

PTTEP Canada Int’l Finance 5.692% 05/04/2021 Reg S CA USD 87,720 101,962 0.23 


Ezra Holdings 4.00% 25/11/2014 SG USD 87,720 87,495 0.20 

4,370,031 10.05 

Utilities 

Korea Gas 2.25% 25/07/2017 Reg S KR USD 438,599 441,152 1.01 

Korea Hydro & Nuclear Power 3.00% 19/09/2022 Reg S KR USD 438,599 439,884 1.01 

Majapahit Holding 7.25% 28/06/2017 Reg S NL USD 350,879 420,017 0.97 

Cheung Kong Infrastructure Holdings 7.00% (Perpetual) BM USD 350,879 364,054 0.84 

Korea Hydro & Nuclear Power 6.25% 17/06/2014 144A KR USD 307,019 331,269 0.76 


China Guangdong Nuclear 3.75% 01/11/2015 Reg S CN CNY 1,754,395 282,516 0.65 

Beijing Enterprises Water Group 3.75% 30/06/2014 BM CNY 1,754,395 281,040 0.65 



Mega Advance Investments 5.00% 12/05/2021 Reg S VG USD 175,439 196,538 0.45 

NTPC 5.625% 14/07/2021 EMTN IN USD 175,439 191,173 0.44 

3,642,073 8.37 

Materials 

PTT Global Chemical 4.25% 19/09/2022 Reg S TH USD 438,599 452,217 1.04 

China Resources Cement 2.125% 05/10/2017 KY USD 438,599 431,775 0.99 

Baosteel Group 4.15% 01/03/2017 Reg S CN CNY 877,197 143,415 0.33 

Sinochem Overseas Capital 6.30% 12/11/2040 Reg S VG USD 87,720 104,517 0.24 

1,131,924 2.60 

Industrials 

Hutchison Whampoa Int’l 09/19 5.75% 11/09/2019 Reg S KY USD 438,599 521,562 1.20 

SM Investments 4.25% 17/10/2019 PH USD 438,599 444,949 1.02 

Korea Expressway 4.50% 23/03/2015 Reg S KR USD 263,159 281,640 0.65 

Hutchison Whampoa Int’l 10 6.00% VRN (Perpetual) Reg S KY USD 263,159 275,659 0.63 



Noble Group 8.50% 30/05/2013 Reg S BM USD 175,439 181,916 0.42 

Alstom 4.25% 09/03/2015 EMTN FR CNY 877,197 142,719 0.33 

Kowloon-Canton Railway 5.125% 20/05/2019 Reg S HK USD 87,720 103,015 0.24 



2,646,809 6.09 


STATS ChipPAC 5.375% 31/03/2016 Reg S SG USD 87,720 90,264 0.21 

90,264 0.21 


LS Finance 2022 4.25% 16/10/2022 VG USD 438,599 437,644 1.01 

437,644 1.01 


San Miguel 2.00% 05/05/2014 PH USD 350,879 360,967 0.83 

360,967 0.83 


Axiata 3.75% 18/09/2014 EMTN MY CNY 1,754,395 281,128 0.65 

Axiata 5.375% 28/04/2020 MY USD 87,720 99,853 0.23 

PCCW-HKT Capital No 4 4.25% 24/02/2016 VG USD 87,720 93,391 0.21 

474,372 1.09 

Financials 

SMFG Preferred Capital 2 8.75% (Perpetual) Reg S KY USD 701,758 731,392 1.68 


Mizuho Capital Investment 14.95% VRN (Perpetual) Reg S KY USD 438,599 530,558 1.22 


Swire Propert MTN Fin. 4.375% 18/06/2022 EMTN HK USD 438,599 481,164 1.11 

Korea Development Bank 3.875% 04/05/2017 KR USD 438,599 476,196 1.09 


Axis Bank Dubai 5.25% 30/09/2015 EMTN IN USD 438,599 463,146 1.06 

Oversea-Chinese Banking 3.75% VRN 15/11/2022 EMTN SG USD 438,599 455,706 1.05 

208 



USD 

Wharf Finance 2014 2.30% 07/06/2014 VG HKD 3,508,789 453,309 1.04 

Sino MTN 3.25% 21/09/2017 Reg S KY USD 438,599 442,226 1.02 

Bangkok Bank (Hong Kong) 2.75% 27/03/2018 Reg S TH USD 438,599 441,069 1.01 


Mizuho Financial Group Cayman 2 4.20% 18/07/2022 KY USD 350,879 370,894 0.85 

Bank of Baroda London 4.75% 07/10/2015 IN USD 350,879 369,548 0.85 

ANZ Banking Group 3.45% VRN 08/08/2022 EMTN AU USD 350,879 356,718 0.82 


Malayan Banking 3.25% VRN 20/09/2022 EMTN MY USD 350,879 347,661 0.80 


Woori Bank 4.75% 20/01/2016 Reg S KR USD 263,159 285,938 0.66 


1Malaysia Sukuk Global (B) 3.928% 04/06/2015 Reg S MY USD 263,159 280,710 0.65 

Shinhan Bank 4.375% 27/07/2017 Reg S KR USD 219,299 241,823 0.56 

Korea Housing Finance Co 4.125% 15/12/2015 Reg S KR USD 219,299 236,765 0.54 

Rizal Commercial Banking 5.25% 31/01/2017 EMTN PH USD 219,299 233,462 0.54 


Wakala Global Sukuk 2.991% 06/07/2016 Reg S MY USD 219,299 229,683 0.53 


Dah Sing Bank 6.625% 11/02/2020 EMTN HK USD 175,439 202,423 0.47 

Bank of East Asia 6.125% 16/07/2020 EMTN HK USD 175,439 201,046 0.46 

Hongkong Electric Finance 4.25% 14/12/2020 EMTN VG USD 175,439 193,947 0.45 


China Overseas Finance (Cayman) 4.875% 15/02/2017 KY USD 175,439 190,597 0.44 

HLP Finance 4.75% 25/06/2022 EMTN VG USD 175,439 188,111 0.43 

Hongkong Land Finance 5.50% 28/04/2014 KY USD 175,439 186,217 0.43 

China Resources Land 4.625% 19/05/2016 Reg S KY USD 175,439 185,818 0.43 

ICICI Bank (Dubai) 4.75% 25/11/2016 Reg S IN USD 175,439 183,908 0.42 


State Bank India London 4.50% 23/10/2014 EMTN IN USD 175,439 182,464 0.42 

Nippon Life Insurance 5.00% VRN 18/10/2042 Reg S JP USD 175,439 180,776 0.42 

Nan Fung Treasury 4.50% 20/09/2022 Reg S VG USD 175,439 179,022 0.41 

Chinatrust (Hong Kong) 5.625% VRN (Perpetual) Reg S TW USD 175,439 178,510 0.41 

NongHyup Bank 2.25% 19/09/2017 Reg S KR USD 175,439 175,411 0.40 

Syndicate Bank 4.125% 12/04/2018 EMTN IN USD 175,439 175,164 0.40 

Franshion Investment 4.70% 26/10/2017 Reg S VG USD 175,439 173,831 0.40 


ICICI Bank 5.75% 16/11/2020 Reg S IN USD 131,580 143,419 0.33 

Bank of East Asia China 3.65% 11/05/2015 Reg S CN CNY 877,197 141,925 0.33 

HSBC Bank 2.875% 30/04/2015 EMTN GB CNY 877,197 140,914 0.32 

Hyundai Capital Services 3.25% 04/03/2014 KR CNY 877,197 140,359 0.32 

ANZ Banking Group 2.90% 14/08/2015 EMTN AU CNY 877,197 139,396 0.32 

Bank of India London 4.75% 30/09/2015 Reg S IN USD 131,580 137,928 0.32 

Bright North 1.25% 13/04/2016 VG CNY 877,197 132,089 0.30 


Hongkong Land Finance 4.50% 01/06/2022 EMTN KY USD 87,720 97,298 0.22 

Industrial Bank of Korea 7.125% 23/04/2014 Reg S KR USD 87,720 95,040 0.22 


PTTEP Australia Int’l Fin. Pty 4.152% 19/07/2015 Reg S AU USD 87,720 92,937 0.21 

Korea Finance 3.25% 20/09/2016 KR USD 87,720 92,330 0.21 

Hong Kong Mortgage 3.50% 04/08/2014 EMTN HK USD 43,860 45,383 0.10 

15,674,290 36.04 

Government 

HK Gov. Bond Programme 5.30% FRN 22/06/2015 HK HKD 12,280,762 1,679,280 3.86 

Indonesia 11.625% 04/03/2019 Reg S ID USD 1,052,637 1,602,666 3.68 

Korea 7.125% 16/04/2019 KR USD 1,052,637 1,371,720 3.15 

Perusahaan Penerbit SBSN 8.80% 23/04/2014 Reg S ID USD 701,758 773,268 1.78 

Indonesia 3.75% 25/04/2022 Reg S ID USD 614,038 651,083 1.50 







8,592,200 19.76 


Energy 


376,655 0.87 

Utilities 

ENN Energy Holdings 6.00% 13/05/2021 Reg S KY USD 175,439 203,320 0.47 


392,546 0.90 

Industrials 

Hutchison Whampoa Finance 7.50% 01/08/2027 Reg S KY USD 263,159 370,695 0.85 

370,695 0.85 


Fidelity 

Funds 


PCCW-HKT Capital No 2 6.00% 15/07/2013 Reg S VG USD 175,439 180,903 0.42 

SK Telecom 2.125% 01/05/2018 Reg S KR USD 175,439 174,865 0.40 

Singapore Telecommunication 7.375% 01/12/2031 Reg S SG USD 87,720 129,693 0.30 

485,461 1.12 

Financials 



Westpac Capital Trust III 5.819% VRN (Perpetual) Reg S US USD 438,599 443,898 1.02 


Bank of China (Hong Kong) 5.55% 11/02/2020 Reg S HK USD 263,159 298,857 0.69 

CBA Capital Trust II 6.024% VRN (Perpetual) Reg S US USD 263,159 269,409 0.62 

WEA Finance 7.50% 02/06/2014 Reg S US USD 219,299 241,030 0.55 




Macquarie Group 7.30% 01/08/2014 144A AU USD 131,580 143,049 0.33 

ORIX 4.00% 29/11/2014 EMTN JP CNY 877,197 142,417 0.33 

Industrial & Commercial Bank of China 3.00% 14/08/2015 CN CNY 877,197 140,370 0.32 

Macquarie Group 7.30% 01/08/2014 Reg S AU USD 87,720 95,537 0.22 

3,653,467 8.40 

Unlisted 

Financials 

CITIC Bank International 3.70% 01/11/2014 EMTN HK CNY 877,197 141,316 0.32 

Cheung Kong Finance MTN 2.56% 03/10/2016 EMTN KY HKD 877,197 114,443 0.26 

Sun Hung Kai 2.25% 15/09/2016 KY HKD 877,197 113,248 0.26 

369,007 0.85 






USD 

Bought protection on Japan 20/06/2017 USD 877,197 (12,516) (0.03) 

Sold protection on Itraxx Asia Ex-Japan 20/12/2017 USD 1,754,395 (15,941) (0.04) 

Sold protection on Bank of Tokyo-Mitsubishi 20/06/2017 USD 877,197 (30,852) (0.07) 

Sold protection on Itraxx Australia 20/12/2017 USD 1,754,395 (33,776) (0.08) 

(93,085) (0.21) 


- A-MDIST Shares (SGD) (hedged) 



USD USD 

Bought SGD Sold USD at 1.22897 07/11/2012 190,892 1,358 0.00 





1,508 0.00 

Futures 

Asian Bond Fund - continued 




USD 



USD 

Australia 10 Year Bond Future 17/12/2012 AUD 1,319,064 2,640 0.01 

US Treasury Note 10 Year Future 19/12/2012 USD 1,165,850 465 0.00 

3,105 0.01 


Net Assets 43,492,221 100.00 

209 









India IN 4.67 

USA US 4.33 






China CN 1.63 


Japan JP 0.74 



UK GB 0.32 



Fidelity 

Funds 

Asian High Yield Fund 




USD 


Energy 

Pt Adaro Indonesia 7.625% 22/10/2019 Reg S ID USD 37,481,735 40,910,676 1.89 

BW Group 6.625% 28/06/2017 Reg S BM USD 32,029,392 34,131,321 1.58 

Berau Capital Resources 12.50% 08/07/2015 Reg S SG USD 19,490,502 20,655,060 0.95 

Pertamina Persero 6.00% 03/05/2042 Reg S ID USD 10,494,886 11,951,487 0.55 


Reliance Holdings (USA) 6.25% 19/10/2040 Reg S US USD 6,946,615 8,166,788 0.38 


Santos Finance 8.25% VRN 22/09/2070 EMTN AU EUR 5,597,272 7,626,100 0.35 

Reliance Holdings (USA) 5.40% 14/02/2022 Reg S US USD 3,890,251 4,330,653 0.20 

Paladin Energy 5.00% 11/03/2013 AU USD 1,199,416 1,202,414 0.06 

CNPC Golden Autumn 2.55% 26/10/2013 Reg S VG CNY 2,253,988 359,226 0.02 





Korea National Oil 5.375% 30/07/2014 Reg S KR USD 49,121 52,557 0.00 

Ezra Holdings 4.00% 25/11/2014 SG USD 48,344 48,220 0.00 

CNPC Golden Autumn 2.95% 26/10/2014 Reg S VG CNY 270,479 43,130 0.00 

PTT 3.375% 25/10/2022 Reg S TH USD 24,561 24,208 0.00 

PTTEP Canada Int’l Finance 5.692% 05/04/2021 Reg S CA USD 12,280 14,274 0.00 


149,712,897 6.92 

Utilities 

Perusahaan Listrik Negar 5.50% 22/11/2021 Reg S ID USD 22,988,797 25,984,720 1.20 

Star Energy Geothermal 11.50% 12/02/2015 Reg S VG USD 19,990,259 21,670,690 1.00 

Majapahit Holding 7.75% 17/10/2016 Reg S NL USD 16,268,706 19,449,579 0.90 


Cheung Kong Infrastructure Holdings 7.00% (Perpetual) BM USD 10,207,313 10,590,598 0.49 

Bhira Investments 8.50% VRN 27/04/2071 MU USD 7,596,298 7,767,215 0.36 



NTPC 4.75% 03/10/2022 EMTN IN USD 4,997,565 5,140,582 0.24 

Korea Hydro & Nuclear Power 3.00% 19/09/2022 Reg S KR USD 4,059,453 4,071,349 0.19 

Beijing Enterprises Water Group 3.75% 30/06/2014 BM CNY 1,764,794 282,706 0.01 

China Guangdong Nuclear 3.75% 01/11/2015 Reg S CN CNY 1,552,919 250,072 0.01 

HKCG Finance 1.40% 11/04/2016 EMTN HK CNY 901,595 135,505 0.01 

China Resources Power Holdings 3.75% 12/11/2015 HK CNY 586,037 93,961 0.00 


China Resources Power Holdings 2.90% 12/11/2013 HK CNY 450,798 72,000 0.00 


Korea Hydro & Nuclear Power 6.25% 17/06/2014 144A KR USD 42,981 46,376 0.00 


Mega Advance Investments 5.00% 12/05/2021 Reg S VG USD 24,561 27,514 0.00 


Beijing Enterprises Water Group 5.00% 30/06/2016 BM CNY 90,160 14,696 0.00 

124,609,130 5.76 

Materials 

China Oriental Group Co 8.00% 18/08/2015 Reg S BM USD 30,884,949 29,688,158 1.37 

Vedanta Resources 9.50% 18/07/2018 Reg S GB USD 19,010,736 20,697,939 0.96 

Mongolian Mining 8.875% 29/03/2017 Reg S KY USD 19,690,405 20,228,199 0.93 

China Shanshui Cement Group 8.50% 25/05/2016 Reg S KY USD 19,290,600 19,909,905 0.92 

West China Cement 7.50% 25/01/2016 Reg S GB USD 16,491,963 14,874,374 0.69 

Hidili Industry Int’l Dev. 8.625% 04/11/2015 Reg S KY USD 18,191,135 13,772,963 0.64 

Fosun International 7.50% 12/05/2016 Reg S HK USD 9,995,129 10,130,478 0.47 

China Lumena New Materia 12.00% 27/10/2014 Reg S KY USD 8,995,616 9,515,113 0.44 

Winsway Coking Coal Holding 8.50% 08/04/2016 Reg S VG USD 11,544,374 9,273,983 0.43 

PTT Global Chemical 4.25% 19/09/2022 Reg S TH USD 8,257,407 8,513,800 0.39 



Fufeng Group 7.625% 13/04/2016 Reg S KY USD 7,996,103 7,833,183 0.36 

China Forestry Holdings 10.25% 17/11/2015 Reg S KY USD 13,176,579 7,457,944 0.34 

China Resources Cement 2.125% 05/10/2017 KY USD 7,557,748 7,440,169 0.34 

Fufeng Group 4.50% 01/04/2015 KY CNY 26,986,849 4,263,122 0.20 

China Shanshui Cement Group 10.50% 27/04/2017 Reg S KY USD 3,498,295 3,815,328 0.18 

China Shanshui Cement Group 6.50% 22/07/2014 KY CNY 16,991,720 2,711,578 0.13 

Hidili Industry Int’l Development 1.50% 19/01/2015 KY CNY 7,496,347 1,213,616 0.06 

Baosteel Group 4.15% 01/03/2017 Reg S CN CNY 979,318 160,111 0.01 

Baosteel Group 3.125% 01/12/2013 CN CNY 450,798 72,277 0.00 

Sinochem Overseas Capital 6.30% 12/11/2040 Reg S VG USD 12,280 14,632 0.00 

208,138,721 9.62 

Industrials 

China Resources Power 7.25% VRN (Perpetual) HK USD 37,581,686 39,282,257 1.82 

Hutchison Whampoa Int’l 10 6.00% VRN (Perpetual) Reg S KY USD 20,867,282 21,858,477 1.01 

China Liansu Group Holdings 7.875% 13/05/2016 Reg S KY USD 20,989,772 21,450,497 0.99 

China Automation Group 7.75% 20/04/2016 KY USD 18,990,746 16,664,379 0.77 

RKI Finance 2010 9.50% 21/09/2015 EMTN VG USD 13,993,181 14,713,249 0.68 

CITIC Pacific Limited 6.875% 21/01/2018 EMTN HK USD 11,894,204 12,634,469 0.58 

210 



USD 

CITIC Pacific Limited 6.625% 15/04/2021 EMTN HK USD 11,994,155 12,342,483 0.57 

SM Investments 4.25% 17/10/2019 PH USD 9,801,757 9,943,676 0.46 

Road King Infrast (2011) 6.00% 25/02/2014 Reg S VG CNY 24,987,823 3,995,380 0.18 

Rosy Unicorn 6.50% 09/02/2017 BM USD 3,307,409 3,679,550 0.17 

Brunswick Rail Finance 6.50% 01/11/2017 Reg S IE USD 3,598,247 3,655,594 0.17 

BLT Finance 7.50% 15/05/2014 Reg S (Defaulted) NL USD 15,192,597 2,740,365 0.13 

Lonking Holdings 8.50% 03/06/2016 Reg S KY USD 399,805 397,306 0.02 

Alstom 4.25% 09/03/2015 EMTN FR CNY 1,430,116 232,678 0.01 



Mitsui & Co 4.25% 01/03/2017 EMTN JP CNY 360,638 58,522 0.00 

Korea Expressway 4.50% 23/03/2015 Reg S KR USD 36,841 39,428 0.00 




Kowloon-Canton Railway 5.125% 20/05/2019 Reg S HK USD 12,280 14,422 0.00 



164,019,291 7.58 


STATS ChipPAC 7.50% 12/08/2015 Reg S SG USD 32,384,219 34,508,073 1.59 

STATS ChipPAC 5.375% 31/03/2016 Reg S SG USD 11,806,533 12,148,922 0.56 

Magnachip Semiconductor 10.50% 15/04/2018 LU USD 3,998,052 4,507,803 0.21 

eAccess 8.25% 01/04/2018 Reg S JP USD 2,998,539 3,386,974 0.16 

eAccess 8.375% 01/04/2018 Reg S JP EUR 1,699,172 2,489,903 0.12 

57,041,675 2.64 


Melco Crown Entertainment 3.75% 09/05/2013 KY CNY 92,954,702 14,857,601 0.69 

Texhong Textile Group 7.625% 19/01/2016 Reg S KY USD 11,494,399 11,450,818 0.53 

Hyva Global 8.625% 24/03/2016 Reg S NL USD 5,997,078 5,627,256 0.26 

LS Finance 2022 4.25% 16/10/2022 VG USD 5,081,506 5,070,441 0.23 

Hengdeli Holdings 2.50% 20/10/2015 KY HKD 38,981,004 5,042,336 0.23 

Aerospace Satellite 12.75% 16/11/2015 Reg S NL USD 1,779,133 1,962,050 0.09 

REXLot Holdings 6.00% 28/09/2016 Reg S BM HKD 13,393,473 1,883,710 0.09 

Volkswagen Int’l Finance 2.15% 23/05/2016 EMTN NL CNY 811,436 127,255 0.01 

Lotte Shopping Business Management 4.00% 09/02/2015 HK CNY 631,117 101,986 0.00 

BSH 2.90% 26/01/2015 Reg S DE CNY 450,798 72,088 0.00 

BSH 3.80% 24/07/2017 Reg S DE CNY 225,399 36,152 0.00 

BMW Australia Finance 2.00% 07/12/2012 EMTN AU CNY 45,080 7,205 0.00 

46,238,898 2.14 


FPC Finance 6.00% 28/06/2019 VG USD 13,802,294 15,231,984 0.70 

CFG Investment 9.75% 30/07/2019 Reg S PE USD 8,196,006 7,198,823 0.33 

China Green Holdings 3.00% 12/04/2013 BM CNY 56,972,237 5,658,436 0.26 

San Miguel 2.00% 05/05/2014 PH USD 49,121 50,533 0.00 

Tesco 1.75% 01/09/2014 GB CNY 180,319 28,123 0.00 

28,167,899 1.30 


Indosat Palapa Co 7.375% 29/07/2020 Reg S NL USD 29,685,534 33,830,377 1.56 

Axiata 3.75% 18/09/2014 EMTN MY CNY 46,846,559 7,506,781 0.35 

Bakrie Telecom 11.50% 07/05/2015 Reg S SG USD 12,194,058 5,724,092 0.26 

Axiata 5.375% 28/04/2020 MY USD 12,280 13,979 0.00 

PCCW-HKT Capital No 4 4.25% 24/02/2016 VG USD 12,280 13,074 0.00 

47,088,303 2.18 

Financials 

Woori Bank 6.208% VRN 02/05/2037 Reg S KR USD 44,478,325 47,119,226 2.18 

Mizuho Capital Investment 14.95% VRN (Perpetual) Reg S KY USD 31,045,526 37,554,733 1.74 

ICICI Bank 6.375% VRN 30/04/2022 Reg S IN USD 27,486,606 27,959,032 1.29 

GT 2005 Bonds 8.00% 21/07/2014 NL USD 27,335,679 27,496,276 1.27 

SMFG Preferred Capital 2 8.75% (Perpetual) Reg S KY USD 25,358,096 26,428,943 1.22 

State Bank of India 6.439% VRN (Perpetual) EMTN IN USD 24,288,164 23,438,078 1.08 

Shimao Property Holdings 9.65% 03/08/2017 Reg S KY USD 19,790,356 21,248,658 0.98 

Sigma Capital 9.00% 30/04/2015 SG USD 18,967,757 20,182,879 0.93 

Longfor Properties 6.875% 18/10/2019 EMTN KY USD 19,790,356 20,055,151 0.93 

Franshion Development 6.75% 15/04/2021 Reg S VG USD 17,691,379 18,578,159 0.86 

CITIC Resources Finance 2007 6.75% 15/05/2014 Reg S VG USD 17,341,549 18,210,075 0.84 

Pacnet 9.25% 09/11/2015 Reg S BM USD 17,991,233 18,103,678 0.84 

Indo Integrated Energy II 9.75% 05/11/2016 Reg S NL USD 16,192,109 17,756,672 0.82 

BDO Unibank 4.50% 16/02/2017 PH USD 16,392,012 17,187,705 0.79 

Evergrande Real Estate Group 13.00% 27/01/2015 Reg S KY USD 16,392,012 17,006,032 0.79 

Agile Property Holdings 8.875% 28/04/2017 Reg S KY USD 15,892,256 16,676,268 0.77 

KWG Property Holding 12.50% 18/08/2017 Reg S KY USD 14,892,743 16,475,097 0.76 

ICICI Bank 7.25% VRN (Perpetual) Reg S IN USD 16,092,158 15,760,257 0.73 

Shanghai Industrial Urban Dev. 9.75% 23/07/2014 Reg S BM USD 13,993,181 15,042,670 0.70 

T & D Bank of Mongolia 8.50% 20/09/2015 EMTN MN USD 14,992,694 14,895,864 0.69 

Indo Energy Finance 7.00% 07/05/2018 Reg S NL USD 14,158,101 14,773,978 0.68 

Yanlord Land Group 10.625% 29/03/2018 Reg S SG USD 13,793,278 14,758,235 0.68 



Fidelity 

Funds 

Asian High Yield Fund - continued 




USD 

Bumi Investment 10.75% 06/10/2017 Reg S SG USD 17,041,695 13,445,259 0.62 

Hopson Development Holdings 11.75% 21/01/2016 BM USD 13,193,571 12,731,796 0.59 

Kaisa Group Holdings 13.50% 28/04/2015 Reg S KY USD 11,994,155 12,536,393 0.58 

AMBB Capital 6.77% VRN (Perpetual) MY USD 12,194,058 12,384,590 0.57 

Franshion Investment 4.70% 26/10/2017 Reg S VG USD 12,441,061 12,326,976 0.57 

Rizal Commercial Banking 5.25% 31/01/2017 EMTN PH USD 11,025,343 11,737,393 0.54 

SBB Capital 6.62% VRN (Perpetual) MY USD 11,219,533 11,500,021 0.53 

Nippon Life Insurance 5.00% VRN 18/10/2042 Reg S JP USD 11,119,154 11,457,371 0.53 

Bank of East Asia 6.375% VRN 04/05/2022 EMTN HK USD 9,795,227 11,017,720 0.51 

Sino MTN 3.25% 21/09/2017 Reg S KY USD 10,601,367 10,689,051 0.49 

Renhe Commercial Holdings 11.75% 18/05/2015 Reg S KY USD 18,391,038 10,597,836 0.49 

Country Garden Holdings 10.50% 11/08/2015 KY USD 9,295,470 10,294,733 0.48 

Agile Property Holdings 10.00% 14/11/2016 Reg S KY USD 9,495,373 10,253,816 0.47 

Oversea-Chinese Banking 3.15% VRN 11/03/2023 Reg S SG USD 9,995,129 10,047,104 0.46 

Central China Real Estate 12.25% 20/10/2015 Reg S KY USD 9,095,568 10,008,649 0.46 

Lai Fung Holdings 9.125% 04/04/2014 KY USD 9,595,324 9,943,155 0.46 

Country Garden Holdings 11.75% 10/09/2014 Reg S KY USD 8,295,957 9,173,429 0.42 

Malayan Banking 3.25% VRN 20/09/2022 EMTN MY USD 9,167,229 9,083,165 0.42 

China Properties Group 9.125% 04/05/2014 Reg S KY USD 9,695,275 9,005,263 0.42 

China South City Holdings 13.50% 14/01/2016 Reg S HK USD 8,995,616 8,965,256 0.41 

Agile Property Holdings 9.875% 20/03/2017 KY USD 8,196,006 8,948,162 0.41 


SPG Land Holdings 13.50% 08/04/2016 KY USD 9,995,129 8,574,157 0.40 

Rizal Commercial Banking 6.25% 09/02/2015 PH USD 7,996,103 8,490,862 0.39 

Yanlord Land Group 9.50% 04/05/2017 Reg S SG USD 7,896,152 8,177,453 0.38 


Longfor Properties 9.50% 07/04/2016 Reg S KY USD 6,196,980 6,850,762 0.32 

Sunac China Holdings 12.50% 16/10/2017 Reg S KY USD 6,196,980 6,536,451 0.30 

Bank of Ceylon 6.875% 03/05/2017 Reg S LK USD 5,997,078 6,473,719 0.30 

Theta Capital 7.00% 16/05/2019 ID USD 6,196,980 6,466,549 0.30 

Evergrande Real Estate Group 7.50% 19/01/2014 Reg S KY CNY 39,980,517 6,174,535 0.29 

Bright North 1.25% 13/04/2016 VG CNY 40,238,559 6,059,150 0.28 

Development Bank of Philippines 5.50% 25/03/2021 PH USD 4,997,565 5,772,187 0.27 

T & D Bank of Mongolia 8.50% 25/10/2013 Reg S MN USD 5,497,321 5,634,754 0.26 

Mitsui Sumitomo Insurance 7.00% VRN 15/03/2072 Reg S JP USD 4,697,711 5,457,462 0.25 

ICICI Bank (Dubai) 4.70% 21/02/2018 Reg S IN USD 5,197,467 5,449,583 0.25 

Yuzhou Properties 13.50% 15/12/2015 Reg S KY USD 4,997,565 5,354,891 0.25 

International Personal Finance 11.50% 06/08/2015 EMTN GB EUR 3,598,247 5,277,112 0.24 

Glorious Property Holdings 13.00% 25/10/2015 KY USD 5,597,272 5,258,637 0.24 

ANZ Banking Group 3.45% VRN 08/08/2022 EMTN AU USD 5,046,686 5,130,663 0.24 

Bank of Baroda London 6.625% VRN 25/05/2022 EMTN IN USD 4,997,565 5,100,539 0.24 

Bank of East Asia 8.50% VRN (Perpetual) EMTN HK USD 4,397,857 4,993,254 0.23 

KWG Property Holding 12.75% 30/03/2016 Reg S KY USD 4,397,857 4,856,883 0.22 

Bank Danamon (Indonesia) 8.75% 09/12/2013 ID IDR 44,978,081,786 4,819,281 0.22 

China SCE Property Holdings 10.50% 14/01/2016 Reg S KY CNY 31,984,414 4,817,516 0.22 

Yuzhou Properties 11.75% 25/10/2017 Reg S KY USD 4,697,711 4,798,124 0.22 

Shui On Development Holding 9.75% 16/02/2015 KY USD 4,297,906 4,494,713 0.21 

FPMH Finance 7.375% 24/07/2017 BM USD 3,498,295 4,019,979 0.19 

Kaisa Group Holdings 12.875% 18/09/2017 KY USD 3,798,149 3,872,549 0.18 

Powerlong Real Estate Hold. 13.75% 16/09/2015 Reg S KY USD 3,698,198 3,661,216 0.17 

Kaisa Group Holdings 8.00% 20/12/2015 KY CNY 21,189,674 3,413,956 0.16 


Bank of India London 6.625% VRN 22/09/2021 EMTN IN USD 1,299,367 1,326,835 0.06 

Hopson Development Holdings 8.125% 09/11/2012 Reg S BM USD 1,099,464 1,095,011 0.05 

Blue Ocean Res. 11.00% 28/06/2012 Reg S (Defaulted) SG USD 2,998,539 1,064,481 0.05 

Canara Bank 6.365% VRN 28/11/2021 IN USD 999,513 1,019,503 0.05 

KfW 2.00% 21/05/2014 DE CNY 2,253,988 357,975 0.02 

Korea Eximbank 3.25% 27/07/2015 EMTN KR CNY 1,532,712 246,142 0.01 

Korea Development Bank 3.30% 21/06/2015 KR CNY 1,352,393 217,359 0.01 

Agricultural Dev. Bank of China 2.98% 22/06/2014 CN CNY 1,239,694 198,552 0.01 

Hyundai Capital Services 3.25% 04/03/2014 KR CNY 1,204,717 192,764 0.01 

Bank of East Asia China 3.65% 11/05/2015 Reg S CN CNY 1,024,398 165,742 0.01 

ANZ Banking Group 2.90% 14/08/2015 EMTN AU CNY 979,318 155,624 0.01 

China Development Bank 4.30% 02/08/2032 CN CNY 901,595 147,137 0.01 


Wharf Finance 2014 2.30% 07/06/2014 VG HKD 942,009 121,700 0.01 

Value Success Int’l 2.075% 09/06/2014 VG CNY 766,356 119,081 0.01 

China Development Bank 3.10% 16/01/2015 CN CNY 721,276 115,572 0.01 

HSBC Bank 2.875% 30/04/2015 EMTN GB CNY 708,840 113,869 0.01 

Silvery Castle 2.75% 14/07/2014 BM CNY 676,197 105,613 0.00 

Sumitomo Mitsui Finance 4.00% 03/08/2015 EMTN JP CNY 586,037 93,691 0.00 

Bank of Baroda London 4.75% 07/10/2015 IN USD 80,677 84,969 0.00 

Axis Bank Dubai 5.25% 30/09/2015 EMTN IN USD 79,433 83,879 0.00 

Agricultural Dev. Bank of China 3.00% 17/01/2014 CN CNY 495,877 79,336 0.00 


Shinhan Bank 3.50% 19/09/2014 Reg S KR CNY 450,798 72,420 0.00 


Swedish Export Credit 2.375% 01/06/2015 SE CNY 450,798 71,812 0.00 

Sumitomo Mitsui Finance 2.50% 12/09/2013 EMTN JP CNY 450,798 71,673 0.00 

Kookmin Bank 7.25% 14/05/2014 Reg S KR USD 63,112 68,735 0.00 

Swire Propert MTN Fin. 4.375% 18/06/2022 EMTN HK USD 61,401 67,360 0.00 




Hongkong Land Finance 5.50% 28/04/2014 KY USD 60,624 64,349 0.00 

Oversea-Chinese Banking 3.75% VRN 15/11/2022 EMTN SG USD 61,401 63,796 0.00 


Victor Soar 5.75% 10/11/2014 Reg S VG CNY 360,638 58,060 0.00 

Global Logistic Properties 3.375% 11/05/2016 Reg S SG CNY 360,638 56,742 0.00 

BP Capital Markets 1.70% 15/09/2014 EMTN GB CNY 360,638 56,399 0.00 

211 



USD 

PTTEP Australia Int’l Fin. Pty 4.152% 19/07/2015 Reg S AU USD 52,852 55,995 0.00 



Mizuho Financial Group Cayman 2 4.20% 18/07/2022 KY USD 49,121 51,923 0.00 




China Overseas Finance (Cayman) 4.875% 15/02/2017 KY USD 38,084 41,375 0.00 

Woori Bank 4.75% 20/01/2016 Reg S KR USD 36,841 40,030 0.00 


1Malaysia Sukuk Global (B) 3.928% 04/06/2015 Reg S MY USD 36,841 39,298 0.00 

Industrial Bank of Korea 7.125% 23/04/2014 Reg S KR USD 34,595 37,482 0.00 

VTB Capital (VTB Bank) 4.50% 30/10/2015 Reg S LU CNY 225,399 36,246 0.00 


VTB Capital (VTB Bank) 2.95% 23/12/2013 Reg S LU CNY 225,399 35,842 0.00 


Korea Housing Finance Co 4.125% 15/12/2015 Reg S KR USD 30,701 33,146 0.00 

Wakala Global Sukuk 2.991% 06/07/2016 Reg S MY USD 30,701 32,154 0.00 


Dah Sing Bank 6.625% 11/02/2020 EMTN HK USD 24,561 28,338 0.00 

Bank of East Asia 6.125% 16/07/2020 EMTN HK USD 24,561 28,145 0.00 

Hongkong Electric Finance 4.25% 14/12/2020 EMTN VG USD 24,561 27,152 0.00 


HLP Finance 4.75% 25/06/2022 EMTN VG USD 24,561 26,335 0.00 

China Resources Land 4.625% 19/05/2016 Reg S KY USD 24,561 26,013 0.00 


State Bank India London 4.50% 23/10/2014 EMTN IN USD 24,561 25,544 0.00 

Nan Fung Treasury 4.50% 20/09/2022 Reg S VG USD 24,561 25,062 0.00 

Chinatrust (Hong Kong) 5.625% VRN (Perpetual) Reg S TW USD 24,561 24,990 0.00 

NongHyup Bank 2.25% 19/09/2017 Reg S KR USD 24,561 24,556 0.00 

Syndicate Bank 4.125% 12/04/2018 EMTN IN USD 24,561 24,522 0.00 


Shui On Development Holding 6.875% 23/12/2013 KY CNY 135,239 21,917 0.00 



Bank of India London 4.75% 30/09/2015 Reg S IN USD 18,420 19,309 0.00 


ICICI Bank (Bahrain) 5.50% 25/03/2015 Reg S IN USD 13,524 14,329 0.00 

United Overseas Bank 4.50% 02/07/2013 Reg S SG USD 13,524 13,792 0.00 

Hongkong Land Finance 4.50% 01/06/2022 EMTN KY USD 12,280 13,621 0.00 

Korea Finance 3.25% 20/09/2016 KR USD 12,280 12,926 0.00 

Hong Kong Mortgage 3.50% 04/08/2014 EMTN HK USD 6,140 6,353 0.00 

Swire Pacific MTN Financing 5.625% 30/03/2016 EMTN KY USD 4,508 5,041 0.00 

877,330,801 40.54 

Government 





Philippines 9.375% 18/01/2017 PH USD 10,494,886 13,857,185 0.64 

Perusahaan Penerbit SBSN 8.80% 23/04/2014 Reg S ID USD 11,592,641 12,773,943 0.59 


Philippines 8.75% 07/10/2016 Reg S PH USD 5,120,056 6,542,382 0.30 




China 2.38% 19/07/2014 CN CNY 2,253,988 359,893 0.02 

Korea 7.125% 16/04/2019 KR USD 147,363 192,033 0.01 





167,416,680 7.74 


Energy 

MIE Holdings 9.75% 12/05/2016 Reg S KY USD 25,787,434 27,437,829 1.27 

Bumi Capital 12.00% 10/11/2016 Reg S SG USD 20,190,161 17,237,350 0.80 

Berau Coal Energy Pt 7.25% 13/03/2017 Reg S ID USD 10,594,837 10,009,912 0.46 

Afren 11.50% 01/02/2016 Reg S GB USD 2,998,539 3,445,197 0.16 


Petronas Global Sukuk 4.25% 12/08/2014 Reg S MY USD 13,524 14,247 0.00 

58,197,265 2.69 

Utilities 

Listrindo Capital 6.95% 21/02/2019 Reg S NL USD 12,593,863 14,184,625 0.66 

Infinis 9.125% 15/12/2014 Reg S GB GBP 3,998,052 6,553,854 0.30 

ENN Energy Holdings 6.00% 13/05/2021 Reg S KY USD 24,561 28,464 0.00 


20,793,434 0.96 

Materials 

Novelis 8.75% 15/12/2020 CA USD 8,695,762 9,630,557 0.45 

Novelis 8.375% 15/12/2017 CA USD 7,496,347 8,171,018 0.38 

Mirabela Nickel 8.75% 15/04/2018 144A AU USD 8,995,616 6,926,625 0.32

Fidelity 

Funds 

Cemex Finance 9.50% 14/12/2016 Reg S US USD 4,347,881 4,633,211 0.21 

FMG Resources 6.00% 01/04/2017 Reg S AU USD 2,898,587 2,784,456 0.13 

Midwest Vanadium 11.50% 15/02/2018 144A AU USD 3,298,393 2,292,383 0.11 

Sinochem Offshore Capital 1.80% 18/01/2014 VG CNY 1,081,914 170,048 0.01 

34,608,298 1.60 

Industrials 

Zoomlion HK SPV 6.875% 05/04/2017 Reg S HK USD 3,398,344 3,641,893 0.17 

Hutchison Whampoa Finance 7.50% 01/08/2027 Reg S KY USD 36,841 51,895 0.00 

Caterpillar Financial Services 2.00% 01/12/2012 EMTN US CNY 315,558 50,537 0.00 

3,744,325 0.17 


MCE Finance 10.25% 15/05/2018 KY USD 22,988,797 26,264,701 1.21 

Caesars Entertainment Operating 8.50% 15/02/2020 144A US USD 13,793,278 13,655,346 0.63 

BSH 2.375% 29/09/2014 Reg S DE CNY 135,239 21,398 0.00 

39,941,445 1.85 


America Movil 3.50% 08/02/2015 MX CNY 540,957 87,231 0.00 

SK Telecom 2.125% 01/05/2018 Reg S KR USD 49,354 49,193 0.00 

PCCW-HKT Capital No 2 6.00% 15/07/2013 Reg S VG USD 47,100 48,567 0.00 

Singapore Telecommunication 7.375% 01/12/2031 Reg S SG USD 12,280 18,156 0.00 

Hellas Telecomm. II 0.00% 15/01/2015 144A* LU USD 399,805 4 0.00 

203,151 0.01 

Financials 



Westpac Capital Trust III 5.819% VRN (Perpetual) Reg S US USD 10,544,241 10,671,647 0.49 

CBA Capital Trust II 6.024% VRN (Perpetual) Reg S US USD 7,678,219 7,860,577 0.36 

Resona Pref’d GS 7.191% VRN (Perpetual) Reg S KY USD 6,496,834 7,122,154 0.33 

Anstock Limited 4.25% 20/09/2016 Reg S KY CNY 27,617,966 4,346,760 0.20 

State Bank of India 7.14% VRN (Perpetual) IN USD 4,247,930 4,304,570 0.20 

National Capital Trust II 5.486% VRN (Perpetual) Reg S US USD 4,211,478 4,248,767 0.20 

BLD Investments 8.625% 23/03/2015 SG USD 4,797,662 2,998,539 0.14 

Westpac Capital Trust IV 5.256% VRN (Perpetual) Reg S US USD 1,999,026 2,004,023 0.09 

ORIX 4.00% 29/11/2014 EMTN JP CNY 979,318 158,997 0.01 

Shinhan Bank 2.50% 15/03/2013 KR CNY 901,595 143,977 0.01 

Industrial & Commercial Bank of China 3.00% 14/08/2015 CN CNY 753,919 120,643 0.01 


Exim Bank of China 2.65% 02/12/2013 CN CNY 586,037 93,563 0.00 



Korea Development Bank 2.75% 14/11/2013 EMTN KR CNY 450,798 71,850 0.00 




Hitachi Capital 3.75% 22/03/2015 EMTN JP CNY 315,558 50,803 0.00 

Caterpillar Financial Services 1.35% 12/07/2013 EMTN US CNY 315,558 49,931 0.00 



ORIX 2.00% 24/03/2014 JP CNY 270,479 42,245 0.00 

Bank of China (Hong Kong) 5.55% 11/02/2020 Reg S HK USD 36,841 41,838 0.00 

Macquarie Group 7.30% 01/08/2014 Reg S AU USD 34,820 37,923 0.00 



Westfield Capital 5.125% 15/11/2014 Reg S AU USD 22,540 24,327 0.00 

Macquarie Group 7.30% 01/08/2014 144A AU USD 18,420 20,026 0.00 

Svenska Handelsbanken 1.40% 28/02/2013 EMTN SE CNY 90,160 14,387 0.00 

Korea Eximbank 3.40% 18/01/2013 EMTN KR CNY 45,080 7,267 0.00 

67,040,065 3.10 

Government 



China 1.60% 06/09/2013 CN CNY 766,356 121,876 0.01 

China 0.60% 18/08/2014 Reg S CN CNY 450,798 69,723 0.00 

China 1.80% 01/12/2015 CN CNY 360,638 56,327 0.00 

32,025,214 1.48 



1,189 0.00 






USD 

National Australia Bank CP 2.50% 21/11/2012 AU CNY 1,352,393 216,352 0.01 

Standard Chartered Bank (HK) CD 2.85% 26/11/2012 HK CNY 450,798 72,214 0.00 

China Construction Bank (HK) CD 1.05% 03/06/2013 HK CNY 450,798 71,266 0.00 

Sumitomo Mitsui Banking CD 1.10% 22/04/2014 JP CNY 450,798 69,892 0.00 

Bank of China (Hong Kong) CD 2.50% 26/03/2013 HK CNY 225,399 36,069 0.00 

Bank of Communication CD 2.25% 19/12/2012 CN CNY 18,032 2,889 0.00 

468,682 0.02 

212 

Unlisted 

Industrials 

Wharf Finance No.1 4.00% 27/03/2018 EMTN HK CNY 450,798 72,178 0.00 

MTR (Cayman Islands) 0.625% 17/06/2013 KY CNY 450,798 71,203 0.00 

143,381 0.01 

Financials 

ANZ Banking Group (Hong Kong) 1.45% 24/12/2012 AU CNY 540,957 86,332 0.00 


Cheung Kong Finance MTN 2.56% 03/10/2016 EMTN KY HKD 122,803 16,021 0.00 

Sun Hung Kai 2.25% 15/09/2016 KY HKD 122,803 15,854 0.00 

Coastal Greenland Wts 08/11/2012 HK HKD 1,487,575 192 0.00 

189,019 0.01 



Bank Deposits 

ANZ TD 3.22% 01/11/2012 AU CNY 902,463 144,568 0.01 

ANZ TD 3.06% 23/11/2012 AU CNY 901,595 144,429 0.01 

288,997 0.01 

Total Investments (including Bank Deposits) 2,127,408,762 98.30 




USD 

Sold protection on Asia Ex Japan 20/12/2013 USD 4,997,565 171,180 0.01 

Sold protection on Indonesia 20/12/2015 USD 9,995,129 72,682 0.00 

Sold protection on Indonesia 20/03/2015 USD 4,997,565 48,496 0.00 

Sold protection on Hynix Semiconductor 20/03/2013 USD 2,998,539 44,995 0.00 

Sold protection on Vedanta Resources 20/03/2013 USD 7,996,103 43,923 0.00 

Sold protection on Itraxx Asia Ex-Japan 20/12/2017 USD 245,605 (2,232) (0.00) 

Sold protection on Itraxx Australia 20/12/2017 USD 245,605 (4,729) (0.00) 

Bought protection on Philippines 20/03/2015 USD 4,997,565 (66,154) (0.00) 

Bought protection on Philippines 20/12/2015 USD 9,995,129 (150,714) (0.01) 

Bought protection on Japan 20/06/2017 USD 24,111,113 (344,026) (0.02) 

Bought protection on Korea 20/06/2017 USD 24,987,823 (453,506) (0.02) 

Sold protection on Bank of Tokyo-Mitsubishi 20/06/2017 USD 24,111,113 (848,005) (0.04) 

Bought protection on Itraxx Europe Crossover 20/12/2016 EUR 29,985,388 (2,105,053) (0.10) 

(3,593,143) (0.17) 




USD USD 

Bought USD Sold EUR at 1.30616 26/11/2012 13,616,275 91,725 0.00 

Bought CNY Sold USD at 6.37500 21/11/2012 318,670 6,294 0.00 






Bought CNY Sold USD at 6.29850 31/01/2013 901,819 860 0.00 

Bought USD Sold CNY at 0.15742 21/11/2012 324,964 (5,165) (0.00) 

Bought USD Sold CNY at 0.15751 05/11/2012 375,514 (6,215) (0.00) 


78,782 0.00 

- A Shares (RMB) (hedged) 



972 0.00 




USD 





Bought EUR Sold USD at 0.76691 07/11/2012 770,629 (3,984) (0.00)

Fidelity 

Funds 


126,497 0.01 

- A-ACC Shares (SEK) (hedged) 

Bought SEK Sold USD at 6.66290 07/12/2012 14,955,500 67,363 0.00 

Bought SEK Sold USD at 6.54356 07/11/2012 785,353 (9,892) (0.00) 

Bought USD Sold SEK at 0.15021 07/11/2012 14,421,396 (65,684) (0.00) 

Bought SEK Sold USD at 6.57530 07/11/2012 13,753,289 (107,354) (0.00) 

(115,567) (0.01) 

- A-MDIST Shares (JPY) (hedged) 








(9,144) (0.00) 

- A-MDIST Shares (SGD) (hedged) 



Bought USD Sold SGD at 0.81953 07/11/2012 49,468,637 2,811 0.00 



693,099 0.03 

- Y Shares (EUR) (hedged) 





92,460 0.00 

Futures 





USD USD 



USD 

Australia 10 Year Bond Future 17/12/2012 AUD 184,662 370 0.00 


435 0.00 


Net Assets 2,164,113,056 100.00 

213 










USA US 5.80 

India IN 4.15 


UK GB 3.12 

Korea KR 2.48 



Japan JP 1.08 

Mongolia MN 0.95 



Mauritius MU 0.36 

Peru PE 0.33 

Sri Lanka LK 0.30 



China CN 0.10 







Fidelity 

Funds 

China RMB Bond Fund 4 




CNH 


Energy 

CNPC Golden Autumn 2.55% 26/10/2013 Reg S VG CNY 47,746,012 47,502,029 3.55 

CNPC Golden Autumn 2.95% 26/10/2014 Reg S VG CNY 5,729,521 5,703,295 0.43 

Ezra Holdings 4.00% 25/11/2014 SG USD 763,936 4,756,663 0.36 

Petronas Capital 7.875% 22/05/2022 Reg S MY USD 477,460 4,294,488 0.32 

62,256,475 4.65 

Utilities 

Beijing Enterprises Water Group 3.75% 30/06/2014 BM CNY 32,180,812 32,180,812 2.40 

China Guangdong Nuclear 3.75% 01/11/2015 Reg S CN CNY 27,692,687 27,838,073 2.08 

HKCG Finance 1.40% 11/04/2016 EMTN HK CNY 19,098,405 17,918,410 1.34 

China Resources Power Holdings 3.75% 12/11/2015 HK CNY 12,413,963 12,424,887 0.93 

China Resources Power Holdings 2.90% 12/11/2013 HK CNY 9,549,202 9,520,841 0.71 

Cheung Kong Infrastructure Holdings 7.00% (Perpetual) BM USD 1,336,888 8,658,900 0.65 

Majapahit Holding 7.75% 17/10/2016 Reg S NL USD 572,952 4,275,965 0.32 

Korea Gas 2.25% 25/07/2017 Reg S KR USD 668,444 4,197,059 0.31 

Korea Hydro & Nuclear Power 6.25% 17/06/2014 Reg S KR USD 477,460 3,213,862 0.24 

Beijing Enterprises Water Group 5.00% 30/06/2016 BM CNY 1,909,840 1,943,263 0.15 

122,172,072 9.12 

Materials 

Baosteel Group 4.15% 01/03/2017 Reg S CN CNY 18,143,484 18,517,240 1.38 

Baosteel Group 3.125% 01/12/2013 CN CNY 9,549,202 9,557,462 0.71 

28,074,702 2.10 

Industrials 

Alstom 4.25% 09/03/2015 EMTN FR CNY 27,692,687 28,125,939 2.10 

Noble Group 8.50% 30/05/2013 Reg S BM USD 1,718,856 11,126,074 0.83 

Mitsui & Co 4.25% 01/03/2017 EMTN JP CNY 7,639,362 7,738,635 0.58 

SM Investments 4.25% 17/10/2019 PH USD 954,920 6,047,400 0.45 

Hutchison Whampoa Int’l 10 6.00% VRN (Perpetual) Reg S KY USD 859,428 5,619,817 0.42 

Hutchison Whampoa Int’l 03/13 6.50% 13/02/2013 Reg S KY USD 763,936 4,838,736 0.36 

Rosy Unicorn 6.50% 09/02/2017 BM USD 190,984 1,326,363 0.10 

64,822,964 4.84 


Volkswagen Int’l Finance 2.15% 23/05/2016 EMTN NL CNY 17,188,564 16,827,518 1.26 

Lotte Shopping Business Management 4.00% 09/02/2015 HK CNY 13,368,883 13,486,061 1.01 

BSH 2.90% 26/01/2015 Reg S DE CNY 9,549,202 9,532,491 0.71 

BSH 3.80% 24/07/2017 Reg S DE CNY 4,774,601 4,780,546 0.36 

LS Finance 2022 4.25% 16/10/2022 VG USD 477,460 2,974,055 0.22 

BMW Australia Finance 2.00% 07/12/2012 EMTN AU CNY 954,920 952,772 0.07 

48,553,443 3.63 


Tesco 1.75% 01/09/2014 GB CNY 3,819,681 3,718,803 0.28 

FPC Finance 6.00% 28/06/2019 VG USD 190,984 1,315,712 0.10 

5,034,515 0.38 


Axiata 3.75% 18/09/2014 EMTN MY CNY 34,377,128 34,387,785 2.57 

34,387,785 2.57 

Financials 

KfW 2.00% 21/05/2014 DE CNY 47,746,012 47,336,590 3.53 

Korea Eximbank 3.25% 27/07/2015 EMTN KR CNY 32,467,288 32,548,456 2.43 

Korea Development Bank 3.30% 21/06/2015 KR CNY 28,647,607 28,742,359 2.15 

Agricultural Dev. Bank of China 2.98% 22/06/2014 CN CNY 26,260,306 26,255,317 1.96 

Hyundai Capital Services 3.25% 04/03/2014 KR CNY 22,918,086 22,891,730 1.71 

China Development Bank 4.30% 02/08/2032 CN CNY 19,098,405 19,456,500 1.45 

Bank of East Asia China 3.65% 11/05/2015 Reg S CN CNY 19,098,405 19,289,389 1.44 

ANZ Banking Group 2.90% 14/08/2015 EMTN AU CNY 18,143,484 17,998,337 1.34 

Mizuho Capital Investment 14.95% VRN (Perpetual) Reg S KY USD 2,100,825 15,864,047 1.18 

Value Success Int’l 2.075% 09/06/2014 VG CNY 16,233,644 15,746,635 1.18 

Country Garden Holdings 2.50% 22/02/2013 KY CNY 12,891,423 15,552,342 1.16 

China Development Bank 3.10% 16/01/2015 CN CNY 15,278,724 15,282,543 1.14 

Silvery Castle 2.75% 14/07/2014 BM CNY 14,323,803 13,965,708 1.04 

HSBC Bank 2.875% 30/04/2015 EMTN GB CNY 12,413,963 12,448,722 0.93 

Sumitomo Mitsui Finance 4.00% 03/08/2015 EMTN JP CNY 12,413,963 12,389,135 0.93 


SMFG Preferred Capital 2 8.75% (Perpetual) Reg S KY USD 1,527,872 9,940,513 0.74 

Shinhan Bank 3.50% 19/09/2014 Reg S KR CNY 9,549,202 9,576,418 0.72 

Swedish Export Credit 2.375% 01/06/2015 SE CNY 9,549,202 9,496,061 0.71 

Sumitomo Mitsui Finance 2.50% 12/09/2013 EMTN JP CNY 9,549,202 9,477,583 0.71 

Kookmin Bank 7.25% 14/05/2014 Reg S KR USD 1,336,888 9,089,112 0.68 

Wharf Finance 2014 2.30% 07/06/2014 VG HKD 9,549,202 7,701,274 0.58 

Victor Soar 5.75% 10/11/2014 Reg S VG CNY 7,639,362 7,677,559 0.57 

Global Logistic Properties 3.375% 11/05/2016 Reg S SG CNY 7,639,362 7,503,190 0.56 

BP Capital Markets 1.70% 15/09/2014 EMTN GB CNY 7,639,362 7,457,927 0.56 

214 



CNH 

Sino MTN 3.25% 21/09/2017 Reg S KY USD 954,920 6,010,394 0.45 

PTTEP Australia Int’l Fin. Pty 4.152% 19/07/2015 Reg S AU USD 859,428 5,684,049 0.42 

Hongkong Land Finance 5.50% 28/04/2014 KY USD 763,936 5,061,840 0.38 

VTB Capital (VTB Bank) 4.50% 30/10/2015 Reg S LU CNY 4,774,601 4,793,007 0.36 


VTB Capital (VTB Bank) 2.95% 23/12/2013 Reg S LU CNY 4,774,601 4,739,508 0.35 

CMT MTN 4.321% 08/04/2015 EMTN SG USD 668,444 4,422,200 0.33 

Bank of Baroda London 4.75% 07/10/2015 IN USD 668,444 4,394,779 0.33 

Sun Hung Kai Properties CM 3.50% 02/11/2016 Reg S KY USD 572,952 3,741,818 0.28 

Wharf Finance 6.125% 06/11/2017 EMTN HK USD 477,460 3,425,242 0.26 

Industrial Bank of Korea 7.125% 23/04/2014 Reg S KR USD 472,686 3,196,983 0.24 

National Agricultural 5.00% 30/09/2014 Reg S KR USD 477,460 3,181,389 0.24 

Franshion Investment 4.70% 26/10/2017 Reg S VG USD 477,460 2,953,213 0.22 

Malayan Banking 3.25% VRN 20/09/2022 EMTN MY USD 477,460 2,953,213 0.22 

Shui On Development Holding 6.875% 23/12/2013 KY CNY 2,864,761 2,898,182 0.22 


Bright North 1.25% 13/04/2016 VG CNY 2,864,761 2,692,875 0.20 

Axis Bank Dubai 5.25% 30/09/2015 EMTN IN USD 381,968 2,517,887 0.19 

China Overseas Finance (Cayman) 4.875% 15/02/2017 KY USD 286,476 1,942,837 0.15 

ICICI Bank (Bahrain) 5.50% 25/03/2015 Reg S IN USD 286,476 1,894,764 0.14 

United Overseas Bank 4.50% 02/07/2013 Reg S SG USD 286,476 1,823,740 0.14 

Korea Development Bank 8.00% 23/01/2014 KR USD 190,984 1,290,904 0.10 

Swire Pacific MTN Financing 5.625% 30/03/2016 EMTN KY USD 95,492 666,551 0.05 


482,756,747 36.05 

Government 

China 2.38% 19/07/2014 CN CNY 47,746,012 47,590,121 3.55 




Philippines 8.75% 07/10/2016 Reg S PH USD 477,460 3,808,525 0.28 

101,685,148 7.59 


Energy 

Petronas Global Sukuk 4.25% 12/08/2014 Reg S MY USD 286,476 1,883,958 0.14 

1,883,958 0.14 

Materials 

Sinochem Offshore Capital 1.80% 18/01/2014 VG CNY 22,918,086 22,486,137 1.68 

22,486,137 1.68 

Industrials 

Caterpillar Financial Services 2.00% 01/12/2012 EMTN US CNY 6,684,442 6,682,771 0.50 

6,682,771 0.50 


BSH 2.375% 29/09/2014 Reg S DE CNY 2,864,761 2,829,567 0.21 

2,829,567 0.21 


America Movil 3.50% 08/02/2015 MX CNY 11,459,043 11,534,959 0.86 

SK Telecom 2.125% 01/05/2018 Reg S KR USD 525,206 3,267,870 0.24 

PCCW-HKT Capital No 2 6.00% 15/07/2013 Reg S VG USD 477,460 3,073,359 0.23 

17,876,188 1.33 

Financials 

Shinhan Bank 2.50% 15/03/2013 KR CNY 19,098,405 19,038,722 1.42 

ORIX 4.00% 29/11/2014 EMTN JP CNY 18,143,484 18,388,421 1.37 

Industrial & Commercial Bank of China 3.00% 14/08/2015 CN CNY 13,368,883 13,354,579 1.00 

Anstock Limited 4.25% 20/09/2016 Reg S KY CNY 13,368,883 13,134,928 0.98 

Exim Bank of China 2.65% 02/12/2013 CN CNY 12,413,963 12,372,221 0.92 

Westpac Capital Trust III 5.819% VRN (Perpetual) Reg S US USD 1,862,094 11,764,579 0.88 



Korea Development Bank 2.75% 14/11/2013 EMTN KR CNY 9,549,202 9,501,027 0.71 

Hitachi Capital 3.75% 22/03/2015 EMTN JP CNY 6,684,442 6,717,864 0.50 

Caterpillar Financial Services 1.35% 12/07/2013 EMTN US CNY 6,684,442 6,602,557 0.49 

Korea Exchange Bank 3.125% 26/06/2017 Reg S KR USD 954,920 6,203,450 0.46 

CBA Capital Trust II 6.024% VRN (Perpetual) Reg S US USD 954,920 6,102,665 0.46 

ORIX 2.00% 24/03/2014 JP CNY 5,729,521 5,586,283 0.42 

CITIC Bank International 3.65% 28/09/2014 EMTN HK CNY 4,774,601 4,768,633 0.36 

Macquarie Group 7.30% 01/08/2014 Reg S AU USD 477,460 3,246,171 0.24 

Westfield Capital 5.125% 15/11/2014 Reg S AU USD 477,460 3,216,902 0.24 

ICICI Bank 5.00% 15/01/2016 Reg S IN USD 477,460 3,136,326 0.23 

Temasek Financial I 2.375% 23/01/2023 Reg S SG USD 477,460 2,940,911 0.22 

WEA Finance 5.75% 02/09/2015 Reg S US USD 381,968 2,675,409 0.20 

Svenska Handelsbanken 1.40% 28/02/2013 EMTN SE CNY 1,909,840 1,902,440 0.14 

National Capital Trust II 5.486% VRN (Perpetual) Reg S US USD 286,476 1,804,161 0.13 



Fidelity 

Funds 

Korea Eximbank 3.40% 18/01/2013 EMTN KR CNY 954,920 960,912 0.07 

172,479,727 12.88 

Government 

China 1.60% 06/09/2013 CN CNY 16,233,644 16,116,194 1.20 

China 0.60% 18/08/2014 Reg S CN CNY 9,549,202 9,219,755 0.69 

China 1.80% 01/12/2015 CN CNY 7,639,362 7,448,378 0.56 

32,784,327 2.45 


National Australia Bank CP 2.50% 21/11/2012 AU CNY 28,647,607 28,609,166 2.14 

Standard Chartered Bank (HK) CD 2.85% 26/11/2012 HK CNY 9,549,202 9,549,202 0.71 

China Construction Bank (HK) CD 1.05% 03/06/2013 HK CNY 9,549,202 9,423,869 0.70 

Sumitomo Mitsui Banking CD 1.10% 22/04/2014 JP CNY 9,549,202 9,242,148 0.69 

Bank of China (Hong Kong) CD 2.50% 26/03/2013 HK CNY 4,774,601 4,769,540 0.36 

Bank of Communication CD 2.25% 19/12/2012 CN CNY 381,968 382,008 0.03 

61,975,933 4.63 

Unlisted 

Industrials 

Wharf Finance No.1 4.00% 27/03/2018 EMTN HK CNY 9,549,202 9,544,428 0.71 

MTR (Cayman Islands) 0.625% 17/06/2013 KY CNY 9,549,202 9,415,513 0.70 

18,959,941 1.42 

Financials 

ANZ Banking Group (Hong Kong) 1.45% 24/12/2012 AU CNY 11,459,043 11,416,071 0.85 

CITIC Bank International 3.70% 01/11/2014 EMTN HK CNY 6,684,442 6,722,309 0.50 

18,138,380 1.35 


Total Investments (Cost CNH 1,306,518,794) 1,305,840,777 97.52 

Bank Deposits 

China RMB Bond Fund 4 - continued 


ANZ TD 3.22% 01/11/2012 AU CNY 19,116,787 19,116,787 1.43 

ANZ TD 3.06% 23/11/2012 AU CNY 19,098,405 19,098,405 1.43 

38,215,192 2.85 

Total Investments (including Bank Deposits) 1,344,055,969 100.37 




CNH 



CNH CNH 

Bought CNY Sold USD at 6.37500 21/11/2012 42,139,113 832,297 0.06 







Bought USD Sold CNY at 0.15742 21/11/2012 42,971,410 (683,044) (0.05) 

Bought USD Sold CNY at 0.15751 05/11/2012 49,655,852 (821,797) (0.06) 

1,950,191 0.15 


Net Assets 1,339,109,599 100.00 

215 









Japan JP 5.19 




USA US 2.66 


UK GB 1.76 




India IN 0.89 





Cash and other net liabilities (0.37)

Fidelity 

Funds 

Core Euro Bond Fund 4 




EUR 


Energy 

Gaz Capital (Gazprom) 3.755% 15/03/2017 Reg S LU EUR 1,349,692 1,400,025 0.52 

IPIC GMTN 5.875% 14/03/2021 Reg S KY EUR 1,173,646 1,379,444 0.51 

Gaz Capital (Gazprom) 6.605% 13/02/2018 EMTN LU EUR 1,173,646 1,372,945 0.51 

Eni 3.75% 27/06/2019 EMTN IT EUR 586,823 640,211 0.24 

4,792,625 1.77 

Utilities 

CEZ 4.875% 16/04/2025 EMTN CZ EUR 1,760,468 2,093,495 0.77 








5,100,883 1.89 

Materials 

Arkema 3.85% 30/04/2020 FR EUR 469,458 505,754 0.19 

505,754 0.19 

Industrials 

Glencore Finance Europe 4.125% 03/04/2018 LU EUR 1,760,468 1,882,577 0.70 

Cie de St-Gobain 3.625% 15/06/2021 EMTN FR EUR 1,760,468 1,800,479 0.67 




5,999,608 2.22 


Eutelsat 5.00% 14/01/2019 FR EUR 1,701,786 1,988,147 0.74 


2,700,133 1.00 


Pernod-Ricard 5.00% 15/03/2017 FR EUR 1,643,104 1,870,539 0.69 




Davide Campari-Milano 4.50% 25/10/2019 IT EUR 1,232,328 1,275,247 0.47 




10,425,169 3.86 

Healthcare 

Teva Pharmaceutical Finance IV 2.875% 15/04/2019 EMTN CW EUR 1,085,622 1,154,931 0.43 

1,154,931 0.43 



America Movil 4.125% 25/10/2019 EMTN MX EUR 1,467,057 1,658,090 0.61 



Tdc 4.375% 23/02/2018 Reg S DK EUR 880,234 998,272 0.37 





10,154,815 3.76 

Financials 



Goldman Sachs Group 4.50% 30/01/2017 US EUR 2,816,749 3,066,452 1.13 





Experian Finance 4.75% 04/02/2020 EMTN GB EUR 2,053,880 2,417,854 0.89 




American International Group 6.797% 15/11/2017 US EUR 1,520,458 1,813,028 0.67 

Deutsche Bank 5.00% 24/06/2020 EMTN DE EUR 1,555,080 1,699,473 0.63 

KfW 1.25% 17/10/2019 DE EUR 1,643,104 1,642,036 0.61 

216 



EUR 

UniCredit 4.375% 11/09/2015 EMTN IT EUR 1,584,421 1,629,938 0.60 

Banco Santander 3.125% 28/09/2015 ES EUR 1,584,421 1,606,255 0.59 

Santander International Debt 4.625% 21/03/2016 EMTN ES EUR 1,467,057 1,499,872 0.56 

RBS 5.50% 23/03/2020 EMTN GB EUR 1,173,646 1,392,723 0.52 

Bank of America 4.75% 03/04/2017 EMTN US EUR 1,173,646 1,301,658 0.48 

Hannover Finance 5.75% VRN 14/09/2040 LU EUR 1,173,646 1,259,772 0.47 

Wells Fargo & Co 2.625% 16/08/2022 EMTN US EUR 1,144,304 1,163,362 0.43 


BBVA Senior Finance 3.25% 23/04/2015 ES EUR 1,173,646 1,160,122 0.43 

Mondi Finance 3.375% 28/09/2020 EMTN GB EUR 1,144,304 1,157,893 0.43 

Volkswagen Leasing 3.375% 03/06/2016 EMTN DE EUR 1,056,281 1,140,410 0.42 

Intesa Sanpaolo 4.375% 16/08/2016 Reg S IT EUR 1,056,281 1,136,126 0.42 

Allianz Finance II 6.50% VRN 13/01/2025 NL EUR 997,599 1,080,079 0.40 

Citigroup 4.25% VRN 25/02/2030 EMTN US EUR 1,173,646 1,004,942 0.37 



















66,057,072 24.44 

Government 

Germany 0.50% 07/04/2017 DE EUR 40,476,100 40,691,598 15.06 

Italy 3.00% 15/06/2015 IT EUR 11,707,114 11,793,073 4.36 

Italy 4.25% 01/03/2020 IT EUR 10,621,492 10,612,317 3.93 

Germany 1.75% 04/07/2022 DE EUR 8,274,201 8,511,487 3.15 

Spain 5.85% 31/01/2022 ES EUR 7,335,284 7,457,359 2.76 

Italy 5.00% 01/03/2022 IT EUR 7,041,873 7,196,292 2.66 

France 3.00% 25/04/2022 FR EUR 5,193,381 5,576,756 2.06 

Germany 2.50% 27/02/2015 DE EUR 5,237,393 5,535,181 2.05 

Germany 3.25% 04/07/2042 DE EUR 4,518,535 5,471,338 2.02 

Italy 5.00% 01/09/2040 IT EUR 4,694,582 4,371,782 1.62 


Spain 3.25% 30/04/2016 ES EUR 3,623,631 3,552,890 1.31 

Germany 3.50% 04/07/2019 DE EUR 2,904,773 3,400,434 1.26 

Italy 4.00% 01/02/2017 IT EUR 2,934,114 2,999,737 1.11 

Spain 4.75% 30/07/2014 ES EUR 2,670,044 2,750,361 1.02 

Spain 4.30% 31/10/2019 ES EUR 2,347,291 2,250,767 0.83 

Germany 1.75% 09/10/2015 DE EUR 2,068,550 2,167,800 0.80 

Italy 4.50% 15/07/2015 IT EUR 1,760,468 1,837,263 0.68 

Spain 4.00% 30/07/2015 ES EUR 1,760,468 1,786,001 0.66 

Germany 3.25% 04/07/2015 DE EUR 1,643,104 1,781,424 0.66 

Finland 3.375% 15/04/2020 FI EUR 1,261,669 1,445,813 0.54 

France 4.50% 25/04/2041 FR EUR 956,521 1,198,154 0.44 

Belgium 4.00% 28/03/2032 BE EUR 1,056,281 1,172,823 0.43 

Poland 3.375% 09/07/2024 EMTN PL EUR 1,114,963 1,138,889 0.42 

France 4.00% 25/04/2055 FR EUR 557,482 651,989 0.24 


139,423,458 51.59 


Financials 



Intesa Sanpaolo 4.375% 15/10/2019 EMTN IT EUR 1,467,057 1,440,393 0.53 

Intesa Sanpaolo 4.00% 08/11/2018 IT EUR 1,467,057 1,433,692 0.53 

8,220,847 3.04 

Government 

Spain 4.90% 30/07/2040 ES EUR 1,877,833 1,514,995 0.56 

France 2.50% 12/01/2014 FR EUR 968,258 996,160 0.37 

2,511,155 0.93 



5,888,817 2.18 



Fidelity 

Funds 



Futures 

Core Euro Bond Fund 4 - continued 




EUR 



EUR 


Euro Bund Future 06/12/2012 EUR 498,846 6,263 0.00 

20,532 0.01 


Net Assets 270,239,803 100.00 







USA US 5.87 



UK GB 2.80 















217

Fidelity 

Funds 

Emerging Market Debt Fund 




USD 


Energy 

Petroleos de Venezuela 9.75% 17/05/2035 144A VE USD 10,000,000 8,234,669 0.78 


Pemex Project Funding MT 8.625% 01/02/2022 US USD 4,900,000 6,419,000 0.61 

Petrobras International Finance 5.375% 27/01/2021 KY USD 4,850,000 5,514,874 0.52 

Petroleos de Venezuela 5.375% 12/04/2027 VE USD 7,775,000 4,890,700 0.47 

Pertamina Persero 5.25% 23/05/2021 144A ID USD 4,190,000 4,692,800 0.45 

Petroleos de Venezuela 8.00% 17/11/2013 Reg S VE USD 4,000,000 4,027,650 0.38 

Petrobras International Finance 5.75% 20/01/2020 KY USD 3,220,000 3,712,861 0.35 

Naftogaz Ukraine 9.50% 30/09/2014 UA USD 3,570,000 3,648,465 0.35 

Georgian Oil & Gas 6.875% 16/05/2017 144A GE USD 2,500,000 2,587,500 0.25 


Gaz Capital (Gazprom) 6.51% 07/03/2022 144A LU USD 1,235,000 1,453,379 0.14 

KazMunayGas National 6.375% 09/04/2021 144A KZ USD 1,140,000 1,362,300 0.13 

KazMunayGas National 7.00% 05/05/2020 144A KZ USD 960,000 1,179,600 0.11 

Pertamina Persero 6.50% 27/05/2041 144A ID USD 900,000 1,077,750 0.10 

SOCAR 5.45% 09/02/2017 AZ USD 600,000 648,002 0.06 

58,193,509 5.54 

Utilities 

Comision Federal de Electric. 5.75% 14/02/2042 144A MX USD 5,540,000 6,337,760 0.60 

Perusahaan Listrik Negar 5.25% 24/10/2042 144A ID USD 5,000,000 5,128,125 0.49 

Rushydro Finance (Rushydro) 7.875% 28/10/2015 EMTN IE RUB 116,600,000 3,679,293 0.35 

Eskom Holdings Limited 5.75% 26/01/2021 Reg S ZA USD 2,830,000 3,142,125 0.30 


Cia Saneamento Basico 6.25% 16/12/2020 144A BR USD 2,415,000 2,632,350 0.25 


25,692,379 2.45 

Materials 

ALROSA Finance 8.875% 17/11/2014 Reg S LU USD 5,800,000 6,435,280 0.61 

Vedanta Resources Jersey 4.00% 30/03/2017 GB USD 3,700,000 3,677,800 0.35 

Evraz Group 8.25% 10/11/2015 144A LU USD 1,900,000 2,063,861 0.20 

Vedanta Resources Jersey 5.50% 13/07/2016 GB USD 2,000,000 1,990,000 0.19 

ALROSA Finance 7.75% 03/11/2020 144A LU USD 1,700,000 1,949,104 0.19 

Vale 5.625% 11/09/2042 BR USD 1,700,000 1,816,488 0.17 

Mongolian Mining 8.875% 29/03/2017 144A KY USD 1,500,000 1,539,375 0.15 

Sino-Forest 10.25% 28/07/2014 Reg S (Defaulted) CA USD 660,000 105,606 0.01 

19,577,514 1.86 

Industrials 

Kazakhstan Temir Zholy Finance 6.95% 10/07/2042 Reg S NL USD 6,000,000 7,305,000 0.70 

Transnet SOC 4.00% 26/07/2022 144A ZA USD 2,280,000 2,285,802 0.22 

Grupo ICE 6.95% 10/11/2021 144A CR USD 1,590,000 1,778,240 0.17 

SCF Capital 5.375% 27/10/2017 144A IE USD 1,595,000 1,611,951 0.15 

Kazakhstan Temir Zholy 6.375% 06/10/2020 144A NL USD 1,325,000 1,596,625 0.15 

RZD Capital 5.70% 05/04/2022 Reg S IE USD 1,300,000 1,445,513 0.14 

Georgian Railway 7.75% 11/07/2022 144A GE USD 760,000 856,235 0.08 

16,879,366 1.61 


TV Azteca 7.50% 25/05/2018 Reg S MX USD 1,500,000 1,578,762 0.15 

1,578,762 0.15 


VIP Finance (VimpelCom) 7.748% 02/02/2021 144A IE USD 6,390,000 7,020,597 0.67 

VIP Finance (VimpelCom) 9.125% 30/04/2018 Reg S IE USD 5,000,000 5,880,375 0.56 

MTS Internation Funding 8.625% 22/06/2020 144A IE USD 2,875,000 3,565,599 0.34 

Indosat Palapa Co 7.375% 29/07/2020 144A NL USD 1,565,000 1,780,285 0.17 

18,246,856 1.74 

Financials 

Banco Nacional de Desenvolv. 5.50% 12/07/2020 144A BR USD 8,850,000 10,631,505 1.01 

T & D Bank of Mongolia 8.50% 25/10/2013 Reg S MN USD 7,599,000 7,788,975 0.74 

IBRD 8.00% 20/06/2013 EMTN 99 NGN 896,000,000 5,586,817 0.53 

Indo Energy Finance 7.00% 07/05/2018 144A NL USD 3,300,000 3,432,000 0.33 

RSHB (Russian Agri. Bank) 6.00% VRN 03/06/2021 144A LU USD 3,200,000 3,386,016 0.32 

Magnesita Finance 8.625% (Perpetual) 144A BR USD 3,040,000 3,207,200 0.31 

VEB Finance (VEB) 6.025% 05/07/2022 144A IE USD 2,750,000 3,091,275 0.29 

IBRD 8.20% 12/12/2012 99 NGN 400,000,000 2,506,203 0.24 

Aquarius Invest. (Azerbaijan Railways) 8.25% 18/02/2016 LU USD 2,270,000 2,463,498 0.23 

Oversea-Chinese Banking 3.15% VRN 11/03/2023 144A SG USD 2,450,000 2,463,371 0.23 

BBVA Paraguay 9.75% 11/02/2016 144A PY USD 2,100,000 2,257,500 0.21 

Halyk Savings Bank Kazakhstan 9.25% 16/10/2013 144A KZ USD 1,700,000 1,793,500 0.17 

Biz Finance (Ukreximbank) 8.375% 27/04/2015 Reg S GB USD 1,705,000 1,679,226 0.16 

Bank of Georgia Jsc 7.75% 05/07/2017 144A GE USD 1,600,000 1,632,000 0.16 

Bank of Ceylon 6.875% 03/05/2017 144A LK USD 1,500,000 1,618,312 0.15 

VEB Finance (VEB) 6.80% 22/11/2025 144A IE USD 1,325,000 1,573,438 0.15 

African Export-Import Bank 8.75% 13/11/2014 EMTN 99 USD 1,390,000 1,542,611 0.15 

218 



USD 

VEB Finance (VEB) 5.45% 22/11/2017 144A IE USD 920,000 1,010,859 0.10 

SSB #1 (Oschadbank) 8.25% 10/03/2016 GB USD 550,000 527,885 0.05 

Bulgaria Steel Finance 12.00% 04/05/2013 (Defaulted)* NL EUR 300,000 4 0.00 

58,192,195 5.54 

Government 

Brazil 5.625% 07/01/2041 BR USD 22,285,000 28,641,239 2.73 

Russian Federation 5.625% 04/04/2042 144A RU USD 18,700,000 22,591,657 2.15 

Colombia 10.375% 28/01/2033 CO USD 8,070,000 14,870,992 1.42 

Russia Foreign Bond 7.50% 31/03/2030 Reg S RU USD 10,842,250 13,728,999 1.31 

Poland 3.00% 17/03/2023 PL USD 13,700,000 13,539,025 1.29 

Turkey 7.375% 05/02/2025 TR USD 10,300,000 13,531,882 1.29 



Indonesia 8.50% 12/10/2035 144A ID USD 6,930,000 11,109,033 1.06 

Venezuela 12.75% 23/08/2022 Reg S VE USD 10,245,000 10,978,798 1.04 

Slovenia 5.50% 26/10/2022 144A SI USD 10,000,000 10,054,000 0.96 

Argentina 7.00% 12/09/2013 AR USD 10,255,000 9,826,854 0.94 

Romania 6.75% 07/02/2022 144A RO USD 8,172,000 9,476,966 0.90 

Ukraine 9.25% 24/07/2017 144A UA USD 8,250,000 9,010,402 0.86 

Turkey 6.00% 14/01/2041 TR USD 6,975,000 8,237,764 0.78 

Lithuania 6.625% 01/02/2022 144A LT USD 5,750,000 7,126,406 0.68 

Turkey 5.625% 30/03/2021 TR USD 6,075,000 7,078,626 0.67 

Belarus 8.95% 26/01/2018 BY USD 6,910,000 6,872,572 0.65 


Lebanon 4.00% 31/12/2017 EMTN LB USD 6,820,000 6,724,094 0.64 


Turkey 5.125% 25/03/2022 TR USD 5,700,000 6,413,688 0.61 

Turkey 6.875% 17/03/2036 TR USD 4,890,000 6,312,256 0.60 

Peru 8.75% 21/11/2033 PE USD 3,510,000 6,184,883 0.59 

Mexico 5.75% 12/10/2110 MX USD 5,230,000 6,159,632 0.59 

Hungary 4.75% 03/02/2015 HU USD 5,830,000 5,992,220 0.57 

Russia Foreign Bond 12.75% 24/06/2028 Reg S RU USD 3,030,000 5,992,204 0.57 

Hungary 7.625% 29/03/2041 HU USD 5,000,000 5,965,470 0.57 

Uruguay 7.625% 21/03/2036 UY USD 3,590,000 5,587,835 0.53 


South Africa 6.25% 08/03/2041 ZA USD 4,000,000 5,152,876 0.49 

Qatar 3.125% 20/01/2017 144A QA USD 4,520,000 4,790,432 0.46 

Brazil 10.125% 15/05/2027 BR USD 2,585,000 4,692,809 0.45 

Peru 5.625% 18/11/2050 PE USD 3,530,000 4,602,802 0.44 

Turkey 7.00% 11/03/2019 TR USD 3,640,000 4,481,841 0.43 


Sri Lanka 6.25% 04/10/2020 144A LK USD 3,545,000 3,998,388 0.38 

Vietnam 6.75% 29/01/2020 144A VN USD 3,400,000 3,948,964 0.38 


Iceland 5.875% 11/05/2022 144A IS USD 3,320,000 3,610,367 0.34 

Russian Federation 4.50% 04/04/2022 144A RU USD 3,200,000 3,585,792 0.34 

Poland 5.00% 23/03/2022 PL USD 3,000,000 3,507,326 0.33 

Lebanon 6.60% 27/11/2026 LB USD 3,350,000 3,408,625 0.32 

Turkey 7.00% 05/06/2020 TR USD 2,640,000 3,307,656 0.31 

Latvia 5.25% 16/06/2021 144A LV USD 2,900,000 3,295,096 0.31 


Ivory Coast 3.75% 31/12/2032 Reg S CI USD 3,540,000 3,203,700 0.30 

Venezuela 9.375% 13/01/2034 VE USD 3,325,000 2,965,900 0.28 

Croatia 6.375% 24/03/2021 144A HR USD 2,565,000 2,922,497 0.28 



Lebanon 6.10% 04/10/2022 EMTN LB USD 2,750,000 2,799,844 0.27 

South Africa 4.665% 17/01/2024 ZA USD 2,475,000 2,739,258 0.26 

Brazil 8.25% 20/01/2034 BR USD 1,645,000 2,733,373 0.26 

Brazil 12.25% 06/03/2030 BR USD 1,290,000 2,668,558 0.25 

Hungary 6.375% 29/03/2021 HU USD 2,250,000 2,523,868 0.24 


Lebanon 11.625% 11/05/2016 Reg S LB USD 1,980,000 2,423,025 0.23 

Turkey 7.25% 05/03/2038 TR USD 1,595,000 2,164,415 0.21 

Turkey 7.50% 07/11/2019 TR USD 1,660,000 2,115,960 0.20 


El Salvador 7.625% 01/02/2041 144A SV USD 1,750,000 2,034,375 0.19 

Namibia 5.50% 03/11/2021 144A NA USD 1,800,000 2,027,808 0.19 


Republic Of Guatemala 5.75% 06/06/2022 144A GT USD 1,650,000 1,897,500 0.18 

Latvia 5.25% 22/02/2017 144A LV USD 1,700,000 1,878,500 0.18 

Brazil 8.875% 15/04/2024 BR USD 1,145,000 1,854,900 0.18 



Turkey 8.00% 14/02/2034 TR USD 1,070,000 1,537,269 0.15 


Israel 4.00% 30/06/2022 IL USD 1,300,000 1,395,062 0.13 

Bolivia Government 4.875% 29/10/2022 144A BO USD 1,195,000 1,200,975 0.11 


El Salvador 7.65% 15/06/2035 Reg S SV USD 885,000 1,026,600 0.10 

Jordan 3.875% 12/11/2015 Reg S JO USD 1,000,000 980,000 0.09 

South Africa 5.875% 30/05/2022 ZA USD 750,000 914,109 0.09 

Uruguay 7.875% 15/01/2033 UY USD 550,000 853,875 0.08 



Fidelity 

Funds 

Emerging Market Debt Fund - continued 




USD 

Zambia 5.375% 20/09/2022 144A ZM USD 720,000 727,200 0.07 

Turkey 6.25% 26/09/2022 TR USD 500,000 608,417 0.06 

Brazil 4.875% 22/01/2021 BR USD 455,000 546,956 0.05 

426,127,176 40.55 


Energy 




Petroleos Mexicanos 6.625% (Perpetual) 144A MX USD 11,550,000 12,387,375 1.18 

Petroleos Mexicanos 5.50% 27/06/2044 MX USD 8,845,000 9,652,106 0.92 

Pacific Rubiales Energy 7.25% 12/12/2021 144A CA USD 7,640,000 9,106,116 0.87 



Pemex Project Funding MT 6.625% 15/06/2035 US USD 3,710,000 4,655,889 0.44 

Petroleos de Venezuela 9.00% 17/11/2021 Reg S VE USD 5,000,000 4,157,500 0.40 



Petroleum Trinidad & Tobago 9.75% 14/08/2019 144A TT USD 1,555,000 2,070,172 0.20 

115,112,969 10.95 

Utilities 

Power Sector A&L Management 7.25% 27/05/2019 144A PH USD 2,835,000 3,692,588 0.35 

Power Sector A&L Management 7.39% 02/12/2024 144A PH USD 2,445,000 3,452,034 0.33 

Listrindo Capital 6.95% 21/02/2019 144A NL USD 1,000,000 1,126,625 0.11 

Comision Federal de Electric. 4.875% 26/05/2021 144A MX USD 800,000 908,000 0.09 

Empresa Distribuidora Norte 9.75% 25/10/2022 144A AR USD 590,000 281,725 0.03 

9,460,972 0.90 

Materials 

Codelco 4.25% 17/07/2042 144A CL USD 7,720,000 7,920,797 0.75 

Evraz Group 9.50% 24/04/2018 Reg S LU USD 1,800,000 2,036,790 0.19 



Sino-Forest 6.25% 21/10/2017 144A (Defaulted) CA USD 7,210,000 1,153,600 0.11 

14,390,699 1.37 

Industrials 

Odebrecht Finance 7.50% (Perpetual) 144A KY USD 3,900,000 4,259,190 0.41 

Kansas City Southern Mexico 6.625% 15/12/2020 MX USD 2,400,000 2,725,560 0.26 

6,984,750 0.66 


Arcos Dorados Holdings 10.25% 13/07/2016 144A VG BRL 5,500,000 2,961,151 0.28 

2,961,151 0.28 


Alestra 11.75% 11/08/2014 MX USD 3,940,000 4,471,341 0.43 

Telemovil Finance 8.00% 01/10/2017 144A SV USD 3,650,000 3,859,875 0.37 

VimpelCom Holdings 7.504% 01/03/2022 144A NL USD 700,000 755,601 0.07 

9,086,817 0.86 

Financials 

Unicredit Lux. (Yapi) 5.188% 13/10/2015 144A LU USD 2,360,000 2,460,300 0.23 

Akbank 6.50% 09/03/2018 144A TR USD 2,100,000 2,353,312 0.22 

TMK Capital (TMK OAO) 7.75% 27/01/2018 LU USD 2,000,000 2,067,500 0.20 

Access Finance 7.25% 25/07/2017 144A NL USD 1,800,000 1,894,500 0.18 

RSHB (Russian Agri. Bank) 5.298% 27/12/2017 144A LU USD 1,000,000 1,072,500 0.10 

Financing Of Infrastruct 8.375% 03/11/2017 144A UA USD 1,065,000 1,043,700 0.10 

10,891,812 1.04 

Government 

Mexico 4.75% 08/03/2044 MTN MX USD 16,290,000 18,083,936 1.72 


Brazil 7.125% 20/01/2037 BR USD 6,195,000 9,339,737 0.89 

Slovak Republic 4.375% 21/05/2022 144A SK USD 8,500,000 9,095,884 0.87 

Mexico 6.05% 11/01/2040 MX USD 6,772,000 9,031,139 0.86 

Mexico 3.625% 15/03/2022 MX USD 6,680,000 7,290,108 0.69 

Provincia de Buenos Aires 11.75% 05/10/2015 144A AR USD 7,750,000 6,282,538 0.60 

Turkey 11.875% 15/01/2030 TR USD 3,140,000 5,970,632 0.57 

Congo 3.00% 30/06/2029 Reg S CG USD 6,775,400 5,734,021 0.55 

Ukraine 7.65% 11/06/2013 144A UA USD 5,660,000 5,716,600 0.54 

Panama 6.70% 26/01/2036 PA USD 3,850,000 5,492,978 0.52 


Ghana 14.99% 11/03/2013 GH GHS 9,962,000 5,192,812 0.49 


Lithuania 6.125% 09/03/2021 144A LT USD 4,030,000 4,838,519 0.46 


Iraq 5.80% 15/01/2028 Reg S IQ USD 4,345,000 4,087,016 0.39 

Serbia 6.75% 01/11/2024 144A RS USD 3,283,334 3,271,021 0.31 


Dominican Republic 7.50% 06/05/2021 144A DO USD 2,645,000 3,099,847 0.30 


219 

Panama 7.125% 29/01/2026 PA USD 1,405,000 2,015,297 0.19 

Sri Lanka 6.25% 27/07/2021 144A LK USD 1,650,000 1,855,773 0.18 

El Salvador 7.75% 24/01/2023 Reg S SV USD 1,500,000 1,800,000 0.17 

Pakistan 7.125% 31/03/2016 144A PK USD 1,500,000 1,410,000 0.13 

Colombia 7.375% 18/09/2037 CO USD 900,000 1,391,625 0.13 

Ecuador 9.375% 15/12/2015 144A EC USD 1,067,000 1,090,451 0.10 

142,994,317 13.61 

Unlisted 

Government 

Nigeria Treasury Bill 13.150% 07/03/2013 NG NGN 554,300,000 3,372,454 0.32 

Nigeria 10.309% 07/03/2013 NG NGN 140,000,000 851,783 0.08 

4,224,237 0.40 




- A-ACC Shares (CHF) (hedged) 



USD USD 





3,503 0.00 





386,817 0.04 








(278,217) (0.03) 

- E-MDIST Shares (EUR) (hedged) 



USD 









181,832 0.02 


Net Assets 1,050,781,275 100.00

Fidelity 

Funds 

Emerging Market Debt Fund - continued 




Venezuela VE 11.54 














Lebanon LB 1.46 





Lithuania LT 1.14 

Chile CL 1.07 

USA US 1.05 

Peru PE 1.03 


Slovenia SI 0.96 


Romania RO 0.90 

Slovakia SK 0.87 

El Salvador SV 0.83 

UK GB 0.75 




Belarus BY 0.65 

Uruguay UY 0.61 

Congo CG 0.55 

Ghana GH 0.49 

Latvia LV 0.49 

Georgia GE 0.48 

Qatar QA 0.46 



Iraq IQ 0.39 

Vietnam VN 0.38 


Serbia RS 0.31 

Cote D’Ivoire CI 0.30 

Dominican Republic DO 0.30 



Paraguay PY 0.21 

Trinidad & Tobago TT 0.20 

Namibia NA 0.19 

Guatemala GT 0.18 

Costa Rica CR 0.17 

Pakistan PK 0.13 


Bolivia BO 0.11 

Ecuador EC 0.10 

Jordan JO 0.09 

Zambia ZM 0.07 

Azerbaijan AZ 0.06 


220

Fidelity 

Funds 

Emerging Markets Inflation-linked Bond Fund 4 



Government 

Brazil (B) 6.00% 15/08/2050 BR BRL 4,048,080 6,023,797 9.51 

Brazil (B) 6.00% 15/08/2016 BR BRL 3,872,076 4,677,133 7.39 

Israel CPI Linked 2.75% 30/09/2022 IL ILS 14,608,288 4,238,294 6.69 

Mexican Udibonos 4.50% 22/11/2035 MX MXN 7,180,941 3,564,360 5.63 

Turkey 3.00% 06/01/2021 TR TRY 5,280,104 3,548,198 5.60 



Thailand 1.20% 14/07/2021 TH THB 78,638,348 2,724,281 4.30 

Chile 3.00% 01/02/2016 CL CLP 56,321 2,714,443 4.29 

Turkey 2.50% 04/05/2016 TR TRY 3,872,076 2,562,158 4.05 

Brazil (B) 6.00% 15/08/2040 BR BRL 1,724,834 2,482,572 3.92 

Korea Treasury Inflation Linked 1.50% 10/06/2021 KR KRW 2,112,041,580 2,176,722 3.44 


Turkey 7.00% 01/10/2014 TR TRY 2,112,042 1,665,902 2.63 

Israel CPI Linked 3.50% 30/04/2018 IL ILS 4,224,083 1,465,112 2.31 

Brazil (B) 6.00% 15/08/2014 BR BRL 1,020,820 1,179,482 1.86 

Poland 3.00% 24/08/2016 PL PLN 2,675,253 1,121,220 1.77 

Brazil (B) 6.00% 15/05/2017 BR BRL 704,014 863,346 1.36 


Brazil (B) 6.00% 15/08/2020 BR BRL 563,211 722,165 1.14 

Poland 2.75% 25/08/2023 PL PLN 1,689,633 646,401 1.02 

Italy 2.10% 15/09/2021 IT EUR 457,609 573,712 0.91 

Italy 2.55% 22/10/2016 IT EUR 352,007 461,846 0.73 

Chile 3.00% 01/02/2021 CL CLP 8,448 419,346 0.66 

Brazil (B) 6.00% 15/08/2024 BR BRL 140,803 186,953 0.30 

53,379,250 84.30 


Government 

South Africa 5.50% 07/12/2023 ZA ZAR 13,517,066 4,289,993 6.77 

South Africa 2.60% 31/03/2028 ZA ZAR 4,928,097 900,165 1.42 

5,190,158 8.20 






USD 



USD USD 

Bought PLN Sold USD at 3.34478 20/11/2012 856,449 39,667 0.06 

Bought ILS Sold USD at 4.00270 20/11/2012 1,189,684 35,047 0.06 


Bought CLP Sold USD at 492.45000 20/11/2012 1,286,653 26,124 0.04 



Bought TRY Sold USD at 1.82480 20/11/2012 733,026 10,251 0.02 

Bought USD Sold CLP at 0.00211 20/11/2012 554,284 10,116 0.02 


Bought ILS Sold USD at 4.04920 20/11/2012 226,024 9,362 0.01 


Bought TRY Sold USD at 1.80850 20/11/2012 1,465,252 7,220 0.01 

Bought USD Sold MXN at 0.07708 20/11/2012 558,252 6,109 0.01 


Bought MXN Sold USD at 13.26950 20/11/2012 495,375 5,818 0.01 




Bought THB Sold USD at 31.67500 20/11/2012 89,660 2,823 0.00 


Bought BRL Sold USD at 2.04050 20/11/2012 1,179,969 2,352 0.00 

Bought USD Sold BRL at 0.49213 20/11/2012 1,055,446 2,307 0.00 



Bought THB Sold USD at 30.82500 20/11/2012 411,103 1,567 0.00 

Bought BRL Sold USD at 2.04430 20/11/2012 344,379 1,329 0.00 

Bought PLN Sold USD at 3.20778 20/11/2012 263,365 911 0.00 

Bought TRY Sold USD at 1.80544 20/11/2012 280,757 906 0.00 

Bought BRL Sold USD at 2.04250 20/11/2012 206,809 615 0.00 




Bought BRL Sold USD at 2.03550 20/11/2012 162,558 (75) (0.00) 


221 

Bought ILS Sold USD at 3.88319 20/11/2012 284,638 (364) (0.00) 

Bought USD Sold TRY at 0.55182 20/11/2012 78,240 (542) (0.00) 


Bought USD Sold MXN at 0.07531 20/11/2012 93,937 (1,158) (0.00) 

Bought USD Sold ZAR at 0.11425 20/11/2012 258,880 (1,500) (0.00) 

Bought BRL Sold USD at 2.03320 20/11/2012 1,057,129 (1,682) (0.00) 

Bought ZAR Sold USD at 8.65492 20/11/2012 325,370 (1,771) (0.00) 

Bought MXN Sold USD at 12.96100 20/11/2012 152,090 (1,791) (0.00) 

Bought USD Sold TRY at 0.55371 20/11/2012 629,830 (2,221) (0.00) 



Bought PLN Sold USD at 3.12507 20/11/2012 142,602 (3,196) (0.01) 

Bought USD Sold BRL at 0.48773 20/11/2012 522,365 (3,531) (0.01) 



Bought USD Sold TRY at 0.55096 20/11/2012 516,773 (4,381) (0.01) 


Bought ILS Sold USD at 3.81202 20/11/2012 277,024 (5,425) (0.01) 






Bought USD Sold BRL at 0.48170 20/11/2012 1,624,827 (30,962) (0.05) 

Bought ZAR Sold USD at 8.20564 20/11/2012 1,221,568 (69,715) (0.11) 

60,759 0.10 

Futures 



USD 

US Treasury Note 10 Year Future 19/12/2012 USD 1,403,518 (5,298) (0.01) 

Korea 10 Year Bond Future 19/12/2012 KRW (578,065,781) (6,986) (0.01) 

(12,284) (0.02) 




USD 



USD 

Pay fixed 1.99% receive floating (3m ILSIB) 18/07/2014 ILS 23,232,457 (2,615) (0.00) 

Pay fixed 6.11% receive float. (1m MXIBTIEE) 05/09/2022 MXN 8,448,166 (7,667) (0.01) 

Pay fixed 4.18% receive floating (6m BKIBO) 10/04/2022 THB 9,152,180 (18,137) (0.03) 


(66,063) (0.10) 


Net Assets 63,320,972 100.00 








Chile CL 4.95 

Korea KR 4.73 



Italy IT 1.64 




Fidelity 

Funds 

Euro Bond Fund 




EUR 


Energy 


Eni 3.75% 27/06/2019 EMTN IT EUR 1,165,148 1,271,152 0.21 


4,422,458 0.74 

Utilities 

CEZ 4.875% 16/04/2025 EMTN CZ EUR 2,097,266 2,494,005 0.42 

Centrica 5.50% 24/10/2016 EMTN GB GBP 1,364,888 1,944,891 0.33 

Fortum 2.25% 06/09/2022 EMTN FI EUR 1,697,787 1,673,088 0.28 

Edison Spa 3.875% 10/11/2017 EMTN IT EUR 1,231,728 1,318,485 0.22 

Veolia Environnement 6.00% 01/06/2018 FR USD 1,356,232 1,228,091 0.21 







TXU Europe Funding 7.00% 30/11/2005 (Defaulted)* GB EUR 3,328,994 33 0.00 

12,507,975 2.10 

Materials 

Rexam 6.75% VRN 29/06/2067 GB EUR 2,263,716 2,344,587 0.39 

Arkema 3.85% 30/04/2020 FR EUR 1,065,278 1,147,640 0.19 

3,492,227 0.59 

Industrials 

Siemens Financieringsmaat. 6.125% VRN 14/09/2066 NL GBP 2,297,006 3,125,331 0.52 

General Electric 5.25% 06/12/2017 US USD 3,162,544 2,895,427 0.49 

HIT Finance 5.75% 09/03/2018 NL EUR 1,997,396 2,162,691 0.36 


Mitsubishi 1.875% 13/07/2017 EMTN JP USD 2,496,746 1,947,642 0.33 

Cie de St-Gobain 3.625% 15/06/2021 EMTN FR EUR 1,864,237 1,906,606 0.32 


Bureau Veritas 3.75% 24/05/2017 EMTN FR EUR 1,731,077 1,826,057 0.31 

Deutsche Bahn Finance 4.375% 23/09/2021 EMTN NL EUR 998,698 1,192,131 0.20 

ST Engeneering Financial 1 4.80% 16/07/2019 EMTN SG USD 1,271,010 1,132,703 0.19 


20,667,433 3.47 


Iliad 4.875% 01/06/2016 FR EUR 5,259,811 5,638,412 0.95 

5,638,412 0.95 




Volkswagen Int’l Finance 1.875% 15/05/2017 EMTN NL EUR 1,065,278 1,093,954 0.18 

5,322,804 0.89 




Davide Campari-Milano 4.50% 25/10/2019 IT EUR 2,629,905 2,721,498 0.46 


Anheuser-Busch InBev 2.00% 16/12/2019 EMTN BE EUR 1,830,947 1,866,247 0.31 

Pernod-Ricard 5.00% 15/03/2017 FR EUR 1,265,018 1,440,119 0.24 

15,226,924 2.56 

Healthcare 

Teva Pharmaceutical Finance IV 2.875% 15/04/2019 EMTN CW EUR 2,263,716 2,408,238 0.40 

2,408,238 0.40 




America Movil 4.125% 25/10/2019 EMTN MX EUR 1,165,148 1,316,868 0.22 

America Movil 5.00% 30/03/2020 MX USD 1,265,018 1,151,605 0.19 




Tdc 4.375% 23/02/2018 Reg S DK EUR 466,059 528,557 0.09 

11,752,038 1.97 

Financials 



222 



EUR 






KfW 1.25% 17/10/2019 DE EUR 3,528,734 3,526,440 0.59 




Deutsche Bank 1.044% FRN 20/09/2016 EMTN DE EUR 2,996,095 2,810,885 0.47 


Credit Suisse London 6.75% VRN 16/01/2023 EMTN CH GBP 1,997,396 2,723,274 0.46 

UBS London 6.375% 20/07/2016 EMTN CH GBP 1,830,947 2,644,340 0.44 


Abbey National Treasury Serv. 5.25% 16/02/2029 EMTN GB GBP 1,664,497 2,482,803 0.42 


Mondi Finance 3.375% 28/09/2020 EMTN GB EUR 2,396,876 2,425,339 0.41 

UBS Stamford 7.625% 17/08/2022 CH USD 2,729,775 2,270,051 0.38 



Lloyds TSB Bank 4.875% 30/03/2027 EMTN GB GBP 1,464,757 2,093,921 0.35 

JPMorgan Chase & Co 2.75% 24/08/2022 EMTN US EUR 1,997,396 2,032,770 0.34 


European Union 2.50% 04/11/2027 99 EUR 1,997,396 1,995,056 0.33 


Allianz Finance II 6.50% VRN 13/01/2025 NL EUR 1,731,077 1,874,200 0.31 

DNB Bank 4.375% 24/02/2021 Reg S NO EUR 1,597,917 1,847,690 0.31 

Temasek Financial I 4.30% 25/10/2019 Reg S SG USD 1,997,396 1,754,982 0.29 

Citigroup 4.50% 14/01/2022 US USD 1,997,396 1,705,428 0.29 

Imperial Tobacco Finance 4.50% 05/07/2018 EMTN GB EUR 1,498,047 1,699,822 0.29 


RBS 5.125% 13/01/2024 GB GBP 1,131,858 1,678,058 0.28 

Intesa Sanpaolo 4.375% 16/08/2016 Reg S IT EUR 1,531,337 1,647,092 0.28 

UBS London 5.625% 19/05/2014 EMTN CH EUR 1,398,178 1,501,957 0.25 

Credit Suisse Guernsey 2.875% 24/09/2015 EMTN CH EUR 1,364,888 1,435,306 0.24 

JPMorgan Chase & Co 4.25% 15/10/2020 US USD 1,651,181 1,404,361 0.24 

Gatwick Funding Limited 5.25% 23/01/2024 EMTN GB GBP 998,698 1,381,319 0.23 



Severn Trent Water Utilities Fin. 5.25% 11/03/2016 EMTN GB EUR 1,105,226 1,253,688 0.21 


BP Capital Markets 2.994% 18/02/2019 EMTN GB EUR 1,098,568 1,181,167 0.20 

GE Capital UK Funding 4.375% 31/07/2019 EMTN IE GBP 798,959 1,081,385 0.18 

BFCM 3.25% 23/08/2022 EMTN FR EUR 998,698 1,039,789 0.17 


Unibail-Rodamco 2.25% 01/08/2018 EMTN FR EUR 998,698 1,017,662 0.17 


HBOS 4.50% VRN 18/03/2030 EMTN GB EUR 1,022,001 808,269 0.14 

RBS 5.50% 23/03/2020 EMTN GB EUR 665,799 790,079 0.13 






128,362,982 21.55 

Government 

Germany 0.50% 07/04/2017 DE EUR 34,321,929 34,504,662 5.79 

Germany 1.75% 04/07/2022 DE EUR 28,063,420 28,868,217 4.85 

Italy 4.25% 01/03/2020 IT EUR 24,674,504 24,653,190 4.14 

Italy 3.00% 15/06/2015 IT EUR 20,772,923 20,925,448 3.51 

France 3.00% 25/04/2022 FR EUR 17,876,698 19,196,353 3.22 

Spain 5.85% 31/01/2022 ES EUR 14,980,473 15,229,779 2.56 

Italy 5.00% 01/03/2022 IT EUR 13,582,296 13,880,138 2.33 

Germany 3.25% 04/07/2042 DE EUR 11,418,450 13,826,205 2.32 

Italy 4.00% 01/02/2017 IT EUR 13,315,976 13,613,797 2.29 

Spain 3.25% 30/04/2016 ES EUR 12,849,917 12,599,061 2.11 

Sweden 3.75% 12/08/2017 SE SEK 86,553,846 11,352,145 1.91 

Italy 5.00% 01/09/2040 IT EUR 8,655,385 8,060,240 1.35 

Germany 2.50% 27/02/2015 DE EUR 7,140,692 7,546,699 1.27 

Spain 4.30% 31/10/2019 ES EUR 6,657,988 6,384,203 1.07 

Italy 4.50% 15/07/2015 IT EUR 5,592,710 5,836,675 0.98 

Germany 3.25% 04/07/2015 DE EUR 5,193,231 5,630,410 0.95 

Spain 4.75% 30/07/2014 ES EUR 4,660,592 4,800,786 0.81 


Spain 4.00% 30/07/2015 ES EUR 3,362,284 3,411,048 0.57 

Germany 1.75% 09/10/2015 DE EUR 3,179,189 3,331,727 0.56 

Netherlands 2.25% 15/07/2022 NL EUR 2,729,775 2,855,335 0.48 

Germany 3.50% 04/07/2019 DE EUR 2,396,876 2,805,871 0.47 

Poland 3.375% 09/07/2024 EMTN PL EUR 2,263,716 2,312,292 0.39 

Belgium 4.00% 28/03/2032 BE EUR 1,997,396 2,217,774 0.37 


UK Treasury 5.00% 07/03/2025 GB GBP 1,281,663 2,103,648 0.35 

France 4.50% 25/04/2041 FR EUR 1,664,497 2,084,976 0.35 



Fidelity 

Funds 

France 4.00% 25/04/2055 FR EUR 1,314,953 1,537,871 0.26 


276,076,405 46.34 


Industrials 

Tyco Flow Control Int’l 3.15% 15/09/2022 144A LU USD 2,563,325 1,975,683 0.33 

1,975,683 0.33 


Time Warner Cable 4.50% 15/09/2042 US USD 1,564,627 1,229,418 0.21 

1,229,418 0.21 


Altria Group 4.25% 09/08/2042 US USD 2,063,976 1,606,095 0.27 

Pernod-Ricard 4.45% 15/01/2022 144A FR USD 1,331,598 1,147,672 0.19 

2,753,767 0.46 

Healthcare 



1,371,310 0.23 

Financials 


HSBC Bank 3.10% 24/05/2016 144A GB USD 4,094,663 3,312,184 0.56 



BNP Paribas 2.375% 14/09/2017 MTN FR USD 3,362,284 2,619,201 0.44 

Intesa Sanpaolo 4.00% 08/11/2018 IT EUR 2,530,036 2,472,496 0.41 

Eston 2006-1 A1B 0.397% FRN 19/04/2021 GB EUR 2,459,020 2,279,881 0.38 

Clock Finance 2007-1 B2 0.515% FRN 25/02/2015 NL EUR 1,864,237 1,852,306 0.31 

Real Estate Capital 5 B 0.848% FRN 25/07/2016 GB GBP 1,142,047 1,382,338 0.23 


TS Co.mit One E 2.672% FRN 29/06/2013* DE EUR 1,309,191 589,136 0.10 





28,948,156 4.86 

Government 

Spain 4.90% 30/07/2040 ES EUR 3,129,254 2,524,615 0.42 

France 2.50% 12/01/2014 FR EUR 1,697,787 1,746,713 0.29 



7,374,436 1.24 


Fidelity Institutional Liquidity Fund - A-ACC-EUR IE EUR 3,502 49,280,665 8.27 

49,280,665 8.27 

Unlisted 

Financials 


Links Finance 0.00% 15/09/2009 EMTN (Defaulted)* KY USD 2,996,095 23 0.00 

64 0.00 




Euro Bond Fund - continued 




EUR 

Bought protection on Hammerson 20/12/2016 EUR 2,829,645 12,141 0.00 

12,141 0.00 




EUR 



EUR EUR 

Bought EUR Sold USD at 0.81250 20/11/2012 24,890,156 1,346,569 0.23 


223 



















Bought USD Sold EUR at 1.29690 20/11/2012 1,479,042 (515) (0.00) 













2,936,428 0.49 

Futures 



EUR 




Long Term US Treasury Bond Future 19/12/2012 USD (765,793) 5,760 0.00 


Euro Bobl Future 06/12/2012 EUR 24,714,352 (9,154) (0.00) 


167,866 0.03 


Net Assets 595,783,784 100.00 




EUR EUR 







USA US 5.28 

UK GB 5.27 













Japan JP 0.33 





Fidelity 

Funds 

Euro Corporate Bond Fund 




EUR 


Energy 


Eni 3.75% 27/06/2019 EMTN IT EUR 565,644 617,106 0.52 



2,808,948 2.35 

Utilities 

CEZ 4.875% 16/04/2025 EMTN CZ EUR 829,611 986,548 0.82 












6,568,911 5.49 

Materials 

Arkema 3.85% 30/04/2020 FR EUR 754,192 812,502 0.68 



1,449,140 1.21 

Industrials 


Deutsche Bahn Finance 4.375% 23/09/2021 EMTN NL EUR 1,131,288 1,350,401 1.13 


Siemens Financieringsmaat. 6.125% VRN 14/09/2066 NL GBP 754,192 1,026,162 0.86 









10,815,742 9.04 


Iliad 4.875% 01/06/2016 FR EUR 1,508,384 1,616,957 1.35 

1,616,957 1.35 


Volkswagen Int’l Finance 1.875% 15/05/2017 EMTN NL EUR 1,923,189 1,974,960 1.65 



2,973,002 2.49 


Casino Guichard Perrachon 3.994% 09/03/2020 EMTN FR EUR 1,131,288 1,223,522 1.02 









6,202,727 5.18 




Tdc 4.375% 23/02/2018 Reg S DK EUR 754,192 855,328 0.71 








6,367,930 5.32 

224 



EUR 

Financials 


Rabobank Nederland 3.50% 17/10/2018 EMTN NL EUR 2,639,672 2,892,272 2.42 




Imperial Tobacco Finance 4.50% 05/07/2018 EMTN GB EUR 1,508,384 1,711,551 1.43 

Societe Generale 4.25% 13/07/2022 EMTN FR EUR 1,508,384 1,675,671 1.40 








Experian Finance 4.75% 04/02/2020 EMTN GB EUR 1,131,288 1,331,767 1.11 


RBS 5.50% 23/03/2020 EMTN GB EUR 1,093,578 1,297,710 1.08 



JPMorgan Chase & Co 2.75% 24/08/2022 EMTN US EUR 1,093,578 1,112,945 0.93 

Severn Trent Water Utilities Fin. 5.25% 11/03/2016 EMTN GB EUR 954,053 1,082,208 0.90 

HBOS 4.50% VRN 18/03/2030 EMTN GB EUR 1,319,836 1,043,817 0.87 

Credit Suisse London 6.75% VRN 16/01/2023 EMTN CH GBP 754,192 1,028,274 0.86 


Bank of America 4.00% VRN 28/03/2018 EMTN US EUR 1,131,288 1,012,998 0.85 








KfW 1.25% 17/10/2019 DE EUR 678,773 678,332 0.57 





















54,131,719 45.25 

Government 

Germany 0.50% 07/04/2017 DE EUR 3,563,557 3,582,530 2.99 

Italy 4.00% 01/02/2017 IT EUR 1,508,384 1,542,120 1.29 

Italy 4.50% 15/07/2015 IT EUR 1,131,288 1,180,637 0.99 

Spain 5.85% 31/01/2022 ES EUR 905,030 920,092 0.77 



7,847,143 6.56 


Energy 


296,052 0.25 

Industrials 


348,776 0.29 



177,784 0.15 


Danone 3.00% 15/06/2022 144A FR USD 754,192 600,079 0.50 



Fidelity 

Funds 



1,446,035 1.21 

Healthcare 



452,958 0.38 



297,359 0.25 

Financials 












3,034,819 2.54 

Government 


239,039 0.20 



9,056,605 7.57 

Unlisted 

Financials 



14 0.00 




Euro Corporate Bond Fund - continued 




EUR 


1,456 0.00 




EUR 



EUR EUR 























225 










778,212 0.65 

Futures 



EUR 




Euro Bobl Future 06/12/2012 EUR 3,985,799 1,119 0.00 

US Treasury Note 5 Year Future 19/12/2012 USD (1,779,675) 253 0.00 


(31,395) (0.03) 


Net Assets 119,629,371 100.00 




EUR EUR 



USA US 12.94 



UK GB 10.35 

Italy IT 8.49 


Spain ES 5.66 









Japan JP 0.49 





Fidelity 

Funds 

Euro Short Term Bond Fund 




EUR 


Energy 

Gaz Capital (Gazprom) 4.95% 23/05/2016 Reg S LU USD 2,483,125 2,046,686 0.51 

Marathon Oil 0.90% 01/11/2015 US USD 2,483,125 1,918,720 0.48 


FMC Technologies 2.00% 01/10/2017 US USD 993,250 762,591 0.19 

5,541,405 1.38 

Utilities 

Vattenfall 5.25% 17/03/2016 EMTN SE EUR 3,476,375 3,969,799 0.99 

CEZ 3.625% 27/05/2016 CZ EUR 1,986,500 2,164,173 0.54 

E.ON International Finance 4.875% 28/01/2014 EMTN NL EUR 1,489,875 1,568,896 0.39 

GDF Suez 1.50% 01/02/2016 EMTN FR EUR 1,489,875 1,521,086 0.38 

Abu Dhabi National Energy 4.75% 15/09/2014 Reg S AE USD 1,340,887 1,093,155 0.27 


11,072,377 2.75 

Materials 

K+S 5.00% 24/09/2014 DE EUR 695,275 748,222 0.19 

748,222 0.19 

Industrials 

Heathrow Funding 3.00% 08/06/2015 EMTN GB GBP 2,483,125 3,196,272 0.79 

Mitsubishi 1.875% 13/07/2017 EMTN JP USD 2,731,437 2,130,719 0.53 

Rede Ferroviaria Nacional 4.00% 16/03/2015 PT EUR 1,986,500 1,789,489 0.44 

Autoroutes Paris-Rhin-Rhone 4.375% 25/01/2016 EMTN FR EUR 1,191,900 1,284,578 0.32 

International Lease Finance 5.75% 15/05/2016 US USD 1,489,875 1,219,027 0.30 



10,663,204 2.65 


SAP 2.50% 10/04/2014 DE EUR 1,986,500 2,033,333 0.51 

Iliad 4.875% 01/06/2016 FR EUR 1,390,550 1,490,642 0.37 

3,523,975 0.88 


William Hill 7.125% 11/11/2016 EMTN GB GBP 993,250 1,359,822 0.34 

1,359,822 0.34 


Philip Morris International 5.875% 04/09/2015 EMTN US EUR 2,483,125 2,836,444 0.70 

Henkel & Co 4.625% 19/03/2014 EMTN DE EUR 1,241,562 1,311,017 0.33 

Tesco 5.125% 24/02/2015 EMTN GB EUR 993,250 1,091,475 0.27 


6,141,324 1.53 

Healthcare 

Roche Holdings 5.625% 04/03/2016 EMTN US EUR 1,887,175 2,181,850 0.54 

Cigna 2.75% 15/11/2016 US USD 1,986,500 1,617,582 0.40 

Unitedhealth Group 1.40% 15/10/2017 US USD 1,489,875 1,156,851 0.29 

4,956,283 1.23 


Telenor 4.875% 29/05/2017 EMTN NO EUR 1,986,500 2,312,058 0.57 


Telecom Italia 7.375% 15/12/2017 EMTN IT GBP 993,250 1,381,284 0.34 

TDC 3.50% 23/02/2015 Reg S DK EUR 993,250 1,050,515 0.26 

6,924,323 1.72 

Financials 

KfW 3.125% 25/02/2014 DE EUR 9,435,874 9,812,759 2.44 

Fondo Reestructuracion 3.00% 19/11/2014 ES EUR 6,952,749 6,873,846 1.71 


KfW 1.375% 21/02/2017 DE EUR 4,966,250 5,124,448 1.27 



StadsHypotek 1.875% 21/03/2017 SE EUR 3,277,725 3,414,209 0.85 

GE Capital European Funding 5.25% 18/05/2015 EMTN IE EUR 2,979,750 3,299,832 0.82 

UBS London 2.25% 10/01/2017 CH EUR 2,979,750 3,156,075 0.78 

Rabobank Nederland 4.375% 22/01/2014 EMTN NL EUR 2,979,750 3,121,096 0.78 

Goldman Sachs Group 4.375% 16/03/2017 EMTN US EUR 2,582,450 2,802,152 0.70 

HSBC France 4.875% 15/01/2014 EMTN FR EUR 2,483,125 2,611,449 0.65 

Nordea Bank 1.164% FRN 10/01/2014 EMTN SE EUR 2,483,125 2,522,428 0.63 

Bank of America 3.75% 12/07/2016 US USD 2,979,750 2,459,299 0.61 

Nestle Holdings 1.375% 21/06/2017 EMTN US USD 2,979,750 2,327,515 0.58 



226 



EUR 

FCE Bank 4.825% 15/02/2017 EMTN GB GBP 1,589,200 2,156,191 0.54 

Altadis Emisiones Financieras 4.00% 11/12/2015 ES EUR 1,986,500 2,148,422 0.53 

WM Covered Bond Program 4.375% 19/05/2014 EMTN US EUR 1,986,500 2,096,199 0.52 

Barclays Bank 1.759% FRN 17/01/2014 EMTN GB EUR 1,986,500 2,020,073 0.50 





VTB Capital (VTB Bank) 6.00% 12/04/2017 Reg S LU USD 1,986,500 1,599,212 0.40 

Credit Suisse Guernsey 2.875% 24/09/2015 EMTN CH EUR 1,489,875 1,566,742 0.39 

Nordea Bank (Finland) 2.25% 16/11/2015 FI EUR 1,489,875 1,562,505 0.39 

Sumitomo Mitsui Banking 1.80% 18/07/2017 JP USD 1,986,500 1,558,610 0.39 

BPCE 2.875% 22/09/2015 EMTN FR EUR 1,489,875 1,553,186 0.39 

BPCE 9.00% VRN (Perpetual) FR EUR 1,489,875 1,478,415 0.37 

Credit Agricole Home Loan 2.125% 10/07/2017 EMTN FR EUR 1,390,550 1,449,652 0.36 

UBS London 6.375% 20/07/2016 EMTN CH GBP 993,250 1,434,498 0.36 

WM Covered Bond Program 4.00% 27/09/2016 EMTN US EUR 1,152,170 1,275,158 0.32 

Lloyds TSB Bank 6.375% 17/06/2016 EMTN GB EUR 993,250 1,167,325 0.29 


KBC IFIMA 4.50% 27/03/2017 EMTN NL EUR 993,250 1,087,142 0.27 

Societe Generale 3.75% 01/03/2017 EMTN FR EUR 993,250 1,079,740 0.27 


Merck Financial Services 3.375% 24/03/2015 EMTN DE EUR 993,250 1,052,960 0.26 

Commerzbank 5.00% 06/02/2014 EMTN DE EUR 993,250 1,046,811 0.26 

Citigroup 4.75% 12/11/2013 US EUR 993,250 1,030,670 0.26 

ASIF III Jersey 4.75% 11/09/2013 EMTN GB EUR 993,250 1,022,158 0.25 

ABN Amro Bank 1.16% FRN 15/01/2013 EMTN NL EUR 993,250 999,810 0.25 

Rodamco Europe Finance 3.75% 12/12/2012 EMTN NL EUR 993,250 996,795 0.25 

BBVA US Senior Uniper 4.664% 09/10/2015 ES USD 1,142,237 889,199 0.22 

Capital One Financial 3.15% 15/07/2016 US USD 993,250 818,135 0.20 





ING Bank 3.875% 23/12/2016 EMTN NL GBP 421,138 558,537 0.14 




Linde Finance 6.00% VRN (Perpetual) NL EUR 99,325 102,387 0.03 

112,488,953 27.95 

Government 

Germany 1.75% 09/10/2015 DE EUR 24,831,248 26,022,655 6.46 

Austria 3.50% 15/07/2015 AT EUR 22,745,423 24,719,971 6.14 


Italy 3.00% 01/11/2015 IT EUR 20,858,248 20,956,110 5.21 

Germany 2.50% 27/02/2015 DE EUR 17,630,186 18,632,605 4.63 

Netherlands 2.75% 15/01/2015 NL EUR 17,381,873 18,372,473 4.56 

Czech Republic 4.00% 11/04/2017 CZ CZK 218,514,980 9,856,383 2.45 

Sweden 3.75% 12/08/2017 SE SEK 69,527,494 9,119,019 2.27 

Germany 1.25% 14/10/2016 DE EUR 8,740,599 9,079,408 2.26 


Spain 3.25% 30/04/2016 ES EUR 7,945,999 7,790,877 1.94 

Belgium 2.75% 28/03/2016 BE EUR 4,966,250 5,318,191 1.32 

Germany 0.75% 24/02/2017 DE EUR 2,731,437 2,777,398 0.69 

Germany 3.75% 04/01/2015 DE EUR 1,489,875 1,609,552 0.40 



187,749,696 46.64 


Energy 

Schlumberger Investment 1.25% 01/08/2017 144A LU USD 2,483,125 1,908,421 0.47 

1,908,421 0.47 

Materials 

Xstrata Finance (Canada) 2.45% 25/10/2017 144A CA USD 2,284,475 1,751,976 0.44 

1,751,976 0.44 


Altera 1.75% 15/05/2017 US USD 1,291,225 1,024,414 0.25 

1,024,414 0.25 


Heineken 1.40% 01/10/2017 144A NL USD 2,979,750 2,304,141 0.57 

2,304,141 0.57 

Healthcare 

Gilead Sciences 3.05% 01/12/2016 US USD 1,986,500 1,644,598 0.41 




Fidelity 

Funds 


2,057,157 0.51 


Deutsche Telekom Int’l Finance 3.125% 11/04/2016 144A NL USD 1,986,500 1,615,274 0.40 

1,615,274 0.40 

Financials 

FADE 5.00% 17/06/2015 ES EUR 4,966,250 5,108,334 1.27 

Credit Suisse (Guernsey) 1.625% 06/03/2015 144A CH USD 3,575,700 2,813,940 0.70 

UBS London 2.25% 30/03/2017 144A CH USD 3,476,375 2,785,959 0.69 

ABN Amro Bank 4.25% 02/02/2017 144A NL USD 2,582,450 2,157,596 0.54 

BAT Int’l Finance 2.125% 07/06/2017 144A GB USD 2,483,125 1,959,217 0.49 

Intesa Sanpaolo 3.625% 12/08/2015 144A IT USD 1,663,694 1,283,330 0.32 

BNP Paribas 3.60% 23/02/2016 MTN FR USD 1,489,875 1,217,362 0.30 

Volkswagen Car Lease (A) 0.76% FRN 21/07/2017 LU EUR 573,203 575,955 0.14 




Granite Master Issuer 2005-4 B4 0.47% FRN 20/12/2054 GB EUR 99,325 92,328 0.02 




18,986,819 4.72 



5,960,783 1.48 




Euro Short Term Bond Fund - continued 




EUR 

Bought protection on Spain 5.50% 20/12/2017 USD 4,072,325 279,841 0.07 

Bought protection on Itraxx Europe Senior Fin. 20/06/2017 EUR 2,979,750 91,853 0.02 

Bought protection on Itraxx Europe 20/12/2017 EUR 3,774,350 51,665 0.01 

Bought protection on Itraxx Europe Sub Fin. 20/12/2016 EUR 1,241,562 (118,221) (0.03) 

305,138 0.08 




EUR 



EUR EUR 







Bought EUR Sold PLN at 0.24278 20/11/2012 7,169,767 49,390 0.01 


Bought EUR Sold CZK at 0.04022 20/11/2012 1,740,071 17,032 0.00 








Bought CHF Sold EUR at 1.20002 20/11/2012 1,870,597 (10,239) (0.00) 



Bought CZK Sold EUR at 24.98949 20/11/2012 3,663,692 (17,077) (0.00) 


Bought EUR Sold CZK at 0.03970 20/11/2012 6,932,471 (23,114) (0.01) 



2,980,792 0.74 

227 

Futures 




(404) (0.00) 




EUR 



Pay fixed 1.915% receive float. (6m GBPLIBOR) 27/10/2016 GBP 4,221,312 (210,531) (0.05) 

Pay fixed 3.03% float. (6m GBPLIBOR) 01/04/2016 GBP 4,221,312 (386,134) (0.10) 

58,781 0.01 


Net Assets 402,536,228 100.00 




EUR 



USA US 9.22 


Spain ES 7.27 

Italy IT 6.77 



UK GB 4.77 









Japan JP 0.92 








Korea KR 0.13 


Fidelity 

Funds 

European High Yield Fund 




EUR 


Energy 

MOL Hungarian Oil & Gas 5.875% 20/04/2017 EMTN HU EUR 4,325,024 4,439,637 0.22 

HollyFrontier 9.875% 15/06/2017 US USD 4,914,800 4,165,573 0.20 








Petromena 9.75% 24/05/2013 (Defaulted)* NO NOK 107,292 2,683 0.00 

12,791,042 0.63 

Utilities 

EDP Finance 5.75% 21/09/2017 EMTN NL EUR 16,901,034 17,323,559 0.85 


First Hydro Finance 9.00% 31/07/2021 GB GBP 5,018,223 7,592,460 0.37 

EDP Finance 8.625% 04/01/2024 EMTN NL GBP 4,570,764 5,972,992 0.29 

Viridian Group FundCo II 1.125% 01/04/2017 Reg S KY EUR 4,914,800 5,099,105 0.25 

Southern Water Greensand 8.50% 15/04/2019 GB GBP 3,686,100 4,785,514 0.24 

Techem Energy Metering Serv. 7.875% 01/10/2020 Reg S DE EUR 4,275,876 4,540,029 0.22 

Techem 6.125% 01/10/2019 Reg S DE EUR 4,275,876 4,512,759 0.22 

Intergen 8.50% 30/06/2017 Reg S NL EUR 3,194,620 3,018,916 0.15 

EDP Finance 6.625% 09/08/2017 EMTN NL GBP 1,867,624 2,403,990 0.12 


EDP Finance 4.90% 01/10/2019 144A NL USD 1,867,624 1,384,009 0.07 

Intergen 9.50% 30/06/2017 Reg S NL GBP 982,960 1,149,012 0.06 

EDP Finance 6.00% 02/02/2018 144A NL USD 1,376,144 1,088,418 0.05 

EDP Finance 4.90% 01/10/2019 Reg S NL USD 1,376,144 1,020,693 0.05 





AES Drax Energy 11.25% 30/08/2010 (Defaulted)* KY GBP 737,220 9 0.00 


77,968,272 3.83 

Materials 

Lafarge 10.00% 30/05/2017 EMTN FR GBP 19,033,053 28,254,365 1.39 

HeidelbergCement Finance 8.00% 31/01/2017 NL EUR 22,023,217 25,649,615 1.26 

Cabot Financial (Luxembourg) 10.375% 01/10/2019 Reg S LU GBP 11,353,187 14,841,739 0.73 

Ardagh Packaging Finance 7.375% 15/10/2017 Reg S IE EUR 10,370,227 11,075,750 0.54 

Ard Finance 11.125% 01/06/2018 Reg S LU EUR 9,885,896 10,134,690 0.50 

ALROSA Finance 7.75% 03/11/2020 Reg S LU USD 9,829,599 8,676,944 0.43 

Metinvest 8.75% 14/02/2018 Reg S NL USD 10,222,783 7,636,379 0.38 

Orion Engineered Carbons 10.00% 15/06/2018 Reg S DE EUR 6,634,980 7,226,266 0.35 

Rexam 6.75% VRN 29/06/2067 GB EUR 6,438,388 6,668,399 0.33 

Lafarge 8.875% 24/11/2016 EMTN FR EUR 5,357,132 6,395,579 0.31 

OI European Group 6.875% 31/03/2017 Reg S NL EUR 5,209,688 5,387,989 0.26 


Ardagh (USA) 7.375% 15/10/2017 Reg S IE EUR 4,423,320 4,717,658 0.23 

Lecta 8.875% 15/05/2019 Reg S LU EUR 4,226,728 4,340,813 0.21 

Cemex Finance 9.375% 12/10/2022 Reg S US USD 4,914,800 3,971,531 0.20 

Norske Skogindustrier 7.00% 26/06/2017 NO EUR 5,209,688 3,881,869 0.19 

First Quantum Minerals 7.25% 15/10/2019 Reg S CA USD 4,669,060 3,701,864 0.18 

Hidili Industry Int’l Development 1.50% 19/01/2015 KY CNY 18,774,535 2,343,224 0.12 

Metinvest 10.25% 20/05/2015 Reg S NL USD 2,801,436 2,225,731 0.11 

HeidelbergCement Fin Lux 7.50% 03/04/2020 LU EUR 1,867,624 2,134,699 0.10 

Kerling 10.625% 01/02/2017 Reg S GB EUR 2,020,966 1,878,513 0.09 

AngloGold Holdings 3.50% 22/05/2014 Reg S GB USD 2,064,216 1,662,971 0.08 


Arkema 3.85% 30/04/2020 FR EUR 43,271 46,616 0.00 





Teksid Aluminum 11.375% 15/07/2011 Reg S (Defaulted)* LU EUR 3,950,516 40 0.00 

Chesapeake 10.375% 15/11/2011 (Defaulted)* US GBP 320,445 4 0.00 

168,336,858 8.27 

Industrials 

Fiat Industrial Finance Europe 6.25% 09/03/2018 EMTN LU EUR 16,317,135 17,431,049 0.86 

Schaeffler Finance 8.75% 15/02/2019 Reg S NL EUR 9,239,823 10,441,000 0.51 

REFER - Rede Ferroviaria 5.875% 18/02/2019 EMTN PT EUR 10,419,375 8,992,530 0.44 

Wienerberger 6.50% VRN (Perpetual) AT EUR 11,675,598 8,815,234 0.43 

Rexel 7.00% 17/12/2018 FR EUR 7,372,200 8,073,314 0.40 

RZD Capital 7.487% 25/03/2031 Reg S IE GBP 4,521,616 6,736,848 0.33 

REFER - Rede Ferroviaria 4.25% 13/12/2021 PT EUR 6,684,128 4,280,626 0.21 

Zinc Capital 8.875% 15/05/2018 Reg S LU EUR 4,153,006 4,171,522 0.20 

Wendel 4.875% 26/05/2016 FR EUR 3,440,360 3,577,974 0.18 

Brunswick Rail Finance 6.50% 01/11/2017 Reg S IE USD 4,423,320 3,464,404 0.17 

228 



EUR 

Schaeffler Finance 7.75% 15/02/2017 Reg S NL EUR 3,096,324 3,418,574 0.17 

Obrascon Huarte Lain 7.625% 15/03/2020 Reg S ES EUR 1,474,440 1,473,731 0.07 

REFER - Rede Ferroviaria 4.047% 16/11/2026 PT EUR 1,965,920 1,344,198 0.07 

Lafarge Cement (UK) 10.75% 29/11/2013 GB GBP 688,072 936,763 0.05 








Fedex 2.625% 01/08/2022 US USD 21,635 16,851 0.00 

83,421,742 4.10 


Phones4u Finance 9.50% 01/04/2018 Reg S GB GBP 7,617,939 9,965,885 0.49 

eAccess 8.375% 01/04/2018 Reg S JP EUR 5,799,464 6,551,582 0.32 

NXP 3.507% FRN 15/10/2013 NL EUR 6,536,248 6,528,078 0.32 

Iliad 4.875% 01/06/2016 FR EUR 43,271 46,385 0.00 


23,109,198 1.13 


CPUK Finance 11.625% 28/02/2018 EMTN GB GBP 15,825,655 21,303,432 1.05 

Unitymedia Hessen 7.50% 15/03/2019 Reg S DE EUR 18,577,943 20,389,292 1.00 

Unitymedia Kabel BW 9.50% 15/03/2021 Reg S DE EUR 14,449,511 16,417,896 0.81 

Polish Television Holding 11.25% 15/05/2017 Reg S NL EUR 15,162,157 15,882,359 0.78 

Conti-Gummi Finance 7.50% 15/09/2017 Reg S NL EUR 12,532,739 13,466,366 0.66 


Enterprise Inns 6.375% 26/09/2031 GB GBP 13,476,381 12,418,023 0.61 

Kabel Deutschland Holding 6.50% 31/07/2017 Reg S DE EUR 10,910,855 11,699,530 0.57 

Nara Cable Funding 8.875% 01/12/2018 Reg S IE EUR 11,992,111 11,391,007 0.56 

Lottomatica 8.25% VRN 31/03/2066 Reg S IT EUR 9,864,003 9,946,284 0.49 

Gala Group Finance 8.875% 01/09/2018 Reg S GB GBP 7,961,975 9,894,464 0.49 

Daily Mail & General Trust6.375% 21/06/2027 GB GBP 8,158,567 9,854,509 0.48 

Central European Media Ent. 11.625% 15/09/2016 Reg S BM EUR 8,207,715 8,515,505 0.42 

Fiat Finance & Trade 6.375% 01/04/2016 LU EUR 7,077,312 7,091,615 0.35 

Nord Anglia Education (UK) 10.25% 01/04/2017 144A GB USD 8,355,159 7,053,132 0.35 

Seat Pagine Gialle 10.50% 31/01/2017 Reg S IT EUR 10,311,250 6,650,756 0.33 

Verisure Holding 8.75% 01/09/2018 Reg S SE EUR 6,192,648 6,607,710 0.32 

EN Germany Holdings 10.75% 15/11/2015 Reg S NL EUR 6,692,974 6,592,580 0.32 


Daily Mail & General Trust10.00% 09/04/2021 Reg S GB GBP 3,745,077 5,825,324 0.29 

House of Fraser Funding 8.875% 15/08/2018 Reg S GB GBP 4,619,912 5,794,612 0.28 

Fiat Finance & Trade 6.125% 08/07/2014 EMTN LU EUR 4,472,468 4,587,298 0.23 

Kabel Deutschland 6.50% 29/06/2018 Reg S DE EUR 3,381,382 3,625,525 0.18 

Hyva Global 8.625% 24/03/2016 Reg S NL USD 4,423,320 3,199,768 0.16 

Fiat Finance & Trade 7.75% 17/10/2016 EMTN LU EUR 2,948,880 3,017,736 0.15 

Codere Fin. Lux. 8.25% 15/06/2015 Reg S (Secured) LU EUR 3,194,620 2,604,946 0.13 

Cyfrowy Polsat Finance 7.125% 20/05/2018 Reg S SE EUR 2,359,104 2,541,875 0.12 

Faurecia 9.375% 15/12/2016 EMTN FR EUR 2,211,660 2,421,229 0.12 

Thomas Cook 7.75% 22/06/2017 EMTN GB GBP 2,801,436 2,220,080 0.11 

Enterprise Inns 6.50% 06/12/2018 GB GBP 1,965,920 2,190,545 0.11 

Albea Beauty Holdings 8.75% 01/11/2019 Reg S LU EUR 2,015,068 2,073,908 0.10 

Seat Pagine Gialle IT EUR 200,966,159 1,567,536 0.08 

Codere Fin. Lux. 8.25% 15/06/2015 Reg S (Guaranteed) LU EUR 1,867,624 1,527,591 0.08 




Technicolor 5.75% (Perpetual) (Defaulted)* FR EUR 3,735,248 37 0.00 

Truvo Subsidiary 8.50% 01/12/2014 Reg S (Defaulted)* US EUR 3,342,064 33 0.00 

Waterford Wedg. 9.875% 01/12/2010 Reg S (Defaulted)* IE EUR 2,280,467 23 0.00 

258,376,995 12.69 


Bakkavor Finance 2 8.25% 15/02/2018 Reg S GB GBP 10,345,653 12,418,202 0.61 

Agrokor DD 9.125% 01/02/2020 Reg S HR EUR 9,829,599 10,163,806 0.50 

Co-Operative Group 5.625% 08/07/2020 GB GBP 6,782,424 8,669,835 0.43 

Agrokor DD 9.875% 01/05/2019 Reg S HR EUR 7,175,608 7,642,022 0.38 

Suedzucker Int’l Finance 5.25% VRN (Perpetual) NL EUR 4,619,912 4,795,450 0.24 

Co-Operative Group 6.25% 08/07/2026 GB GBP 982,960 1,260,151 0.06 







45,111,663 2.22 

Healthcare 

Eurofins Scientific 8.081% VRN (Perpetual) LU EUR 16,710,319 17,161,497 0.84 

Labco 8.50% 15/01/2018 Reg S FR EUR 8,576,325 8,577,260 0.42 

Care UK Health & Social Care 9.75% 01/08/2017 Reg S GB GBP 4,914,800 6,682,071 0.33 



Fidelity 

Funds 

European High Yield Fund - continued 




EUR 


32,437,893 1.59 


Wind Acquisition Finance 7.375% 15/02/2018 Reg S B LU EUR 38,728,621 37,663,216 1.85 


Eileme 2 AB 11.75% 31/01/2020 Reg S SE EUR 12,778,479 14,421,044 0.71 

Wind Acquisition Finance 7.375% 15/02/2018 Reg S A LU EUR 14,302,067 13,667,413 0.67 

Virgin Media Finance 8.875% 15/10/2019 GB GBP 9,141,527 13,124,197 0.64 


VimpelCom Holdings 7.504% 01/03/2022 Reg S NL USD 9,239,823 7,691,344 0.38 

Telenet Finance Luxembourg 6.375% 15/11/2020 Reg S LU EUR 6,782,424 7,060,503 0.35 

Portugal Telecom Int’l Finance 5.875% 17/04/2018 EMTN NL EUR 6,880,720 6,886,861 0.34 

Sunrise Communications 5.625% 31/12/2017 Reg S LU CHF 7,519,643 6,429,861 0.32 

VimpelCom Holdings 6.255% 01/03/2017 Reg S NL USD 6,585,832 5,323,433 0.26 


Telenet Finance V 6.75% 15/08/2024 Reg S LU EUR 3,735,248 3,873,430 0.19 

MTS Internation Funding 8.625% 22/06/2020 144A IE USD 3,725,418 3,561,909 0.17 


Frontier Communications 7.125% 15/01/2023 US USD 4,300,450 3,537,045 0.17 

Matterhorn Mobile 5.421% FRN 15/05/2019 Reg S LU CHF 3,833,544 3,223,011 0.16 


MTS Internation Funding 8.625% 22/06/2020 Reg S IE USD 3,047,176 2,909,226 0.14 

Sunrise Communications I 7.00% 31/12/2017 CHF Reg S LU CHF 2,948,880 2,629,208 0.13 

Telenet Finance V 6.25% 15/08/2022 Reg S LU EUR 2,457,400 2,541,934 0.12 


Sunrise Communications I 7.00% 31/12/2017 EUR Reg S LU EUR 1,081,256 1,164,235 0.06 

OTE 7.25% 12/02/2015 EMTN GB EUR 982,960 864,743 0.04 

AT&T 4.875% 01/06/2044 US GBP 43,271 58,051 0.00 



AT&T 5.875% 28/04/2017 US GBP 21,635 31,616 0.00 

AT&T 5.55% 15/08/2041 US USD 21,635 21,079 0.00 

Qwest 6.75% 01/12/2021 US USD 21,635 19,736 0.00 



181,141,728 8.90 

Financials 


JPMorgan Structured Prod 4.889% FRN 18/02/2014 EMTN NL USD 23,672,157 16,983,898 0.83 

ABN Amro Bank 4.31% VRN (Perpetual) NL EUR 22,156,900 16,682,761 0.82 

Wind Acquisition Holdings Fin. 12.25% 15/07/2017 Reg S LU EUR 18,329,820 15,688,035 0.77 

Crown Newco 3 7.00% 15/02/2018 Reg S GB GBP 11,304,039 14,950,159 0.73 

ING Verzekeringen 2.088% VRN 21/06/2021 NL EUR 14,787,670 14,407,708 0.71 

Fortis Bank 4.625% VRN (Perpetual) Reg S BE EUR 16,710,319 13,913,579 0.68 

Smurfit Kappa Acquisitions 7.75% 15/11/2019 Reg S IE EUR 11,844,667 13,092,355 0.64 

Eksportfinans 2.00% 15/09/2015 NO USD 17,530,128 12,909,843 0.63 

HBOS 4.50% VRN 18/03/2030 EMTN GB EUR 16,287,646 12,881,386 0.63 

Alfa Bank (Alfa Bond) 7.875% 25/09/2017 Reg S IE USD 12,975,071 10,965,478 0.54 

Lloyds TSB Bank 13.00% VRN (Perpetual) EMTN GB GBP 6,501,297 10,630,096 0.52 

TMD Friction Finance 10.75% 15/05/2017 Reg S LU EUR 8,944,935 10,197,226 0.50 


Credit Agricole 8.125% VRN (Perpetual) FR GBP 8,306,011 9,626,780 0.47 

Assicurazioni Generali 6.269% VRN (Perpetual) IT GBP 11,107,447 9,592,846 0.47 

International Personal Finance 11.50% 06/08/2015 EMTN GB EUR 8,453,455 9,557,688 0.47 

Ardagh Glass Finance 7.125% 15/06/2017 Reg S IE EUR 9,288,971 9,372,163 0.46 

RBS Group 5.50% (Perpetual) GB EUR 12,975,071 9,057,573 0.44 

Societe Generale 7.756% VRN (Perpetual) FR EUR 10,222,783 9,003,077 0.44 

Elli Finance (UK) 8.75% 15/06/2019 Reg S GB GBP 6,143,500 8,449,709 0.41 

OTP Bank 5.875% VRN (Perpetual) HU EUR 12,649,711 8,412,058 0.41 


Lloyds TSB Bank 6.35% VRN (Perpetual) GB EUR 10,126,453 8,151,795 0.40 

BFCM 4.471% VRN (Perpetual) EMTN FR EUR 9,338,119 7,962,694 0.39 

UBS Jersey Branch 4.28% VRN (Perpetual) CH EUR 8,551,751 7,920,170 0.39 

Barclays Bank 14.00% VRN (Perpetual) GB GBP 4,865,652 7,813,264 0.38 

UPCB Finance 7.625% 15/01/2020 Reg S KY EUR 7,098,947 7,734,143 0.38 

Boparan Finance 9.75% 30/04/2018 Reg S GB EUR 6,979,016 7,716,610 0.38 

RL Finance Bonds 6.125% VRN (Perpetual) EMTN GB GBP 7,470,495 7,487,648 0.37 

Unitymedia Hessen 8.125% 01/12/2017 144A DE USD 8,419,052 7,017,824 0.34 


Gazprombank 8.617% 15/12/2015 Reg S IE RUB 278,177,661 6,891,453 0.34 


Transregional (Transcapitalbank) 7.74% VRN 18/07/2017 IE USD 9,633,007 6,614,273 0.32 

BPCE 6.117% VRN (Perpetual) EMTN FR EUR 8,306,011 6,316,722 0.31 

Renaissance Cons. (Ren. Cap.) 13.00% 01/04/2013 Reg S IE USD 8,060,271 6,299,320 0.31 

RBS 9.50% VRN (Perpetual) GB GBP 4,669,060 6,067,457 0.30 

UniCredit 6.95% 31/10/2022 Reg S IT EUR 5,652,020 5,694,692 0.28 

Ageas Hybrid Financing 5.125% VRN (Perpetual) LU EUR 7,863,679 5,612,701 0.28 

Credit Agricole 7.875% VRN (Perpetual) FR EUR 5,799,464 5,609,169 0.28 

UPCB Finance II 6.375% 01/07/2020 Reg S KY EUR 5,396,450 5,594,724 0.27 

BNP Paribas 5.945% VRN (Perpetual) FR GBP 5,996,056 5,511,179 0.27 

Lloyds TSB Bank 7.625% 22/04/2025 EMTN GB GBP 4,120,568 5,509,153 0.27 


RBS Group 7.092% VRN (Perpetual) GB EUR 6,684,128 5,287,920 0.26 

RBS 9.50% VRN 16/03/2022 EMTN GB USD 5,897,760 5,224,005 0.26 

RSF (Russian Standard Bank) 9.25% 11/07/2017 Reg S LU USD 6,536,684 5,217,021 0.26 

ATF Capital 10.00% VRN (Perpetual) NL USD 7,947,231 4,993,288 0.25 

Kuznetski Cap. (Bank of Moscow) 6.02% VRN 10/05/2017 LU USD 6,315,518 4,917,502 0.24 

229 



EUR 

Bank of Scotland CF 6.059% VRN (Perpetual) Reg S GB GBP 4,914,800 4,897,817 0.24 

RBS Capital Trust (C) 4.243% VRN (Perpetual) US EUR 7,421,348 4,766,891 0.23 

RSHB (Russian Agri. Bank) 8.70% 17/03/2016 EMTN LU RUB 181,847,588 4,626,831 0.23 

Eurasia Capital (HCFB) 9.375% 24/04/2020 Reg S LU USD 5,750,316 4,554,521 0.22 

Crown Newco 3 8.875% 15/02/2019 Reg S GB GBP 3,553,400 4,489,637 0.22 

Country Garden Holdings 2.50% 22/02/2013 KY CNY 28,997,318 4,320,235 0.21 

Intesa Sanpaolo 5.25% 28/01/2022 EMTN IT GBP 3,587,804 4,279,394 0.21 

HSBC Bank Funding Sterling 5.844% VRN (Perpetual) GB GBP 3,784,396 4,240,357 0.21 

Alfa Bank (Alfa Bond) 7.75% 28/04/2021 Reg S IE USD 5,013,096 4,227,825 0.21 

Barclays Bank 4.875% VRN (Perpetual) EMTN GB EUR 6,214,283 4,226,489 0.21 

BBVA Sub Capital Unipers 5.75% VRN 11/03/2018 EMTN ES GBP 3,686,100 4,120,669 0.20 

British Insurance Holdings 6.625% VRN 09/12/2030 NL GBP 4,914,800 4,049,657 0.20 

Investec Bank 9.625% 17/02/2022 EMTN GB GBP 2,948,880 3,953,430 0.19 

RSF (Russian Standard Bank) 10.75% 10/04/2018 144A LU USD 4,914,800 3,893,147 0.19 

HBOS 4.875% 20/03/2015 EMTN GB EUR 3,735,248 3,806,684 0.19 


Natixis 6.307% VRN (Perpetual) FR EUR 4,914,800 3,634,391 0.18 

Aviva 4.729% VRN (Perpetual) GB EUR 3,931,840 3,625,893 0.18 

Argon Capital (RBS) 8.162% VRN (Perpetual) EMTN IE GBP 4,939,374 3,501,126 0.17 

Alfa Bank (Alfa Bond) 6.30% VRN 22/02/2017 IE USD 4,529,479 3,477,348 0.17 


Bank of Scotland CF 7.754% VRN (Perpetual) Reg S GB GBP 3,145,472 3,390,808 0.17 

Santander Issuances 7.30% VRN 27/07/2019 ES GBP 2,823,071 3,384,511 0.17 

Society of Lloyd’s 7.421% VRN (Perpetual) GB GBP 2,653,992 3,226,880 0.16 

Barclays Bank 6.00% VRN (Perpetual) GB GBP 3,420,701 3,207,783 0.16 

Numericable Finance 12.375% 15/02/2019 Reg S LU EUR 2,752,288 3,183,278 0.16 

Wendel 5.875% 17/09/2019 EMTN FR EUR 3,047,176 3,137,727 0.15 

UniCredit 6.375% VRN 16/10/2018 EMTN IT GBP 2,801,436 3,070,278 0.15 

Direct Line Insurance Group 9.25% VRN 27/04/2042 GB GBP 2,211,660 3,055,500 0.15 

CSFB (EXIM of Ukraine) 5.793% VRN 09/02/2016 GB USD 4,423,320 2,932,648 0.14 

Barclays Bank 4.75% VRN (Perpetual) EMTN GB EUR 4,344,683 2,807,169 0.14 

Aviva 5.902% VRN (Perpetual) GB GBP 2,727,714 2,800,325 0.14 

Danske Bank 5.684% VRN (Perpetual) EMTN DK GBP 2,408,252 2,699,033 0.13 

Credit Agricole 4.13% VRN (Perpetual) FR EUR 3,440,360 2,697,099 0.13 

Assicurazioni Generali 6.416% VRN (Perpetual) IT GBP 3,047,176 2,695,136 0.13 

Broadgate Financing 1.504% FRN 05/01/2022 GB GBP 2,618,971 2,676,767 0.13 

LBG Capital No.1 6.439% 23/05/2020 GB EUR 2,850,584 2,665,153 0.13 

Numericable Finance 8.065% FRN 15/10/2018 Reg S LU EUR 2,653,992 2,657,707 0.13 

National Westminster Bank 6.50% 07/09/2021 GB GBP 1,965,920 2,466,345 0.12 

Bank St Petersburg (Pref’d) RU USD 1,582,565 2,453,155 0.12 

Mutual Securitisation 7.587% 30/09/2022* IE GBP 3,040,623 2,441,298 0.12 


Credit Agricole 5.00% VRN (Perpetual) FR GBP 2,370,899 2,211,989 0.11 

Unique Pub Finance 5.659% 30/06/2027 GB GBP 1,965,920 2,125,960 0.10 

Aviva 6.125% VRN (Perpetual) GB GBP 1,965,920 2,119,568 0.10 

Numericable Finance 8.75% 15/02/2019 Reg S LU EUR 2,015,068 2,060,827 0.10 

Novae Group 6.50% 27/04/2017 GB GBP 1,680,861 2,012,154 0.10 

Commerzbank 6.375% 22/03/2019 EMTN DE EUR 2,015,068 1,996,961 0.10 

Commerzbank 7.75% 16/03/2021 EMTN DE EUR 1,965,920 1,964,798 0.10 

BSPB Fin. (Bk St Petersb) 7.63% VRN 25/07/2017 EMTN IE USD 2,683,481 1,910,093 0.09 

Barclays Bank 2.062% FRN (Perpetual) GB GBP 2,948,880 1,906,871 0.09 

PSB Finance (Promsvyazbank) 8.50% 25/04/2017 Reg S LU USD 2,457,400 1,904,461 0.09 

BNP Paribas 4.73% VRN (Perpetual) FR EUR 2,162,512 1,851,458 0.09 

BNP Paribas 5.019% VRN (Perpetual) FR EUR 2,064,216 1,760,850 0.09 

BPCE 4.75% VRN (Perpetual) FR EUR 2,948,880 1,683,688 0.08 

RBS Group 5.25% (Perpetual) GB EUR 2,457,400 1,653,830 0.08 

Hypo Real Int’l Trust I 5.864% (Perpetual) US EUR 3,882,692 1,189,074 0.06 

Ziggo Bond 8.00% 15/05/2018 Reg S NL EUR 982,960 1,080,134 0.05 

RBS Group 7.648% VRN (Perpetual) GB USD 1,376,144 1,052,817 0.05 



Boparan Finance 9.875% 30/04/2018 Reg S GB GBP 491,480 670,357 0.03 


Blue Ocean Res. 11.00% 28/06/2012 Reg S (Defaulted) SG USD 1,474,440 403,523 0.02 





RBS 5.125% 13/01/2024 GB GBP 43,271 64,152 0.00 








RBS 5.75% 21/05/2014 EMTN GB EUR 43,271 46,355 0.00 




BTA Bank 0.00% 30/06/2020 Reg S (Defaulted) KZ USD 448,533 42,899 0.00 









HSBC Holdings 6.50% 20/05/2024 EMTN GB GBP 21,635 34,671 0.00

Fidelity 

Funds 





EUR 











ORIX 5.00% 12/01/2016 JP USD 21,635 18,030 0.00 





BTA Bank GDR KZ USD 1,051 1,262 0.00 

Cattles 7.125% 05/07/2017 (Defaulted)* GB GBP 3,784,396 47 0.00 

630,701,298 30.97 

Government 

Germany 1.50% 15/03/2013 DE EUR 38,138,845 38,344,795 1.88 


Spain 4.20% 30/07/2013 ES EUR 19,659,199 19,935,410 0.98 

Franz Haniel & Cie 6.25% 08/02/2018 DE EUR 4,423,320 4,847,941 0.24 

Portugal 4.80% 15/06/2020 PT EUR 4,275,876 3,488,291 0.17 



Germany 3.25% 04/07/2021 DE EUR 162,265 188,931 0.01 


Germany 1.75% 14/06/2013 DE EUR 129,812 131,194 0.01 


Italy 2.10% 15/09/2021 IT EUR 108,177 104,555 0.01 


Norway 2.00% 24/05/2023 NO NOK 713,965 96,301 0.00 

Italy 2.10% 15/09/2016 IT EUR 64,906 68,112 0.00 

Germany 4.00% 04/07/2016 DE EUR 43,271 49,227 0.00 







Germany 4.25% 04/07/2018 DE EUR 21,635 25,964 0.00 

Japan 1.90% 20/03/2029 JP JPY 1,298,119 13,341 0.00 

Germany 4.00% 04/01/2018 DE EUR 10,818 12,723 0.00 

Japan 2.00% 20/09/2040 JP JPY 865,413 8,519 0.00 

93,151,555 4.57 


Energy 


PSOS Finance 12.00% 06/10/2015 KY USD 5,444,086 4,228,469 0.21 

Expro Finance Luxembourg 8.50% 15/12/2016 144A LU USD 106,160 84,092 0.00 


MPF 10.00% 08/05/2013 (Defaulted)* BM USD 3,440,360 27 0.00 

Viking Drilling 0.00% 20/12/2012 (Defaulted)* NO USD 582,551 4 0.00 

9,484,386 0.47 

Utilities 


Intergen 9.00% 30/06/2017 144A NL USD 10,861,707 7,954,902 0.39 

26,312,380 1.29 

Materials 

Ineos Group Holdings 7.875% 15/02/2016 Reg S LU EUR 16,169,691 15,514,212 0.76 

Lafarge Shui on Cement 9.00% 14/11/2014 Reg S HK CNY 66,054,908 8,690,645 0.43 

Norcell Sweden Holding 2 10.75% 29/09/2019 Reg S SE EUR 5,750,316 6,206,086 0.30 


Cemex Espana Luxembourg 8.875% 12/05/2017 Reg S ES EUR 4,106,807 4,147,875 0.20 

Steel Capital (Severstal) 6.70% 25/10/2017 Reg S LU USD 4,423,320 3,660,627 0.18 

Norcell Sweden Holding 2 10.75% 29/09/2019 144A SE EUR 3,243,768 3,495,160 0.17 

Goldcorp 2.00% 01/08/2014 CA USD 2,776,862 2,523,203 0.12 

Midwest Vanadium 11.50% 15/02/2018 144A AU USD 2,015,068 1,079,662 0.05 

51,220,205 2.52 

Industrials 

Algeco Scotsman Global Finance 9.00% 15/10/2018 Reg SGB EUR 7,175,608 7,395,450 0.36 

Rexel 6.125% 15/12/2019 144A FR USD 4,914,800 3,931,036 0.19 

Schaeffler Finance 8.50% 15/02/2019 144A NL USD 1,341,740 1,163,940 0.06 

12,490,426 0.61 


Jaguar Land Rover 8.125% 15/05/2018 Reg S GB GBP 12,139,555 16,446,257 0.81 

Chrysler Group 8.00% 15/06/2019 US USD 11,193,989 9,170,184 0.45 

European Media Capital 10.00% 01/02/2015 Reg S LU USD 8,278,730 6,031,269 0.30 

230 



EUR 

Nielsen Finance 7.75% 15/10/2018 US USD 6,389,240 5,535,184 0.27 

Nara Cable Funding 8.875% 01/12/2018 144A IE USD 6,880,720 5,033,780 0.25 

WMG Acquisition 6.25% 15/01/2021 Reg S US EUR 4,718,208 4,753,594 0.23 

Reynolds Group Issuer 5.75% 15/10/2020 144A US USD 4,914,800 3,841,049 0.19 

Independent News & Media IE EUR 6,509,304 553,291 0.03 

European Media Capital 10.00% 01/02/2015 144A LU USD 549,502 400,326 0.02 

Volkswagen Int'l Finance 2.375% 22/03/2017 144A NL USD 43,271 34,644 0.00 

Comcast 6.55% 01/07/2039 US USD 21,635 22,188 0.00 


51,840,805 2.55 


Ontex IV 9.00% 15/04/2019 Reg S BE EUR 4,895,140 4,982,844 0.24 



5,073,102 0.25 

Healthcare 

Fresenius US Finance II 9.00% 15/07/2015 144A US USD 13,034,049 11,542,982 0.57 

Fresenius Med. Care US Fin. II 5.875% 31/01/2022 144A US USD 7,844,020 6,485,887 0.32 




24,379,574 1.20 


OTE 4.625% 20/05/2016 GB EUR 15,383,323 12,138,980 0.60 

Virgin Media Finance 5.125% 15/02/2022 GB GBP 7,912,827 9,880,535 0.49 

Intelsat Luxembourg 11.25% 04/02/2017 LU USD 6,192,648 5,030,685 0.25 

Clearwire Finance 12.00% 01/12/2015 144A US USD 4,914,800 4,025,760 0.20 

Virgin Media Finance 4.875% 15/02/2022 GB USD 2,929,221 2,292,088 0.11 

Matterhorn Mobile Holdings 8.25% 15/02/2020 Reg S LU EUR 1,867,624 2,040,729 0.10 

Clearwire Communications 12.00% 01/12/2017 144A US USD 2,364,019 2,022,959 0.10 

Matterhorn Mobile 6.75% 15/05/2019 Reg S LU CHF 1,965,920 1,730,405 0.08 

OTE 5.00% 05/08/2013 EMTN GB EUR 1,277,848 1,233,515 0.06 

ERC Ireland Preferred Equity 7.349% 15/02/2017 (Defaulted)* IE EUR 52,217,651 522 0.00 

Hellas Telecomm. Finance 8.21% 15/07/2015 (Defaulted)* LU EUR 12,941,827 129 0.00 

Hellas Telecomm. II 0.00% 15/01/2015 (Defaulted)* LU EUR 12,532,739 125 0.00 

PTV (Pref’d)* US USD 20 0 0.00 

40,396,432 1.98 

Financials 

Boats Investments (NL) 11.00% 31/03/2017 EMTN NL EUR 47,162,491 24,254,621 1.19 

Signum Luxembourg I 3.998% VRN 30/06/2015 EMTN LU EUR 21,379,379 19,670,097 0.97 

Assicurazioni Generali 10.125% VRN 10/07/2042 EMTN IT EUR 10,222,783 11,533,003 0.57 

Zhaikmunai 10.50% 19/10/2015 Reg S KZ USD 11,648,075 9,855,345 0.48 

Smurfit Kappa Acquisitions 4.875% 15/09/2018 144A IE USD 6,880,720 5,331,054 0.26 

Wind Acquisition Holdings Fin. 12.25% 15/07/2017 144A LU USD 5,111,392 3,374,061 0.17 

Steel Capital (Severstal) 6.25% 26/07/2016 Reg S LU USD 3,931,840 3,195,886 0.16 


RBS Capital Trust III 5.512% VRN (Perpetual) US USD 4,669,060 2,501,655 0.12 

Mapfre 5.921% VRN 24/07/2037 ES EUR 2,948,880 2,243,045 0.11 

Societe Generale 5.922% VRN (Perpetual) Reg S FR USD 3,292,916 2,129,566 0.10 

Bankia 3.625% 05/10/2016 ES EUR 2,162,512 1,946,795 0.10 

Dresdner Funding Trust I 8.151% 30/06/2031 144A US USD 2,034,727 1,466,704 0.07 

Bankia 3.50% 14/12/2015 ES EUR 1,179,552 1,100,540 0.05 

Societe Generale 5.922% VRN (Perpetual) 144A FR USD 1,326,996 856,802 0.04 














MetLife 4.125% 13/08/2042 US USD 8,654 6,750 0.00 

92,589,241 4.55 

Government 

Portugal 4.75% 14/06/2019 PT EUR 3,538,656 2,992,233 0.15 





France 2.25% 25/02/2016 FR EUR 32,453 34,348 0.00 

3,477,503 0.17 



744,329 0.04

Fidelity 

Funds 

Unlisted 

Energy 

Remedial Cayman 10.00% 28/03/2012 (Defaulted)* KY USD 1,184,925 36,540 0.00 


Offshore Accommodation IS* US USD 230,555 2 0.00 

Remedial Cayman* KY USD 1,032 0 0.00 

36,550 0.00 

Industrials 

Nobina* SE SEK 1,499,154 1,744,240 0.09 

Nobina Europe 9.125% 01/08/2012 SE EUR 1,661,694 1,089,490 0.05 

2,833,730 0.14 


Gallery Capital* LU USD 2,152 2,889,220 0.14 

Talon Equityco Wts 23/11/2040* BE EUR 2,848 0 0.00 

Visiocorp Wts A 31/12/2012* GB GBP 3,932 0 0.00 

Visiocorp Wts B 31/12/2012* GB GBP 3,932 0 0.00 

2,889,220 0.14 

Financials 

Cattles 6.875% 17/01/2014 EMTN (Defaulted)* GB GBP 1,415,462 18 0.00 



27 0.00 


Total Investments (Cost EUR 1,905,060,039) 1,930,316,147 94.79 






EUR 

Bought protection on Spain 5.50% 20/12/2017 USD 20,740,455 1,425,235 0.07 

Bought protection on Italy 6.875% 20/12/2017 USD 17,988,167 1,103,782 0.05 

Sold protection on Virgin Media Finance 20/12/2017 EUR 5,602,872 687,072 0.03 

Sold protection on UPC Holding 20/12/2017 EUR 29,813,175 643,993 0.03 

Bought protection on Codere Finance 20/09/2015 EUR 3,194,620 613,932 0.03 

Bought protection on Generali Finance 20/06/2017 EUR 9,239,823 584,137 0.03 

Bought protection on Russia 5.00% 20/12/2017 USD 29,488,798 580,899 0.03 

Bought protection on France 4.25% 20/12/2017 USD 35,386,558 578,510 0.03 

Bought protection on Itraxx Xover 20/12/2017 EUR 39,318,397 348,352 0.02 

Sold protection on Royal Caribbean Cruises 20/03/2017 USD 4,914,800 345,389 0.02 

Bought protection on Codere Finance 8.25% 20/06/2015 EUR 1,867,624 342,425 0.02 

Sold protection on Fiat Finance & Trade 20/09/2014 EUR 21,035,343 283,708 0.01 

Sold protection on Fiat Industrial 20/03/2015 EUR 3,636,952 265,991 0.01 

Bought protection on Dixons 8.75% 20/12/2017 EUR 6,045,204 129,769 0.01 

Bought protection on Russia 5.00% 20/12/2014 USD 10,910,855 (34,146) (0.00) 

Sold protection on Alcatel 20/12/2014 EUR 4,275,876 (646,249) (0.03) 

Bought protection on UK Treasury 4.25% 20/09/2017 USD 36,369,518 (1,022,621) (0.05) 

Bought protection on Itraxx Europe Sub Fin. 20/12/2016 EUR 19,659,199 (1,871,933) (0.09) 

4,358,245 0.21 




EUR 



EUR EUR 






Bought EUR Sold GBP at 1.26830 20/11/2012 73,386,347 1,476,987 0.07 













Bought EUR Sold CHF at 0.83332 20/11/2012 18,378,264 101,152 0.00 



231 






Bought EUR Sold CHF at 0.83266 20/11/2012 5,889,028 27,709 0.00 





Bought GBP Sold EUR at 0.80803 20/11/2012 2,178,733 10,026 0.00 














Bought CZK Sold EUR at 25.18708 20/11/2012 190,248 611 0.00 
















Bought EUR Sold NZD at 0.63137 20/11/2012 64,346 (145) (0.00) 







Bought CHF Sold EUR at 1.20005 20/11/2012 3,092,931 (16,853) (0.00) 





















30,509,644 1.50 



Bought SEK Sold EUR at 8.60923 07/11/2012 3,329,450 4,903 0.00 





(1,415,934) (0.07) 

- A-ACC Shares (USD) (hedged) 



EUR EUR 






Bought EUR Sold USD at 0.76911 07/11/2012 6,400,718 (14,792) (0.00)

Fidelity 

Funds 



(51,854) (0.00) 

Futures 



EUR 



US Treasury Note 5 Year Future 19/12/2012 USD 25,636,594 8,428 0.00 





US Treasury Note 10 Year Future 19/12/2012 USD (3,163,016) (727) (0.00) 

Long Term US Treasury Bond Future 19/12/2012 USD 213,297 (1,737) (0.00) 


463,366 0.02 






EUR 



35,510 0.00 


Net Assets 2,036,333,597 100.00 




EUR EUR 


UK GB 21.90 






USA US 3.77 

Italy IT 2.72 

Spain ES 1.89 













Japan JP 0.33 






Korea KR 0.01 




232

Fidelity 

Funds 

Global Corporate Bond Fund 4 




USD 


Energy 

Shell Int’l Finance 5.20% 22/03/2017 NL USD 500,000 591,876 1.77 

Anadarko Petroleum 6.45% 15/09/2036 US USD 130,000 167,376 0.50 







1,352,114 4.05 

Utilities 



Veolia Environnement 4.247% 06/01/2021 EMTN FR EUR 100,000 143,580 0.43 







1,268,046 3.80 

Materials 



Sovereign Housing Capital 4.768% 01/06/2043 EMTN GB GBP 100,000 179,532 0.54 

Arkema 3.85% 30/04/2020 FR EUR 100,000 139,743 0.42 


BHP Billiton Finance 3.25% 24/09/2027 EMTN AU EUR 100,000 135,151 0.41 

K+S 5.00% 24/09/2014 DE EUR 50,000 69,796 0.21 


1,246,521 3.74 

Industrials 




Adecco Int’l Financial Services 4.75% 13/04/2018 EMTN NL EUR 100,000 143,231 0.43 






Fedex 2.625% 01/08/2022 US USD 50,000 50,514 0.15 

1,546,174 4.63 


Iliad 4.875% 01/06/2016 FR EUR 100,000 139,051 0.42 

IBM 1.875% 01/08/2022 US USD 100,000 97,305 0.29 


288,121 0.86 







BMW Finance 3.25% 14/01/2019 EMTN NL EUR 50,000 70,771 0.21 

705,814 2.12 




Wal-Mart Stores 4.875% 19/01/2039 US GBP 100,000 187,413 0.56 




Philip Morris International 6.375% 16/05/2038 US USD 50,000 70,979 0.21 



1,103,235 3.31 

Healthcare 

Johnson & Johnson 3.55% 15/05/2021 US USD 500,000 568,094 1.70 


Pfizer 6.20% 15/03/2019 US USD 125,000 160,145 0.48 

233 



USD 



Pfizer 4.75% 03/06/2016 US EUR 100,000 147,307 0.44 

1,355,512 4.06 


AT&T 5.875% 28/04/2017 US GBP 100,000 189,552 0.57 

AT&T 4.875% 01/06/2044 US GBP 100,000 174,020 0.52 

Deutsche Telekom Int’l Finance 8.75% 15/06/2030 NL USD 100,000 152,540 0.46 








AT&T 5.55% 15/08/2041 US USD 50,000 63,190 0.19 

Qwest 6.75% 01/12/2021 US USD 50,000 59,162 0.18 


1,622,690 4.86 

Financials 



RBS 5.125% 13/01/2024 GB GBP 200,000 384,620 1.15 



Toyota Motor Credit 3.20% 17/06/2015 MTN US USD 300,000 319,606 0.96 





HSBC Bank 4.00% 15/01/2021 EMTN GB EUR 150,000 225,172 0.67 













HSBC Bank 5.375% 22/08/2033 EMTN GB GBP 100,000 168,242 0.50 

Morgan Stanley 5.625% 23/09/2019 MTN US USD 150,000 166,323 0.50 






Achmea 7.375% 16/06/2014 EMTN NL EUR 100,000 142,609 0.43 




RBS 5.75% 21/05/2014 EMTN GB EUR 100,000 138,960 0.42 

Fortis Bank Nederland 4.00% 03/02/2015 EMTN NL EUR 100,000 138,197 0.41 




Hammerson 2.75% 26/09/2019 GB EUR 100,000 131,795 0.40 







VTB Capital (VTB Bank) 6.465% 04/03/2015 Reg S LU USD 100,000 106,875 0.32 









Morgan Stanley 3.75% 21/09/2017 EMTN US EUR 50,000 67,388 0.20 




Society of Lloyd’s 5.625% VRN 17/11/2024 GB EUR 50,000 64,923 0.19 





Fidelity 

Funds 

Global Corporate Bond Fund 4 - continued 




USD 


ORIX 5.00% 12/01/2016 JP USD 50,000 54,050 0.16 

SunTrust Banks 3.50% 20/01/2017 US USD 50,000 53,709 0.16 




10,852,131 32.53 

Government 

Japan 1.10% 20/06/2020 JP JPY 50,000,000 654,221 1.96 

Germany 4.25% 04/07/2014 DE EUR 350,000 485,868 1.46 





Japan 1.30% 20/03/2015 JP JPY 15,000,000 193,135 0.58 



Germany 3.75% 04/01/2017 DE EUR 50,000 74,065 0.22 

2,846,160 8.53 


Energy 

Phillips 66 2.95% 01/05/2017 144A US USD 130,000 139,030 0.42 

139,030 0.42 

Utilities 

San Diego Gaz & Electric 4.30% 01/04/2042 US USD 200,000 226,335 0.68 

226,335 0.68 

Materials 


231,750 0.69 


Comcast 3.125% 15/07/2022 US USD 200,000 209,885 0.63 

Comcast 6.50% 15/01/2017 US USD 130,000 158,764 0.48 


425,722 1.28 


Colgate-Palmolive 1.95% 01/02/2023 MTN US USD 250,000 246,515 0.74 


Kraft Foods Group 3.50% 06/06/2022 144A US USD 130,000 140,720 0.42 




778,770 2.33 

Healthcare 




590,718 1.77 


DIRECTV 5.15% 15/03/2042 US USD 200,000 208,244 0.62 

208,244 0.62 

Financials 

Province of Ontario 3.15% 02/06/2022 CA CAD 400,000 414,315 1.24 

Rabobank Nederland 11.00% VRN (Perpetual) 144A NL USD 100,000 133,612 0.40 


BNP Paribas 5.00% 15/01/2021 FR USD 75,000 83,253 0.25 




MetLife 4.125% 13/08/2042 US USD 20,000 20,235 0.06 

911,420 2.73 

Government 





3,093,134 9.27 



1,030,351 3.09 

234 






USD 


Sold protection on Itraxx Europe Series 20/12/2017 EUR 6,600,000 (117,188) (0.35) 

(124,624) (0.37) 




USD USD 













































Bought AUD Sold USD at 0.95474 20/11/2012 128,831 (1,397) (0.00) 
















(139,965) (0.42) 




USD 


Bought EUR Sold USD at 0.77265 07/11/2012 1,834,722 4,187 0.01

Fidelity 

Funds 






Bought USD Sold JPY at 0.01252 07/12/2012 108,061 (1) (0.00) 





9,316 0.03 

- Y Shares (GBP) (hedged) 












Bought GBP Sold USD at 0.61736 07/11/2012 2,078,203 (8,692) (0.03) 

(5,616) (0.02) 














9,464 0.03 

Futures 



USD 


Short Gilt Future 27/12/2012 GBP (208,780) 1,287 0.00 

Euro Schatz Future 06/12/2012 EUR (553,500) 1,061 0.00 



US Treasury Note 5 Year Future 19/12/2012 USD 2,359,711 (5,634) (0.02) 

Euro Bobl Future 06/12/2012 EUR (1,384,130) (5,908) (0.02) 


30,996 0.09 


Global Corporate Bond Fund 4 - continued 




USD USD 



USD 



38,075 0.11 


Net Assets 33,364,412 100.00 

235 



USA US 38.50 

UK GB 18.83 




Japan JP 3.38 




Korea KR 1.80 

Spain ES 1.62 

Italy IT 1.41 













Fidelity 

Funds 

Global High Grade Income Fund 




USD 


Government 

Sweden 6.75% 05/05/2014 SE SEK 396,200,000 65,114,511 9.73 

Singapore 3.625% 01/07/2014 SG SGD 72,900,000 63,115,719 9.43 

Germany 6.00% 20/06/2016 DE EUR 36,980,000 57,914,662 8.65 

Norway 6.50% 15/05/2013 NO NOK 305,850,000 54,971,444 8.21 



Australia 6.25% 15/06/2014 AU AUD 34,960,000 38,339,948 5.73 

New Zealand Government 6.50% 15/04/2013 NZ NZD 44,090,000 36,887,290 5.51 

New Zealand Government 6.00% 15/04/2015 NZ NZD 32,050,000 28,547,473 4.26 





Norway 5.00% 15/05/2015 NO NOK 37,850,000 7,220,509 1.08 

France 8.50% 26/12/2012 FR EUR 4,297,000 5,640,278 0.84 

511,234,197 76.37 


Government 

South Africa 13.50% 15/09/2015 ZA ZAR 482,600,000 67,280,888 10.05 

Canada 5.00% 01/06/2014 CA CAD 45,920,000 48,774,550 7.29 

Canada 5.25% 01/06/2013 CA CAD 15,020,000 15,395,132 2.30 

131,450,570 19.64 



Net Assets 669,403,502 100.00 




UK GB 9.82 











The accompanying notes to the financial statements form an integral part of these financial statements. The percentage of net assets in the schedule of investments and in the geographical split is subject to rounding. 

236

Fidelity 

Funds 

Global High Yield Bond Fund 1 




USD 


Energy 

Pt Adaro Indonesia 7.625% 22/10/2019 Reg S ID USD 18,265 19,936 0.64 

BW Group 6.625% 28/06/2017 Reg S BM USD 15,608 16,632 0.53 

Berau Capital Resources 12.50% 08/07/2015 Reg S SG USD 9,498 10,065 0.32 







Santos Finance 8.25% VRN 22/09/2070 EMTN AU EUR 2,728 3,716 0.12 







Teekay 8.50% 15/01/2020 MH USD 1,494 1,588 0.05 







Alpha Natural Resources 6.25% 01/06/2021 US USD 966 846 0.03 

Tesoro 5.375% 01/10/2022 US USD 699 730 0.02 


Tesoro 4.25% 01/10/2017 US USD 621 647 0.02 


Paladin Energy 5.00% 11/03/2013 AU USD 584 586 0.02 











107,545 3.44 

Utilities 

Perusahaan Listrik Negar 5.50% 22/11/2021 Reg S ID USD 11,203 12,663 0.40 

Star Energy Geothermal 11.50% 12/02/2015 Reg S VG USD 9,741 10,560 0.34 






Cheung Kong Infrastructure Holdings 7.00% (Perpetual) BM USD 4,919 5,104 0.16 


Bhira Investments 8.50% VRN 27/04/2071 MU USD 3,702 3,785 0.12 





AES 8.00% 15/10/2017 US USD 2,392 2,737 0.09 










EDP Finance 6.625% 09/08/2017 EMTN NL GBP 746 1,245 0.04 



EDP Finance 3.25% 16/03/2015 EMTN NL EUR 746 956 0.03 

AES 7.75% 15/10/2015 US USD 694 785 0.03 

EDP Finance 4.90% 01/10/2019 144A NL USD 746 717 0.02 

Intergen 9.50% 30/06/2017 Reg S NL GBP 393 595 0.02 



EDP Finance 4.90% 01/10/2019 Reg S NL USD 550 529 0.02 




TXU Europe Funding 7.00% 30/11/2005 (Defaulted)* GB EUR 294 0 0.00 

123,548 3.95 

237 



USD 

Materials 


China Oriental Group Co 8.00% 18/08/2015 Reg S BM USD 15,051 14,467 0.46 


Vedanta Resources 9.50% 18/07/2018 Reg S GB USD 9,264 10,086 0.32 

Mongolian Mining 8.875% 29/03/2017 Reg S KY USD 9,595 9,857 0.32 

China Shanshui Cement Group 8.50% 25/05/2016 Reg S KY USD 9,400 9,702 0.31 


West China Cement 7.50% 25/01/2016 Reg S GB USD 8,037 7,248 0.23 

Hidili Industry Int’l Dev. 8.625% 04/11/2015 Reg S KY USD 8,865 6,712 0.21 



Fosun International 7.50% 12/05/2016 Reg S HK USD 4,871 4,937 0.16 

China Lumena New Materia 12.00% 27/10/2014 Reg S KY USD 4,384 4,637 0.15 

Winsway Coking Coal Holding 8.50% 08/04/2016 Reg S VG USD 5,626 4,519 0.14 






Fufeng Group 7.625% 13/04/2016 Reg S KY USD 3,897 3,817 0.12 


China Forestry Holdings 10.25% 17/11/2015 Reg S KY USD 6,421 3,634 0.12 

China Resources Cement 2.125% 05/10/2017 KY USD 3,653 3,596 0.11 








Fufeng Group 4.50% 01/04/2015 KY CNY 13,151 2,077 0.07 






China Shanshui Cement Group 10.50% 27/04/2017 Reg S KY USD 1,705 1,859 0.06 


China Shanshui Cement Group 6.50% 22/07/2014 KY CNY 8,280 1,321 0.04 


HeidelbergCement Fin Lux 7.50% 03/04/2020 LU EUR 746 1,106 0.04 

Kerling 10.625% 01/02/2017 Reg S GB EUR 807 973 0.03 

Orion Engineered Carbons 9.625% 15/06/2018 144A DE USD 887 967 0.03 

AngloGold Holdings 3.50% 22/05/2014 Reg S GB USD 824 861 0.03 





195,825 6.26 

Industrials 

China Resources Power 7.25% VRN (Perpetual) HK USD 18,314 19,143 0.61 

Hutchison Whampoa Int’l 10 6.00% VRN (Perpetual) Reg S KY USD 10,131 10,612 0.34 

China Liansu Group Holdings 7.875% 13/05/2016 Reg S KY USD 10,228 10,453 0.33 


China Automation Group 7.75% 20/04/2016 KY USD 9,254 8,121 0.26 

RKI Finance 2010 9.50% 21/09/2015 EMTN VG USD 6,819 7,170 0.23 

CITIC Pacific Limited 6.875% 21/01/2018 EMTN HK USD 5,796 6,157 0.20 

CITIC Pacific Limited 6.625% 15/04/2021 EMTN HK USD 5,845 6,015 0.19 



SM Investments 4.25% 17/10/2019 PH USD 4,725 4,793 0.15 



Rexel 7.00% 17/12/2018 FR EUR 2,944 4,182 0.13 








Road King Infrast (2011) 6.00% 25/02/2014 Reg S VG CNY 12,177 1,947 0.06 

Wendel 4.875% 26/05/2016 FR EUR 1,374 1,853 0.06 

Meritor 8.125% 15/09/2015 US USD 1,814 1,819 0.06 

Rosy Unicorn 6.50% 09/02/2017 BM USD 1,607 1,788 0.06 


BLT Finance 7.50% 15/05/2014 Reg S (Defaulted) NL USD 7,403 1,335 0.04 


Covanta Holding 7.25% 01/12/2020 US USD 859 957 0.03 

Obrascon Huarte Lain 7.625% 15/03/2020 Reg S ES EUR 589 763 0.02 

REFER - Rede Ferroviaria 4.047% 16/11/2026 PT EUR 785 696 0.02 






Fidelity 

Funds 

Global High Yield Bond Fund 1 - continued 




USD 

Anixter 5.625% 01/05/2019 US USD 506 533 0.02 

Lafarge Cement (UK) 10.75% 29/11/2013 GB GBP 275 485 0.02 



Lonking Holdings 8.50% 03/06/2016 Reg S KY USD 195 194 0.01 


144,105 4.61 







NXP 3.507% FRN 15/10/2013 NL EUR 2,610 3,381 0.11 

Magnachip Semiconductor 10.50% 15/04/2018 LU USD 1,948 2,197 0.07 

eAccess 8.25% 01/04/2018 Reg S JP USD 1,461 1,651 0.05 

Alcatel-Lucent (USA) 6.50% 15/01/2028 US USD 971 622 0.02 



45,452 1.45 






Melco Crown Entertainment 3.75% 09/05/2013 KY CNY 45,298 7,240 0.23 






Texhong Textile Group 7.625% 19/01/2016 Reg S KY USD 5,601 5,580 0.18 















Hengdeli Holdings 2.50% 20/10/2015 KY HKD 18,996 2,457 0.08 

LS Finance 2022 4.25% 16/10/2022 VG USD 2,435 2,430 0.08 






KB Home 7.50% 15/09/2022 US USD 1,571 1,713 0.05 







Cyfrowy Polsat Finance 7.125% 20/05/2018 Reg S SE EUR 942 1,317 0.04 

Faurecia 9.375% 15/12/2016 EMTN FR EUR 883 1,254 0.04 



Enterprise Inns 6.50% 06/12/2018 GB GBP 785 1,135 0.04 

Albea Beauty Holdings 8.75% 01/11/2019 Reg S LU EUR 805 1,074 0.03 

MGM Resorts International 11.125% 15/11/2017 US USD 908 1,004 0.03 

Aerospace Satellite 12.75% 16/11/2015 Reg S NL USD 867 956 0.03 

Autonation 6.75% 15/04/2018 US USD 846 951 0.03 


REXLot Holdings 6.00% 28/09/2016 Reg S BM HKD 6,527 918 0.03 

Seat Pagine Gialle IT EUR 80,252 812 0.03 

Codere Fin. Lux. 8.25% 15/06/2015 Reg S (Guaranteed) LU EUR 746 791 0.03 




Verisure Holding 8.75% 01/12/2018 Reg S SE EUR 393 486 0.02 






KB Home 8.00% 15/03/2020 US USD 275 308 0.01 



General Motors US USD 1 28 0.00 

238 



USD 











Waterford Wedg. 9.875% 01/12/2010 Reg S (Defaulted)* IE EUR 911 0 0.00 

181,730 5.81 


FPC Finance 6.00% 28/06/2019 VG USD 6,722 7,418 0.24 



Rite Aid 7.50% 01/03/2017 US USD 4,403 4,527 0.14 



Rite Aid 10.375% 15/07/2016 US USD 3,592 3,812 0.12 

CFG Investment 9.75% 30/07/2019 Reg S PE USD 3,994 3,508 0.11 

Rite Aid 8.00% 15/08/2020 US USD 3,004 3,439 0.11 

China Green Holdings 3.00% 12/04/2013 BM CNY 27,763 2,757 0.09 


Smithfield Foods 6.625% 15/08/2022 US USD 993 1,039 0.03 

Co-Operative Group 6.25% 08/07/2026 GB GBP 393 653 0.02 

Rite Aid 9.75% 12/06/2016 US USD 352 385 0.01 

Rite Aid 9.50% 15/06/2017 US USD 215 221 0.01 

50,391 1.61 

Healthcare 


HCA 4.75% 01/05/2023 US USD 5,770 5,781 0.18 

HCA 6.50% 15/02/2020 US USD 4,453 4,925 0.16 


HCA 5.875% 15/03/2022 US USD 3,882 4,161 0.13 



HCA 6.25% 15/02/2013 US USD 2,687 2,735 0.09 


HCA 7.25% 15/09/2020 US USD 2,275 2,510 0.08 

HCA 5.875% 01/05/2023 US USD 2,165 2,200 0.07 

HCA 7.50% 15/02/2022 US USD 1,922 2,160 0.07 





HCA 6.375% 15/01/2015 US USD 1,000 1,077 0.03 


Teleflex 6.875% 01/06/2019 US USD 975 1,053 0.03 

DaVita HealthCare Partners 6.375% 01/11/2018 US USD 956 1,019 0.03 

DaVita HealthCare Partners 5.75% 15/08/2022 US USD 961 1,003 0.03 


HCA 6.75% 15/07/2013 US USD 445 461 0.01 


HCA 9.875% 15/02/2017 US USD 29 31 0.00 

60,996 1.95 



Indosat Palapa Co 7.375% 29/07/2020 Reg S NL USD 14,466 16,486 0.53 













Axiata 3.75% 18/09/2014 EMTN MY CNY 21,918 3,512 0.11 


Bakrie Telecom 11.50% 07/05/2015 Reg S SG USD 5,942 2,789 0.09 











Wind Acquisition Finance 7.25% 15/02/2018 144A LU USD 1,571 1,530 0.05

Fidelity 

Funds 





USD 





Telenet Finance V 6.25% 15/08/2022 Reg S LU EUR 981 1,317 0.04 



Portugal Telecom Int’l Finance 5.625% 08/02/2016 EMTN NL EUR 550 736 0.02 

Sunrise Communications I 7.00% 31/12/2017 EUR Reg S LU EUR 432 603 0.02 

OTE 7.25% 12/02/2015 EMTN GB EUR 393 448 0.01 



KPNQwest 7.125% 01/06/2009 (Defaulted)* NL EUR 363 0 0.00 

144,639 4.62 

Financials 

Woori Bank 6.208% VRN 02/05/2037 Reg S KR USD 21,675 22,962 0.73 

Mizuho Capital Investment 14.95% VRN (Perpetual) Reg S KY USD 15,051 18,206 0.58 


ICICI Bank 6.375% VRN 30/04/2022 Reg S IN USD 13,394 13,625 0.44 

GT 2005 Bonds 8.00% 21/07/2014 NL USD 13,321 13,399 0.43 

SMFG Preferred Capital 2 8.75% (Perpetual) Reg S KY USD 12,274 12,793 0.41 


State Bank of India 6.439% VRN (Perpetual) EMTN IN USD 11,836 11,422 0.37 


Shimao Property Holdings 9.65% 03/08/2017 Reg S KY USD 9,644 10,355 0.33 

Sigma Capital 9.00% 30/04/2015 SG USD 9,243 9,835 0.31 

Longfor Properties 6.875% 18/10/2019 EMTN KY USD 9,644 9,773 0.31 

Franshion Development 6.75% 15/04/2021 Reg S VG USD 8,621 9,053 0.29 

CITIC Resources Finance 2007 6.75% 15/05/2014 Reg S VG USD 8,451 8,874 0.28 

Pacnet 9.25% 09/11/2015 Reg S BM USD 8,767 8,822 0.28 


Indo Integrated Energy II 9.75% 05/11/2016 Reg S NL USD 7,891 8,653 0.28 


BDO Unibank 4.50% 16/02/2017 PH USD 7,988 8,376 0.27 

Evergrande Real Estate Group 13.00% 27/01/2015 Reg S KY USD 7,988 8,287 0.26 

Agile Property Holdings 8.875% 28/04/2017 Reg S KY USD 7,744 8,126 0.26 


KWG Property Holding 12.50% 18/08/2017 Reg S KY USD 7,257 8,028 0.26 


ICICI Bank 7.25% VRN (Perpetual) Reg S IN USD 7,842 7,680 0.25 



Shanghai Industrial Urban Dev. 9.75% 23/07/2014 Reg S BM USD 6,819 7,330 0.23 

T & D Bank of Mongolia 8.50% 20/09/2015 EMTN MN USD 7,306 7,259 0.23 


Indo Energy Finance 7.00% 07/05/2018 Reg S NL USD 6,899 7,199 0.23 

Yanlord Land Group 10.625% 29/03/2018 Reg S SG USD 6,722 7,192 0.23 




Bumi Investment 10.75% 06/10/2017 Reg S SG USD 8,305 6,552 0.21 

Hopson Development Holdings 11.75% 21/01/2016 BM USD 6,429 6,204 0.20 


Kaisa Group Holdings 13.50% 28/04/2015 Reg S KY USD 5,845 6,109 0.20 

AMBB Capital 6.77% VRN (Perpetual) MY USD 5,942 6,035 0.19 

Franshion Investment 4.70% 26/10/2017 Reg S VG USD 6,040 5,984 0.19 

Rizal Commercial Banking 5.25% 31/01/2017 EMTN PH USD 5,358 5,704 0.18 


SBB Capital 6.62% VRN (Perpetual) MY USD 5,467 5,604 0.18 




Bank of East Asia 6.375% VRN 04/05/2022 EMTN HK USD 4,773 5,369 0.17 



Sino MTN 3.25% 21/09/2017 Reg S KY USD 5,114 5,157 0.16 


Country Garden Holdings 10.50% 11/08/2015 KY USD 4,530 5,017 0.16 

Agile Property Holdings 10.00% 14/11/2016 Reg S KY USD 4,627 4,997 0.16 



Oversea-Chinese Banking 3.15% VRN 11/03/2023 Reg S SG USD 4,871 4,896 0.16 

Central China Real Estate 12.25% 20/10/2015 Reg S KY USD 4,432 4,877 0.16 


Lai Fung Holdings 9.125% 04/04/2014 KY USD 4,676 4,845 0.15 



Country Garden Holdings 11.75% 10/09/2014 Reg S KY USD 4,043 4,470 0.14 

Malayan Banking 3.25% VRN 20/09/2022 EMTN MY USD 4,432 4,392 0.14 

China Properties Group 9.125% 04/05/2014 Reg S KY USD 4,725 4,388 0.14 


China South City Holdings 13.50% 14/01/2016 Reg S HK USD 4,384 4,369 0.14 

Agile Property Holdings 9.875% 20/03/2017 KY USD 3,994 4,361 0.14 





SPG Land Holdings 13.50% 08/04/2016 KY USD 4,871 4,178 0.13 

239 



USD 

Rizal Commercial Banking 6.25% 09/02/2015 PH USD 3,897 4,138 0.13 






Yanlord Land Group 9.50% 04/05/2017 Reg S SG USD 3,848 3,985 0.13 









Longfor Properties 9.50% 07/04/2016 Reg S KY USD 3,020 3,338 0.11 



Sunac China Holdings 12.50% 16/10/2017 Reg S KY USD 3,020 3,185 0.10 

Bank of Ceylon 6.875% 03/05/2017 Reg S LK USD 2,922 3,155 0.10 

Theta Capital 7.00% 16/05/2019 ID USD 3,020 3,151 0.10 


Evergrande Real Estate Group 7.50% 19/01/2014 Reg S KY CNY 19,483 3,009 0.10 



Bright North 1.25% 13/04/2016 VG CNY 19,483 2,934 0.09 







Development Bank of Philippines 5.50% 25/03/2021 PH USD 2,435 2,813 0.09 

T & D Bank of Mongolia 8.50% 25/10/2013 Reg S MN USD 2,679 2,746 0.09 




Mitsui Sumitomo Insurance 7.00% VRN 15/03/2072 Reg S JP USD 2,289 2,659 0.08 



Yuzhou Properties 13.50% 15/12/2015 Reg S KY USD 2,435 2,609 0.08 


Glorious Property Holdings 13.00% 25/10/2015 KY USD 2,728 2,563 0.08 




Bank of Baroda London 6.625% VRN 25/05/2022 EMTN IN USD 2,435 2,486 0.08 

ANZ Banking Group 3.45% VRN 08/08/2022 EMTN AU USD 2,435 2,476 0.08 



Bank of East Asia 8.50% VRN (Perpetual) EMTN HK USD 2,143 2,433 0.08 



KWG Property Holding 12.75% 30/03/2016 Reg S KY USD 2,143 2,367 0.08 


Bank Danamon (Indonesia) 8.75% 09/12/2013 ID IDR 21,918,214 2,348 0.08 

China SCE Property Holdings 10.50% 14/01/2016 Reg S KY CNY 15,586 2,348 0.08 

Yuzhou Properties 11.75% 25/10/2017 Reg S KY USD 2,289 2,338 0.07 








Shui On Development Holding 9.75% 16/02/2015 KY USD 2,094 2,190 0.07 











FPMH Finance 7.375% 24/07/2017 BM USD 1,705 1,959 0.06 



Kaisa Group Holdings 12.875% 18/09/2017 KY USD 1,851 1,887 0.06 







Powerlong Real Estate Hold. 13.75% 16/09/2015 Reg S KY USD 1,802 1,784 0.06 



Santander Issuances 7.30% VRN 27/07/2019 ES GBP 1,119 1,740 0.06

Fidelity 

Funds 





USD 


Kaisa Group Holdings 8.00% 20/12/2015 KY CNY 10,326 1,664 0.05 





Direct Line Insurance Group 9.25% VRN 27/04/2042 GB GBP 883 1,583 0.05 




Danske Bank 5.684% VRN (Perpetual) EMTN DK GBP 962 1,398 0.04 







National Westminster Bank 6.50% 07/09/2021 GB GBP 785 1,278 0.04 

Bank St Petersburg (Pref’d) RU USD 632 1,271 0.04 



Credit Agricole 5.00% VRN (Perpetual) FR GBP 947 1,146 0.04 

Unique Pub Finance 5.659% 30/06/2027 GB GBP 785 1,101 0.04 

Aviva 6.125% VRN (Perpetual) GB GBP 785 1,098 0.04 

Numericable Finance 8.75% 15/02/2019 Reg S LU EUR 805 1,067 0.03 

Novae Group 6.50% 27/04/2017 GB GBP 671 1,042 0.03 

Commerzbank 6.375% 22/03/2019 EMTN DE EUR 805 1,034 0.03 

International Lease Finance 5.65% 01/06/2014 MTN US USD 979 1,023 0.03 

Commerzbank 7.75% 16/03/2021 EMTN DE EUR 785 1,018 0.03 

BSPB Fin. (Bk St Petersb) 7.63% VRN 25/07/2017 EMTN IE USD 1,072 989 0.03 

Barclays Bank 2.062% FRN (Perpetual) GB GBP 1,178 988 0.03 

PSB Finance (Promsvyazbank) 8.50% 25/04/2017 Reg S LU USD 981 986 0.03 

BNP Paribas 4.73% VRN (Perpetual) FR EUR 864 959 0.03 



BPCE 4.75% VRN (Perpetual) FR EUR 1,178 872 0.03 


RBS Group 5.25% (Perpetual) GB EUR 981 857 0.03 


Bank of India London 6.625% VRN 22/09/2021 EMTN IN USD 633 647 0.02 

Hypo Real Int’l Trust I 5.864% (Perpetual) US EUR 1,550 616 0.02 

Ziggo Bond 8.00% 15/05/2018 Reg S NL EUR 393 559 0.02 

RBS Group 7.648% VRN (Perpetual) GB USD 550 545 0.02 

Lloyds TSB Bank 6.50% 24/03/2020 EMTN GB EUR 393 538 0.02 

Hopson Development Holdings 8.125% 09/11/2012 Reg S BM USD 536 534 0.02 

Canara Bank 6.365% VRN 28/11/2021 IN USD 487 497 0.02 


Unicredit Int’l Bank 8.125% VRN (Perpetual) LU EUR 393 464 0.01 












827,708 26.46 

Government 


Germany 1.50% 15/03/2013 DE EUR 15,230 19,862 0.63 


Spain 4.20% 30/07/2013 ES EUR 7,851 10,326 0.33 



Philippines 9.375% 18/01/2017 PH USD 5,114 6,753 0.22 

HK Gov. Bond Programme 5.30% FRN 22/06/2015 HK HKD 49,194 6,727 0.22 


HK Gov. Bond Programme 5.07% FRN 28/07/2014 HK HKD 37,992 5,102 0.16 

Philippines 8.75% 07/10/2016 Reg S PH USD 2,484 3,174 0.10 





Indonesia 6.875% 17/01/2018 Reg S ID USD 779 954 0.03 

127,980 4.09 


Energy 

MIE Holdings 9.75% 12/05/2016 Reg S KY USD 12,566 13,371 0.43 

Bumi Capital 12.00% 10/11/2016 Reg S SG USD 9,839 8,400 0.27 




Berau Coal Energy Pt 7.25% 13/03/2017 Reg S ID USD 5,163 4,878 0.16 

240 



USD 



Unit 6.625% 15/05/2021 144A US USD 3,544 3,633 0.12 




















EV Energy 8.00% 15/04/2019 US USD 922 977 0.03 

Hornbeck Offshore Services 5.875% 01/04/2020 US USD 931 963 0.03 




Apache 6.00% 01/08/2013 US USD 18 842 0.03 













ATP Oil & Gas 11.875% 01/05/2015 (Defaulted) US USD 3,066 475 0.02 




Venoco 11.50% 01/10/2017 US USD 296 296 0.01 









105,146 3.36 

Utilities 





Listrindo Capital 6.95% 21/02/2019 Reg S NL USD 6,137 6,912 0.22 






PPL 8.75% 01/05/2014 US USD 38 2,043 0.07 

DPL 6.50% 15/10/2016 US USD 1,868 2,041 0.07 





PPL 9.50% 01/07/2013 US USD 23 1,223 0.04 


AES 7.375% 01/07/2021 US USD 914 1,028 0.03 

Atlantic Power 9.00% 15/11/2018 CA USD 928 1,012 0.03 

Energy Future Holdings 6.50% 15/11/2024 US USD 2,365 911 0.03 


Texas Competitive Electric 11.50% 01/10/2020 144A US USD 948 714 0.02 





AES 9.75% 15/04/2016 US USD 119 143 0.00 



90,318 2.89

Fidelity 

Funds 





USD 

Materials 


Novelis 8.75% 15/12/2020 CA USD 4,238 4,693 0.15 


Novelis 8.375% 15/12/2017 CA USD 3,653 3,982 0.13 



Mirabela Nickel 8.75% 15/04/2018 144A AU USD 4,384 3,375 0.11 














AngloGold Ashanti Holdings 6.00% 15/09/2013 GB USD 43 1,731 0.06 








FMG Resources 6.00% 01/04/2017 Reg S AU USD 1,413 1,357 0.04 







Crown Americas 6.25% 01/02/2021 US USD 949 1,054 0.03 

Verso Paper Holdings 1.75% 15/01/2019 Reg S US USD 1,332 959 0.03 


LyondellBasell Industries 6.00% 15/11/2021 NL USD 560 649 0.02 


Boart Longyear Management 7.00% 01/04/2021 144A AU USD 445 453 0.01 










Aperam 7.375% 01/04/2016 144A LU USD 208 181 0.01 


Aperam 7.75% 01/04/2018 144A LU USD 165 137 0.00 

92,035 2.94 

Industrials 








Rexel 6.125% 15/12/2019 144A FR USD 1,963 2,036 0.07 


Zoomlion HK SPV 6.875% 05/04/2017 Reg S HK USD 1,656 1,775 0.06 



Covanta Holding 6.375% 01/10/2022 US USD 922 1,002 0.03 

HDTFS 5.875% 15/10/2020 144A US USD 923 935 0.03 

Nortek 8.50% 15/04/2021 144A US USD 780 845 0.03 




HDTFS 6.25% 15/10/2022 144A US USD 660 670 0.02 



Schaeffler Finance 8.50% 15/02/2019 144A NL USD 536 603 0.02 












241 



USD 


38,419 1.23 




Avaya 10.125% 01/11/2015 US USD 3,289 2,944 0.09 







Avaya 7.00% 01/04/2019 144A US USD 1,943 1,758 0.06 





NCR 5.00% 15/07/2022 144A US USD 878 901 0.03 



Infor US 9.375% 01/04/2019 US USD 532 587 0.02 

NXP 9.75% 01/08/2018 144A NL USD 499 584 0.02 




NXP 3.217% FRN 15/10/2013 NL USD 180 180 0.01 


36,744 1.17 


MCE Finance 10.25% 15/05/2018 KY USD 11,976 13,682 0.44 












General Motors 4.75% 01/12/2013 US USD 72 2,916 0.09 







DISH DBS 4.625% 15/07/2017 US USD 2,314 2,384 0.08 

DISH DBS 5.875% 15/07/2022 US USD 2,108 2,218 0.07 

DISH DBS 6.75% 01/06/2021 US USD 1,975 2,213 0.07 













Tenneco 6.875% 15/12/2020 US USD 1,071 1,167 0.04 


MGM Resorts International 9.00% 15/03/2020 US USD 958 1,072 0.03 

Delphi 6.125% 15/05/2021 US USD 964 1,070 0.03 

DISH DBS 6.625% 01/10/2014 US USD 926 1,003 0.03 

MDC Partners 11.00% 01/11/2016 CA USD 857 939 0.03 




Sheridan Group 12.50% 15/04/2014 US USD 1,029 859 0.03 




DISH DBS 7.00% 01/10/2013 US USD 694 731 0.02 





Qvc 7.50% 01/10/2019 144A US USD 474 524 0.02 





Clear Channel Communications 5.50% 15/12/2016 US USD 681 435 0.01

Fidelity 

Funds 





USD 


















Tenneco 7.75% 15/08/2018 US USD 241 262 0.01 

DISH DBS 7.125% 01/02/2016 US USD 231 259 0.01 

DISH DBS 7.75% 31/05/2015 US USD 223 253 0.01 




Delphi 5.875% 15/05/2019 US USD 185 199 0.01 











147,308 4.71 






Rite Aid 9.25% 15/03/2020 US USD 970 991 0.03 



7,858 0.25 

Healthcare 



















Emdeon 11.00% 31/12/2019 US USD 927 1,064 0.03 

Mylan 7.875% 15/07/2020 144A US USD 937 1,060 0.03 



Vanguard Health Holding 7.75% 01/02/2019 US USD 869 903 0.03 







Mylan 7.625% 15/07/2017 144A US USD 520 581 0.02 










64,896 2.07 

242 



USD 



OTE 4.625% 20/05/2016 GB EUR 6,143 6,288 0.20 


















Matterhorn Mobile Holdings 8.25% 15/02/2020 Reg S LU EUR 746 1,057 0.03 

Clearwire Communications 12.00% 01/12/2017 144A US USD 944 1,048 0.03 

Matterhorn Mobile 6.75% 15/05/2019 Reg S LU CHF 785 896 0.03 


OTE 5.00% 05/08/2013 EMTN GB EUR 510 639 0.02 










Hellas Telecomm. II 0.00% 15/01/2015 144A* LU USD 195 0 0.00 


69,975 2.24 

Financials 












GMAC Capital Trust I 8.125% VRN 15/02/2040 US USD 207 5,418 0.17 


Westpac Capital Trust III 5.819% VRN (Perpetual) Reg S US USD 5,066 5,127 0.16 




CBA Capital Trust II 6.024% VRN (Perpetual) Reg S US USD 3,702 3,790 0.12 

Resona Pref’d GS 7.191% VRN (Perpetual) Reg S KY USD 3,166 3,471 0.11 


SLM 4.625% 25/09/2017 MTN US USD 2,893 2,972 0.09 








Discover Financial Services 6.50% (Perpetual) US USD 92 2,329 0.07 


State Bank of India 7.14% VRN (Perpetual) IN USD 2,070 2,098 0.07 

Annaly Capital Management 7.50% (Perpetual) US USD 82 2,088 0.07 

Anstock Limited 4.25% 20/09/2016 Reg S KY CNY 13,151 2,070 0.07 

National Capital Trust II 5.486% VRN (Perpetual) Reg S US USD 2,046 2,064 0.07 




SLM 3.875% 10/09/2015 MTN US USD 1,569 1,621 0.05 



BLD Investments 8.625% 23/03/2015 SG USD 2,338 1,461 0.05 






SLM 8.45% 15/06/2018 MTN US USD 963 1,144 0.04 


CCO Holdings Capital 7.375% 01/06/2020 US USD 985 1,105 0.04 


Phh 9.25% 01/03/2016 US USD 912 1,049 0.03

Fidelity 

Funds 

Bankia 3.625% 05/10/2016 ES EUR 864 1,008 0.03 

TransUnion Holding 8.125% 15/06/2018 144A US USD 988 994 0.03 

Westpac Capital Trust IV 5.256% VRN (Perpetual) Reg S US USD 974 977 0.03 



SLM 8.00% 25/03/2020 MTN US USD 703 817 0.03 

Dresdner Funding Trust I 8.151% 30/06/2031 144A US USD 813 760 0.02 






Bankia 3.50% 14/12/2015 ES EUR 471 570 0.02 


Societe Generale 5.922% VRN (Perpetual) 144A FR USD 530 444 0.01 



Ally Financial 7.00% (Perpetual) Reg S US USD 1 248 0.01 



215,656 6.89 

Government 




17,035 0.54 



60,009 1.92 

Unlisted 





USD 

Energy 





Remedial Cayman 10.00% 28/03/2012 (Defaulted)* KY USD 473 19 0.00 


Viking Drilling 0.00% FRN 05/10/2011 (Defaulted)* NO USD 393 0 0.00 

4,237 0.14 

Utilities 






5,425 0.17 

Materials 



Edgen Murray 8.75% 01/11/2020 144A US USD 951 946 0.03 

Tekni-Plex 9.75% 01/06/2019 144A US USD 859 924 0.03 




7,111 0.23 

Industrials 


Nobina* SE SEK 599 904 0.03 

NESCO 11.75% 15/04/2017 144A US USD 685 725 0.02 

USG 7.875% 30/03/2020 144A US USD 640 701 0.02 


Nobina Europe 9.125% 01/08/2012 SE EUR 664 564 0.02 


4,751 0.15 




NXP 4.751% FRN 03/04/2019 US USD 1,910 1,935 0.06 




Kronos Terminal 4.913% 24/10/2019 US USD 968 973 0.03 





22,288 0.71 

243 











Jo-Ann Stores Hlds 9.75% 15/10/2019 144A US USD 988 980 0.03 

Graton Economic Dev Auth 9.625% 01/09/2019 144A US USD 844 903 0.03 















21,474 0.69 


BI-LO 9.25% 15/02/2019 144A US USD 871 916 0.03 


1,175 0.04 

Healthcare 




3,743 0.12 







18,112 0.58 

Financials 





Asurion Term Loan 4.811% FRN 24/05/2018 US USD 933 941 0.03 



Cattles 6.875% 17/01/2014 EMTN (Defaulted)* GB GBP 565 0 0.00 

Coastal Greenland Wts 08/11/2012 HK HKD 725 0 0.00 

Damovo Group* KY EUR 334 0 0.00 

12,314 0.39 






USD 



USD 

Bought protection on Spain 5.50% 20/12/2017 USD 8,282 738 0.02 

Bought protection on Italy 6.875% 20/12/2017 USD 7,183 572 0.02 









Bought protection on Codere Finance 8.25% 20/06/2015 EUR 746 177 0.01 



Sold protection on Asia Ex Japan 20/12/2013 USD 2,435 83 0.00 

Bought protection on Dixons 8.75% 20/12/2017 EUR 2,414 67 0.00

Fidelity 

Funds 



Sold protection on Indonesia 20/12/2015 USD 4,871 35 0.00 

Sold protection on Indonesia 20/03/2015 USD 2,435 24 0.00 

Sold protection on Hynix Semiconductor 20/03/2013 USD 1,461 22 0.00 

Sold protection on Vedanta Resources 20/03/2013 USD 3,897 21 0.00 


Bought protection on Philippines 20/03/2015 USD 2,435 (32) (0.00) 

Bought protection on Philippines 20/12/2015 USD 4,871 (73) (0.00) 

Bought protection on Japan 20/06/2017 USD 11,690 (167) (0.01) 

Bought protection on Korea 20/06/2017 USD 12,177 (221) (0.01) 


Sold protection on Bank of Tokyo-Mitsubishi 20/06/2017 USD 11,690 (411) (0.01) 

Bought protection on UK Treasury 4.25% 20/09/2017 USD 14,524 (530) (0.02) 


Bought protection on Itraxx Europe Crossover 20/12/2016 EUR 14,612 (1,026) (0.03) 

512 0.02 




USD 



USD USD 






















Bought EUR Sold SEK at 0.12044 20/11/2012 996 36 0.00 









































15,757 0.50 

244 

Futures 




227 0.01 


Net Assets 3,128,539 100.00 




USD 


USA US 30.90 


UK GB 8.57 











India IN 1.39 


Italy IT 0.91 

Korea KR 0.80 




Spain ES 0.63 



Japan JP 0.46 











Mauritius MU 0.12 

Peru PE 0.11 






Fidelity 

Funds 

Global High Yield Focus Fund 4 




USD 


Energy 

Peabody Energy 6.50% 15/09/2020 US USD 498,463 535,026 0.99 

Ship Finance International 8.50% 15/12/2013 BM USD 362,518 364,284 0.67 

Petroleos de Venezuela 5.25% 12/04/2017 Reg S VE USD 453,148 360,394 0.66 

Tesoro 5.375% 01/10/2022 US USD 271,889 284,124 0.52 

Drill Rigs Holdings 6.50% 01/10/2017 Reg S MH USD 271,889 270,958 0.50 

Teekay 8.50% 15/01/2020 MH USD 251,044 266,806 0.49 



Atwood Oceanics 6.50% 01/02/2020 US USD 181,259 196,213 0.36 


Drill Rigs Holdings 6.50% 01/10/2017 144A MH USD 31,720 31,720 0.06 

2,984,225 5.50 

Utilities 





1,259,509 2.32 

Materials 


Crown European Holdings 7.125% 15/08/2018 Reg S FR EUR 453,148 642,045 1.18 

Cemex 9.00% 11/01/2018 Reg S MX USD 589,093 614,313 1.13 





Vedanta Resources Jersey 4.00% 30/03/2017 GB USD 181,259 180,172 0.33 

3,174,641 5.85 

Industrials 


Grohe Holding 8.75% FRN 15/12/2017 Reg S DE EUR 317,204 420,775 0.77 

Rexel 7.00% 17/12/2018 FR EUR 271,889 386,218 0.71 








3,298,385 6.07 



Norcell Sweden Holding 3 9.25% 29/09/2018 Reg S SE SEK 1,812,592 294,823 0.54 





1,568,957 2.89 


Rite Aid 7.50% 01/03/2017 US USD 181,259 186,370 0.34 


247,401 0.46 

Healthcare 

HCA 4.75% 01/05/2023 US USD 362,518 363,198 0.67 




HCA 6.50% 15/02/2020 US USD 181,259 200,458 0.37 

HCA 5.875% 15/03/2022 US USD 181,259 194,300 0.36 

Hanger 7.125% 15/11/2018 US USD 181,259 192,135 0.35 


1,924,588 3.54 









245 



USD 

CenturyLink 6.45% 15/06/2021 US USD 181,259 198,666 0.37 


MetroPCS Wireless 7.875% 01/09/2018 US USD 90,630 99,239 0.18 


2,198,264 4.05 

Financials 





Unitymedia Kabel Bw 9.625% 01/12/2019 Reg S DE EUR 271,889 393,965 0.73 


Fibria Overseas Finance 6.75% 03/03/2021 Reg S KY USD 294,546 327,437 0.60 





Lloyds TSB Bank 11.875% VRN 16/12/2021 EMTN GB EUR 181,259 281,172 0.52 







Sable International Finance 8.75% 01/02/2020 144A KY USD 181,259 206,636 0.38 




Alfa Bond Issuance (Alfa Bank) 7.50% 26/09/2019 Reg S IE USD 181,259 186,599 0.34 










8,398,650 15.47 

Government 

Spain 4.20% 30/07/2013 ES EUR 294,546 387,436 0.71 

387,436 0.71 


Energy 


Continental Resources 5.00% 15/09/2022 144A US USD 317,204 335,443 0.62 

SESI 7.125% 15/12/2021 US USD 271,889 303,156 0.56 

Gulfmark Offshore 6.375% 15/03/2022 144A US USD 226,574 236,866 0.44 

Calumet Specialty Products 9.375% 01/05/2019 US USD 203,917 220,758 0.41 

Afren 11.50% 01/02/2016 144A GB USD 181,259 209,363 0.39 

Targa Resources Partners 6.375% 01/08/2022 144A US USD 181,259 193,494 0.36 

Samson Investment 9.75% 15/02/2020 144A US USD 181,259 192,135 0.35 





Basic Energy Services 7.75% 15/02/2019 US USD 181,259 182,736 0.34 


3,217,429 5.92 

Utilities 

AES 7.375% 01/07/2021 US USD 362,518 407,833 0.75 






1,504,555 2.77 

Materials 





Samarco Mineracao 4.125% 01/11/2022 Reg S BR USD 271,889 272,120 0.50 

Ashland 4.75% 15/08/2022 144A US USD 226,574 231,672 0.43 


Boise Paper Holdings 8.00% 01/04/2020 US USD 181,259 199,838 0.37 



Fidelity 

Funds 

Global High Yield Focus Fund 4 - continued 




USD 

Taminco Global Chemical 9.75% 31/03/2020 144A US USD 181,259 197,690 0.36 


Calcipar 6.875% 01/05/2018 144A LU USD 181,259 183,978 0.34 


3,218,356 5.93 

Industrials 

USG 8.375% 15/10/2018 144A US USD 362,518 399,677 0.74 


Rexel 6.125% 15/12/2019 144A FR USD 226,574 235,071 0.43 


Coleman Cable 9.00% 15/02/2018 US USD 181,259 194,854 0.36 

Navios Maritime 8.875% 01/11/2017 MH USD 181,259 184,884 0.34 

1,468,812 2.70 



Cequel Communications 6.375% 15/09/2020 144A US USD 362,518 368,409 0.68 





1,657,337 3.05 



Zayo Group 10.125% 01/07/2020 US USD 271,889 305,195 0.56 


Ferrellgas 6.50% 01/05/2021 US USD 271,889 264,589 0.49 


J.B. Poindexter & Co 9.00% 01/04/2022 144A US USD 226,574 233,371 0.43 

MDC Partners 11.00% 01/11/2016 CA USD 181,259 198,479 0.37 

Cequel Comm. Holdings 8.625% 15/11/2017 144A US USD 181,259 194,401 0.36 

Libbey Glass 6.875% 15/05/2020 144A US USD 181,259 193,947 0.36 


2,418,223 4.45 


Rite Aid 9.25% 15/03/2020 US USD 262,826 268,739 0.49 

Agrokor DD 8.875% 01/02/2020 144A HR USD 226,574 234,930 0.43 

JBS USA 8.25% 01/02/2020 144A US USD 181,259 188,510 0.35 

692,179 1.27 

Healthcare 




Elan Finance 6.25% 15/10/2019 144A IE USD 181,259 183,752 0.34 


1,321,161 2.43 



Crown Castle International 5.25% 15/01/2023 144A US USD 362,518 377,926 0.70 

Telesat (Canada) (L) 6.00% 15/05/2017 144A CA USD 321,735 337,141 0.62 

Colombia Telecom. 5.375% 27/09/2022 Reg S CO USD 271,889 279,026 0.51 

Cricket Communications 7.75% 15/10/2020 US USD 226,574 233,938 0.43 



Consolidated Comm. Finance 10.875% 01/06/2020 144A US USD 163,133 174,960 0.32 


2,476,159 4.56 

Financials 



NSG Holdings 7.75% 15/12/2025 144A US USD 317,204 328,786 0.61 

Rearden G Holdings EINS 7.875% 30/03/2020 144A DE USD 226,574 252,858 0.47 


Banco BMG 8.00% 15/04/2018 Reg S BR USD 249,231 236,770 0.44 









3,342,114 6.15 

Government 


962,317 1.77 

246 

Unlisted 

Energy 


205,729 0.38 

Utilities 


185,414 0.34 

Materials 

Nufarm Australia Limited 6.375% 15/10/2019 144A AU USD 317,204 320,296 0.59 


383,420 0.71 

Industrials 

Shale-Inland Holdings 8.75% 15/11/2019 144A US USD 271,889 272,569 0.50 


407,834 0.75 


Nuance Communications 5.375% 15/08/2020 144A US USD 362,518 371,128 0.68 

371,128 0.68 


Bon-Ton Dept Stores 10.625% 15/07/2017 144A US USD 244,700 223,900 0.41 


258,237 0.48 




745,259 1.37 






USD 

Bought protection on Generali Finance 20/06/2017 EUR 589,093 48,308 0.09 



Bought protection on Ineos Group 7.875% 20/12/2015 EUR 249,231 (6,668) (0.01) 

Sold protection on CDX.NA.HY 20/12/2017 USD 3,443,925 (30,159) (0.06) 

59,418 0.11 




USD 



USD USD 

























Bought USD Sold GBP at 1.61095 20/11/2012 356,684 (446) (0.00)

Fidelity 

Funds 




Bought CHF Sold USD at 0.92435 20/11/2012 150,012 (922) (0.00) 

Bought GBP Sold USD at 0.61756 20/11/2012 300,849 (1,176) (0.00) 








Bought USD Sold SEK at 0.14841 20/11/2012 249,627 (4,026) (0.01) 





(347,085) (0.64) 







4,162 0.01 

- A-MINCOME Shares (EUR) (hedged) 







6,498 0.01 

- E-MINCOME Shares (EUR) (hedged) 











11,764 0.02 

- I Shares (EUR) (hedged) 




349 0.00 

- Y-MINCOME Shares (EUR) (hedged) 




348 0.00 

Futures 

Global High Yield Focus Fund 4 - continued 




USD USD 



USD 


1,361 0.00 


Net Assets 54,303,464 100.00 

247 



USA US 43.51 

UK GB 8.22 










Italy IT 1.37 


Spain ES 1.23 









Japan JP 0.52 





Fidelity 

Funds 

Global Inflation-linked Bond Fund 




USD 


Energy 





2,426,958 0.29 

Utilities 

Centrica 4.25% 12/09/2044 EMTN GB GBP 800,000 1,266,405 0.15 







2,657,252 0.31 

Materials 


731,983 0.09 

Industrials 

Great Rolling Stock 6.25% 27/07/2020 EMTN GB GBP 1,150,000 2,216,536 0.26 

SP Manweb 4.875% 20/09/2027 EMTN GB GBP 1,250,000 2,081,369 0.25 


Fedex 2.625% 01/08/2022 US USD 900,000 909,256 0.11 




7,250,390 0.85 


Time Warner Cable 4.125% 15/02/2021 US USD 1,350,000 1,503,947 0.18 



2,372,887 0.28 



Coca-Cola 3.30% 01/09/2021 US USD 1,150,000 1,278,261 0.15 

Procter & Gamble 2.00% 16/08/2022 Reg S US EUR 950,000 1,223,113 0.14 

Procter & Gamble 1.45% 15/08/2016 US USD 1,000,000 1,027,783 0.12 





9,273,562 1.09 

Healthcare 


613,870 0.07 


AT&T 4.875% 01/06/2044 US GBP 750,000 1,305,152 0.15 

America Movil 3.00% 12/07/2021 MX EUR 950,000 1,271,664 0.15 

AT&T 5.55% 15/08/2041 US USD 700,000 884,665 0.10 



4,519,334 0.53 

Financials 

Barclays Bank 4.25% 12/01/2022 EMTN GB GBP 1,350,000 2,451,014 0.29 

SB Capital (SberBank of Russia) 5.125% 29/10/2022 Reg S LU USD 2,350,000 2,363,668 0.28 

GE Capital UK Funding 4.375% 31/07/2019 EMTN IE GBP 1,300,000 2,282,371 0.27 


Linde Finance 3.875% 01/06/2021 EMTN NL EUR 1,400,000 2,090,111 0.25 


Sumitomo Mitsui Banking 4.85% 01/03/2022 JP USD 1,500,000 1,696,125 0.20 

Marsh & McLennan 4.80% 15/07/2021 US USD 1,300,000 1,484,074 0.17 

UniCredit 6.95% 31/10/2022 Reg S IT EUR 1,100,000 1,437,627 0.17 









248 



USD 











RBS 5.75% 21/05/2014 EMTN GB EUR 50,000 69,480 0.01 





26,942,112 3.17 

Government 

UK Treasury Inflation Linked 2.50% 26/07/2016 GB GBP 11,500,000 63,635,568 7.49 

Germany Inflation Linked Bond 1.50% 15/04/2016 DE EUR 28,200,000 45,543,342 5.36 



New Zealand Index Linked 4.50% 15/02/2016 NZ NZD 15,900,000 21,371,026 2.52 

Australia Index Linked 4.00% 20/08/2020 AU AUD 8,950,000 18,122,179 2.13 


France 2.10% 25/07/2023 FR EUR 8,750,000 14,763,614 1.74 

Sweden Inflation Linked 4.00% 01/12/2020 SE SEK 40,000,000 10,236,914 1.21 

Denmark Inflation Linked Govt Bond 0.10% 15/11/2023 DK DKK 40,800,000 7,648,237 0.90 



Germany 3.25% 04/01/2020 DE EUR 3,200,000 4,805,136 0.57 


France 1.00% 25/07/2017 FR EUR 2,100,000 3,328,646 0.39 





HK Gov. Bond Programme 5.07% FRN 28/07/2014 HK HKD 2,950,000 396,153 0.05 

Germany 0.50% 07/04/2017 DE EUR 150,000 195,607 0.02 

291,594,025 34.33 


Industrials 


551,431 0.06 


Volkswagen Int’l Finance 2.375% 22/03/2017 144A NL USD 1,400,000 1,453,963 0.17 

Comcast 6.55% 01/07/2039 US USD 550,000 731,638 0.09 

2,185,601 0.26 


Heineken 1.40% 01/10/2017 144A NL USD 2,100,000 2,106,374 0.25 



4,616,152 0.54 

Healthcare 


63,026 0.01 


DIRECTV 4.375% 14/09/2029 US GBP 1,300,000 2,119,827 0.25 

DIRECTV 5.15% 15/03/2042 US USD 800,000 832,977 0.10 

2,952,804 0.35 

Financials 








2,603,856 0.31 

Government 

US Treasury Inflation Indexed Bonds 0.50% 15/04/2015 US USD 94,950,000 105,479,738 12.42 



Fidelity 

Funds 

Global Inflation-linked Bond Fund - continued 


France 1.10% 25/07/2022 FR EUR 28,400,000 42,533,851 5.01 


Canada 4.25% 01/12/2021 CA CAD 13,250,000 27,702,098 3.26 




Japan CPI Linked 1.40% 10/06/2018 JP JPY 1,205,000,000 16,466,227 1.94 

France 1.75% 25/02/2017 FR EUR 10,000,000 13,501,746 1.59 


Japan CPI Linked 0.80% 10/12/2015 JP JPY 500,000,000 6,511,373 0.77 


Japan CPI Linked 1.40% 10/03/2018 JP JPY 332,000,000 4,521,912 0.53 


395,494,813 46.57 



46,002,126 5.42 






USD USD 

Bought GBP Sold USD at 0.64048 20/11/2012 35,918,489 1,187,656 0.14 



Bought KRW Sold USD at 1,119.00000 20/11/2012 7,549,598 193,307 0.02 










Bought USD Sold AUD at 1.04741 20/11/2012 3,288,439 36,041 0.00 







Bought USD Sold NZD at 0.82188 20/11/2012 7,551,928 8,546 0.00 




Bought USD Sold AUD at 1.03565 20/11/2012 11,870,082 (4,674) (0.00) 


Bought AUD Sold USD at 0.96436 20/11/2012 14,979,823 (12,973) (0.00) 
















Bought USD Sold KRW at 0.00088 20/11/2012 6,919,854 (277,820) (0.03) 

Bought USD Sold DKK at 0.16649 20/11/2012 7,636,851 (327,269) (0.04) 


Bought USD Sold NZD at 0.80562 20/11/2012 21,405,476 (399,871) (0.05) 


Bought USD Sold EUR at 1.23088 20/11/2012 103,166,569 (5,285,920) (0.62) 

(5,263,562) (0.62) 

- A Shares (GBP) (hedged) 



USD 





Bought USD Sold SEK at 0.15293 07/11/2012 3,129,004 42,123 0.00 

249 






Bought USD Sold JPY at 0.01252 07/12/2012 6,118,333 (49) (0.00) 

Bought JPY Sold USD at 79.87450 07/11/2012 6,240,089 (560) (0.00) 










(383,424) (0.05) 




Bought USD Sold SGD at 0.81995 07/11/2012 24,861,337 14,358 0.00 



Bought USD Sold SEK at 0.15293 07/11/2012 605,852 8,156 0.00 
















175,787 0.02 

- A-ACC Shares (CHF) (hedged) 

Bought CHF Sold USD at 0.93546 07/11/2012 23,109,486 129,450 0.02 

Bought USD Sold CHF at 1.07690 07/11/2012 23,238,936 41,371 0.00 



















Bought CHF Sold USD at 0.92817 07/12/2012 23,369,692 (41,248) (0.00) 

175,874 0.02 




USD USD 

















Bought AUD Sold USD at 0.96238 07/11/2012 2,814,900 (5,204) (0.00)

Fidelity 

Funds 





632,630 0.07 






















402,055 0.05 

- Y Shares (GBP) (hedged) 






























(1,059,913) (0.12) 




USD USD 

























250 












117,829 0.01 

Futures 



USD 



Euro Buxl Future 06/12/2012 EUR (2,378,520) 78,420 0.01 



Short Gilt Future 27/12/2012 GBP (2,505,360) 15,443 0.00 


Canada 10 Year Bond Future 18/12/2012 CAD (6,161,400) (26,292) (0.00) 



317,471 0.04 

Inflation Swaps 



USD 

Pay fixed 2.41% receive floating (France CPI) 06/09/2022 EUR 11,850,000 30,834,677 3.63 

Pay fixed 2.435% receive floating (US CPI) 02/08/2022 USD 35,000,000 1,051,729 0.12 

Pay fixed 2.555% receive floating (US CPI) 09/01/2042 USD 6,500,000 662,989 0.08 



Pay fixed 3.345% receive floating (UK CPI) 26/06/2042 GBP 3,100,000 242,242 0.03 


Pay fixed 2.46% receive floating (Euro HICP) 11/03/2041 EUR 2,000,000 69,448 0.01 

Pay fixed 2.318% receive floating (US CPI) 08/02/2016 USD 4,700,000 (27,949) (0.00) 

Pay fixed 2.893% receive floating (UK CPI) 26/06/2022 GBP 4,350,000 (108,393) (0.01) 

Pay fixed 2.105% receive floating (Euro HICP) 06/09/2022 EUR 11,850,000 (30,846,473) (3.63) 

2,693,240 0.32 




USD USD 



USD 

Pay fixed 3.14% receive floating (6m EURBOR) 04/08/2021 EUR 5,000,000 811,957 0.10 

811,957 0.10 


Net Assets 849,276,922 100.00

Fidelity 

Funds 





USA US 35.71 

UK GB 14.62 




Japan JP 3.44 





Korea KR 1.02 





Italy IT 0.38 






251

Fidelity 

Funds 

Global Strategic Bond Fund 4 




USD 


Energy 








Teekay 8.50% 15/01/2020 MH USD 66,704 70,893 0.02 

Peabody Energy 6.50% 15/09/2020 US USD 51,537 55,317 0.02 


Tesoro 5.375% 01/10/2022 US USD 47,168 49,291 0.02 






Petroleos de Venezuela 5.25% 12/04/2017 Reg S VE USD 46,852 37,262 0.01 



Drill Rigs Holdings 6.50% 01/10/2017 Reg S MH USD 28,111 28,015 0.01 


Pioneer Natural Resource 7.50% 15/01/2020 US USD 20,146 25,736 0.01 





Atwood Oceanics 6.50% 01/02/2020 US USD 18,741 20,287 0.01 


Tesoro 4.25% 01/10/2017 US USD 16,927 17,647 0.01 

Pride International 6.875% 15/08/2020 US USD 13,425 17,310 0.01 



Berry Petroleum 6.75% 01/11/2020 US USD 7,572 8,102 0.00 




Energy Transfer Partners 9.00% 15/04/2019 US USD 1,975 2,595 0.00 

Tennessee Gas Pipeline 8.00% 01/02/2016 US USD 1,215 1,464 0.00 


3,533,040 1.08 

Utilities 











Dwr Cymru Financing 6.907% 31/03/2021 KY GBP 50,000 104,869 0.03 


AES 8.00% 15/10/2017 US USD 65,217 74,632 0.02 











AES 7.75% 15/10/2015 US USD 18,931 21,392 0.01 







CMS Energy 6.875% 15/12/2015 US USD 2,966 3,363 0.00 




4,909,499 1.50 

Materials 

Dow Chemical 4.125% 15/11/2021 US USD 1,200,000 1,313,006 0.40 

252 



USD 


Sovereign Housing Capital 4.768% 01/06/2043 EMTN GB GBP 300,000 538,596 0.16 


Arkema 3.85% 30/04/2020 FR EUR 300,000 419,229 0.13 














Crown European Holdings 7.125% 15/08/2018 Reg S FR EUR 46,852 66,382 0.02 

Cemex 9.00% 11/01/2018 Reg S MX USD 60,907 63,515 0.02 











Orion Engineered Carbons 9.625% 15/06/2018 144A DE USD 24,187 26,364 0.01 






Vedanta Resources Jersey 4.00% 30/03/2017 GB USD 18,741 18,628 0.01 


Graphic Packaging International 7.875% 01/10/2018 US USD 11,958 13,273 0.00 

Owens-Illinois 7.80% 15/05/2018 US USD 3,313 3,818 0.00 



6,152,170 1.88 

Industrials 

RZD Capital 7.487% 25/03/2031 Reg S IE GBP 886,328 1,712,950 0.52 

Deutsche Bahn Finance 2.75% 20/06/2022 EMTN NL GBP 700,000 1,160,394 0.35 








Fedex 2.625% 01/08/2022 US USD 250,000 252,571 0.08 



Rexel 7.00% 17/12/2018 FR EUR 87,342 124,070 0.04 











Meritor 8.125% 15/09/2015 US USD 49,466 49,590 0.02 


Grohe Holding 8.75% FRN 15/12/2017 Reg S DE EUR 32,796 43,505 0.01 


Wendel 4.875% 26/05/2016 FR EUR 27,641 37,289 0.01 









Anixter 5.625% 01/05/2019 US USD 13,804 14,535 0.00 


Briggs & Stratton 6.875% 15/12/2020 US USD 11,138 12,335 0.00 

Corrections Corp of America 7.75% 01/06/2017 US USD 10,996 11,793 0.00 




Fidelity 

Funds 

Global Strategic Bond Fund 4 - continued 




USD 


GEO Group 7.75% 15/10/2017 US USD 1,641 1,790 0.00 

8,158,915 2.49 


Iliad 4.875% 01/06/2016 FR EUR 2,100,000 2,920,067 0.89 




NXP 3.507% FRN 15/10/2013 NL EUR 52,515 68,034 0.02 



Freescale Semiconductor US USD 1,705 15,689 0.00 

Jabil Circuit 5.625% 15/12/2020 US USD 13,457 14,348 0.00 

3,368,094 1.03 


Eutelsat 5.00% 14/01/2019 FR EUR 700,000 1,060,788 0.32 





























KB Home 7.50% 15/09/2022 US USD 42,847 46,703 0.01 









Norcell Sweden Holding 3 9.25% 29/09/2018 Reg S SE SEK 187,408 30,482 0.01 




Autonation 6.75% 15/04/2018 US USD 23,064 25,939 0.01 






Sally Holdings 5.75% 01/06/2022 US USD 18,331 19,706 0.01 

Sonic Automotive 9.00% 15/03/2018 US USD 15,855 17,361 0.01 

Continental Rubber 4.50% 15/09/2019 144A US USD 16,691 16,857 0.01 

Seat Pagine Gialle IT EUR 1,614,635 16,336 0.00 






Ryland Group 5.375% 01/10/2022 US USD 9,181 9,342 0.00 

Choice Hotels Intl 5.75% 01/07/2022 US USD 7,951 8,726 0.00 

KB Home 8.00% 15/03/2020 US USD 7,493 8,401 0.00 



General Motors US USD 30 761 0.00 


Time Warner Cable US USD 1 11 0.00 







253 



USD 





5,926,563 1.81 


Anheuser-Busch InBev 2.875% 25/09/2024 EMTN BE EUR 850,000 1,132,552 0.35 

Coca-Cola 3.30% 01/09/2021 US USD 900,000 1,000,378 0.31 



Rite Aid 7.50% 01/03/2017 US USD 138,794 142,707 0.04 





Rite Aid 10.375% 15/07/2016 US USD 97,935 103,934 0.03 

Rite Aid 8.00% 15/08/2020 US USD 81,907 93,784 0.03 










Rite Aid 9.75% 12/06/2016 US USD 9,607 10,502 0.00 


Rite Aid 9.50% 15/06/2017 US USD 5,869 6,031 0.00 

3,962,112 1.21 

Healthcare 


HCA 4.75% 01/05/2023 US USD 194,812 195,177 0.06 

HCA 6.50% 15/02/2020 US USD 140,166 155,012 0.05 


HCA 5.875% 15/03/2022 US USD 124,580 133,543 0.04 





HCA 6.25% 15/02/2013 US USD 73,262 74,580 0.02 

HCA 7.25% 15/09/2020 US USD 62,046 68,449 0.02 

HCA 5.875% 01/05/2023 US USD 59,033 59,992 0.02 

HCA 7.50% 15/02/2022 US USD 52,407 58,906 0.02 





HCA 6.375% 15/01/2015 US USD 27,276 29,357 0.01 





Hanger 7.125% 15/11/2018 US USD 18,741 19,865 0.01 


HCA 6.75% 15/07/2013 US USD 12,147 12,557 0.00 


HCA 9.875% 15/02/2017 US USD 789 848 0.00 

1,895,610 0.58 



AT&T 5.55% 15/08/2041 US USD 400,000 505,523 0.15 







AT&T 4.875% 01/06/2044 US GBP 100,000 174,020 0.05 
















Sunrise Communications 5.625% 31/12/2017 Reg S LU CHF 60,416 67,010 0.02

Fidelity 

Funds 





USD 


Qwest 6.75% 01/12/2021 US USD 50,000 59,162 0.02 





















MetroPCS Wireless 7.875% 01/09/2018 US USD 9,370 10,261 0.00 

OTE 7.25% 12/02/2015 EMTN GB EUR 7,897 9,012 0.00 




5,720,883 1.75 

Financials 


Bankia 5.75% 29/06/2016 EMTN ES EUR 1,400,000 1,760,161 0.54 


Santander International Debt 4.625% 21/03/2016 EMTN ES EUR 900,000 1,193,539 0.36 



RBS 5.125% 13/01/2024 GB GBP 500,000 961,550 0.29 







Credit Suisse London 4.75% 05/08/2019 EMTN CH EUR 500,000 760,466 0.23 






















JPMorgan Chase Bank 0.87% VRN 31/05/2017 US EUR 300,000 372,974 0.11 











Svenska Handelsbanken 5.50% 26/05/2016 SE GBP 100,000 183,562 0.06 













254 



USD 














Porterbrook Rail Finance 6.50% 20/10/2020 EMTN GB GBP 50,000 98,306 0.03 

















ORIX 4.71% 27/04/2015 JP USD 75,000 79,918 0.02 







Gazprombank 8.617% 15/12/2015 Reg S IE RUB 2,234,980 71,821 0.02 
































RSHB (Russian Agri. Bank) 8.70% 17/03/2016 EMTN LU RUB 1,461,029 48,219 0.01 











Unitymedia Kabel Bw 9.625% 01/12/2019 Reg S DE EUR 28,111 40,733 0.01 









Bank of Scotland CF 7.754% VRN (Perpetual) Reg S GB GBP 25,272 35,338 0.01

Fidelity 

Funds 





USD 

Fibria Overseas Finance 6.75% 03/03/2021 Reg S KY USD 30,454 33,854 0.01 








Lloyds TSB Bank 11.875% VRN 16/12/2021 EMTN GB EUR 18,741 29,071 0.01 



















Sable International Finance 8.75% 01/02/2020 144A KY USD 18,741 21,364 0.01 








Alfa Bond Issuance (Alfa Bank) 7.50% 26/09/2019 Reg S IE USD 18,741 19,293 0.01 









CB Richard Ellis Services 6.625% 15/10/2020 US USD 10,254 11,165 0.00 






Realogy Holdings US USD 146 4,888 0.00 

Blue Ocean Res. 11.00% 28/06/2012 Reg S (Defaulted) SG USD 11,846 4,205 0.00 

BTA Bank 0.00% 30/06/2020 Reg S (Defaulted) KZ USD 3,604 447 0.00 






38,837,977 11.87 

Government 

Japan 1.30% 20/03/2021 JP JPY 1,699,000,000 22,504,141 6.88 

Germany 1.75% 04/07/2022 DE EUR 8,150,000 10,874,864 3.32 




Germany 3.25% 04/07/2021 DE EUR 3,975,000 6,003,485 1.84 

Japan 1.70% 20/09/2017 JP JPY 410,000,000 5,508,052 1.68 

Germany 3.25% 04/01/2020 DE EUR 3,500,000 5,255,618 1.61 


Italy 2.10% 15/09/2016 IT EUR 2,950,000 4,015,605 1.23 

Germany 2.00% 04/01/2022 DE EUR 1,900,000 2,602,872 0.80 

Italy 2.10% 15/09/2021 IT EUR 1,952,723 2,448,163 0.75 

France 3.00% 25/04/2022 FR EUR 1,200,000 1,671,474 0.51 

Norway 2.00% 24/05/2023 NO NOK 9,300,000 1,627,126 0.50 

Brazil (B) 6.00% 15/08/2050 BR BRL 908,704 1,352,209 0.41 

Brazil (B) 6.00% 15/08/2016 BR BRL 869,195 1,049,913 0.32 

Israel CPI Linked 2.75% 30/09/2022 IL ILS 3,279,237 951,403 0.29 

Mexican Udibonos 4.50% 22/11/2035 MX MXN 1,611,962 800,120 0.24 

Turkey 3.00% 06/01/2021 TR TRY 1,185,266 796,492 0.24 



Sweden Inflation Linked 4.00% 01/12/2020 SE SEK 2,500,000 639,807 0.20 

Japan 2.00% 20/09/2040 JP JPY 50,000,000 638,416 0.20 

Thailand 1.20% 14/07/2021 TH THB 17,652,567 611,541 0.19 

Chile 3.00% 01/02/2016 CL CLP 12,643 609,332 0.19 

Turkey 2.50% 04/05/2016 TR TRY 869,195 575,148 0.18 

Brazil (B) 6.00% 15/08/2040 BR BRL 387,187 557,282 0.17 

Germany 4.75% 04/07/2040 DE EUR 275,000 538,604 0.16 

255 



USD 

Norway 4.25% 19/05/2017 NO NOK 2,500,000 490,746 0.15 




Germany 1.50% 15/03/2013 DE EUR 306,421 399,618 0.12 

Turkey 7.00% 01/10/2014 TR TRY 474,107 373,958 0.11 

Israel CPI Linked 3.50% 30/04/2018 IL ILS 948,213 328,885 0.10 


Brazil (B) 6.00% 15/08/2014 BR BRL 229,151 264,768 0.08 



Sweden 5.00% 01/12/2020 SE SEK 1,300,000 250,344 0.08 

Spain 4.20% 30/07/2013 ES EUR 188,403 247,819 0.08 


Spain 5.50% 30/04/2021 ES EUR 150,000 194,570 0.06 

Brazil (B) 6.00% 15/05/2017 BR BRL 158,036 193,802 0.06 



Brazil (B) 6.00% 15/08/2020 BR BRL 126,428 162,110 0.05 


Italy 2.55% 22/10/2016 IT EUR 79,018 103,674 0.03 

Chile 3.00% 01/02/2021 CL CLP 1,896 94,134 0.03 


Brazil (B) 6.00% 15/08/2024 BR BRL 31,607 41,967 0.01 


107,526,686 32.87 


Energy 





Unit 6.625% 15/05/2021 144A US USD 96,642 99,058 0.03 



















Continental Resources 5.00% 15/09/2022 144A US USD 32,796 34,682 0.01 





SESI 7.125% 15/12/2021 US USD 28,111 31,344 0.01 



QR Enregy 9.25% 01/08/2020 144A US USD 23,522 24,521 0.01 

Halcon Resources 8.875% 15/05/2021 144A US USD 23,963 24,413 0.01 


Apache 6.00% 01/08/2013 US USD 494 22,960 0.01 

Calumet Specialty Products 9.375% 01/05/2019 US USD 21,083 22,825 0.01 

Afren 11.50% 01/02/2016 144A GB USD 18,741 21,647 0.01 

Penn Virginia Resource 8.375% 01/06/2020 144A US USD 20,508 21,431 0.01 

Precision Drilling 6.625% 15/11/2020 CA USD 19,152 20,570 0.01 

Chesapeake Energy 5.00% (Perpetual) US USD 242 20,105 0.01 

Sandridge Energy 7.50% 15/03/2021 144A US USD 19,231 20,048 0.01 

Ep Ener/Everest Acq Fin 7.75% 01/09/2022 144A US USD 19,057 19,915 0.01 

Samson Investment 9.75% 15/02/2020 144A US USD 18,741 19,865 0.01 

Basic Energy Services 7.75% 15/02/2019 US USD 18,741 18,894 0.01 

Targa Resources Partners 6.875% 01/02/2021 US USD 13,883 15,097 0.00 



Rosetta Resources 9.50% 15/04/2018 US USD 12,352 13,742 0.00 


Crestwood Midstream 7.75% 01/04/2019 US USD 12,668 13,048 0.00 

ATP Oil & Gas 11.875% 01/05/2015 (Defaulted) US USD 83,595 12,957 0.00 

Crosstex Energy 8.875% 15/02/2018 US USD 11,816 12,732 0.00 


Epl Oil & Gas 8.25% 15/02/2018 US USD 9,686 9,832 0.00 

Trinidad Drilling 7.875% 15/01/2019 144A CA USD 7,588 8,257 0.00 

Venoco 11.50% 01/10/2017 US USD 8,061 8,061 0.00 

Tesoro Logistics 5.875% 01/10/2020 144A US USD 5,727 5,956 0.00 

PDC Energy 12.00% 15/02/2018 US USD 5,285 5,806 0.00 

Precision Drilling 6.50% 15/12/2021 CA USD 5,096 5,427 0.00

Fidelity 

Funds 





USD 

Helix Energy Solutions 9.50% 15/01/2016 144A US USD 1,505 1,569 0.00 



2,392,228 0.73 

Utilities 

San Diego Gaz & Electric 4.30% 01/04/2042 US USD 2,750,000 3,112,106 0.95 









AES 7.375% 01/07/2021 US USD 62,391 70,190 0.02 


PPL 8.75% 01/05/2014 US USD 1,025 55,711 0.02 

DPL 6.50% 15/10/2016 US USD 50,940 55,652 0.02 






PPL 9.50% 01/07/2013 US USD 615 33,359 0.01 




Texas Competitive Electric 11.50% 01/10/2020 144A US USD 25,841 19,458 0.01 

Ipalco Enterprises 7.25% 01/04/2016 144A US USD 11,926 13,328 0.00 

Star Gas Partners 8.875% 01/12/2017 US USD 11,516 11,804 0.00 


AES Trust III 6.75% 15/10/2029 US USD 159 7,941 0.00 

AES 9.75% 15/04/2016 US USD 3,250 3,892 0.00 

Enron 6.40% 15/07/2006 (Defaulted)* US USD 4,417 0 0.00 


5,357,379 1.64 

Materials 
















AngloGold Ashanti Holdings 6.00% 15/09/2013 GB USD 1,179 47,197 0.01 


















Samarco Mineracao 4.125% 01/11/2022 Reg S BR USD 28,111 28,135 0.01 


Ashland 4.75% 15/08/2022 144A US USD 23,426 23,953 0.01 

Severstal Columbus 10.25% 15/02/2018 US USD 19,956 20,718 0.01 


Taminco Global Chemical 9.75% 31/03/2020 144A US USD 18,741 20,440 0.01 

OXEA Finance 9.50% 15/07/2017 144A LU USD 13,081 14,291 0.00 

Boart Longyear Management 7.00% 01/04/2021 144A AU USD 12,147 12,345 0.00 

Ardagh (USA) 9.125% 15/10/2020 144A IE USD 11,674 12,199 0.00 

Essar Steel Algoma 9.375% 15/03/2015 144A CA USD 12,053 11,540 0.00 


Texas Petrochemical 8.25% 01/10/2017 US USD 9,954 10,950 0.00 


Boise Cascade 6.375% 01/11/2020 144A US USD 8,188 8,329 0.00 


New Gold 7.00% 15/04/2020 144A CA USD 6,594 7,023 0.00 

256 



USD 

Sappi Papier Holding 6.625% 15/04/2021 144A AT USD 5,884 5,620 0.00 

Aperam 7.375% 01/04/2016 144A LU USD 5,663 4,941 0.00 


Aperam 7.75% 01/04/2018 144A LU USD 4,512 3,741 0.00 

Noranda Aluminium Acquisition 4.730% 15/05/2015 US USD 2 2 0.00 

2,890,290 0.88 

Industrials 








Rexel 6.125% 15/12/2019 144A FR USD 62,913 65,272 0.02 




USG 8.375% 15/10/2018 144A US USD 37,482 41,323 0.01 





HDTFS 5.875% 15/10/2020 144A US USD 25,178 25,493 0.01 

Nortek 8.50% 15/04/2021 144A US USD 21,281 23,033 0.01 


Trac Intermodal 11.00% 15/08/2019 144A US USD 20,019 20,670 0.01 

Coleman Cable 9.00% 15/02/2018 US USD 18,741 20,146 0.01 


Clean Harbors 5.25% 01/08/2020 144A US USD 19,499 19,840 0.01 

HDTFS 6.25% 15/10/2022 144A US USD 17,984 18,277 0.01 

Delta Air Lines 2009 1A 7.75% 17/12/2019 US USD 15,548 17,880 0.01 

Kansas City Southern Mexico 8.00% 01/02/2018 MX USD 15,776 17,570 0.01 

Navios Maritime Acquisition 8.625% 01/11/2017 MH USD 11,769 11,121 0.00 



Isabelle Acquisition Sub 10.00% 15/11/2018 144A US USD 7,067 7,668 0.00 

Navios Logistics 9.25% 15/04/2019 MH USD 7,951 7,583 0.00 

Continental Airlines 2005-ERJ 1 9.798% 01/04/2021 US USD 6,016 6,603 0.00 

Casella Waste Systems 7.75% 15/02/2019 US USD 6,089 5,968 0.00 

General Cable 2.735% FRN 01/04/2015 US USD 4,733 4,697 0.00 

Continental Airlines 2009-2 B 9.25% 10/05/2017 US USD 2,707 3,011 0.00 

Continental Airlines 2007-1 C 7.339% 19/04/2014 US USD 1,214 1,275 0.00 


1,614,474 0.49 





Avaya 10.125% 01/11/2015 US USD 89,688 80,271 0.02 








Xerox 2.95% 15/03/2017 US USD 50,000 51,381 0.02 

Avaya 7.00% 01/04/2019 144A US USD 52,975 47,942 0.01 





NCR 5.00% 15/07/2022 144A US USD 23,947 24,576 0.01 

Ceridian 8.875% 15/07/2019 144A US USD 22,622 24,206 0.01 

J2 Global Communications 8.00% 01/08/2020 144A US USD 19,909 20,556 0.01 

Infor US 9.375% 01/04/2019 US USD 14,498 16,002 0.00 

NXP 9.75% 01/08/2018 144A NL USD 13,599 15,927 0.00 


JDA Software Group 8.00% 15/12/2014 US USD 7,146 7,504 0.00 

NXP 3.217% FRN 15/10/2013 NL USD 4,919 4,907 0.00 

Seagate Technology Int’l 10.00% 01/05/2014 144A KY USD 1,448 1,582 0.00 

1,224,656 0.37 












Clear Channel Communications 5.50% 15/09/2014 US USD 105,523 100,331 0.03

Fidelity 

Funds 





USD 

General Motors 4.75% 01/12/2013 US USD 1,968 79,507 0.02 





DISH DBS 4.625% 15/07/2017 US USD 63,103 64,996 0.02 


DISH DBS 5.875% 15/07/2022 US USD 57,471 60,488 0.02 

DISH DBS 6.75% 01/06/2021 US USD 53,842 60,338 0.02 

















Tenneco 6.875% 15/12/2020 US USD 29,201 31,829 0.01 

Zayo Group 10.125% 01/07/2020 US USD 28,111 31,555 0.01 



Delphi 6.125% 15/05/2021 US USD 26,282 29,173 0.01 


DISH DBS 6.625% 01/10/2014 US USD 25,241 27,355 0.01 

UPCB Finance VI 6.875% 15/01/2022 144A KY USD 22,465 24,134 0.01 

J.B. Poindexter & Co 9.00% 01/04/2022 144A US USD 23,426 24,129 0.01 


UPCB Finance V 7.25% 15/11/2021 144A KY USD 21,834 23,908 0.01 

National CineMedia 7.875% 15/07/2021 US USD 21,439 23,529 0.01 

Sheridan Group 12.50% 15/04/2014 US USD 28,048 23,420 0.01 

Burlington Coat Factory 10.00% 15/02/2019 US USD 20,004 22,254 0.01 

Cequel Comm. Holdings 8.625% 15/11/2017 144A US USD 18,741 20,099 0.01 

Libbey Glass 6.875% 15/05/2020 144A US USD 18,741 20,053 0.01 


DISH DBS 7.00% 01/10/2013 US USD 18,931 19,925 0.01 

Sonic Automotive 7.00% 15/07/2022 144A US USD 17,984 19,423 0.01 


Universal City Development 8.875% 15/11/2015 US USD 14,889 15,538 0.00 

Wolverine World Wide 6.125% 15/10/2020 144A US USD 14,861 15,492 0.00 

Qvc 7.50% 01/10/2019 144A US USD 12,936 14,278 0.00 

Petco Holdings 8.50% 15/10/2017 144A US USD 13,409 13,543 0.00 

FGI Operating 7.875% 01/05/2020 144A US USD 12,131 13,223 0.00 

NAI Entertainment Holdings 8.25% 15/12/2017 144A US USD 11,541 12,854 0.00 

Cinemark USA 7.375% 15/06/2021 US USD 11,295 12,481 0.00 


Bresnan Broadband Holdings 8.00% 15/12/2018 144A US USD 10,585 11,485 0.00 

WMG Acquisition 6.00% 15/01/2021 144A US USD 10,933 11,049 0.00 

Allbritton Communication 8.00% 15/05/2018 US USD 10,096 11,018 0.00 


Nexstar Broadcasting 7.00% 15/01/2014 US USD 10,747 10,811 0.00 

Lamar Media 7.875% 15/04/2018 US USD 9,529 10,511 0.00 



Pinnacle Entertainment 7.75% 01/04/2022 US USD 8,787 9,534 0.00 

WMG Acquisition 9.50% 15/06/2016 US USD 8,251 9,103 0.00 


Satmex Escrow 9.50% 15/05/2017 MX USD 7,288 7,835 0.00 


Motors Liquidation GUC Trust US USD 392 7,600 0.00 

Asbury Automotive Group 8.375% 15/11/2020 US USD 6,831 7,565 0.00 

Boyd Acquisition 8.375% 15/02/2018 144A US USD 7,178 7,375 0.00 

Tenneco 7.75% 15/08/2018 US USD 6,578 7,154 0.00 

DISH DBS 7.125% 01/02/2016 US USD 6,310 7,075 0.00 

DISH DBS 7.75% 31/05/2015 US USD 6,089 6,889 0.00 

Cooper-Standard Automotive 8.50% 01/05/2018 US USD 6,389 6,884 0.00 

AMC Networks 7.75% 15/07/2021 US USD 5,301 6,016 0.00 

Independent News & Media IE EUR 52,298 5,766 0.00 

Delphi 5.875% 15/05/2019 US USD 5,048 5,439 0.00 

American Casino & Entertainment 11.00% 15/06/2014 US USD 4,701 4,907 0.00 


Shingle Springs Tribal G.A. 9.375% 15/06/2015 144A US USD 4,354 3,617 0.00 


Easton-Bell Sports 9.75% 01/12/2016 US USD 3,060 3,309 0.00 






Sbarro 10.375% 01/02/2015 (Defaulted)* US USD 1,578 0 0.00 

3,861,310 1.18 

257 



USD 






Rite Aid 9.25% 15/03/2020 US USD 53,614 54,820 0.02 





Agrokor DD 8.875% 01/02/2020 144A HR USD 23,426 24,290 0.01 

JBS USA 8.25% 01/02/2020 144A US USD 18,741 19,490 0.01 

Constellation Brands 4.625% 01/03/2023 US USD 14,529 14,865 0.00 

Prestige Brands 8.125% 01/02/2020 US USD 3,755 4,224 0.00 

1,731,105 0.53 

Healthcare 

Express Scripts Holding 3.90% 15/02/2022 144A US USD 1,040,000 1,138,540 0.35 




















Emdeon 11.00% 31/12/2019 US USD 25,288 29,026 0.01 

Mylan 7.875% 15/07/2020 144A US USD 25,557 28,911 0.01 





Sabra Health Care 8.125% 01/11/2018 144A US USD 19,546 21,232 0.01 

Surgical Care Affiliates 8.875% 15/07/2015 144A US USD 18,616 19,268 0.01 

Elan Finance 6.25% 15/10/2019 144A IE USD 18,741 18,998 0.01 


IMS Health 6.00% 01/11/2020 144A US USD 16,454 16,804 0.01 


Mylan 7.625% 15/07/2017 144A US USD 14,167 15,849 0.00 

DJO Finance 9.875% 15/04/2018 144A US USD 12,999 12,804 0.00 


Rotech Healthcare 10.75% 15/10/2015 US USD 10,191 9,981 0.00 

Sky Growth Acquisition 7.375% 15/10/2020 144A US USD 9,954 9,942 0.00 

Sabra Health Care 8.125% 01/11/2018 US USD 7,714 8,447 0.00 


American Renal Holdings 8.375% 15/05/2018 US USD 6,689 7,090 0.00 


Vanguard Health Systems 11.099% 01/02/2016 US USD 2,029 1,440 0.00 

3,057,264 0.93 


DIRECTV 4.375% 14/09/2029 US GBP 400,000 652,255 0.20 





OTE 4.625% 20/05/2016 GB EUR 123,595 126,509 0.04 



DIRECTV 5.15% 15/03/2042 US USD 100,000 104,122 0.03 












Crown Castle International 5.25% 15/01/2023 144A US USD 37,482 39,074 0.01 



Colombia Telecom. 5.375% 27/09/2022 Reg S CO USD 28,111 28,849 0.01 


Virgin Media Finance 4.875% 15/02/2022 GB USD 23,534 23,887 0.01

Fidelity 

Funds 





USD 


TW Telecom Holdings 8.00% 01/03/2018 US USD 18,710 20,674 0.01 


Consolidated Comm. Finance 10.875% 01/06/2020 144A US USD 16,867 18,090 0.01 




OTE 5.00% 05/08/2013 EMTN GB EUR 10,267 12,855 0.00 


Level 3 Communications 8.875% 01/06/2019 144A US USD 9,434 9,953 0.00 

CC Holdings GS V 7.75% 01/05/2017 144A US USD 5,222 5,587 0.00 





2,849,889 0.87 

Financials 













MetLife 4.125% 13/08/2042 US USD 150,000 151,765 0.05 

Metropolitan Life GF I 1.219% FRN 10/01/2014 144A US USD 150,000 150,998 0.05 

GMAC Capital Trust I 8.125% VRN 15/02/2040 US USD 5,654 147,736 0.05 









SLM 4.625% 25/09/2017 MTN US USD 78,878 81,047 0.02 






Discover Financial Services 6.50% (Perpetual) US USD 2,503 63,516 0.02 

Affiliated Managers Group 5.25% 15/10/2022 US USD 2,524 63,355 0.02 



Annaly Capital Management 7.50% (Perpetual) US USD 2,240 56,944 0.02 



SLM 3.875% 10/09/2015 MTN US USD 42,784 44,201 0.01 






SLM 8.45% 15/06/2018 MTN US USD 26,266 31,191 0.01 




Phh 9.25% 01/03/2016 US USD 24,862 28,592 0.01 


Rearden G Holdings EINS 7.875% 30/03/2020 144A DE USD 23,426 26,143 0.01 


Banco BMG 8.00% 15/04/2018 Reg S BR USD 25,769 24,480 0.01 



Icahn Enterprises Finance 8.00% 15/01/2018 144A US USD 21,471 23,188 0.01 


SLM 8.00% 25/03/2020 MTN US USD 19,167 22,282 0.01 


Montell Finance 8.10% 15/03/2027 144A NL USD 15,271 20,539 0.01 

Bankia 3.625% 05/10/2016 ES EUR 17,374 20,289 0.01 


US Bancorp (F) 6.50% VRN (Perpetual) US USD 670 19,821 0.01 


Landry’s 9.375% 01/05/2020 144A US USD 17,085 18,110 0.01 

TransUnion Holding 9.625% 15/06/2018 US USD 15,823 16,733 0.01 


Capital One Capital VI 8.875% 15/05/2040 US USD 13,103 13,324 0.00 


Bankia 3.50% 14/12/2015 ES EUR 9,477 11,469 0.00 


Ally Financial 7.00% (Perpetual) Reg S US USD 7 6,760 0.00 

USI Holdings 4.310% FRN 15/11/2014 144A US USD 4,890 4,780 0.00 


258 

6,606,699 2.02 

Government 

Canada 4.25% 01/12/2021 CA CAD 5,000,000 10,453,622 3.20 





Canada 3.25% 01/06/2021 CA CAD 4,500,000 5,066,496 1.55 












US Treasury Inflation Indexed Bonds 1.375% 15/01/2020 US USD 400,000 508,376 0.16 






71,047,075 21.72 



Fidelity Institutional Liquidity Fund - A-ACC-EUR IE EUR 1 9 0.00 

13,648,540 4.17 

Unlisted 



USD 

Energy 



Oil States International 6.50% 01/06/2019 US USD 22,559 23,932 0.01 

Samson Term 2Nd Lien 4.788% FRN 25/09/2018 US USD 7,273 7,350 0.00 





136,658 0.04 

Utilities 






167,078 0.05 

Materials 





Tekni-Plex 9.75% 01/06/2019 144A US USD 23,427 25,184 0.01 

Rain CII Carbon 8.00% 01/12/2018 144A US USD 16,060 16,144 0.00 

Consolidated Container 10.125% 15/07/2020 144A US USD 11,311 12,131 0.00 

233,514 0.07 

Industrials 


Shale-Inland Holdings 8.75% 15/11/2019 144A US USD 28,111 28,181 0.01 

NESCO 11.75% 15/04/2017 144A US USD 18,678 19,761 0.01 

USG 7.875% 30/03/2020 144A US USD 17,448 19,105 0.01 

Nobina* SE SEK 12,045 18,178 0.01 

Rural/Metro - WP Rocket 10.125% 15/07/2019 144A US USD 18,852 17,815 0.01 


United Airlines 9.875% 01/08/2013 144A US USD 3,676 3,758 0.00 

161,192 0.05 




NXP 4.751% FRN 03/04/2019 US USD 52,071 52,756 0.02 






Facebook (B) US USD 968 20,499 0.01 

NXP Semiconductor 4.588% 04/03/2017 NL USD 3,786 3,845 0.00

Fidelity 

Funds 

Spansion 0.00% 15/01/2016 Escrow (Defaulted) US USD 16,060 912 0.00 

646,093 0.20 












Graton Economic Dev Auth 9.625% 01/09/2019 144A US USD 23,017 24,628 0.01 

Bon-Ton Dept Stores 10.625% 15/07/2017 144A US USD 25,300 23,150 0.01 

Party City Holdings 4.781% FRN 27/07/2019 US USD 21,455 21,716 0.01 

International Automotive 9.125% 01/06/2018 144A LU USD 17,653 17,168 0.01 

Jaguar Holding 9.50% 01/12/2019 144A US USD 7,730 8,619 0.00 

Chester Downs & Marina 9.25% 01/02/2020 144A US USD 7,493 7,512 0.00 

K. Hovnanian Enterprises 5.00% 01/11/2021 Reg S US USD 8,992 7,508 0.00 

Chukchansi Economic 9.75% 30/05/2020 Reg S US USD 1,192 733 0.00 

Waterford Gaming 8.625% 15/09/2014 144A* US USD 1,610 623 0.00 








601,540 0.18 


BI-LO 9.25% 15/02/2019 144A US USD 23,742 24,989 0.01 

BJ’s Wholesale Club 4.78 FRN 06/09/2019 US USD 6,973 7,061 0.00 

32,050 0.01 

Healthcare 


Jaguar Holding I 9.375% 15/10/2017 144A US USD 21,865 22,357 0.01 

Rural/Metro 10.125% 15/07/2019 144A US USD 18,189 17,143 0.01 

102,060 0.03 







570,921 0.17 

Financials 






2010 Swift Mandatory CEST 6.00% 31/12/2013 144A US USD 2,196 20,063 0.01 

Penson Worldwide 12.50% 15/05/2017 144A US USD 12,400 2,790 0.00 



335,798 0.10 








USD 



USD 




Sold protection on Virgin Media Finance 20/12/2017 EUR 45,016 7,160 0.00 

Sold protection on UPC Holding 20/12/2017 EUR 239,530 6,711 0.00 

Bought protection on Codere Finance 20/09/2015 EUR 25,667 6,398 0.00 

Bought protection on Russia 5.00% 20/12/2017 USD 236,924 6,054 0.00 

Bought protection on France 4.25% 20/12/2017 USD 284,308 6,029 0.00 

Bought protection on Itraxx Xover 20/12/2017 EUR 456,454 5,246 0.00 

Sold protection on Royal Caribbean Cruises 20/03/2017 USD 39,487 3,600 0.00 

Bought protection on Codere Finance 8.25% 20/06/2015 EUR 15,005 3,569 0.00 

259 

Sold protection on Fiat Finance & Trade 20/09/2014 EUR 169,006 2,957 0.00 

Sold protection on Fiat Industrial 20/03/2015 EUR 29,221 2,772 0.00 

Sold protection on CDX.NA.IG 20/12/2017 USD 3,500,000 1,354 0.00 

Bought protection on Dixons 8.75% 20/12/2017 EUR 48,569 1,352 0.00 


Bought protection on Ineos Group 7.875% 20/12/2015 EUR 25,769 (689) (0.00) 


Sold protection on Alcatel 20/12/2014 EUR 34,354 (6,735) (0.00) 




Sold protection on Itraxx Europe Series 20/12/2017 EUR 10,050,000 (178,446) (0.05) 

(177,583) (0.05) 




USD 



USD USD 





Bought USD Sold ZAR at 0.12001 20/11/2012 1,817,636 80,572 0.02 




Bought TRY Sold USD at 1.82480 20/11/2012 3,427,371 47,931 0.01 







Bought MXN Sold USD at 13.26950 20/11/2012 2,824,189 33,168 0.01 






Bought USD Sold MXN at 0.07708 20/11/2012 2,204,158 24,120 0.01 



Bought CZK Sold USD at 19.48464 20/11/2012 2,939,084 20,122 0.01 








Bought SEK Sold USD at 6.75480 20/11/2012 564,191 10,653 0.00 








Bought CLP Sold USD at 492.45000 20/11/2012 288,825 5,864 0.00 


























Bought EUR Sold CHF at 0.83332 20/11/2012 191,533 1,054 0.00 


Bought NOK Sold USD at 5.71544 20/11/2012 631,797 921 0.00

Fidelity 

Funds 





USD USD 









Bought USD Sold CLP at 0.00208 20/11/2012 212,831 642 0.00 






Bought USD Sold BRL at 0.49213 20/11/2012 236,924 518 0.00 

Bought MXN Sold USD at 13.28300 20/11/2012 40,452 517 0.00 














Bought USD Sold EUR at 1.29746 20/11/2012 2,223,658 185 0.00 



































Bought CHF Sold USD at 0.92435 20/11/2012 15,510 (95) (0.00) 










Bought USD Sold MXN at 0.07531 20/11/2012 21,087 (260) (0.00) 











Bought MXN Sold USD at 12.96100 20/11/2012 34,141 (402) (0.00) 





260 




Bought PLN Sold USD at 3.12507 20/11/2012 32,011 (717) (0.00) 



Bought USD Sold BRL at 0.48773 20/11/2012 117,259 (793) (0.00) 






















Bought USD Sold SEK at 0.14841 20/11/2012 178,759 (2,883) (0.00) 




















Bought USD Sold TRY at 0.55371 20/11/2012 3,449,836 (12,163) (0.00) 















Bought USD Sold CZK at 0.04889 20/11/2012 2,815,708 (151,600) (0.05) 

Bought ZAR Sold USD at 8.20564 20/11/2012 2,692,795 (153,677) (0.05) 






(807,800) (0.25) 




USD USD 















Bought JPY Sold USD at 79.87450 07/11/2012 12,866,422 (1,154) (0.00)

Fidelity 

Funds 








489,914 0.15 






















566,555 0.17 



Bought USD Sold PLN at 0.31435 07/11/2012 2,951,763 9,833 0.00 




















Bought PLN Sold USD at 3.19070 07/11/2012 2,762,936 (882) (0.00) 



Bought PLN Sold USD at 3.13043 07/11/2012 193,424 (3,715) (0.00) 

Bought PLN Sold USD at 3.19259 07/12/2012 3,049,440 (10,123) (0.00) 

12,830 0.00 




















(24,175) (0.01) 




USD USD 



261 












Bought EUR Sold USD at 0.77098 07/11/2012 1,287,976 142 0.00 













287,082 0.09 


































883,495 0.27 

- Y-ACC Shares (SEK) (hedged) 



USD USD 



















(23,015) (0.01)

Fidelity 

Funds 

Futures 


Long Term US Treasury Bond Future 19/12/2012 USD (3,286,250) 35,747 0.01 

Euro Bund Future 06/12/2012 EUR (2,266,880) 10,557 0.00 

Japan 10 Year Bond Future 11/12/2012 JPY 288,500,000 7,598 0.00 




Euro Schatz Future 06/12/2012 EUR (553,500) 1,061 0.00 




Euro Bobl Future 06/12/2012 EUR (2,075,802) (9,427) (0.00) 

347,198 0.11 






USD 



USD 



Pay fixed 1.99% receive floating (3m ILSIB) 18/07/2014 ILS 5,215,172 (587) (0.00) 




34,440 0.01 


Net Assets 327,154,415 100.00 

262 



USA US 31.05 

UK GB 12.31 


Japan JP 9.05 



Italy IT 2.68 




Spain ES 1.53 














Korea KR 0.24 

Chile CL 0.22 



















Fidelity 

Funds 

International Bond Fund 




USD 


Energy 

Petrohawk Energy 7.25% 15/08/2018 US USD 1,606,477 1,831,367 0.36 

Korea Resources 4.125% 19/05/2015 KR USD 1,226,685 1,304,165 0.26 

Valero Energy 6.625% 15/06/2037 US USD 873,085 1,087,721 0.21 














9,250,123 1.83 

Utilities 

Edison Spa 3.875% 10/11/2017 EMTN IT EUR 1,484,245 2,060,880 0.41 

South East Water Finance 5.583% 29/03/2029 GB GBP 842,527 1,582,032 0.31 

First Hydro Finance 9.00% 31/07/2021 GB GBP 675,939 1,326,561 0.26 


ENW Finance 6.125% 21/07/2021 EMTN GB GBP 611,160 1,193,048 0.24 






















Intergen 9.50% 30/06/2017 Reg S NL GBP 723 1,096 0.00 


EDP Finance 4.90% 01/10/2019 Reg S NL USD 1,012 973 0.00 



13,729,027 2.71 

Materials 

Dow Chemical 4.125% 15/11/2021 US USD 1,877,133 2,053,906 0.41 

Freeport-McMoRan Copper & Gold 3.55% 01/03/2022 US USD 1,589,015 1,620,385 0.32 



Arkema 3.85% 30/04/2020 FR EUR 523,851 732,044 0.14 























263 



USD 






8,275,586 1.63 

Industrials 

Great Rolling Stock 6.25% 27/07/2020 EMTN GB GBP 654,814 1,262,103 0.25 


SP Manweb 4.875% 20/09/2027 EMTN GB GBP 698,468 1,163,016 0.23 

HIT Finance 5.75% 09/03/2018 NL EUR 785,777 1,103,611 0.22 

Glencore Finance Europe 4.125% 03/04/2018 LU EUR 742,122 1,029,407 0.20 






Fedex 2.625% 01/08/2022 US USD 523,851 529,239 0.10 








Rexel 7.00% 17/12/2018 FR EUR 5,420 7,699 0.00 




Wendel 4.875% 26/05/2016 FR EUR 2,529 3,412 0.00 






11,024,095 2.18 


Iliad 4.875% 01/06/2016 FR EUR 873,085 1,214,032 0.24 




NXP 3.507% FRN 15/10/2013 NL EUR 4,805 6,225 0.00 

1,778,351 0.35 








































Fidelity 

Funds 

International Bond Fund - continued 




USD 








8,477,578 1.67 



Wal-Mart Stores 5.625% 15/04/2041 US USD 1,004,048 1,348,519 0.27 













Co-Operative Group 6.25% 08/07/2026 GB GBP 723 1,202 0.00 

7,103,508 1.40 

Healthcare 





388,223 0.08 


Telefonica Emisiones 5.597% 12/03/2020 EMTN ES GBP 2,619,256 4,295,019 0.85 

Qwest 6.75% 01/12/2021 US USD 1,484,245 1,756,222 0.35 

Verizon Communications 5.85% 15/09/2035 US USD 1,091,356 1,412,751 0.28 

America Movil 5.00% 30/03/2020 MX USD 960,394 1,134,078 0.22 

AT&T 5.875% 28/04/2017 US GBP 567,505 1,075,719 0.21 



AT&T 4.875% 01/06/2044 US GBP 480,197 835,640 0.17 



AT&T 6.80% 15/05/2036 US USD 480,197 663,398 0.13 

AT&T 5.55% 15/08/2041 US USD 523,851 662,047 0.13 


























Sunrise Communications I 7.00% 31/12/2017 EUR Reg S LU EUR 795 1,110 0.00 

OTE 7.25% 12/02/2015 EMTN GB EUR 723 825 0.00 


16,173,782 3.20 

Financials 

Imperial Tobacco Finance 7.75% 24/06/2019 EMTN GB GBP 1,658,862 3,444,073 0.68 






European Investment Bank 1.75% 15/03/2017 99 USD 2,008,096 2,084,906 0.41 

RBS 5.75% 21/05/2014 EMTN GB EUR 1,353,282 1,880,517 0.37 

264 



USD 

Bank of America 5.125% 26/09/2014 EMTN US EUR 1,265,974 1,759,022 0.35 

Barclays Bank 4.25% 12/01/2022 EMTN GB GBP 960,394 1,743,658 0.34 

Barclays Bank 6.75% VRN 16/01/2023 EMTN GB GBP 1,004,048 1,686,346 0.33 

RBS 5.125% 13/01/2024 GB GBP 873,085 1,679,030 0.33 

ING Verzekeringen 2.088% VRN 21/06/2021 NL EUR 1,320,467 1,668,821 0.33 


Societe Generale SCF 4.00% 07/07/2016 EMTN FR EUR 1,135,011 1,636,021 0.32 

GE Capital UK Funding 4.375% 31/07/2019 EMTN IE GBP 916,739 1,609,492 0.32 

Linde Finance 3.875% 01/06/2021 EMTN NL EUR 1,047,702 1,564,153 0.31 


Co-Operative Bank (UK) 2.375% 23/10/2015 EMTN GB EUR 1,135,011 1,467,814 0.29 


Severn Trent Water Utilities Fin. 6.25% 07/06/2029 GB GBP 698,468 1,461,678 0.29 


Axa 5.25% VRN 16/04/2040 EMTN FR EUR 1,135,011 1,420,484 0.28 



Santander Issuances 7.30% VRN 27/07/2019 ES GBP 875,145 1,360,946 0.27 

Credit Suisse New York 5.00% 15/05/2013 MTN CH USD 1,222,319 1,252,266 0.25 

Abbey National Treasury Serv. 5.125% 14/04/2021 EMTN GB GBP 654,814 1,236,938 0.24 

BP Capital Markets 3.83% 06/10/2017 EMTN GB EUR 829,431 1,207,210 0.24 

Korea Eximbank 5.875% 14/01/2015 KR USD 1,091,356 1,197,412 0.24 

Tesco Property Finance 2 6.052% 13/10/2039 GB GBP 631,155 1,187,645 0.23 

Westfield UK & Europe Fin. 4.25% 11/07/2022 EMTN GB GBP 698,468 1,181,369 0.23 

HSBC Holdings 6.50% 20/05/2024 EMTN GB GBP 567,505 1,179,685 0.23 

Citigroup 3.625% VRN 30/11/2017 EMTN US EUR 960,394 1,161,053 0.23 

John Deere Capital 2.80% 27/01/2023 US USD 1,091,356 1,134,785 0.22 

Abbey National Treasury Serv. 3.625% 08/09/2016 EMTN GB EUR 785,777 1,115,161 0.22 

Westpac Banking 4.875% 19/11/2019 AU USD 960,394 1,113,030 0.22 

BBVA US Senior Uniper 4.664% 09/10/2015 ES USD 1,091,356 1,102,037 0.22 

Bankia 5.75% 29/06/2016 EMTN ES EUR 873,085 1,097,693 0.22 

Gatwick Funding Limited 5.75% 23/01/2037 EMTN GB GBP 611,160 1,097,212 0.22 

BNP Paribas 2.50% 23/08/2019 EMTN FR EUR 829,431 1,090,282 0.22 

Sumitomo Mitsui Banking 4.85% 01/03/2022 JP USD 960,394 1,085,965 0.21 

Wellcome Trust Finance 4.75% 28/05/2021 GB GBP 567,505 1,080,101 0.21 

American International Group 6.797% 15/11/2017 US EUR 654,814 1,012,826 0.20 





ORIX 5.00% 12/01/2016 JP USD 829,431 896,612 0.18 


































Development Bank of Japan 1.60% 20/06/2014 JP JPY 26,192,555 336,018 0.07 














Alfa Bank (Alfa Bond) 7.875% 25/09/2017 Reg S IE USD 9,539 10,457 0.00

Fidelity 

Funds 





USD 

























































































Ziggo Bond 8.00% 15/05/2018 Reg S NL EUR 723 1,030 0.00 

265 



USD 










95,372,812 18.84 

Government 

Germany 3.25% 04/07/2021 DE EUR 12,681,562 19,153,098 3.78 

Japan 1.30% 20/06/2020 JP JPY 1,283,435,206 17,033,210 3.37 

Japan 1.90% 20/03/2029 JP JPY 1,205,686,972 16,072,508 3.18 

Germany 0.50% 07/04/2017 DE EUR 8,643,543 11,271,579 2.23 




France 3.00% 25/04/2022 FR EUR 5,893,325 8,208,781 1.62 

Japan 0.80% 20/09/2022 JP JPY 611,159,622 7,671,547 1.52 

Japan 2.50% 20/09/2034 JP JPY 531,228,674 7,529,040 1.49 


Italy 4.75% 01/09/2021 IT EUR 4,823,796 6,345,840 1.25 


Italy 4.75% 15/09/2016 IT EUR 3,535,995 4,827,729 0.95 



Italy 2.10% 15/09/2021 IT EUR 3,407,392 4,271,906 0.84 

Norway 2.00% 24/05/2023 NO NOK 22,001,746 3,849,421 0.76 


Spain 5.50% 30/04/2021 ES EUR 2,837,527 3,680,643 0.73 

Japan 2.00% 20/09/2040 JP JPY 233,986,827 2,987,621 0.59 

Italy 2.10% 15/09/2016 IT EUR 1,615,208 2,198,656 0.43 

Germany 1.75% 04/07/2022 DE EUR 1,484,245 1,980,486 0.39 

Brazil (B) 6.00% 15/08/2050 BR BRL 793,216 1,180,355 0.23 


Brazil (B) 6.00% 15/08/2016 BR BRL 758,728 916,478 0.18 

Israel CPI Linked 2.75% 30/09/2022 IL ILS 2,862,476 830,488 0.16 



Turkey 3.00% 06/01/2021 TR TRY 1,034,630 695,265 0.14 




Thailand 1.20% 14/07/2021 TH THB 15,409,085 533,819 0.11 

Chile 3.00% 01/02/2016 CL CLP 11,036 531,892 0.11 

Turkey 2.50% 04/05/2016 TR TRY 758,728 502,052 0.10 

Brazil (B) 6.00% 15/08/2040 BR BRL 337,979 486,457 0.10 



Turkey 7.00% 01/10/2014 TR TRY 413,852 326,431 0.06 


Israel CPI Linked 3.50% 30/04/2018 IL ILS 827,704 287,087 0.06 

Brazil (B) 6.00% 15/08/2014 BR BRL 200,028 231,118 0.05 


Sweden 4.50% 12/08/2015 SE SEK 1,222,319 203,088 0.04 

Brazil (B) 6.00% 15/05/2017 BR BRL 137,951 169,172 0.03 

Brazil (B) 6.00% 15/08/2020 BR BRL 110,361 141,507 0.03 


Italy 2.55% 22/10/2016 IT EUR 68,975 90,498 0.02 

Chile 3.00% 01/02/2021 CL CLP 1,655 82,170 0.02 

Brazil (B) 6.00% 15/08/2024 BR BRL 27,590 36,633 0.01 

Germany 1.50% 15/03/2013 DE EUR 28,038 36,566 0.01 


Spain 4.20% 30/07/2013 ES EUR 14,453 19,011 0.00 

Germany 4.75% 04/07/2040 DE EUR 4,365 8,550 0.00 



184,943,307 36.54 


Energy 







784,170 0.15 

Utilities 



25,092 0.00

Fidelity 

Funds 





USD 

Materials 

LyondellBasell Industries 6.00% 15/11/2021 NL USD 960,394 1,112,856 0.22 










1,161,699 0.23 

Industrials 




Rexel 6.125% 15/12/2019 144A FR USD 3,613 3,749 0.00 

Schaeffler Finance 8.50% 15/02/2019 144A NL USD 986 1,110 0.00 

1,169,704 0.23 


Xerox 2.95% 15/03/2017 US USD 261,926 269,159 0.05 

269,159 0.05 


Comcast 3.125% 15/07/2022 US USD 2,619,256 2,748,712 0.54 

Chrysler Group 8.00% 15/06/2019 US USD 1,055,868 1,121,992 0.22 

NBCUniversal Media 4.375% 01/04/2021 US USD 916,739 1,046,424 0.21 


Comcast 6.55% 01/07/2039 US USD 654,814 871,067 0.17 









6,735,551 1.33 








3,444,072 0.68 

Healthcare 







3,689,779 0.73 


DIRECTV 4.375% 14/09/2029 US GBP 785,777 1,281,316 0.25 

DIRECTV 5.15% 15/03/2042 US USD 960,394 999,982 0.20 

OTE 4.625% 20/05/2016 GB EUR 11,309 11,576 0.00 








OTE 5.00% 05/08/2013 EMTN GB EUR 939 1,176 0.00 




2,319,819 0.46 

Financials 

Storm 2010-1 A2 1.233% FRN 22/03/2052 NL EUR 1,047,702 1,369,345 0.27 



Siverstone MI 2009-1 A2 1.979% FRN 21/01/2055 GB GBP 611,160 1,007,125 0.20 





266 









MetLife 4.125% 13/08/2042 US USD 296,849 300,341 0.06 










Santander CF 2007-1 A 0.394% FRN 20/09/2022 ES EUR 26,920 34,795 0.01 











Bankia 3.625% 05/10/2016 ES EUR 1,590 1,856 0.00 


Bankia 3.50% 14/12/2015 ES EUR 867 1,049 0.00 


13,967,533 2.76 

Government 



Canada 3.25% 01/06/2021 CA CAD 4,452,734 5,013,280 0.99 







France 1.10% 25/07/2022 FR EUR 829,431 1,242,214 0.25 


South Africa 2.60% 31/03/2028 ZA ZAR 965,654 176,386 0.03 


44,029,895 8.70 



Fidelity Institutional Liquidity Fund - A-ACC-EUR IE EUR 1 1 0.00 

45,445,847 8.98 

Unlisted 



USD 

Energy 





35 0.00 

Industrials 

Nobina* SE SEK 1,102 1,663 0.00 


2,702 0.00 






2,755 0.00 

Financials 





18 0.00

Fidelity 

Funds 








USD 

Sold protection on CDX.NA.IG 20/12/2017 USD 13,096,278 5,066 0.00 



















Sold protection on CDX.NA.HY 20/12/2017 USD 8,730,852 (76,457) (0.02) 

Sold protection on Glencore Finance 20/09/2017 EUR 1,396,936 (103,879) (0.02) 

(171,113) (0.03) 




USD 



USD USD 





















Bought CLP Sold USD at 492.45000 20/11/2012 252,118 5,119 0.00 
























Bought USD Sold MXN at 0.07675 20/11/2012 150,389 986 0.00 


Bought USD Sold CLP at 0.00208 20/11/2012 185,782 560 0.00 

267 



USD USD 





Bought USD Sold BRL at 0.49213 20/11/2012 206,813 452 0.00 

Bought MXN Sold USD at 13.28300 20/11/2012 35,311 451 0.00 
































































Bought USD Sold MXN at 0.07531 20/11/2012 18,407 (227) (0.00) 






Bought GBP Sold USD at 0.61977 20/11/2012 1,421,414 (488) (0.00) 



Bought PLN Sold USD at 3.12507 20/11/2012 27,943 (626) (0.00) 

Bought USD Sold BRL at 0.48773 20/11/2012 102,357 (692) (0.00) 









Bought USD Sold MXN at 0.07474 20/11/2012 147,254 (2,906) (0.00)

Fidelity 

Funds 





















Bought CZK Sold USD at 19.26650 20/11/2012 8,085,095 (35,784) (0.01) 




Bought USD Sold KRW at 0.00088 20/11/2012 4,441,193 (178,306) (0.04) 



Bought USD Sold CZK at 0.04889 20/11/2012 8,343,466 (449,220) (0.09) 

Bought JPY Sold USD at 78.46750 20/11/2012 61,192,770 (1,076,791) (0.21) 

Bought USD Sold GBP at 1.56133 20/11/2012 45,120,377 (1,444,167) (0.29) 

(3,228,496) (0.64) 






















253,315 0.05 

Futures 



USD 


Japan 10 Year Bond Future 11/12/2012 JPY 1,259,425,364 33,170 0.01 


Short Gilt Future 27/12/2012 GBP (2,460,817) 15,169 0.00 






Australia 10 Year Bond Future 17/12/2012 AUD (6,017,371) (14,808) (0.00) 




472,785 0.09 






USD USD 



USD 

Pay fixed 3.14% receive floating (6m EURBOR) 04/08/2021 EUR 3,274,069 531,681 0.11 

Pay fixed 4.222% receive float. (3m USDLIBOR)16/09/2018 USD 2,793,873 516,679 0.10 

Pay fixed 1.50% receive float. (6m JPYLIBOR) 17/03/2015 JPY 436,542,587 158,991 0.03 

268 

Pay fixed 2.435% receive floating (6m BA) 01/03/2022 CAD 4,103,500 114,837 0.02 


Pay fixed 1.99% receive floating (3m ILSIB) 18/07/2014 ILS 4,552,371 (512) (0.00) 




1,404,451 0.28 


Net Assets 506,160,729 100.00 




USD 


USA US 20.28 

UK GB 17.48 




Italy IT 4.47 


Spain ES 3.16 


Korea KR 2.04 




















Chile CL 0.12 












Fidelity 

Funds 

Sterling Bond Fund 




GBP 


Energy 

Northern Gas Networks 5.625% 23/03/2040 EMTN GB GBP 550,000 641,097 0.24 

Statoil 6.875% 11/03/2031 EMTN NO GBP 250,000 361,638 0.14 


1,306,688 0.50 

Utilities 

South East Water Finance 5.583% 29/03/2029 GB GBP 1,000,000 1,164,082 0.44 

Electricite de France 5.50% 17/10/2041 EMTN FR GBP 1,000,000 1,127,423 0.43 



National Grid Gas 6.375% 03/03/2020 EMTN GB GBP 500,000 625,210 0.24 

GHQB 12.625% 13/03/2015 KY GBP 500,000 622,500 0.24 

Wales & West Utilities Fin. 6.25% 30/11/2021 GB GBP 500,000 621,882 0.24 

Southern Water Servicied Fin. 6.125% 31/03/2019 EMTN GB GBP 500,000 588,858 0.22 

Southern Gas Network 4.875% 05/10/2023 EMTN GB GBP 500,000 570,294 0.22 

Iberdrola Finanzas 7.375% 29/01/2024 EMTN ES GBP 500,000 557,731 0.21 

South East Water Finance 5.658% 30/09/2019 KY GBP 450,000 525,692 0.20 

Electricite de France 5.125% 22/09/2050 EMTN FR GBP 500,000 521,978 0.20 

South Eastern Power Networks 6.375% 12/11/2031 EMTN GB GBP 400,000 507,617 0.19 


Thames Water Utilities Cayman 7.241% 09/04/2058 EMTN KY GBP 400,000 493,188 0.19 


RWE Finance 6.50% 20/04/2021 EMTN NL GBP 375,000 470,037 0.18 


Enel Finance International 5.625% 14/08/2024 EMTN NL GBP 450,000 445,579 0.17 

Snam 5.25% 19/09/2022 EMTN IT EUR 500,000 437,692 0.17 

RWE Finance 6.375% 03/06/2013 EMTN NL GBP 400,000 411,668 0.16 

Wales & West Utilities Fin. 4.625% 13/12/2023 EMTN GB GBP 350,000 392,248 0.15 


Wales & West Utilities Fin. 5.00% 07/03/2028 EMTN GB GBP 300,000 341,563 0.13 


Electricite de France 6.25% 30/05/2028 EMTN FR GBP 250,000 313,017 0.12 

Scottish Power UK 6.75% 29/05/2023 EMTN GB GBP 250,000 310,019 0.12 

Scottish Power UK 8.375% 20/02/2017 GB GBP 250,000 304,112 0.12 

Western Power Distribution S. Wales 5.75% 23/03/2040 GB GBP 250,000 295,499 0.11 


Southern Water Servicied Fin. 5.00% 31/03/2021 EMTN GB GBP 250,000 277,068 0.11 

Enel Finance International 5.75% 24/10/2018 NL EUR 300,000 269,056 0.10 



Southern Gas Network 6.375% 15/05/2040 EMTN GB GBP 200,000 257,600 0.10 





National Grid Electricity 7.375% 13/01/2031 EMTN GB GBP 150,000 214,726 0.08 

United Utilities Water 5.375% 14/05/2018 EMTN GB GBP 150,000 173,647 0.07 

Iberdrola Finanzas 4.75% 25/01/2016 EMTN ES EUR 200,000 171,287 0.07 

Electricity North West 8.875% 25/03/2026 GB GBP 100,000 153,037 0.06 


Northern Powergrid Yorks 9.25% 17/01/2020 GB GBP 50,000 69,978 0.03 


18,944,710 7.22 

Materials 



562,673 0.21 

Industrials 



Heathrow Funding 6.75% 03/12/2026 EMTN GB GBP 1,100,000 1,444,372 0.55 

SP Manweb 4.875% 20/09/2027 EMTN GB GBP 1,325,000 1,367,752 0.52 

RZD Capital 7.487% 25/03/2031 Reg S IE GBP 1,000,000 1,198,125 0.46 


Aspire Defence Finance (B) 4.674% 31/03/2040 GB GBP 590,000 620,796 0.24 


Nats En Route 5.25% 31/03/2026 GB GBP 276,271 324,285 0.12 



11,578,275 4.41 


SPI Australia Assets 5.125% 11/02/2021 EMTN AU GBP 500,000 569,183 0.22 

569,183 0.22 

269 



GBP 


Juturna Euro Loan Condui 5.064% 10/08/2033 Reg S GB GBP 1,071,344 1,180,671 0.45 


Comcast 5.50% 23/11/2029 US GBP 550,000 663,562 0.25 




Mitchells & Butlers Finance 5.574% 15/12/2028 GB GBP 246,740 271,217 0.10 


4,535,626 1.73 


Mondelez International 7.25% 18/07/2018 EMTN US GBP 1,550,000 1,948,574 0.74 

Anheuser-Busch InBev 6.50% 23/06/2017 EMTN BE GBP 650,000 787,704 0.30 

Anheuser-Busch InBev 9.75% 30/07/2024 EMTN BE GBP 450,000 726,857 0.28 

Tesco 6.125% 24/02/2022 EMTN GB GBP 500,000 607,462 0.23 



4,758,587 1.81 


Vodafone Group 5.375% 05/12/2017 EMTN GB GBP 1,150,000 1,348,785 0.51 

Deutsche Telekom Int’l Finance 6.50% 08/04/2022 EMTN NL GBP 850,000 1,071,507 0.41 

TDC 5.625% 23/02/2023 Reg S DK GBP 600,000 710,329 0.27 

Telecom Italia 7.375% 15/12/2017 EMTN IT GBP 450,000 503,241 0.19 

British Telecom 6.625% 23/06/2017 EMTN GB GBP 400,000 478,455 0.18 

America Movil 4.375% 07/08/2041 MX GBP 300,000 297,060 0.11 

Deutsche Telekom Int’l Finance 7.375% 04/12/2019 EMTN NL GBP 200,000 260,246 0.10 

KPN 5.75% 17/09/2029 NL GBP 200,000 227,787 0.09 


5,100,725 1.94 

Financials 

Tesco Property Finance 2 6.052% 13/10/2039 GB GBP 2,409,674 2,811,001 1.07 


BAT Int’l Finance 6.375% 12/12/2019 EMTN GB GBP 1,820,000 2,271,189 0.87 



British Land International 5.357% 31/03/2028 GB GBP 1,399,000 1,483,640 0.57 


European Investment Bank 6.00% 07/12/2028 99 GBP 1,000,000 1,346,909 0.51 

3I Group 5.75% 03/12/2032 EMTN GB GBP 1,400,000 1,333,129 0.51 

Lloyds TSB Bank 6.00% 08/02/2029 GB GBP 1,000,000 1,301,077 0.50 

Barclays Bank 4.25% 12/01/2022 EMTN GB GBP 1,150,000 1,294,381 0.49 

ABN Amro Bank 6.375% 27/04/2021 EMTN NL EUR 1,450,000 1,252,407 0.48 

Porterbrook Rail Finance 6.50% 20/10/2020 EMTN GB GBP 1,000,000 1,218,882 0.46 

Bank of Scotland 4.875% 20/12/2024 EMTN GB GBP 1,000,000 1,171,956 0.45 

Co-Operative Bank 4.75% 11/11/2021 GB GBP 1,000,000 1,150,374 0.44 

Abbey National Treasury Serv. 5.25% 16/02/2029 EMTN GB GBP 900,000 1,079,545 0.41 

Dignity Finance 6.31% 31/12/2023 GB GBP 843,545 1,034,469 0.39 

BAT Int’l Finance 6.00% 24/11/2034 EMTN GB GBP 800,000 1,007,686 0.38 

Santander International Debt 4.625% 21/03/2016 EMTN ES EUR 1,200,000 986,569 0.38 

British Empire Sec & Gen Trust 8.125% 02/07/2023 GB GBP 750,000 978,150 0.37 

RBS 5.125% 13/01/2024 GB GBP 750,000 894,160 0.34 


Aviva 6.125% VRN (Perpetual) GB GBP 1,000,000 867,003 0.33 

HSBC Holdings 6.375% VRN 18/10/2022 EMTN GB GBP 800,000 866,445 0.33 

Severn Trent Water Utilities Fin. 6.00% 22/01/2018 EMTN GB GBP 725,000 861,784 0.33 



Linde Finance 7.375% VRN 14/07/2066 NL EUR 775,000 730,698 0.28 

Metropolitan Life GF I 3.50% 30/09/2026 US GBP 650,000 666,728 0.25 

Porterbrook Rail Finance 7.125% 20/10/2026 EMTN GB GBP 500,000 660,666 0.25 

Trafford Centre Finance 6.50% 28/07/2033 KY GBP 500,000 649,426 0.25 

THFC Funding No 3 5.20% 11/10/2043 EMTN GB GBP 600,000 637,625 0.24 

Barclays Bank 9.50% 07/08/2021 GB GBP 500,000 613,441 0.23 



Eksportfinans 2.00% 15/09/2015 NO USD 1,000,000 592,209 0.23 

Telereal Securitisation 5.553% 10/12/2031 GB GBP 492,650 592,023 0.23 





Land Securities Capital Markets 4.875% VRN 07/11/2019 GB GBP 500,000 566,001 0.22 


3I Group 6.875% 09/03/2023 EMTN GB GBP 500,000 563,070 0.21 





Dali Capital 4.799% 21/12/2037 IE GBP 550,000 541,298 0.21 




Fidelity 

Funds 

Sterling Bond Fund - continued 




GBP 


Motability Operations Group 6.625% 10/12/2019 EMTN GB GBP 400,000 510,124 0.19 

Commonwealth Bank of Aust. 3.00% 04/09/2026 EMTN AU GBP 500,000 494,433 0.19 


Foreign & Colonial Investment Trust 11.25% 31/12/2014 GB GBP 400,000 463,536 0.18 



Or-ICB (ICB) 5.01% VRN 29/09/2015 LU USD 700,000 439,000 0.17 



RMPA Services 5.337% 30/09/2038 GB GBP 353,148 404,260 0.15 

Meadowhall Finance 4.986% 12/01/2032 GB GBP 333,001 391,167 0.15 

Society of Lloyd’s 6.875% VRN 17/11/2025 GB GBP 350,000 365,442 0.14 

BL Superstores Finance 5.27% 04/07/2025 GB GBP 300,000 333,505 0.13 


British Land Bearer 5.264% 24/09/2035 GB GBP 309,000 312,847 0.12 


Legal & General Group 6.385% VRN (Perpetual) GB GBP 300,000 281,607 0.11 

Annes Gate Property 5.661% 30/06/2031 GB GBP 250,000 274,544 0.10 

Peel South East 10.00% 30/04/2026 GB GBP 200,000 251,840 0.10 

HSBC Bank 5.00% VRN 20/03/2023 EMTN GB GBP 225,000 234,825 0.09 

Marstons Issuer 1.568% FRN 15/07/2020 GB GBP 242,928 209,343 0.08 






Generali Finance 6.214% VRN (Perpetual) NL GBP 150,000 111,646 0.04 







Confederation Life Insur. 9.875% 03/03/2003 (Defaulted)* CA GBP 125,000 1 0.00 

58,818,479 22.42 

Government 







UK Treasury 3.50% (Perpetual) GB GBP 8,570,000 8,011,365 3.05 





Germany 4.25% 04/07/2018 DE EUR 150,000 144,754 0.06 

135,971,536 51.82 


Utilities 

Electricite de France 6.95% 26/01/2039 144A FR USD 500,000 429,806 0.16 

429,806 0.16 

Materials 


657,627 0.25 



537,089 0.20 


Altria Group 2.85% 09/08/2022 US USD 1,000,000 621,860 0.24 

621,860 0.24 


DIRECTV 4.375% 14/09/2029 US GBP 1,800,000 1,819,624 0.69 


1,819,624 0.69 

Financials 


ELM (Swiss Reinsurance) 6.302% VRN (Perpetual) EMTN NL GBP 500,000 489,504 0.19 


Community Finance 1 5.017% 31/07/2034 EMTN GB GBP 250,000 302,533 0.12 

Rabobank Nederland 11.00% VRN (Perpetual) 144A NL USD 350,000 289,913 0.11 


CSG Guernsey I 7.875% VRN 24/02/2041 Reg S GB USD 400,000 259,736 0.10 

Brunt Alpha 2007-1 A 0.739% FRN 15/01/2017 GB GBP 245,621 234,887 0.09 

270 

European Loan Conduit 24X A 0.698% FRN 25/10/2015 GB GBP 149,819 147,437 0.06 


3,288,717 1.25 

Government 





5,588,113 2.13 


Fidelity Institutional Liquidity Fund - A-ACC-GBP IE GBP 98 2,001,689 0.76 

2,001,689 0.76 

Unlisted 

Energy 


0 0.00 

Financials 


2 0.00 

Total Investments (Cost GBP 243,577,775) 257,091,009 97.98 




GBP 



Bought protection on Rentokil Initial 20/09/2016 EUR 1,000,000 21,052 0.01 

Bought protection on BAA Funding 20/12/2016 EUR 500,000 6,405 0.00 

Bought protection on Next 20/09/2016 EUR 1,000,000 (2,283) (0.00) 

Bought protection on EnBW International 20/09/2016 EUR 500,000 (4,539) (0.00) 

Bought protection on Aegon 20/12/2013 EUR 1,000,000 (36,794) (0.01) 

Bought protection on UK Treasury 4.25% 20/09/2017 USD 16,200,000 (366,295) (0.14) 

(290,517) (0.11) 




GBP GBP 











291,292 0.11 

Futures 



GBP 



GBP 





250,768 0.10 


Net Assets 262,386,032 100.00

Fidelity 

Funds 

Sterling Bond Fund - continued 




UK GB 78.28 

USA US 4.72 






Spain ES 1.06 

Italy IT 1.01 












271

Fidelity 

Funds 

US Dollar Bond Fund 




USD 


Energy 


Weatherford Bermuda 5.95% 15/04/2042 BM USD 3,257,687 3,556,140 0.39 

Noble Holding International 5.25% 15/03/2042 KY USD 3,109,610 3,516,809 0.38 

Weatherford Bermuda 4.50% 15/04/2022 BM USD 2,764,098 2,949,619 0.32 

MOL Group Finance 6.25% 26/09/2019 EMTN LU USD 2,665,380 2,699,808 0.29 

Valero Energy 6.625% 15/06/2037 US USD 2,073,074 2,582,710 0.28 


Western Gas Partners 4.00% 01/07/2022 US USD 2,221,150 2,362,060 0.26 

Anadarko Petroleum 6.20% 15/03/2040 US USD 1,727,561 2,193,433 0.24 

BG Energy Capital 6.50% VRN 30/11/2072 GB USD 1,999,035 2,184,979 0.24 

Gaz Capital (Gazprom) 8.125% 31/07/2014 Reg S LU USD 1,974,356 2,167,719 0.24 

IPIC GMTN 3.75% 01/03/2017 Reg S KY USD 1,974,356 2,097,309 0.23 


Noble Holding International 3.05% 01/03/2016 KY USD 1,678,202 1,757,613 0.19 

IPIC GMTN 5.50% 01/03/2022 Reg S KY USD 1,382,049 1,596,842 0.17 

El Paso Pipeline Partners Operating 7.50% 15/11/2040 US USD 775,922 1,064,138 0.12 

Weatherford International 6.75% 15/09/2040 BM USD 296,153 350,185 0.04 

39,674,156 4.31 

Utilities 

Terna Rete Elettrica Nazionale 2.875% 16/02/2018 EMTN IT EUR 3,158,969 4,162,112 0.45 

Duke Energy 3.05% 15/08/2022 US USD 3,553,841 3,659,319 0.40 

Snam 5.25% 19/09/2022 EMTN IT EUR 1,579,485 2,230,295 0.24 


Gas Natural Capital Markets 6.00% 27/01/2020 EMTN ES EUR 1,480,767 2,063,349 0.22 

Korea Midland Power 5.375% 11/02/2013 KR USD 1,974,356 1,996,864 0.22 

Sempra Energy 2.875% 01/10/2022 US USD 1,875,638 1,914,314 0.21 

Korea Southern Power 5.375% 18/04/2013 Reg S KR USD 1,678,202 1,710,487 0.19 

Korea Hydro & Nuclear Power 6.25% 17/06/2014 Reg S KR USD 1,036,537 1,117,677 0.12 

Alabama Power 5.20% 15/01/2016 US USD 589,345 670,522 0.07 




22,493,110 2.45 

Materials 

Ball 5.00% 15/03/2022 US USD 2,961,534 3,137,375 0.34 

Vale 5.625% 11/09/2042 BR USD 1,974,356 2,109,644 0.23 

PTT Global Chemical 4.25% 19/09/2022 Reg S TH USD 2,023,715 2,086,551 0.23 

Eastman Chemical 2.40% 01/06/2017 US USD 1,974,356 2,051,582 0.22 

Vale 3.75% 10/01/2023 EMTN BR EUR 1,431,408 1,864,869 0.20 


BHP Billiton Finance 3.25% 25/09/2024 EMTN AU GBP 987,178 1,584,759 0.17 

Vale Overseas Limited 4.375% 11/01/2022 KY USD 1,332,690 1,417,679 0.15 



18,052,670 1.96 

Industrials 


ST Engeneering Financial 1 4.80% 16/07/2019 EMTN SG USD 1,974,356 2,282,336 0.25 

MTR (Cayman Islands) 2.00% 12/04/2017 Reg S KY USD 1,382,049 1,411,077 0.15 

Burlington Northern Santa Fe 5.05% 01/03/2041 US USD 542,948 640,772 0.07 

9,023,596 0.98 


Xerox 4.50% 15/05/2021 US USD 1,431,408 1,510,118 0.16 

Hewlett-Packard 4.65% 09/12/2021 US USD 1,332,690 1,336,849 0.15 

2,846,967 0.31 


Virgin Media Secured Finance 7.00% 15/01/2018 GB GBP 2,862,816 5,009,980 0.54 

McDonald’s 4.00% 17/02/2021 EMTN US EUR 2,270,509 3,412,028 0.37 

Wyndham Worldwide 5.75% 01/02/2018 US USD 1,715,715 1,876,718 0.20 

BMW Finance 3.25% 14/01/2019 EMTN NL EUR 1,085,896 1,537,000 0.17 

Ingersoll-Rand Global Holding 9.50% 15/04/2014 BM USD 789,742 883,919 0.10 

Time Warner 4.90% 15/06/2042 US USD 592,307 657,678 0.07 

13,377,323 1.45 



Philip Morris International 2.90% 15/11/2021 US USD 3,060,252 3,220,477 0.35 



Walgreen 5.25% 15/01/2019 US USD 1,727,561 2,032,614 0.22 


Reynolds American 4.75% 01/11/2042 US USD 1,678,202 1,703,845 0.19 

CVS Caremark 5.75% 15/05/2041 US USD 1,184,614 1,533,651 0.17 

272 



USD 


Anheuser-Busch InBev 1.25% 24/03/2017 EMTN BE EUR 987,178 1,294,616 0.14 

Altria Group 9.25% 06/08/2019 US USD 901,293 1,270,535 0.14 


Reynolds American 3.25% 01/11/2022 US USD 1,036,537 1,049,339 0.11 

Anheuser-Busch InBev 3.75% 15/07/2042 US USD 863,781 883,633 0.10 



26,816,227 2.91 

Healthcare 

Unitedhealth Group 2.875% 15/03/2022 US USD 2,467,945 2,539,085 0.28 

Cigna 5.375% 15/02/2042 US USD 2,122,433 2,500,254 0.27 

Aetna 4.125% 01/06/2021 US USD 1,875,638 2,086,178 0.23 

Wyeth 6.50% 01/02/2034 US USD 1,382,049 1,945,428 0.21 

Laboratory Corp of America Holdings 2.20% 23/08/2017 US USD 1,727,561 1,785,487 0.19 

Wellpoint 4.625% 15/05/2042 US USD 1,480,767 1,558,744 0.17 

Cigna 4.50% 15/03/2021 US USD 1,362,306 1,534,341 0.17 

Wellpoint 3.125% 15/05/2022 US USD 1,480,767 1,512,555 0.16 





18,506,479 2.01 


British Telecom 9.625% 15/12/2030 GB USD 3,380,097 5,559,652 0.60 


KPN 3.25% 01/02/2021 NL EUR 2,073,074 2,727,734 0.30 

AT&T 6.80% 15/05/2036 US USD 1,480,767 2,045,698 0.22 

AT&T 6.55% 15/02/2039 US USD 1,480,767 2,037,912 0.22 

Vodafone Group 1.625% 20/03/2017 GB USD 1,924,997 1,971,490 0.21 

Cellco Partnership 8.50% 15/11/2018 US USD 987,178 1,374,776 0.15 

America Movil 2.375% 08/09/2016 MX USD 1,184,614 1,240,601 0.13 

Sunrise Communications 4.971% FRN 31/12/2017 Reg S LU EUR 888,460 1,182,738 0.13 

America Movil 5.50% 01/03/2014 MX USD 987,178 1,049,513 0.11 


Embarq 7.995% 01/06/2036 US USD 789,742 863,870 0.09 

24,660,821 2.68 

Financials 

European Investment Bank 1.875% 15/10/2019 EMTN 99 USD 12,833,313 13,194,314 1.43 

KfW 1.625% 15/08/2019 EMTN DE USD 11,599,341 11,788,120 1.28 

Landwirtschaftliche Rentenbank 1.375% 23/10/2019 DE USD 9,871,779 9,851,937 1.07 

FCE Bank 4.825% 15/02/2017 EMTN GB GBP 4,047,430 7,123,197 0.77 

Bank Nederlandse Gemeenten 1.375% 27/09/2017 144A NL USD 5,923,068 5,963,641 0.65 


Korea Eximbank 5.875% 14/01/2015 KR USD 3,948,712 4,332,438 0.47 

Bank Nederlandse Gemeenten 4.375% 16/02/2021 Reg S NL USD 3,652,558 4,283,373 0.47 


Nestle Holdings 1.375% 21/06/2017 EMTN US USD 4,195,506 4,250,929 0.46 

Aon 3.125% 27/05/2016 US USD 3,701,917 3,919,053 0.43 

Westpac Banking 3.625% VRN 28/02/2023 EMTN AU USD 3,652,558 3,719,053 0.40 

Sun Hung Kai Properties CM 4.50% 14/02/2022 EMTN KY USD 3,257,687 3,524,159 0.38 

VTB Capital (VTB Bank) 6.00% 12/04/2017 144A LU USD 3,307,046 3,443,296 0.37 


KfW 6.25% 19/05/2021 MTN DE AUD 2,764,098 3,323,681 0.36 




General Electric Capital 4.25% 31/01/2013 EMTN US USD 2,961,534 2,987,884 0.32 

PKO Finance 4.63% 26/09/2022 Reg S SE USD 2,616,022 2,706,438 0.29 

Korea Development Bank 3.875% 04/05/2017 KR USD 2,467,945 2,679,502 0.29 

BP Capital Markets 3.125% 01/10/2015 GB USD 2,467,945 2,636,635 0.29 

Morgan Stanley 3.75% 21/09/2017 EMTN US EUR 1,875,638 2,527,916 0.27 


Shinhan Bank 4.375% 27/07/2017 Reg S KR USD 2,221,150 2,449,279 0.27 

Sun Hung Kai Properties CM 3.50% 02/11/2016 Reg S KY USD 2,319,868 2,426,996 0.26 

Barclays Bank 6.75% 22/05/2019 GB USD 1,974,356 2,419,386 0.26 


Metropolitan Life GF I 3.50% 30/09/2026 US GBP 1,431,408 2,368,354 0.26 

JPMorgan Chase Bank 6.00% 01/10/2017 US USD 1,974,356 2,344,408 0.25 

GE Capital UK Funding 4.375% 31/07/2019 EMTN IE GBP 1,332,690 2,339,764 0.25 


Rabobank Nederland 5.25% 14/09/2027 EMTN NL GBP 1,283,331 2,155,265 0.23 

BAT Int’l Finance 8.125% 15/11/2013 Reg S GB USD 1,974,356 2,111,475 0.23 

Standard Chartered Bank 9.50% VRN (Perpetual) GB USD 1,875,638 2,053,711 0.22 

Eurasian Development Bank 4.767% 20/09/2022 144A 99 USD 1,974,356 2,027,575 0.22 

Swedbank 0.790% FRN 14/01/2013 144A SE USD 1,974,356 1,984,642 0.22 

Korea Eximbank 5.00% 27/07/2015 KR AUD 1,776,920 1,879,801 0.20 

Hyundai Capital Services 6.00% 05/05/2015 Reg S KR USD 1,579,485 1,746,118 0.19 

Bank of America 4.75% VRN 06/05/2019 US EUR 1,382,049 1,690,911 0.18 

Lloyds TSB Bank 6.50% 17/09/2040 EMTN GB GBP 839,101 1,688,824 0.18 



Fidelity 

Funds 

US Dollar Bond Fund - continued 




USD 

Deutsche Bank 1.044% FRN 20/09/2016 EMTN DE EUR 1,382,049 1,681,891 0.18 

Lloyds TSB Bank 3.966% FRN 17/04/2014 EMTN GB USD 1,530,126 1,587,039 0.17 

Korea Exchange Bank 1.75% 27/09/2015 Reg S KR USD 1,480,767 1,487,205 0.16 

FCE Bank 2.875% 03/10/2017 EMTN GB EUR 1,085,896 1,445,447 0.16 

HSBC USA 2.375% 13/02/2015 US USD 1,283,331 1,327,279 0.14 

Korea Development Bank 8.00% 23/01/2014 KR USD 1,085,896 1,175,781 0.13 

Hyundai Capital Services 3.50% 13/09/2017 Reg S KR USD 987,178 1,040,169 0.11 


ING Bank 1.108% FRN 23/05/2016 EMTN NL USD 987,178 940,287 0.10 



Nordea Bank 6.25% VRN 10/09/2018 EMTN SE EUR 394,871 531,247 0.06 

166,760,532 18.13 

Government 

Germany 1.75% 04/07/2022 DE EUR 3,948,712 5,268,921 0.57 

Germany 2.00% 04/01/2022 DE EUR 3,455,123 4,733,285 0.51 

Korea 7.125% 16/04/2019 KR USD 2,961,534 3,859,256 0.42 


Qatar 3.125% 20/01/2017 Reg S QA USD 1,678,202 1,779,344 0.19 

19,283,881 2.10 


Energy 



Phillips 66 5.875% 01/05/2042 144A US USD 1,233,972 1,542,570 0.17 


Phillips 66 4.30% 01/04/2022 144A US USD 987,178 1,106,914 0.12 



8,831,153 0.96 

Utilities 

Sempra Energy 1.149% FRN 15/03/2014 US USD 2,221,150 2,234,222 0.24 

Schlumberger Norge 1.25% 01/08/2017 144A NO USD 1,628,844 1,631,881 0.18 

Niagara Mohawk Power 3.553% 01/10/2014 144A US USD 1,184,614 1,242,292 0.14 

Baltimore Gas & Electric 6.125% 01/07/2013 US USD 740,383 771,450 0.08 

TXU Eastern Funding 6.45% 15/05/2005 (Defaulted)* GB USD 863,781 9 0.00 

5,879,854 0.64 

Materials 

LyondellBasell Industries 6.00% 15/11/2021 NL USD 1,974,356 2,287,785 0.25 

Ecolab 1.00% 09/08/2015 US USD 1,974,356 1,984,292 0.22 

Mexichem 6.75% 19/09/2042 144A MX USD 1,382,049 1,496,068 0.16 

5,768,145 0.63 

Industrials 

Verisk Analytics 4.125% 12/09/2022 US USD 2,813,457 2,859,211 0.31 


3,552,033 0.39 


Xerox 1.257% FRN 16/05/2014 US USD 1,233,972 1,234,210 0.13 

Hewlett-Packard 0.823% FRN 30/05/2014 US USD 987,178 974,147 0.11 

2,208,357 0.24 


News America 3.00% 15/09/2022 144A US USD 3,800,635 3,873,123 0.42 

NBCUniversal Media 4.45% 15/01/2043 US USD 2,813,457 2,913,504 0.32 

COX Communications 8.375% 01/03/2039 144A US USD 1,382,049 2,171,863 0.24 

News America 7.85% 01/03/2039 US USD 1,431,408 2,035,137 0.22 

Comcast 6.40% 01/03/2040 US USD 1,416,600 1,872,316 0.20 

Viacom 3.125% 15/06/2022 US USD 1,727,561 1,793,744 0.19 

Comcast 5.85% 15/11/2015 US USD 1,480,767 1,700,442 0.18 

NBCUniversal Media 2.875% 01/04/2016 US USD 987,178 1,048,997 0.11 

Viacom 3.50% 01/04/2017 US USD 789,742 864,045 0.09 

18,273,171 1.99 


Walgreen 0.899% FRN 13/03/2014 US USD 1,678,202 1,684,252 0.18 

SABMiller Holdings 2.45% 15/01/2017 144A US USD 1,382,049 1,445,959 0.16 

SABMiller Holdings 1.85% 15/01/2015 144A US USD 1,184,614 1,206,203 0.13 


5,482,314 0.60 

Healthcare 


Roche Holdings 6.00% 01/03/2019 144A US USD 1,875,638 2,364,277 0.26 

Teva Pharmaceutical Finance IV 1.70% 10/11/2014 US USD 1,974,356 2,020,008 0.22 


Medco Health Solutions 4.125% 15/09/2020 US USD 1,616,010 1,799,080 0.20 

Watson Pharmaceuticals 3.25% 01/10/2022 US USD 1,579,485 1,624,418 0.18 

273 



USD 

Roche Holdings 5.00% 01/03/2014 144A US USD 1,184,614 1,252,042 0.14 

Watson Pharmaceuticals 1.875% 01/10/2017 US USD 987,178 1,002,956 0.11 


Wellpoint 1.25% 10/09/2015 US USD 888,460 899,110 0.10 


18,700,312 2.03 


DIRECTV 4.375% 14/09/2029 US GBP 1,776,920 2,897,511 0.31 

CenturyLink 7.65% 15/03/2042 US USD 2,319,868 2,384,050 0.26 

Vivendi 3.45% 12/01/2018 144A FR USD 2,194,497 2,244,663 0.24 

Deutsche Telekom Int’l Finance 3.125% 11/04/2016 144A NL USD 1,579,485 1,665,943 0.18 

DIRECTV 6.35% 15/03/2040 US USD 1,184,614 1,414,064 0.15 

Deutsche Telekom Int’l Finance 2.25% 06/03/2017 144A NL USD 789,742 809,557 0.09 


12,059,267 1.31 

Financials 

Freddie Mac 1.75% 30/05/2019 US USD 17,769,203 18,373,045 2.00 

Credit Agricole 3.00% 01/10/2017 144A FR USD 3,948,712 4,009,206 0.44 

National Australia Bank 1.569% FRN 07/08/2015 AU USD 3,701,917 3,763,277 0.41 

ING Bank 3.90% 19/03/2014 144A NL USD 3,455,123 3,615,786 0.39 

Rabobank Nederland 3.875% 08/02/2022 NL USD 3,208,328 3,488,592 0.38 

Societe Generale 2.75% 12/10/2017 FR USD 3,405,764 3,430,090 0.37 

Nordea Bank 2.25% 20/03/2015 144A SE USD 3,109,610 3,177,946 0.35 

Bank of America 1.733% FRN 30/01/2014 MTN US USD 2,961,534 3,000,063 0.33 

US Bancorp 2.95% 15/07/2022 MTN US USD 2,862,816 2,946,475 0.32 

Hyundai Capital America 4.00% 08/06/2017 Reg S US USD 2,714,739 2,941,750 0.32 


Commonwealth Bank of Australia 3.25% 17/03/2016 144A AU USD 2,418,586 2,582,518 0.28 

Metropolitan Life GF I 4.75% 28/09/2017 MTN US AUD 2,369,227 2,490,194 0.27 

Commonwealth Bank Aust. 1.185% FRN 18/09/2015 144A AU USD 2,467,945 2,486,097 0.27 

American Honda Finance 1.50% 11/09/2017 144A US USD 2,467,945 2,479,507 0.27 

American Honda Finance 1.00% 11/08/2015 144A US USD 2,467,945 2,475,423 0.27 

ING Bank Sydney 7.00% 22/03/2016 NL AUD 1,776,920 1,980,301 0.22 

Westpac Banking 1.375% 17/07/2015 144A AU USD 1,826,279 1,852,358 0.20 

Hyundai Capital America 1.625% 02/10/2015 144A US USD 1,776,920 1,787,484 0.19 

Hyundai Capital America 2.125% 02/10/2017 144A US USD 1,776,920 1,785,632 0.19 

Citigroup 1.290% FRN 01/04/2014 US USD 1,776,920 1,778,548 0.19 

Caterpillar Financial Services 2.85% 01/06/2022 MTN US USD 1,628,844 1,709,862 0.19 

Westpac Banking 1.130% FRN 17/07/2015 144A AU USD 1,678,202 1,699,835 0.18 




Danske Bank 1.390% FRN 14/04/2014 144A DK USD 1,530,126 1,527,525 0.17 

Caterpillar Financial Services 1.625% 01/06/2017 MTN US USD 1,382,049 1,415,509 0.15 

Bank of America 1.897% FRN 11/07/2014 US USD 1,283,331 1,300,316 0.14 

Swedbank Hypotek 0.812% FRN 28/03/2014 144A SE USD 1,184,614 1,186,592 0.13 

ING Bank Sydney 5.887% FRN 22/03/2016 NL AUD 987,178 1,050,077 0.11 

ING Bank 1.808% FRN 09/06/2014 144A NL USD 987,178 994,468 0.11 

Liberty Mutual Group 4.95% 01/05/2022 144A US USD 789,742 860,029 0.09 


Goldman Sachs Group 1.439% FRN 07/02/2014 US USD 705,832 707,300 0.08 

Medallion Trust 2007-1G A1 0.467% FRN 27/02/2039 AU USD 533,739 530,216 0.06 



Lambda Finance 2005-1X A3 0.664% FRN 15/11/2029 NL USD 4,741 4,742 0.00 

92,475,589 10.05 

Government 









Canada 1.50% 01/09/2017 CA CAD 18,756,381 18,903,240 2.05 









Chile 2.25% 30/10/2022 CL USD 3,948,712 3,887,305 0.42 

Mexico 4.75% 08/03/2044 MTN MX USD 1,776,920 1,972,604 0.21 

Finland 6.95% 15/02/2026 FI USD 987,178 1,397,563 0.15 

362,914,925 39.45 



2,966,197 0.32

Fidelity 

Funds 

Unlisted 

Financials 


14 0.00 






USD 

Bought protection on Itraxx Asia Ex-Japan 20/12/2016 USD 4,935,890 58,832 0.01 

Sold protection on Caterpillar 20/12/2016 USD 987,178 12,999 0.00 

Bought protection on Yum Brands 20/09/2016 USD 1,974,356 (44,193) (0.00) 

Sold protection on Xerox Corporation 20/12/2016 USD 987,178 (51,782) (0.01) 

(24,144) (0.00) 




USD USD 

















(1,315,461) (0.14) 





931 0.00 

Futures 

US Dollar Bond Fund - continued 




USD 



USD 



Australia 3 Year Bond Future 17/12/2012 AUD (10,529,762) 20,853 0.00 



233,049 0.03 


Net Assets 919,962,536 100.00 

274 



USA US 63.21 

UK GB 4.24 



Korea KR 2.78 










Italy IT 0.69 



Chile CL 0.42 






Spain ES 0.22 

Qatar QA 0.19 






Fidelity 

Funds 

US High Yield Fund 




USD 


Energy 

Denbury Resources 8.25% 15/02/2020 US USD 42,691,458 48,348,076 0.55 

Atlas Pipeline Lp/Fin Co 8.75% 15/06/2018 US USD 34,218,531 36,784,921 0.42 

Energy Transfer Equity 7.50% 15/10/2020 US USD 14,765,732 16,832,934 0.19 

Chesapeake Energy 6.775% 15/03/2019 US USD 16,292,209 16,470,990 0.19 

Teekay 8.50% 15/01/2020 MH USD 12,637,470 13,430,914 0.15 

Ferrellgas Partners 8.625% 15/06/2020 US USD 12,206,925 11,937,404 0.14 

Forest Oil Corporation 7.25% 15/06/2019 US USD 11,110,993 11,291,546 0.13 

Petrohawk Energy 7.25% 15/08/2018 US USD 9,882,961 11,266,477 0.13 

Newfield Exploration 6.875% 01/02/2020 US USD 9,095,260 9,845,619 0.11 

Pioneer Natural Resource 7.50% 15/01/2020 US USD 6,247,793 7,981,556 0.09 

Alpha Natural Resources 6.00% 01/06/2019 US USD 8,483,691 7,492,584 0.09 


Tesoro 5.375% 01/10/2022 US USD 5,910,207 6,176,166 0.07 

Drill Rigs Holdings 6.50% 01/10/2017 144A MH USD 6,032,521 6,032,521 0.07 

Tesoro 4.25% 01/10/2017 US USD 5,249,712 5,472,824 0.06 

Pride International 6.875% 15/08/2020 US USD 4,163,564 5,368,292 0.06 


MarkWest Energy 6.75% 01/11/2020 US USD 2,666,443 2,900,770 0.03 

Ship Finance International 8.50% 15/12/2013 BM USD 2,867,037 2,881,000 0.03 

Berry Petroleum 6.75% 01/11/2020 US USD 2,348,426 2,512,816 0.03 

Pioneer Natural Resource 6.65% 15/03/2017 US USD 1,957,022 2,328,856 0.03 

Pride International 8.50% 15/06/2019 US USD 1,218,246 1,642,035 0.02 




241,670,038 2.77 

Utilities 

Energy Future Intermediate Holding 10.00% 01/12/2020 US USD 64,911,487 73,716,730 0.84 

GenOn Energy 7.625% 15/06/2014 US USD 27,882,672 29,799,606 0.34 

Genon Americas Genr 8.50% 01/10/2021 US USD 22,730,811 24,947,065 0.29 

AES 8.00% 15/10/2017 US USD 20,225,823 23,145,926 0.27 

NV Energy 6.25% 15/11/2020 US USD 10,817,440 12,924,179 0.15 

AmeriGas Finance 7.00% 20/05/2022 US USD 9,227,359 10,034,753 0.11 

GenOn Americas Generation 9.125% 01/05/2031 US USD 9,266,500 9,807,153 0.11 

AES 7.75% 15/10/2015 US USD 5,871,066 6,634,305 0.08 

AmeriGas Finance 6.75% 20/05/2020 US USD 4,305,449 4,654,061 0.05 

CMS Energy 6.875% 15/12/2015 US USD 919,800 1,043,019 0.01 

Edison Mission Energy 7.00% 15/05/2017 US USD 288,661 140,445 0.00 

196,847,242 2.25 

Materials 


Rockwood Specialties Gro 4.625% 15/10/2020 US USD 15,817,631 16,371,248 0.19 

Cemex 5.470% FRN 30/09/2015 144A MX USD 16,272,639 15,907,318 0.18 

Orion Engineered Carbons 9.625% 15/06/2018 144A DE USD 7,501,266 8,176,380 0.09 

Graphic Packaging International 7.875% 01/10/2018 US USD 3,708,557 4,116,498 0.05 

Owens-Illinois 7.80% 15/05/2018 US USD 1,027,437 1,184,121 0.01 

63,366,518 0.73 

Industrials 





Meritor 8.125% 15/09/2015 US USD 15,341,096 15,379,449 0.18 


Covanta Holding 7.25% 01/12/2020 US USD 7,265,444 8,095,965 0.09 



Anixter 5.625% 01/05/2019 US USD 4,280,986 4,507,636 0.05 

Briggs & Stratton 6.875% 15/12/2020 US USD 3,454,144 3,825,464 0.04 

Corrections Corp of America 7.75% 01/06/2017 US USD 3,410,111 3,657,344 0.04 


182,003,111 2.08 


Alcatel-Lucent (USA) 6.45% 15/03/2029 US USD 53,706,557 33,835,131 0.39 

Alcatel-Lucent (USA) 6.50% 15/01/2028 US USD 8,214,600 5,257,344 0.06 

Freescale Semiconductor US USD 528,885 4,865,744 0.06 

Jabil Circuit 5.625% 15/12/2020 US USD 4,173,350 4,449,834 0.05 

48,408,053 0.55 


MGM Resorts International 6.625% 15/07/2015 US USD 24,917,784 26,570,829 0.30 

Cablevision Systems 5.875% 15/09/2022 US USD 19,927,377 19,628,467 0.22 

Dana Holding 6.50% 15/02/2019 US USD 13,865,501 14,628,104 0.17 

Delphi Automotive Restricted GB USD 468,365 14,627,048 0.17 

KB Home 7.50% 15/09/2022 US USD 13,288,180 14,484,116 0.17 

275 



USD 

Limited Brands 5.625% 15/02/2022 US USD 12,975,056 14,031,064 0.16 

Ford Motor 6.375% 01/02/2029 US USD 12,544,511 13,682,769 0.16 

Albea Beauty Holdings 8.375% 01/11/2019 144A LU USD 12,446,660 12,726,710 0.15 


Dollar General 4.125% 15/07/2017 US USD 9,692,152 10,152,529 0.12 


Autonation 6.75% 15/04/2018 US USD 7,152,916 8,044,670 0.09 


Sally Holdings 5.75% 01/06/2022 US USD 5,685,149 6,111,535 0.07 

Sonic Automotive 9.00% 15/03/2018 US USD 4,917,018 5,384,135 0.06 

Continental Rubber 4.50% 15/09/2019 144A US USD 5,176,323 5,227,931 0.06 

Dana Holding 6.75% 15/02/2021 US USD 3,591,136 3,814,635 0.04 



Ryland Group 5.375% 01/10/2022 US USD 2,847,467 2,897,298 0.03 

Choice Hotels Intl 5.75% 01/07/2022 US USD 2,465,848 2,706,268 0.03 

KB Home 8.00% 15/03/2020 US USD 2,323,964 2,605,576 0.03 






Motors Liquidation 8.375% 15/07/2033 (Defaulted)* US USD 78,452,122 785 0.00 







216,412,678 2.48 


Rite Aid 7.50% 01/03/2017 US USD 37,232,345 38,282,111 0.44 

Rite Aid 10.375% 15/07/2016 US USD 30,372,983 32,233,328 0.37 

Rite Aid 8.00% 15/08/2020 US USD 25,402,147 29,085,458 0.33 

Smithfield Foods 6.625% 15/08/2022 US USD 8,400,517 8,789,041 0.10 

Rite Aid 9.75% 12/06/2016 US USD 2,979,566 3,257,038 0.04 

Rite Aid 9.50% 15/06/2017 US USD 1,820,031 1,870,404 0.02 

113,517,380 1.30 

Healthcare 

HCA 4.75% 01/05/2023 US USD 48,793,453 48,884,941 0.56 

HCA 6.50% 15/02/2020 US USD 37,657,997 41,646,638 0.48 

HCA 5.875% 15/03/2022 US USD 32,824,153 35,185,768 0.40 


HCA 6.25% 15/02/2013 US USD 22,721,026 23,129,834 0.26 

HealthSouth 7.75% 15/09/2022 US USD 20,541,882 22,442,006 0.26 

HCA 7.25% 15/09/2020 US USD 19,242,420 21,228,430 0.24 

HCA 5.875% 01/05/2023 US USD 18,307,942 18,605,446 0.21 

HCA 7.50% 15/02/2022 US USD 16,253,068 18,268,814 0.21 

DaVita HealthCare Partners 6.625% 01/11/2020 US USD 16,560,321 17,730,307 0.20 

Tenet Healthcare 8.875% 01/07/2019 US USD 13,728,510 15,393,092 0.18 



HCA 6.375% 15/01/2015 US USD 8,459,228 9,104,582 0.10 

Community Health Systems 7.125% 15/07/2020 US USD 8,591,327 9,094,993 0.10 

Teleflex 6.875% 01/06/2019 US USD 8,248,848 8,908,756 0.10 




HCA 6.75% 15/07/2013 US USD 3,767,267 3,894,413 0.04 


HCA 9.875% 15/02/2017 US USD 244,628 262,962 0.00 

373,795,763 4.28 


Sprint Nextel 7.00% 15/08/2020 US USD 39,243,185 43,287,392 0.50 

Sprint Nextel 6.00% 01/12/2016 US USD 37,036,643 39,938,927 0.46 

Sprint Capital 6.90% 01/05/2019 US USD 34,042,399 37,016,854 0.42 



Eileme 1 AB 14.25% 15/08/2020 144A SE USD 12,496,141 13,183,429 0.15 

Nextel Communications 7.375% 01/08/2015 US USD 13,041,595 13,078,438 0.15 

Wind Acquisition Finance 7.25% 15/02/2018 144A LU USD 13,288,180 12,939,365 0.15 

Eileme 2 AB 11.625% 31/01/2020 144A SE USD 10,978,894 12,385,565 0.14 

Crown Castle International 7.125% 01/11/2019 US USD 10,763,621 11,839,984 0.14 

Nextel Communications 5.95% 15/03/2014 US USD 6,565,809 6,584,259 0.08 



Crown Castle International 9.00% 15/01/2015 US USD 1,355,238 1,453,493 0.02 

Leap Wireless International US USD 1 5 0.00 

238,006,478 2.73 



Fidelity 

Funds 

US High Yield Fund - continued 




USD 

Financials 


Ford Motor Credit 3.875% 15/01/2015 US USD 91,148,303 94,913,184 1.09 

Ally Financial 7.50% 15/09/2020 US USD 44,145,525 52,120,415 0.60 

Ally Financial 8.00% 01/11/2031 (Unsecured) US USD 38,328,277 45,691,714 0.52 

International Lease Finance 5.625% 20/09/2013 MTN US USD 30,607,825 31,596,841 0.36 




CIT Group 5.25% 15/03/2018 US USD 19,315,808 20,583,408 0.24 






Senior Housing Property Trust 6.75% 15/04/2020 US USD 14,677,666 16,637,083 0.19 








Omega Healthcare Investors 7.50% 15/02/2020 US USD 3,649,846 4,033,080 0.05 

CB Richard Ellis Services 6.625% 15/10/2020 US USD 3,180,161 3,462,559 0.04 

CB Richard Ellis Services 11.625% 15/06/2017 US USD 2,367,997 2,640,316 0.03 

Realogy Holdings US USD 45,207 1,515,798 0.02 


Bank of America 7.375% 15/05/2014 MTN US USD 13,699 14,943 0.00 

653,049,385 7.48 


Energy 

Linn Energy 6.25% 01/11/2019 144A US USD 50,261,219 50,763,832 0.58 

Offshore Group Investments 7.50% 01/11/2019 144A KY USD 50,241,649 49,864,837 0.57 

PBF Holding 8.25% 15/02/2020 144A US USD 39,404,639 41,571,895 0.48 

Consol Energy 8.25% 01/04/2020 US USD 35,945,603 38,371,931 0.44 

Unit 6.625% 15/05/2021 144A US USD 29,971,793 30,721,088 0.35 

Sabine Pass LNG 7.50% 30/11/2016 US USD 20,548,732 22,481,761 0.26 

Chesapeake Energy 5.75% (Perpetual) 144A US USD 22,701 21,944,340 0.25 

Linn Energy 6.50% 15/05/2019 US USD 19,247,312 19,487,903 0.22 

PDC Energy 7.75% 15/10/2022 144A US USD 18,875,478 19,300,176 0.22 

Clayton Williams Energy 7.75% 01/04/2019 US USD 18,185,628 18,522,789 0.21 


Continental Resources 5.00% 15/09/2022 US USD 16,218,820 17,151,403 0.20 

Kodiak Oil & Gas 8.125% 01/12/2019 144A CA USD 14,614,062 15,965,863 0.18 


Sabine Pass LNG 6.50% 01/11/2020 144A US USD 12,001,438 12,271,470 0.14 

Petroleum Geo-Services 7.375% 15/12/2018 144A NO USD 11,473,042 12,247,472 0.14 

Forest Oil Corporation 7.50% 15/09/2020 144A US USD 11,859,554 12,185,691 0.14 

WPX Energy 6.00% 15/01/2022 US USD 10,460,283 11,255,264 0.13 

Regency Energy Partners 5.50% 15/04/2023 US USD 10,362,432 10,828,741 0.12 



Magnum Hunter Resources 9.75% 15/05/2020 144A US USD 9,462,202 9,769,723 0.11 

Access Midstream Partner 6.125% 15/07/2022 US USD 8,679,393 9,200,156 0.11 

EV Energy 8.00% 15/04/2019 US USD 7,793,840 8,261,471 0.09 

Hornbeck Offshore Services 5.875% 01/04/2020 US USD 7,877,014 8,142,863 0.09 

QR Enregy 9.25% 01/08/2020 144A US USD 7,294,800 7,604,829 0.09 

Halcon Resources 8.875% 15/05/2021 144A US USD 7,431,791 7,571,137 0.09 

WPX Energy 5.25% 15/01/2017 US USD 6,629,412 7,143,192 0.08 

Apache 6.00% 01/08/2013 US USD 153,333 7,120,770 0.08 

Penn Virginia Resource 8.375% 01/06/2020 144A US USD 6,360,322 6,646,536 0.08 

Precision Drilling 6.625% 15/11/2020 CA USD 5,939,562 6,379,389 0.07 

Chesapeake Energy 5.00% (Perpetual) US USD 75,123 6,235,228 0.07 

Sandridge Energy 7.50% 15/03/2021 144A US USD 5,964,025 6,217,496 0.07 

Ep Ener/Everest Acq Fin 7.75% 01/09/2022 144A US USD 5,910,207 6,176,166 0.07 

Targa Resources Partners 6.875% 01/02/2021 US USD 4,305,449 4,682,175 0.05 

Access Midstream Partner 5.875% 15/04/2021 US USD 4,471,795 4,673,026 0.05 

Targa Resources Partners 6.375% 01/08/2022 144A US USD 4,026,573 4,298,367 0.05 


Rosetta Resources 9.50% 15/04/2018 US USD 3,830,871 4,261,844 0.05 

Continental Resources 7.125% 01/04/2021 US USD 3,684,094 4,126,185 0.05 

Crestwood Midstream 7.75% 01/04/2019 US USD 3,928,722 4,046,583 0.05 

ATP Oil & Gas 11.875% 01/05/2015 (Defaulted) US USD 25,925,650 4,018,476 0.05 

Crosstex Energy 8.875% 15/02/2018 US USD 3,664,524 3,948,524 0.05 

Epl Oil & Gas 8.25% 15/02/2018 US USD 3,004,029 3,049,089 0.03 

Trinidad Drilling 7.875% 15/01/2019 144A CA USD 2,353,319 2,560,764 0.03 

Venoco 11.50% 01/10/2017 US USD 2,500,096 2,500,096 0.03 

Gulfmark Offshore 6.375% 15/03/2022 144A US USD 2,206,542 2,306,774 0.03 

Tesoro Logistics 5.875% 01/10/2020 144A US USD 1,775,998 1,847,037 0.02 

PDC Energy 12.00% 15/02/2018 US USD 1,639,006 1,800,499 0.02 

Precision Drilling 6.50% 15/12/2021 CA USD 1,580,295 1,683,015 0.02 


608,198,539 6.97 

Utilities 

Energy Future Inter. Holding 11.75% 01/03/2022 144A US USD 117,470,250 115,414,521 1.32 

276 



USD 

Energy Future Holdings 10.00% 15/01/2020 US USD 103,619,426 111,390,883 1.28 

Intergen 9.00% 30/06/2017 144A NL USD 40,957,536 38,909,660 0.45 

Calpine 7.875% 15/01/2023 144A US USD 35,011,125 38,862,349 0.45 


Puget Energy 5.625% 15/07/2022 144A US USD 24,707,404 26,944,165 0.31 

Nrg Energy 6.625% 15/03/2023 144A US USD 21,316,863 22,062,953 0.25 

Puget Energy 6.00% 01/09/2021 US USD 18,019,281 20,107,265 0.23 

PPL 8.75% 01/05/2014 US USD 318,016 17,277,814 0.20 

DPL 6.50% 15/10/2016 US USD 15,798,061 17,259,381 0.20 

Puget Energy 6.50% 15/12/2020 US USD 14,119,914 16,106,304 0.18 




PPL 9.50% 01/07/2013 US USD 190,810 10,345,699 0.12 

Duquesne Light Holdings 5.90% 01/12/2021 144A US USD 8,561,972 10,226,890 0.12 

AES 7.375% 01/07/2021 US USD 7,725,345 8,691,013 0.10 

Atlantic Power 9.00% 15/11/2018 CA USD 7,847,659 8,553,948 0.10 


Calpine 7.875% 31/07/2020 144A US USD 6,101,016 6,695,865 0.08 

Texas Competitive Electric 11.50% 01/10/2020 144A US USD 8,014,005 6,034,528 0.07 

Ipalco Enterprises 7.25% 01/04/2016 144A US USD 3,698,772 4,133,377 0.05 

Star Gas Partners 8.875% 01/12/2017 US USD 3,571,565 3,660,854 0.04 


AES Trust III 6.75% 15/10/2029 US USD 49,317 2,462,889 0.03 

AES 9.75% 15/04/2016 US USD 1,007,866 1,206,920 0.01 

Enron 6.40% 15/07/2006 (Defaulted)* US USD 1,369,915 14 0.00 


563,044,889 6.45 

Materials 

Verso Paper Holdings 11.75% 15/01/2019 144A US USD 29,007,960 30,168,278 0.35 

MPM Escrow 8.875% 15/10/2020 144A US USD 29,252,587 28,813,799 0.33 

FMG Resources 6.375% 01/02/2016 144A AU USD 27,422,772 27,463,906 0.31 

McJunkin Red Man 9.50% 15/12/2016 US USD 21,395,144 23,160,243 0.27 

Cemex Finance 9.375% 12/10/2022 144A US USD 18,709,131 19,551,042 0.22 

BWAY Holding Co 10.00% 15/06/2018 US USD 17,441,959 19,316,970 0.22 

Ineos Group Holdings 8.50% 15/02/2016 144A LU USD 18,997,792 18,527,973 0.21 

Resolute Forest Products 10.25% 15/10/2018 US USD 14,703,107 16,835,057 0.19 

Berry Plastics 8.25% 15/11/2015 US USD 15,656,177 16,419,415 0.19 

AngloGold Ashanti Holdings 6.00% 15/09/2013 GB USD 365,572 14,637,492 0.17 

Pretium Packaging 11.50% 01/04/2016 US USD 13,953,567 14,372,174 0.16 

Ardagh (USA) 7.375% 15/10/2017 IE USD 12,759,784 13,764,617 0.16 

Ryerson 9.00% 15/10/2017 144A US USD 12,510,264 12,854,296 0.15 

Ardagh Packaging Finance 9.125% 15/10/2020 144A IE USD 12,099,289 12,643,757 0.14 



Chemtura 7.875% 01/09/2018 US USD 10,181,407 10,703,204 0.12 


Headwaters 7.625% 01/04/2019 US USD 9,897,639 10,244,057 0.12 


Ard Finance 11.125% 01/06/2018 144A LU USD 8,909,617 9,221,454 0.11 

Crown Americas 6.25% 01/02/2021 US USD 8,028,683 8,911,838 0.10 

Verso Paper Holdings 1.75% 15/01/2019 Reg S US USD 11,262,662 8,109,117 0.09 

Severstal Columbus 10.25% 15/02/2018 US USD 6,189,082 6,425,196 0.07 

LyondellBasell Industries 6.00% 15/11/2021 NL USD 4,735,993 5,487,832 0.06 

OXEA Finance 9.50% 15/07/2017 144A LU USD 4,056,907 4,432,171 0.05 

Boart Longyear Management 7.00% 01/04/2021 144A AU USD 3,767,267 3,828,486 0.04 

Ardagh (USA) 9.125% 15/10/2020 144A IE USD 3,620,491 3,783,413 0.04 

Calcipar 6.875% 01/05/2018 144A LU USD 3,537,317 3,590,377 0.04 

Essar Steel Algoma 9.375% 15/03/2015 144A CA USD 3,737,912 3,579,051 0.04 

Texas Petrochemical 8.25% 01/10/2017 US USD 3,087,202 3,395,923 0.04 

Headwaters 2.50% 01/02/2014 US USD 3,434,574 3,349,225 0.04 

Boise Cascade 6.375% 01/11/2020 144A US USD 2,539,236 2,583,116 0.03 

Goldcorp 2.00% 01/08/2014 CA USD 1,957,022 2,306,644 0.03 

Ardagh Packaging Finance 7.375% 15/10/2017 144A IE USD 2,089,121 2,235,360 0.03 

New Gold 7.00% 15/04/2020 144A CA USD 2,045,088 2,178,019 0.02 

Sappi Papier Holding 6.625% 15/04/2021 144A AT USD 1,824,923 1,742,802 0.02 

Aperam 7.375% 01/04/2016 144A LU USD 1,756,427 1,532,483 0.02 

Boise Paper Holdings 9.00% 01/11/2017 US USD 1,218,246 1,346,162 0.02 

Aperam 7.75% 01/04/2018 144A LU USD 1,399,271 1,160,266 0.01 


412,006,781 4.72 

Industrials 

International Lease Finance 7.125% 01/09/2018 144A US USD 28,107,730 33,096,852 0.38 

Ply Gem Industries 8.25% 15/02/2018 US USD 24,227,933 26,045,028 0.30 


HD Supply 8.125% 15/04/2019 144A US USD 17,260,935 19,073,333 0.22 

VWR Funding 7.25% 15/09/2017 144A US USD 18,190,520 18,554,331 0.21 

Western Express 12.50% 15/04/2015 144A US USD 27,545,086 17,766,580 0.20 

ARAMARK 3.945% FRN 01/02/2015 US USD 16,634,688 16,655,481 0.19 

Assoc Mat Llc/Amh New Fi 9.125% 01/11/2017 US USD 11,517,075 11,459,490 0.13 

ARAMARK Holdings 8.625% 01/05/2016 144A US USD 9,975,920 10,212,848 0.12 

Covanta Holding 6.375% 01/10/2022 US USD 7,793,840 8,475,801 0.10 

HDTFS 5.875% 15/10/2020 144A US USD 7,808,518 7,906,125 0.09 

Nortek 8.50% 15/04/2021 144A US USD 6,600,057 7,143,325 0.08 

Trac Intermodal 11.00% 15/08/2019 144A US USD 6,208,653 6,410,434 0.07 

Navios Maritime 8.125% 15/02/2019 MH USD 6,874,040 6,206,227 0.07 

Clean Harbors 5.25% 01/08/2020 144A US USD 6,047,198 6,153,024 0.07

Fidelity 

Funds 





USD 

HDTFS 6.25% 15/10/2022 144A US USD 5,577,513 5,668,147 0.06 

Delta Air Lines 2009 1A 7.75% 17/12/2019 US USD 4,821,842 5,545,119 0.06 

Kansas City Southern Mexico 8.00% 01/02/2018 MX USD 4,892,555 5,449,083 0.06 

Navios Maritime Acquisition 8.625% 01/11/2017 MH USD 3,649,846 3,449,105 0.04 

GEO Group 6.625% 15/02/2021 US USD 2,769,186 3,004,567 0.03 

Ceridian 12.25% 15/11/2015 US USD 2,935,533 2,898,839 0.03 

Isabelle Acquisition Sub 10.00% 15/11/2018 144A US USD 2,191,865 2,378,173 0.03 

Navios Logistics 9.25% 15/04/2019 MH USD 2,465,848 2,351,802 0.03 

Continental Airlines 2005-ERJ 1 9.798% 01/04/2021 US USD 1,865,749 2,047,659 0.02 

Casella Waste Systems 7.75% 15/02/2019 US USD 1,888,526 1,850,756 0.02 

General Cable 2.735% FRN 01/04/2015 US USD 1,467,767 1,456,758 0.02 

Navios Maritime 8.875% 01/11/2017 MH USD 998,081 1,018,043 0.01 



ARAMARK Holdings 8.625% 01/05/2016 Reg S US USD 14,678 15,063 0.00 

255,169,082 2.92 


First Data 6.75% 01/11/2020 144A US USD 42,482,057 42,588,262 0.49 

Hughes Satelite Systems 6.50% 15/06/2019 US USD 29,717,380 31,983,330 0.37 

Avaya 10.125% 01/11/2015 US USD 27,815,232 24,894,633 0.29 

WideOpenWest 10.25% 15/07/2019 144A US USD 21,708,267 22,956,493 0.26 

Freescale Semiconductor 10.125% 15/03/2018 144A US USD 19,630,888 21,471,284 0.25 

Audatex North America 6.75% 15/06/2018 144A US USD 17,123,943 18,419,369 0.21 

Reddy Ice 11.25% 15/03/2015 US USD 16,473,233 16,885,064 0.19 

SunGard Data Systems 6.625% 01/11/2019 144A US USD 15,871,449 16,071,429 0.18 

Ceridian 11.25% 15/11/2015 US USD 16,184,573 15,871,887 0.18 

Avaya 7.00% 01/04/2019 144A US USD 16,429,200 14,868,426 0.17 

Freescale Semiconductor 9.25% 15/04/2018 144A US USD 13,126,726 14,094,822 0.16 

WideOpenWest 13.375% 15/10/2019 144A US USD 11,825,306 12,180,065 0.14 

Spansion 7.875% 15/11/2017 US USD 9,012,087 9,057,147 0.10 

SunGard Data Systems 4.875% 15/01/2014 US USD 8,476,841 8,773,531 0.10 

NCR 5.00% 15/07/2022 144A US USD 7,426,899 7,621,855 0.09 

Ceridian 8.875% 15/07/2019 144A US USD 7,015,924 7,507,039 0.09 

J2 Global Communications 8.00% 01/08/2020 144A US USD 6,174,405 6,375,073 0.07 

Infor US 9.375% 01/04/2019 US USD 4,496,258 4,962,745 0.06 

NXP 9.75% 01/08/2018 144A NL USD 4,217,383 4,939,609 0.06 

SunGard Data Systems 10.25% 15/08/2015 US USD 2,441,385 2,499,368 0.03 

Cequel Communications 6.375% 15/09/2020 144A US USD 2,328,856 2,366,700 0.03 

JDA Software Group 8.00% 15/12/2014 US USD 2,216,327 2,327,144 0.03 

NXP 3.217% FRN 15/10/2013 NL USD 1,525,499 1,521,685 0.02 


310,727,642 3.56 


Reynolds Group Issuer 6.875% 15/02/2021 US USD 48,827,701 52,184,605 0.60 

Reynolds Group Issuer 5.75% 15/10/2020 144A US USD 43,949,823 44,554,133 0.51 

CCH II Capital 13.50% 30/11/2016 US USD 34,242,019 36,938,578 0.42 

Caesars Entertainment Operating 8.50% 15/02/2020 144A US USD 37,178,527 36,806,742 0.42 

Station Casinos 3.66% 18/06/2018 144A US USD 37,423,155 32,090,355 0.37 

Claire’s Stores 9.00% 15/03/2019 144A US USD 29,839,694 31,331,679 0.36 

Clear Channel Communications 5.50% 15/09/2014 US USD 32,726,302 31,115,840 0.36 

Nielsen Finance 7.75% 15/10/2018 US USD 23,092,860 25,950,602 0.30 

General Motors 4.75% 01/12/2013 US USD 610,493 24,657,814 0.28 


Clear Channel Worldwide (B) 7.625% 15/03/2020 US USD 24,673,156 23,562,864 0.27 

K. Hovnanian Enterprises 7.25% 15/10/2020 144A US USD 19,570,221 20,768,897 0.24 

Clear Channel Worldwide (A) 9.25% 15/12/2017 US USD 19,041,825 20,469,962 0.23 

DISH DBS 4.625% 15/07/2017 US USD 19,570,221 20,157,327 0.23 

DISH DBS 5.875% 15/07/2022 US USD 17,823,579 18,759,316 0.21 

DISH DBS 6.75% 01/06/2021 US USD 16,698,291 18,712,940 0.21 

Laureate Education 9.25% 01/09/2019 144A US USD 18,087,777 18,155,606 0.21 

Videotron 5.00% 15/07/2022 CA USD 16,326,457 16,979,515 0.19 

National CineMedia 6.00% 15/04/2022 144A US USD 15,768,705 16,754,249 0.19 

Lamar Media 5.00% 01/05/2023 144A US USD 15,788,276 15,847,482 0.18 

Ameristar Casinos 7.50% 15/04/2021 US USD 12,901,668 13,909,611 0.16 

Petco Animal Supplies 9.25% 01/12/2018 144A US USD 12,187,355 13,467,027 0.15 

Sotheby’s 5.25% 01/10/2022 144A US USD 12,828,280 13,213,128 0.15 

Nielsen Finance 4.50% 01/10/2020 144A US USD 12,192,248 12,131,286 0.14 

Caesars Operating Escrow 9.00% 15/02/2020 144A US USD 11,815,521 11,830,290 0.14 

Hanesbrands 6.375% 15/12/2020 US USD 10,700,018 11,717,756 0.13 

CCO Holdings Capital 6.625% 31/01/2022 US USD 10,274,366 11,122,001 0.13 

MGM Resorts International 8.625% 01/02/2019 144A US USD 9,785,110 10,592,382 0.12 

Tenneco 6.875% 15/12/2020 US USD 9,056,120 9,871,170 0.11 

AmeriGas 6.50% 20/05/2021 US USD 8,947,505 9,529,093 0.11 


Delphi 6.125% 15/05/2021 US USD 8,150,997 9,047,607 0.10 

DISH DBS 6.625% 01/10/2014 US USD 7,828,088 8,483,691 0.10 

MDC Partners 11.00% 01/11/2016 CA USD 7,250,767 7,939,590 0.09 

UPCB Finance VI 6.875% 15/01/2022 144A KY USD 6,966,999 7,484,751 0.09 

MCE Finance 10.25% 15/05/2018 KY USD 6,536,454 7,467,898 0.09 

UPCB Finance V 7.25% 15/11/2021 144A KY USD 6,771,296 7,414,570 0.08 

National CineMedia 7.875% 15/07/2021 US USD 6,648,982 7,297,258 0.08 

Sheridan Group 12.50% 15/04/2014 US USD 8,698,752 7,263,458 0.08 

Burlington Coat Factory 10.00% 15/02/2019 US USD 6,203,760 6,901,683 0.08 

Ferrellgas 6.50% 01/05/2021 US USD 6,560,917 6,384,756 0.07 


DISH DBS 7.00% 01/10/2013 US USD 5,871,066 6,179,297 0.07 

Sonic Automotive 7.00% 15/07/2022 144A US USD 5,577,513 6,023,714 0.07 

277 



USD 

Sally Holdings 6.875% 15/11/2019 US USD 4,917,018 5,457,890 0.06 

Universal City Development 8.875% 15/11/2015 US USD 4,617,594 4,818,967 0.06 

Wolverine World Wide 6.125% 15/10/2020 144A US USD 4,608,787 4,804,660 0.06 

Qvc 7.50% 01/10/2019 144A US USD 4,011,895 4,428,129 0.05 

Petco Holdings 8.50% 15/10/2017 144A US USD 4,158,672 4,200,259 0.05 

FGI Operating 7.875% 01/05/2020 144A US USD 3,762,375 4,100,989 0.05 

NAI Entertainment Holdings 8.25% 15/12/2017 144A US USD 3,579,393 3,986,549 0.05 

Cinemark USA 7.375% 15/06/2021 US USD 3,503,070 3,870,892 0.04 

Clear Channel Communications 5.50% 15/12/2016 US USD 5,758,537 3,675,066 0.04 

Bresnan Broadband Holdings 8.00% 15/12/2018 144A US USD 3,282,905 3,561,951 0.04 

WMG Acquisition 6.00% 15/01/2021 144A US USD 3,390,541 3,426,565 0.04 

Allbritton Communication 8.00% 15/05/2018 US USD 3,131,235 3,416,961 0.04 

Clear Channel Worldwide (A) 7.625% 15/03/2020 US USD 3,527,532 3,359,975 0.04 

Nexstar Broadcasting 7.00% 15/01/2014 US USD 3,332,983 3,352,981 0.04 

Lamar Media 7.875% 15/04/2018 US USD 2,955,103 3,259,848 0.04 


Lamar Media 5.875% 01/02/2022 US USD 2,798,542 2,980,675 0.03 

Pinnacle Entertainment 7.75% 01/04/2022 US USD 2,725,153 2,956,791 0.03 

WMG Acquisition 9.50% 15/06/2016 US USD 2,558,806 2,823,024 0.03 

Videotron 9.125% 15/04/2018 CA USD 2,519,666 2,724,389 0.03 

Satmex Escrow 9.50% 15/05/2017 MX USD 2,260,360 2,429,888 0.03 

Unitymedia Hessen 7.50% 15/03/2019 144A DE USD 2,191,865 2,413,791 0.03 

Motors Liquidation GUC Trust US USD 121,490 2,356,905 0.03 

Asbury Automotive Group 8.375% 15/11/2020 US USD 2,118,476 2,346,213 0.03 

Boyd Acquisition 8.375% 15/02/2018 144A US USD 2,226,113 2,287,331 0.03 

Tenneco 7.75% 15/08/2018 US USD 2,040,196 2,218,713 0.03 

DISH DBS 7.125% 01/02/2016 US USD 1,957,022 2,194,311 0.03 

DISH DBS 7.75% 31/05/2015 US USD 1,888,526 2,136,395 0.02 

Cooper-Standard Automotive 8.50% 01/05/2018 US USD 1,981,485 2,135,050 0.02 

AMC Networks 7.75% 15/07/2021 US USD 1,643,899 1,865,825 0.02 

Delphi 5.875% 15/05/2019 US USD 1,565,618 1,686,953 0.02 

American Casino & Entertainment 11.00% 15/06/2014 US USD 1,457,981 1,521,768 0.02 

Shingle Springs Tribal G.A. 9.375% 15/06/2015 144A US USD 1,350,345 1,121,664 0.01 

Lamar Media 9.75% 01/04/2014 US USD 978,511 1,095,932 0.01 

Easton-Bell Sports 9.75% 01/12/2016 US USD 949,156 1,026,275 0.01 


Nexstar Finance 7.00% 15/01/2014 US USD 93,937 94,642 0.00 

MTR Gaming Group 11.50% 01/08/2019 US USD 40,070 41,873 0.00 

Adelphia Recovery Trust ACC-1 US USD 236,716 284 0.00 


Adelphia Recovery Trust* US USD 98,750 1 0.00 

854,778,480 9.79 


Revlon Consumer Products 9.75% 15/11/2015 US USD 10,034,631 10,586,535 0.12 

Alphabet Holding 7.75% 01/11/2017 144A US USD 10,254,796 10,357,344 0.12 

Post Holdings 7.375% 15/02/2022 144A US USD 8,752,781 9,376,417 0.11 

Rite Aid 9.25% 15/03/2020 US USD 8,199,922 8,384,421 0.10 

Constellation Brands 4.625% 01/03/2023 US USD 4,506,043 4,610,110 0.05 

Prestige Brands 8.125% 01/02/2020 US USD 1,164,428 1,309,982 0.02 

44,624,809 0.51 

Healthcare 

HCA Holdings 7.75% 15/05/2021 US USD 102,719,196 110,551,535 1.27 

Vanguard Health Holding 8.00% 01/02/2018 US USD 21,688,697 22,529,134 0.26 

Vanguard Health Holding 7.75% 01/02/2019 144A US USD 18,846,123 19,694,198 0.23 

Radiation Therapy Services 8.875% 15/01/2017 US USD 19,467,477 18,980,790 0.22 

VPI Escrow 6.375% 15/10/2020 144A US USD 17,999,711 18,967,195 0.22 

Multiplan 9.875% 01/09/2018 144A US USD 15,744,243 17,377,708 0.20 

Aviv Healthcare Properties 7.75% 15/02/2019 US USD 15,758,920 16,625,661 0.19 


Fresenius Medical Care US Fin. 5.75% 15/02/2021 144A US USD 14,677,666 15,595,020 0.18 

Valeant Pharmaceuticals 6.75% 15/08/2021 144A US USD 12,123,752 12,942,105 0.15 


Emergency Medical Services 8.125% 01/06/2019 US USD 11,208,844 11,937,419 0.14 


Hologic 6.25% 01/08/2020 144A US USD 10,000,383 10,637,907 0.12 



Emdeon 11.00% 31/12/2019 US USD 7,842,766 9,001,810 0.10 

Mylan 7.875% 15/07/2020 144A US USD 7,925,939 8,966,219 0.10 


Tenet Healthcare 6.75% 01/02/2020 144A US USD 7,617,708 7,660,748 0.09 

Vanguard Health Holding 7.75% 01/02/2019 US USD 7,348,618 7,633,377 0.09 

Tenet Healthcare 4.75% 01/06/2020 144A US USD 7,040,387 7,021,026 0.08 

Sabra Health Care 8.125% 01/11/2018 144A US USD 6,061,876 6,584,713 0.08 

Surgical Care Affiliates 8.875% 15/07/2015 144A US USD 5,773,484 5,975,556 0.07 


IMS Health 6.00% 01/11/2020 144A US USD 5,102,935 5,211,372 0.06 


Mylan 7.625% 15/07/2017 144A US USD 4,393,515 4,915,244 0.06 

DJO Finance 9.875% 15/04/2018 144A US USD 4,031,465 3,970,993 0.05 

Surgical Care Affiliates 10.00% 15/07/2017 144A US USD 3,317,152 3,424,960 0.04 

Rotech Healthcare 10.75% 15/10/2015 US USD 3,160,591 3,095,447 0.04 

Sky Growth Acquisition 7.375% 15/10/2020 144A US USD 3,087,202 3,083,343 0.04 

Sabra Health Care 8.125% 01/11/2018 US USD 2,392,459 2,619,743 0.03 

Rotech Healthcare 10.50% 15/03/2018 US USD 4,325,019 2,486,886 0.03 

American Renal Holdings 8.375% 15/05/2018 US USD 2,074,443 2,198,910 0.03 

Fresenius US Finance II 9.00% 15/07/2015 144A US USD 1,462,874 1,680,477 0.02

Fidelity 

Funds 





USD 

DJO Finance 8.75% 15/03/2018 144A US USD 939,371 1,007,475 0.01 


442,287,466 5.07 


Intelsat Jackson Holdings 7.25% 01/04/2019 LU USD 62,081,633 66,660,153 0.76 


Sprint Nextel 9.00% 15/11/2018 144A US USD 32,163,658 39,842,731 0.46 

Intelsat Jackson Holdings 6.625% 15/12/2022 144A LU USD 38,005,369 37,862,849 0.43 

Digicel Group 8.25% 30/09/2020 144A BM USD 27,628,259 29,976,661 0.34 

Digicel Group 10.50% 15/04/2018 144A BM USD 25,139,906 27,921,636 0.32 

Intelsat Jackson Holdings 7.25% 15/10/2020 144A LU USD 24,462,776 26,022,278 0.30 

Leap Wireless International 4.50% 15/07/2014 US USD 18,963,544 18,394,448 0.21 

Windstream 7.50% 01/06/2022 US USD 16,497,696 17,487,558 0.20 


NII Capital 7.625% 01/04/2021 US USD 18,616,172 14,754,247 0.17 

SBA Communications 5.625% 01/10/2019 144A US USD 12,926,131 13,297,757 0.15 

Digicel 8.25% 01/09/2017 144A BM USD 10,185,321 10,955,841 0.13 

Level 3 Financing 7.00% 01/06/2020 144A US USD 9,922,102 10,095,739 0.12 

Clearwire Finance 12.00% 01/12/2015 144A US USD 7,568,783 8,041,832 0.09 

TW Telecom Holdings 8.00% 01/03/2018 US USD 5,802,570 6,411,840 0.07 

Telesat (Canada) (L) 6.00% 15/05/2017 144A CA USD 5,151,861 5,398,543 0.06 


NII Capital 8.875% 15/12/2019 US USD 5,279,067 4,474,009 0.05 


Level 3 Communications 8.875% 01/06/2019 144A US USD 2,925,748 3,086,664 0.04 

CC Holdings GS V 7.75% 01/05/2017 144A US USD 1,619,436 1,732,796 0.02 



414,793,433 4.75 

Financials 

CIT Group 4.75% 15/02/2015 144A US USD 146,776,656 152,647,722 1.75 

Ally Financial 8.00% 01/11/2031 (Guaranteed) US USD 108,759,545 129,029,061 1.48 


General Motors Financial 4.75% 15/08/2017 144A US USD 58,280,117 59,664,270 0.68 

Ally Financial 7.00% (Perpetual) 144A US USD 55,227 53,302,844 0.61 


GMAC Capital Trust I 8.125% VRN 15/02/2040 US USD 1,753,459 45,817,871 0.52 


General Motors Financial 6.75% 01/06/2018 US USD 37,706,923 41,948,952 0.48 

EP Energy 9.375% 01/05/2020 144A US USD 28,880,753 32,202,040 0.37 

Entertainment Properties 7.75% 15/07/2020 US USD 23,787,603 27,607,833 0.32 

SLM 4.625% 25/09/2017 MTN US USD 24,462,776 25,135,502 0.29 

Icahn Enterprises Finance 8.00% 15/01/2018 US USD 21,189,657 22,871,585 0.26 

Realogy 7.875% 15/02/2019 144A US USD 20,945,029 22,515,906 0.26 

Calpine Construction Finance 8.00% 01/06/2016 144A US USD 20,602,550 22,057,605 0.25 

Citigroup 5.95% VRN (Perpetual) US USD 21,311,970 21,971,309 0.25 


Discover Financial Services 6.50% (Perpetual) US USD 776,136 19,698,341 0.23 

Affiliated Managers Group 5.25% 15/10/2022 US USD 782,809 19,648,502 0.23 

Annaly Capital Management 7.50% (Perpetual) US USD 694,743 17,660,363 0.20 

TransUnion 11.375% 15/06/2018 US USD 14,530,889 16,928,486 0.19 

Offshore Group Investments 11.50% 01/08/2015 KY USD 14,668,859 16,099,073 0.18 

SLM 3.875% 10/09/2015 MTN US USD 13,268,610 13,708,132 0.16 

Ineos Finance 9.00% 15/05/2015 144A GB USD 12,324,347 13,279,483 0.15 


UPCB Finance III 6.625% 01/07/2020 144A KY USD 10,533,671 11,294,071 0.13 

CNH Capital 3.875% 01/11/2015 144A US USD 10,704,911 10,999,296 0.13 

EP Energy 6.875% 01/05/2019 144A US USD 9,276,285 10,064,769 0.12 

SLM 8.45% 15/06/2018 MTN US USD 8,146,104 9,673,499 0.11 

Host Hotels & Resorts 4.75% 01/03/2023 US USD 8,811,492 9,384,239 0.11 


Phh 9.25% 01/03/2016 US USD 7,710,667 8,867,267 0.10 

TransUnion Holding 8.125% 15/06/2018 144A US USD 8,351,592 8,403,789 0.10 

Icahn Enterprises Finance 8.00% 15/01/2018 144A US USD 6,658,768 7,191,469 0.08 

Realogy 9.00% 15/01/2020 144A US USD 6,203,760 6,979,230 0.08 

SLM 8.00% 25/03/2020 MTN US USD 5,944,455 6,910,428 0.08 

Montell Finance 8.10% 15/03/2027 144A NL USD 4,735,993 6,369,911 0.07 

US Bancorp (F) 6.50% VRN (Perpetual) US USD 207,888 6,147,236 0.07 

Wind Acquisition Holdings Fin. 12.25% 15/07/2017 144A LU USD 6,998,435 5,992,410 0.07 


Landry’s 9.375% 01/05/2020 144A US USD 5,298,637 5,616,556 0.06 

TransUnion Holding 9.625% 15/06/2018 US USD 4,907,233 5,189,399 0.06 

Capital One Capital VI 8.875% 15/05/2040 US USD 4,063,756 4,132,332 0.05 

Affiliated Managers Group 6.375% 15/08/2042 US USD 145,611 3,742,209 0.04 

NSG Holdings 7.75% 15/12/2025 144A US USD 2,894,436 3,000,127 0.03 

Ally Financial 7.00% (Perpetual) Reg S US USD 2,172 2,096,604 0.02 

USI Holdings 4.310% FRN 15/11/2014 144A US USD 1,516,692 1,482,567 0.02 

Realogy 7.875% 15/02/2019 Reg S US USD 19,570 21,234 0.00 

1,150,663,167 13.18 



507,459,845 5.81 

278 

Unlisted 



USD 

Energy 

Chesapeake Energy 0.472% FRN 02/12/2017 US USD 14,136,349 14,176,637 0.16 

RDS Ultra-Deepwater 11.875% 15/03/2017 144A KY USD 10,386,895 11,789,125 0.14 

Oil States International 6.50% 01/06/2019 US USD 6,996,354 7,422,082 0.08 

Samson Term 2Nd Lien 4.788% FRN 25/09/2018 US USD 2,255,468 2,279,376 0.03 

35,667,220 0.41 

Utilities 

Suburban Propane Partners 7.375% 01/08/2021 Reg S US USD 14,876,303 16,102,914 0.18 

Texas Competitive Electric 15.380% FRN 10/10/2017 US USD 24,462,776 16,089,168 0.18 

Suburban Propane Partners 7.50% 01/10/2018 Reg S US USD 12,570,931 13,679,059 0.16 

Enron 9.125% 01/04/2003 (Defaulted)* US USD 1,648,791 16 0.00 


45,871,163 0.53 

Materials 

FMG Resources August 2006 5.069% FRN 18/10/2017 AU USD 20,465,558 20,404,162 0.23 

American Rock Salt 8.25% 01/05/2018 144A US USD 12,485,801 11,518,151 0.13 

Edgen Murray 8.75% 01/11/2020 144A US USD 8,038,468 7,998,276 0.09 

Tekni-Plex 9.75% 01/06/2019 144A US USD 7,265,444 7,810,353 0.09 

Rain CII Carbon 8.00% 01/12/2018 144A US USD 4,980,621 5,006,642 0.06 

Consolidated Container 10.125% 15/07/2020 144A US USD 3,507,962 3,762,289 0.04 

Nufarm Australia Limited 6.375% 15/10/2019 144A AU USD 3,591,136 3,626,149 0.04 

60,126,022 0.69 

Industrials 

Tervita 9.75% 01/11/2019 144A CA USD 9,056,120 9,010,839 0.10 

NESCO 11.75% 15/04/2017 144A US USD 5,792,785 6,128,681 0.07 

USG 7.875% 30/03/2020 144A US USD 5,411,166 5,925,227 0.07 

Rural/Metro - WP Rocket 10.125% 15/07/2019 144A US USD 5,846,603 5,525,040 0.06 

United Airlines 9.875% 01/08/2013 144A US USD 1,139,965 1,165,615 0.01 

27,755,402 0.32 


First Data 5.949 FRN 24/03/2018 US USD 93,134,680 89,125,232 1.02 

Kronos 4.912% FRN 28/12/2017 US USD 17,228,595 17,293,202 0.20 

NXP 4.751% FRN 03/04/2019 US USD 16,148,890 16,361,248 0.19 

Viasystems 7.875% 01/05/2019 144A US USD 15,587,681 15,415,423 0.18 

Infor US 4.711% FRN 05/04/2019 US USD 14,804,872 15,001,777 0.17 

Kronos Terminal 4.853% 24/04/2020 US USD 14,702,128 14,830,772 0.17 

Kronos Terminal 4.913% 24/10/2019 US USD 8,185,245 8,226,171 0.09 

Facebook (B) US USD 300,296 6,357,271 0.07 

Nuance Communications 5.375% 15/08/2020 144A US USD 4,285,878 4,387,668 0.05 

NXP Semiconductor 4.588% 04/03/2017 NL USD 1,174,211 1,192,587 0.01 

Spansion 0.00% 15/01/2016 Escrow (Defaulted) US USD 4,980,621 282,700 0.00 

188,474,051 2.16 


WideOpenWest (B) 4.767% 17/07/2018 US USD 26,753,935 27,052,241 0.31 

Caesars Entertainment Operating 7.40% FRN 28/01/2018 US USD 27,417,879 24,632,223 0.28 

Tower Automotive Holdings 10.625% 01/09/2017 144A US USD 20,563,409 22,259,891 0.25 

Checkout Holdings 18.291% 15/11/2015 144A US USD 25,573,386 15,344,032 0.18 

Univision Communications 5.534% FRN 31/03/2017 US USD 13,423,829 13,145,285 0.15 

Mood Media 9.25% 15/10/2020 144A CA USD 10,171,622 10,283,291 0.12 

K. Hovnanian Enterprises 9.125% 15/11/2020 144A US USD 9,785,110 10,249,903 0.12 

Serta Simmons Holdings 8.125% 01/10/2020 144A US USD 10,054,201 10,179,878 0.12 

Jo-Ann Stores Hlds 9.75% 15/10/2019 144A US USD 8,356,484 8,283,365 0.09 

Graton Economic Dev Auth 9.625% 01/09/2019 144A US USD 7,138,238 7,637,915 0.09 

Party City Holdings 4.781% FRN 27/07/2019 US USD 6,653,875 6,734,720 0.08 

International Automotive 9.125% 01/06/2018 144A LU USD 5,474,769 5,324,213 0.06 

Jaguar Holding 9.50% 01/12/2019 144A US USD 2,397,352 2,673,048 0.03 

Chester Downs & Marina 9.25% 01/02/2020 144A US USD 2,323,964 2,329,774 0.03 

K. Hovnanian Enterprises 5.00% 01/11/2021 Reg S US USD 2,788,756 2,328,612 0.03 

Chukchansi Economic 9.75% 30/05/2020 Reg S US USD 369,621 227,317 0.00 

Waterford Gaming 8.625% 15/09/2014 144A* US USD 499,392 193,340 0.00 

Mood Media 10.00% 31/10/2015 CA USD 38,162 44,022 0.00 

Vertis Holdings* US USD 1,135 15,199 0.00 

Adelphia Comm. 0.00% 31/12/2049 (Defaulted)* US USD 244,628 2 0.00 

Vertis Holdings (Old) US USD 17,918 0 0.00 

168,938,271 1.93 


BI-LO 9.25% 15/02/2019 144A US USD 7,363,296 7,749,869 0.09 

BJ’s Wholesale Club 4.78 FRN 06/09/2019 US USD 2,162,509 2,189,757 0.03 

9,939,626 0.11 

Healthcare 

Legend Acquisition Sub 10.75% 15/08/2020 144A US USD 19,697,427 19,401,966 0.22 

Jaguar Holding I 9.375% 15/10/2017 144A US USD 6,781,081 6,933,656 0.08 

Rural/Metro 10.125% 15/07/2019 144A US USD 5,641,116 5,316,752 0.06 

31,652,374 0.36

Fidelity 

Funds 




Fairpoint Communications 7.372% FRN 24/01/2016 US USD 52,500,374 49,014,349 0.56 

Sprint Nextel 7.00% 01/03/2020 144A US USD 34,189,176 39,702,180 0.45 


Broadview Networks 11.375% 01/09/2012 (Defaulted) US USD 28,890,538 20,728,961 0.24 

Intelsat Jackson Holdings 4.797% FRN 02/04/2018 LU USD 9,809,573 9,899,821 0.11 

153,164,414 1.75 

Financials 

Realogy 0.241% FRN 10/10/2016 US USD 48,925,552 48,903,535 0.56 

Asurion Term Loan 4.335% FRN 24/05/2019 US USD 18,659,645 19,350,984 0.22 

Hub International 8.125% 15/10/2018 144A US USD 11,839,984 12,195,183 0.14 



2010 Swift Mandatory CEST 6.00% 31/12/2013 144A US USD 681,142 6,222,228 0.07 

Penson Worldwide 12.50% 15/05/2017 144A US USD 3,845,548 865,248 0.01 

104,142,040 1.19 







USD USD 

















6,618,368 0.08 

- E-MDIST Shares (EUR) (hedged) 












17,320 0.00 




USD 












2,154,088 0.02 


Net Assets 8,731,906,307 100.00 

279 



USA US 83.95 








UK GB 0.49 








Fidelity 

Funds 

Euro Cash Fund 1 




EUR 


Financials 

Rabobank Nederland 0.52% FRN 09/11/2012 EMTN NL EUR 14,335,687 14,336,472 6.37 

ANZ Banking Group 2.625% 16/11/2012 EMTN AU EUR 9,209,414 9,219,140 4.09 

HSBC France 0.533% FRN 03/12/2012 EMTN FR EUR 6,746,205 6,748,981 3.00 

Bank Nederlandse Gemeenten 3.875% 21/02/2013 EMTN NL EUR 4,469,361 4,521,518 2.01 

UBS London 2.375% 21/01/2013 CH EUR 3,993,754 4,013,275 1.78 

Nederlandse Waterschapsbank 4.00% 12/03/2013 EMTN NL EUR 2,698,482 2,736,805 1.22 

KA Finanz 2.25% 17/12/2012 AT EUR 2,698,482 2,705,930 1.20 

Credit Suisse London 0.816% FRN 07/01/2013 EMTN CH EUR 2,302,986 2,306,265 1.02 

Royal Bank of Canada 4.50% 05/11/2012 EMTN CA EUR 2,297,926 2,299,013 1.02 

ABN Amro Bank 3.25% 18/01/2013 EMTN NL EUR 1,813,043 1,824,768 0.81 



52,839,243 23.46 


Government 

EFSF Treasury Bill 0.023% 21/03/2013 99 EUR 10,540,946 10,540,024 4.68 

10,540,024 4.68 




Sumitomo Mitsui Banking CP 0.03% 03/12/2012 BE EUR 10,962,584 10,962,292 4.87 

BNP Paribas CD 0.096% 04/02/2013 FR EUR 10,962,584 10,959,836 4.87 


Natixis CD 0.059% 03/12/2012 FR EUR 9,697,670 9,697,153 4.31 

FMS Wertmanagement CP 0.02% 31/01/2013 DE EUR 8,601,412 8,600,977 3.82 

Sumitrust CD 0.029% 30/11/2012 JP EUR 8,432,757 8,432,553 3.74 

Deutsche Bank (Australia) CP 0.03% 04/01/2013 AU EUR 8,432,757 8,432,307 3.74 

Bank of Tokyo-Mitsubishi UFJ CD 0.050% 04/01/2013 JP EUR 8,432,757 8,432,007 3.74 

StadsHypotek CP 0.10% 27/12/2012 SE EUR 6,746,205 6,745,156 2.99 


Nationwide (Uregistered) CP 0.03% 12/11/2012 GB EUR 5,481,292 5,481,242 2.43 

Nordea Bank CP 0.13% 12/11/2012 SE EUR 4,806,671 4,806,481 2.13 

Electricite de France CP 0.03% 08/11/2012 FR EUR 4,638,016 4,637,989 2.06 


Svenska Handelsbanken CP 0.11% 27/12/2012 SE EUR 3,373,103 3,372,526 1.50 

Deutsche Bank (Australia) CP 0.03% 19/12/2012 AU EUR 2,951,465 2,951,347 1.31 

Pohjola Bank CP 0.03% 09/11/2012 FI EUR 2,614,155 2,614,137 1.16 

Aviva CP 0.01% 19/11/2012 GB EUR 2,108,189 2,108,179 0.94 

Swedbank CP 0.05% 05/11/2012 SE EUR 2,108,189 2,108,177 0.94 


Mitsubishi UFJ T&B CD 0.06% 16/01/2013 JP EUR 2,108,189 2,107,922 0.94 

DnB NOR Bank CP 0.03% 05/11/2012 NO EUR 1,686,551 1,686,546 0.75 

Svenska Handelsbanken CP 0.34% 05/11/2012 SE EUR 1,686,551 1,686,488 0.75 


BPCE CP 0.025% 01/11/2012 FR EUR 1,264,914 1,264,914 0.56 

ABN Amro Bank CD 0.074% 05/12/2012 NL EUR 1,011,931 1,011,859 0.45 





158,947,856 70.57 


Bank Deposits 


14,774,493 6.56 


14,774,494 6.56 



Net Assets 225,224,815 100.00 

280 





UK GB 12.73 




Japan JP 8.42 











Fidelity 

Funds 

US Dollar Cash Fund 1 




USD 


Financials 

HSBC Bank 1.052% FRN 28/02/2013 EMTN GB USD 7,961,670 7,979,366 1.23 

7,979,366 1.23 


Financials 

National Australia Bank 0.831% FRN 08/01/2013 Reg S AU USD 1,119,610 1,120,752 0.17 

1,120,752 0.17 


Raboa CD 0.264% 27/11/2012 AU USD 19,904,174 19,900,296 3.08 

Natixis CP 0.28% 03/12/2012 FR USD 19,904,174 19,899,222 3.08 

Mizuho (Australia) Corp. Bank CD 0.195% 05/11/2012 AU USD 17,913,757 17,913,279 2.77 

Allianz Banking Group CP 0.22% 28/11/2012 DE USD 17,913,757 17,910,803 2.77 

Deutsche Bank London CP 0.25% 19/11/2012 GB USD 15,923,340 15,921,350 2.46 

FMS Wertmanagement CP 0.49% 28/11/2012 DE USD 15,923,340 15,917,500 2.46 

BNP Paribas CD 0.352% 01/02/2013 FR USD 15,923,340 15,909,110 2.46 

Landeskreditbank CP 0.27% 03/01/2013 DE USD 15,425,735 15,418,452 2.39 

Svenska Handelsbanken CP 0.345% 02/11/2012 SE USD 14,928,131 14,927,988 2.31 

Bank Nederlandse Gemeenten CP 0.29% 05/11/2012 NL USD 14,928,131 14,927,650 2.31 

Nederlandse Waterschapsbank CP 0.305% % 11/05/12 NL USD 14,928,131 14,927,625 2.31 

Caisse des Depots CP 0.35% 05/11/2012 FR USD 14,928,131 14,927,551 2.31 

KA Finanz CP 0.40% 06/11/2012 AT USD 14,928,131 14,927,303 2.31 

Austria CP 0.21% 13/11/2012 AT USD 14,928,131 14,927,086 2.31 

Standard Chartered Bank CP 0.34% 13/11/2012 GB USD 14,928,131 14,926,440 2.31 

Credit Agricole (Australia) CP 0.33% 15/11/2012 AU USD 14,928,131 14,926,216 2.31 

Sumitomo CP 0.24% 26/11/2012 GB USD 14,928,131 14,925,643 2.31 

Sumitomo CP 0.24% 27/11/2012 GB USD 14,928,131 14,925,544 2.31 

Erste Abwicklungsanstalt CP 0.240% 27/11/2012 DE USD 14,928,131 14,925,543 2.31 

Deka CP 0.30% 03/12/2012 DE USD 14,928,131 14,924,151 2.31 

Bank of Tokyo-Mitsubishi CD 0.296% 04/01/2013 AU USD 14,928,131 14,924,028 2.31 

SMBCE CD 0.27% 07/01/2013 GB USD 14,928,131 14,920,635 2.31 

Nordea Bank CP 0.22% 24/01/2013 SE USD 14,928,131 14,920,474 2.31 

SMBCE CD 0.251% 16/01/2013 GB USD 14,928,131 14,920,257 2.31 

Landeskreditbank CP 0.26% 15/01/2013 DE USD 14,928,131 14,920,050 2.31 

HSBC France CD 0.261% 22/01/2013 FR USD 14,928,131 14,919,296 2.31 

Caisse des Depots CP 0.265% 22/01/2013 FR USD 14,928,131 14,919,128 2.31 

Nordea Bank CP 0.28% 15/04/2013 SE USD 14,928,131 14,909,000 2.31 

FMS Wertmanagement CP 0.33% 27/03/2013 DE USD 14,928,131 14,908,182 2.31 

Svenska Handelsbanken CP 0.28% 02/05/2013 SE USD 14,928,131 14,907,145 2.31 

Svenska Handelsbanken CD 0.33% 30/11/2012 SE USD 13,932,922 13,932,978 2.16 

Allianz Banking Group CP 0.31% 28/12/2012 DE USD 13,932,922 13,926,091 2.15 

BNP Paribas CD 0.341% 14/01/2013 FR USD 13,932,922 13,923,193 2.15 

Mizuho (Australia) CD 0.244% 09/11/2012 AU USD 12,937,713 12,936,937 2.00 

Deutsche Bank London CP 0.31% 04/01/2013 GB USD 12,937,713 12,930,589 2.00 

Nederlandse Waterschapsbank CP 0.29% 19/11/2012 NL USD 11,942,505 11,940,775 1.85 

TFA CP 0.18% 26/11/2012 AU USD 11,146,338 11,144,945 1.72 

Bank of Tokyo-Mitsubishi UFJ CD 0.290% 21/11/2012 JP USD 9,952,087 9,950,429 1.54 

Credit Agricole (Australia) CP 0.32% 26/11/2012 AU USD 9,952,087 9,949,876 1.54 

Rabobank Nederland (Australia) CP 0.37% 03/12/2012 AU USD 9,952,087 9,948,818 1.54 

Netherlands CP 0.23% 17/01/2013 NL USD 8,459,274 8,455,115 1.31 

HSBC France CD 0.26% 04/01/2013 FR USD 7,961,670 7,957,992 1.23 

Bank of Tokyo-Mitsubishi CD 0.257% 04/01/2013 AU USD 4,976,044 4,975,484 0.77 

Credit Agricole CIB (Australia) CP 0.32% 03/12/2012 AU USD 4,976,044 4,974,629 0.77 

Landesbank Hessen-Thuringen CP 0.20% 05/11/2012 DE USD 2,985,626 2,985,560 0.46 

617,010,358 95.46 



Bank Deposits 

Pohjola Bank TD 0.16% 01/11/2012 FI USD 39,808,349 39,808,349 6.16 

DnB NOR Bank TD 0.16% 01/11/2012 NO USD 15,640,625 15,640,625 2.42 

55,448,974 8.58 


55,448,975 8.58 


281 



USD 


Net Assets 646,350,484 100.00 





UK GB 17.24 







Japan JP 1.54 




Fidelity 

Funds 

MoneyBuilder Europe Fund 1,4,5 




EUR 


Energy 


BP GB GBP 55,935 308,349 2.72 

BG Group GB GBP 15,830 225,888 2.00 


Saipem IT EUR 3,087 107,010 0.95 



AMEC GB GBP 3,261 42,987 0.38 

Eni IT EUR 2,257 39,970 0.35 


Cie Generale de Geophysique - Veritas FR EUR 821 20,709 0.18 














Gold Oil* GB GBP 43,517 805 0.01 

FAR AU AUD 28,317 744 0.01 

1,559,898 13.78 

Utilities 



SSE GB GBP 1,259 22,662 0.20 


RWE DE EUR 480 16,932 0.15 



113,613 1.00 

Materials 






Umicore BE EUR 645 25,546 0.23 

Arkema FR EUR 350 24,590 0.22 

HeidelbergCement DE EUR 519 21,218 0.19 


Lanxess DE EUR 225 14,314 0.13 


Symrise DE EUR 443 12,278 0.11 

Linde DE EUR 92 11,942 0.11 


Banro CA CAD 3,128 11,004 0.10 


Sika (BR) CH CHF 5 7,561 0.07 

Kazakhmys GB GBP 832 7,333 0.06 











Ausgold AU AUD 3,819 488 0.00 

BASF DE EUR 1 57 0.00 


630,829 5.57 

Industrials 








282 



EUR 







Orkla NO NOK 2,722 16,594 0.15 

Alstom FR EUR 560 14,754 0.13 


GFK DE EUR 396 13,924 0.12 



Brammer GB GBP 3,878 11,585 0.10 


Eiffage FR EUR 345 9,142 0.08 



Sthree GB GBP 2,346 8,760 0.08 








XP Power SG GBP 125 1,517 0.01 



Experian IE GBP 6 79 0.00 

Babcock International Group GB GBP 3 40 0.00 


879,822 7.77 


SAP DE EUR 3,920 220,300 1.95 











Gemalto NL EUR 218 15,145 0.13 


Google (A) US USD 29 14,935 0.13 






Neopost FR EUR 219 9,253 0.08 

IQE GB GBP 22,055 8,776 0.08 



Alten FR EUR 344 8,354 0.07 


SDL GB GBP 1,256 8,288 0.07 

Brady GB GBP 6,505 8,210 0.07 









Globo GB GBP 12,965 3,728 0.03 


YOC DE EUR 244 1,830 0.02 

Ant GB GBP 3,938 979 0.01 


Spectris GB GBP 2 43 0.00 

846,097 7.47 



WPP IE GBP 19,632 195,185 1.72 




BMW DE EUR 1,577 96,936 0.86 




Fidelity 

Funds 

MoneyBuilder Europe Fund 1,4,5 - continued 




EUR 

PPR FR EUR 591 80,215 0.71 



Renault FR EUR 1,805 62,293 0.55 

Inditex ES EUR 545 53,622 0.47 


IPSOS FR EUR 1,526 41,376 0.37 




Informa CH GBP 5,680 28,267 0.25 



TF1 FR EUR 2,772 18,373 0.16 


ASOS GB GBP 539 15,126 0.13 








UBM IE GBP 1,283 11,165 0.10 




SHW DE EUR 332 9,605 0.08 


Modern Times Group (B) SE SEK 209 4,919 0.04 


Phorm SG GBP 4,308 3,857 0.03 





William Hill GB GBP 15 65 0.00 



Chime Communications GB GBP 9 24 0.00 

1,759,697 15.55 



Danone FR EUR 5,457 258,811 2.29 





Diageo GB GBP 4,031 88,784 0.78 




L’Oreal FR EUR 494 48,512 0.43 


Nutreco NL EUR 485 28,018 0.25 

Glanbia IE EUR 2,862 20,948 0.19 

Delhaize Group BE EUR 703 20,743 0.18 

Aryzta CH CHF 503 19,369 0.17 

Metro DE EUR 770 17,103 0.15 



Royal UNIBREW DK DKK 1 12 0.00 

1,618,467 14.30 

Healthcare 

Sanofi FR EUR 7,266 492,788 4.35 







Sorin IT EUR 17,218 31,182 0.28 




Nexus DE EUR 1,126 10,585 0.09 


Shire IE GBP 408 8,838 0.08 



Elekta (B) SE SEK 741 8,144 0.07 

Ossur IS DKK 6,744 6,871 0.06 





283 

Elan ADR IE USD 507 4,200 0.04 


Optos GB GBP 1,060 2,687 0.02 


1,365,667 12.06 



BT Group GB GBP 16,143 42,659 0.38 




384,442 3.40 

Financials 


UBS (Reg’d) CH CHF 24,148 279,350 2.47 







ICAP GB GBP 15,763 63,728 0.56 




Hannover Rueckversicherung (Reg’d) DE EUR 653 35,460 0.31 



Ageas BE EUR 1,477 29,000 0.26 








Avanza Bank Holding SE SEK 549 8,314 0.07 













Zurich Financial Services CH CHF 1 73 0.00 


1,760,894 15.56 





Marwyn Value Investors (B)* GB GBP 1,180 880 0.01 

20,039 0.18 


Industrials 



18,933 0.17 

Financials 


Aegon NL EUR 10,743 46,280 0.41 


102,977 0.91 



11,787 0.10 

Unlisted 



EUR 

Energy 



Burried Hill Energy* CY USD 2,631 4,057 0.04

Fidelity 

Funds 



20,318 0.18 

Utilities 



0 0.00 

Materials 




1,214 0.01 

Industrials 





2 0.00 



Cambridge Broadband Networks (Pref’d)* GB USD 1,074 828 0.01 



3,479 0.03 



0 0.00 

Healthcare 



1,003 0.01 






8,229 0.07 

Financials 




554 0.00 




MoneyBuilder Europe Fund 1,4,5 - continued 




EUR 

Linde EUR 66 8 0.00 

Nestle (Reg’d) CHF 73 5 0.00 

Volkswagen (Pref’d) EUR 37 4 0.00 

Sanoma EUR (8) 3 0.00 

Arnoldo Mondadori Editore EUR (11) 2 0.00 

Straumann Holdings (Reg’d) CHF (15) 2 0.00 

Stobart Group GBP (9) 1 0.00 

25 0.00 




EUR 



EUR EUR 






284 



















1,888 0.02 

Futures 



EUR 



(857) (0.01) 


Net Assets 11,319,808 100.00 




EUR EUR 


UK GB 39.06 





Italy IT 2.69 


Spain ES 1.99 





USA US 0.53 
















Fidelity 

Funds 

MoneyBuilder European Bond Fund 1,4,5 




EUR 


Energy 


Eni 3.75% 27/06/2019 EMTN IT EUR 4,830 5,269 0.17 






22,071 0.72 

Utilities 

CEZ 4.875% 16/04/2025 EMTN CZ EUR 8,694 10,339 0.34 



















Intergen 8.50% 30/06/2017 Reg S NL EUR 946 894 0.03 

EDP Finance 6.625% 09/08/2017 EMTN NL GBP 553 712 0.02 








74,856 2.44 

Materials 




Arkema 3.85% 30/04/2020 FR EUR 4,416 4,757 0.15 















Hidili Industry Int’l Development 1.50% 19/01/2015 KY CNY 5,559 694 0.02 

Metinvest 10.25% 20/05/2015 Reg S NL USD 830 659 0.02 

HeidelbergCement Fin Lux 7.50% 03/04/2020 LU EUR 553 632 0.02 





64,256 2.09 

Industrials 












285 



EUR 




Rexel 7.00% 17/12/2018 FR EUR 2,183 2,391 0.08 





Wendel 4.875% 26/05/2016 FR EUR 1,019 1,059 0.03 


Schaeffler Finance 7.75% 15/02/2017 Reg S NL EUR 917 1,012 0.03 




110,298 3.59 


Iliad 4.875% 01/06/2016 FR EUR 21,804 23,373 0.76 



NXP 3.507% FRN 15/10/2013 NL EUR 1,935 1,933 0.06 

30,197 0.98 




























Hyva Global 8.625% 24/03/2016 Reg S NL USD 1,310 947 0.03 

Fiat Finance & Trade 7.75% 17/10/2016 EMTN LU EUR 873 894 0.03 

Codere Fin. Lux. 8.25% 15/06/2015 Reg S (Secured) LU EUR 946 771 0.03 

Cyfrowy Polsat Finance 7.125% 20/05/2018 Reg S SE EUR 699 753 0.02 

Faurecia 9.375% 15/12/2016 EMTN FR EUR 655 717 0.02 

Thomas Cook 7.75% 22/06/2017 EMTN GB GBP 830 657 0.02 

Enterprise Inns 6.50% 06/12/2018 GB GBP 582 649 0.02 

Albea Beauty Holdings 8.75% 01/11/2019 Reg S LU EUR 597 614 0.02 





Truvo Subsidiary 8.50% 01/12/2014 Reg S (Defaulted)* US EUR 990 0 0.00 


98,558 3.21 














76,431 2.49 

Healthcare 





Fidelity 

Funds 

MoneyBuilder European Bond Fund 1,4,5 - continued 




EUR 




19,584 0.64 
















Tdc 4.375% 23/02/2018 Reg S DK EUR 1,932 2,191 0.07 










Matterhorn Mobile 5.421% FRN 15/05/2019 Reg S LU CHF 1,135 954 0.03 

VIP Finance (VimpelCom) 6.493% 02/02/2016 Reg S IE USD 1,106 912 0.03 

MTS Internation Funding 8.625% 22/06/2020 Reg S IE USD 902 861 0.03 

Sunrise Communications I 7.00% 31/12/2017 CHF Reg S LU CHF 873 779 0.03 

Telenet Finance V 6.25% 15/08/2022 Reg S LU EUR 728 753 0.02 



OTE 7.25% 12/02/2015 EMTN GB EUR 291 256 0.01 


102,283 3.33 

Financials 








KfW 1.25% 17/10/2019 DE EUR 14,628 14,618 0.48 



























RBS 5.125% 13/01/2024 GB GBP 4,692 6,956 0.23 











286 



EUR 















RBS 5.50% 23/03/2020 EMTN GB EUR 2,760 3,275 0.11 
























































Investec Bank 9.625% 17/02/2022 EMTN GB GBP 873 1,171 0.04 








Bank of Scotland CF 7.754% VRN (Perpetual) Reg S GB GBP 931 1,004 0.03 

Smurfit Kappa Acquisitions 5.125% 15/09/2018 Reg S IE EUR 975 1,004 0.03 

Santander Issuances 7.30% VRN 27/07/2019 ES GBP 830 994 0.03 

Society of Lloyd’s 7.421% VRN (Perpetual) GB GBP 786 956 0.03 

Barclays Bank 6.00% VRN (Perpetual) GB GBP 1,013 950 0.03 

Numericable Finance 12.375% 15/02/2019 Reg S LU EUR 815 943 0.03 

Wendel 5.875% 17/09/2019 EMTN FR EUR 902 929 0.03 

UniCredit 6.375% VRN 16/10/2018 EMTN IT GBP 830 909 0.03 

Direct Line Insurance Group 9.25% VRN 27/04/2042 GB GBP 655 905 0.03 

CSFB (EXIM of Ukraine) 5.793% VRN 09/02/2016 GB USD 1,310 868 0.03 

Barclays Bank 4.75% VRN (Perpetual) EMTN GB EUR 1,286 831 0.03

Fidelity 

Funds 





EUR 

Aviva 5.902% VRN (Perpetual) GB GBP 808 829 0.03 

Credit Agricole 4.13% VRN (Perpetual) FR EUR 1,019 799 0.03 

Danske Bank 5.684% VRN (Perpetual) EMTN DK GBP 713 799 0.03 

Assicurazioni Generali 6.416% VRN (Perpetual) IT GBP 902 798 0.03 

Broadgate Financing 1.504% FRN 05/01/2022 GB GBP 775 793 0.03 

LBG Capital No.1 6.439% 23/05/2020 GB EUR 844 789 0.03 

Numericable Finance 8.065% FRN 15/10/2018 Reg S LU EUR 786 787 0.03 

National Westminster Bank 6.50% 07/09/2021 GB GBP 582 730 0.02 

Bank St Petersburg (Pref’d) RU USD 469 726 0.02 

Mutual Securitisation 7.587% 30/09/2022* IE GBP 900 723 0.02 

Eksportfinans 3.00% 17/11/2014 NO USD 873 670 0.02 

BNP Paribas Capital Trust VI 5.868% VRN (Perpetual) US EUR 690 665 0.02 

Credit Agricole 5.00% VRN (Perpetual) FR GBP 702 655 0.02 

Unique Pub Finance 5.659% 30/06/2027 GB GBP 582 630 0.02 



Novae Group 6.50% 27/04/2017 GB GBP 498 596 0.02 

Commerzbank 6.375% 22/03/2019 EMTN DE EUR 597 591 0.02 


BSPB Fin. (Bk St Petersb) 7.63% VRN 25/07/2017 EMTN IE USD 795 566 0.02 

Barclays Bank 2.062% FRN (Perpetual) GB GBP 873 565 0.02 




BPCE 4.75% VRN (Perpetual) FR EUR 873 499 0.02 









Blue Ocean Res. 11.00% 28/06/2012 Reg S (Defaulted) SG USD 437 119 0.00 




718,356 23.40 

Government 

Germany 0.50% 07/04/2017 DE EUR 142,276 143,034 4.66 

Germany 1.75% 04/07/2022 DE EUR 116,333 119,669 3.90 

Italy 4.25% 01/03/2020 IT EUR 102,284 102,196 3.33 

Italy 3.00% 15/06/2015 IT EUR 86,111 86,743 2.83 

France 3.00% 25/04/2022 FR EUR 74,105 79,576 2.59 

Spain 5.85% 31/01/2022 ES EUR 62,099 63,133 2.06 

Italy 5.00% 01/03/2022 IT EUR 56,303 57,538 1.87 

Germany 3.25% 04/07/2042 DE EUR 47,333 57,314 1.87 

Italy 4.00% 01/02/2017 IT EUR 55,199 56,434 1.84 

Spain 3.25% 30/04/2016 ES EUR 53,267 52,228 1.70 

Sweden 3.75% 12/08/2017 SE SEK 358,796 47,059 1.53 

Italy 5.00% 01/09/2040 IT EUR 35,880 33,413 1.09 

Germany 2.50% 27/02/2015 DE EUR 29,601 31,284 1.02 

Spain 4.30% 31/10/2019 ES EUR 27,600 26,465 0.86 

Italy 4.50% 15/07/2015 IT EUR 23,184 24,195 0.79 

Germany 3.25% 04/07/2015 DE EUR 21,528 23,340 0.76 

Spain 4.75% 30/07/2014 ES EUR 19,320 19,901 0.65 


Spain 4.00% 30/07/2015 ES EUR 13,938 14,140 0.46 

Germany 1.75% 09/10/2015 DE EUR 13,179 13,811 0.45 


Germany 3.50% 04/07/2019 DE EUR 9,936 11,631 0.38 

Germany 1.50% 15/03/2013 DE EUR 11,293 11,354 0.37 


Belgium 4.00% 28/03/2032 BE EUR 8,280 9,193 0.30 



France 4.50% 25/04/2041 FR EUR 6,900 8,643 0.28 


France 4.00% 25/04/2055 FR EUR 5,451 6,375 0.21 

Spain 4.20% 30/07/2013 ES EUR 5,821 5,903 0.19 



Finland 2.75% 04/07/2028 FI EUR 552 588 0.02 

1,171,505 38.15 


Energy 






2,798 0.09 

287 



EUR 

Utilities 



7,792 0.25 

Materials 







Norcell Sweden Holding 2 10.75% 29/09/2019 144A SE EUR 961 1,035 0.03 


Midwest Vanadium 11.50% 15/02/2018 144A AU USD 597 320 0.01 

15,167 0.49 

Industrials 



Rexel 6.125% 15/12/2019 144A FR USD 1,455 1,164 0.04 


11,889 0.39 












20,404 0.66 





12,891 0.42 

Healthcare 






12,883 0.42 


OTE 4.625% 20/05/2016 GB EUR 4,555 3,594 0.12 




Virgin Media Finance 4.875% 15/02/2022 GB USD 867 679 0.02 

Matterhorn Mobile Holdings 8.25% 15/02/2020 Reg S LU EUR 553 604 0.02 

Clearwire Communications 12.00% 01/12/2017 144A US USD 700 599 0.02 


OTE 5.00% 05/08/2013 EMTN GB EUR 378 365 0.01 




11,961 0.39 

Financials 

















Wind Acquisition Holdings Fin. 12.25% 15/07/2017 144A LU USD 1,514 999 0.03

Fidelity 

Funds 

Proud 1 A 0.569% FRN 18/08/2017 FR EUR 1,021 963 0.03 

Steel Capital (Severstal) 6.25% 26/07/2016 Reg S LU USD 1,164 946 0.03 

Renhe Commercial Holdings 13.00% 10/03/2016 Reg S KY USD 2,037 835 0.03 

RBS Capital Trust III 5.512% VRN (Perpetual) US USD 1,383 741 0.02 

Mapfre 5.921% VRN 24/07/2037 ES EUR 873 664 0.02 

Societe Generale 5.922% VRN (Perpetual) Reg S FR USD 975 631 0.02 

Bankia 3.625% 05/10/2016 ES EUR 640 576 0.02 


Bankia 3.50% 14/12/2015 ES EUR 349 326 0.01 





147,323 4.80 

Government 

Spain 4.90% 30/07/2040 ES EUR 12,972 10,465 0.34 

France 2.50% 12/01/2014 FR EUR 7,038 7,241 0.24 



Portugal 4.75% 14/06/2019 PT EUR 1,048 886 0.03 

31,455 1.02 



204,286 6.65 

Unlisted 

Energy 




11 0.00 

Industrials 

Nobina* SE SEK 444 516 0.02 


839 0.03 


Gallery Capital* LU USD 1 856 0.03 




856 0.03 

Financials 





0 0.00 







EUR 



EUR 





Bought protection on Codere Finance 20/09/2015 EUR 946 182 0.01 















1,340 0.04 

288 




EUR EUR 


































Bought EUR Sold GBP at 1.27154 20/11/2012 938 21 0.00 








Bought CHF Sold EUR at 1.21598 20/11/2012 654 5 0.00 



Bought GBP Sold EUR at 0.80803 20/11/2012 645 3 0.00 







Bought EUR Sold USD at 0.77019 20/11/2012 994 (1) (0.00) 

Bought GBP Sold EUR at 0.80172 20/11/2012 726 (2) (0.00) 



Bought CHF Sold EUR at 1.20005 20/11/2012 916 (5) (0.00) 









Bought SEK Sold EUR at 8.27430 20/11/2012 592 (22) (0.00) 





















21,158 0.69

Fidelity 

Funds 

Futures 










827 0.03 


Net Assets 3,070,540 100.00 




EUR 





Spain ES 9.04 


UK GB 8.52 


USA US 4.97 











Japan JP 0.33 
















289

Fidelity 

Funds 

MoneyBuilder Global Fund 1,4,5 




EUR 


Energy 


BG Group GB GBP 14,463 206,381 1.21 

BP GB GBP 30,686 169,160 0.99 


Saipem IT EUR 3,351 116,157 0.68 



Chevron US USD 1,001 84,572 0.50 


AMEC GB GBP 2,804 36,956 0.22 

CNOOC CN HKD 22,010 35,087 0.21 




Technip FR EUR 349 30,317 0.18 





PTT (F) TH THB 2,385 18,954 0.11 



Apache US USD 284 18,043 0.11 



Inpex JP JPY 4 15,628 0.09 








Ensco (A) GB USD 241 10,641 0.06 






EQT US USD 141 6,591 0.04 















Formosa Petrochemical TW TWD 1,513 3,369 0.02 


PTT Exploration & Production (F) TH THB 745 3,101 0.02 




S-Oil KR KRW 36 2,496 0.01 


Cameco CA CAD 112 1,663 0.01 

Indo Tambangraya Megah ID IDR 422 1,373 0.01 

Sapurakencana Petroleum MY MYR 2,157 1,365 0.01 

Toyo Kanetsu JP JPY 864 1,292 0.01 


Thai Oil (F) TH THB 602 1,002 0.01 

China Oilfield Services (H) CN HKD 643 933 0.01 

Petronas Dagangan MY MYR 152 846 0.00 

Gold Oil* GB GBP 30,787 569 0.00 

Anton Oilfield Services Group CN HKD 2,292 530 0.00 

FAR AU AUD 20,033 526 0.00 

Bumi Armada MY MYR 520 513 0.00 

Harum Energy ID IDR 857 370 0.00 

Medco Energi Internasional ID IDR 2,419 306 0.00 

Bumi Resources ID IDR 4,972 263 0.00 

Adaro Energy ID IDR 2,035 223 0.00 

1,913,756 11.25 

290 



EUR 

Utilities 





PPL US USD 338 7,700 0.05 

Exelon US USD 253 6,965 0.04 


PG&E US USD 161 5,277 0.03 


AES US USD 464 3,738 0.02 


Tenaga Nasional MY MYR 1,880 3,293 0.02 






Petronas Gas MY MYR 377 1,863 0.01 

Glow Energy (F) TH THB 865 1,548 0.01 

Huaneng Power International (H) CN HKD 1,665 1,022 0.01 

China Longyuan Power Group (H) CN HKD 2,016 1,005 0.01 


Eastern Water Resources Development and Mgmt (F) TH THB 1,849 588 0.00 

YTL Power International MY MYR 1,428 586 0.00 

Thai Tap Water Supply (F) TH THB 2,209 437 0.00 

113,429 0.67 

Materials 





Mosaic US USD 652 26,338 0.15 












Linde DE EUR 100 12,981 0.08 




LG Chem KR KRW 51 11,001 0.06 


Lanxess DE EUR 159 10,127 0.06 




Umicore BE EUR 217 8,608 0.05 

Ecolab US USD 161 8,577 0.05 

Symrise DE EUR 302 8,371 0.05 



Banro CA CAD 2,213 7,785 0.05 











Sika (BR) CH CHF 3 5,349 0.03 






Toray Industries JP JPY 962 4,321 0.03 





Sumitomo Metal Mining JP JPY 362 3,666 0.02 





Fidelity 

Funds 

MoneyBuilder Global Fund 1,4,5 - continued 




EUR 

Poongsan KR KRW 156 3,485 0.02 


Siam Cement (F) (Reg’d) TH THB 293 3,039 0.02 


Kuraray JP JPY 331 2,957 0.02 


Daicel JP JPY 614 2,836 0.02 






PTT Global Chemical (F) TH THB 1,377 2,095 0.01 




Nihon Nohyaku JP JPY 509 1,739 0.01 

Indocement Tunggal Prakarsa ID IDR 995 1,704 0.01 



Zeon JP JPY 251 1,393 0.01 


Anhui Conch Cement (H) CN HKD 526 1,386 0.01 



Nitta Gelatin JP JPY 206 1,282 0.01 



Taiheiyo Cement JP JPY 628 1,031 0.01 

West China Cement CN HKD 7,422 1,024 0.01 

Jiangxi Copper (H) CN HKD 487 961 0.01 

Alkane Resources AU AUD 1,417 957 0.01 

JSP JP JPY 93 924 0.01 

Maruichi Steel Tube JP JPY 56 898 0.01 

Ta Ann Holdings MY MYR 807 773 0.00 

Daiken JP JPY 442 750 0.00 

FP JP JPY 13 736 0.00 


China Steel TW TWD 1,086 714 0.00 

Siam City Cement (F) TH THB 63 669 0.00 

Nan Ya Plastics TW TWD 491 662 0.00 

Taiwan Fertilizer TW TWD 321 585 0.00 



Zhaojin Mining Industry (H) CN HKD 303 390 0.00 

BBMG (H) CN HKD 594 389 0.00 

Toyo Ink SC Holdings JP JPY 131 371 0.00 

Nittetsu Mining JP JPY 116 359 0.00 


Timah Persero ID IDR 3,013 345 0.00 

Tasek MY MYR 97 336 0.00 

Shandong Chenming Paper Holdings (H) CN HKD 1,077 306 0.00 


Stella Chemifa JP JPY 19 277 0.00 

Yushiro Chemical Industry JP JPY 37 271 0.00 

Nine Dragons Paper Holdings HK HKD 440 236 0.00 

Fufeng Group HK HKD 466 136 0.00 



Tangshan Jidong Cement (A) CN CNY 62 82 0.00 



864,965 5.08 

Industrials 








Danaher US USD 829 33,127 0.19 




Equifax US USD 663 25,624 0.15 




Seek AU AUD 4,353 23,183 0.14 






Cummins US USD 276 19,863 0.12 

Kubota JP JPY 2,524 19,851 0.12 


291 



EUR 









ADT US USD 415 13,114 0.08 




Mitsubishi JP JPY 772 10,598 0.06 





GFK DE EUR 280 9,851 0.06 


Boeing US USD 173 9,382 0.06 





Brammer GB GBP 2,743 8,196 0.05 


FedEx US USD 105 7,420 0.04 






Samsung Heavy Industries KR KRW 265 6,212 0.04 


Sthree GB GBP 1,660 6,197 0.04 




CSX US USD 366 5,791 0.03 


TK KR KRW 280 5,453 0.03 

Fraser and Neave SG SGD 881 5,076 0.03 


Deere & Co US USD 77 5,033 0.03 


SMA Solar Technology DE EUR 282 4,660 0.03 

CTCI TW TWD 3,057 4,653 0.03 






Nichias JP JPY 1,012 3,819 0.02 

Sime Darby MY MYR 1,528 3,766 0.02 


Nitta JP JPY 303 3,588 0.02 


Keppel SG SGD 500 3,344 0.02 



Samsung C&T KR KRW 78 3,254 0.02 

Korean Air Lines KR KRW 89 3,087 0.02 



Marubeni JP JPY 520 2,594 0.02 

Noble Group HK SGD 2,952 2,422 0.01 



JGC JP JPY 86 2,279 0.01 




Hutchison Whampoa HK HKD 266 2,003 0.01 



Sinko Industries JP JPY 431 1,734 0.01 


Transasia Airways TW TWD 4,587 1,671 0.01 

Tsubakimoto Chain JP JPY 423 1,594 0.01 

LS KR KRW 25 1,550 0.01 


Zhuzhou CSR Times Electric (H) CN HKD 680 1,534 0.01 


Yungtay Engineering TW TWD 907 1,382 0.01 


ITOCHU JP JPY 172 1,326 0.01 


IJM MY MYR 1,015 1,282 0.01 


Airports of Thailand (F) TH THB 609 1,251 0.01

Fidelity 

Funds 





EUR 

Aida Engineering JP JPY 252 1,233 0.01 


Sino Thai Engineering & Construction (F) TH THB 2,135 1,144 0.01 

ComfortDelGro SG SGD 1,066 1,136 0.01 


XP Power SG GBP 88 1,073 0.01 


Colfax US USD 39 1,028 0.01 

Oiles JP JPY 70 1,007 0.01 

51job ADR CN USD 28 997 0.01 

JobStreet MY MYR 1,970 983 0.01 

WCT MY MYR 1,353 941 0.01 

CSR (H) CN HKD 1,571 937 0.01 

Toyo-Thai (F) TH THB 1,349 920 0.01 



Dialog Group MY MYR 1,432 866 0.01 

Daikin Industries JP JPY 33 709 0.00 

Tocalo JP JPY 63 704 0.00 

China Eastern Airlines (H) CN HKD 2,584 692 0.00 

China Automation Group CN HKD 3,575 650 0.00 

Hirano Tecseed (Kinzoku) JP JPY 150 638 0.00 

Eva Airways TW TWD 1,333 592 0.00 



SembCorp Industries SG SGD 171 583 0.00 

Thai Airways International (F) TH THB 988 572 0.00 

FANUC JP JPY 4 551 0.00 

Bangkok Expressway (F) TH THB 779 542 0.00 

China Railway Construction (H) CN HKD 653 495 0.00 

Gallant Venture SG SGD 2,830 488 0.00 

Dynasty Ceramic (F) TH THB 401 477 0.00 

Amtek Engineering SG SGD 1,198 452 0.00 

Wijaya Karya Persero ID IDR 4,099 450 0.00 

Hiwin Technologies TW TWD 90 445 0.00 

MISC MY MYR 388 415 0.00 

Singapore Airlines SG SGD 62 414 0.00 

China High Speed Transmission Equipment Group HK HKD 1,557 410 0.00 

Gamuda MY MYR 409 372 0.00 

Johnson Electric Holdings HK HKD 751 370 0.00 

Hisaka Works JP JPY 67 361 0.00 

Precious Shipping (F) TH THB 1,071 360 0.00 

China State Construction International Holdings HK HKD 392 357 0.00 

JP-Holdings (Japan) JP JPY 36 341 0.00 

Sichuan Expressway (H) CN HKD 1,313 328 0.00 

Express Transindo Utama ID IDR 6,533 294 0.00 



Shanghai Electric Group (H) CN HKD 780 242 0.00 

Kitz JP JPY 71 232 0.00 

China Airlines TW TWD 662 198 0.00 

SITC International Holdings CN HKD 857 175 0.00 


Shanghai Industrial Holdings HK HKD 70 173 0.00 

Petrosea ID IDR 1,289 145 0.00 


Sarin Technologies IL SGD 145 90 0.00 

AKR Corporindo ID IDR 247 88 0.00 

Nippon Parking Development JP JPY 2 88 0.00 



Daqin Railway (A) CN CNY 20 15 0.00 

1,417,749 8.33 


Apple US USD 405 186,195 1.09 

SAP DE EUR 3,283 184,486 1.08 

Google (A) US USD 272 141,927 0.83 













Oracle US USD 1,278 30,546 0.18 

eBay US USD 773 28,756 0.17 


Fiserv US USD 434 25,006 0.15 



SK Hynix KR KRW 1,169 20,458 0.12 



292 



EUR 





Gemalto NL EUR 225 15,693 0.09 









Altera US USD 513 11,946 0.07 


NVIDIA US USD 1,287 11,930 0.07 


NHN KR KRW 65 11,592 0.07 


NCSoft KR KRW 78 11,464 0.07 


LG Display KR KRW 463 10,558 0.06 

Visa (A) US USD 97 10,262 0.06 




EMC US USD 487 9,145 0.05 





Fujitsu JP JPY 2,515 7,440 0.04 

Hitachi JP JPY 1,818 7,415 0.04 


Kyocera JP JPY 96 6,531 0.04 


IQE GB GBP 15,603 6,209 0.04 




Alten FR EUR 244 5,910 0.03 



SDL GB GBP 889 5,864 0.03 


Brady GB GBP 4,602 5,808 0.03 



Otsuka JP JPY 83 5,215 0.03 

Xilinx US USD 206 5,187 0.03 



Canon JP JPY 190 4,747 0.03 

Sina CN USD 112 4,730 0.03 







VMware (A) US USD 68 4,385 0.03 


TDK JP JPY 147 4,237 0.02 



Gree JP JPY 295 3,952 0.02 

Intel US USD 232 3,891 0.02 



NetApp US USD 170 3,555 0.02 



Horiba JP JPY 162 3,403 0.02 

Radiant Opto-Electronics TW TWD 1,040 3,311 0.02 

ADTRAN US USD 256 3,309 0.02 

TXC TW TWD 2,429 3,232 0.02 


SBS Contents Hub KR KRW 275 3,173 0.02 

Silicon Works KR KRW 161 3,169 0.02 

Gamevil KR KRW 39 3,166 0.02 


SCSK JP JPY 240 3,145 0.02 

CJ E&M KR KRW 149 3,089 0.02 







Global Payments US USD 82 2,696 0.02

Fidelity 

Funds 





EUR 

Nidec JP JPY 49 2,685 0.02 


Globo GB GBP 9,172 2,638 0.02 

AU Optronics TW TWD 8,949 2,603 0.02 

Enigmo JP JPY 34 2,461 0.01 

Topcon JP JPY 673 2,458 0.01 

Origin Electric JP JPY 746 2,229 0.01 


Visual Photonics Epitaxy TW TWD 2,708 2,174 0.01 

Siliconware Precision Industries TW TWD 2,848 2,126 0.01 

GMO internet JP JPY 356 1,916 0.01 



United Microelectronics TW TWD 6,229 1,771 0.01 


Yokogawa Electric JP JPY 189 1,659 0.01 


Inotera Memories TW TWD 15,445 1,606 0.01 

Unimicron Technology TW TWD 1,962 1,537 0.01 


Silverlake Axis MY SGD 4,752 1,359 0.01 


YOC DE EUR 173 1,295 0.01 



Hollysys Automation Technologies CN USD 148 1,188 0.01 


Enplas JP JPY 40 1,091 0.01 

AsiaInfo-Linkage CN USD 133 1,053 0.01 


Catcher Technology TW TWD 293 974 0.01 

Kinsus Interconnect Technology TW TWD 446 939 0.01 

WeMade Entertainment KR KRW 25 861 0.01 

NSD JP JPY 109 804 0.00 

Toshiba JP JPY 281 801 0.00 

Epistar TW TWD 647 789 0.00 

CSE Global SG SGD 1,360 741 0.00 

Ant GB GBP 2,786 693 0.00 

Omron JP JPY 42 637 0.00 


CAC JP JPY 92 594 0.00 

PAX Global Technology HK HKD 4,231 579 0.00 

Maruwa Aichi JP JPY 24 555 0.00 

Qihoo 360 Technology ADR CN USD 34 538 0.00 

Shinko Shoji JP JPY 77 511 0.00 

ZTE (H) CN HKD 466 502 0.00 

SouFun Holdings ADR CN USD 36 498 0.00 

CMK (Japan) JP JPY 189 475 0.00 

WebCrew JP JPY 94 452 0.00 

Hitachi High-Technologies JP JPY 27 448 0.00 

Elec & Eltek International SG USD 261 444 0.00 

Ubic JP JPY 6 407 0.00 


ITC Networks JP JPY 48 296 0.00 

Venture SG SGD 55 267 0.00 


My EG Services MY MYR 1,257 247 0.00 

Ricoh JP JPY 30 193 0.00 

HTC TW TWD 34 188 0.00 


Astra Graphia ID IDR 1,600 179 0.00 


Hana Microelectronics TH THB 4 2 0.00 

2,209,989 12.99 




WPP IE GBP 16,967 168,692 0.99 



BMW DE EUR 1,223 75,169 0.44 


Inditex ES EUR 576 56,701 0.33 









PPR FR EUR 276 37,420 0.22 




Lowe’s US USD 1,277 31,734 0.19 


IPSOS FR EUR 1,131 30,650 0.18 

293 



EUR 

Renault FR EUR 856 29,553 0.17 












News (A) US USD 1,001 18,431 0.11 



Coach US USD 401 17,178 0.10 

Informa CH GBP 3,170 15,775 0.09 

TJX US USD 474 15,024 0.09 









Expedia US USD 274 12,584 0.07 



ASOS GB GBP 382 10,701 0.06 

PVH US USD 122 10,052 0.06 


Mattel US USD 339 9,611 0.06 



Makita JP JPY 310 9,457 0.06 

NIKE (B) US USD 130 9,107 0.05 






TF1 FR EUR 1,181 7,826 0.05 






Stanley Electric JP JPY 678 7,191 0.04 

VF US USD 60 7,161 0.04 

Target US USD 141 6,882 0.04 

SHW DE EUR 235 6,795 0.04 







Modetour Network KR KRW 272 5,891 0.03 




Cheil Industries KR KRW 83 5,467 0.03 



Dena JP JPY 214 5,139 0.03 

Big Lots US USD 221 4,957 0.03 






Pal JP JPY 108 4,255 0.03 


Kenda Rubber Industrial TW TWD 4,237 3,774 0.02 

Hyundai Wia KR KRW 28 3,457 0.02 


Jcontentree KR KRW 1,101 3,162 0.02 

Chiyoda JP JPY 136 3,003 0.02 

Genting Malaysia MY MYR 3,304 2,989 0.02 


Genting MY MYR 1,306 2,914 0.02 


Fields JP JPY 254 2,813 0.02 

Phorm SG GBP 3,048 2,729 0.02 


BEC World (F) TH THB 1,729 2,547 0.01 

Jardine Cycle & Carriage SG SGD 79 2,447 0.01 


Hikari Tsushin JP JPY 57 2,406 0.01

Fidelity 

Funds 





EUR 

Duskin JP JPY 159 2,326 0.01 


Rinnai JP JPY 43 2,280 0.01 


Singapore Press Holdings SG SGD 868 2,209 0.01 

Makalot Industrial TW TWD 806 1,863 0.01 

Tamron JP JPY 88 1,833 0.01 

HIS JP JPY 79 1,828 0.01 

Best Buy US USD 152 1,775 0.01 



Goldwin JP JPY 351 1,659 0.01 


Genting Singapore SG SGD 1,892 1,580 0.01 

Denso JP JPY 64 1,555 0.01 


Minor International (F) TH THB 3,272 1,499 0.01 

Li Ning CN HKD 3,652 1,486 0.01 



Media Prima MY MYR 2,471 1,420 0.01 

SJM Holdings HK HKD 850 1,416 0.01 


Yulon Motor TW TWD 994 1,330 0.01 



Isuzu Motors JP JPY 277 1,127 0.01 

Yulon Nissan Motor TW TWD 183 1,115 0.01 


Shimano JP JPY 21 1,033 0.01 

Samsonite International US HKD 638 1,016 0.01 


Cheil Worldwide KR KRW 67 996 0.01 

Wynn Macau CN HKD 448 973 0.01 

Johnson Health Tech TW TWD 511 950 0.01 

Goodbaby International Holdings CN HKD 3,714 947 0.01 

Media Chinese International HK MYR 2,158 897 0.01 

Modern Internasional ID IDR 14,951 886 0.01 

Arnest One JP JPY 76 864 0.01 

Nikon JP JPY 43 838 0.00 

Indorama Ventures (F) TH THB 1,253 835 0.00 

NOK JP JPY 68 835 0.00 

TAN Chong Motor Holdings MY MYR 748 835 0.00 

Phoenix Satellite Television Holdings HK HKD 3,160 770 0.00 

Courts Asia SG SGD 1,772 753 0.00 

Gree Electric Appliances (A) CN CNY 257 733 0.00 


Padini Holdings MY MYR 1,339 692 0.00 

New Oriental Education & Technology Group ADR CN USD 53 689 0.00 

Nitori Holdings JP JPY 10 659 0.00 

LES Enphants TW TWD 1,224 649 0.00 

Otsuka Kagu JP JPY 86 649 0.00 

Tianneng Power International HK HKD 1,237 641 0.00 

Brilliance China Automotive Holdings HK HKD 666 633 0.00 

China Lodging Group ADR CN USD 47 619 0.00 

Skyworth Digital Holdings HK HKD 1,494 617 0.00 

ESCRIT JP JPY 86 599 0.00 


TAL Education Group ADR CN USD 85 585 0.00 

DRB-Hicom MY MYR 910 569 0.00 

Television Broadcasts HK HKD 94 539 0.00 

Chaowei Power Holdings CN HKD 1,275 532 0.00 

Ramayana Lestari Sentosa ID IDR 5,956 529 0.00 

GuocoLeisure SG SGD 1,329 518 0.00 

Embry Holdings HK HKD 1,378 505 0.00 

SMI HK HKD 27,687 502 0.00 

APM Automotive Holdings MY MYR 395 486 0.00 

UMW Holdings MY MYR 191 481 0.00 

Tenfu Cayman Holdings CN HKD 1,000 477 0.00 

SA SA International Holdings HK HKD 889 468 0.00 

Largan Precision TW TWD 28 460 0.00 

Round One JP JPY 116 452 0.00 

Chow Tai Fook Jewellery Group HK HKD 475 450 0.00 

St Marc Holdings JP JPY 15 441 0.00 

Chong Hong Construction TW TWD 249 437 0.00 

Intime Department Store Group CN HKD 479 434 0.00 

SAIC Motor (A) CN CNY 264 422 0.00 

Wowprime TW TWD 39 414 0.00 

Geely Automobile Holdings HK HKD 1,148 377 0.00 

DKSH Holding CH CHF 8 370 0.00 

Hotai Motor TW TWD 67 367 0.00 

Calsonic Kansei JP JPY 116 361 0.00 

Prada IT HKD 57 356 0.00 

Global Mediacom ID IDR 1,740 317 0.00 

Canon Marketing Japan JP JPY 27 307 0.00 

Trinity HK HKD 540 290 0.00 

West Holdings JP JPY 27 261 0.00 



Hengdeli Holdings HK HKD 920 221 0.00 

294 



EUR 


Li & Fung HK HKD 167 214 0.00 

Media Nusantara Citra ID IDR 821 186 0.00 



Pou Sheng International Holdings HK HKD 2,761 135 0.00 

Gajah Tunggal ID IDR 746 130 0.00 

VGI Global Media TH THB 82 120 0.00 

Berjaya Sports Toto MY MYR 103 115 0.00 

Siam Global House TH THB 258 107 0.00 

Imagi International Holdings HK HKD 9,597 105 0.00 

Bona Film Group ADR CN USD 22 88 0.00 

Modern Internasional Rts 11/03/2013 ID IDR 4,485 68 0.00 

MNC Sky Vision ID IDR 350 61 0.00 

Surya Citra Media ID IDR 393 61 0.00 

Mecox Lane ADR CN USD 89 42 0.00 

TCL Multimedia Technology Holdings HK HKD 77 33 0.00 


2,496,414 14.67 



Danone FR EUR 4,713 223,525 1.31 


Diageo GB GBP 5,056 111,345 0.65 






L’Oreal FR EUR 591 58,049 0.34 









PepsiCo US USD 605 32,290 0.19 



Tesco GB GBP 6,297 25,045 0.15 




KT&G KR KRW 388 22,648 0.13 






Glanbia IE EUR 2,598 19,018 0.11 





Oriflame Cosmetics SDR LU SEK 825 17,576 0.10 

Pigeon JP JPY 452 16,028 0.09 


AVI ZA ZAR 2,959 15,029 0.09 




HJ Heinz US USD 327 14,508 0.09 









Aeon JP JPY 727 6,104 0.04 







CP ALL (F) TH THB 2,792 2,777 0.02 

IOI MY MYR 1,983 2,528 0.01 

Yaoko JP JPY 79 2,484 0.01 

Tingyi Cayman Islands Holding CN HKD 1,005 2,293 0.01 

Wilmar International SG SGD 1,067 2,076 0.01 


Charoen Pokphand Foods (F) TH THB 2,103 1,856 0.01 

Lawson JP JPY 33 1,843 0.01 

Kuala Lumpur Kepong MY MYR 331 1,788 0.01

Fidelity 

Funds 





EUR 

Unilever Indonesia ID IDR 849 1,770 0.01 

Genting Plantations MY MYR 713 1,614 0.01 


Kao JP JPY 67 1,451 0.01 

Petra Foods SG SGD 855 1,414 0.01 

Golden Agri-Resources SG SGD 3,502 1,377 0.01 



Thai Union Frozen Products (F) TH THB 685 1,235 0.01 

Charoen Pokphand Indonesia ID IDR 4,260 1,066 0.01 

Tesco TLGF TH THB 2,547 985 0.01 

Warabeya Nichiyo JP JPY 60 941 0.01 

British American Tobacco (Malaysia) MY MYR 58 918 0.01 

China Foods HK HKD 1,169 909 0.01 

Shenguan Holdings Group CN HKD 2,143 907 0.01 


Tsingtao Brewery (H) CN HKD 201 835 0.00 

QL Resources MY MYR 965 771 0.00 


Guan Chong MY MYR 1,466 702 0.00 

Dairy Farm International Holdings HK USD 81 698 0.00 

Thai Beverage TH SGD 2,528 693 0.00 

FamilyMart JP JPY 18 657 0.00 

Olam International SG SGD 478 590 0.00 

Indofood CBP Sukses Makmur ID IDR 994 569 0.00 

Sheng Siong Group SG SGD 1,827 547 0.00 

Uni-President China Holdings CN HKD 559 541 0.00 

Indofood Sukses Makmur ID IDR 1,045 477 0.00 

China Agri-Industries Holdings HK HKD 959 459 0.00 

Biostime International Holdings CN HKD 218 429 0.00 

Wumart Stores (H) CN HKD 312 426 0.00 

Kobayashi Pharmaceutical JP JPY 10 411 0.00 

Oldtown MY MYR 857 410 0.00 

Indofood Agri Resources SG SGD 472 374 0.00 

Sun Art Retail Group CN HKD 337 352 0.00 

Kobe Bussan JP JPY 15 302 0.00 

China Yurun Food Group CN HKD 526 295 0.00 

Standard Foods TW TWD 140 275 0.00 

Unicharm JP JPY 5 222 0.00 

Besunyen Holdings CN HKD 3,687 219 0.00 

China Modern Dairy Holdings CN HKD 1,078 215 0.00 

PPB Group MY MYR 27 93 0.00 


2,282,587 13.41 

Healthcare 

Sanofi FR EUR 4,868 330,121 1.94 



Pfizer US USD 6,738 129,558 0.76 








Merck & Co US USD 1,047 36,763 0.22 



Celgene US USD 429 24,311 0.14 


Humana US USD 295 16,836 0.10 





Elan ADR IE USD 1,513 12,537 0.07 



Stryker US USD 288 11,640 0.07 



MEDNAX US USD 203 10,681 0.06 


Amgen US USD 151 10,089 0.06 


Shire IE GBP 443 9,607 0.06 




Nikkiso JP JPY 873 8,033 0.05 


Nexus DE EUR 797 7,489 0.04 

Otsuka Holdings JP JPY 308 7,312 0.04 



Olympus JP JPY 470 6,318 0.04 


295 



EUR 


Aetna US USD 178 5,995 0.04 

Rohto Pharmaceutical JP JPY 565 5,989 0.04 


Elekta (B) SE SEK 524 5,762 0.03 




Ossur IS DKK 4,771 4,861 0.03 
















Yuhan KR KRW 18 2,340 0.01 


Sysmex JP JPY 59 2,138 0.01 


Optos GB GBP 750 1,901 0.01 



Bangkok Dusit Medical Services (F) TH THB 612 1,629 0.01 



Tsukui JP JPY 81 1,452 0.01 


WuXi PharmaTech Cayman ADR CN USD 129 1,416 0.01 



Mindray Medical International ADR CN USD 48 1,271 0.01 


KPJ Healthcare MY MYR 601 913 0.01 

Supermax MY MYR 1,658 844 0.00 

Tempo Scan Pacific ID IDR 3,139 810 0.00 

Nagaileben JP JPY 72 808 0.00 

Bumrungrad Hospital (F) TH THB 376 713 0.00 

Ship Healthcare Holdings JP JPY 25 644 0.00 

Hitachi Medical JP JPY 56 531 0.00 

Cordlife Group SG SGD 1,576 523 0.00 

Trauson Holdings CN HKD 960 384 0.00 


Uchiyama Holdings JP JPY 16 225 0.00 

Bangkok Dusit Medical Services NVDR TH THB 52 138 0.00 

Jiangsu Hengrui Medicine CN CNY 10 39 0.00 

1,843,331 10.83 






Telstra AU AUD 8,026 26,557 0.16 









AT&T US USD 344 9,169 0.05 

KDDI JP JPY 144 8,624 0.05 

Ziggo NL EUR 287 7,170 0.04 









DiGi.Com MY MYR 2,393 3,203 0.02 

Maxis MY MYR 1,796 3,150 0.02 



SK Broadband KR KRW 982 2,748 0.02 

Chunghwa Telecom TW TWD 843 2,023 0.01 

Shin (F) TH THB 1,180 1,853 0.01 

Daisy Group GB GBP 1,615 1,838 0.01

Fidelity 

Funds 





EUR 



Time dotCom MY MYR 1,259 1,111 0.01 

Total Access Communication (F) TH THB 479 1,041 0.01 

StarHub SG SGD 432 1,000 0.01 

XL Axiata ID IDR 1,782 977 0.01 

Softbank JP JPY 30 723 0.00 

Jasmine International (F) TH THB 5,607 678 0.00 


HKT Trust HK HKD 652 464 0.00 

China Communications Services (H) CN HKD 1,017 440 0.00 

Thaicom TH THB 726 398 0.00 

Indosat ID IDR 594 309 0.00 

O-Net Communications Group CN HKD 1,279 258 0.00 

523,313 3.08 

Financials 

UBS (Reg’d) CH CHF 19,464 225,166 1.32 
















Aon GB USD 1,099 45,586 0.27 

ICAP GB GBP 10,875 43,967 0.26 


ORIX JP JPY 438 34,607 0.20 














Invesco US USD 1,020 18,903 0.11 









Aeon Credit Service JP JPY 904 14,787 0.09 


Remgro ZA ZAR 1,105 14,581 0.09 





ACE CH USD 209 12,688 0.07 


MetLife US USD 440 11,955 0.07 













Swiss Re CH CHF 168 8,953 0.05 




Lazard (A) BM USD 362 8,223 0.05 




296 



EUR 






Oversea-Chinese Banking SG SGD 1,218 6,964 0.04 


Kinnevik Investment (B) SE SEK 466 6,874 0.04 






Nomura Real Estate Holdings JP JPY 429 5,921 0.03 












KB Financial Group KR KRW 188 4,905 0.03 







SLM US USD 330 4,448 0.03 



Loews US USD 126 4,107 0.02 

DBS Group Holdings SG SGD 470 4,105 0.02 



Sony Financial Holdings JP JPY 292 4,003 0.02 








E.Sun Financial Holding TW TWD 9,966 3,825 0.02 







Suruga Bank JP JPY 371 3,426 0.02 


Yuanta Financial Holding TW TWD 9,776 3,381 0.02 



Chailease Holding TW TWD 2,315 3,154 0.02 



Cathay Financial Holding TW TWD 3,977 3,058 0.02 

Sun Hung Kai Properties HK HKD 283 3,018 0.02 


Prince Housing & Development TW TWD 5,712 2,941 0.02 




Resona Holdings JP JPY 840 2,795 0.02 


Public Bank MY MYR 690 2,767 0.02 

SinoPac Financial Holdings TW TWD 9,236 2,734 0.02 







Daibiru JP JPY 382 2,383 0.01 





Tokyo Tatemono JP JPY 688 2,176 0.01 





Iida Home Max JP JPY 299 2,026 0.01

Fidelity 

Funds 





EUR 


Mitsubishi Estate JP JPY 128 1,948 0.01 




City Developments SG SGD 254 1,823 0.01 



Singapore Exchange SG SGD 386 1,632 0.01 

Shizuoka Bank JP JPY 202 1,592 0.01 



AMMB Holdings MY MYR 872 1,403 0.01 

Mitsui Fudosan JP JPY 90 1,398 0.01 


Aozora Bank JP JPY 625 1,358 0.01 



Hang Lung Properties HK HKD 492 1,311 0.01 


UOL Group SG SGD 356 1,269 0.01 

CapitaMalls Malaysia Trust MY MYR 2,701 1,225 0.01 



Bank Danamon (Indonesia) ID IDR 2,366 1,155 0.01 


First Financial Holding TW TWD 2,598 1,130 0.01 

Hong Leong Bank MY MYR 292 1,082 0.01 

Central Pattana (F) TH THB 597 1,058 0.01 

Hemaraj Land and Development NVDR TH THB 13,068 1,028 0.01 

Bank Negara Indonesia Persero ID IDR 3,294 1,015 0.01 

UEM Land Holdings MY MYR 1,830 977 0.01 

Toho Real Estate JP JPY 229 964 0.01 

Supalai (F) TH THB 1,973 947 0.01 


NTT Urban Development JP JPY 1 937 0.01 

Ascott Residence Trust SG SGD 1,115 896 0.01 

Link REIT HK HKD 228 874 0.01 

CITIC Securities (H) CN HKD 562 807 0.00 

Lippo Karawaci ID IDR 10,035 747 0.00 

Ascendas India Trust SG SGD 1,517 727 0.00 

BTS Group Holdings TH THB 4,926 716 0.00 

Pruksa Real Estate (F) TH THB 1,424 699 0.00 

Tokyu Land JP JPY 160 690 0.00 

Longfor Properties CN HKD 501 677 0.00 


Wheelock & HK HKD 193 647 0.00 

Multi-Purpose Holdings MY MYR 702 642 0.00 

Westfield Retail Trust AU AUD 257 637 0.00 

Airport Facilities JP JPY 178 631 0.00 

RHB Capital MY MYR 317 599 0.00 

Wing Tai Holdings SG SGD 534 582 0.00 

Keppel Land SG SGD 259 552 0.00 

Hong Kong Exchanges and Clearing HK HKD 43 543 0.00 

Hang Lung Group HK HKD 117 533 0.00 

Sawada Holdings JP JPY 119 506 0.00 

LPN Development (F) TH THB 1,102 500 0.00 

Amata (F) TH THB 1,240 478 0.00 

Dexus Property Group AU AUD 595 468 0.00 

Haitong Securities (H) CN HKD 474 465 0.00 

Panin Financial ID IDR 40,873 435 0.00 

GPT Group AU AUD 151 429 0.00 

ORIX JREIT JP JPY 1 410 0.00 

J Trust JP JPY 36 407 0.00 

IGB MY MYR 650 400 0.00 

Daiwa House Industry JP JPY 34 397 0.00 

Public Bank (F) MY MYR 96 382 0.00 

SM Prime Holdings PH PHP 1,358 369 0.00 

Nomura Real Estate Office Fund JP JPY 1 365 0.00 

Ho Bee Investment SG SGD 365 340 0.00 

Land and Houses (F) TH THB 1,488 320 0.00 

Mori Hills REIT Investment JP JPY 1 315 0.00 

Advance Residence Investment JP JPY 1 305 0.00 

Lippo Cikarang ID IDR 976 291 0.00 

Nippon Building Fund JP JPY 1 281 0.00 

Robinsons Land PH PHP 781 278 0.00 

KLCC Property Holdings MY MYR 177 265 0.00 

Fortune Real Estate Investment Trust SG HKD 423 257 0.00 

Nippon Accommodations Fund JP JPY 1 253 0.00 

CDL Hospitality Trusts SG SGD 206 252 0.00 

Japan Excellent JP JPY 1 239 0.00 

CapitaCommercial Trust SG SGD 235 232 0.00 

China Vanke (A) CN CNY 224 230 0.00 

Kenedix Realty Investment JP JPY 1 228 0.00 

Bank of Ayudhya (F) TH THB 294 218 0.00 

Top REIT JP JPY 1 218 0.00 

Sunway Real Estate Investment Trust MY MYR 550 212 0.00 

Singapore Land SG SGD 36 158 0.00 

Mirvac Group AU AUD 131 157 0.00 

297 



EUR 

Guangzhou R&F Properties (H) CN HKD 153 143 0.00 

Japan Real Estate Investment JP JPY 1 125 0.00 

Sinyi Realty TW TWD 103 105 0.00 

Radium Life Tech TW TWD 215 102 0.00 

Sunlight Real Estate Investment Trust HK HKD 321 101 0.00 

Hysan Development HK HKD 28 96 0.00 

Agung Podomoro Land ID IDR 2,995 88 0.00 

Prosperity REIT HK HKD 357 79 0.00 

Sunway Wts 17/08/2016 MY MYR 345 33 0.00 

Hemaraj Land and Development (F) TH THB 413 32 0.00 

IGB Real Estate Investment Trust MY MYR 22 7 0.00 


2,880,166 16.93 






Frasers Commercial Trust SG SGD 624 489 0.00 

14,667 0.09 



UBS (Gree Electric Appliances (A)) ELN 01/07/2014 CN USD 928 2,648 0.02 


BNP (Daqin Railway (A)) ELN 20/08/2013 NL USD 1,298 968 0.01 

BNP (Gree Electric Appliances (A)) ELN 20/08/2013 NL USD 317 905 0.01 

BNP (Ping An Insurance Group (A)) ELN 20/08/2013 NL USD 164 787 0.00 

UBS (China Vanke (A)) ELN 15/07/2013 CN USD 698 717 0.00 

BNP (CITIC Securities (A)) ELN 20/08/2013 NL USD 482 648 0.00 

BNP (China Merchants Securities (A)) ELN 20/08/2013 NL USD 522 616 0.00 

BNP (China Vanke (A)) ELN 05/05/2014 CN USD 583 599 0.00 


UBS (Yonyou Software (A)) ELN 31/12/2012 CN USD 407 557 0.00 

BNP (SAIC Motor (A)) ELN 20/08/2013 NL USD 319 510 0.00 

BNP (Tangshan Jidong Cement (A)) ELN 20/08/2013 NL USD 377 499 0.00 

UBS (Daqin Railway (A)) ELN 16/04/2013 CN USD 381 285 0.00 

UBS (CITIC Securities (A)) ELN 16/09/2013 CN USD 207 279 0.00 

GSI (CITIC Securities (A)) ELN 05/05/2015 CN USD 162 218 0.00 

BNP (China Pacific Insurance Group (A)) ELN 20/08/2013 NL USD 96 212 0.00 

UBS (Ping An Insurance Group (A)) ELN 07/06/2013 CN USD 34 162 0.00 

UBS (Tangshan Jidong Cement (A)) ELN 08/12/2014 GB USD 104 138 0.00 

GSI (China Vanke (A)) ELN 30/06/2015 CN USD 124 128 0.00 

DB (China Merchants Securities (A)) ELN 03/03/2016 CN USD 106 125 0.00 

ML (SAIC Motor (A)) ELN 24/06/2016 GB USD 64 102 0.00 

GSI (China Merchants Securities (A)) ELN 16/02/2016 CN USD 85 101 0.00 

GSI (Daqin Railway (A)) ELN 24/06/2016 CN USD 84 62 0.00 

UBS (Zhejiang Baoxiniao Garment (A)) ELN 30/12/2014 GB USD 41 53 0.00 

UBS (Kweichow Moutai (A)) ELN 09/07/2015 CN USD 1 44 0.00 

DB (Daqin Railway (A)) ELN 23/05/2016 CN USD 28 21 0.00 

UBS (China Merchants Securities (A)) ELN 14/02/2014 CN USD 12 14 0.00 

16,944 0.10 


Energy 


18,138 0.11 

Industrials 


Lung Yen Life Service TW TWD 235 554 0.00 


21,134 0.12 


Phison Electronics TW TWD 287 1,689 0.01 

Chipbond Technology TW TWD 1,196 1,551 0.01 

Simplo Technology TW TWD 144 543 0.00 

3,783 0.02 

Healthcare 


5,384 0.03 

Financials 





44,391 0.26

Fidelity 

Funds 




18,163 0.11 

Unlisted 





EUR 

Energy 






14,374 0.08 

Utilities 



0 0.00 

Materials 




860 0.01 

Industrials 

Asia Aviation NVDR TH THB 3,573 409 0.00 

Toyo-Thai NVDR TH THB 282 192 0.00 


Dialog Group Wts 16/02/2017 MY MYR 125 13 0.00 




688 0.00 







3,082 0.02 


Big C Supercenter NVDR TH THB 116 543 0.00 

Modern Internasional Placing ID IDR 1,439 75 0.00 


Peace Mark Holdings* HK HKD 976 0 0.00 

618 0.00 


Felda Global Ventures Holdings* MY MYR 905 1,050 0.01 

1,050 0.01 

Healthcare 

TMO Renewables (Placing)* GB GBP 2,403 710 0.00 


710 0.00 







12,173 0.07 

Financials 

Bank of Ayudhya NVDR TH THB 1,625 1,205 0.01 



Bangkok Life Assurance NVDR TH THB 131 138 0.00 

Asian Property Development NVDR TH THB 461 100 0.00 


LPN Development NVDR TH THB 157 71 0.00 



2,283 0.01 

298 



DB (CITIC Securities (A)) ELN 07/08/2020 CN USD 53 71 0.00 

DB (Ping An Insurance Group (A)) ELN 27/02/2017 CN USD 10 48 0.00 

191 0.00 






EUR EUR 
























1,337 0.01 

Futures 



EUR 



EUR 

Euro Stoxx 50 Future 21/12/2012 EUR (90,811) 3,220 0.02 

FTSE 100 Index Future 21/12/2012 GBP (8,257) 183 0.00 

3,403 0.02 


Net Assets 17,016,474 100.00

Fidelity 

Funds 





USA US 24.82 

UK GB 19.98 


Japan JP 7.27 





Korea KR 2.62 

China CN 2.53 




Spain ES 1.25 



Italy IT 0.83 















India IN 0.14 




Kenya KE 0.05 


Peru PE 0.04 










299

Fidelity 

Funds 

Diversified Income Fund 1,5 




HKD 


Energy 

CNOOC CN HKD 1,298 20,804 0.34 


Oil Search AU AUD 158 9,383 0.16 


Royal Dutch Shell (Netherlands) (A) NL EUR 33 8,681 0.14 

Valero Energy 6.625% 15/06/2037 US USD 699 6,753 0.11 

Petrohawk Energy 7.25% 15/08/2018 US USD 751 6,638 0.11 


BP GB GBP 109 6,045 0.10 


BG Group GB GBP 42 5,967 0.10 

Chevron US USD 6 5,239 0.09 



Marathon Oil 2.80% 01/11/2022 US USD 632 4,934 0.08 

Kunlun Energy HK HKD 335 4,793 0.08 

Korea Resources 4.125% 19/05/2015 KR USD 561 4,619 0.08 

Gaz Capital (Gazprom) 3.755% 15/03/2017 Reg S LU EUR 429 4,475 0.07 

Saipem IT EUR 12 4,117 0.07 

Weatherford Bermuda 5.95% 15/04/2042 BM USD 472 3,994 0.07 

Noble Holding International 5.25% 15/03/2042 KY USD 451 3,950 0.07 

PTT (F) TH THB 45 3,616 0.06 

JX Holdings JP JPY 87 3,563 0.06 



Weatherford Bermuda 4.50% 15/04/2022 BM USD 401 3,313 0.05 

MOL Group Finance 6.25% 26/09/2019 EMTN LU USD 386 3,032 0.05 

Marathon Oil 0.90% 01/11/2015 US USD 372 2,889 0.05 

CNOOC Finance 2011 4.25% 26/01/2021 Reg S VG USD 319 2,723 0.05 

Western Gas Partners 4.00% 01/07/2022 US USD 322 2,653 0.04 

Enbridge Energy Partners 5.20% 15/03/2020 US USD 279 2,524 0.04 

Anadarko Petroleum 6.20% 15/03/2040 US USD 250 2,463 0.04 

BG Energy Capital 6.50% VRN 30/11/2072 GB USD 290 2,454 0.04 

Gaz Capital (Gazprom) 8.125% 31/07/2014 Reg S LU USD 286 2,434 0.04 

Eni IT EUR 13 2,376 0.04 

IPIC GMTN 3.75% 01/03/2017 Reg S KY USD 286 2,355 0.04 


PTT Exploration & Production (F) TH THB 51 2,131 0.04 

Noble Holding International 3.05% 01/03/2016 KY USD 243 1,974 0.03 


IPIC GMTN 6.875% 14/03/2026 EMTN KY GBP 120 1,873 0.03 

Frontier Oil 6.875% 15/11/2018 US USD 221 1,823 0.03 



IPIC GMTN 5.50% 01/03/2022 Reg S KY USD 200 1,793 0.03 


Gaz Capital (Gazprom) 5.364% 31/10/2014 EMTN LU EUR 160 1,717 0.03 


Apache US USD 3 1,663 0.03 

S-Oil KR KRW 2 1,663 0.03 

IPIC GMTN 5.875% 14/03/2021 Reg S KY EUR 140 1,650 0.03 

Gazprom Int’l (Gazprom) 7.201% 01/02/2020 Reg S LU USD 179 1,555 0.03 




Plains All American Pipeline 8.75% 01/05/2019 US USD 120 1,250 0.02 

El Paso Pipeline Partners Operating 7.50% 15/11/2040 US USD 112 1,195 0.02 


AMEC GB GBP 9 1,163 0.02 


Inpex JP JPY 1 1,096 0.02 





Formosa Petrochemical TW TWD 37 839 0.01 


Japan Petroleum Exploration JP JPY 3 776 0.01 

EQT US USD 2 752 0.01 

Indo Tambangraya Megah ID IDR 22 717 0.01 

Baytex Energy CA CAD 2 714 0.01 

Ensco (A) GB USD 2 690 0.01 

Thai Oil (F) TH THB 41 689 0.01 

Anadarko Petroleum US USD 1 683 0.01 

Amerisur Resources GB GBP 115 676 0.01 

Denbury Resources 8.25% 15/02/2020 US USD 74 653 0.01 

National Oilwell Varco US USD 1 641 0.01 

Crescent Point Energy CA CAD 2 636 0.01 

Ophir Energy GB GBP 9 606 0.01 

Royal Dutch Shell (A) NL GBP 2 604 0.01 

Schlumberger US USD 1 573 0.01 

Talisman Energy CA CAD 7 572 0.01 

300 



HKD 


Statoil NO NOK 3 510 0.01 

Atlas Pipeline Lp/Fin Co 8.75% 15/06/2018 US USD 60 497 0.01 

Anton Oilfield Services Group CN HKD 194 450 0.01 

Total FR EUR 1 416 0.01 

Royal Dutch Shell ADR NL USD 1 413 0.01 

Weatherford International 6.75% 15/09/2040 BM USD 43 393 0.01 

Cameco CA CAD 2 358 0.01 


Hunting GB GBP 3 318 0.01 

Lukoil OAO RU USD 1 301 0.00 

MOL Hungarian Oil and Gas HU HUF 1 288 0.00 

Petroceltic International IE GBP 321 276 0.00 

Ichor Coal DE EUR 6 271 0.00 

Exillon Energy RU GBP 14 268 0.00 

Rowan Companies (A) US USD 1 268 0.00 


Faroe Petroleum GB GBP 14 258 0.00 

Sapurakencana Petroleum MY MYR 38 240 0.00 

Energy Transfer Equity 7.50% 15/10/2020 US USD 26 227 0.00 



Pacific Rubiales Energy CO CAD 1 208 0.00 


Petroleo Brasileiro (Pref’d) ADR BR USD 1 183 0.00 

Teekay 8.50% 15/01/2020 MH USD 22 181 0.00 

Ferrellgas Partners 8.625% 15/06/2020 US USD 21 161 0.00 

Petroleo Brasileiro ADR BR USD 1 161 0.00 

Medco Energi Internasional ID IDR 126 160 0.00 

Forest Oil Corporation 7.25% 15/06/2019 US USD 19 153 0.00 

Surgutneftegas (Pref’d) RU USD 32 153 0.00 

Petronas Dagangan MY MYR 3 149 0.00 

Bumi Resources ID IDR 258 137 0.00 

Newfield Exploration 6.875% 01/02/2020 US USD 16 133 0.00 



Adaro Energy ID IDR 106 116 0.00 





Bumi Armada MY MYR 9 90 0.00 

Tesoro 5.375% 01/10/2022 US USD 10 83 0.00 


Tesoro 4.25% 01/10/2017 US USD 9 74 0.00 



Africa Oil CA CAD 1 54 0.00 

Gold Oil* GB GBP 217 40 0.00 



FAR AU AUD 141 37 0.00 



Sasol ZA ZAR 1 31 0.00 

Toyo Kanetsu JP JPY 2 27 0.00 

HRT Participacoes em Petroleo BR BRL 1 22 0.00 



Tullow Oil GB GBP 1 21 0.00 

Petroleo Brasileiro (Pref’d) BR BRL 1 20 0.00 



258,024 4.27 

Utilities 

Edison Spa 3.875% 10/11/2017 EMTN IT EUR 678 7,299 0.12 

South East Water Finance 5.583% 29/03/2029 GB GBP 385 5,603 0.09 

Terna Rete Elettrica Nazionale 2.875% 16/02/2018 EMTN IT EUR 458 4,674 0.08 

First Hydro Finance 9.00% 31/07/2021 GB GBP 307 4,673 0.08 

Centrica 4.375% 13/03/2029 EMTN GB GBP 319 4,309 0.07 

ENW Finance 6.125% 21/07/2021 EMTN GB GBP 279 4,225 0.07 

Duke Energy 3.05% 15/08/2022 US USD 515 4,110 0.07 

ENN Energy Holdings CN HKD 95 3,049 0.05 

Wales & West Utilities Fin. 6.75% VRN 17/12/2036 EMTN GB GBP 199 2,937 0.05 

China Resources Power Holdings HK HKD 169 2,797 0.05 

China Resources Gas Group HK HKD 150 2,568 0.04 

Snam 5.25% 19/09/2022 EMTN IT EUR 229 2,505 0.04 

Perusahaan Listrik Negar 5.25% 24/10/2042 Reg S ID USD 315 2,503 0.04 

Centrica 4.25% 12/09/2044 EMTN GB GBP 199 2,448 0.04 

Western Power Distribution S. West 5.75% 23/03/2040 GB GBP 160 2,358 0.04 

Eastern Power Networks 6.25% 12/11/2036 EMTN GB GBP 148 2,327 0.04 

Gas Natural Capital Markets 6.00% 27/01/2020 EMTN ES EUR 215 2,317 0.04 

Alliander 2.875% 14/06/2024 EMTN NL EUR 219 2,276 0.04 




Fidelity 

Funds 

Diversified Income Fund 1,5 - continued 




HKD 

Korea Midland Power 5.375% 11/02/2013 KR USD 286 2,243 0.04 

Sempra Energy 2.875% 01/10/2022 US USD 272 2,150 0.04 

Huaneng Power International (H) CN HKD 340 2,097 0.03 

EDP Finance 5.75% 21/09/2017 EMTN NL EUR 199 2,056 0.03 

Korea Electric Power 5.50% 21/07/2014 Reg S KR USD 234 1,938 0.03 

Korea Southern Power 5.375% 18/04/2013 Reg S KR USD 243 1,921 0.03 



Thames Water Utilities Cayman 6.125% 04/02/2013 EMTN KY EUR 160 1,627 0.03 


PPL Energy Supply 6.50% 01/05/2018 US USD 152 1,385 0.02 

Perusahaan Gas Negara Persero (B) ID IDR 367 1,372 0.02 


Korea Hydro & Nuclear Power 6.25% 17/06/2014 Reg S KR USD 150 1,255 0.02 

Iberdrola ES EUR 30 1,208 0.02 

Glow Energy (F) TH THB 59 1,064 0.02 

Energy Future Intermediate Holding 10.00% 01/12/2020 US USD 113 996 0.02 

Dominion Resources US USD 2 956 0.02 

PPL US USD 4 878 0.01 

China Longyuan Power Group (H) CN HKD 170 853 0.01 

Alabama Power 5.20% 15/01/2016 US USD 85 753 0.01 

GDF Suez FR EUR 4 734 0.01 

Abu Dhabi National Energy 4.125% 13/03/2017 Reg S AE USD 86 712 0.01 

Tenaga Nasional MY MYR 33 578 0.01 

Electricite de France FR EUR 3 450 0.01 

FirstEnergy US USD 1 438 0.01 

Centrica GB GBP 10 411 0.01 

Eastern Water Resources Development and Mgmt (F) TH THB 126 404 0.01 


PG&E US USD 1 389 0.01 

Gas Natural SDG ES EUR 3 357 0.01 

NextEra Energy US USD 1 351 0.01 

E.ON DE EUR 2 337 0.01 

Genon Americas Genr 8.50% 01/10/2021 US USD 40 337 0.01 


Petronas Gas MY MYR 7 327 0.01 

AES 8.00% 15/10/2017 US USD 35 313 0.01 

Thai Tap Water Supply (F) TH THB 151 301 0.00 

AES US USD 3 275 0.00 

NRG Energy US USD 2 257 0.00 

SSE GB GBP 1 247 0.00 

Helius Energy GB GBP 117 229 0.00 

RWE DE EUR 1 190 0.00 

NV Energy 6.25% 15/11/2020 US USD 19 175 0.00 

Modern Water GB GBP 27 145 0.00 


GenOn Americas Generation 9.125% 01/05/2031 US USD 16 132 0.00 

Cia Energetica de Minas Gerais ADR BR USD 1 119 0.00 

YTL Power International MY MYR 25 103 0.00 

AES 7.75% 15/10/2015 US USD 10 90 0.00 

Fortum FI EUR 1 89 0.00 


Cia Paranaense de Energia ADR BR USD 1 57 0.00 





103,557 1.71 

Materials 

BHP Billiton (Australia) AU AUD 50 13,711 0.23 


LG Chem KR KRW 3 7,331 0.12 

Dow Chemical 4.125% 15/11/2021 US USD 858 7,274 0.12 

Freeport-McMoRan Copper & Gold 3.55% 01/03/2022 US USD 726 5,739 0.09 



China Resources Cement Holdings HK HKD 696 3,631 0.06 

Formosa Chemicals & Fibre TW TWD 196 3,580 0.06 

Ball 5.00% 15/03/2022 US USD 429 3,523 0.06 

Rio Tinto Finance (USA) 9.00% 01/05/2019 AU USD 319 3,409 0.06 

Rexam 6.75% 01/06/2013 Reg S GB USD 419 3,369 0.06 


Formosa Plastics TW TWD 157 3,299 0.05 

James Hardie Industries IE AUD 43 3,186 0.05 


Anhui Conch Cement (H) CN HKD 107 2,843 0.05 


Taiwan Cement TW TWD 268 2,642 0.04 

Arkema 3.85% 30/04/2020 FR EUR 239 2,593 0.04 

HeidelbergCement Fin Lux 9.50% 15/12/2018 EMTN LU EUR 199 2,467 0.04 

Asahi Kasei JP JPY 57 2,444 0.04 

Vale 5.625% 11/09/2042 BR USD 286 2,369 0.04 

PTT Global Chemical 4.25% 19/09/2022 Reg S TH USD 293 2,343 0.04 


Eastman Chemical 2.40% 01/06/2017 US USD 286 2,304 0.04 

China National Building Material (H) CN HKD 217 2,121 0.04 

AngloGold Holdings 5.375% 15/04/2020 GB USD 259 2,102 0.03 

Vale 3.75% 10/01/2023 EMTN BR EUR 207 2,094 0.03 

301 



HKD 



Jiangxi Copper (H) CN HKD 99 1,972 0.03 


Akzo Nobel Sweden Finance 2.625% 27/07/2022 EMTN SE EUR 180 1,789 0.03 

BHP Billiton Finance 3.25% 25/09/2024 EMTN AU GBP 143 1,780 0.03 


Ube Industries JP JPY 98 1,739 0.03 

Lee & Man Paper Manufacturing HK HKD 419 1,692 0.03 


Vale Overseas Limited 4.375% 11/01/2022 KY USD 193 1,592 0.03 

Linde DE EUR 1 1,569 0.03 

AZ Electronic Materials GB GBP 35 1,542 0.03 


Semen Gresik Persero ID IDR 126 1,507 0.02 

China Shanshui Cement Group CN HKD 252 1,440 0.02 

Mosaic US USD 4 1,440 0.02 

PTT Global Chemical (F) TH THB 94 1,440 0.02 



Independence Group NL AU AUD 42 1,334 0.02 


Taiwan Fertilizer TW TWD 65 1,200 0.02 

Agrium CA CAD 1 1,190 0.02 






Arkema FR EUR 1 984 0.02 

Ecolab US USD 2 978 0.02 

Goldcorp CA CAD 3 939 0.02 

Indocement Tunggal Prakarsa ID IDR 52 890 0.01 

PPG Industries US USD 1 881 0.01 

West China Cement CN HKD 627 869 0.01 

BBMG (H) CN HKD 121 799 0.01 

Shin-Etsu Chemical JP JPY 2 734 0.01 

CF Industries Holdings US USD 1 712 0.01 

First Quantum Minerals CA CAD 4 643 0.01 

Fuchs Petrolub DE EUR 1 619 0.01 

Air Liquide FR EUR 1 584 0.01 

Kenmare Resources IE GBP 117 576 0.01 

Yamato Kogyo JP JPY 3 572 0.01 

Banro CA CAD 16 552 0.01 

Albemarle US USD 1 540 0.01 

Agnico-Eagle Mines CA CAD 1 535 0.01 

Newmont Mining US USD 1 475 0.01 


Eldorado Gold CA CAD 4 466 0.01 


Siam City Cement (F) TH THB 4 460 0.01 


HeidelbergCement DE EUR 1 379 0.01 

Sika (BR) CH CHF 1 379 0.01 

Grupo Mexico (B) MX MXN 15 376 0.01 


Showa Denko KK JP JPY 31 366 0.01 


Central Asia Metals GB GBP 29 353 0.01 


Tiger Resources AU AUD 129 319 0.01 

Fufeng Group HK HKD 95 279 0.00 


Mineral Deposits AU AUD 7 269 0.00 

Accsys Technologies GB EUR 173 265 0.00 

Shandong Chenming Paper Holdings (H) CN HKD 91 260 0.00 

BASF DE EUR 1 250 0.00 


Rockwood Specialties Gro 4.625% 15/10/2020 US USD 28 221 0.00 

Toray Industries JP JPY 5 217 0.00 

Cemex 5.470% FRN 30/09/2015 144A MX USD 28 215 0.00 




Timah Persero ID IDR 156 180 0.00 

China Steel TW TWD 27 178 0.00 

Industrias Penoles MX MXN 1 168 0.00 

Tokyo Ohka Kogyo JP JPY 1 166 0.00 

Nan Ya Plastics TW TWD 12 165 0.00 


CAP CL CLP 1 152 0.00 

Kuraray JP JPY 2 149 0.00 

Daicel JP JPY 3 143 0.00 

Ormonde Mining IE GBP 169 140 0.00 

Vale (Pref’d) ADR BR USD 1 138 0.00 

Ta Ann Holdings MY MYR 14 136 0.00 


Harmony Gold Mining ZA ZAR 2 116 0.00 


Polar Star Mining CA CAD 71 102 0.00

Fidelity 

Funds 





HKD 

Nihon Parkerizing JP JPY 1 101 0.00 

Antofagasta GB GBP 1 93 0.00 

Mexichem MX MXN 2 88 0.00 

Nihon Nohyaku JP JPY 3 87 0.00 

Duratex BR BRL 2 81 0.00 

Volcan Cia Minera (B) PE PEN 9 71 0.00 

Zeon JP JPY 1 70 0.00 


Nissan Chemical Industries JP JPY 1 68 0.00 

Nippon Kayaku JP JPY 1 66 0.00 

Hitachi Metals JP JPY 1 60 0.00 

Tasek MY MYR 2 59 0.00 


Olympus Pacific Minerals CDI CA AUD 35 51 0.00 


Braskem BR BRL 1 40 0.00 

Polymetal International RU GBP 1 40 0.00 


FP JP JPY 1 37 0.00 

Eurotin CA CAD 27 36 0.00 

Nampak ZA ZAR 1 31 0.00 


AngloGold Ashanti ZA ZAR 1 21 0.00 

JSP JP JPY 1 21 0.00 







DRDGOLD ZA ZAR 2 10 0.00 


Consolidated Infrastructure Group ZA ZAR 1 5 0.00 


182,799 3.02 

Industrials 


Seek AU AUD 165 8,850 0.15 

Sydney Airport AU AUD 285 7,766 0.13 


Mitsui & Co JP JPY 44 4,800 0.08 



Great Rolling Stock 6.25% 27/07/2020 EMTN GB GBP 299 4,470 0.07 



SP Manweb 4.875% 20/09/2027 EMTN GB GBP 319 4,119 0.07 


HIT Finance 5.75% 09/03/2018 NL EUR 359 3,909 0.06 



Glencore Finance Europe 4.125% 03/04/2018 LU EUR 339 3,646 0.06 

TK KR KRW 19 3,633 0.06 



Glencore Finance Europe 5.25% 22/03/2017 EMTN LU EUR 299 3,350 0.06 

PSA International 5.90% 29/06/2016 Reg S SG USD 359 3,209 0.05 




Brambles AU AUD 52 3,047 0.05 

Sumitomo Electric Industries JP JPY 36 3,017 0.05 




ST Engeneering Financial 1 4.80% 16/07/2019 EMTN SG USD 286 2,563 0.04 



PSA International 4.625% 11/09/2019 SG USD 279 2,480 0.04 


Zhuzhou CSR Times Electric (H) CN HKD 106 2,415 0.04 


Keppel SG SGD 35 2,364 0.04 




Aspire Defence Finance (A) 4.674% 31/03/2040 GB GBP 160 2,097 0.03 



CSR (H) CN HKD 321 1,921 0.03 

Rolls-Royce 6.75% 30/04/2019 GB GBP 120 1,890 0.03 

Fedex 2.625% 01/08/2022 US USD 239 1,874 0.03 

China Shipping Container Lines (H) CN HKD 912 1,867 0.03 



Eversholt Funding 5.831% 02/12/2020 EMTN GB GBP 120 1,756 0.03 

Air China (H) CN HKD 320 1,751 0.03 

Noble Group HK SGD 208 1,712 0.03 

302 



HKD 

51job ADR CN USD 5 1,695 0.03 

Danaher US USD 4 1,690 0.03 

Guangshen Railway (H) CN HKD 604 1,605 0.03 

Ryanair Holdings IE EUR 35 1,587 0.03 

MTR (Cayman Islands) 2.00% 12/04/2017 Reg S KY USD 200 1,585 0.03 


Sumitomo JP JPY 14 1,471 0.02 

Zoomlion Heavy Industry Science and Technology (H) CN HKD 141 1,454 0.02 

China Eastern Airlines (H) CN HKD 527 1,419 0.02 

Dongfang Electric (H) CN HKD 109 1,409 0.02 


General Electric 4.125% 09/10/2042 US USD 160 1,287 0.02 

Eva Airways TW TWD 272 1,214 0.02 


China COSCO Holdings (H) CN HKD 316 1,212 0.02 


CSX US USD 7 1,170 0.02 

CTCI TW TWD 76 1,159 0.02 



China State Construction International Holdings HK HKD 122 1,118 0.02 



Boeing US USD 2 1,070 0.02 

LS KR KRW 2 1,033 0.02 


China Railway Construction (H) CN HKD 133 1,016 0.02 

China Everbright International HK HKD 253 1,003 0.02 


ADT US USD 3 914 0.02 

Wolseley CH GBP 3 901 0.01 

Hutchison Port Holdings Trust SG USD 149 898 0.01 


Airports of Thailand (F) TH THB 42 860 0.01 


FedEx US USD 1 846 0.01 

GFK DE EUR 2 846 0.01 

Alstom FR EUR 3 823 0.01 

ComfortDelGro SG SGD 75 803 0.01 

Sino Thai Engineering & Construction (F) TH THB 146 786 0.01 

Mitsubishi JP JPY 6 776 0.01 

Johnson Electric Holdings HK HKD 153 759 0.01 

Parker Hannifin US USD 1 753 0.01 


Burlington Northern Santa Fe 5.05% 01/03/2041 US USD 79 720 0.01 

Bertrandt DE EUR 1 706 0.01 

Secom JP JPY 2 682 0.01 

Sime Darby MY MYR 27 662 0.01 

Jasa Marga Persero ID IDR 141 659 0.01 


A.P. Moller-Maersk (B) DK DKK 1 650 0.01 

Obayashi JP JPY 19 644 0.01 

Toyo-Thai (F) TH THB 92 632 0.01 

Pembangunan Perumahan Persero ID IDR 939 582 0.01 

Brammer GB GBP 19 581 0.01 

China Automation Group CN HKD 302 552 0.01 

Atlas Copco (A) SE SEK 3 543 0.01 

Travis Perkins GB GBP 4 522 0.01 

Sandvik SE SEK 5 515 0.01 



Amadeus Fire DE EUR 1 441 0.01 

Sthree GB GBP 12 439 0.01 

Transasia Airways TW TWD 114 416 0.01 

SembCorp Industries SG SGD 12 412 0.01 

Kubota JP JPY 5 409 0.01 

China Airlines TW TWD 135 406 0.01 


Thai Airways International (F) TH THB 68 393 0.01 

IMI GB GBP 3 379 0.01 

Bangkok Expressway (F) TH THB 53 373 0.01 





China High Speed Transmission Equipment Group HK HKD 131 348 0.01 

Gallant Venture SG SGD 199 345 0.01 


Silverdell GB GBP 200 329 0.01 

Dynasty Ceramic (F) TH THB 27 328 0.01 

Societe BIC FR EUR 1 326 0.01 

Amtek Engineering SG SGD 84 319 0.01 

Orkla NO NOK 5 296 0.00 

Singapore Airlines SG SGD 4 293 0.00 

Sichuan Expressway (H) CN HKD 111 278 0.00 




Blue Label Telecoms ZA ZAR 44 265 0.00 

Precious Shipping (F) TH THB 73 248 0.00

Fidelity 

Funds 





HKD 

Wijaya Karya Persero ID IDR 213 235 0.00 






IJM MY MYR 18 225 0.00 

Alfa (A) MX MXN 16 224 0.00 

Meritor 8.125% 15/09/2015 US USD 27 208 0.00 

MISUMI Group JP JPY 1 198 0.00 

JobStreet MY MYR 34 173 0.00 

WCT MY MYR 24 165 0.00 

Eiffage FR EUR 1 163 0.00 


Express Transindo Utama ID IDR 339 153 0.00 

Clean Air Power GB GBP 145 152 0.00 

Dialog Group MY MYR 25 152 0.00 



Copa Holdings (A) PA USD 1 136 0.00 

LIXIL Group JP JPY 1 136 0.00 


Marubeni JP JPY 3 130 0.00 

Colfax US USD 1 117 0.00 

JGC JP JPY 1 115 0.00 

SMC (Japan) JP JPY 1 114 0.00 

Hitachi Transport System JP JPY 1 112 0.00 

Hiwin Technologies TW TWD 2 111 0.00 


Aeon Delight JP JPY 1 90 0.00 

Tsubakimoto Chain JP JPY 2 80 0.00 

Kintetsu World Express JP JPY 1 76 0.00 

Petrosea ID IDR 67 76 0.00 

Toyo Engineering JP JPY 2 76 0.00 



MISC MY MYR 7 73 0.00 


ITOCHU JP JPY 1 67 0.00 

Bidvest Group ZA ZAR 1 66 0.00 

East Japan Railway JP JPY 1 66 0.00 

Gamuda MY MYR 7 65 0.00 


Aida Engineering JP JPY 1 62 0.00 

Anixter 5.625% 01/05/2019 US USD 7 61 0.00 


Oiles JP JPY 1 51 0.00 


WEG BR BRL 1 49 0.00 

Industries Qatar QA QAR 1 48 0.00 

Wilson Bayly Holmes-Ovcon ZA ZAR 1 47 0.00 


Empresas ICA MX MXN 3 46 0.00 



Salfacorp CL CLP 2 30 0.00 

Nitta JP JPY 1 29 0.00 


Industrias Romi BR BRL 1 23 0.00 










249,374 4.12 




Apple US USD 4 20,385 0.34 

Hon Hai Precision Industry TW TWD 638 14,909 0.25 


SK Hynix KR KRW 77 13,632 0.23 

Google (A) US USD 2 12,910 0.21 


SAP DE EUR 14 8,048 0.13 

NHN KR KRW 4 7,724 0.13 




Oracle US USD 22 5,237 0.09 

Sina CN USD 11 4,678 0.08 


Iliad 4.875% 01/06/2016 FR EUR 399 4,300 0.07 


303 



HKD 

Novatek Microelectronics TW TWD 139 4,031 0.07 





Delta Electronics TW TWD 127 3,341 0.06 


eBay US USD 9 3,251 0.05 

Lenovo Group CN HKD 520 3,216 0.05 





Kingsoft CN HKD 582 2,599 0.04 




Fujitsu JP JPY 70 2,087 0.03 

Hitachi JP JPY 51 2,080 0.03 

CJ E&M KR KRW 10 2,058 0.03 

Tyco Electronics Group 3.50% 03/02/2022 LU USD 239 1,921 0.03 


Fiserv US USD 3 1,742 0.03 


Xerox 4.50% 15/05/2021 US USD 207 1,696 0.03 

Radiant Opto-Electronics TW TWD 49 1,581 0.03 


Hewlett-Packard 4.65% 09/12/2021 US USD 193 1,501 0.02 




Advanced Semiconductor Engineering TW TWD 202 1,171 0.02 

Visa (A) US USD 1 1,170 0.02 

TDK JP JPY 4 1,136 0.02 

AU Optronics TW TWD 387 1,131 0.02 

Qihoo 360 Technology ADR CN USD 7 1,103 0.02 



GameLoft FR EUR 19 982 0.02 

Monitise GB GBP 208 963 0.02 

Silverlake Axis MY SGD 334 961 0.02 

Facebook (A) US USD 6 942 0.02 

Electronic Arts US USD 10 921 0.02 

Planet Payment US GBP 44 908 0.02 


IAC Inter Active Corp US USD 2 878 0.01 

IBS Group Holding GDR RU EUR 5 877 0.01 

EMC US USD 5 860 0.01 

Lam Research US USD 3 832 0.01 

NVIDIA US USD 9 831 0.01 

Nuance Communications US USD 5 815 0.01 

TXC TW TWD 60 805 0.01 

WPG Holdings TW TWD 85 787 0.01 


Gemalto NL EUR 1 760 0.01 


United Microelectronics TW TWD 263 750 0.01 

Moneysupermarket.com Group GB GBP 43 720 0.01 

Maxim Integrated Products US USD 3 714 0.01 

Tong Hsing Electronic Industries TW TWD 26 688 0.01 

Playtech GB GBP 13 683 0.01 

Accenture (A) IE USD 1 682 0.01 


eAccess JP JPY 1 637 0.01 

Altera US USD 3 603 0.01 

Juniper Networks US USD 5 598 0.01 

WANdisco GB GBP 12 597 0.01 


EVS Broadcast Equipment BE EUR 1 573 0.01 

Visual Photonics Epitaxy TW TWD 67 541 0.01 

United Internet (Reg’d) DE EUR 3 530 0.01 

Siliconware Precision Industries TW TWD 71 529 0.01 

Kingdee International Software Group CN HKD 329 527 0.01 

CSE Global SG SGD 96 524 0.01 

NXP Semiconductor NL USD 3 511 0.01 

VMware (A) US USD 1 500 0.01 

PAX Global Technology HK HKD 357 491 0.01 


VeriFone Systems US USD 2 457 0.01 

STMicroelectronics CH EUR 10 444 0.01 

IQE GB GBP 110 440 0.01 

Ubisense Group GB GBP 16 437 0.01 

Aveva Group GB GBP 2 434 0.01 

ZTE (H) CN HKD 39 426 0.01 


Alten FR EUR 2 419 0.01 

Wolfson Microelectronics GB GBP 16 418 0.01 

SDL GB GBP 6 416 0.01 


Brady GB GBP 32 412 0.01

Fidelity 

Funds 





HKD 

Inotera Memories TW TWD 383 400 0.01 

BMC Software US USD 1 389 0.01 

HTC TW TWD 7 386 0.01 

Unimicron Technology TW TWD 49 383 0.01 

ADTRAN US USD 3 377 0.01 

Sage Group GB GBP 10 376 0.01 

Microgen GB GBP 22 370 0.01 

Capcom JP JPY 2 351 0.01 

Canon JP JPY 1 347 0.01 

Micronas Semiconductor Holding (Reg’d) CH CHF 5 333 0.01 

Stanley Gibbons Group GB GBP 12 328 0.01 


Elec & Eltek International SG USD 18 314 0.01 

Ffastfill GB GBP 191 313 0.01 

Vizrt (Norway) IL NOK 11 283 0.00 

Otsuka JP JPY 1 262 0.00 

RIB Software DE EUR 5 256 0.00 

Tokyo Electron JP JPY 1 251 0.00 

Catcher Technology TW TWD 7 242 0.00 

Arrow Electronics US USD 1 235 0.00 

Kinsus Interconnect Technology TW TWD 11 234 0.00 

SCSK JP JPY 2 230 0.00 

Telefonaktiebolaget LM Ericsson (B) SE SEK 3 221 0.00 

Microsaic Systems GB GBP 40 201 0.00 


Epistar TW TWD 16 196 0.00 



Globo GB GBP 65 187 0.00 

Horiba JP JPY 1 171 0.00 

Murata Manufacturing JP JPY 1 147 0.00 

Nidec JP JPY 1 135 0.00 


Wacom (Japan) JP JPY 1 110 0.00 


Astra Graphia ID IDR 83 94 0.00 


YOC DE EUR 1 92 0.00 

Yokogawa Electric JP JPY 1 83 0.00 

Itochu Techno-Solutions JP JPY 1 82 0.00 



Lasertec JP JPY 1 63 0.00 

Nuflare Technology JP JPY 1 61 0.00 


Anritsu JP JPY 1 58 0.00 

Citizen Holdings JP JPY 1 55 0.00 

Enplas JP JPY 1 55 0.00 

Yahoo Japan JP JPY 1 52 0.00 

Ant GB GBP 20 49 0.00 

Totvs BR BRL 1 47 0.00 

Shimadzu JP JPY 1 46 0.00 

My EG Services MY MYR 22 43 0.00 

MercadoLibre AR USD 1 42 0.00 


Kakaku.com JP JPY 1 35 0.00 




Ubic JP JPY 1 20 0.00 

NSD JP JPY 1 19 0.00 

Megachips JP JPY 1 16 0.00 





Hana Microelectronics TH THB 1 1 0.00 

327,869 5.42 



Belle International Holdings HK HKD 845 12,108 0.20 


Reed Elsevier NL EUR 77 8,050 0.13 

Domino’s Pizza Enterprises AU AUD 97 7,367 0.12 

Honda Motor JP JPY 28 6,519 0.11 


Virgin Media Secured Finance 7.00% 15/01/2018 GB GBP 415 5,626 0.09 

WPP IE GBP 55 5,518 0.09 







McDonald’s 4.00% 17/02/2021 EMTN US EUR 329 3,832 0.06 



Nissan Motor JP JPY 56 3,635 0.06 

304 



HKD 



Time Warner Cable 5.50% 01/09/2041 US USD 379 3,419 0.06 

Cheng Shin Rubber Industry TW TWD 175 3,364 0.06 

Time Warner Cable 4.125% 15/02/2021 US USD 379 3,273 0.05 

TJX US USD 10 3,036 0.05 

PPR FR EUR 2 3,003 0.05 

SJM Holdings HK HKD 173 2,904 0.05 


Inditex ES EUR 3 2,623 0.04 




Astra International ID IDR 361 2,335 0.04 


Lowe’s US USD 9 2,250 0.04 

Galaxy Entertainment Group HK HKD 85 2,247 0.04 

Wyndham Worldwide 5.75% 01/02/2018 US USD 249 2,108 0.03 

Jcontentree KR KRW 73 2,107 0.03 

Marks & Spencer 7.125% 01/12/2037 144A GB USD 239 2,064 0.03 


Wynn Macau CN HKD 91 1,995 0.03 

IPSOS FR EUR 6 1,770 0.03 

BEC World (F) TH THB 118 1,751 0.03 

BMW Finance 3.25% 14/01/2019 EMTN NL EUR 157 1,726 0.03 





Sekisui House JP JPY 21 1,692 0.03 

Merida Industry TW TWD 57 1,674 0.03 


William Hill 7.125% 11/11/2016 EMTN GB GBP 120 1,647 0.03 



Phoenix Satellite Television Holdings HK HKD 645 1,579 0.03 

Singapore Press Holdings SG SGD 61 1,561 0.03 



Marks & Spencer 6.125% 02/12/2019 EMTN GB GBP 100 1,412 0.02 




Brilliance China Automotive Holdings HK HKD 136 1,299 0.02 

News (A) US USD 7 1,284 0.02 

China Lodging Group ADR CN USD 10 1,270 0.02 

Skyworth Digital Holdings HK HKD 305 1,265 0.02 

Li Ning CN HKD 308 1,261 0.02 




Goodbaby International Holdings CN HKD 480 1,230 0.02 



Genting Singapore SG SGD 133 1,117 0.02 

Television Broadcasts HK HKD 19 1,105 0.02 


NIKE (B) US USD 1 1,039 0.02 

Minor International (F) TH THB 224 1,031 0.02 

Coach US USD 2 1,021 0.02 

Ingersoll-Rand Global Holding 9.50% 15/04/2014 BM USD 114 993 0.02 


Largan Precision TW TWD 6 943 0.02 

Kenda Rubber Industrial TW TWD 105 940 0.02 

Lagardere FR EUR 4 940 0.02 

Chow Tai Fook Jewellery Group HK HKD 97 922 0.02 

Intime Department Store Group CN HKD 98 890 0.01 

Samsonite International US HKD 54 863 0.01 

Ted Baker GB GBP 7 858 0.01 

Ralph Lauren US USD 1 851 0.01 

Wowprime TW TWD 8 849 0.01 


VF US USD 1 817 0.01 


Advance Auto Parts US USD 1 769 0.01 

BMW DE EUR 1 764 0.01 

ASOS GB GBP 3 759 0.01 

Time Warner 4.90% 15/06/2042 US USD 86 739 0.01 

Prada IT HKD 12 730 0.01 


PVH US USD 1 700 0.01 

Paddy Power IE EUR 1 684 0.01 

Jupiter Telecommunications JP JPY 1 672 0.01 


Techtronic Industries HK HKD 44 640 0.01 

Great Wall Motor (H) CN HKD 29 624 0.01 


Sportingbet GB GBP 92 613 0.01 

Trinity HK HKD 110 595 0.01 

Staples US USD 7 593 0.01

Fidelity 

Funds 





HKD 


Indorama Ventures (F) TH THB 86 574 0.01 

Alpargatas BR BRL 10 553 0.01 

Tianneng Power International HK HKD 104 545 0.01 

Salvatore Ferragamo Italia IT EUR 3 543 0.01 

Brunello Cucinelli IT EUR 4 529 0.01 

Informa CH GBP 11 526 0.01 

Genting Malaysia MY MYR 58 525 0.01 

Genting MY MYR 23 512 0.01 

Target US USD 1 507 0.01 


SHW DE EUR 2 482 0.01 

Hennes & Mauritz (B) SE SEK 2 479 0.01 

Makalot Industrial TW TWD 20 464 0.01 

Modern Internasional ID IDR 776 462 0.01 

Yamada Denki JP JPY 1 458 0.01 

Kathmandu Holdings NZ AUD 40 457 0.01 

Chaowei Power Holdings CN HKD 108 452 0.01 



Li & Fung HK HKD 34 440 0.01 

Mood Media CA CAD 24 435 0.01 

Embry Holdings HK HKD 116 429 0.01 

SMI HK HKD 2,338 426 0.01 

Delphi Automotive Restricted GB USD 2 407 0.01 

Tenfu Cayman Holdings CN HKD 84 405 0.01 

Axel Springer DE EUR 1 404 0.01 

DIRECTV US USD 1 392 0.01 

Naspers (N) ZA ZAR 1 392 0.01 

Courts Asia SG SGD 86 367 0.01 

GuocoLeisure SG SGD 93 366 0.01 


Best Buy US USD 3 359 0.01 



Cie Generale des Etablissements Michelin (B) FR EUR 1 356 0.01 

Sodexo FR EUR 1 351 0.01 


Yulon Motor TW TWD 25 331 0.01 

Carnival GB GBP 1 330 0.01 

TF1 FR EUR 5 328 0.01 

Geely Automobile Holdings HK HKD 97 320 0.01 

Luxottica Group IT EUR 1 305 0.01 

Fuji Heavy Industries JP JPY 4 303 0.01 

Yulon Nissan Motor TW TWD 5 278 0.00 

Ramayana Lestari Sentosa ID IDR 309 276 0.00 

Cablevision Systems 5.875% 15/09/2022 US USD 35 265 0.00 

DKSH Holding CH CHF 1 254 0.00 

Media Prima MY MYR 43 249 0.00 


Johnson Health Tech TW TWD 13 237 0.00 


Swatch Group CH CHF 1 232 0.00 

Ocado Group GB GBP 26 210 0.00 


KB Home 7.50% 15/09/2022 US USD 23 196 0.00 

Phorm SG GBP 21 193 0.00 

Limited Brands 5.625% 15/02/2022 US USD 23 190 0.00 


Makita JP JPY 1 184 0.00 



Lojas Renner BR BRL 1 179 0.00 

Hikari Tsushin JP JPY 1 176 0.00 

Albea Beauty Holdings 8.375% 01/11/2019 144A LU USD 22 172 0.00 

Duskin JP JPY 1 170 0.00 

Global Mediacom ID IDR 90 165 0.00 

LES Enphants TW TWD 30 162 0.00 


Media Chinese International HK MYR 38 158 0.00 

TAN Chong Motor Holdings MY MYR 13 147 0.00 

Dollar General 4.125% 15/07/2017 US USD 17 137 0.00 


Padini Holdings MY MYR 23 122 0.00 

Shimamura JP JPY 1 122 0.00 


Pou Sheng International Holdings HK HKD 233 115 0.00 

Lojas Americanas (Pref’d) BR BRL 2 113 0.00 


Sumitomo Rubber Industries JP JPY 1 112 0.00 


Chong Hong Construction TW TWD 6 109 0.00 

Anhanguera Educacional Participacoes BR BRL 1 106 0.00 



DRB-Hicom MY MYR 16 100 0.00 


HIS JP JPY 1 92 0.00 

Tamron JP JPY 1 92 0.00 

Hotai Motor TW TWD 2 91 0.00 

305 



HKD 

Imagi International Holdings HK HKD 811 90 0.00 

Cia Hering BR BRL 1 87 0.00 

Sega Sammy Holdings JP JPY 1 87 0.00 


APM Automotive Holdings MY MYR 7 85 0.00 

UMW Holdings MY MYR 3 85 0.00 


VGI Global Media TH THB 6 82 0.00 


Arc Land Sakamoto JP JPY 1 78 0.00 

Denso JP JPY 1 78 0.00 

Rakuten JP JPY 1 74 0.00 

Siam Global House TH THB 18 74 0.00 


Suzuki Motor JP JPY 1 72 0.00 


Aisin Seiki JP JPY 1 69 0.00 



Fields JP JPY 1 64 0.00 

Isuzu Motors JP JPY 1 57 0.00 

MRV Engenharia e Participacoes BR BRL 1 57 0.00 

Unipres JP JPY 1 55 0.00 


Foschini Group ZA ZAR 1 45 0.00 




NOK JP JPY 1 42 0.00 





City Lodge Hotels ZA ZAR 1 35 0.00 

KB Home 8.00% 15/03/2020 US USD 4 35 0.00 

Modern Internasional Rts 11/03/2013 ID IDR 233 35 0.00 

Fujibo Holdings JP JPY 1 33 0.00 





Hajime Construction JP JPY 1 31 0.00 



Cashbuild ZA ZAR 1 28 0.00 

Nippon Seiki JP JPY 1 26 0.00 

SACI Falabella CL CLP 1 26 0.00 


Berjaya Sports Toto MY MYR 2 20 0.00 

T4F Entretenimento BR BRL 1 20 0.00 


Mr Price Group ZA ZAR 1 16 0.00 



Avex Group Holdings JP JPY 1 14 0.00 














282,131 4.66 







Danone FR EUR 16 7,432 0.12 




PepsiCo US USD 10 5,424 0.09 


Uni-President Enterprises TW TWD 392 5,325 0.09 

Coca-Cola 3.30% 01/09/2021 US USD 585 5,042 0.08 


Wal-Mart Stores 5.625% 15/04/2041 US USD 459 4,776 0.08 

Altria Group 10.20% 06/02/2039 US USD 350 4,741 0.08 


WM Morrison Supermarkets GB GBP 124 4,164 0.07

Fidelity 

Funds 





HKD 


Philip Morris International 2.90% 15/11/2021 US USD 443 3,617 0.06 






Tingyi Cayman Islands Holding CN HKD 119 2,721 0.04 

Reynolds American 1.05% 30/10/2015 US USD 314 2,438 0.04 


Procter & Gamble 2.00% 16/08/2022 Reg S US EUR 239 2,389 0.04 

Walgreen 5.25% 15/01/2019 US USD 250 2,283 0.04 

Procter & Gamble 1.45% 15/08/2016 US USD 279 2,225 0.04 




CP ALL (F) TH THB 191 1,909 0.03 

China Foods HK HKD 239 1,864 0.03 



Diageo GB GBP 8 1,819 0.03 

CVS Caremark 5.75% 15/05/2041 US USD 172 1,722 0.03 

Aeon JP JPY 20 1,712 0.03 

L’Oreal FR EUR 2 1,703 0.03 





Wilmar International SG SGD 75 1,467 0.02 



Dairy Farm International Holdings HK USD 17 1,432 0.02 

Coca-Cola 1.80% 01/09/2016 US USD 165 1,322 0.02 

Charoen Pokphand Foods (F) TH THB 144 1,276 0.02 


Philip Morris International 2.875% 30/05/2024 US EUR 120 1,240 0.02 


Uni-President China Holdings CN HKD 114 1,110 0.02 


First Resources SG SGD 81 1,056 0.02 



Petra Foods SG SGD 60 1,000 0.02 

Anheuser-Busch InBev 3.75% 15/07/2042 US USD 125 992 0.02 

Golden Agri-Resources SG SGD 246 973 0.02 

Elizabeth Arden US USD 3 933 0.02 


Unilever Indonesia ID IDR 44 924 0.02 

Biostime International Holdings CN HKD 44 880 0.01 

Wumart Stores (H) CN HKD 64 875 0.01 

Thai Union Frozen Products (F) TH THB 47 849 0.01 

Estee Lauder (A) US USD 2 842 0.01 


Shenguan Holdings Group CN HKD 181 770 0.01 

Sun Art Retail Group CN HKD 69 723 0.01 


Tesco TLGF TH THB 174 677 0.01 

Tesco GB GBP 17 667 0.01 


Glanbia IE EUR 8 598 0.01 


Charoen Pokphand Indonesia ID IDR 221 556 0.01 


Rite Aid 7.50% 01/03/2017 US USD 65 517 0.01 

Cia de Bebidas das Americas ADR BR USD 2 511 0.01 


Thai Beverage TH SGD 178 490 0.01 


IOI MY MYR 35 444 0.01 

China Modern Dairy Holdings CN HKD 220 441 0.01 

Rite Aid 10.375% 15/07/2016 US USD 53 435 0.01 


Olam International SG SGD 34 417 0.01 

Rite Aid 8.00% 15/08/2020 US USD 44 393 0.01 

Sheng Siong Group SG SGD 128 386 0.01 

Delhaize Group BE EUR 1 370 0.01 

Fomento Economico Mexicano ADR MX USD 1 338 0.01 


Kuala Lumpur Kepong MY MYR 6 314 0.01 

Metro DE EUR 1 305 0.01 


Lindt & Spruengli CH CHF 1 297 0.00 

Guan Chong MY MYR 61 293 0.00 

China Mengniu Dairy HK HKD 12 289 0.00 

Genting Plantations MY MYR 12 283 0.00 

Tyson Foods (A) US USD 2 274 0.00 

Wal-Mart de Mexico MX MXN 12 274 0.00 

Carlsberg (B) DK DKK 1 262 0.00 


Indofood Sukses Makmur ID IDR 54 249 0.00 

306 



HKD 




Cia Brasileira de Dist. Grupo Pao de Acucar (Pref’d) BR BRL 1 191 0.00 

Shoprite Holdings ZA ZAR 1 187 0.00 

Besunyen Holdings CN HKD 311 186 0.00 

BRF - Brasil Foods BR BRL 1 186 0.00 

Marine Harvest NO NOK 29 177 0.00 

Toyo Suisan Kaisha JP JPY 1 170 0.00 

Cosmos Pharmaceutical JP JPY 1 165 0.00 

SABMiller (South Africa) GB ZAR 1 164 0.00 

British American Tobacco (Malaysia) MY MYR 1 161 0.00 

AVI ZA ZAR 3 153 0.00 

Nigerian Breweries NG NGN 26 153 0.00 

Ajinomoto JP JPY 1 144 0.00 

QL Resources MY MYR 17 135 0.00 

Yaoko JP JPY 1 125 0.00 

Smithfield Foods 6.625% 15/08/2022 US USD 15 119 0.00 

Souza Cruz BR BRL 1 116 0.00 


Agriterra MZ GBP 235 95 0.00 

Lawson JP JPY 1 93 0.00 

East African Breweries KE KES 4 86 0.00 

Cosan Industria e Comercio BR BRL 1 72 0.00 

Oldtown MY MYR 15 72 0.00 

Tsuruha Holdings JP JPY 1 67 0.00 


Rite Aid 9.75% 12/06/2016 US USD 5 44 0.00 

Brazil Pharma BR BRL 1 43 0.00 

Controladora Comercial Mexicana MX MXN 2 43 0.00 

Tongaat Hulett ZA ZAR 1 41 0.00 

Guinness (Nigeria) NG NGN 3 39 0.00 

Nestle Foods Nigeria NG NGN 1 39 0.00 

Clover Industries ZA ZAR 3 35 0.00 

Coca-Cola Icecek TR TRY 1 34 0.00 


Pigeon JP JPY 1 33 0.00 

Zeder Investments ZA ZAR 12 31 0.00 

Anadolu Efes Biracilik Ve Malt Sanayii TR TRY 1 26 0.00 

Rite Aid 9.50% 15/06/2017 US USD 3 25 0.00 


PPB Group MY MYR 1 16 0.00 

Copeinca PE NOK 1 13 0.00 

226,788 3.75 

Healthcare 

Sanofi FR EUR 24 16,340 0.27 

Pfizer US USD 51 9,943 0.16 











Unitedhealth Group 2.875% 15/03/2022 US USD 358 2,852 0.05 

Cigna 5.375% 15/02/2042 US USD 308 2,808 0.05 

Aetna 4.125% 01/06/2021 US USD 272 2,343 0.04 


Wyeth 6.50% 01/02/2034 US USD 200 2,185 0.04 




Laboratory Corp of America Holdings 2.20% 23/08/2017 US USD 250 2,005 0.03 

Merck & Co US USD 6 2,005 0.03 


China Medical System Holdings CN HKD 398 1,773 0.03 

Wellpoint 4.625% 15/05/2042 US USD 215 1,751 0.03 

Cigna 4.50% 15/03/2021 US USD 197 1,723 0.03 



Sino Biopharmaceutical HK HKD 514 1,583 0.03 

Yuhan KR KRW 1 1,559 0.03 






Humana US USD 2 1,173 0.02 

Bangkok Dusit Medical Services (F) TH THB 42 1,119 0.02 




Amgen US USD 2 1,009 0.02 

Novartis (Reg’d) CH CHF 2 989 0.02 

Biosensors International Group SG SGD 142 975 0.02

Fidelity 

Funds 





HKD 

Valeant Pharmaceuticals International CA CAD 2 935 0.02 

Takeda Pharmaceutical JP JPY 2 896 0.01 

Unitedhealth Group 1.40% 15/10/2017 US USD 114 893 0.01 

Onyx Pharmaceuticals US USD 1 890 0.01 

Teva Pharmaceutical Industries ADR IL USD 3 882 0.01 

Roche Holding BR CH CHF 1 881 0.01 

Sartorius Stedim Biotech FR EUR 1 847 0.01 

Kalbe Farma ID IDR 967 755 0.01 

UnitedHealth Group US USD 2 755 0.01 

MEDNAX US USD 1 744 0.01 


Endo Pharmaceuticals Holdings US USD 3 702 0.01 

Shionogi & Co JP JPY 5 668 0.01 

HCA 4.75% 01/05/2023 US USD 85 660 0.01 

Sawai Pharmaceutical JP JPY 1 644 0.01 

Allergan US USD 1 603 0.01 

Eli Lilly & Co US USD 2 600 0.01 

Centene US USD 2 571 0.01 

HCA 6.50% 15/02/2020 US USD 66 563 0.01 

Nexus DE EUR 6 531 0.01 

UCB BE EUR 1 528 0.01 

Cochlear AU AUD 1 519 0.01 

Edwards Lifesciences US USD 1 499 0.01 

Bumrungrad Hospital (F) TH THB 26 490 0.01 

AstraZeneca GB GBP 1 485 0.01 

HCA 5.875% 15/03/2022 US USD 57 475 0.01 


Hanger Orthopedic Group US USD 2 472 0.01 

Biogen Idec US USD 1 468 0.01 

Craneware GB GBP 8 445 0.01 

Aetna US USD 1 442 0.01 

Advanced Computer Software Group GB GBP 57 440 0.01 


Tempo Scan Pacific ID IDR 163 423 0.01 

Hospira US USD 2 419 0.01 

Synergy Health GB GBP 4 414 0.01 

Elekta (B) SE SEK 4 408 0.01 

Cordlife Group SG SGD 111 370 0.01 

Sorin IT EUR 20 366 0.01 

Coloplast (B) DK DKK 1 351 0.01 


Ossur IS DKK 34 345 0.01 


Universal Health Services US USD 1 327 0.01 


HCA 6.25% 15/02/2013 US USD 40 312 0.01 

Stryker US USD 1 307 0.01 


HCA 7.25% 15/09/2020 US USD 34 287 0.00 

Lombard Medical Technologies GB GBP 13 285 0.00 

Audika Groupe FR EUR 3 260 0.00 

HCA 5.875% 01/05/2023 US USD 32 251 0.00 

Fresenius Medical Care & Co DE EUR 1 249 0.00 

HCA 7.50% 15/02/2022 US USD 28 247 0.00 

Paramount Bed Holdings JP JPY 1 242 0.00 

DaVita HealthCare Partners 6.625% 01/11/2020 US USD 29 239 0.00 

Sinclair IS Pharma GB GBP 60 213 0.00 







KPJ Healthcare MY MYR 11 160 0.00 

Astellas Pharma JP JPY 1 149 0.00 

Nihon Kohden JP JPY 1 149 0.00 

Rohto Pharmaceutical JP JPY 1 148 0.00 

Supermax MY MYR 29 148 0.00 


Optos GB GBP 5 135 0.00 

Eiken Chemical JP JPY 1 128 0.00 

Community Health Systems 7.125% 15/07/2020 US USD 15 123 0.00 

HCA 6.375% 15/01/2015 US USD 15 123 0.00 

Teleflex 6.875% 01/06/2019 US USD 14 120 0.00 





Bangkok Dusit Medical Services NVDR TH THB 4 95 0.00 

Genomma Lab Internacional (B) MX MXN 5 74 0.00 


Santen Pharmaceutical JP JPY 1 55 0.00 

HCA 6.75% 15/07/2013 US USD 7 53 0.00 





Tsukui JP JPY 1 29 0.00 


Aspen Pharmacare Holdings ZA ZAR 1 21 0.00 

307 



HKD 

HCA 9.875% 15/02/2017 US USD 1 4 0.00 

155,623 2.57 




Telstra AU AUD 305 10,138 0.17 

Vodafone Group GB GBP 346 7,279 0.12 

British Telecom 9.625% 15/12/2030 GB USD 510 6,498 0.11 

Qwest 6.75% 01/12/2021 US USD 678 6,220 0.10 

Verizon Communications 5.85% 15/09/2035 US USD 499 5,004 0.08 

AT&T 6.80% 15/05/2036 US USD 434 4,647 0.08 

Wind Acquisition Finance 7.375% 15/02/2018 Reg S B LU EUR 429 4,196 0.07 

America Movil 5.00% 30/03/2020 MX USD 439 4,017 0.07 

AT&T 5.875% 28/04/2017 US GBP 259 3,810 0.06 

Singapore Telecommunications SG SGD 175 3,571 0.06 

Elisa 2.25% 04/10/2019 EMTN FI EUR 319 3,231 0.05 


Far EasTone Telecommunications TW TWD 179 3,186 0.05 

Telefonica Emisiones 5.811% 05/09/2017 EMTN ES EUR 279 3,082 0.05 

KPN 3.25% 01/02/2021 NL EUR 300 3,063 0.05 

AT&T 4.875% 01/06/2044 US GBP 219 2,960 0.05 

America Movil 3.00% 12/07/2021 MX EUR 279 2,897 0.05 


Telefonica Emisiones 4.71% 20/01/2020 EMTN ES EUR 239 2,447 0.04 

KDDI JP JPY 4 2,420 0.04 

AT&T 5.55% 15/08/2041 US USD 239 2,345 0.04 

AT&T 6.55% 15/02/2039 US USD 215 2,289 0.04 

Vodafone Group 1.625% 20/03/2017 GB USD 279 2,214 0.04 

Telekomunikasi Indonesia Persero ID IDR 280 2,197 0.04 




China Unicom Hong Kong HK HKD 139 1,750 0.03 

Cellco Partnership 8.50% 15/11/2018 US USD 143 1,544 0.03 






Sunrise Communications 4.971% FRN 31/12/2017 Reg S LU EUR 129 1,328 0.02 

Shin (F) TH THB 81 1,274 0.02 



Telefonica Emisiones 5.888% 31/01/2014 EMTN ES GBP 80 1,034 0.02 

CenturyLink 6.15% 15/09/2019 US USD 114 978 0.02 

Embarq 7.995% 01/06/2036 US USD 114 970 0.02 

Rogers Communications (B) (Non-Vtg) CA CAD 3 969 0.02 

HKT Trust HK HKD 133 952 0.02 

China Communications Services (H) CN HKD 207 902 0.01 

AT&T US USD 3 804 0.01 

Telecom Italia (Pref’d) IT EUR 117 726 0.01 

Total Access Communication (F) TH THB 33 715 0.01 

StarHub SG SGD 30 707 0.01 

BCE CA CAD 2 692 0.01 

TELUS CA CAD 1 603 0.01 

Sprint Nextel 7.00% 15/08/2020 US USD 68 585 0.01 

DiGi.Com MY MYR 42 563 0.01 

Maxis MY MYR 31 553 0.01 


Axiata Group MY MYR 31 516 0.01 

XL Axiata ID IDR 93 510 0.01 

Chunghwa Telecom TW TWD 21 504 0.01 


America Movil (L) ADR MX USD 3 497 0.01 

Jasmine International (F) TH THB 383 466 0.01 

Deutsche Telekom (Reg’d) DE EUR 5 442 0.01 

O-Net Communications Group CN HKD 189 384 0.01 

MTN Group ZA ZAR 3 362 0.01 

Avanti Communications Group GB GBP 9 313 0.01 


Frontier Communications 8.25% 15/04/2017 US USD 35 311 0.01 

Frontier Communications US USD 8 294 0.00 

Telekom Malaysia MY MYR 19 290 0.00 

Thaicom TH THB 50 274 0.00 


Swisscom (Reg’d) CH CHF 1 255 0.00 


Time dotCom MY MYR 22 195 0.00 

Eileme 1 AB 14.25% 15/08/2020 144A SE USD 22 178 0.00 


Wind Acquisition Finance 7.25% 15/02/2018 144A LU USD 23 175 0.00 





Mobile Telesystems ADR RU USD 1 95 0.00 

Vodacom Group ZA ZAR 1 94 0.00 

Nextel Communications 5.95% 15/03/2014 US USD 11 89 0.00

Fidelity 

Funds 





HKD 

Telefonica Brasil (Pref’d) BR BRL 1 89 0.00 



Safaricom KE KES 102 41 0.00 

Millicom International Cellular SDR LU SEK 1 39 0.00 



Sistema JSFC RU USD 5 28 0.00 


America Movil (L) MX MXN 1 10 0.00 

173,433 2.87 

Financials 

ETFS All Commodities DJ-UBSCISM GB USD 516 59,655 0.99 

Westfield Group AU AUD 272 23,257 0.38 



Commonwealth Bank of Australia AU AUD 41 18,940 0.31 




European Investment Bank 1.875% 15/10/2019 EMTN 99 USD 1,860 14,818 0.24 


KfW 1.625% 15/08/2019 EMTN DE USD 1,681 13,239 0.22 



Ping An Insurance Group (H) CN HKD 208 12,652 0.21 

Imperial Tobacco Finance 7.75% 24/06/2019 EMTN GB GBP 758 12,198 0.20 




Suncorp Group AU AUD 147 11,093 0.18 

Landwirtschaftliche Rentenbank 1.375% 23/10/2019 DE USD 1,431 11,064 0.18 

Sino Land HK HKD 794 10,952 0.18 

Ventas US USD 22 10,605 0.18 

AIA Group HK HKD 344 10,518 0.17 

China Life Insurance (H) CN HKD 462 10,494 0.17 


Westpac Banking AU AUD 48 9,788 0.16 

FMS Wertmanagement 1.00% 18/07/2017 EMTN DE EUR 958 9,675 0.16 

British Land GB GBP 146 9,673 0.16 


BOC Hong Kong Holdings HK HKD 395 9,385 0.16 



National Australia Bank AU AUD 44 9,119 0.15 


Kimco Realty US USD 56 8,488 0.14 

GE Capital UK Funding 4.375% 31/07/2019 EMTN IE GBP 612 8,328 0.14 


FCE Bank 4.825% 15/02/2017 EMTN GB GBP 587 8,000 0.13 


Santander International Debt 4.625% 21/03/2016 EMTN ES EUR 758 7,791 0.13 

Abbey National Treasury Serv. 5.25% 16/02/2029 EMTN GB GBP 519 7,778 0.13 

UBS Stamford 7.625% 17/08/2022 CH USD 926 7,741 0.13 


Mitsubishi UFJ Financial Group JP JPY 218 7,618 0.13 


UBS (Reg’d) CH CHF 65 7,541 0.12 


BNP Paribas 2.50% 23/08/2019 EMTN FR EUR 737 7,505 0.12 

European Investment Bank 1.75% 15/03/2017 99 USD 918 7,384 0.12 


HSBC Holdings GB GBP 90 6,887 0.11 

CapitaMall Trust SG SGD 513 6,843 0.11 

Bank Nederlandse Gemeenten 1.375% 27/09/2017 144A NL USD 858 6,697 0.11 

RBS 5.75% 21/05/2014 EMTN GB EUR 618 6,660 0.11 

HSBC Bank 1.052% FRN 28/02/2013 EMTN GB USD 817 6,345 0.10 

HCP US USD 18 6,328 0.10 



Barclays Bank 4.25% 12/01/2022 EMTN GB GBP 439 6,176 0.10 


Barclays Bank 6.75% VRN 16/01/2023 EMTN GB GBP 459 5,973 0.10 


RBS 5.125% 13/01/2024 GB GBP 399 5,947 0.10 

Global Logistic Properties SG SGD 366 5,936 0.10 

ING Verzekeringen 2.088% VRN 21/06/2021 NL EUR 598 5,862 0.10 


Societe Generale SCF 4.00% 07/07/2016 EMTN FR EUR 519 5,794 0.10 

Eksportfinans 2.00% 15/09/2015 NO USD 778 5,760 0.10 

Linde Finance 3.875% 01/06/2021 EMTN NL EUR 479 5,540 0.09 


GPT Group AU AUD 187 5,349 0.09 

Citigroup 4.25% VRN 25/02/2030 EMTN US EUR 618 5,323 0.09 


Co-Operative Bank (UK) 2.375% 23/10/2015 EMTN GB EUR 519 5,199 0.09 

Link REIT HK HKD 135 5,181 0.09 

Severn Trent Water Utilities Fin. 6.25% 07/06/2029 GB GBP 319 5,177 0.09 

308 



HKD 


New World Development HK HKD 431 5,116 0.08 

Axa 5.25% VRN 16/04/2040 EMTN FR EUR 519 5,031 0.08 

Oversea-Chinese Banking SG SGD 86 4,922 0.08 

Wells Fargo & Co 2.625% 16/08/2022 EMTN US EUR 479 4,893 0.08 

DDR US USD 41 4,827 0.08 

SB Capital (SberBank of Russia) 5.125% 29/10/2022 Reg S LU USD 618 4,821 0.08 

Bank Nederlandse Gemeenten 4.375% 16/02/2021 Reg S NL USD 529 4,810 0.08 

Santander Issuances 7.30% VRN 27/07/2019 ES GBP 399 4,809 0.08 

Citigroup 2.25% 07/08/2015 US USD 601 4,776 0.08 

Nestle Holdings 1.375% 21/06/2017 EMTN US USD 608 4,774 0.08 

Credit Suisse New York 5.00% 15/05/2013 MTN CH USD 559 4,435 0.07 

Aon 3.125% 27/05/2016 US USD 536 4,401 0.07 





China Merchants Bank (H) CN HKD 297 4,287 0.07 

BP Capital Markets 3.83% 06/10/2017 EMTN GB EUR 379 4,276 0.07 

Mega Financial Holding TW TWD 754 4,220 0.07 


Tesco Property Finance 2 6.052% 13/10/2039 GB GBP 288 4,206 0.07 

BAT Int’l Finance 8.125% 15/11/2013 Reg S GB USD 506 4,190 0.07 

Westfield UK & Europe Fin. 4.25% 11/07/2022 EMTN GB GBP 319 4,184 0.07 

HSBC Holdings 6.50% 20/05/2024 EMTN GB GBP 259 4,178 0.07 


Westpac Banking 3.625% VRN 28/02/2023 EMTN AU USD 529 4,177 0.07 

Mizuho Financial Group JP JPY 344 4,171 0.07 


China Resources Land HK HKD 235 4,111 0.07 

John Deere Capital 2.80% 27/01/2023 US USD 499 4,019 0.07 

Mirvac Group AU AUD 331 3,998 0.07 


Sun Hung Kai Properties CM 4.50% 14/02/2022 EMTN KY USD 472 3,958 0.07 

Abbey National Treasury Serv. 3.625% 08/09/2016 EMTN GB EUR 359 3,950 0.07 

Westpac Banking 4.875% 19/11/2019 AU USD 439 3,942 0.07 


Mortgage Choice AU AUD 282 3,911 0.06 

BBVA US Senior Uniper 4.664% 09/10/2015 ES USD 499 3,903 0.06 

Bankia 5.75% 29/06/2016 EMTN ES EUR 399 3,888 0.06 

Gatwick Funding Limited 5.75% 23/01/2037 EMTN GB GBP 279 3,886 0.06 

Resolution GB GBP 142 3,879 0.06 

VTB Capital (VTB Bank) 6.00% 12/04/2017 144A LU USD 479 3,867 0.06 

Sumitomo Mitsui Banking 4.85% 01/03/2022 JP USD 439 3,846 0.06 

Wellcome Trust Finance 4.75% 28/05/2021 GB GBP 259 3,825 0.06 



KfW 6.25% 19/05/2021 MTN DE AUD 401 3,733 0.06 


China Pacific Insurance Group (H) CN HKD 153 3,694 0.06 

Bank of America 5.65% 01/05/2018 US USD 401 3,610 0.06 


American International Group 6.797% 15/11/2017 US EUR 299 3,587 0.06 

Marsh & McLennan 4.80% 15/07/2021 US USD 399 3,530 0.06 


JPMorgan Chase & Co 2.75% 24/08/2022 EMTN US EUR 339 3,470 0.06 



American Tower 4.70% 15/03/2022 US USD 399 3,413 0.06 



Barclays GB GBP 118 3,368 0.06 

General Electric Capital 4.25% 31/01/2013 EMTN US USD 429 3,356 0.06 


ORIX 5.00% 12/01/2016 JP USD 379 3,176 0.05 

ORIX JP JPY 4 3,175 0.05 


National Agricultural 4.25% 28/01/2016 Reg S KR USD 379 3,152 0.05 


Motability Operations Group 3.75% 29/11/2017 EMTN GB EUR 279 3,103 0.05 


PKO Finance 4.63% 26/09/2022 Reg S SE USD 379 3,039 0.05 

UniCredit 6.95% 31/10/2022 Reg S IT EUR 299 3,031 0.05 

Bank of Ireland 4.00% 28/01/2015 EMTN IE EUR 299 3,024 0.05 


Korea Development Bank 3.875% 04/05/2017 KR USD 358 3,009 0.05 

Hysan Development HK HKD 88 3,006 0.05 

BP Capital Markets 3.125% 01/10/2015 GB USD 358 2,961 0.05 

Deutsche Postbank 3.75% 12/02/2014 EMTN DE EUR 279 2,935 0.05 

American International Group 6.765% 15/11/2017 US GBP 199 2,930 0.05 

Intesa Sanpaolo 4.875% 10/07/2015 EMTN IT EUR 279 2,916 0.05 

Bank Rakyat Indonesia Persero ID IDR 488 2,906 0.05 

DBS Group Holdings SG SGD 33 2,902 0.05 


Mondi Finance 3.375% 28/09/2020 EMTN GB EUR 279 2,841 0.05 

Morgan Stanley 3.75% 21/09/2017 EMTN US EUR 272 2,839 0.05 

Agricultural Bank of China (H) CN HKD 851 2,833 0.05 

Experian Finance 4.75% 23/11/2018 EMTN GB GBP 199 2,815 0.05 


Stockland AU AUD 100 2,766 0.05

Fidelity 

Funds 





HKD 

SB Capital (SberBank of Russia) 4.95% 07/02/2017 Reg S LU USD 336 2,765 0.05 


Shinhan Bank 4.375% 27/07/2017 Reg S KR USD 322 2,751 0.05 


Sun Hung Kai Properties CM 3.50% 02/11/2016 Reg S KY USD 336 2,726 0.05 

MS&AD Insurance Group Holdings JP JPY 21 2,722 0.05 

Barclays Bank 6.75% 22/05/2019 GB USD 286 2,717 0.04 

Bank of America 5.875% 07/02/2042 US USD 286 2,715 0.04 

Legal & General Group GB GBP 161 2,690 0.04 


Wharf Finance 4.625% 08/02/2017 EMTN HK USD 319 2,663 0.04 

Metropolitan Life GF I 3.50% 30/09/2026 US GBP 207 2,660 0.04 


JPMorgan Chase Bank 6.00% 01/10/2017 US USD 286 2,633 0.04 

CMT MTN 3.731% 21/03/2018 EMTN SG USD 319 2,625 0.04 





Barclays Bank 6.00% 14/01/2021 EMTN GB EUR 239 2,543 0.04 

Unite Group GB GBP 72 2,535 0.04 

Legal & General Group 4.00% VRN 08/06/2025 EMTN GB EUR 259 2,527 0.04 

Eurasian Development Bank 4.767% 20/09/2022 Reg S 99 USD 315 2,511 0.04 

Bank Mandiri Persero ID IDR 366 2,432 0.04 

Rabobank Nederland 5.25% 14/09/2027 EMTN NL GBP 186 2,420 0.04 

Bank Central Asia ID IDR 351 2,319 0.04 

Aon GB USD 6 2,314 0.04 

Standard Chartered Bank 9.50% VRN (Perpetual) GB USD 272 2,306 0.04 

Eurasian Development Bank 4.767% 20/09/2022 144A 99 USD 286 2,277 0.04 



Swedbank 0.790% FRN 14/01/2013 144A SE USD 286 2,229 0.04 

RBS 9.50% VRN 16/03/2022 EMTN GB USD 249 2,221 0.04 

Frasers Centrepoint Trust SG SGD 178 2,203 0.04 

H&R REIT CA CAD 12 2,190 0.04 

Barclays Bank 4.875% VRN (Perpetual) EMTN GB EUR 319 2,182 0.04 

Korea Eximbank 5.00% 11/04/2022 KR USD 239 2,180 0.04 

Intesa Sanpaolo 6.375% VRN 12/11/2017 EMTN IT GBP 180 2,171 0.04 

Banco Bilbao Vizcaya Argentaria ES EUR 33 2,152 0.04 


Bishopsgate Asset Finance 4.808% 14/08/2044 KY GBP 172 2,133 0.04 


UBS London 6.625% 11/04/2018 EMTN CH GBP 140 2,130 0.04 

Korea Eximbank 5.00% 27/07/2015 KR AUD 257 2,111 0.03 

HSBC France 4.875% 15/01/2014 EMTN FR EUR 199 2,109 0.03 

China Life Insurance TW TWD 351 2,106 0.03 


Banco Do Brasil (Cayman) 3.875% 10/10/2022 BR USD 259 2,009 0.03 

Westfield Retail Trust AU AUD 80 1,995 0.03 

National Agricultural 5.00% 30/09/2014 Reg S KR USD 239 1,980 0.03 

UPCB Finance 7.625% 15/01/2020 Reg S KY EUR 180 1,966 0.03 

Hyundai Capital Services 6.00% 05/05/2015 Reg S KR USD 229 1,961 0.03 


Credit Logement 1.402% VRN (Perpetual) FR EUR 359 1,945 0.03 

General Electric Capital 4.65% 17/10/2021 MTN US USD 219 1,930 0.03 


China Liansu Group Holdings CN HKD 421 1,904 0.03 

Bank of America 4.75% VRN 06/05/2019 US EUR 200 1,899 0.03 

Lloyds TSB Bank 6.50% 17/09/2040 EMTN GB GBP 122 1,897 0.03 


Deutsche Bank 1.044% FRN 20/09/2016 EMTN DE EUR 200 1,889 0.03 




Toronto-Dominion Bank 2.375% 19/10/2016 CA USD 219 1,790 0.03 

Lloyds TSB Bank 3.966% FRN 17/04/2014 EMTN GB USD 222 1,782 0.03 


Hui Xian Real Estate Investment Trust CN CNY 341 1,765 0.03 

International Lease Finance 6.375% 25/03/2013 US USD 222 1,757 0.03 

Ventas Realty 4.25% 01/03/2022 US USD 209 1,740 0.03 

Lloyds TSB Bank 10.75% VRN 16/12/2021 EMTN GB GBP 120 1,734 0.03 

UBI Banca 4.50% 22/02/2016 EMTN IT EUR 160 1,693 0.03 


Korea Exchange Bank 1.75% 27/09/2015 Reg S KR USD 215 1,670 0.03 

Hang Lung Group HK HKD 37 1,668 0.03 



China Vanke (B) CN HKD 164 1,657 0.03 


Charter Hall Retail REIT AU AUD 56 1,632 0.03 

FCE Bank 2.875% 03/10/2017 EMTN GB EUR 157 1,623 0.03 


Banco Santander ES EUR 27 1,577 0.03 

Longfor Properties CN HKD 115 1,557 0.03 

Sumitomo Mitsui Trust Holdings JP JPY 65 1,523 0.03 

Cathay Financial Holding TW TWD 193 1,493 0.02 

HSBC USA 2.375% 13/02/2015 US USD 186 1,491 0.02 



Dexus Property Group AU AUD 185 1,465 0.02 

309 



HKD 


Mapletree Industrial Trust SG SGD 154 1,364 0.02 


Lloyds Banking Group GB GBP 267 1,355 0.02 

Fubon Financial Holding TW TWD 169 1,338 0.02 

Wheelock & HK HKD 39 1,327 0.02 

Korea Development Bank 8.00% 23/01/2014 KR USD 157 1,320 0.02 



Ford Motor Credit 3.875% 15/01/2015 US USD 159 1,282 0.02 

CFS Retail Property Trust Group AU AUD 82 1,281 0.02 

Norwegian Property NO NOK 110 1,279 0.02 

Daiwa House Industry JP JPY 11 1,243 0.02 


Summarecon Agung ID IDR 845 1,191 0.02 


ICAP GB GBP 29 1,188 0.02 

Asian Property Development (F) TH THB 540 1,180 0.02 

Hyundai Capital Services 3.50% 13/09/2017 Reg S KR USD 143 1,168 0.02 

SM Prime Holdings PH PHP 423 1,156 0.02 




Hong Kong Exchanges and Clearing HK HKD 9 1,114 0.02 

CITIC Securities (H) CN HKD 76 1,096 0.02 

ING Bank 1.108% FRN 23/05/2016 EMTN NL USD 143 1,056 0.02 



BAT Int’l Finance 7.25% 12/03/2024 EMTN GB GBP 60 1,006 0.02 


Credit Suisse Group (Reg’d) CH CHF 6 998 0.02 


First Industrial Realty Trust US USD 10 980 0.02 


E.Sun Financial Holding TW TWD 247 952 0.02 

CIMB Group Holdings MY MYR 49 944 0.02 

Muenchener Rueckversicherungs (Reg’d) DE EUR 1 939 0.02 

TAG Immobilien DE EUR 10 906 0.01 

UDR US USD 5 903 0.01 

Malayan Banking MY MYR 39 901 0.01 

UOL Group SG SGD 25 897 0.01 

ACE CH USD 1 884 0.01 

Mitsubishi UFJ Lease & Finance JP JPY 3 875 0.01 

Robinsons Land PH PHP 243 872 0.01 

Yuanta Financial Holding TW TWD 242 842 0.01 



Daibiru JP JPY 13 838 0.01 

Svenska Handelsbanken (A) SE SEK 3 835 0.01 


Aberdeen Asset Management GB GBP 20 818 0.01 




Development Securities GB GBP 39 788 0.01 

Deutsche Bank 0.933% FRN 22/09/2015 EMTN DE EUR 82 787 0.01 

Chailease Holding TW TWD 57 785 0.01 

SOHO China CN HKD 148 774 0.01 

Manulife Financial CA CAD 8 761 0.01 


Intact Financial CA CAD 2 733 0.01 

Prince Housing & Development TW TWD 141 732 0.01 

Central Pattana (F) TH THB 41 727 0.01 




Primaris Retail REIT CA CAD 4 713 0.01 

Hemaraj Land and Development NVDR TH THB 894 706 0.01 

Ally Financial 7.50% 15/09/2020 US USD 77 704 0.01 


SinoPac Financial Holdings TW TWD 229 681 0.01 

International Personal Finance GB GBP 15 669 0.01 


VZ Holding CH CHF 1 658 0.01 

Brookfield Asset Management (A) CA CAD 2 657 0.01 

Supalai (F) TH THB 135 651 0.01 


Tokyo Tatemono JP JPY 20 646 0.01 

Delta Lloyd NL EUR 5 645 0.01 

Itau Unibanco Holding ADR BR USD 6 638 0.01 

Ascott Residence Trust SG SGD 78 633 0.01 

UEM Land Holdings MY MYR 117 631 0.01 

Ally Financial 8.00% 01/11/2031 (Unsecured) US USD 67 617 0.01 

Sun Life Financial CA CAD 3 604 0.01 

Bank Danamon (Indonesia) ID IDR 123 603 0.01 

Nordea Bank 6.25% VRN 10/09/2018 EMTN SE EUR 57 597 0.01 

Digital Realty Trust US USD 1 596 0.01 

IG Group Holdings GB GBP 11 581 0.01 


Erste Group Bank AT EUR 3 557 0.01

Fidelity 

Funds 





HKD 

Prudential Financial US USD 1 545 0.01 

Bank Negara Indonesia Persero ID IDR 171 530 0.01 

Man Group GB GBP 54 530 0.01 

Ageas BE EUR 3 517 0.01 

Swire Properties HK HKD 22 515 0.01 

Ascendas India Trust SG SGD 107 514 0.01 

Regions Financial US USD 10 512 0.01 

Daiwahouse Residential Investment JP JPY 1 510 0.01 



BTS Group Holdings TH THB 337 492 0.01 

Public Bank MY MYR 12 486 0.01 

Pruksa Real Estate (F) TH THB 97 480 0.01 


International Lease Finance 5.625% 20/09/2013 MTN US USD 53 427 0.01 

BlackRock US USD 1 419 0.01 

Avanza Bank Holding SE SEK 3 417 0.01 

Wing Tai Holdings SG SGD 38 411 0.01 

IntercontinentalExchange US USD 1 403 0.01 


Altamir Amboise FR EUR 6 400 0.01 


Deutsche Boerse DE EUR 1 393 0.01 

Lippo Karawaci ID IDR 521 390 0.01 

Ashmore Group GB GBP 9 388 0.01 


Sampo (A) FI EUR 2 375 0.01 

Japan Retail Fund Investment JP JPY 1 362 0.01 

LPN Development (F) TH THB 75 344 0.01 


Amata (F) TH THB 85 328 0.01 

SLM US USD 2 328 0.01 



SunTrust Banks US USD 2 319 0.01 



Loews US USD 1 303 0.01 

Almonty Industries CA CAD 40 302 0.00 

BM&FBovespa BR BRL 6 302 0.00 


IGB MY MYR 48 297 0.00 

Hartford Financial Services Group US USD 2 293 0.00 


JK Wohnbau DE EUR 9 285 0.00 

First Financial Holding TW TWD 64 281 0.00 

CIT Group 5.25% 15/03/2018 US USD 34 278 0.00 



Agung Podomoro Land ID IDR 933 274 0.00 

Vostok Nafta Investment SDR SE SEK 14 274 0.00 



Huntington Bancshares Inc/OH US USD 5 248 0.00 

AMMB Holdings MY MYR 15 246 0.00 


Aeon Credit Service JP JPY 1 242 0.00 

Grupo Financiero Banorte MX MXN 6 242 0.00 



Ho Bee Investment SG SGD 26 240 0.00 

Bank of Yokohama JP JPY 7 239 0.00 

Zurich Financial Services CH CHF 1 236 0.00 

Shinsei Bank JP JPY 21 235 0.00 



Synovus Financial US USD 12 232 0.00 


Senior Housing Property Trust 6.75% 15/04/2020 US USD 26 225 0.00 




Land and Houses (F) TH THB 102 220 0.00 

CapitaMalls Malaysia Trust MY MYR 47 215 0.00 








Sony Financial Holdings JP JPY 1 201 0.00 

Fulcrum Utility Services GB GBP 90 196 0.00 

SberBank of Russia RU USD 9 196 0.00 



Hong Leong Bank MY MYR 5 190 0.00 


KBC Groep BE EUR 1 173 0.00 

Suruga Bank JP JPY 2 172 0.00 

310 



HKD 

Marwyn Management Partners GB GBP 41 165 0.00 

Admiral Group GB GBP 1 162 0.00 



Bank of Ayudhya (F) TH THB 20 150 0.00 

Remgro ZA ZAR 1 150 0.00 

Resona Holdings JP JPY 4 141 0.00 

Bolsa Mexicana de Valores MX MXN 8 135 0.00 

Century Tokyo Leasing JP JPY 1 134 0.00 

Banco Bradesco (Pref’d) BR BRL 1 117 0.00 


Discovery Holdings ZA ZAR 2 116 0.00 

Multi-Purpose Holdings MY MYR 12 113 0.00 

BR Malls Participacoes BR BRL 1 107 0.00 

Turkiye Garanti Bankasi TR TRY 3 107 0.00 

Banco de Chile CL CLP 92 106 0.00 


RHB Capital MY MYR 6 105 0.00 



Brait LU ZAR 3 89 0.00 

SberBank of Russia (Pref’d) RU USD 5 86 0.00 


Hitachi Capital JP JPY 1 82 0.00 

Shizuoka Bank JP JPY 1 80 0.00 

RMB Holdings ZA ZAR 2 76 0.00 

Credit Saison JP JPY 1 75 0.00 

Banco de Credito e Inversiones CL CLP 1 70 0.00 

Acom JP JPY 1 69 0.00 

Aozora Bank JP JPY 3 68 0.00 

First Cash Financial Services US USD 1 67 0.00 

Public Bank (F) MY MYR 2 67 0.00 

T&D Holdings JP JPY 1 65 0.00 

JSE ZA ZAR 1 59 0.00 

Access Bank NG NGN 127 56 0.00 

Zenith Bank NG NGN 63 56 0.00 


First Gulf Bank AE AED 2 48 0.00 

Redefine Properties ZA ZAR 6 48 0.00 



Paragon Entertainment* GB GBP 58 47 0.00 


Iida Home Max JP JPY 1 35 0.00 

Intergroup Financial Services PE USD 1 33 0.00 

Reinet Investments SCA LU ZAR 2 33 0.00 

First Bank of Nigeria NG NGN 38 31 0.00 


Hemaraj Land and Development (F) TH THB 28 22 0.00 



Equity Bank KE KES 8 19 0.00 

Guaranty Trust Bank NG NGN 16 16 0.00 

Diamond Bank NG NGN 62 12 0.00 

Skye Bank NG NGN 43 9 0.00 

Sunway Wts 17/08/2016 MY MYR 6 6 0.00 


1,396,325 23.08 

Government 

Germany 3.25% 04/07/2021 DE EUR 5,795 67,835 1.12 

Japan 1.30% 20/06/2020 JP JPY 586,522 60,327 1.00 

Japan 1.90% 20/03/2029 JP JPY 550,991 56,925 0.94 

Germany 0.50% 07/04/2017 DE EUR 3,950 39,921 0.66 




France 3.00% 25/04/2022 FR EUR 2,693 29,073 0.48 

Japan 0.80% 20/09/2022 JP JPY 279,296 27,171 0.45 

Japan 2.50% 20/09/2034 JP JPY 242,768 26,666 0.44 


Italy 4.75% 01/09/2021 IT EUR 2,204 22,475 0.37 


Italy 4.75% 15/09/2016 IT EUR 1,616 17,099 0.28 



Italy 2.10% 15/09/2021 IT EUR 1,516 14,732 0.24 

Norway 2.00% 24/05/2023 NO NOK 10,055 13,634 0.23 


Spain 5.50% 30/04/2021 ES EUR 1,297 13,036 0.22 

Germany 1.75% 04/07/2022 DE EUR 1,250 12,932 0.21 

Japan 2.00% 20/09/2040 JP JPY 106,930 10,581 0.17 

Italy 2.10% 15/09/2016 IT EUR 738 7,787 0.13 

Germany 2.00% 04/01/2022 DE EUR 501 5,316 0.09 

Korea 7.125% 16/04/2019 KR USD 429 4,334 0.07 

Australia 4.75% 21/04/2027 AU AUD 443 4,091 0.07 



UK Treasury 5.00% 07/03/2025 GB GBP 140 2,304 0.04

Fidelity 

Funds 





HKD 

Qatar 3.125% 20/01/2017 Reg S QA USD 243 1,998 0.03 


Sweden 4.50% 12/08/2015 SE SEK 559 719 0.01 

Germany 4.75% 04/07/2040 DE EUR 2 30 0.00 

639,323 10.57 


Marwyn Value Investors GB GBP 27 432 0.01 

Oakley Capital Investments BM GBP 21 354 0.01 

Frasers Commercial Trust SG SGD 44 346 0.01 

Loudwater Trust GB GBP 44 174 0.00 


1,350 0.02 


UBS (SAIC Motor (A)) ELN 16/09/2014 CN USD 237 3,813 0.06 



UBS (China Vanke (A)) ELN 15/07/2013 CN USD 154 1,594 0.03 

BNP (China Vanke (A)) ELN 20/08/2013 NL USD 111 1,149 0.02 


BNP (Daqin Railway (A)) ELN 20/08/2013 NL USD 110 822 0.01 























19,516 0.32 


Energy 

Southeast Supply Header 4.85% 15/08/2014 144A US USD 339 2,745 0.05 

Petroleos Mexicanos 5.50% 27/06/2044 MX USD 293 2,480 0.04 

Schlumberger Investment 2.40% 01/08/2022 144A LU USD 236 1,836 0.03 

Phillips 66 5.875% 01/05/2042 144A US USD 179 1,732 0.03 

Schlumberger Investment 1.25% 01/08/2017 144A LU USD 200 1,547 0.03 



Linn Energy 6.25% 01/11/2019 144A US USD 88 686 0.01 

Offshore Group Investments 7.50% 01/11/2019 144A KY USD 88 674 0.01 

PBF Holding 8.25% 15/02/2020 144A US USD 69 562 0.01 

Consol Energy 8.25% 01/04/2020 US USD 63 518 0.01 

Unit 6.625% 15/05/2021 144A US USD 52 415 0.01 

Sabine Pass LNG 7.50% 30/11/2016 US USD 36 304 0.01 

Chesapeake Energy 5.75% (Perpetual) 144A US USD 1 296 0.00 

Linn Energy 6.50% 15/05/2019 US USD 34 263 0.00 

PDC Energy 7.75% 15/10/2022 144A US USD 33 261 0.00 

Clayton Williams Energy 7.75% 01/04/2019 US USD 32 250 0.00 



Kodiak Oil & Gas 8.125% 01/12/2019 144A CA USD 25 216 0.00 


NovaTek OAO GDR RU USD 1 179 0.00 

Sabine Pass LNG 6.50% 01/11/2020 144A US USD 21 166 0.00 

Forest Oil Corporation 7.50% 15/09/2020 144A US USD 21 165 0.00 

Petroleum Geo-Services 7.375% 15/12/2018 144A NO USD 20 165 0.00 



Regency Energy Partners 5.50% 15/04/2023 US USD 18 146 0.00 



Magnum Hunter Resources 9.75% 15/05/2020 144A US USD 16 132 0.00 





Apache 6.00% 01/08/2013 US USD 1 96 0.00 




311 



HKD 




Eurasia Drilling GDR CY USD 1 72 0.00 








ATP Oil & Gas 11.875% 01/05/2015 (Defaulted) US USD 45 54 0.00 




Venoco 11.50% 01/10/2017 US USD 4 34 0.00 






21,130 0.35 

Utilities 

Sempra Energy 1.149% FRN 15/03/2014 US USD 322 2,509 0.04 

Schlumberger Norge 1.25% 01/08/2017 144A NO USD 236 1,833 0.03 

Energy Future Inter. Holding 11.75% 01/03/2022 144A US USD 205 1,559 0.03 

Energy Future Holdings 10.00% 15/01/2020 US USD 181 1,505 0.02 

Niagara Mohawk Power 3.553% 01/10/2014 144A US USD 172 1,395 0.02 

Baltimore Gas & Electric 6.125% 01/07/2013 US USD 107 866 0.01 

Intergen 9.00% 30/06/2017 144A NL USD 71 526 0.01 



Puget Energy 5.625% 15/07/2022 144A US USD 43 364 0.01 

Nrg Energy 6.625% 15/03/2023 144A US USD 37 298 0.00 

Puget Energy 6.00% 01/09/2021 US USD 31 272 0.00 

DPL 6.50% 15/10/2016 US USD 28 233 0.00 

PPL 8.75% 01/05/2014 US USD 1 233 0.00 


Energy Future Holdings 5.55% 15/11/2014 US USD 45 201 0.00 



PPL 9.50% 01/07/2013 US USD 1 140 0.00 

Duquesne Light Holdings 5.90% 01/12/2021 144A US USD 15 138 0.00 

AES 7.375% 01/07/2021 US USD 13 117 0.00 

Atlantic Power 9.00% 15/11/2018 CA USD 14 116 0.00 








AES 9.75% 15/04/2016 US USD 2 16 0.00 



TXU Eastern Funding 6.45% 15/05/2005 (Defaulted)* GB USD 125 0 0.00 

14,210 0.23 

Materials 

LyondellBasell Industries 6.00% 15/11/2021 NL USD 733 6,585 0.11 

Ecolab 1.00% 09/08/2015 US USD 286 2,228 0.04 

Mexichem 6.75% 19/09/2042 144A MX USD 200 1,680 0.03 

Verso Paper Holdings 11.75% 15/01/2019 144A US USD 51 408 0.01 

MPM Escrow 8.875% 15/10/2020 144A US USD 51 389 0.01 

FMG Resources 6.375% 01/02/2016 144A AU USD 48 371 0.01 

McJunkin Red Man 9.50% 15/12/2016 US USD 37 313 0.01 

Cemex Finance 9.375% 12/10/2022 144A US USD 33 264 0.00 

BWAY Holding Co 10.00% 15/06/2018 US USD 30 261 0.00 

Ineos Group Holdings 8.50% 15/02/2016 144A LU USD 33 250 0.00 

Resolute Forest Products 10.25% 15/10/2018 US USD 26 227 0.00 

Berry Plastics 8.25% 15/11/2015 US USD 27 222 0.00 

AngloGold Ashanti Holdings 6.00% 15/09/2013 GB USD 1 198 0.00 

Pretium Packaging 11.50% 01/04/2016 US USD 24 194 0.00 

Ardagh (USA) 7.375% 15/10/2017 IE USD 22 186 0.00 

Ryerson 9.00% 15/10/2017 144A US USD 22 174 0.00 




Chemtura 7.875% 01/09/2018 US USD 18 145 0.00 




Ard Finance 11.125% 01/06/2018 144A LU USD 16 125 0.00 

Crown Americas 6.25% 01/02/2021 US USD 14 120 0.00 

Verso Paper Holdings 1.75% 15/01/2019 Reg S US USD 20 110 0.00 


Cementos Argos CO COP 2 78 0.00 

OXEA Finance 9.50% 15/07/2017 144A LU USD 7 60 0.00

Fidelity 

Funds 





HKD 







Uralkali GDR RU USD 1 41 0.00 






Aperam 7.375% 01/04/2016 144A LU USD 3 21 0.00 


Aperam 7.75% 01/04/2018 144A LU USD 2 16 0.00 

Grupo Argos CO COP 1 13 0.00 

16,117 0.27 

Industrials 

Verisk Analytics 4.125% 12/09/2022 US USD 408 3,211 0.05 

Experian Finance 2.375% 15/06/2017 144A GB USD 379 3,015 0.05 

Tyco Flow Control Int’l 1.875% 15/09/2017 144A LU USD 240 1,863 0.03 

International Lease Finance 7.125% 01/09/2018 144A US USD 49 447 0.01 

Ply Gem Industries 8.25% 15/02/2018 US USD 42 352 0.01 


HD Supply 8.125% 15/04/2019 144A US USD 30 258 0.00 

VWR Funding 7.25% 15/09/2017 144A US USD 32 251 0.00 

Western Express 12.50% 15/04/2015 144A US USD 48 240 0.00 

ARAMARK 3.945% FRN 01/02/2015 US USD 29 225 0.00 

Assoc Mat Llc/Amh New Fi 9.125% 01/11/2017 US USD 20 155 0.00 

ARAMARK Holdings 8.625% 01/05/2016 144A US USD 17 138 0.00 



HDTFS 5.875% 15/10/2020 144A US USD 14 107 0.00 

Nortek 8.50% 15/04/2021 144A US USD 12 96 0.00 




HDTFS 6.25% 15/10/2022 144A US USD 10 77 0.00 















11,677 0.19 


Xerox 1.257% FRN 16/05/2014 US USD 179 1,386 0.02 

Simplo Technology TW TWD 29 1,114 0.02 

Hewlett-Packard 0.823% FRN 30/05/2014 US USD 143 1,094 0.02 

Xerox 2.95% 15/03/2017 US USD 120 953 0.02 

First Data 6.75% 01/11/2020 144A US USD 74 575 0.01 

Hughes Satelite Systems 6.50% 15/06/2019 US USD 52 432 0.01 

Phison Electronics TW TWD 7 421 0.01 

Chipbond Technology TW TWD 30 386 0.01 

Avaya 10.125% 01/11/2015 US USD 48 336 0.01 

WideOpenWest 10.25% 15/07/2019 144A US USD 38 310 0.01 

Freescale Semiconductor 10.125% 15/03/2018 144A US USD 34 290 0.00 

Audatex North America 6.75% 15/06/2018 144A US USD 30 249 0.00 

Reddy Ice 11.25% 15/03/2015 US USD 29 228 0.00 

SunGard Data Systems 6.625% 01/11/2019 144A US USD 28 217 0.00 


Avaya 7.00% 01/04/2019 144A US USD 29 201 0.00 



Spansion 7.875% 15/11/2017 US USD 16 122 0.00 


NCR 5.00% 15/07/2022 144A US USD 13 103 0.00 



Infor US 9.375% 01/04/2019 US USD 8 67 0.00 

NXP 9.75% 01/08/2018 144A NL USD 7 67 0.00 




NXP 3.217% FRN 15/10/2013 NL USD 3 21 0.00 


9,551 0.16 

312 



HKD 


Comcast 3.125% 15/07/2022 US USD 1,197 9,735 0.16 

News America 3.00% 15/09/2022 144A US USD 551 4,350 0.07 

Chrysler Group 8.00% 15/06/2019 US USD 479 3,943 0.07 

NBCUniversal Media 4.375% 01/04/2021 US USD 419 3,706 0.06 


Volkswagen Int’l Finance 2.375% 22/03/2017 144A NL USD 399 3,211 0.05 

Comcast 6.55% 01/07/2039 US USD 299 3,085 0.05 

COX Communications 8.375% 01/03/2039 144A US USD 200 2,439 0.04 

News America 7.85% 01/03/2039 US USD 207 2,286 0.04 

Comcast 6.40% 01/03/2040 US USD 205 2,103 0.03 

Viacom 3.125% 15/06/2022 US USD 250 2,014 0.03 

Comcast 5.85% 15/11/2015 US USD 215 1,910 0.03 


Viacom 3.50% 01/04/2017 US USD 114 970 0.02 


Reynolds Group Issuer 5.75% 15/10/2020 144A US USD 77 602 0.01 

CCH II Capital 13.50% 30/11/2016 US USD 60 499 0.01 

Caesars Entertainment Operating 8.50% 15/02/2020 144A US USD 65 497 0.01 

Station Casinos 3.66% 18/06/2018 144A US USD 65 433 0.01 

Claire’s Stores 9.00% 15/03/2019 144A US USD 52 423 0.01 



General Motors 4.75% 01/12/2013 US USD 1 333 0.01 


Clear Channel Worldwide (B) 7.625% 15/03/2020 US USD 43 318 0.01 

K. Hovnanian Enterprises 7.25% 15/10/2020 144A US USD 34 281 0.00 


DISH DBS 4.625% 15/07/2017 US USD 34 272 0.00 

DISH DBS 5.875% 15/07/2022 US USD 31 253 0.00 

DISH DBS 6.75% 01/06/2021 US USD 29 253 0.00 

Laureate Education 9.25% 01/09/2019 144A US USD 32 245 0.00 


National CineMedia 6.00% 15/04/2022 144A US USD 27 226 0.00 

Lamar Media 5.00% 01/05/2023 144A US USD 28 214 0.00 

Ameristar Casinos 7.50% 15/04/2021 US USD 22 188 0.00 

Petco Animal Supplies 9.25% 01/12/2018 144A US USD 21 182 0.00 

Sotheby’s 5.25% 01/10/2022 144A US USD 22 178 0.00 

Nielsen Finance 4.50% 01/10/2020 144A US USD 21 164 0.00 

Caesars Operating Escrow 9.00% 15/02/2020 144A US USD 21 160 0.00 

Hanesbrands 6.375% 15/12/2020 US USD 19 158 0.00 


MGM Resorts International 8.625% 01/02/2019 144A US USD 17 143 0.00 

Tenneco 6.875% 15/12/2020 US USD 16 133 0.00 

AmeriGas 6.50% 20/05/2021 US USD 16 129 0.00 

Delphi 6.125% 15/05/2021 US USD 14 122 0.00 


DISH DBS 6.625% 01/10/2014 US USD 14 115 0.00 






Sheridan Group 12.50% 15/04/2014 US USD 15 98 0.00 




DISH DBS 7.00% 01/10/2013 US USD 10 83 0.00 





Qvc 7.50% 01/10/2019 144A US USD 7 60 0.00 






















DISH DBS 7.125% 01/02/2016 US USD 3 30 0.00 

Tenneco 7.75% 15/08/2018 US USD 4 30 0.00 


DISH DBS 7.75% 31/05/2015 US USD 3 29 0.00 


Delphi 5.875% 15/05/2019 US USD 3 23 0.00

Fidelity 

Funds 





HKD 









55,746 0.92 


SABMiller Holdings 2.45% 15/01/2017 144A US USD 539 4,374 0.07 

Heineken 1.40% 01/10/2017 144A NL USD 439 3,412 0.06 


Walgreen 0.899% FRN 13/03/2014 US USD 243 1,892 0.03 

Heineken 2.75% 01/04/2023 144A NL USD 180 1,399 0.02 




Revlon Consumer Products 9.75% 15/11/2015 US USD 17 143 0.00 

Alphabet Holding 7.75% 01/11/2017 144A US USD 18 140 0.00 

Post Holdings 7.375% 15/02/2022 144A US USD 15 127 0.00 

Rite Aid 9.25% 15/03/2020 US USD 14 113 0.00 



MHP GDR UA USD 1 16 0.00 

18,958 0.31 

Healthcare 

Express Scripts Holding 3.90% 15/02/2022 144A US USD 978 8,294 0.14 




Teva Pharmaceutical Finance IV 1.70% 10/11/2014 US USD 286 2,269 0.04 

Medco Health Solutions 4.125% 15/09/2020 US USD 234 2,020 0.03 

Watson Pharmaceuticals 3.25% 01/10/2022 US USD 229 1,824 0.03 

HCA Holdings 7.75% 15/05/2021 US USD 179 1,493 0.02 





Wellpoint 4.65% 15/01/2043 US USD 100 828 0.01 

Roche Holding ADR CH USD 1 397 0.01 


Vanguard Health Holding 7.75% 01/02/2019 144A US USD 33 266 0.00 

Radiation Therapy Services 8.875% 15/01/2017 US USD 34 256 0.00 

VPI Escrow 6.375% 15/10/2020 144A US USD 31 256 0.00 

Multiplan 9.875% 01/09/2018 144A US USD 27 235 0.00 

Aviv Healthcare Properties 7.75% 15/02/2019 US USD 27 225 0.00 

Fresenius Med. Care US Fin. II 5.875% 31/01/2022 144A US USD 26 213 0.00 

Fresenius Medical Care US Fin. 5.75% 15/02/2021 144A US USD 26 211 0.00 



Emergency Medical Services 8.125% 01/06/2019 US USD 20 161 0.00 


Hologic 6.25% 01/08/2020 144A US USD 17 144 0.00 



Emdeon 11.00% 31/12/2019 US USD 14 122 0.00 

Mylan 7.875% 15/07/2020 144A US USD 14 121 0.00 










Mylan 7.625% 15/07/2017 144A US USD 8 66 0.00 











40,360 0.67 


DIRECTV 4.375% 14/09/2029 US GBP 617 7,792 0.13 

DIRECTV 5.15% 15/03/2042 US USD 439 3,542 0.06 

CenturyLink 7.65% 15/03/2042 US USD 336 2,677 0.04 

Vivendi 3.45% 12/01/2018 144A FR USD 318 2,521 0.04 

Deutsche Telekom Int’l Finance 3.125% 11/04/2016 144A NL USD 229 1,871 0.03 

313 



HKD 

DIRECTV 6.35% 15/03/2040 US USD 172 1,588 0.03 

Deutsche Telekom Int’l Finance 2.25% 06/03/2017 144A NL USD 114 909 0.02 




Sprint Nextel 9.00% 15/11/2018 144A US USD 56 538 0.01 

Intelsat Jackson Holdings 6.625% 15/12/2022 144A LU USD 66 511 0.01 

Digicel Group 8.25% 30/09/2020 144A BM USD 48 405 0.01 



Leap Wireless International 4.50% 15/07/2014 US USD 33 248 0.00 

Windstream 7.50% 01/06/2022 US USD 29 236 0.00 



SBA Communications 5.625% 01/10/2019 144A US USD 23 180 0.00 


Level 3 Financing 7.00% 01/06/2020 144A US USD 17 136 0.00 

Clearwire Finance 12.00% 01/12/2015 144A US USD 13 109 0.00 









27,223 0.45 

Financials 

Freddie Mac 1.75% 30/05/2019 US USD 2,575 20,634 0.34 

BAT Int’l Finance 3.25% 07/06/2022 144A GB USD 688 5,555 0.09 

Storm 2010-1 A2 1.233% FRN 22/03/2052 NL EUR 479 4,850 0.08 

Credit Agricole 3.00% 01/10/2017 144A FR USD 572 4,503 0.07 

National Australia Bank 1.569% FRN 07/08/2015 AU USD 536 4,226 0.07 

ING Bank 3.90% 19/03/2014 144A NL USD 501 4,061 0.07 

Rabobank Nederland 3.875% 08/02/2022 NL USD 465 3,918 0.06 

Societe Generale 2.75% 12/10/2017 FR USD 494 3,852 0.06 


Nordea Bank 2.25% 20/03/2015 144A SE USD 451 3,569 0.06 

Siverstone MI 2009-1 A2 1.979% FRN 21/01/2055 GB GBP 279 3,567 0.06 

Bank of America 1.733% FRN 30/01/2014 MTN US USD 429 3,369 0.06 

US Bancorp 2.95% 15/07/2022 MTN US USD 415 3,309 0.05 

Hyundai Capital America 4.00% 08/06/2017 Reg S US USD 393 3,304 0.05 

Wells Fargo & Co 3.676% 15/06/2016 US USD 379 3,186 0.05 

Fosse MI 2011-1X A3 1.932% FRN 18/10/2054 GB GBP 251 3,183 0.05 


US Bancorp 3.00% 15/03/2022 MTN US USD 379 3,120 0.05 

Commonwealth Bank of Australia 3.25% 17/03/2016 144A AU USD 350 2,900 0.05 

Metropolitan Life GF I 4.75% 28/09/2017 MTN US AUD 343 2,797 0.05 

Commonwealth Bank Aust. 1.185% FRN 18/09/2015 144A AU USD 358 2,792 0.05 

American Honda Finance 1.50% 11/09/2017 144A US USD 358 2,785 0.05 

American Honda Finance 1.00% 11/08/2015 144A US USD 358 2,780 0.05 

BNP Paribas 2.375% 14/09/2017 MTN FR USD 339 2,656 0.04 


Hmi 2010-1X A2 1.740% FRN 15/10/2054 GB USD 293 2,301 0.04 

ING Bank Sydney 7.00% 22/03/2016 NL AUD 257 2,224 0.04 

Westpac Banking 1.375% 17/07/2015 144A AU USD 265 2,080 0.03 

CIT Group 4.75% 15/02/2015 144A US USD 256 2,062 0.03 

Hyundai Capital America 1.625% 02/10/2015 144A US USD 257 2,007 0.03 

Hyundai Capital America 2.125% 02/10/2017 144A US USD 257 2,005 0.03 

Citigroup 1.290% FRN 01/04/2014 US USD 257 1,997 0.03 

Granite Master Iss. 2007-2 3M2 0.691% FRN 17/12/2054 GB EUR 219 1,983 0.03 

Caterpillar Financial Services 2.85% 01/06/2022 MTN US USD 236 1,920 0.03 

Westpac Banking 1.130% FRN 17/07/2015 144A AU USD 243 1,909 0.03 




Ally Financial 8.00% 01/11/2031 (Guaranteed) US USD 190 1,743 0.03 

Danske Bank 1.390% FRN 14/04/2014 144A DK USD 222 1,715 0.03 

Arkle 2010-2X 1A1 1.834% FRN 17/05/2060 GB USD 219 1,710 0.03 

Clock Finance 2007-1 B2 0.515% FRN 25/02/2015 NL EUR 166 1,654 0.03 

Granite Master Issuer 2005-1 A5 0.29% FRN 20/12/2054 GB EUR 165 1,638 0.03 

Caterpillar Financial Services 1.625% 01/06/2017 MTN US USD 200 1,590 0.03 

Eston 2006-1 A2 0.741% FRN 19/04/2021 GB GBP 140 1,570 0.03 

Bank of America 1.897% FRN 11/07/2014 US USD 186 1,460 0.02 

Real Estate Capital 5 A 0.758% FRN 25/07/2016 GB GBP 114 1,406 0.02 

Swedbank Hypotek 0.812% FRN 28/03/2014 144A SE USD 172 1,333 0.02 

Ally Financial 8.00% 31/12/2018 US USD 153 1,328 0.02 

Aegon NL EUR 29 1,242 0.02 

Mapfre 5.921% VRN 24/07/2037 ES EUR 160 1,220 0.02 

ING Bank Sydney 5.887% FRN 22/03/2016 NL AUD 143 1,179 0.02 

ING Bank 1.808% FRN 09/06/2014 144A NL USD 143 1,117 0.02 

MetLife 4.125% 13/08/2042 US USD 136 1,064 0.02 

Liberty Mutual Group 4.95% 01/05/2022 144A US USD 114 966 0.02 

National Australia Bank 0.831% FRN 08/01/2013 Reg S AU USD 115 891 0.01 

German Residential Asset ND 1 A 0.445% FRN 20/07/2016 IE EUR 89 879 0.01 

Clock Finance 2007-1 C2 0.695% FRN 25/02/2015 NL EUR 83 808 0.01 

General Motors Financial 4.75% 15/08/2017 144A US USD 102 806 0.01 

Goldman Sachs Group 1.439% FRN 07/02/2014 US USD 102 794 0.01

Fidelity 

Funds 





HKD 

Brunt Alpha 2007-1 C 1.029% FRN 15/01/2017 GB GBP 79 787 0.01 

Canary Wharf Finance II C2 1.079% FRN 22/10/2037 GB GBP 100 769 0.01 

Leek Finance 18X BC 1.038% FRN 21/09/2038 GB EUR 80 766 0.01 

Ally Financial 7.00% (Perpetual) 144A US USD 1 720 0.01 


GMAC Capital Trust I 8.125% VRN 15/02/2040 US USD 3 619 0.01 

Granite Master Issuer 2007-1 1C1 0.811% FRN 20/12/2054 GB USD 100 613 0.01 

Medallion Trust 2007-1G A1 0.467% FRN 27/02/2039 AU USD 77 595 0.01 

CIT Group 5.50% 15/02/2019 144A US USD 71 592 0.01 

General Motors Financial 6.75% 01/06/2018 US USD 66 567 0.01 

EP Energy 9.375% 01/05/2020 144A US USD 50 435 0.01 



Entertainment Properties 7.75% 15/07/2020 US USD 41 373 0.01 

SLM 4.625% 25/09/2017 MTN US USD 43 340 0.01 

Icahn Enterprises Finance 8.00% 15/01/2018 US USD 37 309 0.01 


Calpine Construction Finance 8.00% 01/06/2016 144A US USD 36 298 0.00 

Citigroup 5.95% VRN (Perpetual) US USD 37 297 0.00 

SMILE Securitisation 2007-1 D 0.774% FRN 20/12/2053 NL EUR 39 286 0.00 


Discover Financial Services 6.50% (Perpetual) US USD 1 266 0.00 


Annaly Capital Management 7.50% (Perpetual) US USD 1 239 0.00 

TransUnion 11.375% 15/06/2018 US USD 25 229 0.00 

Offshore Group Investments 11.50% 01/08/2015 KY USD 26 217 0.00 

SLM 3.875% 10/09/2015 MTN US USD 23 185 0.00 

Ineos Finance 9.00% 15/05/2015 144A GB USD 21 179 0.00 


Grupo de Inversiones Suramericana CO COP 1 166 0.00 

UPCB Finance III 6.625% 01/07/2020 144A KY USD 18 153 0.00 

CNH Capital 3.875% 01/11/2015 144A US USD 19 149 0.00 


SLM 8.45% 15/06/2018 MTN US USD 14 131 0.00 

Host Hotels & Resorts 4.75% 01/03/2023 US USD 15 127 0.00 



Phh 9.25% 01/03/2016 US USD 13 120 0.00 




SLM 8.00% 25/03/2020 MTN US USD 10 93 0.00 










Guaranty Trust Bank GDR NG USD 1 37 0.00 

Bolsa de Valores de Colombia CO COP 224 30 0.00 


Halyk Savings Bank of Kazakhstan GDR KZ USD 1 22 0.00 


Lambda Finance 2005-1X A3 0.664% FRN 15/11/2029 NL USD 1 5 0.00 


172,804 2.86 

Government 











Canada 1.50% 01/09/2017 CA CAD 2,718 21,229 0.35 




Canada 3.25% 01/06/2021 CA CAD 2,035 17,756 0.29 






US Treasury 0.625% 30/09/2017 US USD 738 5,697 0.09 

France 1.10% 25/07/2022 FR EUR 379 4,400 0.07 

US Treasury 0.75% 31/10/2017 US USD 565 4,384 0.07 

Chile 2.25% 30/10/2022 CL USD 572 4,366 0.07 

Mexico 4.75% 08/03/2044 MTN MX USD 257 2,215 0.04 

Finland 6.95% 15/02/2026 FI USD 143 1,570 0.03 

559,904 9.26 

314 



174,520 2.89 



Raboa CD 0.264% 27/11/2012 AU USD 2,042 15,824 0.26 



















Deka CP 0.30% 03/12/2012 DE USD 1,532 11,867 0.20 


SMBCE CD 0.27% 07/01/2013 GB USD 1,532 11,865 0.20 



SMBCE CD 0.251% 16/01/2013 GB USD 1,532 11,864 0.20 











TFA CP 0.18% 26/11/2012 AU USD 1,144 8,862 0.15 




Netherlands CP 0.23% 17/01/2013 NL USD 868 6,723 0.11 

HSBC France CD 0.26% 04/01/2013 FR USD 817 6,328 0.10 

Bank of Tokyo-Mitsubishi CD 0.257% 04/01/2013 AU USD 511 3,956 0.07 

Credit Agricole CIB (Australia) CP 0.32% 03/12/2012 AU USD 511 3,956 0.07 

Landesbank Hessen-Thuringen CP 0.20% 05/11/2012 DE USD 306 2,374 0.04 

490,635 8.11 

Unlisted 



HKD 

Energy 

Griffiths Energy 12.00% 01/09/2017* CA USD 62 484 0.01 

Impact Oil&Gas* GB GBP 177 341 0.01 


Chesapeake Energy 0.472% FRN 02/12/2017 US USD 25 191 0.00 

RDS Ultra-Deepwater 11.875% 15/03/2017 144A KY USD 18 159 0.00 





1,509 0.02 

Utilities 

Suburban Propane Partners 7.375% 01/08/2021 Reg S US USD 26 218 0.00 

Texas Competitive Electric 15.380% FRN 10/10/2017 US USD 43 217 0.00 




Sterecycle 0.00% 27/01/2014 Placing* GB CAD 40 0 0.00 

620 0.01 

Materials 

FMG Resources August 2006 5.069% FRN 18/10/2017 AU USD 36 276 0.00 

American Rock Salt 8.25% 01/05/2018 144A US USD 22 156 0.00 




Polar Star Mining* CA CAD 47 61 0.00 



CopperCo (In liquidation)* AU AUD 58 0 0.00

Fidelity 

Funds 





HKD 


874 0.01 

Industrials 

Asia Aviation NVDR TH THB 244 281 0.00 

Toyo-Thai NVDR TH THB 19 132 0.00 

Tervita 9.75% 01/11/2019 144A CA USD 16 122 0.00 

NESCO 11.75% 15/04/2017 144A US USD 10 83 0.00 

USG 7.875% 30/03/2020 144A US USD 9 80 0.00 



Rolls-Royce Holdings (C) GB GBP 254 3 0.00 

Dialog Group Wts 16/02/2017 MY MYR 2 2 0.00 


794 0.01 


First Data 5.949 FRN 24/03/2018 US USD 162 1,204 0.02 


Kronos 4.912% FRN 28/12/2017 US USD 30 234 0.00 

NXP 4.751% FRN 03/04/2019 US USD 28 221 0.00 

Viasystems 7.875% 01/05/2019 144A US USD 27 208 0.00 

Infor US 4.711% FRN 05/04/2019 US USD 26 203 0.00 


Cambridge Broadband Networks* GB GBP 74 133 0.00 









3,142 0.05 


Big C Supercenter NVDR TH THB 8 373 0.01 

WideOpenWest (B) 4.767% 17/07/2018 US USD 47 365 0.01 

Caesars Entertainment Operating 7.40% FRN 28/01/2018 US USD 48 333 0.01 

Tower Automotive Holdings 10.625% 01/09/2017 144A US USD 36 301 0.00 

Checkout Holdings 18.291% 15/11/2015 144A US USD 45 207 0.00 

Univision Communications 5.534% FRN 31/03/2017 US USD 23 178 0.00 

Mood Media 9.25% 15/10/2020 144A CA USD 18 139 0.00 


Serta Simmons Holdings 8.125% 01/10/2020 144A US USD 18 138 0.00 





Modern Internasional Placing ID IDR 75 39 0.00 









2,694 0.04 


Felda Global Ventures Holdings* MY MYR 16 184 0.00 

BI-LO 9.25% 15/02/2019 144A US USD 13 105 0.00 


319 0.01 

Healthcare 

Legend Acquisition Sub 10.75% 15/08/2020 144A US USD 34 262 0.00 





478 0.01 


Fairpoint Communications 7.372% FRN 24/01/2016 US USD 92 662 0.01 



Broadview Networks 11.375% 01/09/2012 (Defaulted) US USD 50 280 0.00 

Total Access Communication NVDR TH THB 12 264 0.00 


Intelsat Jackson Holdings 4.797% FRN 02/04/2018 LU USD 17 134 0.00 




2,746 0.05 

315 

Financials 

Bank of Ayudhya NVDR TH THB 111 828 0.01 

Realogy 0.241% FRN 10/10/2016 US USD 85 661 0.01 



Land and Houses NVDR TH THB 120 259 0.00 

Hub International 8.125% 15/10/2018 144A US USD 21 165 0.00 



Bangkok Life Assurance NVDR TH THB 9 95 0.00 


LPN Development NVDR TH THB 11 49 0.00 




SA Investment Opportunities Placing* VG GBP 1 4 0.00 

GPT Group (In Specie)* AU EUR 991 0 0.00 

Links Finance 0.00% 15/09/2009 EMTN (Defaulted)* KY USD 399 0 0.00 

Nightingale Finance 2007-11 1 0.983% FRN 07/06/2015* GB USD 599 0 0.00 


2,985 0.05 





330 0.01 


Total Investments (Cost HKD 5,811,641) 5,645,449 93.33 

Bank Deposits 



44,092 0.73 





HKD 

Dow Jones - UBS Industrial Metals Subindex USD (1,131) 900 0.01 


Dow Jones - UBS Agriculture Subindex USD 399 (140) (0.00) 

Dow Jones - UBS Precious Metals Subindex USD 1,935 (583) (0.01) 


(6,451) (0.11) 




HKD 

Bought protection on Itraxx Asia Ex-Japan 20/12/2016 USD 715 66 0.00 


Sold protection on Caterpillar 20/12/2016 USD 143 15 0.00 

Bought protection on Yum Brands 20/09/2016 USD 286 (50) (0.00) 

Sold protection on Xerox Corporation 20/12/2016 USD 143 (58) (0.00) 


Sold protection on Glencore Finance 20/09/2017 EUR 638 (368) (0.01) 

(648) (0.01) 




HKD 



HKD HKD 








Bought USD Sold CAD at 1.01803 20/11/2012 10,839 193 0.00

Fidelity 

Funds 





















Bought EUR Sold AUD at 0.80180 20/12/2012 726 5 0.00 


Bought SEK Sold EUR at 8.68530 20/12/2012 294 3 0.00 













Bought DKK Sold EUR at 7.44454 20/12/2012 834 (1) (0.00) 

Bought EUR Sold SEK at 0.11524 20/12/2012 242 (2) (0.00) 


Bought CAD Sold EUR at 1.26453 20/12/2012 328 (9) (0.00) 




































(12,960) (0.21) 

Futures 





HKD HKD 



HKD 


Japan 10 Year Bond Future 11/12/2012 JPY 575,549 117 0.00 





Australia 3 Year Bond Future 17/12/2012 AUD (1,526) 23 0.00 

316 

Ultra Long Term US Treasury Bond Future 19/12/2012 USD (416) 15 0.00 

Euro Stoxx 50 Future 21/12/2012 EUR 371 (2) (0.00) 

FTSE 100 Index Future 21/12/2012 GBP 8 (2) (0.00) 





1,940 0.03 




HKD 



HKD 



Pay fixed 1.50% receive float. (6m JPYLIBOR) 17/03/2015 JPY 199,497 563 0.01 



5,020 0.08 


Net Assets 6,048,805 100.00

Fidelity 

Funds 





USA US 26.10 

UK GB 10.70 


Japan JP 6.06 


China CN 4.78 



Korea KR 3.51 




Italy IT 1.61 




Spain ES 1.18 

















Chile CL 0.08 





Qatar QA 0.03 










Kenya KE 0.00 


Peru PE 0.00 






317

Fidelity 

Funds 

Fidelity Target 2020 Fund 




USD 


Energy 



Chevron US USD 1,877 205,735 0.68 


BP GB GBP 19,193 137,240 0.46 

BG Group GB GBP 7,232 133,861 0.45 



Saipem IT EUR 1,877 84,371 0.28 


Apache US USD 851 70,021 0.23 








Eni IT EUR 2,013 46,248 0.15 







EQT US USD 543 32,879 0.11 


Ensco (A) GB USD 527 30,179 0.10 




AMEC GB GBP 1,530 26,162 0.09 



CNOOC CN HKD 10,788 22,307 0.07 

Inpex JP JPY 3 18,981 0.06 





Cameco CA CAD 780 15,047 0.05 



Statoil NO NOK 536 13,239 0.04 




Total FR EUR 214 10,785 0.04 


















Pacific Rubiales Energy CO CAD 71 1,697 0.01 

Lukoil OAO RU USD 25 1,545 0.01 


Petroleo Brasileiro (Pref’d) ADR BR USD 73 1,490 0.00 


S-Oil KR KRW 15 1,405 0.00 

Petroleo Brasileiro ADR BR USD 62 1,312 0.00 


Gaz Capital (Gazprom) 3.755% 15/03/2017 Reg S LU EUR 758 1,020 0.00 

Korea Resources 4.125% 19/05/2015 KR USD 945 1,004 0.00 

Weatherford Bermuda 5.95% 15/04/2042 BM USD 834 910 0.00 

Noble Holding International 5.25% 15/03/2042 KY USD 796 900 0.00 

Gold Oil* GB GBP 33,378 801 0.00 

Surgutneftegas (Pref’d) RU USD 1,272 788 0.00 

Weatherford Bermuda 4.50% 15/04/2022 BM USD 708 755 0.00 

FAR AU AUD 21,720 740 0.00 

Indo Tambangraya Megah ID IDR 172 728 0.00 

318 



USD 

MOL Group Finance 6.25% 26/09/2019 EMTN LU USD 682 691 0.00 

Marathon Oil 0.90% 01/11/2015 US USD 657 658 0.00 

Western Gas Partners 4.00% 01/07/2022 US USD 569 605 0.00 

CNOOC Finance 2011 4.25% 26/01/2021 Reg S VG USD 538 592 0.00 

Anadarko Petroleum 6.20% 15/03/2040 US USD 442 561 0.00 

BG Energy Capital 6.50% VRN 30/11/2072 GB USD 512 559 0.00 


Gaz Capital (Gazprom) 8.125% 31/07/2014 Reg S LU USD 505 555 0.00 

Enbridge Energy Partners 5.20% 15/03/2020 US USD 471 549 0.00 

IPIC GMTN 3.75% 01/03/2017 Reg S KY USD 505 537 0.00 


Noble Holding International 3.05% 01/03/2016 KY USD 430 450 0.00 

IPIC GMTN 5.50% 01/03/2022 Reg S KY USD 354 409 0.00 

IPIC GMTN 6.875% 14/03/2026 EMTN KY GBP 202 407 0.00 

Frontier Oil 6.875% 15/11/2018 US USD 373 396 0.00 

Gaz Capital (Gazprom) 5.364% 31/10/2014 EMTN LU EUR 269 373 0.00 

IPIC GMTN 5.875% 14/03/2021 Reg S KY EUR 235 359 0.00 

Gazprom Int’l (Gazprom) 7.201% 01/02/2020 Reg S LU USD 301 338 0.00 

Toyo Kanetsu JP JPY 165 321 0.00 


El Paso Pipeline Partners Operating 7.50% 15/11/2040 US USD 199 272 0.00 

Plains All American Pipeline 8.75% 01/05/2019 US USD 202 272 0.00 

Anton Oilfield Services Group CN HKD 868 261 0.00 


HRT Participacoes em Petroleo BR BRL 60 178 0.00 

Petroleo Brasileiro (Pref’d) BR BRL 16 167 0.00 

Medco Energi Internasional ID IDR 989 162 0.00 

Sasol ZA ZAR 4 158 0.00 

Bumi Resources ID IDR 2,033 139 0.00 

Adaro Energy ID IDR 832 118 0.00 


Weatherford International 6.75% 15/09/2040 BM USD 76 90 0.00 

2,915,275 9.70 

Utilities 



PPL US USD 1,300 38,406 0.13 


GDF Suez FR EUR 829 19,037 0.06 


PG&E US USD 366 15,548 0.05 



Electricite de France FR EUR 552 11,685 0.04 

AES US USD 1,055 11,013 0.04 



E.ON DE EUR 385 8,750 0.03 


SSE GB GBP 274 6,397 0.02 

RWE DE EUR 108 4,925 0.02 



Huaneng Power International (H) CN HKD 3,899 3,104 0.01 




Fortum FI EUR 125 2,316 0.01 





South East Water Finance 5.583% 29/03/2029 GB GBP 649 1,218 0.00 

Terna Rete Elettrica Nazionale 2.875% 16/02/2018 EMTN IT EUR 809 1,065 0.00 

First Hydro Finance 9.00% 31/07/2021 GB GBP 518 1,016 0.00 

Cia Energetica de Minas Gerais ADR BR USD 80 969 0.00 

Centrica 4.375% 13/03/2029 EMTN GB GBP 538 937 0.00 

Duke Energy 3.05% 15/08/2022 US USD 910 937 0.00 

ENW Finance 6.125% 21/07/2021 EMTN GB GBP 471 919 0.00 

Wales & West Utilities Fin. 6.75% VRN 17/12/2036 EMTN GB GBP 336 639 0.00 

Snam 5.25% 19/09/2022 EMTN IT EUR 404 571 0.00 

Perusahaan Listrik Negar 5.25% 24/10/2042 Reg S ID USD 556 570 0.00 


Gas Natural Capital Markets 6.00% 27/01/2020 EMTN ES EUR 379 528 0.00 

Western Power Distribution S. West 5.75% 23/03/2040 GB GBP 269 513 0.00 

Korea Midland Power 5.375% 11/02/2013 KR USD 505 511 0.00 

Eastern Power Networks 6.25% 12/11/2036 EMTN GB GBP 249 506 0.00 

Alliander 2.875% 14/06/2024 EMTN NL EUR 370 495 0.00 

China Longyuan Power Group (H) CN HKD 763 494 0.00 

Sempra Energy 2.875% 01/10/2022 US USD 480 490 0.00 

Cia Paranaense de Energia ADR BR USD 32 468 0.00 


Korea Southern Power 5.375% 18/04/2013 Reg S KR USD 430 438 0.00 



Fidelity 

Funds 

Fidelity Target 2020 Fund - continued 




USD 

Korea Electric Power 5.50% 21/07/2014 Reg S KR USD 395 423 0.00 


Thames Water Utilities Cayman 6.125% 04/02/2013 EMTN KY EUR 269 354 0.00 

PPL Energy Supply 6.50% 01/05/2018 US USD 256 301 0.00 

Yorkshire Water Services 6.375% 19/08/2039 KY GBP 134 292 0.00 

Korea Hydro & Nuclear Power 6.25% 17/06/2014 Reg S KR USD 265 286 0.00 

Alabama Power 5.20% 15/01/2016 US USD 151 172 0.00 

Abu Dhabi National Energy 4.125% 13/03/2017 Reg S AE USD 152 162 0.00 


380,014 1.26 

Materials 






Mosaic US USD 1,035 54,192 0.18 


Agrium CA CAD 477 49,955 0.17 




Ecolab US USD 619 42,783 0.14 









Linde DE EUR 163 27,455 0.09 


Lanxess DE EUR 288 23,819 0.08 







IAMGOLD CA CAD 1,238 19,405 0.06 

Arkema FR EUR 189 17,223 0.06 



Fuchs Petrolub DE EUR 257 16,047 0.05 

Air Liquide FR EUR 128 15,149 0.05 




Banro CA CAD 2,399 10,948 0.04 





Sika (BR) CH CHF 4 7,523 0.03 





BASF DE EUR 78 6,483 0.02 



LG Chem KR KRW 22 6,191 0.02 






Anhui Conch Cement (H) CN HKD 1,231 4,209 0.01 





Grupo Mexico (B) MX MXN 962 3,072 0.01 






Toray Industries JP JPY 438 2,549 0.01 




Taiwan Fertilizer TW TWD 751 1,776 0.01 

Kuraray JP JPY 150 1,745 0.01 


Daicel JP JPY 279 1,673 0.01 


319 



USD 

Semen Gresik Persero ID IDR 990 1,531 0.01 


Industrias Penoles MX MXN 27 1,370 0.00 


CAP CL CLP 36 1,244 0.00 

BBMG (H) CN HKD 1,390 1,182 0.00 


Vale (Pref’d) ADR BR USD 64 1,128 0.00 

Nihon Nohyaku JP JPY 232 1,026 0.00 


Lee & Man Paper Manufacturing HK HKD 1,880 979 0.00 

Indocement Tunggal Prakarsa ID IDR 407 904 0.00 

Zeon JP JPY 114 821 0.00 

Ball 5.00% 15/03/2022 US USD 758 803 0.00 

Nissan Chemical Industries JP JPY 73 801 0.00 

Nippon Kayaku JP JPY 70 776 0.00 

Antofagasta GB GBP 38 762 0.00 

Rio Tinto Finance (USA) 9.00% 01/05/2019 AU USD 538 741 0.00 

Rexam 6.75% 01/06/2013 Reg S GB USD 706 733 0.00 

Mexichem MX MXN 145 721 0.00 


Hitachi Metals JP JPY 75 700 0.00 

Duratex BR BRL 97 663 0.00 

Harmony Gold Mining ZA ZAR 73 599 0.00 


Arkema 3.85% 30/04/2020 FR EUR 403 564 0.00 

Vale 5.625% 11/09/2042 BR USD 505 540 0.00 

HeidelbergCement Fin Lux 9.50% 15/12/2018 EMTN LU EUR 336 537 0.00 

PTT Global Chemical 4.25% 19/09/2022 Reg S TH USD 518 534 0.00 



West China Cement CN HKD 2,810 503 0.00 


Vale 3.75% 10/01/2023 EMTN BR EUR 366 477 0.00 

AngloGold Holdings 5.375% 15/04/2020 GB USD 437 457 0.00 


FP JP JPY 6 434 0.00 


Fufeng Group HK HKD 1,092 413 0.00 

BHP Billiton Finance 3.25% 25/09/2024 EMTN AU GBP 253 406 0.00 

Akzo Nobel Sweden Finance 2.625% 27/07/2022 EMTN SE EUR 303 389 0.00 

Vale Overseas Limited 4.375% 11/01/2022 KY USD 341 363 0.00 

Braskem BR BRL 50 326 0.00 



JSP JP JPY 19 244 0.00 





Timah Persero ID IDR 1,232 183 0.00 

Nampak ZA ZAR 48 161 0.00 





AngloGold Ashanti ZA ZAR 3 107 0.00 




DRDGOLD ZA ZAR 71 50 0.00 



1,632,655 5.43 

Industrials 





Cummins US USD 1,184 110,504 0.37 





Danaher US USD 1,385 71,777 0.24 


Equifax US USD 1,317 66,048 0.22 






CSX US USD 2,565 52,618 0.17 



Seek AU AUD 6,906 47,708 0.16 


Boeing US USD 665 46,797 0.16

Fidelity 

Funds 





USD 





FedEx US USD 404 37,010 0.12 



ADT US USD 824 33,802 0.11 







Safran FR EUR 422 16,806 0.06 

GFK DE EUR 361 16,446 0.05 




Alstom FR EUR 421 14,404 0.05 

Atlas Copco (A) SE SEK 572 14,080 0.05 




Sandvik SE SEK 963 13,370 0.04 





Brammer GB GBP 2,974 11,526 0.04 



Keppel SG SGD 1,178 10,226 0.03 





Sthree GB GBP 1,799 8,715 0.03 




Orkla NO NOK 900 7,116 0.02 


IMI GB GBP 431 6,629 0.02 




Colfax US USD 151 5,129 0.02 


Kubota JP JPY 470 4,793 0.02 











TK KR KRW 121 3,068 0.01 


CSR (H) CN HKD 3,678 2,844 0.01 



51job ADR CN USD 49 2,286 0.01 


China Eastern Airlines (H) CN HKD 6,048 2,100 0.01 


NRW Holdings AU AUD 874 1,850 0.01 


Alfa (A) MX MXN 989 1,826 0.01 

Eva Airways TW TWD 3,120 1,797 0.01 



SembCorp Industries SG SGD 403 1,783 0.01 





Marubeni JP JPY 237 1,530 0.01 


China Railway Construction (H) CN HKD 1,528 1,504 0.01 

Gallant Venture SG SGD 6,672 1,493 0.00 


JGC JP JPY 39 1,345 0.00 




Singapore Airlines SG SGD 146 1,266 0.00 

320 



USD 



Johnson Electric Holdings HK HKD 1,757 1,124 0.00 



Great Rolling Stock 6.25% 27/07/2020 EMTN GB GBP 504 972 0.00 

Tsubakimoto Chain JP JPY 192 940 0.00 

Guangshen Railway (H) CN HKD 2,706 928 0.00 

SP Manweb 4.875% 20/09/2027 EMTN GB GBP 538 896 0.00 


Kintetsu World Express JP JPY 32 891 0.00 


LS KR KRW 11 872 0.00 

HIT Finance 5.75% 09/03/2018 NL EUR 605 850 0.00 

Glencore Finance Europe 4.125% 03/04/2018 LU EUR 572 793 0.00 

ITOCHU JP JPY 78 782 0.00 

East Japan Railway JP JPY 11 770 0.00 



Aida Engineering JP JPY 114 728 0.00 

PSA International 5.90% 29/06/2016 Reg S SG USD 605 698 0.00 

Jasa Marga Persero ID IDR 1,112 670 0.00 

China Airlines TW TWD 1,550 600 0.00 

Oiles JP JPY 32 594 0.00 

Pembangunan Perumahan Persero ID IDR 7,389 591 0.00 

ST Engeneering Financial 1 4.80% 16/07/2019 EMTN SG USD 505 584 0.00 


PSA International 4.625% 11/09/2019 SG USD 471 539 0.00 


Aspire Defence Finance (A) 4.674% 31/03/2040 GB GBP 269 456 0.00 



Rolls-Royce 6.75% 30/04/2019 GB GBP 202 411 0.00 

Fedex 2.625% 01/08/2022 US USD 403 408 0.00 

WEG BR BRL 35 401 0.00 

Eversholt Funding 5.831% 02/12/2020 EMTN GB GBP 202 382 0.00 

Empresas ICA MX MXN 181 378 0.00 

MTR (Cayman Islands) 2.00% 12/04/2017 Reg S KY USD 354 361 0.00 

Nitta JP JPY 22 340 0.00 

Bidvest Group ZA ZAR 14 337 0.00 




General Electric 4.125% 09/10/2042 US USD 269 280 0.00 


Salfacorp CL CLP 104 247 0.00 

Industries Qatar QA QAR 6 245 0.00 


Wijaya Karya Persero ID IDR 1,676 238 0.00 


China High Speed Transmission Equipment Group HK HKD 589 201 0.00 


Industrias Romi BR BRL 72 187 0.00 

Burlington Northern Santa Fe 5.05% 01/03/2041 US USD 139 164 0.00 


Express Transindo Utama ID IDR 2,671 156 0.00 








Petrosea ID IDR 527 77 0.00 




2,771,827 9.22 


Apple US USD 1,473 878,630 2.92 

Google (A) US USD 808 546,879 1.82 


Oracle US USD 7,547 233,953 0.78 


SAP DE EUR 2,324 169,448 0.56 




eBay US USD 2,806 135,443 0.45 



Fiserv US USD 862 64,454 0.21 




Visa (A) US USD 372 51,191 0.17 


IAC Inter Active Corp US USD 815 39,485 0.13

Fidelity 

Funds 





USD 

EMC US USD 1,491 36,360 0.12 



Fujitsu JP JPY 8,911 34,189 0.11 


Hitachi JP JPY 6,441 34,075 0.11 




NVIDIA US USD 2,558 30,751 0.10 


Kyocera JP JPY 342 30,015 0.10 


Altera US USD 873 26,389 0.09 



VMware (A) US USD 260 21,874 0.07 



TDK JP JPY 495 18,560 0.06 







ADTRAN US USD 984 16,506 0.05 

Gemalto NL EUR 167 15,068 0.05 








SK Hynix KR KRW 507 11,512 0.04 








IQE GB GBP 16,917 8,732 0.03 



Alten FR EUR 264 8,312 0.03 


SDL GB GBP 964 8,246 0.03 

Brady GB GBP 4,989 8,168 0.03 





NHN KR KRW 28 6,523 0.02 



Canon JP JPY 192 6,225 0.02 











SCSK JP JPY 242 4,124 0.01 



Sina CN USD 68 3,725 0.01 

Globo GB GBP 9,944 3,709 0.01 



Otsuka JP JPY 38 3,076 0.01 


NCSoft KR KRW 15 2,957 0.01 





Horiba JP JPY 74 2,008 0.01 


YOC DE EUR 187 1,821 0.01 





CJ E&M KR KRW 65 1,738 0.01 

321 



USD 


Qihoo 360 Technology ADR CN USD 79 1,633 0.01 

Nidec JP JPY 22 1,584 0.01 



Elec & Eltek International SG USD 616 1,359 0.00 


Radiant Opto-Electronics TW TWD 309 1,275 0.00 

Yokogawa Electric JP JPY 86 979 0.00 

Ant GB GBP 3,020 974 0.00 


Itochu Techno-Solutions JP JPY 19 959 0.00 

Iliad 4.875% 01/06/2016 FR EUR 672 935 0.00 


AU Optronics TW TWD 2,158 814 0.00 

Lasertec JP JPY 41 739 0.00 

Nuflare Technology JP JPY 1 711 0.00 

Anritsu JP JPY 54 685 0.00 

Enplas JP JPY 18 644 0.00 

Citizen Holdings JP JPY 127 642 0.00 

Yahoo Japan JP JPY 2 604 0.00 

Hollysys Automation Technologies CN USD 56 583 0.00 

HTC TW TWD 80 571 0.00 

Shimadzu JP JPY 80 538 0.00 

United Microelectronics TW TWD 1,413 521 0.00 




Tyco Electronics Group 3.50% 03/02/2022 LU USD 403 418 0.00 

Kakaku.com JP JPY 12 408 0.00 

Xerox 4.50% 15/05/2021 US USD 366 387 0.00 

Totvs BR BRL 19 382 0.00 


Hewlett-Packard 4.65% 09/12/2021 US USD 341 342 0.00 

MercadoLibre AR USD 4 341 0.00 





ZTE (H) CN HKD 176 246 0.00 

Ubic JP JPY 3 240 0.00 

NSD JP JPY 23 220 0.00 

Megachips JP JPY 8 186 0.00 





Astra Graphia ID IDR 654 95 0.00 

4,531,720 15.07 








TJX US USD 3,321 136,508 0.45 

WPP IE GBP 9,502 122,538 0.41 





Lowe’s US USD 2,648 85,361 0.28 






PPR FR EUR 355 62,461 0.21 





Inditex ES EUR 438 55,983 0.19 

Expedia US USD 936 55,704 0.19 


News (A) US USD 1,989 47,508 0.16 

NIKE (B) US USD 499 45,427 0.15 

Coach US USD 805 44,675 0.15 




IPSOS FR EUR 1,088 38,276 0.13 



VF US USD 230 35,720 0.12 

Renault FR EUR 724 32,404 0.11 

LVMH Moet Hennessy Louis Vuitton FR EUR 184 29,861 0.10

Fidelity 

Funds 





USD 




Staples US USD 2,263 25,933 0.09 

PVH US USD 243 25,911 0.09 


Lagardere FR EUR 826 22,589 0.08 

Target US USD 320 20,274 0.07 




BMW DE EUR 216 17,197 0.06 


Best Buy US USD 1,063 16,130 0.05 

DIRECTV US USD 307 15,665 0.05 

ASOS GB GBP 414 15,050 0.05 



Big Lots US USD 440 12,776 0.04 


Hennes & Mauritz (B) SE SEK 367 12,426 0.04 






Axel Springer DE EUR 244 10,490 0.03 

Informa CH GBP 1,617 10,439 0.03 




SHW DE EUR 254 9,556 0.03 


Sodexo FR EUR 118 9,097 0.03 







TF1 FR EUR 916 7,879 0.03 



Singapore Press Holdings SG SGD 2,045 6,755 0.02 










Phorm SG GBP 3,304 3,838 0.01 








Duskin JP JPY 161 3,050 0.01 





Phoenix Satellite Television Holdings HK HKD 7,397 2,337 0.01 

Makita JP JPY 54 2,153 0.01 




Brilliance China Automotive Holdings HK HKD 1,558 1,922 0.01 


Skyworth Digital Holdings HK HKD 3,497 1,873 0.01 


Jcontentree KR KRW 477 1,779 0.01 

Television Broadcasts HK HKD 220 1,636 0.01 


GuocoLeisure SG SGD 3,133 1,585 0.01 

Lojas Renner BR BRL 40 1,465 0.00 


Largan Precision TW TWD 66 1,396 0.00 

Goodbaby International Holdings CN HKD 4,131 1,367 0.00 


Courts Asia SG SGD 2,452 1,351 0.00 


Intime Department Store Group CN HKD 1,121 1,317 0.00 

Rinnai JP JPY 19 1,312 0.00 

Virgin Media Secured Finance 7.00% 15/01/2018 GB GBP 733 1,282 0.00 

Wowprime TW TWD 90 1,257 0.00 

322 



USD 

SA SA International Holdings HK HKD 1,711 1,169 0.00 


Tamron JP JPY 40 1,082 0.00 

Prada IT HKD 134 1,081 0.00 

HIS JP JPY 36 1,079 0.00 


Giant Manufacturing TW TWD 193 990 0.00 

Great Wall Motor (H) CN HKD 338 924 0.00 

Lojas Americanas (Pref’d) BR BRL 110 922 0.00 

Denso JP JPY 29 918 0.00 

Arc Land Sakamoto JP JPY 63 912 0.00 

Trinity HK HKD 1,265 880 0.00 

McDonald’s 4.00% 17/02/2021 EMTN US EUR 581 873 0.00 


Anhanguera Educacional Participacoes BR BRL 50 864 0.00 



Aisin Seiki JP JPY 28 806 0.00 

Fields JP JPY 53 755 0.00 


Li Ning CN HKD 1,382 730 0.00 


Cia Hering BR BRL 31 709 0.00 

Isuzu Motors JP JPY 126 665 0.00 

Li & Fung HK HKD 390 651 0.00 

Hengdeli Holdings HK HKD 2,075 648 0.00 

Unipres JP JPY 28 647 0.00 




NOK JP JPY 31 493 0.00 

Wyndham Worldwide 5.75% 01/02/2018 US USD 439 480 0.00 

Modern Internasional ID IDR 6,112 470 0.00 

MRV Engenharia e Participacoes BR BRL 89 467 0.00 

Marks & Spencer 7.125% 01/12/2037 144A GB USD 403 449 0.00 

Merida Industry TW TWD 116 441 0.00 

BMW Finance 3.25% 14/01/2019 EMTN NL EUR 278 393 0.00 


Fujibo Holdings JP JPY 94 386 0.00 

Techtronic Industries HK HKD 196 370 0.00 


Hajime Construction JP JPY 11 359 0.00 

William Hill 7.125% 11/11/2016 EMTN GB GBP 202 358 0.00 




Marks & Spencer 6.125% 02/12/2019 EMTN GB GBP 168 307 0.00 



Ramayana Lestari Sentosa ID IDR 2,435 281 0.00 




Embry Holdings HK HKD 522 248 0.00 

SMI HK HKD 10,482 247 0.00 


Foschini Group ZA ZAR 16 233 0.00 


Ingersoll-Rand Global Holding 9.50% 15/04/2014 BM USD 202 226 0.00 


SACI Falabella CL CLP 21 213 0.00 




City Lodge Hotels ZA ZAR 17 181 0.00 

Global Mediacom ID IDR 711 168 0.00 

Time Warner 4.90% 15/06/2042 US USD 152 168 0.00 


T4F Entretenimento BR BRL 28 162 0.00 


Cashbuild ZA ZAR 8 142 0.00 





Mr Price Group ZA ZAR 5 84 0.00 




Modern Internasional Rts 11/03/2013 ID IDR 1,833 36 0.00 





3,799,166 12.64 



Philip Morris International US USD 3,889 343,658 1.14

Fidelity 

Funds 





USD 

PepsiCo US USD 3,499 242,139 0.81 


Danone FR EUR 2,747 169,005 0.56 















Kellogg US USD 895 47,060 0.16 




Diageo GB GBP 1,433 40,945 0.14 

L’Oreal FR EUR 307 39,187 0.13 




Aeon JP JPY 2,576 28,050 0.09 



Tesco GB GBP 3,355 17,309 0.06 


Glanbia IE EUR 1,197 11,363 0.04 







Metro DE EUR 254 7,335 0.02 





Aryzta CH CHF 111 5,563 0.02 





Cia de Bebidas das Americas ADR BR USD 102 4,173 0.01 



China Foods HK HKD 2,737 2,759 0.01 


Wal-Mart de Mexico MX MXN 757 2,237 0.01 


Thai Beverage TH SGD 5,961 2,119 0.01 




Olam International SG SGD 1,128 1,806 0.01 


Sheng Siong Group SG SGD 4,307 1,672 0.01 




BRF - Brasil Foods BR BRL 84 1,518 0.01 

Yaoko JP JPY 36 1,465 0.00 

Biostime International Holdings CN HKD 510 1,302 0.00 

Wumart Stores (H) CN HKD 731 1,295 0.00 


China Agri-Industries Holdings HK HKD 1,893 1,177 0.00 


Lawson JP JPY 15 1,087 0.00 


Sun Art Retail Group CN HKD 790 1,070 0.00 


Wal-Mart Stores 5.625% 15/04/2041 US USD 773 1,039 0.00 

Guan Chong MY MYR 1,571 976 0.00 

Shoprite Holdings ZA ZAR 47 961 0.00 

Souza Cruz BR BRL 72 948 0.00 

Unilever Indonesia ID IDR 347 938 0.00 

SABMiller (South Africa) GB ZAR 20 841 0.00 


Philip Morris International 2.90% 15/11/2021 US USD 783 824 0.00 


AVI ZA ZAR 119 787 0.00 

Tsuruha Holdings JP JPY 10 787 0.00 

Nigerian Breweries NG NGN 1,020 786 0.00 

China Modern Dairy Holdings CN HKD 2,524 653 0.00 

Cosan Industria e Comercio BR BRL 31 592 0.00 

323 



USD 

Charoen Pokphand Indonesia ID IDR 1,742 565 0.00 


Anheuser-Busch InBev 2.00% 16/12/2019 EMTN BE EUR 417 551 0.00 

Reynolds American 1.05% 30/10/2015 US USD 538 540 0.00 

Walgreen 5.25% 15/01/2019 US USD 442 520 0.00 

Procter & Gamble 2.00% 16/08/2022 Reg S US EUR 403 519 0.00 

Procter & Gamble 1.45% 15/08/2016 US USD 471 484 0.00 


Shenguan Holdings Group CN HKD 811 446 0.00 

East African Breweries KE KES 157 441 0.00 



CVS Caremark 5.75% 15/05/2041 US USD 303 393 0.00 


Pigeon JP JPY 8 384 0.00 


Controladora Comercial Mexicana MX MXN 126 351 0.00 

Brazil Pharma BR BRL 58 350 0.00 



Coca-Cola 1.80% 01/09/2016 US USD 291 301 0.00 



Indofood Sukses Makmur ID IDR 427 253 0.00 


Anheuser-Busch InBev 3.75% 15/07/2042 US USD 221 226 0.00 

Tongaat Hulett ZA ZAR 14 212 0.00 

Guinness (Nigeria) NG NGN 120 201 0.00 


Nestle Foods Nigeria NG NGN 46 198 0.00 

Clover Industries ZA ZAR 111 178 0.00 

Coca-Cola Icecek TR TRY 9 173 0.00 

China Mengniu Dairy HK HKD 55 167 0.00 

Zeder Investments ZA ZAR 476 159 0.00 


Anadolu Efes Biracilik Ve Malt Sanayii TR TRY 9 135 0.00 



Copeinca PE NOK 14 106 0.00 


3,103,528 10.32 

Healthcare 

Pfizer US USD 16,471 410,780 1.37 

Sanofi FR EUR 4,402 387,253 1.29 








Merck & Co US USD 1,979 90,124 0.30 






Celgene US USD 852 62,662 0.21 



Humana US USD 587 43,395 0.14 

Amgen US USD 499 43,142 0.14 






MEDNAX US USD 403 27,530 0.09 




Novartis (Reg’d) CH CHF 426 25,649 0.09 


Roche Holding BR CH CHF 115 22,869 0.08 



Centene US USD 557 21,129 0.07 




Hospira US USD 598 18,311 0.06 

Aetna US USD 404 17,660 0.06 






Universal Health Services US USD 315 13,085 0.04

Fidelity 

Funds 





USD 

AstraZeneca GB GBP 271 12,588 0.04 

Stryker US USD 234 12,272 0.04 



Nexus DE EUR 864 10,531 0.04 


UCB BE EUR 158 9,238 0.03 

Coloplast (B) DK DKK 41 9,097 0.03 


Sorin IT EUR 3,748 8,803 0.03 



Elekta (B) SE SEK 568 8,103 0.03 


Ossur IS DKK 5,173 6,836 0.02 











Optos GB GBP 813 2,673 0.01 





Cordlife Group SG SGD 3,715 1,600 0.01 



Yuhan KR KRW 8 1,317 0.00 

Sysmex JP JPY 26 1,238 0.00 

Sino Biopharmaceutical HK HKD 2,305 916 0.00 


WuXi PharmaTech Cayman ADR CN USD 49 695 0.00 


Cigna 5.375% 15/02/2042 US USD 543 640 0.00 

Santen Pharmaceutical JP JPY 15 640 0.00 

Mindray Medical International ADR CN USD 18 624 0.00 

Genomma Lab Internacional (B) MX MXN 311 606 0.00 

Aetna 4.125% 01/06/2021 US USD 480 534 0.00 

Wyeth 6.50% 01/02/2034 US USD 354 498 0.00 


Laboratory Corp of America Holdings 2.20% 23/08/2017 US USD 442 457 0.00 


Tempo Scan Pacific ID IDR 1,283 430 0.00 


Cigna 4.50% 15/03/2021 US USD 349 393 0.00 



Tsukui JP JPY 15 340 0.00 







Aspen Pharmacare Holdings ZA ZAR 6 107 0.00 


3,474,891 11.56 





Telstra AU AUD 12,733 54,650 0.18 



KDDI JP JPY 511 39,632 0.13 

AT&T US USD 970 33,523 0.11 

BCE CA CAD 668 29,057 0.10 



TELUS CA CAD 391 25,301 0.08 













StarHub SG SGD 1,018 3,057 0.01 

324 



USD 











Qwest 6.75% 01/12/2021 US USD 1,143 1,353 0.00 

China Communications Services (H) CN HKD 2,380 1,335 0.00 


AT&T 6.80% 15/05/2036 US USD 749 1,035 0.00 

Wind Acquisition Finance 7.375% 15/02/2018 Reg S B LU EUR 758 956 0.00 

America Movil 5.00% 30/03/2020 MX USD 740 873 0.00 

AT&T 5.875% 28/04/2017 US GBP 437 828 0.00 

Telefonica Brasil (Pref’d) BR BRL 34 728 0.00 

Elisa 2.25% 04/10/2019 EMTN FI EUR 538 703 0.00 

KPN 3.25% 01/02/2021 NL EUR 531 698 0.00 

Telefonica Emisiones 5.811% 05/09/2017 EMTN ES EUR 471 670 0.00 

AT&T 4.875% 01/06/2044 US GBP 370 644 0.00 

America Movil 3.00% 12/07/2021 MX EUR 471 630 0.00 



AT&T 6.55% 15/02/2039 US USD 379 522 0.00 

XL Axiata ID IDR 729 518 0.00 

AT&T 5.55% 15/08/2041 US USD 403 510 0.00 

Vodafone Group 1.625% 20/03/2017 GB USD 493 505 0.00 


Vodacom Group ZA ZAR 38 481 0.00 

O-Net Communications Group CN HKD 1,818 476 0.00 

Verizon Communications 4.75% 01/11/2041 US USD 336 394 0.00 

Cellco Partnership 8.50% 15/11/2018 US USD 253 352 0.00 

Millicom International Cellular SDR LU SEK 4 320 0.00 


Sunrise Communications 4.971% FRN 31/12/2017 Reg S LU EUR 227 303 0.00 


Telefonica Emisiones 5.888% 31/01/2014 EMTN ES GBP 134 225 0.00 


Embarq 7.995% 01/06/2036 US USD 202 221 0.00 

Safaricom KE KES 4,079 211 0.00 




789,929 2.63 

Financials 




UBS (Reg’d) CH CHF 11,190 167,908 0.56 










Aon GB USD 1,591 85,616 0.28 


Invesco US USD 3,372 81,107 0.27 











MetLife US USD 1,692 59,632 0.20 




ORIX JP JPY 499 51,191 0.17 










ACE CH USD 416 32,704 0.11 

Manulife Financial CA CAD 2,588 31,956 0.11

Fidelity 

Funds 





USD 








ICAP GB GBP 5,183 27,180 0.09 


Muenchener Rueckversicherungs (Reg’d) DE EUR 151 24,366 0.08 






Svenska Handelsbanken (A) SE SEK 632 21,654 0.07 














Delta Lloyd NL EUR 931 15,496 0.05 









SLM US USD 750 13,103 0.04 







Ageas BE EUR 488 12,437 0.04 


Loews US USD 285 12,100 0.04 


Ventas US USD 188 11,862 0.04 










Sampo (A) FI EUR 310 9,735 0.03 

















HCP US USD 159 7,078 0.02 














325 



USD 




DDR US USD 358 5,399 0.02 

Itau Unibanco Holding ADR BR USD 359 5,211 0.02 










Admiral Group GB GBP 235 4,198 0.01 



KBC Groep BE EUR 177 4,155 0.01 







Hang Lung Properties HK HKD 1,105 3,819 0.01 









KfW 1.625% 15/08/2019 EMTN DE USD 2,969 3,017 0.01 







Bank of Yokohama JP JPY 610 2,801 0.01 



Ascott Residence Trust SG SGD 2,629 2,739 0.01 








H&R REIT CA CAD 102 2,449 0.01 





Ascendas India Trust SG SGD 3,576 2,222 0.01 




Daibiru JP JPY 263 2,129 0.01 






Suruga Bank JP JPY 169 2,021 0.01 



Grupo Financiero Banorte MX MXN 358 1,979 0.01 


Wheelock & HK HKD 452 1,964 0.01 



Charter Hall Retail REIT AU AUD 485 1,825 0.01 

Tokyo Tatemono JP JPY 444 1,824 0.01 




Wing Tai Holdings SG SGD 1,259 1,779 0.01 









Resona Holdings JP JPY 382 1,649 0.01 

Hong Kong Exchanges and Clearing HK HKD 100 1,648 0.01

Fidelity 

Funds 





USD 





Bank Nederlandse Gemeenten 1.375% 27/09/2017 144A NL USD 1,516 1,526 0.01 

Daiwa House Industry JP JPY 97 1,465 0.00 

RBS 5.75% 21/05/2014 EMTN GB EUR 1,042 1,448 0.00 


CFS Retail Property Trust Group AU AUD 707 1,432 0.00 

Norwegian Property NO NOK 954 1,430 0.00 




Barclays Bank 4.25% 12/01/2022 EMTN GB GBP 740 1,343 0.00 


Barclays Bank 6.75% VRN 16/01/2023 EMTN GB GBP 773 1,299 0.00 

RBS 5.125% 13/01/2024 GB GBP 672 1,293 0.00 


CITIC Securities (H) CN HKD 681 1,266 0.00 

Societe Generale SCF 4.00% 07/07/2016 EMTN FR EUR 874 1,260 0.00 


Cathay Financial Holding TW TWD 1,235 1,232 0.00 

Linde Finance 3.875% 01/06/2021 EMTN NL EUR 807 1,205 0.00 




Co-Operative Bank (UK) 2.375% 23/10/2015 EMTN GB EUR 874 1,130 0.00 


Severn Trent Water Utilities Fin. 6.25% 07/06/2029 GB GBP 538 1,126 0.00 


Bolsa Mexicana de Valores MX MXN 505 1,106 0.00 

Bank Nederlandse Gemeenten 4.375% 16/02/2021 Reg S NL USD 935 1,096 0.00 


Axa 5.25% VRN 16/04/2040 EMTN FR EUR 874 1,094 0.00 



Wells Fargo & Co 2.625% 16/08/2022 EMTN US EUR 807 1,064 0.00 


Santander Issuances 7.30% VRN 27/07/2019 ES GBP 672 1,046 0.00 

Ho Bee Investment SG SGD 861 1,038 0.00 



SberBank of Russia RU USD 345 1,009 0.00 

UDR US USD 42 1,009 0.00 

Aon 3.125% 27/05/2016 US USD 948 1,003 0.00 


Fubon Financial Holding TW TWD 951 970 0.00 

Credit Suisse New York 5.00% 15/05/2013 MTN CH USD 941 964 0.00 

Hitachi Capital JP JPY 50 963 0.00 

Banco Bradesco (Pref’d) BR BRL 61 958 0.00 

China Vanke (B) CN HKD 735 958 0.00 

Abbey National Treasury Serv. 5.125% 14/04/2021 EMTN GB GBP 504 953 0.00 

Westpac Banking 3.625% VRN 28/02/2023 EMTN AU USD 935 952 0.00 

Fortune Real Estate Investment Trust SG HKD 1,204 948 0.00 

Shizuoka Bank JP JPY 92 939 0.00 

BAT Int’l Finance 8.125% 15/11/2013 Reg S GB USD 875 936 0.00 


BP Capital Markets 3.83% 06/10/2017 EMTN GB EUR 639 930 0.00 




Tesco Property Finance 2 6.052% 13/10/2039 GB GBP 486 915 0.00 

Westfield UK & Europe Fin. 4.25% 11/07/2022 EMTN GB GBP 538 910 0.00 

HSBC Holdings 6.50% 20/05/2024 EMTN GB GBP 437 909 0.00 

Sun Hung Kai Properties CM 4.50% 14/02/2022 EMTN KY USD 834 902 0.00 


VTB Capital (VTB Bank) 6.00% 12/04/2017 144A LU USD 846 881 0.00 


Credit Saison JP JPY 40 877 0.00 

BR Malls Participacoes BR BRL 66 874 0.00 

John Deere Capital 2.80% 27/01/2023 US USD 841 874 0.00 

SOHO China CN HKD 1,282 866 0.00 

Banco de Chile CL CLP 5,833 863 0.00 

Abbey National Treasury Serv. 3.625% 08/09/2016 EMTN GB EUR 605 859 0.00 

Westpac Banking 4.875% 19/11/2019 AU USD 740 857 0.00 


Citigroup 4.45% 10/01/2017 US USD 771 851 0.00 

KfW 6.25% 19/05/2021 MTN DE AUD 708 851 0.00 

BBVA US Senior Uniper 4.664% 09/10/2015 ES USD 841 849 0.00 

Bankia 5.75% 29/06/2016 EMTN ES EUR 672 845 0.00 



Sumitomo Mitsui Banking 4.85% 01/03/2022 JP USD 740 836 0.00 

Wellcome Trust Finance 4.75% 28/05/2021 GB GBP 437 832 0.00 


JPMorgan Chase & Co 4.35% 15/08/2021 US USD 733 818 0.00 

Acom JP JPY 28 811 0.00 


Aozora Bank JP JPY 284 801 0.00 


326 



USD 


Sunway Real Estate Investment Trust MY MYR 1,565 783 0.00 

American International Group 6.797% 15/11/2017 US EUR 504 780 0.00 

Remgro ZA ZAR 45 773 0.00 

Marsh & McLennan 4.80% 15/07/2021 US USD 672 768 0.00 

General Electric Capital 4.25% 31/01/2013 EMTN US USD 758 765 0.00 

T&D Holdings JP JPY 70 763 0.00 

JPMorgan Chase & Co 2.75% 24/08/2022 EMTN US EUR 572 755 0.00 

American Tower 4.70% 15/03/2022 US USD 672 742 0.00 


PKO Finance 4.63% 26/09/2022 Reg S SE USD 670 693 0.00 

ORIX 5.00% 12/01/2016 JP USD 639 691 0.00 

Korea Development Bank 3.875% 04/05/2017 KR USD 632 686 0.00 

National Agricultural 4.25% 28/01/2016 Reg S KR USD 639 685 0.00 

BP Capital Markets 3.125% 01/10/2015 GB USD 632 675 0.00 

Motability Operations Group 3.75% 29/11/2017 EMTN GB EUR 471 675 0.00 


UniCredit 6.95% 31/10/2022 Reg S IT EUR 504 659 0.00 

Bank of Ireland 4.00% 28/01/2015 EMTN IE EUR 504 657 0.00 

Morgan Stanley 3.75% 21/09/2017 EMTN US EUR 480 647 0.00 

Deutsche Postbank 3.75% 12/02/2014 EMTN DE EUR 471 638 0.00 

American International Group 6.765% 15/11/2017 US GBP 336 637 0.00 


SB Capital (SberBank of Russia) 4.95% 07/02/2017 Reg S LU USD 594 630 0.00 

Shinhan Bank 4.375% 27/07/2017 Reg S KR USD 569 627 0.00 

Sun Hung Kai Properties CM 3.50% 02/11/2016 Reg S KY USD 594 621 0.00 


Barclays Bank 6.75% 22/05/2019 GB USD 505 619 0.00 

Mondi Finance 3.375% 28/09/2020 EMTN GB EUR 471 618 0.00 

Bank Danamon (Indonesia) ID IDR 967 613 0.00 

Experian Finance 4.75% 23/11/2018 EMTN GB GBP 336 612 0.00 

Metropolitan Life GF I 3.50% 30/09/2026 US GBP 366 606 0.00 

JPMorgan Chase Bank 6.00% 01/10/2017 US USD 505 600 0.00 



Wharf Finance 4.625% 08/02/2017 EMTN HK USD 538 579 0.00 



CMT MTN 3.731% 21/03/2018 EMTN SG USD 538 571 0.00 

Banco de Credito e Inversiones CL CLP 9 569 0.00 

Eurasian Development Bank 4.767% 20/09/2022 Reg S 99 USD 543 557 0.00 

Barclays Bank 6.00% 14/01/2021 EMTN GB EUR 403 553 0.00 


Rabobank Nederland 5.25% 14/09/2027 EMTN NL GBP 328 552 0.00 

Legal & General Group 4.00% VRN 08/06/2025 EMTN GB EUR 437 550 0.00 

Turkiye Garanti Bankasi TR TRY 115 549 0.00 

First Cash Financial Services US USD 12 548 0.00 

Bank Negara Indonesia Persero ID IDR 1,347 538 0.00 


Standard Chartered Bank 9.50% VRN (Perpetual) GB USD 480 526 0.00 

Eurasian Development Bank 4.767% 20/09/2022 144A 99 USD 505 519 0.00 

Swedbank 0.790% FRN 14/01/2013 144A SE USD 505 508 0.00 

RBS 9.50% VRN 16/03/2022 EMTN GB USD 420 483 0.00 

Korea Eximbank 5.00% 27/07/2015 KR AUD 455 481 0.00 

Barclays Bank 4.875% VRN (Perpetual) EMTN GB EUR 538 475 0.00 

Korea Eximbank 5.00% 11/04/2022 KR USD 403 474 0.00 

Intesa Sanpaolo 6.375% VRN 12/11/2017 EMTN IT GBP 303 472 0.00 

Bishopsgate Asset Finance 4.808% 14/08/2044 KY GBP 290 464 0.00 

UBS London 6.625% 11/04/2018 EMTN CH GBP 235 463 0.00 

HSBC France 4.875% 15/01/2014 EMTN FR EUR 336 459 0.00 

Brait LU ZAR 117 458 0.00 


Hyundai Capital Services 6.00% 05/05/2015 Reg S KR USD 404 447 0.00 

SberBank of Russia (Pref’d) RU USD 210 441 0.00 

Banco Do Brasil (Cayman) 3.875% 10/10/2022 BR USD 437 437 0.00 

Bank of America 4.75% VRN 06/05/2019 US EUR 354 433 0.00 

Lloyds TSB Bank 6.50% 17/09/2040 EMTN GB GBP 215 432 0.00 



UPCB Finance 7.625% 15/01/2020 Reg S KY EUR 303 428 0.00 

Credit Logement 1.402% VRN (Perpetual) FR EUR 605 423 0.00 

General Electric Capital 4.65% 17/10/2021 MTN US USD 370 420 0.00 

Iida Home Max JP JPY 47 411 0.00 

Lloyds TSB Bank 3.966% FRN 17/04/2014 EMTN GB USD 392 406 0.00 


RMB Holdings ZA ZAR 90 392 0.00 

Toronto-Dominion Bank 2.375% 19/10/2016 CA USD 370 389 0.00 

Korea Exchange Bank 1.75% 27/09/2015 Reg S KR USD 379 381 0.00 


Ventas Realty 4.25% 01/03/2022 US USD 353 378 0.00 

Lloyds TSB Bank 10.75% VRN 16/12/2021 EMTN GB GBP 202 377 0.00 


Asian Property Development (F) TH THB 1,314 371 0.00 

FCE Bank 2.875% 03/10/2017 EMTN GB EUR 278 370 0.00 

UBI Banca 4.50% 22/02/2016 EMTN IT EUR 269 368 0.00 




HSBC USA 2.375% 13/02/2015 US USD 328 340 0.00 

Agung Podomoro Land ID IDR 8,519 323 0.00

Fidelity 

Funds 





USD 


JSE ZA ZAR 38 306 0.00 

Korea Development Bank 8.00% 23/01/2014 KR USD 278 301 0.00 

Prosperity REIT HK HKD 1,016 290 0.00 

Zenith Bank NG NGN 2,512 288 0.00 

Access Bank NG NGN 5,045 286 0.00 

IGB MY MYR 355 283 0.00 

Intergroup Financial Services PE USD 8 271 0.00 

Hyundai Capital Services 3.50% 13/09/2017 Reg S KR USD 253 266 0.00 

Development Bank of Japan 1.60% 20/06/2014 JP JPY 20,172 259 0.00 

Redefine Properties ZA ZAR 240 249 0.00 

First Gulf Bank AE AED 87 248 0.00 

ING Bank 1.108% FRN 23/05/2016 EMTN NL USD 253 241 0.00 




BAT Int’l Finance 7.25% 12/03/2024 EMTN GB GBP 101 219 0.00 


Reinet Investments SCA LU ZAR 98 172 0.00 

First Bank of Nigeria NG NGN 1,533 158 0.00 



Nordea Bank 6.25% VRN 10/09/2018 EMTN SE EUR 101 136 0.00 



Equity Bank KE KES 335 95 0.00 

Guaranty Trust Bank NG NGN 643 81 0.00 

Diamond Bank NG NGN 2,453 64 0.00 



Skye Bank NG NGN 1,715 45 0.00 


5,291,238 17.60 

Government 

Germany 3.25% 04/07/2021 DE EUR 9,767 14,751 0.05 

Japan 1.30% 20/06/2020 JP JPY 988,447 13,118 0.04 

Japan 1.90% 20/03/2029 JP JPY 928,569 12,378 0.04 

Germany 0.50% 07/04/2017 DE EUR 6,657 8,681 0.03 




France 3.00% 25/04/2022 FR EUR 4,539 6,322 0.02 

Japan 0.80% 20/09/2022 JP JPY 470,689 5,908 0.02 

Japan 2.50% 20/09/2034 JP JPY 409,130 5,799 0.02 


Italy 4.75% 01/09/2021 IT EUR 3,715 4,887 0.02 


Italy 4.75% 15/09/2016 IT EUR 2,723 3,718 0.01 



Italy 2.10% 15/09/2021 IT EUR 2,555 3,203 0.01 

Norway 2.00% 24/05/2023 NO NOK 16,945 2,965 0.01 


Germany 1.75% 04/07/2022 DE EUR 2,154 2,874 0.01 

Spain 5.50% 30/04/2021 ES EUR 2,185 2,835 0.01 

Japan 2.00% 20/09/2040 JP JPY 180,207 2,301 0.01 

Italy 2.10% 15/09/2016 IT EUR 1,244 1,693 0.01 

Germany 2.00% 04/01/2022 DE EUR 884 1,212 0.00 

Korea 7.125% 16/04/2019 KR USD 758 988 0.00 

Australia 4.75% 21/04/2027 AU AUD 783 933 0.00 

UK Treasury 4.00% 07/09/2016 GB GBP 403 737 0.00 



Qatar 3.125% 20/01/2017 Reg S QA USD 430 455 0.00 


Sweden 4.50% 12/08/2015 SE SEK 941 156 0.00 

Germany 4.75% 04/07/2040 DE EUR 3 7 0.00 

139,248 0.46 





Frasers Commercial Trust SG SGD 1,471 1,495 0.00 


21,434 0.07 











327 



USD 





















18,784 0.06 


Energy 

NovaTek OAO GDR RU USD 8 923 0.00 

Southeast Supply Header 4.85% 15/08/2014 144A US USD 572 597 0.00 

Petroleos Mexicanos 5.50% 27/06/2044 MX USD 518 565 0.00 

Schlumberger Investment 2.40% 01/08/2022 144A LU USD 417 418 0.00 

Phillips 66 5.875% 01/05/2042 144A US USD 316 395 0.00 

Eurasia Drilling GDR CY USD 11 372 0.00 

Schlumberger Investment 1.25% 01/08/2017 144A LU USD 354 353 0.00 




4,152 0.01 

Utilities 

Sempra Energy 1.149% FRN 15/03/2014 US USD 569 572 0.00 

Schlumberger Norge 1.25% 01/08/2017 144A NO USD 417 418 0.00 

Niagara Mohawk Power 3.553% 01/10/2014 144A US USD 303 318 0.00 

Baltimore Gas & Electric 6.125% 01/07/2013 US USD 190 197 0.00 

TXU Eastern Funding 6.45% 15/05/2005 (Defaulted)* GB USD 221 0 0.00 

1,505 0.01 

Materials 


Cementos Argos CO COP 129 640 0.00 

Ecolab 1.00% 09/08/2015 US USD 505 508 0.00 

Mexichem 6.75% 19/09/2042 144A MX USD 354 383 0.00 

Uralkali GDR RU USD 5 209 0.00 

Grupo Argos CO COP 10 108 0.00 

3,291 0.01 

Industrials 

Verisk Analytics 4.125% 12/09/2022 US USD 720 732 0.00 

Experian Finance 2.375% 15/06/2017 144A GB USD 639 656 0.00 

Tyco Flow Control Int’l 1.875% 15/09/2017 144A LU USD 412 413 0.00 


1,801 0.01 


Simplo Technology TW TWD 337 1,649 0.01 

Xerox 1.257% FRN 16/05/2014 US USD 316 316 0.00 

Hewlett-Packard 0.823% FRN 30/05/2014 US USD 253 249 0.00 

Xerox 2.95% 15/03/2017 US USD 202 207 0.00 

2,421 0.01 


Comcast 3.125% 15/07/2022 US USD 2,017 2,117 0.01 

News America 3.00% 15/09/2022 144A US USD 973 991 0.00 

Chrysler Group 8.00% 15/06/2019 US USD 807 857 0.00 

NBCUniversal Media 4.375% 01/04/2021 US USD 706 806 0.00 


Volkswagen Int’l Finance 2.375% 22/03/2017 144A NL USD 672 698 0.00 

Comcast 6.55% 01/07/2039 US USD 504 671 0.00 

COX Communications 8.375% 01/03/2039 144A US USD 354 556 0.00 

News America 7.85% 01/03/2039 US USD 366 521 0.00 

Comcast 6.40% 01/03/2040 US USD 363 479 0.00 


Comcast 5.85% 15/11/2015 US USD 379 435 0.00 



9,826 0.03

Fidelity 

Funds 





USD 


SABMiller Holdings 2.45% 15/01/2017 144A US USD 925 968 0.00 

Heineken 1.40% 01/10/2017 144A NL USD 740 742 0.00 


Walgreen 0.899% FRN 13/03/2014 US USD 430 431 0.00 





MHP GDR UA USD 5 80 0.00 

4,131 0.01 

Healthcare 





Roche Holdings 6.00% 01/03/2019 144A US USD 682 859 0.00 

Teva Pharmaceutical Finance IV 1.70% 10/11/2014 US USD 505 517 0.00 

Medco Health Solutions 4.125% 15/09/2020 US USD 414 461 0.00 







23,473 0.08 


DIRECTV 4.375% 14/09/2029 US GBP 1,060 1,728 0.01 

DIRECTV 5.15% 15/03/2042 US USD 740 770 0.00 




DIRECTV 6.35% 15/03/2040 US USD 303 362 0.00 



4,843 0.02 

Financials 


Aegon NL EUR 4,856 27,135 0.09 





Credit Agricole 3.00% 01/10/2017 144A FR USD 1,011 1,026 0.00 

National Australia Bank 1.569% FRN 07/08/2015 AU USD 948 963 0.00 

ING Bank 3.90% 19/03/2014 144A NL USD 884 926 0.00 

Rabobank Nederland 3.875% 08/02/2022 NL USD 821 893 0.00 

Societe Generale 2.75% 12/10/2017 FR USD 872 878 0.00 

Nordea Bank 2.25% 20/03/2015 144A SE USD 796 813 0.00 

BAT Int’l Finance 2.125% 07/06/2017 144A GB USD 773 791 0.00 

Siverstone MI 2009-1 A2 1.979% FRN 21/01/2055 GB GBP 471 776 0.00 

Bank of America 1.733% FRN 30/01/2014 MTN US USD 758 768 0.00 

US Bancorp 2.95% 15/07/2022 MTN US USD 733 754 0.00 

Hyundai Capital America 4.00% 08/06/2017 Reg S US USD 695 753 0.00 


Wells Fargo & Co 3.676% 15/06/2016 US USD 639 693 0.00 

Fosse MI 2011-1X A3 1.932% FRN 18/10/2054 GB GBP 423 692 0.00 


Commonwealth Bank of Australia 3.25% 17/03/2016 144A AU USD 619 661 0.00 

Metropolitan Life GF I 4.75% 28/09/2017 MTN US AUD 606 637 0.00 

Commonwealth Bank Aust. 1.185% FRN 18/09/2015 144A AU USD 632 636 0.00 

American Honda Finance 1.50% 11/09/2017 144A US USD 632 635 0.00 

American Honda Finance 1.00% 11/08/2015 144A US USD 632 634 0.00 

BNP Paribas 2.375% 14/09/2017 MTN FR USD 572 578 0.00 

Storm 2011-4 A1 1.405% FRN 22/10/2053 NL EUR 402 529 0.00 

ING Bank Sydney 7.00% 22/03/2016 NL AUD 455 507 0.00 

Hmi 2010-1X A2 1.740% FRN 15/10/2054 GB USD 494 500 0.00 

Westpac Banking 1.375% 17/07/2015 144A AU USD 467 474 0.00 

Hyundai Capital America 1.625% 02/10/2015 144A US USD 455 458 0.00 

Hyundai Capital America 2.125% 02/10/2017 144A US USD 455 457 0.00 

Citigroup 1.290% FRN 01/04/2014 US USD 455 455 0.00 

Caterpillar Financial Services 2.85% 01/06/2022 MTN US USD 417 438 0.00 

Westpac Banking 1.130% FRN 17/07/2015 144A AU USD 430 435 0.00 

Granite Master Iss. 2007-2 3M2 0.691% FRN 17/12/2054 GB EUR 370 431 0.00 



Danske Bank 1.390% FRN 14/04/2014 144A DK USD 392 391 0.00 

Arkle 2010-2X 1A1 1.834% FRN 17/05/2060 GB USD 370 372 0.00 

Clock Finance 2007-1 B2 0.515% FRN 25/02/2015 NL EUR 286 369 0.00 

Caterpillar Financial Services 1.625% 01/06/2017 MTN US USD 354 362 0.00 

Granite Master Issuer 2005-1 A5 0.29% FRN 20/12/2054 GB EUR 279 356 0.00 

Eston 2006-1 A2 0.741% FRN 19/04/2021 GB GBP 235 341 0.00 

Bank of America 1.897% FRN 11/07/2014 US USD 328 333 0.00 

Real Estate Capital 5 A 0.758% FRN 25/07/2016 GB GBP 192 306 0.00 

Swedbank Hypotek 0.812% FRN 28/03/2014 144A SE USD 303 304 0.00 

328 

ING Bank Sydney 5.887% FRN 22/03/2016 NL AUD 253 269 0.00 


ING Bank 1.808% FRN 09/06/2014 144A NL USD 253 255 0.00 

Bolsa de Valores de Colombia CO COP 14,178 248 0.00 

MetLife 4.125% 13/08/2042 US USD 229 231 0.00 

Liberty Mutual Group 4.95% 01/05/2022 144A US USD 202 220 0.00 


Guaranty Trust Bank GDR NG USD 31 191 0.00 

Goldman Sachs Group 1.439% FRN 07/02/2014 US USD 181 181 0.00 





Medallion Trust 2007-1G A1 0.467% FRN 27/02/2039 AU USD 137 136 0.00 


Halyk Savings Bank of Kazakhstan GDR KZ USD 16 113 0.00 



SMILE Securitisation 2007-1 D 0.774% FRN 20/12/2053 NL EUR 69 65 0.00 




95,973 0.32 

Government 











Canada 1.50% 01/09/2017 CA CAD 4,801 4,839 0.02 




Canada 3.25% 01/06/2021 CA CAD 3,429 3,861 0.01 








Chile 2.25% 30/10/2022 CL USD 1,011 995 0.00 

France 1.10% 25/07/2022 FR EUR 639 957 0.00 

Mexico 4.75% 08/03/2044 MTN MX USD 455 505 0.00 

Finland 6.95% 15/02/2026 FI USD 253 358 0.00 

126,021 0.42 



38,279 0.13 

Unlisted 



USD 

Energy 




Kalahari Energy* VG USD 6 0 0.00 



20,261 0.07 

Utilities 



0 0.00 

Materials 




1,208 0.00 

Industrials 





82 0.00

Fidelity 

Funds 







3,909 0.01 


Modern Internasional Placing ID IDR 588 40 0.00 



40 0.00 

Healthcare 



998 0.00 






8,187 0.03 

Financials 









942 0.00 





448 0.00 






USD 

Dow Jones - UBS Industrial Metals Subindex USD (9,437) 968 0.00 



Dow Jones - UBS Precious Metals Subindex USD 16,145 (627) (0.00) 


(6,945) (0.02) 






USD 

Bought protection on Itraxx Asia Ex-Japan 20/12/2016 USD 1,263 15 0.00 


Sold protection on Caterpillar 20/12/2016 USD 253 3 0.00 

Bought protection on Yum Brands 20/09/2016 USD 505 (11) (0.00) 

Sold protection on Xerox Corporation 20/12/2016 USD 253 (13) (0.00) 



(141) (0.00) 




USD 



USD USD 



329 



















Bought USD Sold CAD at 1.02345 20/11/2012 767 18 0.00 










Bought AUD Sold USD at 0.97719 20/11/2012 585 7 0.00 


Bought USD Sold GBP at 1.61929 20/11/2012 903 4 0.00 













































Bought USD Sold CZK at 0.04889 20/11/2012 6,426 (346) (0.00) 





(975) (0.00) 

Futures 



USD USD 



USD 

Long Gilt Future 27/12/2012 GBP (27,354) 539 0.00

Fidelity 

Funds 














326 0.00 






USD 



USD 

Pay fixed 3.14% receive floating (6m EURBOR) 04/08/2021 EUR 2,522 409 0.00 

Pay fixed 4.222% receive float. (3m USDLIBOR)16/09/2018 USD 2,152 398 0.00 




1,090 0.00 


Net Assets 30,068,410 100.00 

330 



USA US 49.15 

UK GB 10.08 

Japan JP 6.40 








China CN 1.06 



Spain ES 0.87 

Italy IT 0.77 


Korea KR 0.46 






















Chile CL 0.01 







Peru PE 0.00 


Kenya KE 0.00 

Qatar QA 0.00 







Fidelity 

Funds 





EUR 


Energy 



BP GB GBP 78,703 433,862 0.26 



Chevron US USD 3,907 330,218 0.19 


BG Group GB GBP 16,364 233,505 0.14 

Saipem IT EUR 5,351 185,453 0.11 

Eni 3.75% 27/06/2019 EMTN IT EUR 151,519 165,304 0.10 


Eni IT EUR 8,731 154,627 0.09 

Apache US USD 2,331 147,941 0.09 



CNOOC CN HKD 70,479 112,351 0.07 






AMEC GB GBP 7,713 101,668 0.06 










PTT (F) TH THB 7,230 57,463 0.03 

EQT US USD 1,095 51,094 0.03 

Inpex JP JPY 11 49,458 0.03 


Ensco (A) GB USD 1,063 46,898 0.03 











Pacific Rubiales Energy CO CAD 1,818 33,523 0.02 





Petroleo Brasileiro (Pref’d) ADR BR USD 1,861 29,431 0.02 



Petroleo Brasileiro ADR BR USD 1,589 25,921 0.02 




Cameco CA CAD 1,519 22,581 0.01 




S-Oil KR KRW 244 17,131 0.01 





Hunting GB GBP 1,234 11,481 0.01 













Sasol ZA ZAR 129 4,244 0.00 

HRT Participacoes em Petroleo BR BRL 1,537 3,519 0.00 

331 



EUR 

Petroleo Brasileiro (Pref’d) BR BRL 416 3,295 0.00 

Gold Oil* GB GBP 78,848 1,459 0.00 

FAR AU AUD 51,308 1,348 0.00 


7,110,991 4.20 

Utilities 

CEZ 4.875% 16/04/2025 EMTN CZ EUR 328,651 390,821 0.23 















PPL US USD 2,620 59,683 0.04 





PG&E US USD 1,382 45,269 0.03 


AES US USD 3,984 32,066 0.02 




Cia Energetica de Minas Gerais ADR BR USD 2,054 19,146 0.01 











Cia Paranaense de Energia ADR BR USD 811 9,252 0.01 













2,581,494 1.52 

Materials 






Arkema 3.85% 30/04/2020 FR EUR 133,206 143,505 0.08 



Linde DE EUR 807 104,648 0.06 









Agrium CA CAD 928 74,970 0.04 


Mosaic US USD 1,792 72,348 0.04 

Ecolab US USD 1,248 66,484 0.04 



Sika (BR) CH CHF 39 62,181 0.04 




Fidelity 

Funds 

Fidelity Target 2015 (Euro) Fund 4 - continued 




EUR 


Grupo Mexico (B) MX MXN 24,643 60,673 0.04 






Lanxess DE EUR 816 52,009 0.03 














LG Chem KR KRW 145 31,348 0.02 


BASF DE EUR 469 29,952 0.02 


IAMGOLD CA CAD 2,411 29,121 0.02 





CAP CL CLP 926 24,564 0.01 




Vale (Pref’d) ADR BR USD 1,632 22,285 0.01 



Banro CA CAD 5,668 19,938 0.01 







Antofagasta GB GBP 962 15,041 0.01 





Duratex BR BRL 2,474 13,088 0.01 





















Braskem BR BRL 1,270 6,435 0.00 





Nampak ZA ZAR 1,682 4,317 0.00 



AngloGold Ashanti ZA ZAR 113 2,883 0.00 


DRDGOLD ZA ZAR 2,492 1,346 0.00 

Eurotin CA CAD 9,808 1,286 0.00 





4,552,712 2.69 

332 



EUR 

Industrials 










Cummins US USD 2,776 199,811 0.12 








Danaher US USD 3,568 142,566 0.08 











CSX US USD 5,352 84,622 0.05 


GFK DE EUR 2,383 83,728 0.05 






Seek AU AUD 13,841 73,715 0.04 

Boeing US USD 1,341 72,723 0.04 





Orkla NO NOK 10,530 64,195 0.04 


FedEx US USD 814 57,513 0.03 

Equifax US USD 1,479 57,171 0.03 

Keppel SG SGD 8,396 56,173 0.03 




SGS (Reg’d) CH CHF 33 53,481 0.03 










Alfa (A) MX MXN 25,341 36,054 0.02 


Eiffage FR EUR 1,334 35,366 0.02 







Rexel FR EUR 2,115 29,537 0.02 

ADT US USD 926 29,258 0.02 



Rexel 7.00% 17/12/2018 FR EUR 23,302 25,518 0.02 






Brammer GB GBP 7,026 20,991 0.01 



51job ADR CN USD 518 18,680 0.01 




Sthree GB GBP 4,251 15,872 0.01 

Republic Services US USD 713 15,617 0.01

Fidelity 

Funds 





EUR 









Wendel 4.875% 26/05/2016 FR EUR 10,874 11,309 0.01 






Bidvest Group ZA ZAR 493 9,067 0.01 



Colfax US USD 304 7,970 0.00 

WEG BR BRL 898 7,923 0.00 

CTCI TW TWD 5,182 7,888 0.00 

Empresas ICA MX MXN 4,645 7,468 0.00 











SembCorp Industries SG SGD 1,559 5,320 0.00 





Salfacorp CL CLP 2,674 4,883 0.00 





TK KR KRW 217 4,231 0.00 



Industrias Romi BR BRL 1,851 3,695 0.00 




XP Power SG GBP 226 2,749 0.00 

SATS SG SGD 1,254 2,199 0.00 



Sarin Technologies IL SGD 1,322 823 0.00 




8,333,469 4.92 


Apple US USD 2,896 1,331,513 0.79 

Google (A) US USD 1,471 767,642 0.45 

SAP DE EUR 10,485 589,247 0.35 


Iliad 4.875% 01/06/2016 FR EUR 473,642 507,735 0.30 


Oracle US USD 15,623 373,375 0.22 








eBay US USD 4,859 180,816 0.11 






Visa (A) US USD 749 79,550 0.05 

EMC US USD 3,971 74,629 0.04 




Alten FR EUR 2,548 61,818 0.04 




Fiserv US USD 968 55,791 0.03 

333 



EUR 

Fujitsu JP JPY 16,818 49,743 0.03 

Hitachi JP JPY 12,156 49,578 0.03 






Kyocera JP JPY 645 43,671 0.03 

Altera US USD 1,760 41,008 0.02 


Sina CN USD 926 39,261 0.02 







VMware (A) US USD 525 33,991 0.02 

SK Hynix KR KRW 1,878 32,864 0.02 







Gemalto NL EUR 394 27,441 0.02 


TDK JP JPY 927 26,809 0.02 


NVIDIA US USD 2,872 26,617 0.02 






NCSoft KR KRW 176 26,053 0.02 


ADTRAN US USD 1,984 25,651 0.02 


Infineon Technologies DE EUR 4,505 23,651 0.01 







NXP 3.507% FRN 15/10/2013 NL EUR 20,660 20,634 0.01 



Canon JP JPY 693 17,352 0.01 

IQE GB GBP 39,962 15,902 0.01 






SDL GB GBP 2,276 15,017 0.01 


Brady GB GBP 11,786 14,876 0.01 










SCSK JP JPY 877 11,494 0.01 






Totvs BR BRL 487 7,548 0.00 




Globo GB GBP 23,491 6,755 0.00 

MercadoLibre AR USD 105 6,732 0.00 




Elec & Eltek International SG USD 2,385 4,057 0.00 


YOC DE EUR 442 3,315 0.00 


Venture SG SGD 506 2,440 0.00 

Ant GB GBP 7,134 1,774 0.00 

Advanced Semiconductor Engineering TW TWD 2,743 1,581 0.00

Fidelity 

Funds 





EUR 


9,446,410 5.58 







WPP IE GBP 26,114 259,626 0.15 






TJX US USD 6,927 219,539 0.13 






PPR FR EUR 1,242 168,421 0.10 

Renault FR EUR 4,466 154,138 0.09 

Lowe’s US USD 5,319 132,198 0.08 









Inditex ES EUR 878 86,388 0.05 





IPSOS FR EUR 2,966 80,398 0.05 





Informa CH GBP 14,969 74,494 0.04 

Expedia US USD 1,577 72,341 0.04 


TF1 FR EUR 10,723 71,080 0.04 

NIKE (B) US USD 1,006 70,593 0.04 

Coach US USD 1,622 69,424 0.04 


ASOS GB GBP 2,342 65,673 0.04 





Target US USD 1,207 59,031 0.03 



VF US USD 464 55,509 0.03 






DIRECTV US USD 1,160 45,611 0.03 




News (A) US USD 2,233 41,122 0.02 



Staples US USD 4,561 40,299 0.02 


Tod’s IT EUR 425 38,377 0.02 

BMW DE EUR 622 38,222 0.02 








Adidas DE EUR 495 32,511 0.02 






Lojas Renner BR BRL 1,016 28,939 0.02 


334 



EUR 



Best Buy US USD 2,217 25,941 0.02 





PVH US USD 273 22,428 0.01 















Lojas Americanas (Pref’d) BR BRL 2,822 18,218 0.01 


SHW DE EUR 601 17,403 0.01 









Cia Hering BR BRL 791 13,999 0.01 





Big Lots US USD 494 11,059 0.01 





MRV Engenharia e Participacoes BR BRL 2,287 9,226 0.01 



Duskin JP JPY 581 8,500 0.01 






Phorm SG GBP 7,806 6,989 0.00 




Foschini Group ZA ZAR 561 6,269 0.00 



City Lodge Hotels ZA ZAR 597 4,878 0.00 



SACI Falabella CL CLP 535 4,207 0.00 



Cashbuild ZA ZAR 287 3,821 0.00 


T4F Entretenimento BR BRL 730 3,199 0.00 



Mr Price Group ZA ZAR 190 2,262 0.00 









9,485,212 5.60 






Danone FR EUR 9,071 430,202 0.25 

PepsiCo US USD 7,235 386,033 0.23 

Davide Campari-Milano 4.50% 25/10/2019 IT EUR 334,677 346,332 0.20

Fidelity 

Funds 





EUR 




















KT&G KR KRW 1,630 95,036 0.06 

Diageo GB GBP 4,132 91,005 0.05 



AVI ZA ZAR 16,579 84,204 0.05 

Cia de Bebidas das Americas ADR BR USD 2,619 82,409 0.05 




Kellogg US USD 1,868 75,683 0.04 



L’Oreal FR EUR 739 72,655 0.04 

Metro DE EUR 2,977 66,167 0.04 











Wal-Mart de Mexico MX MXN 19,385 44,189 0.03 

Aeon JP JPY 4,863 40,811 0.02 






Glanbia (UK) IE EUR 4,635 34,065 0.02 




BRF - Brasil Foods BR BRL 2,143 29,977 0.02 






SABMiller (South Africa) GB ZAR 687 22,606 0.01 






Glanbia IE EUR 1,879 13,752 0.01 





Cosan Industria e Comercio BR BRL 800 11,683 0.01 



Controladora Comercial Mexicana MX MXN 3,221 6,924 0.00 

Brazil Pharma BR BRL 1,487 6,915 0.00 


Tongaat Hulett ZA ZAR 471 5,688 0.00 

Guinness (Nigeria) NG NGN 4,176 5,396 0.00 


Nestle Foods Nigeria NG NGN 1,607 5,321 0.00 



Clover Industries ZA ZAR 3,858 4,798 0.00 

Coca-Cola Icecek TR TRY 311 4,651 0.00 

Zeder Investments ZA ZAR 16,594 4,275 0.00 





335 



EUR 


Guan Chong MY MYR 6,083 2,913 0.00 


Copeinca PE NOK 350 2,090 0.00 


9,125,182 5.39 

Healthcare 

Sanofi FR EUR 12,947 878,051 0.52 

Pfizer US USD 33,352 641,266 0.38 












Merck & Co US USD 4,129 144,941 0.09 






Amgen US USD 1,217 81,115 0.05 

Sorin IT EUR 43,852 79,415 0.05 


Gerresheimer DE EUR 1,658 63,453 0.04 





Celgene US USD 957 54,240 0.03 

Aetna US USD 1,527 51,420 0.03 






Elekta (B) SE SEK 3,818 41,982 0.02 



Sonova Holding (Reg’d) CH CHF 528 40,968 0.02 



Grifols ES EUR 1,427 38,193 0.02 


Humana US USD 659 37,563 0.02 

Stryker US USD 885 35,731 0.02 






Hospira US USD 1,205 28,455 0.02 


QIAGEN NL EUR 1,863 24,977 0.01 

MEDNAX US USD 453 23,830 0.01 







Nexus DE EUR 2,040 19,179 0.01 


Centene US USD 626 18,289 0.01 







Ossur IS DKK 12,219 12,449 0.01 



Genomma Lab Internacional (B) MX MXN 7,964 11,968 0.01 







Optos GB GBP 1,921 4,868 0.00 


Cochlear AU AUD 76 4,324 0.00

Fidelity 

Funds 





EUR 




6,738,137 3.98 









Tdc 4.375% 23/02/2018 Reg S DK EUR 111,865 126,866 0.07 







Telstra AU AUD 25,521 84,443 0.05 





AT&T US USD 2,853 76,020 0.04 






KDDI JP JPY 965 57,663 0.03 




BCE CA CAD 1,300 43,608 0.03 





TELUS CA CAD 761 37,971 0.02 





Maxis MY MYR 17,079 29,957 0.02 


Freenet DE EUR 2,232 28,471 0.02 



StarHub SG SGD 11,673 27,037 0.02 












Telefonica Brasil (Pref’d) BR BRL 862 14,378 0.01 

Vodacom Group ZA ZAR 1,331 12,924 0.01 



LG Uplus KR KRW 2,386 11,739 0.01 












Safaricom KE KES 142,236 5,666 0.00 





OTE 7.25% 12/02/2015 EMTN GB EUR 3,107 2,733 0.00 



4,962,196 2.93 

336 



EUR 

Financials 

iShares eb.rexx Government Germany DE EUR 38,273 5,163,449 3.05 







UBS (Reg’d) CH CHF 53,098 614,244 0.36 





KfW 1.25% 17/10/2019 DE EUR 448,234 447,942 0.26 







































RBS 5.50% 23/03/2020 EMTN GB EUR 153,150 181,738 0.11 











Invesco US USD 8,191 151,864 0.09 


RBS 5.125% 13/01/2024 GB GBP 101,923 151,108 0.09 





ICAP GB GBP 33,399 135,023 0.08 












Ageas BE EUR 5,714 112,192 0.07 




Itau Unibanco Holding ADR BR USD 9,188 102,922 0.06 


Mizuho Financial Group JP JPY 82,465 99,398 0.06

Fidelity 

Funds 





EUR 


MetLife US USD 3,411 92,667 0.05 







Remgro ZA ZAR 6,213 81,958 0.05 







Aon GB USD 1,786 74,108 0.04 



ORIX JP JPY 904 71,490 0.04 


































Grupo Financiero Banorte MX MXN 9,162 39,090 0.02 



SLM US USD 2,833 38,151 0.02 






Loews US USD 1,078 35,231 0.02 




















ACE CH USD 467 28,308 0.02 









337 



EUR 



















Bolsa Mexicana de Valores MX MXN 12,937 21,841 0.01 














Banco Bradesco (Pref’d) BR BRL 1,567 18,921 0.01 


















Banco de Chile CL CLP 149,425 17,053 0.01 



City Developments SG SGD 2,315 16,639 0.01 











Singapore Exchange SG SGD 3,523 14,897 0.01 

Turkiye Garanti Bankasi TR TRY 4,012 14,746 0.01 
















Brait LU ZAR 4,067 12,319 0.01 






UOL Group SG SGD 3,252 11,586 0.01 


Aviva 4.729% VRN (Perpetual) GB EUR 12,428 11,461 0.01

Fidelity 

Funds 





EUR 

Banco de Credito e Inversiones CL CLP 229 11,246 0.01 





First Cash Financial Services US USD 318 10,818 0.01 




RMB Holdings ZA ZAR 3,121 10,546 0.01 























JSE ZA ZAR 1,315 8,216 0.00 





Access Bank NG NGN 175,895 7,679 0.00 











Redefine Properties ZA ZAR 8,372 6,693 0.00 

First Gulf Bank AE AED 3,044 6,677 0.00 














Intergroup Financial Services PE USD 214 5,355 0.00 





Reinet Investments SCA LU ZAR 3,403 4,624 0.00 

First Bank of Nigeria NG NGN 53,456 4,250 0.00 



Amata (F) TH THB 9,094 3,504 0.00 







Equity Bank KE KES 11,664 2,561 0.00 


Diamond Bank NG NGN 85,534 1,708 0.00 






Skye Bank NG NGN 59,804 1,197 0.00 



338 



EUR 





34,792,384 20.54 

Government 

Germany 2.25% 04/09/2021 DE EUR 19,105,728 20,648,979 12.19 

Germany 0.50% 07/04/2017 DE EUR 6,304,749 6,338,316 3.74 

Germany 1.75% 04/07/2022 DE EUR 3,184,120 3,275,434 1.93 

Italy 4.25% 01/03/2020 IT EUR 3,065,342 3,062,694 1.81 

Italy 3.00% 15/06/2015 IT EUR 2,800,213 2,820,774 1.67 

France 3.00% 25/04/2022 FR EUR 2,022,175 2,171,451 1.28 

Spain 5.85% 31/01/2022 ES EUR 1,931,454 1,963,597 1.16 

Italy 5.00% 01/03/2022 IT EUR 1,782,250 1,821,332 1.08 

Germany 3.25% 04/07/2042 DE EUR 1,387,026 1,679,502 0.99 

Italy 4.00% 01/02/2017 IT EUR 1,432,083 1,464,113 0.86 

Spain 3.25% 30/04/2016 ES EUR 1,444,867 1,416,661 0.84 

Germany 2.50% 27/02/2015 DE EUR 1,058,900 1,119,107 0.66 

Italy 5.00% 01/09/2040 IT EUR 1,152,194 1,072,969 0.63 

Sweden 3.75% 12/08/2017 SE SEK 7,794,113 1,022,253 0.60 

Spain 4.30% 31/10/2019 ES EUR 785,938 753,620 0.44 


Italy 4.50% 15/07/2015 IT EUR 643,413 671,480 0.40 

Spain 4.75% 30/07/2014 ES EUR 631,703 650,705 0.38 

Germany 3.25% 04/07/2015 DE EUR 598,121 648,472 0.38 

Germany 3.50% 04/07/2019 DE EUR 446,496 522,685 0.31 

Germany 1.75% 09/10/2015 DE EUR 450,541 472,158 0.28 

Spain 4.00% 30/07/2015 ES EUR 442,565 448,983 0.27 



Belgium 4.00% 28/03/2032 BE EUR 263,740 292,839 0.17 

France 4.50% 25/04/2041 FR EUR 225,841 282,892 0.17 


France 4.00% 25/04/2055 FR EUR 162,678 190,257 0.11 


Germany 1.50% 15/03/2013 DE EUR 120,551 121,202 0.07 


Spain 4.20% 30/07/2013 ES EUR 62,140 63,013 0.04 




56,869,638 33.58 







40,773 0.02 







21,810 0.01 


Energy 








140,781 0.08 

Utilities 



83,169 0.05 

Materials 






Cementos Argos CO COP 3,302 12,637 0.01 


Norcell Sweden Holding 2 10.75% 29/09/2019 144A SE EUR 10,253 11,048 0.01

Fidelity 

Funds 





EUR 


Uralkali GDR RU USD 186 5,615 0.00 


Grupo Argos CO COP 248 2,124 0.00 

182,276 0.11 

Industrials 



Rexel 6.125% 15/12/2019 144A FR USD 15,535 12,425 0.01 



217,389 0.13 












274,104 0.16 





MHP GDR UA USD 184 2,155 0.00 

265,880 0.16 

Healthcare 







246,513 0.15 


OTE 4.625% 20/05/2016 GB EUR 48,624 38,369 0.02 








OTE 5.00% 05/08/2013 EMTN GB EUR 4,039 3,899 0.00 




127,686 0.08 

Financials 








Aegon NL EUR 41,560 179,039 0.11 



















Bankia 3.625% 05/10/2016 ES EUR 6,835 6,154 0.00 

Bolsa de Valores de Colombia CO COP 363,199 4,894 0.00 

339 



Bankia 3.50% 14/12/2015 ES EUR 3,728 3,479 0.00 

Halyk Savings Bank of Kazakhstan GDR KZ USD 553 3,030 0.00 





3,838,627 2.27 

Government 

Spain 4.90% 30/07/2040 ES EUR 430,900 347,641 0.21 

France 2.50% 12/01/2014 FR EUR 229,771 236,392 0.14 




872,923 0.52 




4,919,727 2.90 

Unlisted 



EUR 

Energy 











38,191 0.02 

Utilities 



0 0.00 

Materials 




2,201 0.00 

Industrials 

Nobina* SE SEK 4,739 5,513 0.00 






9,334 0.01 







7,779 0.00 







9,132 0.01 

Healthcare 



1,817 0.00 





Ip Access* GB GBP 4,989 4,157 0.00

Fidelity 

Funds 



103,414 0.06 

Financials 













43,603 0.03 








EUR 









Bought protection on Itraxx Xover 20/12/2017 EUR 124,279 1,101 0.00 


Sold protection on Royal Caribbean Cruises 20/03/2017 USD 15,535 1,092 0.00 









14,870 0.01 




EUR 



EUR EUR 































340 















































































363,821 0.21 

Futures 



EUR EUR 



EUR 



US Treasury Note 10 Year Future 19/12/2012 USD (1,099,633) 1,804 0.00

Fidelity 

Funds 




Euro Bobl Future 06/12/2012 EUR 985,968 443 0.00 






17,104 0.01 


Net Assets 169,354,476 100.00 




EUR 



USA US 15.72 

Italy IT 8.26 

UK GB 6.96 


Spain ES 5.12 



Japan JP 2.03 







Korea KR 0.94 


China CN 0.91 






















India IN 0.06 



Chile CL 0.04 

Kenya KE 0.03 



Peru PE 0.03 










Qatar QA 0.00 





341

Fidelity 

Funds 





EUR 


Energy 



BP GB GBP 194,633 1,072,938 0.43 


Chevron US USD 9,778 826,313 0.33 


BG Group GB GBP 40,467 577,453 0.23 

Saipem IT EUR 13,233 458,647 0.18 



Eni IT EUR 21,592 382,397 0.15 

Apache US USD 5,827 369,777 0.15 

CNOOC CN HKD 209,135 333,385 0.13 






AMEC GB GBP 19,075 251,442 0.10 









PTT (F) TH THB 21,453 170,500 0.07 


Eni 3.75% 27/06/2019 EMTN IT EUR 128,494 140,184 0.06 


EQT US USD 2,736 127,678 0.05 

Inpex JP JPY 28 123,808 0.05 

Lukoil OAO RU USD 2,632 123,203 0.05 


Ensco (A) GB USD 2,657 117,192 0.05 























Cameco CA CAD 3,747 55,699 0.02 



S-Oil KR KRW 723 50,842 0.02 


Hunting GB GBP 3,051 28,396 0.01 













Sasol ZA ZAR 383 12,592 0.01 






342 



EUR 

Petroleo Brasileiro (Pref’d) BR BRL 1,234 9,779 0.00 

Gold Oil* GB GBP 195,007 3,607 0.00 

FAR AU AUD 126,894 3,335 0.00 


16,682,087 6.67 

Utilities 


CEZ 4.875% 16/04/2025 EMTN CZ EUR 278,707 331,430 0.13 






PPL US USD 6,547 149,141 0.06 



PG&E US USD 3,455 113,170 0.05 







AES US USD 9,960 80,163 0.03 













Cia Paranaense de Energia ADR BR USD 2,407 27,458 0.01 




















3,618,454 1.45 

Materials 







Linde DE EUR 1,995 258,838 0.10 









Agrium CA CAD 2,288 184,923 0.07 

Mosaic US USD 4,485 181,081 0.07 


Ecolab US USD 3,118 166,137 0.07 





Sika (BR) CH CHF 96 153,797 0.06 




Fidelity 

Funds 





EUR 





Lanxess DE EUR 2,018 128,634 0.05 

Arkema 3.85% 30/04/2020 FR EUR 112,964 121,698 0.05 





LG Chem KR KRW 431 93,037 0.04 








Industrias Penoles MX MXN 2,074 80,301 0.03 


BASF DE EUR 1,159 74,083 0.03 

CAP CL CLP 2,748 72,900 0.03 


IAMGOLD CA CAD 5,946 71,832 0.03 









Banro CA CAD 14,019 49,312 0.02 



Antofagasta GB GBP 2,856 44,636 0.02 



Duratex BR BRL 7,341 38,842 0.02 











Exxaro Resources ZA ZAR 1,540 23,735 0.01 








Braskem BR BRL 3,769 19,098 0.01 







Nampak ZA ZAR 4,989 12,806 0.01 
















DRDGOLD ZA ZAR 7,392 3,992 0.00 

Eurotin CA CAD 24,258 3,181 0.00 

Consolidated Infrastructure Group ZA ZAR 1,919 2,216 0.00 

Ausgold AU AUD 17,113 2,189 0.00 



10,176,407 4.07 

343 



EUR 

Industrials 




Cummins US USD 6,945 499,770 0.20 





Danaher US USD 8,918 356,325 0.14 
















CSX US USD 13,399 211,861 0.08 


GFK DE EUR 5,895 207,088 0.08 






Seek AU AUD 34,546 183,985 0.07 

Boeing US USD 3,351 181,726 0.07 





Orkla NO NOK 26,041 158,755 0.06 


Keppel SG SGD 22,764 152,295 0.06 


FedEx US USD 2,035 143,719 0.06 

Equifax US USD 3,706 143,264 0.06 

Copa Holdings (A) PA USD 2,021 142,166 0.06 





SGS (Reg’d) CH CHF 81 132,282 0.05 






Alfa (A) MX MXN 75,205 106,996 0.04 






Eiffage FR EUR 3,300 87,460 0.03 






ADT US USD 2,320 73,318 0.03 

Rexel FR EUR 5,231 73,057 0.03 



51job ADR CN USD 1,538 55,440 0.02 


Brammer GB GBP 17,377 51,915 0.02 







Sthree GB GBP 10,513 39,254 0.02 







Shanghai Electric Group (H) CN HKD 94,200 29,258 0.01

Fidelity 

Funds 





EUR 





Bidvest Group ZA ZAR 1,463 26,900 0.01 





WEG BR BRL 2,665 23,514 0.01 

CTCI TW TWD 15,378 23,409 0.01 



Rexel 7.00% 17/12/2018 FR EUR 19,762 21,641 0.01 


Colfax US USD 758 19,915 0.01 





Pentair CH USD 572 18,484 0.01 












TK KR KRW 644 12,558 0.01 








Wendel 4.875% 26/05/2016 FR EUR 9,222 9,591 0.00 

Singapore Airlines SG SGD 1,413 9,431 0.00 




XP Power SG GBP 559 6,799 0.00 

SATS SG SGD 3,721 6,526 0.00 










16,713,580 6.69 


Apple US USD 7,246 3,331,765 1.33 

Google (A) US USD 3,681 1,921,470 0.77 


SAP DE EUR 25,930 1,457,280 0.58 


Oracle US USD 39,098 934,395 0.37 









eBay US USD 12,168 452,792 0.18 

Iliad 4.875% 01/06/2016 FR EUR 401,671 430,584 0.17 







Visa (A) US USD 1,872 198,785 0.08 

EMC US USD 9,924 186,530 0.07 


Alten FR EUR 6,301 152,900 0.06 




Fiserv US USD 2,426 139,806 0.06 

344 



EUR 


Fujitsu JP JPY 42,096 124,511 0.05 

Hitachi JP JPY 30,428 124,097 0.05 



Sina CN USD 2,748 116,521 0.05 



Kyocera JP JPY 1,615 109,310 0.04 


Altera US USD 4,399 102,474 0.04 



SK Hynix KR KRW 5,573 97,536 0.04 






VMware (A) US USD 1,311 84,940 0.03 



NCSoft KR KRW 523 77,304 0.03 



eAccess JP JPY 189 73,391 0.03 


Gemalto NL EUR 975 67,866 0.03 

TDK JP JPY 2,321 67,106 0.03 


NVIDIA US USD 7,198 66,700 0.03 







ADTRAN US USD 4,958 64,098 0.03 









Canon JP JPY 1,734 43,437 0.02 

IQE GB GBP 98,833 39,329 0.02 







SDL GB GBP 5,630 37,140 0.01 


Brady GB GBP 29,149 36,791 0.01 









SCSK JP JPY 2,194 28,773 0.01 







Totvs BR BRL 1,446 22,401 0.01 




NXP 3.507% FRN 15/10/2013 NL EUR 17,521 17,499 0.01 



Globo GB GBP 58,099 16,707 0.01 



Bechtle DE EUR 420 12,220 0.00 




YOC DE EUR 1,093 8,200 0.00 

Venture SG SGD 1,263 6,088 0.00 

Advanced Semiconductor Engineering TW TWD 8,141 4,693 0.00

Fidelity 

Funds 





EUR 

Ant GB GBP 17,645 4,388 0.00 


23,417,152 9.37 








WPP IE GBP 64,579 642,049 0.26 



TJX US USD 17,343 549,639 0.22 






PPR FR EUR 3,071 416,533 0.17 

Renault FR EUR 11,046 381,186 0.15 

Lowe’s US USD 13,309 330,780 0.13 











Inditex ES EUR 2,170 213,654 0.09 





IPSOS FR EUR 7,334 198,827 0.08 




Informa CH GBP 37,023 184,252 0.07 

Expedia US USD 3,949 181,159 0.07 


NIKE (B) US USD 2,515 176,404 0.07 

TF1 FR EUR 26,517 175,781 0.07 

Coach US USD 4,053 173,482 0.07 


ASOS GB GBP 5,792 162,431 0.06 




Target US USD 3,018 147,573 0.06 


VF US USD 1,161 138,711 0.06 






DIRECTV US USD 2,900 114,024 0.05 


News (A) US USD 5,595 103,048 0.04 


Staples US USD 11,398 100,704 0.04 


Tod’s IT EUR 1,052 94,923 0.04 

BMW DE EUR 1,538 94,521 0.04 






Adidas DE EUR 1,223 80,412 0.03 





Best Buy US USD 5,550 64,946 0.03 






PVH US USD 684 56,202 0.02 




345 



EUR 









SHW DE EUR 1,487 43,042 0.02 



Cia Hering BR BRL 2,347 41,544 0.02 
















Big Lots US USD 1,237 27,712 0.01 








Duskin JP JPY 1,455 21,279 0.01 




Foschini Group ZA ZAR 1,663 18,598 0.01 




Phorm SG GBP 19,306 17,286 0.01 





City Lodge Hotels ZA ZAR 1,771 14,471 0.01 


SACI Falabella CL CLP 1,587 12,484 0.00 








T4F Entretenimento BR BRL 2,166 9,495 0.00 






















21,639,230 8.66 




Danone FR EUR 22,434 1,063,917 0.43 

PepsiCo US USD 18,105 966,018 0.39 


Nestle (Reg’d) CH CHF 13,975 684,431 0.27

Fidelity 

Funds 





EUR 

















KT&G KR KRW 4,837 281,983 0.11 


AVI ZA ZAR 49,189 249,833 0.10 



Diageo GB GBP 10,219 225,054 0.09 








Kellogg US USD 4,676 189,481 0.08 



L’Oreal FR EUR 1,828 179,673 0.07 

Metro DE EUR 7,363 163,632 0.07 












Aeon JP JPY 12,171 102,153 0.04 










SABMiller (South Africa) GB ZAR 2,039 67,063 0.03 








Cosan Industria e Comercio BR BRL 2,373 34,672 0.01 


Glanbia IE EUR 4,646 34,012 0.01 











Tongaat Hulett ZA ZAR 1,397 16,874 0.01 














346 



EUR 




Copeinca PE NOK 1,038 6,202 0.00 



19,618,125 7.85 

Healthcare 

Sanofi FR EUR 32,050 2,173,643 0.87 

Pfizer US USD 83,442 1,604,326 0.64 











Merck & Co US USD 10,338 362,876 0.15 







Amgen US USD 3,041 202,729 0.08 

Sorin IT EUR 108,446 196,396 0.08 






Celgene US USD 2,397 135,919 0.05 


Aetna US USD 3,817 128,547 0.05 






Elekta (B) SE SEK 9,444 103,835 0.04 



Sonova Holding (Reg’d) CH CHF 1,306 101,332 0.04 



Grifols ES EUR 3,530 94,467 0.04 

Humana US USD 1,650 94,128 0.04 

Stryker US USD 2,213 89,326 0.04 






Hospira US USD 3,011 71,105 0.03 

QIAGEN NL EUR 4,609 61,779 0.02 

MEDNAX US USD 1,135 59,715 0.02 






Nexus DE EUR 5,046 47,434 0.02 



Centene US USD 1,568 45,830 0.02 









Ossur IS DKK 30,220 30,789 0.01 










Optos GB GBP 4,752 12,041 0.00 


Cochlear AU AUD 190 10,793 0.00

Fidelity 

Funds 





EUR 




16,136,098 6.46 












Telstra AU AUD 63,697 210,759 0.08 



AT&T US USD 7,132 190,020 0.08 




KDDI JP JPY 2,414 144,334 0.06 




Tdc 4.375% 23/02/2018 Reg S DK EUR 94,865 107,586 0.04 

BCE CA CAD 3,207 107,564 0.04 




TELUS CA CAD 1,876 93,660 0.04 


Maxis MY MYR 50,688 88,908 0.04 







StarHub SG SGD 32,784 75,934 0.03 


Freenet DE EUR 5,521 70,419 0.03 








Telefonica Brasil (Pref’d) BR BRL 2,557 42,669 0.02 







LG Uplus KR KRW 7,083 34,840 0.01 


























OTE 7.25% 12/02/2015 EMTN GB EUR 2,635 2,318 0.00 


8,804,115 3.52 

347 



EUR 

Financials 


UBS (Reg’d) CH CHF 131,313 1,519,054 0.61 


























KfW 1.25% 17/10/2019 DE EUR 380,120 379,873 0.15 

Invesco US USD 20,471 379,548 0.15 




ICAP GB GBP 82,598 333,925 0.13 










Ageas BE EUR 14,131 277,453 0.11 








Remgro ZA ZAR 18,435 243,169 0.10 

MetLife US USD 8,524 231,564 0.09 



























Aon GB USD 4,476 185,707 0.07 




ORIX JP JPY 2,263 178,945 0.07 





Hongkong Land Holdings HK USD 35,119 170,861 0.07

Fidelity 

Funds 





EUR 










RBS 5.50% 23/03/2020 EMTN GB EUR 129,876 154,119 0.06 










RBS 5.125% 13/01/2024 GB GBP 86,436 128,147 0.05 

























SLM US USD 7,081 95,374 0.04 






Loews US USD 2,695 88,076 0.04 












ACE CH USD 1,171 70,936 0.03 



























348 



EUR 

























Brait LU ZAR 12,065 36,545 0.01 






























JSE ZA ZAR 3,902 24,373 0.01 


































Validus Holdings BM USD 588 16,233 0.01

Fidelity 

Funds 





EUR 

































Amata (F) TH THB 26,989 10,400 0.00 

























































349 



EUR 








48,288,032 19.32 

Government 

Germany 2.25% 04/09/2021 DE EUR 16,201,208 17,509,848 7.01 

Germany 0.50% 07/04/2017 DE EUR 5,346,632 5,375,098 2.15 

Germany 1.75% 04/07/2022 DE EUR 2,700,266 2,777,704 1.11 

Italy 4.25% 01/03/2020 IT EUR 2,599,531 2,597,286 1.04 

Italy 3.00% 15/06/2015 IT EUR 2,374,687 2,392,123 0.96 

France 3.00% 25/04/2022 FR EUR 1,714,888 1,841,481 0.74 

Spain 5.85% 31/01/2022 ES EUR 1,637,947 1,665,206 0.67 

Italy 5.00% 01/03/2022 IT EUR 1,511,416 1,544,560 0.62 

Germany 3.25% 04/07/2042 DE EUR 1,176,254 1,424,285 0.57 

Italy 4.00% 01/02/2017 IT EUR 1,214,468 1,241,630 0.50 

Spain 3.25% 30/04/2016 ES EUR 1,225,308 1,201,388 0.48 

Germany 2.50% 27/02/2015 DE EUR 897,985 949,043 0.38 

Italy 5.00% 01/09/2040 IT EUR 977,104 909,918 0.36 

Sweden 3.75% 12/08/2017 SE SEK 6,609,781 866,919 0.35 

Spain 4.30% 31/10/2019 ES EUR 666,508 639,100 0.26 


Italy 4.50% 15/07/2015 IT EUR 545,641 569,443 0.23 

Spain 4.75% 30/07/2014 ES EUR 535,708 551,822 0.22 

Germany 3.25% 04/07/2015 DE EUR 507,231 549,931 0.22 

Germany 3.50% 04/07/2019 DE EUR 378,643 443,254 0.18 

Germany 1.75% 09/10/2015 DE EUR 382,075 400,407 0.16 

Spain 4.00% 30/07/2015 ES EUR 375,312 380,755 0.15 



Belgium 4.00% 28/03/2032 BE EUR 223,662 248,339 0.10 

France 4.50% 25/04/2041 FR EUR 191,522 239,903 0.10 


France 4.00% 25/04/2055 FR EUR 137,958 161,345 0.06 


Germany 1.50% 15/03/2013 DE EUR 102,235 102,787 0.04 


Spain 4.20% 30/07/2013 ES EUR 52,698 53,439 0.02 




48,226,370 19.30 







100,937 0.04 







64,729 0.03 


Energy 








354,403 0.14 

Utilities 



70,533 0.03 

Materials 





Norcell Sweden Holding 2 10.75% 29/09/2019 Reg S SE EUR 15,414 16,636 0.01

Fidelity 

Funds 





EUR 








197,765 0.08 

Industrials 



Rexel 6.125% 15/12/2019 144A FR USD 13,175 10,538 0.00 



184,357 0.07 












232,457 0.09 





MHP GDR UA USD 545 6,392 0.00 

230,043 0.09 

Healthcare 







285,344 0.11 


OTE 4.625% 20/05/2016 GB EUR 41,236 32,540 0.01 








OTE 5.00% 05/08/2013 EMTN GB EUR 3,425 3,307 0.00 




108,286 0.04 

Financials 


Aegon NL EUR 102,778 442,768 0.18 


















Bolsa de Valores de Colombia CO COP 1,077,861 14,523 0.01 



Halyk Savings Bank of Kazakhstan GDR KZ USD 1,640 8,990 0.00 


350 





Bankia 3.625% 05/10/2016 ES EUR 5,797 5,219 0.00 



Bankia 3.50% 14/12/2015 ES EUR 3,162 2,950 0.00 





3,775,878 1.51 

Government 

Spain 4.90% 30/07/2040 ES EUR 365,419 294,813 0.12 

France 2.50% 12/01/2014 FR EUR 194,854 200,470 0.08 




740,276 0.30 




4,202,722 1.68 

Unlisted 



EUR 

Energy 











94,891 0.04 

Utilities 



0 0.00 

Materials 




5,443 0.00 

Industrials 

Nobina* SE SEK 4,019 4,676 0.00 






8,529 0.00 







19,971 0.01 







7,745 0.00 

Healthcare 



4,494 0.00

Fidelity 

Funds 








299,525 0.12 

Financials 













128,897 0.05 








EUR 




















12,611 0.01 




EUR 



EUR EUR 

























351 



EUR EUR 





















































































314,092 0.13

Fidelity 

Funds 

Futures 





EUR 



US Treasury Note 10 Year Future 19/12/2012 USD (932,542) 1,530 0.00 






Euro Bund Future 06/12/2012 EUR 912,436 (1,353) (0.00) 


12,828 0.01 


Net Assets 249,925,530 100.00 

352 



USA US 23.79 


UK GB 8.58 


Italy IT 5.17 

Japan JP 3.31 


Spain ES 3.20 




Korea KR 1.88 

China CN 1.83 























India IN 0.12 





Chile CL 0.07 


Kenya KE 0.07 


Peru PE 0.06 












Qatar QA 0.01 





Fidelity 

Funds 

Fidelity Target 2025 (Euro) Fund 




EUR 


Energy 



BP GB GBP 125,705 692,966 0.54 


Chevron US USD 6,332 535,140 0.42 


BG Group GB GBP 26,136 372,949 0.29 


Saipem IT EUR 8,546 296,216 0.23 


Eni IT EUR 13,946 246,977 0.19 

CNOOC CN HKD 153,167 244,164 0.19 

Apache US USD 3,770 239,198 0.19 





AMEC GB GBP 12,319 162,386 0.13 









PTT (F) TH THB 15,712 124,872 0.10 




EQT US USD 1,769 82,542 0.06 


Inpex JP JPY 18 79,971 0.06 


Ensco (A) GB USD 1,717 75,763 0.06 























S-Oil KR KRW 530 37,235 0.03 

Eni 3.75% 27/06/2019 EMTN IT EUR 33,245 36,270 0.03 

Cameco CA CAD 2,419 35,961 0.03 




Hunting GB GBP 1,970 18,339 0.01 












Sasol ZA ZAR 281 9,222 0.01 







353 



EUR 


Gold Oil* GB GBP 125,943 2,330 0.00 

FAR AU AUD 81,953 2,154 0.00 


10,699,695 8.31 

Utilities 






PPL US USD 4,232 96,417 0.07 

CEZ 4.875% 16/04/2025 EMTN CZ EUR 72,085 85,721 0.07 


PG&E US USD 2,236 73,240 0.06 


AES US USD 6,446 51,879 0.04 


































EDP Finance 4.90% 01/10/2019 144A NL USD 1,296 960 0.00 






1,811,443 1.41 

Materials 







Linde DE EUR 1,288 167,154 0.13 









Agrium CA CAD 1,477 119,392 0.09 


Mosaic US USD 2,906 117,345 0.09 

Ecolab US USD 2,016 107,405 0.08 




Sika (BR) CH CHF 62 99,320 0.08 




Fidelity 

Funds 

Fidelity Target 2025 (Euro) Fund - continued 




EUR 





Lanxess DE EUR 1,304 83,080 0.06 


LG Chem KR KRW 316 68,137 0.05 










CAP CL CLP 2,013 53,392 0.04 




BASF DE EUR 748 47,850 0.04 


IAMGOLD CA CAD 3,839 46,377 0.04 








Banro CA CAD 9,054 31,848 0.02 

Arkema 3.85% 30/04/2020 FR EUR 29,229 31,489 0.02 




Duratex BR BRL 5,377 28,448 0.02 














Braskem BR BRL 2,760 13,987 0.01 







Nampak ZA ZAR 3,654 9,379 0.01 
















DRDGOLD ZA ZAR 5,414 2,924 0.00 




Eurotin CA CAD 15,667 2,055 0.00 


Consolidated Infrastructure Group ZA ZAR 1,406 1,623 0.00 



Ausgold AU AUD 11,052 1,414 0.00 





6,452,145 5.01 

354 



EUR 

Industrials 




Cummins US USD 4,493 323,320 0.25 





Danaher US USD 5,768 230,472 0.18 











CSX US USD 8,671 137,096 0.11 


GFK DE EUR 3,807 133,740 0.10 





Seek AU AUD 22,363 119,102 0.09 

Boeing US USD 2,166 117,482 0.09 




Keppel SG SGD 15,693 104,987 0.08 




Orkla NO NOK 16,819 102,534 0.08 


Equifax US USD 2,404 92,961 0.07 

FedEx US USD 1,315 92,911 0.07 



SGS (Reg’d) CH CHF 52 85,425 0.07 



Alfa (A) MX MXN 55,080 78,364 0.06 













Eiffage FR EUR 2,131 56,488 0.04 







ADT US USD 1,505 47,575 0.04 

Rexel FR EUR 3,378 47,178 0.04 


51job ADR CN USD 1,126 40,602 0.03 




Brammer GB GBP 11,222 33,528 0.03 








Sthree GB GBP 6,790 25,352 0.02 







Bidvest Group ZA ZAR 1,072 19,702 0.02 

Orient Overseas International HK HKD 4,035 19,516 0.02

Fidelity 

Funds 





EUR 




WEG BR BRL 1,952 17,222 0.01 

CTCI TW TWD 11,263 17,144 0.01 










Colfax US USD 490 12,875 0.01 



Pentair CH USD 371 11,994 0.01 








TK KR KRW 472 9,197 0.01 












Rexel 7.00% 17/12/2018 FR EUR 5,115 5,602 0.00 

SATS SG SGD 2,725 4,780 0.00 



XP Power SG GBP 361 4,391 0.00 




Wendel 4.875% 26/05/2016 FR EUR 2,387 2,483 0.00 






REFER - Rede Ferroviaria 4.047% 16/11/2026 PT EUR 1,364 933 0.00 





10,073,465 7.82 


Apple US USD 4,689 2,155,907 1.67 

Google (A) US USD 2,383 1,243,720 0.97 


SAP DE EUR 16,747 941,179 0.73 


Oracle US USD 25,295 604,523 0.47 









eBay US USD 7,879 293,196 0.23 







Visa (A) US USD 1,210 128,511 0.10 

EMC US USD 6,419 120,654 0.09 

Iliad 4.875% 01/06/2016 FR EUR 104,018 111,505 0.09 


Alten FR EUR 4,069 98,741 0.08 





355 



EUR 

Fiserv US USD 1,574 90,717 0.07 

Sina CN USD 2,013 85,336 0.07 

Fujitsu JP JPY 27,193 80,431 0.06 

Hitachi JP JPY 19,656 80,164 0.06 






SK Hynix KR KRW 4,081 71,432 0.06 

Kyocera JP JPY 1,043 70,612 0.05 


Altera US USD 2,844 66,248 0.05 






NCSoft KR KRW 383 56,616 0.04 



VMware (A) US USD 848 54,912 0.04 





eAccess JP JPY 122 47,406 0.04 


Gemalto NL EUR 630 43,831 0.03 

TDK JP JPY 1,499 43,349 0.03 


NVIDIA US USD 4,671 43,280 0.03 







ADTRAN US USD 3,205 41,438 0.03 








Canon JP JPY 1,120 28,057 0.02 



IQE GB GBP 63,830 25,400 0.02 






SDL GB GBP 3,636 23,987 0.02 



Brady GB GBP 18,825 23,761 0.02 







SCSK JP JPY 1,417 18,585 0.01 



Totvs BR BRL 1,059 16,407 0.01 








Globo GB GBP 37,522 10,790 0.01 








YOC DE EUR 706 5,296 0.00 


NXP 3.507% FRN 15/10/2013 NL EUR 4,535 4,529 0.00 



Ant GB GBP 11,396 2,834 0.00

Fidelity 

Funds 





EUR 


15,388,417 11.95 








WPP IE GBP 41,708 414,669 0.32 



TJX US USD 11,223 355,674 0.28 






PPR FR EUR 1,983 269,006 0.21 

Renault FR EUR 7,134 246,193 0.19 

Lowe’s US USD 8,621 214,281 0.17 










Inditex ES EUR 1,402 137,982 0.11 





IPSOS FR EUR 4,737 128,412 0.10 




Informa CH GBP 23,909 118,988 0.09 

Expedia US USD 2,558 117,318 0.09 


NIKE (B) US USD 1,626 114,042 0.09 

TF1 FR EUR 17,126 113,531 0.09 

Coach US USD 2,620 112,153 0.09 

ASOS GB GBP 3,741 104,898 0.08 




Target US USD 1,953 95,504 0.07 



VF US USD 750 89,674 0.07 







DIRECTV US USD 1,876 73,793 0.06 


News (A) US USD 3,631 66,866 0.05 


Staples US USD 7,369 65,103 0.05 


Tod’s IT EUR 679 61,299 0.05 

BMW DE EUR 993 61,047 0.05 




Adidas DE EUR 790 51,938 0.04 






Best Buy US USD 3,591 42,027 0.03 








PVH US USD 444 36,469 0.03 




356 



EUR 






SHW DE EUR 960 27,798 0.02 













Big Lots US USD 803 17,982 0.01 





Duskin JP JPY 940 13,745 0.01 

Foschini Group ZA ZAR 1,218 13,621 0.01 



Phorm SG GBP 12,468 11,164 0.01 


City Lodge Hotels ZA ZAR 1,297 10,599 0.01 



SACI Falabella CL CLP 1,163 9,144 0.01 















































13,766,495 10.69 




Danone FR EUR 14,488 687,117 0.53 

PepsiCo US USD 11,713 624,964 0.49 




Fidelity 

Funds 





EUR 










KT&G KR KRW 3,542 206,520 0.16 





AVI ZA ZAR 36,026 182,976 0.14 



Diageo GB GBP 6,600 145,352 0.11 






Kellogg US USD 3,026 122,614 0.10 


L’Oreal FR EUR 1,181 116,042 0.09 




Metro DE EUR 4,755 105,685 0.08 












Aeon JP JPY 7,862 65,989 0.05 























Glanbia IE EUR 3,001 21,966 0.02 






Tongaat Hulett ZA ZAR 1,023 12,359 0.01 




















357 



EUR 






12,312,098 9.56 

Healthcare 

Sanofi FR EUR 20,707 1,404,379 1.09 

Pfizer US USD 54,008 1,038,406 0.81 











Merck & Co US USD 6,690 234,819 0.18 






Amgen US USD 1,967 131,112 0.10 

Sorin IT EUR 70,042 126,846 0.10 







Celgene US USD 1,556 88,196 0.07 

Aetna US USD 2,470 83,191 0.06 







Elekta (B) SE SEK 6,099 67,056 0.05 






Humana US USD 1,071 61,078 0.05 

Grifols ES EUR 2,280 61,004 0.05 

Stryker US USD 1,432 57,809 0.04 






Hospira US USD 1,947 45,968 0.04 

QIAGEN NL EUR 2,976 39,895 0.03 

MEDNAX US USD 736 38,748 0.03 






Nexus DE EUR 3,259 30,635 0.02 



Centene US USD 1,018 29,738 0.02 








Ossur IS DKK 19,517 19,884 0.02 









Optos GB GBP 3,069 7,776 0.01 




Verona Pharma GB GBP 125,546 6,050 0.00

Fidelity 

Funds 





EUR 




10,319,766 8.01 










Telstra AU AUD 41,234 136,433 0.11 



AT&T US USD 4,614 122,932 0.10 




KDDI JP JPY 1,560 93,236 0.07 







BCE CA CAD 2,071 69,446 0.05 


Maxis MY MYR 37,122 65,113 0.05 


TELUS CA CAD 1,211 60,470 0.05 





StarHub SG SGD 23,165 53,654 0.04 



Freenet DE EUR 3,566 45,483 0.04 




Tdc 4.375% 23/02/2018 Reg S DK EUR 24,521 27,810 0.02 




LG Uplus KR KRW 5,187 25,516 0.02 




































OTE 7.25% 12/02/2015 EMTN GB EUR 682 600 0.00 


5,132,551 3.99 

358 



EUR 

Financials 


UBS (Reg’d) CH CHF 84,809 981,085 0.76 


















Invesco US USD 13,239 245,466 0.19 






ICAP GB GBP 53,345 215,663 0.17 






Ageas BE EUR 9,126 179,197 0.14 


Remgro ZA ZAR 13,502 178,095 0.14 





MetLife US USD 5,510 149,702 0.12 

















Aon GB USD 2,904 120,502 0.09 



ORIX JP JPY 1,462 115,594 0.09 











KfW 1.25% 17/10/2019 DE EUR 98,353 98,289 0.08 


















Malayan Banking MY MYR 31,381 71,415 0.06

Fidelity 

Funds 





EUR 








SLM US USD 4,583 61,723 0.05 







Loews US USD 1,744 57,000 0.04 




























ACE CH USD 760 46,029 0.04 

















RBS 5.50% 23/03/2020 EMTN GB EUR 33,573 39,840 0.03 
























RBS 5.125% 13/01/2024 GB GBP 22,384 33,185 0.03 







359 



EUR 








Brait LU ZAR 8,837 26,766 0.02 






















JSE ZA ZAR 2,858 17,852 0.01 






































Amata (F) TH THB 19,766 7,616 0.01 






















Ho Bee Investment SG SGD 5,376 4,999 0.00

Fidelity 

Funds 





EUR 



























































































360 



EUR 





23,870,084 18.53 

Government 

Germany 2.25% 04/09/2021 DE EUR 4,170,583 4,507,458 3.50 

Germany 0.50% 07/04/2017 DE EUR 1,382,503 1,389,864 1.08 

Germany 1.75% 04/07/2022 DE EUR 698,844 718,885 0.56 

Italy 4.25% 01/03/2020 IT EUR 672,637 672,056 0.52 

Italy 3.00% 15/06/2015 IT EUR 614,355 618,866 0.48 

France 3.00% 25/04/2022 FR EUR 443,826 476,589 0.37 

Spain 5.85% 31/01/2022 ES EUR 423,791 430,844 0.33 

Italy 5.00% 01/03/2022 IT EUR 391,039 399,614 0.31 

Germany 3.25% 04/07/2042 DE EUR 304,374 368,556 0.29 

Italy 4.00% 01/02/2017 IT EUR 314,351 321,382 0.25 

Spain 3.25% 30/04/2016 ES EUR 317,123 310,932 0.24 

Germany 2.50% 27/02/2015 DE EUR 232,276 245,483 0.19 

Italy 5.00% 01/09/2040 IT EUR 252,793 235,411 0.18 

Sweden 3.75% 12/08/2017 SE SEK 1,711,684 224,499 0.17 

Spain 4.30% 31/10/2019 ES EUR 172,480 165,388 0.13 


Italy 4.50% 15/07/2015 IT EUR 141,210 147,370 0.11 

Spain 4.75% 30/07/2014 ES EUR 138,591 142,760 0.11 

Germany 3.25% 04/07/2015 DE EUR 131,270 142,320 0.11 

Germany 3.50% 04/07/2019 DE EUR 97,906 114,612 0.09 

Germany 1.75% 09/10/2015 DE EUR 98,837 103,579 0.08 

Spain 4.00% 30/07/2015 ES EUR 97,101 98,510 0.08 



Belgium 4.00% 28/03/2032 BE EUR 57,866 64,250 0.05 

France 4.50% 25/04/2041 FR EUR 49,548 62,065 0.05 


France 4.00% 25/04/2055 FR EUR 35,697 41,749 0.03 


Germany 1.50% 15/03/2013 DE EUR 26,462 26,605 0.02 


Spain 4.20% 30/07/2013 ES EUR 13,640 13,832 0.01 




12,454,710 9.67 







65,195 0.05 







47,405 0.04 


Energy 








247,567 0.19 

Utilities 



18,256 0.01 

Materials 








Cemex Espana Luxembourg 8.875% 12/05/2017 Reg S ES EUR 2,849 2,878 0.00

Fidelity 

Funds 





EUR 




Midwest Vanadium 11.50% 15/02/2018 144A AU USD 1,398 749 0.00 

79,823 0.06 

Industrials 



Rexel 6.125% 15/12/2019 144A FR USD 3,410 2,728 0.00 



47,738 0.04 












60,181 0.05 




MHP GDR UA USD 400 4,682 0.00 


62,597 0.05 

Healthcare 







118,704 0.09 


OTE 4.625% 20/05/2016 GB EUR 10,674 8,423 0.01 








OTE 5.00% 05/08/2013 EMTN GB EUR 887 856 0.00 




28,029 0.02 

Financials 

Aegon NL EUR 66,381 285,969 0.22 



















Halyk Savings Bank of Kazakhstan GDR KZ USD 1,201 6,584 0.01 









361 

Bankia 3.625% 05/10/2016 ES EUR 1,500 1,351 0.00 



Bankia 3.50% 14/12/2015 ES EUR 818 764 0.00 





1,300,879 1.01 

Government 

Spain 4.90% 30/07/2040 ES EUR 94,534 76,268 0.06 

France 2.50% 12/01/2014 FR EUR 50,410 51,863 0.04 




191,574 0.15 




1,108,308 0.86 

Unlisted 



EUR 

Energy 











61,571 0.05 

Utilities 



0 0.00 

Materials 




3,516 0.00 

Industrials 

Nobina* SE SEK 1,040 1,210 0.00 

Nobina Europe 9.125% 01/08/2012 SE EUR 1,153 756 0.00 





2,568 0.00 







13,277 0.01 







2,005 0.00 

Healthcare 



2,903 0.00 





Ip Access* GB GBP 7,969 6,639 0.01

Fidelity 

Funds 



216,173 0.17 

Financials 













94,183 0.07 








EUR 




















3,265 0.00 




EUR 



EUR EUR 































362 















































































84,599 0.07 

Futures 



EUR EUR 



EUR 



US Treasury Note 10 Year Future 19/12/2012 USD (241,493) 396 0.00

Fidelity 

Funds 










2,333 0.00 


Net Assets 128,789,116 100.00 




EUR 


USA US 28.78 


UK GB 9.59 


Japan JP 4.10 



Italy IT 3.08 


Korea KR 2.68 

China CN 2.60 



Spain ES 1.90 




















India IN 0.16 


Chile CL 0.10 

Kenya KE 0.10 




Peru PE 0.08 













Qatar QA 0.01 








363

Fidelity 

Funds 





EUR 


Energy 



BP GB GBP 89,589 493,871 0.63 


Chevron US USD 4,578 386,913 0.49 


BG Group GB GBP 18,627 265,797 0.34 


Saipem IT EUR 6,091 211,107 0.27 


Eni IT EUR 9,939 176,020 0.22 

Apache US USD 2,724 172,820 0.22 

CNOOC CN HKD 105,246 167,774 0.21 





AMEC GB GBP 8,780 115,735 0.15 









PTT (F) TH THB 10,796 85,806 0.11 




EQT US USD 1,277 59,585 0.08 

Inpex JP JPY 13 57,931 0.07 


Ensco (A) GB USD 1,240 54,691 0.07 























Cameco CA CAD 1,751 26,032 0.03 

S-Oil KR KRW 364 25,584 0.03 



Hunting GB GBP 1,404 13,070 0.02 












Sasol ZA ZAR 193 6,337 0.01 

Eni 3.75% 27/06/2019 EMTN IT EUR 5,668 6,184 0.01 






Gold Oil* GB GBP 89,756 1,660 0.00 

FAR AU AUD 58,406 1,535 0.00 


364 



EUR 

MOL Hungarian Oil & Gas 5.875% 20/04/2017 EMTN HU EUR 512 525 0.00 

HollyFrontier 9.875% 15/06/2017 US USD 582 493 0.00 

Afren 10.25% 08/04/2019 Reg S GB USD 535 476 0.00 


7,537,645 9.55 

Utilities 






PPL US USD 3,055 69,601 0.09 


PG&E US USD 1,616 52,950 0.07 


AES US USD 4,660 37,507 0.05 








CEZ 4.875% 16/04/2025 EMTN CZ EUR 12,289 14,614 0.02 


















First Hydro Finance 9.00% 31/07/2021 GB GBP 590 892 0.00 


Viridian Group FundCo II 1.125% 01/04/2017 Reg S KY EUR 582 603 0.00 

Southern Water Greensand 8.50% 15/04/2019 GB GBP 436 566 0.00 

Techem Energy Metering Serv. 7.875% 01/10/2020 Reg S DE EUR 506 537 0.00 

Techem 6.125% 01/10/2019 Reg S DE EUR 506 534 0.00 

Intergen 8.50% 30/06/2017 Reg S NL EUR 378 357 0.00 









1,075,093 1.36 

Materials 







Linde DE EUR 918 119,137 0.15 









Agrium CA CAD 1,069 86,428 0.11 

Mosaic US USD 2,102 84,877 0.11 


Ecolab US USD 1,455 77,533 0.10 




Sika (BR) CH CHF 44 70,789 0.09 




Fidelity 

Funds 





EUR 




Lanxess DE EUR 929 59,206 0.07 




LG Chem KR KRW 217 46,817 0.06 










CAP CL CLP 1,383 36,687 0.05 

BASF DE EUR 533 34,097 0.04 


IAMGOLD CA CAD 2,779 33,572 0.04 








Banro CA CAD 6,452 22,697 0.03 





Duratex BR BRL 3,695 19,547 0.02 













Braskem BR BRL 1,897 9,611 0.01 






Nampak ZA ZAR 2,511 6,445 0.01 


Arkema 3.85% 30/04/2020 FR EUR 4,984 5,369 0.01 







DRDGOLD ZA ZAR 3,720 2,009 0.00 


Eurotin CA CAD 11,165 1,464 0.00 



Consolidated Infrastructure Group ZA ZAR 966 1,115 0.00 


Ausgold AU AUD 7,877 1,008 0.00 

Metinvest 8.75% 14/02/2018 Reg S NL USD 1,210 904 0.00 

Orion Engineered Carbons 10.00% 15/06/2018 Reg S DE EUR 785 855 0.00 

Lafarge 8.875% 24/11/2016 EMTN FR EUR 634 757 0.00 

OI European Group 6.875% 31/03/2017 Reg S NL EUR 617 638 0.00 

Evraz Group 6.75% 27/04/2018 Reg S LU USD 809 629 0.00 

Ardagh (USA) 7.375% 15/10/2017 Reg S IE EUR 524 558 0.00 

Lecta 8.875% 15/05/2019 Reg S LU EUR 500 514 0.00 

Cemex Finance 9.375% 12/10/2022 Reg S US USD 582 470 0.00 

Norske Skogindustrier 7.00% 26/06/2017 NO EUR 617 459 0.00 

First Quantum Minerals 7.25% 15/10/2019 Reg S CA USD 553 438 0.00 

Hidili Industry Int’l Development 1.50% 19/01/2015 KY CNY 2,222 277 0.00 

Metinvest 10.25% 20/05/2015 Reg S NL USD 332 263 0.00 

HeidelbergCement Fin Lux 7.50% 03/04/2020 LU EUR 221 253 0.00 




Teksid Aluminum 11.375% 15/07/2011 Reg S (Defaulted)* LU EUR 468 0 0.00 

4,486,456 5.68 

365 



EUR 

Industrials 




Cummins US USD 3,245 233,546 0.30 





Danaher US USD 4,167 166,490 0.21 











CSX US USD 6,262 99,019 0.13 


GFK DE EUR 2,713 95,317 0.12 





Seek AU AUD 16,125 85,880 0.11 

Boeing US USD 1,564 84,808 0.11 






Keppel SG SGD 11,040 73,858 0.09 

Orkla NO NOK 11,987 73,076 0.09 



Equifax US USD 1,740 67,272 0.09 

FedEx US USD 949 67,071 0.08 



SGS (Reg’d) CH CHF 37 60,887 0.08 




Alfa (A) MX MXN 37,847 53,846 0.07 







Eiffage FR EUR 1,519 40,259 0.05 





ADT US USD 1,089 34,428 0.04 

Rexel FR EUR 2,408 33,627 0.04 



51job ADR CN USD 774 27,898 0.04 


Brammer GB GBP 7,998 23,895 0.03 








Sthree GB GBP 4,839 18,067 0.02 












WEG BR BRL 1,341 11,834 0.01 

CTCI TW TWD 7,739 11,780 0.01 



China Shipping Container Lines (H) CN HKD 54,677 11,126 0.01

Fidelity 

Funds 





EUR 









Colfax US USD 354 9,294 0.01 












TK KR KRW 324 6,319 0.01 













SATS SG SGD 1,872 3,284 0.00 

XP Power SG GBP 257 3,130 0.00 








Sarin Technologies IL SGD 1,539 959 0.00 

Rexel 7.00% 17/12/2018 FR EUR 873 955 0.00 

RZD Capital 7.487% 25/03/2031 Reg S IE GBP 535 797 0.00 


Zinc Capital 8.875% 15/05/2018 Reg S LU EUR 492 494 0.00 

Wendel 4.875% 26/05/2016 FR EUR 407 423 0.00 

Brunswick Rail Finance 6.50% 01/11/2017 Reg S IE USD 524 410 0.00 

Schaeffler Finance 7.75% 15/02/2017 Reg S NL EUR 366 405 0.00 







6,896,223 8.73 


Apple US USD 3,387 1,557,209 1.97 

Google (A) US USD 1,721 898,476 1.14 


SAP DE EUR 11,935 670,770 0.85 


Oracle US USD 18,267 436,569 0.55 









eBay US USD 5,693 211,860 0.27 







Visa (A) US USD 874 92,769 0.12 

EMC US USD 4,638 87,167 0.11 


Alten FR EUR 2,900 70,376 0.09 




Fiserv US USD 1,139 65,648 0.08 


366 



EUR 

Sina CN USD 1,383 58,634 0.07 

Fujitsu JP JPY 19,697 58,259 0.07 

Hitachi JP JPY 14,237 58,065 0.07 






Kyocera JP JPY 756 51,146 0.06 

SK Hynix KR KRW 2,804 49,081 0.06 

Altera US USD 2,053 47,822 0.06 







VMware (A) US USD 612 39,640 0.05 



NCSoft KR KRW 263 38,904 0.05 







TDK JP JPY 1,086 31,399 0.04 


NVIDIA US USD 3,380 31,320 0.04 

Gemalto NL EUR 449 31,237 0.04 





ADTRAN US USD 2,314 29,913 0.04 










Canon JP JPY 812 20,324 0.03 


Iliad 4.875% 01/06/2016 FR EUR 17,738 19,015 0.02 



IQE GB GBP 45,490 18,102 0.02 






SDL GB GBP 2,591 17,095 0.02 


Brady GB GBP 13,416 16,934 0.02 







SCSK JP JPY 1,027 13,463 0.02 





Totvs BR BRL 727 11,273 0.01 






Globo GB GBP 26,741 7,690 0.01 







YOC DE EUR 503 3,774 0.00 



Ant GB GBP 8,121 2,020 0.00 

Phones4u Finance 9.50% 01/04/2018 Reg S GB GBP 902 1,179 0.00 

eAccess 8.375% 01/04/2018 Reg S JP EUR 686 775 0.00 

NXP 3.507% FRN 15/10/2013 NL EUR 774 773 0.00

Fidelity 

Funds 





EUR 


10,889,542 13.79 








WPP IE GBP 29,725 295,530 0.37 



TJX US USD 8,106 256,887 0.33 






PPR FR EUR 1,413 191,725 0.24 

Renault FR EUR 5,084 175,461 0.22 

Lowe’s US USD 6,235 154,974 0.20 










Inditex ES EUR 999 98,342 0.12 






IPSOS FR EUR 3,376 91,517 0.12 


Informa CH GBP 17,041 84,807 0.11 

Expedia US USD 1,848 84,779 0.11 


NIKE (B) US USD 1,173 82,324 0.10 


Coach US USD 1,892 80,961 0.10 

TF1 FR EUR 12,206 80,913 0.10 

ASOS GB GBP 2,666 74,763 0.09 



Target US USD 1,412 69,047 0.09 




VF US USD 542 64,734 0.08 






DIRECTV US USD 1,357 53,350 0.07 


News (A) US USD 2,627 48,387 0.06 

Staples US USD 5,319 46,996 0.06 


Tod’s IT EUR 484 43,691 0.06 

BMW DE EUR 708 43,507 0.06 





Adidas DE EUR 563 37,010 0.05 





Best Buy US USD 2,594 30,354 0.04 







PVH US USD 321 26,391 0.03 







367 



EUR 





SHW DE EUR 684 19,811 0.03 












Big Lots US USD 581 13,012 0.02 



Duskin JP JPY 681 9,957 0.01 




Phorm SG GBP 8,886 7,956 0.01 



























Gala Group Finance 8.875% 01/09/2018 Reg S GB GBP 942 1,171 0.00 

Daily Mail & General Trust6.375% 21/06/2027 GB GBP 966 1,166 0.00 

Central European Media Ent. 11.625% 15/09/2016 Reg S BM EUR 971 1,008 0.00 

Fiat Finance & Trade 6.375% 01/04/2016 LU EUR 838 839 0.00 

Nord Anglia Education (UK) 10.25% 01/04/2017 144A GB USD 989 835 0.00 

Seat Pagine Gialle 10.50% 31/01/2017 Reg S IT EUR 1,220 787 0.00 


EN Germany Holdings 10.75% 15/11/2015 Reg S NL EUR 792 780 0.00 

Unitymedia Hessen 5.50% 15/09/2022 Reg S DE EUR 745 734 0.00 

Daily Mail & General Trust10.00% 09/04/2021 Reg S GB GBP 443 689 0.00 

House of Fraser Funding 8.875% 15/08/2018 Reg S GB GBP 547 686 0.00 




Kabel Deutschland 6.50% 29/06/2018 Reg S DE EUR 400 429 0.00 

Hyva Global 8.625% 24/03/2016 Reg S NL USD 524 379 0.00 


Codere Fin. Lux. 8.25% 15/06/2015 Reg S (Secured) LU EUR 378 308 0.00 

Cyfrowy Polsat Finance 7.125% 20/05/2018 Reg S SE EUR 279 301 0.00 

Faurecia 9.375% 15/12/2016 EMTN FR EUR 262 287 0.00 

Thomas Cook 7.75% 22/06/2017 EMTN GB GBP 332 263 0.00 

Enterprise Inns 6.50% 06/12/2018 GB GBP 233 259 0.00 

Albea Beauty Holdings 8.75% 01/11/2019 Reg S LU EUR 238 245 0.00 




Technicolor 5.75% (Perpetual) (Defaulted)* FR EUR 442 0 0.00 

Truvo Subsidiary 8.50% 01/12/2014 Reg S (Defaulted)* US EUR 396 0 0.00 


9,632,519 12.20 




Danone FR EUR 10,326 489,709 0.62 

PepsiCo US USD 8,459 451,324 0.57 




Fidelity 

Funds 





EUR 










KT&G KR KRW 2,434 141,911 0.18 





AVI ZA ZAR 24,755 125,731 0.16 




Diageo GB GBP 4,704 103,590 0.13 





Kellogg US USD 2,186 88,559 0.11 


L’Oreal FR EUR 842 82,702 0.10 



Metro DE EUR 3,389 75,321 0.10 










Aeon JP JPY 5,695 47,797 0.06 





















Glanbia IE EUR 2,139 15,655 0.02 































368 



EUR 


Co-Operative Group 5.625% 08/07/2020 GB GBP 803 1,026 0.00 

Agrokor DD 9.875% 01/05/2019 Reg S HR EUR 849 904 0.00 

Suedzucker Int’l Finance 5.25% VRN (Perpetual) NL EUR 547 568 0.00 


8,457,017 10.71 

Healthcare 

Sanofi FR EUR 14,776 1,002,096 1.27 

Pfizer US USD 39,025 750,331 0.95 











Merck & Co US USD 4,832 169,599 0.21 






Amgen US USD 1,420 94,700 0.12 

Sorin IT EUR 49,919 90,403 0.11 







Celgene US USD 1,126 63,823 0.08 

Aetna US USD 1,786 60,145 0.08 







Elekta (B) SE SEK 4,347 47,793 0.06 





Humana US USD 775 44,199 0.06 

Grifols ES EUR 1,625 43,481 0.06 

Stryker US USD 1,035 41,794 0.05 






Hospira US USD 1,405 33,183 0.04 

QIAGEN NL EUR 2,121 28,436 0.04 

MEDNAX US USD 533 28,040 0.04 







Nexus DE EUR 2,323 21,832 0.03 


Centene US USD 736 21,520 0.03 









Ossur IS DKK 13,910 14,171 0.02 









Optos GB GBP 2,187 5,542 0.01 




Eurofins Scientific 8.081% VRN (Perpetual) LU EUR 1,978 2,031 0.00

Fidelity 

Funds 





EUR 



Care UK Health & Social Care 9.75% 01/08/2017 Reg S GB GBP 582 791 0.00 

7,358,539 9.32 










Telstra AU AUD 29,733 98,378 0.12 


AT&T US USD 3,334 88,833 0.11 




KDDI JP JPY 1,130 67,534 0.09 





BCE CA CAD 1,499 50,272 0.06 



Maxis MY MYR 25,507 44,739 0.06 

TELUS CA CAD 877 43,774 0.06 





StarHub SG SGD 16,139 37,380 0.05 



Freenet DE EUR 2,541 32,411 0.04 







LG Uplus KR KRW 3,564 17,532 0.02 








Tdc 4.375% 23/02/2018 Reg S DK EUR 4,180 4,740 0.01 















VimpelCom Holdings 7.504% 01/03/2022 Reg S NL USD 1,094 910 0.00 

Telenet Finance Luxembourg 6.375% 15/11/2020 Reg S LU EUR 803 836 0.00 


Sunrise Communications 5.625% 31/12/2017 Reg S LU CHF 890 761 0.00 

VimpelCom Holdings 6.255% 01/03/2017 Reg S NL USD 779 630 0.00 



MTS Internation Funding 8.625% 22/06/2020 144A IE USD 441 422 0.00 



Matterhorn Mobile 5.421% FRN 15/05/2019 Reg S LU CHF 454 381 0.00 

VIP Finance (VimpelCom) 6.493% 02/02/2016 Reg S IE USD 442 364 0.00 

MTS Internation Funding 8.625% 22/06/2020 Reg S IE USD 361 344 0.00 

Sunrise Communications I 7.00% 31/12/2017 CHF Reg S LU CHF 349 311 0.00 




OTE 7.25% 12/02/2015 EMTN GB EUR 116 102 0.00 


3,330,581 4.22 

369 



EUR 

Financials 

UBS (Reg’d) CH CHF 60,443 699,215 0.89 














iShares eb.rexx Government Germany DE EUR 1,422 191,909 0.24 




Invesco US USD 9,562 177,294 0.22 





ICAP GB GBP 38,020 153,704 0.19 







Ageas BE EUR 6,504 127,713 0.16 


Remgro ZA ZAR 9,278 122,377 0.15 



MetLife US USD 3,978 108,066 0.14 












Aon GB USD 2,102 87,201 0.11 




ORIX JP JPY 1,059 83,728 0.11 




























SLM US USD 3,313 44,624 0.06 





Loews US USD 1,261 41,210 0.05 



Hartford Financial Services Group US USD 2,391 39,905 0.05

Fidelity 

Funds 





EUR 











ACE CH USD 550 33,309 0.04 








































Brait LU ZAR 6,072 18,392 0.02 









KfW 1.25% 17/10/2019 DE EUR 16,769 16,758 0.02 


















JSE ZA ZAR 1,964 12,266 0.02 













370 



EUR 




































RBS 5.50% 23/03/2020 EMTN GB EUR 5,723 6,791 0.01 









RBS 5.125% 13/01/2024 GB GBP 3,817 5,659 0.01 



Amata (F) TH THB 13,581 5,233 0.01 































Lloyds TSB Bank 13.00% VRN (Perpetual) EMTN GB GBP 769 1,258 0.00 



Credit Agricole 8.125% VRN (Perpetual) FR GBP 983 1,139 0.00 







Elli Finance (UK) 8.75% 15/06/2019 Reg S GB GBP 727 1,000 0.00 

OTP Bank 5.875% VRN (Perpetual) HU EUR 1,497 996 0.00

Fidelity 

Funds 





EUR 

Lloyds TSB Bank 6.35% VRN (Perpetual) GB EUR 1,198 965 0.00 


BFCM 4.471% VRN (Perpetual) EMTN FR EUR 1,105 942 0.00 

UBS Jersey Branch 4.28% VRN (Perpetual) CH EUR 1,012 937 0.00 

Barclays Bank 14.00% VRN (Perpetual) GB GBP 576 925 0.00 

Boparan Finance 9.75% 30/04/2018 Reg S GB EUR 826 913 0.00 


RL Finance Bonds 6.125% VRN (Perpetual) EMTN GB GBP 884 886 0.00 


Eksportfinans 2.375% 25/05/2016 NO USD 1,117 816 0.00 

Gazprombank 8.617% 15/12/2015 Reg S IE RUB 32,923 816 0.00 

Societe Generale 6.999% VRN (Perpetual) FR EUR 913 799 0.00 

Transregional (Transcapitalbank) 7.74% VRN 18/07/2017 IE USD 1,140 783 0.00 

BPCE 6.117% VRN (Perpetual) EMTN FR EUR 983 748 0.00 

Renaissance Cons. (Ren. Cap.) 13.00% 01/04/2013 Reg S IE USD 954 746 0.00 

RBS 9.50% VRN (Perpetual) GB GBP 553 718 0.00 

Ageas Hybrid Financing 5.125% VRN (Perpetual) LU EUR 931 664 0.00 

Credit Agricole 7.875% VRN (Perpetual) FR EUR 686 664 0.00 

UPCB Finance II 6.375% 01/07/2020 Reg S KY EUR 639 662 0.00 

BNP Paribas 5.945% VRN (Perpetual) FR GBP 710 652 0.00 


Societe Generale 4.196% VRN (Perpetual) FR EUR 896 646 0.00 

RBS Group 7.092% VRN (Perpetual) GB EUR 791 626 0.00 


RSF (Russian Standard Bank) 9.25% 11/07/2017 Reg S LU USD 774 617 0.00 

ATF Capital 10.00% VRN (Perpetual) NL USD 941 591 0.00 

Kuznetski Cap. (Bank of Moscow) 6.02% VRN 10/05/2017 LU USD 747 582 0.00 

Bank of Scotland CF 6.059% VRN (Perpetual) Reg S GB GBP 582 580 0.00 

RBS Capital Trust (C) 4.243% VRN (Perpetual) US EUR 878 564 0.00 

RSHB (Russian Agri. Bank) 8.70% 17/03/2016 EMTN LU RUB 21,522 548 0.00 

Eurasia Capital (HCFB) 9.375% 24/04/2020 Reg S LU USD 681 539 0.00 

Crown Newco 3 8.875% 15/02/2019 Reg S GB GBP 421 531 0.00 

Country Garden Holdings 2.50% 22/02/2013 KY CNY 3,432 511 0.00 

Intesa Sanpaolo 5.25% 28/01/2022 EMTN IT GBP 425 506 0.00 

HSBC Bank Funding Sterling 5.844% VRN (Perpetual) GB GBP 448 502 0.00 

Alfa Bank (Alfa Bond) 7.75% 28/04/2021 Reg S IE USD 593 500 0.00 


BBVA Sub Capital Unipers 5.75% VRN 11/03/2018 EMTN ES GBP 436 488 0.00 

British Insurance Holdings 6.625% VRN 09/12/2030 NL GBP 582 479 0.00 

Investec Bank 9.625% 17/02/2022 EMTN GB GBP 349 468 0.00 

RSF (Russian Standard Bank) 10.75% 10/04/2018 144A LU USD 582 461 0.00 

HBOS 4.875% 20/03/2015 EMTN GB EUR 442 451 0.00 


Natixis 6.307% VRN (Perpetual) FR EUR 582 430 0.00 

Aviva 4.729% VRN (Perpetual) GB EUR 465 429 0.00 

Argon Capital (RBS) 8.162% VRN (Perpetual) EMTN IE GBP 585 414 0.00 

Alfa Bank (Alfa Bond) 6.30% VRN 22/02/2017 IE USD 536 412 0.00 

Bank of Scotland CF 7.754% VRN (Perpetual) Reg S GB GBP 372 401 0.00 

Smurfit Kappa Acquisitions 5.125% 15/09/2018 Reg S IE EUR 390 401 0.00 


Society of Lloyd’s 7.421% VRN (Perpetual) GB GBP 314 382 0.00 

Barclays Bank 6.00% VRN (Perpetual) GB GBP 405 380 0.00 


Wendel 5.875% 17/09/2019 EMTN FR EUR 361 371 0.00 

UniCredit 6.375% VRN 16/10/2018 EMTN IT GBP 332 363 0.00 


CSFB (EXIM of Ukraine) 5.793% VRN 09/02/2016 GB USD 524 347 0.00 



Assicurazioni Generali 6.416% VRN (Perpetual) IT GBP 361 319 0.00 

Credit Agricole 4.13% VRN (Perpetual) FR EUR 407 319 0.00 

Danske Bank 5.684% VRN (Perpetual) EMTN DK GBP 285 319 0.00 

Broadgate Financing 1.504% FRN 05/01/2022 GB GBP 310 317 0.00 

LBG Capital No.1 6.439% 23/05/2020 GB EUR 337 315 0.00 

Numericable Finance 8.065% FRN 15/10/2018 Reg S LU EUR 314 315 0.00 

National Westminster Bank 6.50% 07/09/2021 GB GBP 233 292 0.00 

Mutual Securitisation 7.587% 30/09/2022* IE GBP 360 289 0.00 


Credit Agricole 5.00% VRN (Perpetual) FR GBP 281 262 0.00 

Unique Pub Finance 5.659% 30/06/2027 GB GBP 233 252 0.00 



Novae Group 6.50% 27/04/2017 GB GBP 199 238 0.00 




BSPB Fin. (Bk St Petersb) 7.63% VRN 25/07/2017 EMTN IE USD 318 226 0.00 




BPCE 4.75% VRN (Perpetual) FR EUR 349 199 0.00 


Hypo Real Int’l Trust I 5.864% (Perpetual) US EUR 460 141 0.00 







Blue Ocean Res. 11.00% 28/06/2012 Reg S (Defaulted) SG USD 175 48 0.00 

371 



EUR 



Cattles 7.125% 05/07/2017 (Defaulted)* GB GBP 448 0 0.00 

14,141,350 17.91 

Government 

Germany 2.25% 04/09/2021 DE EUR 710,100 767,458 0.97 

Germany 0.50% 07/04/2017 DE EUR 235,680 236,935 0.30 

Germany 1.75% 04/07/2022 DE EUR 119,157 122,574 0.16 

Italy 4.25% 01/03/2020 IT EUR 114,684 114,585 0.15 

Italy 3.00% 15/06/2015 IT EUR 104,743 105,512 0.13 

France 3.00% 25/04/2022 FR EUR 75,675 81,261 0.10 

Spain 5.85% 31/01/2022 ES EUR 72,255 73,457 0.09 

Italy 5.00% 01/03/2022 IT EUR 66,670 68,132 0.09 

Germany 3.25% 04/07/2042 DE EUR 51,896 62,839 0.08 

Italy 4.00% 01/02/2017 IT EUR 53,600 54,799 0.07 

Spain 3.25% 30/04/2016 ES EUR 54,072 53,016 0.07 

Germany 2.50% 27/02/2015 DE EUR 39,600 41,851 0.05 

Italy 5.00% 01/09/2040 IT EUR 43,100 40,136 0.05 

Sweden 3.75% 12/08/2017 SE SEK 291,891 38,284 0.05 

Spain 4.30% 31/10/2019 ES EUR 29,408 28,199 0.04 


Italy 4.50% 15/07/2015 IT EUR 24,077 25,127 0.03 

Spain 4.75% 30/07/2014 ES EUR 23,629 24,340 0.03 

Germany 3.25% 04/07/2015 DE EUR 22,382 24,266 0.03 

Germany 3.50% 04/07/2019 DE EUR 16,690 19,538 0.02 

Germany 1.75% 09/10/2015 DE EUR 16,851 17,659 0.02 

Spain 4.00% 30/07/2015 ES EUR 16,555 16,795 0.02 



Belgium 4.00% 28/03/2032 BE EUR 9,866 10,954 0.01 

France 4.50% 25/04/2041 FR EUR 8,448 10,582 0.01 


France 4.00% 25/04/2055 FR EUR 6,086 7,118 0.01 


Germany 1.50% 15/03/2013 DE EUR 4,514 4,538 0.01 


Spain 4.20% 30/07/2013 ES EUR 2,327 2,359 0.00 


Franz Haniel & Cie 6.25% 08/02/2018 DE EUR 524 574 0.00 

Portugal 4.80% 15/06/2020 PT EUR 506 413 0.00 

2,122,430 2.69 







46,531 0.06 







32,572 0.04 


Energy 



Afren 11.50% 01/02/2016 Reg S GB USD 686 608 0.00 

PSOS Finance 12.00% 06/10/2015 KY USD 644 500 0.00 


MPF 10.00% 08/05/2013 (Defaulted)* BM USD 407 0 0.00 


166,728 0.21 

Utilities 


Intergen 9.00% 30/06/2017 144A NL USD 1,286 941 0.00 

3,114 0.00 

Materials 






Norcell Sweden Holding 2 10.75% 29/09/2019 Reg S SE EUR 681 735 0.00 

Evraz Group 7.40% 24/04/2017 Reg S LU USD 873 699 0.00 

Cemex Espana Luxembourg 8.875% 12/05/2017 Reg S ES EUR 486 491 0.00 

Steel Capital (Severstal) 6.70% 25/10/2017 Reg S LU USD 524 433 0.00

Fidelity 

Funds 





EUR 

Norcell Sweden Holding 2 10.75% 29/09/2019 144A SE EUR 384 414 0.00 


Midwest Vanadium 11.50% 15/02/2018 144A AU USD 238 128 0.00 

36,493 0.05 

Industrials 


Algeco Scotsman Global Finance 9.00% 15/10/2018 Reg SGB EUR 849 875 0.00 

Rexel 6.125% 15/12/2019 144A FR USD 582 465 0.00 



8,141 0.01 





European Media Capital 10.00% 01/02/2015 Reg S LU USD 980 714 0.00 


Nara Cable Funding 8.875% 01/12/2018 144A IE USD 814 596 0.00 

WMG Acquisition 6.25% 15/01/2021 Reg S US EUR 558 563 0.00 


Independent News & Media IE EUR 770 65 0.00 


10,264 0.01 




MHP GDR UA USD 275 3,217 0.00 

Ontex IV 9.00% 15/04/2019 Reg S BE EUR 579 590 0.00 

13,093 0.02 

Healthcare 







61,522 0.08 


OTE 4.625% 20/05/2016 GB EUR 1,821 1,437 0.00 

Virgin Media Finance 5.125% 15/02/2022 GB GBP 937 1,169 0.00 

Intelsat Luxembourg 11.25% 04/02/2017 LU USD 733 595 0.00 


Virgin Media Finance 4.875% 15/02/2022 GB USD 347 271 0.00 

Matterhorn Mobile Holdings 8.25% 15/02/2020 Reg S LU EUR 221 242 0.00 



OTE 5.00% 05/08/2013 EMTN GB EUR 151 146 0.00 




4,780 0.01 

Financials 

Aegon NL EUR 47,309 203,809 0.26 




















Proud 1 A 0.569% FRN 18/08/2017 FR EUR 831 784 0.00 

Smurfit Kappa Acquisitions 4.875% 15/09/2018 144A IE USD 814 631 0.00 


Steel Capital (Severstal) 6.25% 26/07/2016 Reg S LU USD 465 378 0.00 

Renhe Commercial Holdings 13.00% 10/03/2016 Reg S KY USD 814 334 0.00 

RBS Capital Trust III 5.512% VRN (Perpetual) US USD 553 296 0.00 


Societe Generale 5.922% VRN (Perpetual) Reg S FR USD 390 252 0.00 

Bankia 3.625% 05/10/2016 ES EUR 256 230 0.00 

372 



Bankia 3.50% 14/12/2015 ES EUR 140 130 0.00 





498,513 0.63 

Government 

Spain 4.90% 30/07/2040 ES EUR 16,117 13,003 0.02 

France 2.50% 12/01/2014 FR EUR 8,595 8,842 0.01 



Portugal 4.75% 14/06/2019 PT EUR 419 354 0.00 

32,664 0.04 




205,180 0.26 

Unlisted 



EUR 

Energy 










43,796 0.06 

Utilities 



0 0.00 

Materials 




2,506 0.00 

Industrials 


Nobina* SE SEK 177 206 0.00 





764 0.00 







9,381 0.01 


Gallery Capital* LU USD 1 342 0.00 


342 0.00 

Healthcare 



2,069 0.00 








149,144 0.19

Fidelity 

Funds 

Financials 













64,753 0.08 







EUR 



Sold protection on Virgin Media Finance 20/12/2017 EUR 663 81 0.00 


Bought protection on Codere Finance 20/09/2015 EUR 378 73 0.00 







Sold protection on Royal Caribbean Cruises 20/03/2017 USD 582 41 0.00 


Sold protection on Fiat Industrial 20/03/2015 EUR 430 31 0.00 

Bought protection on Dixons 8.75% 20/12/2017 EUR 715 15 0.00 


Sold protection on Alcatel 20/12/2014 EUR 506 (76) (0.00) 



557 0.00 




EUR 



EUR EUR 




































373 
















Bought EUR Sold CHF at 0.83266 20/11/2012 697 3 0.00 










Bought GBP Sold EUR at 0.80803 20/11/2012 258 1 0.00 








Bought CHF Sold EUR at 1.20005 20/11/2012 366 (2) (0.00) 












Bought SEK Sold EUR at 8.27430 20/11/2012 237 (9) (0.00) 




























17,387 0.02 

Futures 



EUR EUR 



EUR 








Euro Bund Future 06/12/2012 EUR 40,288 (60) (0.00)

Fidelity 

Funds 





(496) (0.00) 


Net Assets 78,956,443 100.00 




EUR 


USA US 33.25 

UK GB 10.40 



Japan JP 4.81 




Korea KR 3.00 

China CN 2.92 




Italy IT 1.57 






Spain ES 0.96 













India IN 0.18 



Chile CL 0.12 

Kenya KE 0.11 



Peru PE 0.09 













Qatar QA 0.01 









374

Fidelity 

Funds 





EUR 


Energy 




BP GB GBP 30,039 165,595 0.65 

Chevron US USD 1,582 133,698 0.52 


BG Group GB GBP 6,246 89,121 0.35 


Saipem IT EUR 2,042 70,784 0.28 


Apache US USD 940 59,676 0.23 

Eni IT EUR 3,333 59,020 0.23 

CNOOC CN HKD 35,951 57,310 0.22 





AMEC GB GBP 2,944 38,806 0.15 









PTT (F) TH THB 3,688 29,311 0.11 




EQT US USD 441 20,574 0.08 

Inpex JP JPY 5 19,976 0.08 


Ensco (A) GB USD 428 18,884 0.07 























Cameco CA CAD 605 8,987 0.04 

S-Oil KR KRW 124 8,739 0.03 














Sasol ZA ZAR 66 2,165 0.01 


HRT Participacoes em Petroleo BR BRL 784 1,795 0.01 


Gold Oil* GB GBP 30,094 557 0.00 

FAR AU AUD 19,583 515 0.00 

2,559,666 10.00 

Utilities 


375 



EUR 





PPL US USD 1,055 24,033 0.09 


PG&E US USD 558 18,285 0.07 


AES US USD 1,609 12,952 0.05 













346,020 1.35 

Materials 







Linde DE EUR 308 39,946 0.16 









Agrium CA CAD 369 29,836 0.12 

Mosaic US USD 727 29,336 0.11 


Ecolab US USD 502 26,771 0.10 




Sika (BR) CH CHF 15 23,735 0.09 






Lanxess DE EUR 311 19,851 0.08 

Chr. Hansen Holding DK DKK 696 16,820 0.07 


LG Chem KR KRW 74 15,992 0.06 










CAP CL CLP 472 12,532 0.05 


IAMGOLD CA CAD 959 11,590 0.05 

BASF DE EUR 179 11,433 0.04 










Banro CA CAD 2,163 7,610 0.03 



Duratex BR BRL 1,262 6,677 0.03 






Fidelity 

Funds 





EUR 











Braskem BR BRL 648 3,283 0.01 





Nampak ZA ZAR 858 2,201 0.01 






DRDGOLD ZA ZAR 1,271 686 0.00 




1,520,380 5.94 

Industrials 




Cummins US USD 1,121 80,676 0.32 





Danaher US USD 1,439 57,490 0.22 











CSX US USD 2,164 34,223 0.13 


GFK DE EUR 910 31,959 0.12 



Seek AU AUD 5,568 29,654 0.12 



Boeing US USD 540 29,283 0.11 






Keppel SG SGD 3,791 25,362 0.10 

Orkla NO NOK 4,019 24,503 0.10 



Equifax US USD 602 23,271 0.09 

FedEx US USD 328 23,159 0.09 



SGS (Reg’d) CH CHF 12 20,415 0.08 




Alfa (A) MX MXN 12,928 18,394 0.07 








Eiffage FR EUR 509 13,499 0.05 




ADT US USD 377 11,910 0.05 

Rexel FR EUR 807 11,275 0.04 



51job ADR CN USD 264 9,530 0.04 

376 



EUR 


Brammer GB GBP 2,682 8,012 0.03 








Sthree GB GBP 1,622 6,058 0.02 











WEG BR BRL 458 4,042 0.02 

CTCI TW TWD 2,643 4,024 0.02 








Colfax US USD 122 3,209 0.01 










TK KR KRW 111 2,159 0.01 



Industrias Romi BR BRL 944 1,885 0.01 







SATS SG SGD 640 1,122 0.00 








2,323,119 9.08 


Apple US USD 1,170 538,070 2.10 

Google (A) US USD 595 310,520 1.21 


SAP DE EUR 4,002 224,909 0.88 


Oracle US USD 6,312 150,855 0.59 








eBay US USD 1,968 73,239 0.29 







Visa (A) US USD 302 32,032 0.13 


EMC US USD 1,601 30,099 0.12 


Alten FR EUR 972 23,596 0.09 




Fiserv US USD 394 22,710 0.09 

Wirecard DE EUR 1,248 22,002 0.09

Fidelity 

Funds 





EUR 

Fujitsu JP JPY 6,791 20,086 0.08 

Sina CN USD 472 20,029 0.08 

Hitachi JP JPY 4,909 20,019 0.08 






Kyocera JP JPY 260 17,634 0.07 

SK Hynix KR KRW 958 16,765 0.07 

Altera US USD 709 16,513 0.06 






VMware (A) US USD 211 13,687 0.05 



NCSoft KR KRW 90 13,289 0.05 









NVIDIA US USD 1,169 10,835 0.04 

TDK JP JPY 374 10,825 0.04 




Gemalto NL EUR 150 10,473 0.04 


ADTRAN US USD 799 10,329 0.04 










Canon JP JPY 280 7,008 0.03 




IQE GB GBP 15,252 6,069 0.02 







SDL GB GBP 869 5,732 0.02 


Brady GB GBP 4,498 5,678 0.02 




SCSK JP JPY 354 4,642 0.02 






Totvs BR BRL 249 3,851 0.02 








Globo GB GBP 8,966 2,578 0.01 






YOC DE EUR 169 1,265 0.00 



Ant GB GBP 2,723 677 0.00 


3,724,575 14.55 

377 



EUR 








WPP IE GBP 9,967 99,091 0.39 



TJX US USD 2,801 88,785 0.35 






PPR FR EUR 474 64,285 0.25 

Renault FR EUR 1,705 58,832 0.23 

Lowe’s US USD 2,155 53,551 0.21 











Inditex ES EUR 335 32,974 0.13 





IPSOS FR EUR 1,132 30,685 0.12 


Expedia US USD 639 29,309 0.11 


Informa CH GBP 5,714 28,435 0.11 

NIKE (B) US USD 405 28,426 0.11 

Coach US USD 653 27,955 0.11 


TF1 FR EUR 4,093 27,130 0.11 


ASOS GB GBP 894 25,067 0.10 


Target US USD 488 23,844 0.09 



VF US USD 187 22,352 0.09 






DIRECTV US USD 468 18,423 0.07 



News (A) US USD 909 16,739 0.07 

Staples US USD 1,837 16,227 0.06 



Tod’s IT EUR 162 14,649 0.06 

BMW DE EUR 237 14,588 0.06 




Adidas DE EUR 189 12,410 0.05 





Best Buy US USD 896 10,491 0.04 







PVH US USD 111 9,129 0.04 









Hotel Shilla KR KRW 215 6,987 0.03

Fidelity 

Funds 





EUR 


SHW DE EUR 229 6,642 0.03 











Big Lots US USD 201 4,501 0.02 



Duskin JP JPY 235 3,433 0.01 



Phorm SG GBP 2,979 2,668 0.01 


















3,264,631 12.76 




Danone FR EUR 3,462 164,199 0.64 

PepsiCo US USD 2,923 155,949 0.61 













KT&G KR KRW 831 48,475 0.19 





AVI ZA ZAR 8,456 42,949 0.17 




Diageo GB GBP 1,577 34,734 0.14 





Kellogg US USD 755 30,607 0.12 


L’Oreal FR EUR 282 27,730 0.11 



Metro DE EUR 1,136 25,255 0.10 










Aeon JP JPY 1,963 16,479 0.06 





378 



EUR 




















Brazil Pharma BR BRL 759 3,528 0.01 



Nestle Foods Nigeria NG NGN 820 2,714 0.01 
















2,856,575 11.16 

Healthcare 

Sanofi FR EUR 4,967 336,849 1.32 

Pfizer US USD 13,483 259,246 1.01 











Merck & Co US USD 1,670 58,616 0.23 






Amgen US USD 490 32,700 0.13 

Sorin IT EUR 16,738 30,312 0.12 



Gerresheimer DE EUR 633 24,221 0.09 




Celgene US USD 389 22,078 0.09 

Aetna US USD 617 20,770 0.08 








Elekta (B) SE SEK 1,457 16,024 0.06 




Humana US USD 268 15,290 0.06 

Grifols ES EUR 545 14,579 0.06 

Stryker US USD 357 14,433 0.06 







Fidelity 

Funds 





EUR 

MEDNAX US USD 184 9,700 0.04 

QIAGEN NL EUR 711 9,534 0.04 









Nexus DE EUR 779 7,320 0.03 









Ossur IS DKK 4,664 4,751 0.02 








Optos GB GBP 733 1,858 0.01 





2,505,192 9.79 










Telstra AU AUD 10,267 33,970 0.13 


AT&T US USD 1,151 30,675 0.12 




KDDI JP JPY 389 23,283 0.09 




BCE CA CAD 517 17,355 0.07 




Maxis MY MYR 8,713 15,282 0.06 

TELUS CA CAD 303 15,112 0.06 





StarHub SG SGD 5,530 12,808 0.05 



Freenet DE EUR 852 10,867 0.04 



Vodacom Group ZA ZAR 679 6,591 0.03 



LG Uplus KR KRW 1,217 5,989 0.02 








1,105,906 4.32 

Financials 

UBS (Reg’d) CH CHF 20,266 234,447 0.92 






379 



EUR 












Invesco US USD 3,302 61,220 0.24 





ICAP GB GBP 12,748 51,537 0.20 








Ageas BE EUR 2,181 42,823 0.17 

Remgro ZA ZAR 3,169 41,803 0.16 



MetLife US USD 1,373 37,314 0.15 












Aon GB USD 727 30,166 0.12 




ORIX JP JPY 365 28,867 0.11 



























SLM US USD 1,144 15,410 0.06 





Loews US USD 435 14,231 0.06 












ACE CH USD 190 11,523 0.05 

Aberdeen Asset Management GB GBP 2,797 11,286 0.04

Fidelity 

Funds 





EUR 












Banco Bradesco (Pref’d) BR BRL 799 9,653 0.04 
























Brait LU ZAR 2,074 6,282 0.02 


















JSE ZA ZAR 671 4,190 0.02 



























Amata (F) TH THB 4,639 1,788 0.01 










380 


4,527,975 17.69 







15,654 0.06 







11,127 0.04 


Energy 



56,571 0.22 

Materials 




10,395 0.04 

Industrials 


0 0.00 


MHP GDR UA USD 94 1,099 0.00 

1,099 0.00 

Healthcare 


18,654 0.07 

Financials 

Aegon NL EUR 15,863 68,338 0.27 






123,608 0.48 



7,357 0.03 

Unlisted 



EUR 

Energy 







14,694 0.06 

Utilities 



0 0.00 

Materials 




840 0.00 

Industrials 


Carter & Carter Group (In liquidation)* GB GBP 1,111 0 0.00

Fidelity 

Funds 



144 0.00 







3,159 0.01 



0 0.00 

Healthcare 



694 0.00 








50,838 0.20 

Financials 









22,112 0.09 






EUR EUR 
























1,304 0.01 

Futures 





EUR 



EUR 


381 



(394) (0.00) 


Net Assets 25,592,825 100.00 




EUR 


USA US 35.22 

UK GB 10.54 

Japan JP 5.11 





Korea KR 3.16 

China CN 3.08 










Italy IT 0.98 



Spain ES 0.59 











India IN 0.19 


Chile CL 0.12 

Kenya KE 0.12 


Peru PE 0.09 









Qatar QA 0.01 







Fidelity 

Funds 





EUR 


Energy 




BP GB GBP 31,633 174,378 0.65 

Chevron US USD 1,657 140,060 0.52 


BG Group GB GBP 6,577 93,850 0.35 


Saipem IT EUR 2,151 74,539 0.28 


Apache US USD 988 62,662 0.23 

Eni IT EUR 3,509 62,149 0.23 

CNOOC CN HKD 37,778 60,222 0.22 





AMEC GB GBP 3,100 40,865 0.15 









PTT (F) TH THB 3,875 30,799 0.11 




EQT US USD 464 21,635 0.08 

Inpex JP JPY 5 20,961 0.08 


Ensco (A) GB USD 450 19,858 0.07 























Cameco CA CAD 635 9,435 0.04 

S-Oil KR KRW 131 9,184 0.03 














Sasol ZA ZAR 69 2,275 0.01 


HRT Participacoes em Petroleo BR BRL 824 1,886 0.01 


Gold Oil* GB GBP 31,695 586 0.00 

FAR AU AUD 20,624 542 0.00 

2,690,182 10.01 

Utilities 


382 



EUR 





PPL US USD 1,109 25,272 0.09 


PG&E US USD 585 19,178 0.07 


AES US USD 1,688 13,585 0.05 













363,563 1.35 

Materials 







Linde DE EUR 324 42,066 0.16 









Agrium CA CAD 388 31,325 0.12 

Mosaic US USD 760 30,702 0.11 


Ecolab US USD 528 28,152 0.10 




Sika (BR) CH CHF 16 24,995 0.09 






Lanxess DE EUR 328 20,905 0.08 



LG Chem KR KRW 78 16,805 0.06 










CAP CL CLP 496 13,169 0.05 


IAMGOLD CA CAD 1,007 12,168 0.05 

BASF DE EUR 188 12,039 0.04 










Banro CA CAD 2,278 8,015 0.03 



Duratex BR BRL 1,326 7,017 0.03 






Fidelity 

Funds 





EUR 











Braskem BR BRL 681 3,450 0.01 





Nampak ZA ZAR 901 2,313 0.01 






DRDGOLD ZA ZAR 1,335 721 0.00 




1,597,959 5.94 

Industrials 




Cummins US USD 1,177 84,682 0.31 





Danaher US USD 1,511 60,382 0.22 











CSX US USD 2,270 35,894 0.13 


GFK DE EUR 958 33,656 0.13 



Seek AU AUD 5,853 31,173 0.12 



Boeing US USD 568 30,794 0.11 






Keppel SG SGD 3,985 26,659 0.10 

Orkla NO NOK 4,232 25,802 0.10 



FedEx US USD 345 24,353 0.09 

Equifax US USD 629 24,301 0.09 



SGS (Reg’d) CH CHF 13 21,499 0.08 




Alfa (A) MX MXN 13,585 19,328 0.07 








Eiffage FR EUR 536 14,215 0.05 




ADT US USD 393 12,437 0.05 

Rexel FR EUR 850 11,873 0.04 



51job ADR CN USD 278 10,014 0.04 

383 



EUR 


Brammer GB GBP 2,824 8,438 0.03 








Sthree GB GBP 1,709 6,380 0.02 











WEG BR BRL 481 4,248 0.02 

CTCI TW TWD 2,778 4,228 0.02 








Colfax US USD 129 3,375 0.01 










TK KR KRW 116 2,268 0.01 



Industrias Romi BR BRL 992 1,981 0.01 







SATS SG SGD 672 1,179 0.00 








2,441,112 9.08 


Apple US USD 1,228 564,567 2.10 

Google (A) US USD 624 325,613 1.21 


SAP DE EUR 4,214 236,838 0.88 


Oracle US USD 6,624 158,313 0.59 








eBay US USD 2,062 76,735 0.29 







Visa (A) US USD 317 33,684 0.13 


EMC US USD 1,682 31,609 0.12 


Alten FR EUR 1,024 24,850 0.09 




Fiserv US USD 412 23,715 0.09 

Wirecard DE EUR 1,314 23,172 0.09

Fidelity 

Funds 





EUR 

Fujitsu JP JPY 7,126 21,078 0.08 

Sina CN USD 496 21,047 0.08 

Hitachi JP JPY 5,151 21,008 0.08 






Kyocera JP JPY 273 18,505 0.07 

SK Hynix KR KRW 1,007 17,618 0.07 

Altera US USD 745 17,364 0.06 






VMware (A) US USD 222 14,393 0.05 




NCSoft KR KRW 95 13,964 0.05 







TDK JP JPY 393 11,360 0.04 


NVIDIA US USD 1,221 11,314 0.04 




Gemalto NL EUR 158 11,030 0.04 


ADTRAN US USD 840 10,862 0.04 










Canon JP JPY 294 7,354 0.03 




IQE GB GBP 16,064 6,392 0.02 







SDL GB GBP 915 6,036 0.02 


Brady GB GBP 4,738 5,980 0.02 




SCSK JP JPY 372 4,871 0.02 






Totvs BR BRL 261 4,047 0.02 








Globo GB GBP 9,443 2,715 0.01 






YOC DE EUR 178 1,333 0.00 



Ant GB GBP 2,868 713 0.00 


3,911,130 14.55 

384 



EUR 








WPP IE GBP 10,496 104,348 0.39 



TJX US USD 2,938 93,121 0.35 






PPR FR EUR 499 67,696 0.25 

Renault FR EUR 1,795 61,952 0.23 

Lowe’s US USD 2,256 56,076 0.21 











Inditex ES EUR 353 34,723 0.13 





IPSOS FR EUR 1,192 32,315 0.12 


Expedia US USD 669 30,703 0.11 


Informa CH GBP 6,017 29,945 0.11 

NIKE (B) US USD 426 29,892 0.11 

Coach US USD 687 29,397 0.11 


TF1 FR EUR 4,310 28,569 0.11 


ASOS GB GBP 941 26,399 0.10 


Target US USD 512 25,008 0.09 



VF US USD 197 23,505 0.09 






DIRECTV US USD 491 19,323 0.07 



News (A) US USD 949 17,480 0.07 

Staples US USD 1,931 17,064 0.06 



Tod’s IT EUR 171 15,427 0.06 

BMW DE EUR 250 15,362 0.06 




Adidas DE EUR 199 13,067 0.05 





Best Buy US USD 940 11,003 0.04 







PVH US USD 116 9,533 0.04 









Hotel Shilla KR KRW 226 7,342 0.03

Fidelity 

Funds 





EUR 


SHW DE EUR 242 6,996 0.03 











Big Lots US USD 210 4,701 0.02 



Duskin JP JPY 246 3,603 0.01 



Phorm SG GBP 3,138 2,809 0.01 


















3,430,428 12.76 




Danone FR EUR 3,646 172,911 0.64 

PepsiCo US USD 3,068 163,671 0.61 













KT&G KR KRW 874 50,938 0.19 





AVI ZA ZAR 8,886 45,131 0.17 




Diageo GB GBP 1,661 36,577 0.14 





Kellogg US USD 792 32,102 0.12 


L’Oreal FR EUR 297 29,201 0.11 



Metro DE EUR 1,197 26,594 0.10 










Aeon JP JPY 2,060 17,293 0.06 





385 



EUR 




















Brazil Pharma BR BRL 797 3,707 0.01 



Nestle Foods Nigeria NG NGN 861 2,852 0.01 
















3,001,574 11.16 

Healthcare 

Sanofi FR EUR 5,227 354,473 1.32 

Pfizer US USD 14,141 271,892 1.01 











Merck & Co US USD 1,752 61,479 0.23 






Amgen US USD 515 34,354 0.13 

Sorin IT EUR 17,625 31,919 0.12 







Celgene US USD 407 23,056 0.09 

Aetna US USD 647 21,784 0.08 








Elekta (B) SE SEK 1,535 16,876 0.06 




Humana US USD 280 15,967 0.06 

Grifols ES EUR 574 15,353 0.06 

Stryker US USD 375 15,138 0.06 







Fidelity 

Funds 





EUR 

MEDNAX US USD 193 10,129 0.04 

QIAGEN NL EUR 749 10,040 0.04 









Nexus DE EUR 820 7,710 0.03 









Ossur IS DKK 4,912 5,004 0.02 








Optos GB GBP 772 1,957 0.01 





2,631,714 9.79 










Telstra AU AUD 10,792 35,709 0.13 


AT&T US USD 1,209 32,201 0.12 




KDDI JP JPY 409 24,434 0.09 





BCE CA CAD 543 18,221 0.07 



Maxis MY MYR 9,156 16,059 0.06 

TELUS CA CAD 318 15,866 0.06 





StarHub SG SGD 5,812 13,462 0.05 



Freenet DE EUR 897 11,443 0.04 



Vodacom Group ZA ZAR 713 6,926 0.03 



LG Uplus KR KRW 1,279 6,293 0.02 








1,162,337 4.32 

Financials 

UBS (Reg’d) CH CHF 21,341 246,882 0.92 





386 



EUR 













Invesco US USD 3,469 64,317 0.24 





ICAP GB GBP 13,424 54,271 0.20 








Ageas BE EUR 2,297 45,093 0.17 

Remgro ZA ZAR 3,330 43,927 0.16 



MetLife US USD 1,444 39,239 0.15 













Aon GB USD 759 31,501 0.12 



ORIX JP JPY 383 30,293 0.11 



























SLM US USD 1,200 16,163 0.06 





Loews US USD 457 14,926 0.06 












ACE CH USD 199 12,033 0.04

Fidelity 

Funds 





EUR 













Banco Bradesco (Pref’d) BR BRL 840 10,144 0.04 
























Brait LU ZAR 2,180 6,602 0.02 


















JSE ZA ZAR 705 4,403 0.02 



























Amata (F) TH THB 4,875 1,879 0.01 









387 



4,758,062 17.70 







16,482 0.06 







11,693 0.04 


Energy 



59,445 0.22 

Materials 




10,923 0.04 

Industrials 


0 0.00 


MHP GDR UA USD 99 1,155 0.00 

1,155 0.00 

Healthcare 


19,565 0.07 

Financials 

Aegon NL EUR 16,704 71,961 0.27 






130,038 0.48 



7,731 0.03 

Unlisted 



EUR 

Energy 







15,475 0.06 

Utilities 



0 0.00 

Materials 




885 0.00 

Industrials 

Rolls-Royce Holdings (C) GB GBP 121,896 152 0.00

Fidelity 

Funds 






152 0.00 







3,325 0.01 



0 0.00 

Healthcare 



730 0.00 








53,437 0.20 

Financials 









23,238 0.09 






EUR 



EUR EUR 
























1,374 0.01 

388 

Futures 




(415) (0.00) 


Net Assets 26,887,103 100.00 




EUR 


USA US 35.17 

UK GB 10.56 

Japan JP 5.10 





Korea KR 3.16 

China CN 3.08 










Italy IT 0.98 



Spain ES 0.59 











India IN 0.19 


Chile CL 0.12 

Kenya KE 0.12 


Peru PE 0.09 









Qatar QA 0.01 







Fidelity 

Funds 

Live 2020 Fund 1,4,5 




SGD 


Energy 


BP GB GBP 3,841 33,512 0.70 


BG Group GB GBP 919 20,763 0.43 


Saipem IT EUR 297 16,301 0.34 

Chevron US USD 117 15,590 0.33 




AMEC GB GBP 440 9,190 0.19 

Eni IT EUR 327 9,166 0.19 



CNOOC CN HKD 2,826 7,132 0.15 









Apache US USD 43 4,346 0.09 



PTT (F) TH THB 258 3,243 0.07 








Inpex JP JPY 1 2,279 0.05 








EQT US USD 24 1,747 0.04 

Ensco (A) GB USD 23 1,604 0.03 




PetroChina (H) CN HKD 844 1,396 0.03 

S-Oil KR KRW 12 1,354 0.03 




Cameco CA CAD 49 1,156 0.02 





Petroceltic International IE GBP 5,890 799 0.02 









Linc Energy AU AUD 569 393 0.01 




Gold Oil* GB GBP 3,988 117 0.00 

FAR AU AUD 2,595 108 0.00 

Petrohawk Energy 7.25% 15/08/2018 US USD 77 108 0.00 

Korea Resources 4.125% 19/05/2015 KR USD 59 77 0.00 

Valero Energy 6.625% 15/06/2037 US USD 42 64 0.00 

CNOOC Finance 2011 4.25% 26/01/2021 Reg S VG USD 34 45 0.00 

Marathon Oil 2.80% 01/11/2022 US USD 36 44 0.00 

Enbridge Energy Partners 5.20% 15/03/2020 US USD 29 42 0.00 

IPIC GMTN 6.875% 14/03/2026 EMTN KY GBP 13 31 0.00 

Frontier Oil 6.875% 15/11/2018 US USD 23 30 0.00 

Gaz Capital (Gazprom) 5.364% 31/10/2014 EMTN LU EUR 17 29 0.00 

IPIC GMTN 5.875% 14/03/2021 Reg S KY EUR 15 27 0.00 

389 



SGD 

Gazprom Int’l (Gazprom) 7.201% 01/02/2020 Reg S LU USD 19 26 0.00 


381,883 7.99 

Utilities 





Korea Electric Power KR KRW 103 3,249 0.07 



PPL US USD 57 2,041 0.04 




PG&E US USD 22 1,164 0.02 



AES US USD 65 824 0.02 







Edison Spa 3.875% 10/11/2017 EMTN IT EUR 72 121 0.00 

South East Water Finance 5.583% 29/03/2029 GB GBP 41 93 0.00 

First Hydro Finance 9.00% 31/07/2021 GB GBP 32 78 0.00 


ENW Finance 6.125% 21/07/2021 EMTN GB GBP 29 70 0.00 

Wales & West Utilities Fin. 6.75% VRN 17/12/2036 EMTN GB GBP 21 49 0.00 



Western Power Distribution S. West 5.75% 23/03/2040 GB GBP 17 39 0.00 

Alliander 2.875% 14/06/2024 EMTN NL EUR 23 38 0.00 


Korea Electric Power 5.50% 21/07/2014 Reg S KR USD 23 30 0.00 


Thames Water Utilities Cayman 6.125% 04/02/2013 EMTN KY EUR 17 27 0.00 

PPL Energy Supply 6.50% 01/05/2018 US USD 16 23 0.00 

Yorkshire Water Services 6.375% 19/08/2039 KY GBP 8 22 0.00 

TXU Europe Funding 7.00% 30/11/2005 (Defaulted)* GB EUR 129 0 0.00 

40,460 0.85 

Materials 





Linde DE EUR 46 9,538 0.20 







Sika (BR) CH CHF 2 5,574 0.12 








Agrium CA CAD 30 3,839 0.08 



Mosaic US USD 53 3,404 0.07 










LG Chem KR KRW 7 2,479 0.05 


BASF DE EUR 24 2,397 0.05 

Ecolab US USD 27 2,273 0.05 






Fidelity 

Funds 

Live 2020 Fund 1,4,5 - continued 




SGD 


Soulbrain KR KRW 34 1,668 0.03 


Banro CA CAD 287 1,596 0.03 


China National Building Material (H) CN HKD 979 1,505 0.03 




Ise Chemical JP JPY 185 1,420 0.03 







Petronas Chemicals Group MY MYR 396 1,027 0.02 


Central Asia Metals GB GBP 530 1,022 0.02 


Greatview Aseptic Packaging CN HKD 1,455 928 0.02 

Tiger Resources AU AUD 2,363 922 0.02 





Accsys Technologies GB EUR 3,180 768 0.02 











Polar Star Mining CA CAD 1,307 295 0.01 


Dow Chemical 4.125% 15/11/2021 US USD 91 121 0.00 


Freeport-McMoRan Copper & Gold 3.55% 01/03/2022 US USD 77 95 0.00 


Rio Tinto Finance (USA) 9.00% 01/05/2019 AU USD 34 57 0.00 

Rexam 6.75% 01/06/2013 Reg S GB USD 44 56 0.00 

Arkema 3.85% 30/04/2020 FR EUR 25 43 0.00 

HeidelbergCement Fin Lux 9.50% 15/12/2018 EMTN LU EUR 21 41 0.00 

AngloGold Holdings 5.375% 15/04/2020 GB USD 27 35 0.00 

Akzo Nobel Sweden Finance 2.625% 27/07/2022 EMTN SE EUR 19 30 0.00 

247,811 5.19 

Industrials 




Keppel SG SGD 2,039 21,593 0.45 











Seek AU AUD 1,174 9,897 0.21 







GFK DE EUR 131 7,258 0.15 






CSX US USD 248 6,205 0.13 



SGS (Reg’d) CH CHF 2 4,939 0.10 




51job ADR CN USD 72 4,103 0.09 



390 



SGD 





Orkla NO NOK 394 3,805 0.08 





Nitta JP JPY 173 3,242 0.07 






TK KR KRW 89 2,751 0.06 

Rexel FR EUR 123 2,728 0.06 





Boeing US USD 29 2,487 0.05 






ADT US USD 40 2,002 0.04 

FedEx US USD 18 1,967 0.04 

Nihon M&A Center JP JPY 53 1,959 0.04 









SHO-BOND Holdings JP JPY 41 1,497 0.03 

Obayashi JP JPY 272 1,483 0.03 

Hamakyorex JP JPY 39 1,481 0.03 


Goodpack Wts 31/11/2012 SG SGD 1,182 1,461 0.03 

KEPCO Plant Service & Engineering KR KRW 22 1,459 0.03 

Toyo Engineering JP JPY 282 1,421 0.03 







Sthree GB GBP 215 1,271 0.03 


Airtac International Group CN TWD 177 1,006 0.02 

Austal AU AUD 627 968 0.02 

Silverdell GB GBP 3,680 951 0.02 


Bilfinger Berger DE EUR 8 926 0.02 

WCT MY MYR 830 914 0.02 

Gateway Distriparks IN INR 280 906 0.02 



Power Logics KR KRW 175 782 0.02 




Asahi Diamond Industrial JP JPY 68 730 0.02 




Muhibbah Engineering (M) MY MYR 1,805 666 0.01 


CTCI TW TWD 259 624 0.01 







China COSCO Holdings (H) CN HKD 812 490 0.01 




Weichai Power (H) CN HKD 100 427 0.01 




Fook Woo Group Holdings* HK HKD 3,401 367 0.01 


NRW Holdings AU AUD 128 329 0.01

Fidelity 

Funds 





SGD 




SATS SG SGD 63 174 0.00 



Great Rolling Stock 6.25% 27/07/2020 EMTN GB GBP 32 74 0.00 


SP Manweb 4.875% 20/09/2027 EMTN GB GBP 34 68 0.00 

HIT Finance 5.75% 09/03/2018 NL EUR 38 65 0.00 

Glencore Finance Europe 4.125% 03/04/2018 LU EUR 36 61 0.00 


PSA International 5.90% 29/06/2016 Reg S SG USD 38 53 0.00 

PSA International 4.625% 11/09/2019 SG USD 29 41 0.00 

Aspire Defence Finance (A) 4.674% 31/03/2040 GB GBP 17 35 0.00 

Fedex 2.625% 01/08/2022 US USD 25 31 0.00 

Rolls-Royce 6.75% 30/04/2019 GB GBP 13 31 0.00 

Eversholt Funding 5.831% 02/12/2020 EMTN GB GBP 13 29 0.00 





559,652 11.72 


Apple US USD 108 78,717 1.65 

Google (A) US USD 60 49,962 1.05 

SAP DE EUR 531 47,209 0.99 


Oracle US USD 638 24,151 0.51 








eBay US USD 221 13,047 0.27 






Daou Technology KR KRW 392 6,784 0.14 



STMicroelectronics CH EUR 794 5,702 0.12 

Alten FR EUR 144 5,523 0.12 




Sage Group GB GBP 791 4,835 0.10 


Sina CN USD 66 4,405 0.09 



Fiserv US USD 42 3,817 0.08 









Visa (A) US USD 16 2,720 0.06 

NCSoft KR KRW 11 2,668 0.06 


Planet Payment US GBP 809 2,627 0.05 


SK Hynix KR KRW 94 2,598 0.05 



VTech Holdings HK HKD 168 2,420 0.05 


Internet Initiative Japan JP JPY 70 2,234 0.05 

EMC US USD 75 2,222 0.05 

Gemalto NL EUR 20 2,197 0.05 

Infineon Technologies DE EUR 263 2,184 0.05 

Tong Hsing Electronic Industries TW TWD 508 2,139 0.04 








NHN KR KRW 7 1,882 0.04 


391 



SGD 

NVIDIA US USD 124 1,821 0.04 

Duksan Hi-Metal KR KRW 80 1,810 0.04 


Lite-On Technology TW TWD 1,145 1,767 0.04 





Perfect World ADR CN USD 128 1,657 0.03 




NSD JP JPY 124 1,442 0.03 

Financial Technologies India IN INR 64 1,439 0.03 

REA Group AU AUD 66 1,431 0.03 


Altera US USD 38 1,402 0.03 





WPG Holdings TW TWD 908 1,329 0.03 

Horiba JP JPY 39 1,291 0.03 

Bitauto Holdings ADR CN USD 206 1,280 0.03 

IQE GB GBP 2,021 1,273 0.03 

Ubisense Group GB GBP 291 1,264 0.03 



TDK JP JPY 27 1,235 0.03 

Info Edge India IN INR 155 1,225 0.03 

21Vianet Group ADR CN USD 91 1,223 0.03 

Wolfson Microelectronics GB GBP 295 1,209 0.03 

SDL GB GBP 115 1,202 0.03 


Brady GB GBP 596 1,191 0.02 



VMware (A) US USD 11 1,162 0.02 


AutoNavi Holdings ADR CN USD 83 1,101 0.02 

Microgen GB GBP 397 1,070 0.02 




NQ Mobile ADR CN USD 112 967 0.02 



KongZhong ADR CN USD 132 946 0.02 

VanceInfo Technologies ADR CN USD 98 939 0.02 

Ffastfill GB GBP 3,507 906 0.02 


Travelsky Technology (H) CN HKD 1,408 884 0.02 



Geodesic IN INR 907 815 0.02 



Jiayuan.com International ADR CN USD 117 798 0.02 





VST Holdings HK HKD 3,312 706 0.01 



Micronics Japan JP JPY 147 649 0.01 





Globo GB GBP 1,188 541 0.01 

SCSK JP JPY 26 530 0.01 




China High Precision Automation Group* HK HKD 2,210 345 0.01 



YOC DE EUR 22 265 0.01 


NetDragon Websoft HK HKD 167 217 0.00 

Ant GB GBP 361 142 0.00 


Iliad 4.875% 01/06/2016 FR EUR 42 71 0.00 

Tyco Electronics Group 3.50% 03/02/2022 LU USD 25 32 0.00 


659,605 13.81

Fidelity 

Funds 





SGD 



WPP IE GBP 1,467 23,086 0.48 





TJX US USD 321 16,097 0.34 




PPR FR EUR 71 15,214 0.32 





Renault FR EUR 192 10,476 0.22 











IPSOS FR EUR 162 6,961 0.15 







ASOS GB GBP 129 5,728 0.12 



Lowe’s US USD 140 5,501 0.12 









TF1 FR EUR 402 4,214 0.09 




William Hill GB GBP 571 3,799 0.08 





Tod’s IT EUR 25 3,544 0.07 


BMW DE EUR 35 3,399 0.07 




News (A) US USD 97 2,814 0.06 




Adidas DE EUR 25 2,602 0.05 




Universal Entertainment JP JPY 93 2,428 0.05 

NIKE (B) US USD 22 2,414 0.05 


Coach US USD 35 2,374 0.05 


REXLot Holdings HK HKD 24,577 2,158 0.05 




Best Buy US USD 103 1,902 0.04 

VF US USD 10 1,898 0.04 

Navitas AU AUD 361 1,877 0.04 


Toridoll JP JPY 101 1,858 0.04 

AirMedia Group ADR CN USD 641 1,799 0.04 




Dena JP JPY 43 1,640 0.03 


392 



SGD 


Honeys JP JPY 80 1,562 0.03 

PVH US USD 12 1,535 0.03 



Target US USD 20 1,517 0.03 




SHW DE EUR 30 1,393 0.03 





OSIM International SG SGD 817 1,321 0.03 




Mood Media CA CAD 438 1,257 0.03 

Saizeriya JP JPY 72 1,238 0.03 

Sankyo Seiko JP JPY 301 1,235 0.03 








Mando KR KRW 6 1,027 0.02 


China ZhengTong Auto Services Holdings CN HKD 1,158 952 0.02 

Haseko JP JPY 1,220 948 0.02 


Astra International ID IDR 833 850 0.02 


China Dongxiang Group CN HKD 5,382 817 0.02 





YGM Trading HK HKD 257 751 0.02 



YOU On Demand Holdings US USD 168 726 0.02 

Hyundai Wia KR KRW 4 725 0.02 

Point JP JPY 16 725 0.02 

China Lilang CN HKD 983 678 0.01 

Xebio JP JPY 27 636 0.01 




Phorm SG GBP 395 559 0.01 

Educomp Solutions IN INR 135 450 0.01 






Ambow Education Holding ADR CN USD 86 293 0.01 

Eutelsat 5.00% 14/01/2019 FR EUR 156 288 0.01 






VisionChina Media ADR CN USD 308 83 0.00 




Marks & Spencer 7.125% 01/12/2037 144A GB USD 25 34 0.00 


William Hill 7.125% 11/11/2016 EMTN GB GBP 13 27 0.00 

IJM Land Wts 11/09/2013 MY MYR 69 23 0.00 

Marks & Spencer 6.125% 02/12/2019 EMTN GB GBP 11 23 0.00 

636,442 13.32 


Danone FR EUR 513 38,542 0.81 





PepsiCo US USD 290 24,511 0.51 






Wilmar International SG SGD 3,946 12,148 0.25

Fidelity 

Funds 





SGD 







Diageo GB GBP 232 8,092 0.17 





L’Oreal FR EUR 42 6,460 0.14 


KT&G KR KRW 58 5,364 0.11 











Metro DE EUR 111 3,922 0.08 



AVI ZA ZAR 443 3,559 0.07 







Glanbia (UK) IE EUR 270 3,146 0.07 







East African Breweries KE KES 635 2,183 0.05 


Alliance Global Group PH PHP 4,697 2,075 0.04 


Calbee JP JPY 18 2,017 0.04 




Aeon JP JPY 142 1,880 0.04 






NVC Lighting Holdings CN HKD 3,659 1,175 0.02 




Zhongpin CN USD 75 1,066 0.02 

Britannia Industries IN INR 81 889 0.02 


McLeod Russel India IN INR 122 838 0.02 











Wal-Mart Stores 5.625% 15/04/2041 US USD 48 79 0.00 

Coca-Cola 3.30% 01/09/2021 US USD 32 43 0.00 

Procter & Gamble 2.00% 16/08/2022 Reg S US EUR 25 40 0.00 


Procter & Gamble 1.45% 15/08/2016 US USD 29 37 0.00 




501,375 10.50 

Healthcare 

Sanofi FR EUR 604 64,891 1.36 

Pfizer US USD 1,053 32,046 0.67 




393 



SGD 









Merck & Co US USD 191 10,627 0.22 










Sorin IT EUR 1,642 4,708 0.10 





Elekta (B) SE SEK 212 3,696 0.08 

Grifols ES EUR 83 3,527 0.07 





Humana US USD 28 2,570 0.05 


Amgen US USD 24 2,517 0.05 


QIAGEN NL EUR 109 2,307 0.05 





MEDNAX US USD 20 1,631 0.03 

Message JP JPY 1 1,627 0.03 




Nexus DE EUR 103 1,535 0.03 


3SBio ADR CN USD 92 1,504 0.03 






Medy-Tox KR KRW 15 1,345 0.03 

Aetna US USD 25 1,322 0.03 

Acrux AU AUD 321 1,313 0.03 




Starpharma Holdings AU AUD 602 1,235 0.03 





Ossur IS DKK 618 997 0.02 

Hutchison China MediTech HK GBP 112 985 0.02 







Draegerwerk & Co (Pref’d) DE EUR 7 804 0.02 






Sinclair IS Pharma GB GBP 1,103 616 0.01 










456,897 9.56

Fidelity 

Funds 





SGD 




Telstra AU AUD 1,857 9,724 0.20 




StarHub SG SGD 1,982 7,265 0.15 













KDDI JP JPY 28 2,657 0.06 

Maxis MY MYR 853 2,369 0.05 




BCE CA CAD 42 2,233 0.05 

Axiata Group MY MYR 839 2,186 0.05 

AT&T US USD 51 2,164 0.05 


TELUS CA CAD 25 1,944 0.04 








Telecom Corp of New Zealand NZ NZD 346 835 0.02 





Qwest 6.75% 01/12/2021 US USD 72 103 0.00 



AT&T 5.875% 28/04/2017 US GBP 27 63 0.00 

Elisa 2.25% 04/10/2019 EMTN FI EUR 34 54 0.00 


AT&T 4.875% 01/06/2044 US GBP 23 49 0.00 

America Movil 3.00% 12/07/2021 MX EUR 29 48 0.00 


AT&T 5.55% 15/08/2041 US USD 25 39 0.00 

AT&T 6.80% 15/05/2036 US USD 23 39 0.00 




182,600 3.82 

Financials 


UBS (Reg’d) CH CHF 2,556 46,807 0.98 












ORIX JP JPY 126 15,731 0.33 













ICAP GB GBP 1,597 10,218 0.21 




394 



SGD 














Ageas BE EUR 214 6,651 0.14 









Aon GB USD 77 5,071 0.11 
















Remgro ZA ZAR 165 3,453 0.07 








Malayan Banking MY MYR 721 2,598 0.05 


















ACE CH USD 20 1,937 0.04 


ETFS All Commodities DJ-UBSCISM GB USD 105 1,909 0.04 


Osaka Securities Exchange JP JPY 1 1,901 0.04 

Tian An China Investment HK HKD 2,698 1,899 0.04 




















Zenith Bank NG NGN 9,802 1,371 0.03

Fidelity 

Funds 





SGD 


IndusInd Bank IN INR 158 1,350 0.03 





Clipan Finance (Indonesia) ID IDR 25,392 1,287 0.03 








Stockland AU AUD 265 1,158 0.02 


Agile Property Holdings CN HKD 795 1,091 0.02 

SLM US USD 46 981 0.02 










China Life Insurance (H) CN HKD 225 805 0.02 












Wharf Holdings HK HKD 72 599 0.01 



Fulcrum Utility Services GB GBP 1,650 568 0.01 











Amata (F) TH THB 454 277 0.01 


Imperial Tobacco Finance 7.75% 24/06/2019 EMTN GB GBP 80 203 0.00 

FMS Wertmanagement 1.00% 18/07/2017 EMTN DE EUR 101 161 0.00 





Santander International Debt 4.625% 21/03/2016 EMTN ES EUR 80 129 0.00 

European Investment Bank 1.75% 15/03/2017 99 USD 97 123 0.00 


RBS 5.75% 21/05/2014 EMTN GB EUR 65 111 0.00 

Bank of America 5.125% 26/09/2014 EMTN US EUR 61 104 0.00 

Barclays Bank 4.25% 12/01/2022 EMTN GB GBP 46 103 0.00 

Barclays Bank 6.75% VRN 16/01/2023 EMTN GB GBP 48 99 0.00 

RBS 5.125% 13/01/2024 GB GBP 42 99 0.00 

ING Verzekeringen 2.088% VRN 21/06/2021 NL EUR 63 97 0.00 


Societe Generale SCF 4.00% 07/07/2016 EMTN FR EUR 55 96 0.00 

GE Capital UK Funding 4.375% 31/07/2019 EMTN IE GBP 44 95 0.00 


Linde Finance 3.875% 01/06/2021 EMTN NL EUR 51 92 0.00 

Citigroup 4.25% VRN 25/02/2030 EMTN US EUR 65 88 0.00 

Co-Operative Bank (UK) 2.375% 23/10/2015 EMTN GB EUR 55 86 0.00 


Severn Trent Water Utilities Fin. 6.25% 07/06/2029 GB GBP 34 86 0.00 

UBS Stamford 7.625% 17/08/2022 CH USD 65 86 0.00 

Axa 5.25% VRN 16/04/2040 EMTN FR EUR 55 84 0.00 


Wells Fargo & Co 2.625% 16/08/2022 EMTN US EUR 51 81 0.00 


SB Capital (SberBank of Russia) 5.125% 29/10/2022 Reg SLU USD 65 80 0.00 

Credit Suisse New York 5.00% 15/05/2013 MTN CH USD 59 74 0.00 


BP Capital Markets 3.83% 06/10/2017 EMTN GB EUR 40 71 0.00 


Tesco Property Finance 2 6.052% 13/10/2039 GB GBP 30 70 0.00 

395 



SGD 

Westfield UK & Europe Fin. 4.25% 11/07/2022 EMTN GB GBP 34 70 0.00 

HSBC Holdings 6.50% 20/05/2024 EMTN GB GBP 27 69 0.00 

Citigroup 3.625% VRN 30/11/2017 EMTN US EUR 46 68 0.00 

John Deere Capital 2.80% 27/01/2023 US USD 53 67 0.00 

Abbey National Treasury Serv. 3.625% 08/09/2016 EMTN GB EUR 38 66 0.00 

Westpac Banking 4.875% 19/11/2019 AU USD 46 66 0.00 

Bankia 5.75% 29/06/2016 EMTN ES EUR 42 65 0.00 

BBVA US Senior Uniper 4.664% 09/10/2015 ES USD 53 65 0.00 


BNP Paribas 2.50% 23/08/2019 EMTN FR EUR 40 64 0.00 

Sumitomo Mitsui Banking 4.85% 01/03/2022 JP USD 46 64 0.00 

Wellcome Trust Finance 4.75% 28/05/2021 GB GBP 27 64 0.00 

American International Group 6.797% 15/11/2017 US EUR 32 60 0.00 

Marsh & McLennan 4.80% 15/07/2021 US USD 42 59 0.00 

JPMorgan Chase & Co 2.75% 24/08/2022 EMTN US EUR 36 58 0.00 

American Tower 4.70% 15/03/2022 US USD 42 57 0.00 


ORIX 5.00% 12/01/2016 JP USD 40 53 0.00 


Motability Operations Group 3.75% 29/11/2017 EMTN GB EUR 29 52 0.00 


Bank of Ireland 4.00% 28/01/2015 EMTN IE EUR 32 50 0.00 

UniCredit 6.95% 31/10/2022 Reg S IT EUR 32 50 0.00 

American International Group 6.765% 15/11/2017 US GBP 21 49 0.00 

Deutsche Postbank 3.75% 12/02/2014 EMTN DE EUR 29 49 0.00 


Experian Finance 4.75% 23/11/2018 EMTN GB GBP 21 47 0.00 

Mondi Finance 3.375% 28/09/2020 EMTN GB EUR 29 47 0.00 

CMT MTN 3.731% 21/03/2018 EMTN SG USD 34 44 0.00 

Wharf Finance 4.625% 08/02/2017 EMTN HK USD 34 44 0.00 

Barclays Bank 6.00% 14/01/2021 EMTN GB EUR 25 42 0.00 

Legal & General Group 4.00% VRN 08/06/2025 EMTN GB EUR 27 42 0.00 



Intesa Sanpaolo 6.375% VRN 12/11/2017 EMTN IT GBP 19 36 0.00 


Bishopsgate Asset Finance 4.808% 14/08/2044 KY GBP 18 35 0.00 

HSBC France 4.875% 15/01/2014 EMTN FR EUR 21 35 0.00 


Banco Do Brasil (Cayman) 3.875% 10/10/2022 BR USD 27 33 0.00 



Credit Logement 1.402% VRN (Perpetual) FR EUR 38 32 0.00 

General Electric Capital 4.65% 17/10/2021 MTN US USD 23 32 0.00 

BAT Int’l Finance 8.125% 15/11/2013 Reg S GB USD 23 30 0.00 

Toronto-Dominion Bank 2.375% 19/10/2016 CA USD 23 30 0.00 

Lloyds TSB Bank 10.75% VRN 16/12/2021 EMTN GB GBP 13 29 0.00 

Ventas Realty 4.25% 01/03/2022 US USD 22 29 0.00 


UBI Banca 4.50% 22/02/2016 EMTN IT EUR 17 28 0.00 

Eurasian Development Bank 4.767% 20/09/2022 Reg S 99 USD 19 24 0.00 

Clipan Finance (Indonesia) Wts 07/10/2014 ID IDR 3,506 23 0.00 







Shriram City Union Finance IN INR 1 5 0.00 


936,020 19.59 

Government 

Germany 3.25% 04/07/2021 DE EUR 612 1,127 0.02 

Japan 1.30% 20/06/2020 JP JPY 61,901 1,002 0.02 

Japan 1.90% 20/03/2029 JP JPY 58,151 946 0.02 

Germany 0.50% 07/04/2017 DE EUR 417 663 0.01 



Germany Inflation Linked Bond 1.75% 15/04/2020 DE EUR 253 507 0.01 

France 3.00% 25/04/2022 FR EUR 284 483 0.01 

Japan 0.80% 20/09/2022 JP JPY 29,477 452 0.01 

Japan 2.50% 20/09/2034 JP JPY 25,622 443 0.01 


Italy 4.75% 01/09/2021 IT EUR 233 373 0.01 

Australia Index Linked 4.00% 20/08/2020 AU AUD 124 307 0.01 

Italy 4.75% 15/09/2016 IT EUR 171 284 0.01 

Korea Treasury Inflation Linked 2.75% 10/06/2020 KR KRW 192,609 274 0.01 


Italy 2.10% 15/09/2021 IT EUR 160 245 0.01 

Norway 2.00% 24/05/2023 NO NOK 1,061 227 0.00 


Spain 5.50% 30/04/2021 ES EUR 137 217 0.00 

Japan 2.00% 20/09/2040 JP JPY 11,285 176 0.00 

Italy 2.10% 15/09/2016 IT EUR 78 129 0.00 

Germany 1.75% 04/07/2022 DE EUR 72 117 0.00 




UK Treasury 6.00% 07/12/2028 GB GBP 6 18 0.00

Fidelity 

Funds 





SGD 

Sweden 4.50% 12/08/2015 SE SEK 59 12 0.00 

Germany 4.75% 04/07/2040 DE EUR 1 1 0.00 

10,264 0.21 



Marwyn Value Investors GB GBP 503 1,250 0.03 

Oakley Capital Investments BM GBP 384 1,024 0.02 



5,766 0.12 








2,729 0.06 


Energy 


Southeast Supply Header 4.85% 15/08/2014 144A US USD 36 46 0.00 

4,342 0.09 

Materials 

LyondellBasell Industries 6.00% 15/11/2021 NL USD 46 65 0.00 

65 0.00 

Industrials 


Experian Finance 2.375% 15/06/2017 144A GB USD 40 50 0.00 


Aps-Star Industries* IN INR 26 0 0.00 


Tat Hong Holdings Wts 02/08/2013 SG SGD 77 0 0.00 

1,006 0.02 


PChome Online TW TWD 167 914 0.02 


Insyde Software TW TWD 129 463 0.01 

Xerox 2.95% 15/03/2017 US USD 13 16 0.00 

2,086 0.04 


Comcast 3.125% 15/07/2022 US USD 126 162 0.00 

Chrysler Group 8.00% 15/06/2019 US USD 51 66 0.00 


Volkswagen Int’l Finance 2.375% 22/03/2017 144A NL USD 42 53 0.00 

Comcast 6.55% 01/07/2039 US USD 32 51 0.00 

394 0.01 







203 0.00 

Healthcare 


Pacific Hospital Supply TW TWD 249 879 0.02 




2,282 0.05 


DIRECTV 4.375% 14/09/2029 US GBP 38 75 0.00 

DIRECTV 5.15% 15/03/2042 US USD 46 59 0.00 

134 0.00 

Financials 

Aegon NL EUR 1,556 10,613 0.22 






396 

Siverstone MI 2009-1 A2 1.979% FRN 21/01/2055 GB GBP 29 59 0.00 

Fosse MI 2011-1X A3 1.932% FRN 18/10/2054 GB GBP 26 53 0.00 

Wells Fargo & Co 3.676% 15/06/2016 US USD 40 53 0.00 


BNP Paribas 2.375% 14/09/2017 MTN FR USD 36 44 0.00 


Hmi 2010-1X A2 1.740% FRN 15/10/2054 GB USD 31 38 0.00 

Granite Master Iss. 2007-2 3M2 0.691% FRN 17/12/2054 GB EUR 23 33 0.00 

Arkle 2010-2X 1A1 1.834% FRN 17/05/2060 GB USD 23 28 0.00 

Granite Master Issuer 2005-1 A5 0.29% FRN 20/12/2054 GB EUR 17 27 0.00 

Eston 2006-1 A2 0.741% FRN 19/04/2021 GB GBP 15 26 0.00 

Real Estate Capital 5 A 0.758% FRN 25/07/2016 GB GBP 12 23 0.00 


MetLife 4.125% 13/08/2042 US USD 14 18 0.00 












15,301 0.32 

Government 



Canada 3.25% 01/06/2021 CA CAD 215 295 0.01 

New Zealand Index Linked 2.00% 20/09/2025 NZ NZD 250 258 0.01 






France 1.10% 25/07/2022 FR EUR 40 73 0.00 

2,531 0.05 



3,820 0.08 

Unlisted 



SGD 

Energy 


Impact Oil&Gas* GB GBP 3,243 986 0.02 




2,946 0.06 

Utilities 


0 0.00 

Materials 




176 0.00 

Industrials 





5,537 0.12 


Cambridge Broadband Networks* GB GBP 1,357 384 0.01 





621 0.01 


YOU On Demand Holdings Placing* NL USD 51 206 0.00 

YOU On Demand Holdings Wts 30/08/2017 US USD 51 13 0.00 


219 0.00

Fidelity 

Funds 

Healthcare 



145 0.00 



Shin NVDR TH THB 703 1,747 0.04 





7,625 0.16 

Financials 








Nightingale Finance 2007-11 1 0.983% FRN 07/06/2015* GB USD 42 0 0.00 


3,407 0.07 


Total Investments (Cost SGD 3,277,325) 4,674,336 97.85 




SGD 

Dow Jones - UBS Industrial Metals Subindex USD (230) 29 0.00 

Dow Jones - UBS Energy Subindex USD (232) 1 0.00 

Dow Jones - UBS Agriculture Subindex USD 81 (4) (0.00) 

Dow Jones - UBS Precious Metals Subindex USD 393 (19) (0.00) 

Dow Jones - UBS Commodity Index USD 6,267 (213) (0.00) 

(206) (0.00) 






SGD 

Sold protection on CDX.NA.IG 20/12/2017 USD 632 0 0.00 

Sold protection on CDX.NA.HY 20/12/2017 USD 421 (4) (0.00) 

Sold protection on Glencore Finance 20/09/2017 EUR 67 (6) (0.00) 

(10) (0.00) 




SGD 



SGD SGD 





Bought USD Sold JPY at 0.01275 20/11/2012 623 11 0.00 





Bought KRW Sold USD at 1,119.00000 20/11/2012 234 6 0.00 






Bought USD Sold AUD at 1.04741 20/11/2012 255 3 0.00 






Bought GBP Sold USD at 0.62190 20/11/2012 322 1 0.00 


Bought USD Sold CAD at 1.02345 20/11/2012 59 1 0.00 

397 







Bought USD Sold NZD at 0.82188 20/11/2012 256 0 0.00 




Bought GBP Sold USD at 0.61977 20/11/2012 84 0 0.00 













Bought USD Sold GBP at 1.59022 20/11/2012 83 (1) (0.00) 

Bought USD Sold GBP at 1.61053 20/11/2012 418 (1) (0.00) 

Bought CAD Sold USD at 0.98718 20/11/2012 172 (2) (0.00) 

Bought CAD Sold USD at 0.99633 20/11/2012 545 (2) (0.00) 

Bought CZK Sold USD at 19.26650 20/11/2012 476 (2) (0.00) 


Bought JPY Sold USD at 78.37200 20/11/2012 101 (2) (0.00) 







Bought USD Sold KRW at 0.00088 20/11/2012 261 (10) (0.00) 




Bought USD Sold CZK at 0.04889 20/11/2012 491 (26) (0.00) 






80 0.00 

Futures 



SGD 



Euro Schatz Future 06/12/2012 EUR (778) 2 0.00 



Short Gilt Future 27/12/2012 GBP (119) 1 0.00 

US Treasury Note 5 Year Future 19/12/2012 USD 230 1 0.00 


Australia 10 Year Bond Future 17/12/2012 AUD (290) (1) (0.00) 

Euro Bund Future 06/12/2012 EUR 770 (3) (0.00) 


Long Term US Treasury Bond Future 19/12/2012 USD 616 (8) (0.00) 



(30) (0.00) 




SGD SGD 



SGD 

Pay fixed 3.14% receive floating (6m EURBOR) 04/08/2021 EUR 158 31 0.00 

Pay fixed 4.222% receive float. (3m USDLIBOR)16/09/2018 USD 135 30 0.00 


Pay fixed 2.435% receive floating (6m BA) 01/03/2022 CAD 198 7 0.00 

Pay fixed 4.376% receive float. (6m EURIBOR) 07/01/2013 EUR 564 6 0.00 

83 0.00 


Net Assets 4,777,080 100.00

Fidelity 

Funds 





USA US 24.29 

UK GB 11.81 


Japan JP 5.78 






China CN 3.46 


Korea KR 2.98 




Italy IT 0.99 



Spain ES 0.71 







India IN 0.36 










Kenya KE 0.05 

Peru PE 0.03 













398

Fidelity 

Funds 

Live 2030 Fund 1,4,5 




SGD 


Energy 


BP GB GBP 2,307 20,128 0.71 


BG Group GB GBP 552 12,471 0.44 


Saipem IT EUR 178 9,791 0.34 





AMEC GB GBP 265 5,520 0.19 

Eni IT EUR 196 5,505 0.19 



CNOOC CN HKD 1,698 4,284 0.15 









Apache US USD 26 2,610 0.09 



PTT (F) TH THB 155 1,949 0.07 








Inpex JP JPY 1 1,372 0.05 








EQT US USD 14 1,050 0.04 

Ensco (A) GB USD 14 964 0.03 

National Oilwell Varco US USD 10 895 0.03 


China Shenhua Energy (H) CN HKD 168 869 0.03 

PetroChina (H) CN HKD 507 838 0.03 

S-Oil KR KRW 7 814 0.03 

Kunlun Energy HK HKD 355 801 0.03 

Schlumberger US USD 9 801 0.03 

Royal Dutch Shell ADR NL USD 9 741 0.03 

Cameco CA CAD 29 690 0.02 





Petroceltic International IE GBP 3,538 480 0.02 













Gold Oil* GB GBP 2,395 70 0.00 

FAR AU AUD 1,558 65 0.00 

228,971 8.05 

Utilities 







399 



SGD 


PPL US USD 34 1,227 0.04 

FirstEnergy US USD 14 786 0.03 

Power Assets Holdings HK HKD 74 771 0.03 

Beijing Enterprises Water Group HK HKD 2,632 733 0.03 

PG&E US USD 13 698 0.02 

NextEra Energy US USD 7 630 0.02 


AES US USD 39 495 0.02 







23,818 0.84 

Materials 





Linde DE EUR 28 5,729 0.20 







Sika (BR) CH CHF 1 3,348 0.12 








Agrium CA CAD 18 2,292 0.08 



Mosaic US USD 32 2,045 0.07 










LG Chem KR KRW 4 1,489 0.05 


BASF DE EUR 14 1,440 0.05 

Ecolab US USD 16 1,367 0.05 






Banro CA CAD 172 959 0.03 


China National Building Material (H) CN HKD 588 904 0.03 

Eldorado Gold CA CAD 50 898 0.03 



Ise Chemical JP JPY 111 852 0.03 

China Metal Recycling Holdings HK HKD 701 851 0.03 

Independence Group NL AU AUD 153 768 0.03 

Albemarle US USD 11 755 0.03 

AMVIG Holdings HK HKD 1,996 721 0.03 


Newmont Mining US USD 10 663 0.02 



Central Asia Metals GB GBP 318 614 0.02 

Nihon Parkerizing JP JPY 33 612 0.02 

Greatview Aseptic Packaging CN HKD 873 557 0.02 






Accsys Technologies GB EUR 1,910 461 0.02 





Fidelity 

Funds 





SGD 










Polar Star Mining CA CAD 785 177 0.01 




148,481 5.22 

Industrials 




Keppel SG SGD 1,225 12,974 0.46 











Seek AU AUD 705 5,939 0.21 







GFK DE EUR 78 4,359 0.15 






CSX US USD 149 3,728 0.13 



SGS (Reg’d) CH CHF 1 2,967 0.10 




51job ADR CN USD 43 2,463 0.09 







Orkla NO NOK 237 2,286 0.08 





Nitta JP JPY 104 1,947 0.07 






TK KR KRW 54 1,652 0.06 

Rexel FR EUR 74 1,638 0.06 





Boeing US USD 17 1,495 0.05 






ADT US USD 24 1,204 0.04 

FedEx US USD 11 1,182 0.04 








400 



SGD 

Secom JP JPY 15 945 0.03 

Travis Perkins GB GBP 43 906 0.03 

SHO-BOND Holdings JP JPY 24 899 0.03 

Obayashi JP JPY 164 893 0.03 

Hamakyorex JP JPY 23 889 0.03 

Copa Holdings (A) PA USD 8 883 0.03 

Goodpack Wts 31/11/2012 SG SGD 710 877 0.03 

KEPCO Plant Service & Engineering KR KRW 13 876 0.03 


China Southern Airlines (H) CN HKD 1,469 843 0.03 

Guangshen Railway (H) CN HKD 1,974 826 0.03 



GEA Group DE EUR 21 800 0.03 

Fraport Frankfurt Airport Services Worldwide DE EUR 11 795 0.03 

Sthree GB GBP 129 763 0.03 

China Singyes Solar Technologies Holdings HK HKD 997 715 0.03 

Airtac International Group CN TWD 106 604 0.02 

Austal AU AUD 376 581 0.02 

Silverdell GB GBP 2,210 571 0.02 



WCT MY MYR 498 549 0.02 

Gateway Distriparks IN INR 168 544 0.02 













CTCI TW TWD 155 375 0.01 





















SATS SG SGD 38 104 0.00 





335,810 11.80 


Apple US USD 65 47,302 1.66 

Google (A) US USD 36 30,024 1.05 

SAP DE EUR 319 28,355 1.00 


Oracle US USD 384 14,511 0.51 








eBay US USD 133 7,840 0.28 










Alten FR EUR 86 3,317 0.12 

ASML Holding NL EUR 48 3,258 0.11

Fidelity 

Funds 





SGD 





Sina CN USD 39 2,645 0.09 



Fiserv US USD 25 2,295 0.08 









Visa (A) US USD 10 1,635 0.06 



Planet Payment US GBP 486 1,578 0.06 








EMC US USD 45 1,335 0.05 











NHN KR KRW 4 1,130 0.04 


NVIDIA US USD 75 1,095 0.04 



Lite-On Technology TW TWD 687 1,061 0.04 



Maxim Integrated Products US USD 30 998 0.04 

EVS Broadcast Equipment BE EUR 14 995 0.03 

Perfect World ADR CN USD 77 995 0.03 

Accenture (A) IE USD 12 953 0.03 


Samsung Electronics (Pref’d) KR KRW 1 907 0.03 

NSD JP JPY 74 866 0.03 

Financial Technologies India IN INR 38 864 0.03 

REA Group AU AUD 39 859 0.03 

Wacom (Japan) JP JPY 1 844 0.03 

Altera US USD 23 843 0.03 

Juniper Networks US USD 41 836 0.03 

eAccess JP JPY 1 813 0.03 


WPG Holdings TW TWD 545 798 0.03 


Horiba JP JPY 23 775 0.03 

Bitauto Holdings ADR CN USD 123 768 0.03 

IQE GB GBP 1,214 765 0.03 

Ubisense Group GB GBP 175 759 0.03 

Aveva Group GB GBP 19 753 0.03 

Dialog Semiconductor DE EUR 31 753 0.03 

TDK JP JPY 16 743 0.03 

Info Edge India IN INR 93 735 0.03 

21Vianet Group ADR CN USD 54 734 0.03 

Wolfson Microelectronics GB GBP 177 726 0.03 

SDL GB GBP 69 722 0.03 

CompuGroup Medical DE EUR 32 720 0.03 

Brady GB GBP 358 715 0.03 

NXP Semiconductor NL USD 24 714 0.03 


VMware (A) US USD 7 699 0.02 


AutoNavi Holdings ADR CN USD 50 661 0.02 

Microgen GB GBP 238 642 0.02 




NQ Mobile ADR CN USD 67 580 0.02 



KongZhong ADR CN USD 79 568 0.02 

VanceInfo Technologies ADR CN USD 59 563 0.02 


401 



SGD 

Ffastfill GB GBP 2,107 544 0.02 

Travelsky Technology (H) CN HKD 845 531 0.02 



Geodesic IN INR 545 489 0.02 
















Globo GB GBP 714 325 0.01 

SCSK JP JPY 15 319 0.01 







YOC DE EUR 13 159 0.01 



Ant GB GBP 217 85 0.00 



396,198 13.92 



WPP IE GBP 881 13,866 0.49 





TJX US USD 193 9,672 0.34 




PPR FR EUR 43 9,138 0.32 
















IPSOS FR EUR 97 4,181 0.15 


Fujibo Holdings JP JPY 819 4,123 0.14 





ASOS GB GBP 78 3,440 0.12 



Lowe’s US USD 84 3,304 0.12 



Great Wall Motor (H) CN HKD 952 3,179 0.11 






TF1 FR EUR 241 2,531 0.09 






Continental DE EUR 18 2,253 0.08

Fidelity 

Funds 





SGD 



Tod’s IT EUR 15 2,129 0.07 


BMW DE EUR 21 2,041 0.07 




News (A) US USD 58 1,692 0.06 



Samsonite International US HKD 623 1,571 0.06 

Adidas DE EUR 15 1,563 0.05 





NIKE (B) US USD 13 1,451 0.05 


Coach US USD 21 1,427 0.05 






Best Buy US USD 62 1,143 0.04 

VF US USD 6 1,141 0.04 








Dena JP JPY 26 984 0.03 

Alpargatas BR BRL 107 961 0.03 

Salvatore Ferragamo Italia IT EUR 38 943 0.03 

Honeys JP JPY 48 938 0.03 

PVH US USD 7 923 0.03 

Brunello Cucinelli IT EUR 43 919 0.03 


Target US USD 12 910 0.03 

Chiyoda JP JPY 26 901 0.03 


Jupiter Telecommunications JP JPY 1 847 0.03 

SHW DE EUR 18 837 0.03 

Staples US USD 59 828 0.03 

Hyundai Home Shopping Network KR KRW 6 827 0.03 

Minth Group CN HKD 671 821 0.03 

China Lodging Group ADR CN USD 39 820 0.03 

OSIM International SG SGD 490 793 0.03 

Daimler (Reg’d) DE EUR 13 768 0.03 

Bridgestone JP JPY 27 765 0.03 


Mood Media CA CAD 263 755 0.03 

Saizeriya JP JPY 43 743 0.03 

Sankyo Seiko JP JPY 181 741 0.03 

Royale Furniture Holdings HK HKD 7,125 723 0.03 

DIRECTV US USD 11 703 0.02 




Yamada Denki JP JPY 12 635 0.02 

MNC Sky Vision ID IDR 2,273 626 0.02 

Mando KR KRW 4 617 0.02 

PCD Stores Group CN HKD 5,387 616 0.02 

China ZhengTong Auto Services Holdings CN HKD 695 572 0.02 

Haseko JP JPY 733 569 0.02 



AviChina Industry & Technology (H) CN HKD 986 491 0.02 

China Dongxiang Group CN HKD 3,231 490 0.02 











China Lilang CN HKD 590 407 0.01 





Phorm SG GBP 237 336 0.01 



402 



SGD 















382,028 13.42 


Danone FR EUR 308 23,149 0.81 





PepsiCo US USD 174 14,728 0.52 













Diageo GB GBP 139 4,860 0.17 





L’Oreal FR EUR 25 3,880 0.14 


KT&G KR KRW 35 3,223 0.11 











Metro DE EUR 67 2,356 0.08 



AVI ZA ZAR 266 2,138 0.08 


















Calbee JP JPY 11 1,211 0.04 




Aeon JP JPY 85 1,132 0.04 



China Foods HK HKD 714 879 0.03 


Tiga Pilar Sejahtera Food ID IDR 6,919 789 0.03 

NVC Lighting Holdings CN HKD 2,197 705 0.02 


Glanbia IE EUR 57 661 0.02 

Amorepacific KR KRW 1 654 0.02 

Zhongpin CN USD 45 640 0.02

Fidelity 

Funds 





SGD 

Britannia Industries IN INR 49 534 0.02 


McLeod Russel India IN INR 73 503 0.02 










300,924 10.57 

Healthcare 

Sanofi FR EUR 363 38,977 1.37 

Pfizer US USD 633 19,255 0.68 












Merck & Co US USD 115 6,385 0.22 










Sorin IT EUR 986 2,828 0.10 





Elekta (B) SE SEK 128 2,220 0.08 






Humana US USD 17 1,545 0.05 


Amgen US USD 14 1,513 0.05 


QIAGEN NL EUR 65 1,386 0.05 





MEDNAX US USD 12 980 0.03 

Message JP JPY 1 977 0.03 

WuXi PharmaTech Cayman ADR CN USD 56 971 0.03 

Sartorius (Pref’d) DE EUR 9 930 0.03 


Nexus DE EUR 62 922 0.03 


3SBio ADR CN USD 55 903 0.03 

Sawai Pharmaceutical JP JPY 7 892 0.03 


Allergan US USD 8 843 0.03 

Eli Lilly & Co US USD 14 838 0.03 

China Animal Healthcare CN SGD 3,142 814 0.03 

Medy-Tox KR KRW 9 807 0.03 

Aetna US USD 15 793 0.03 

Acrux AU AUD 193 788 0.03 

Craneware GB GBP 91 774 0.03 

Advanced Computer Software Group GB GBP 634 764 0.03 

Centene US USD 16 752 0.03 


Synergy Health GB GBP 39 719 0.03 

Edwards Lifesciences US USD 7 698 0.02 

Biogen Idec US USD 4 654 0.02 


Ossur IS DKK 371 599 0.02 

Hutchison China MediTech HK GBP 67 591 0.02 






403 



SGD 








Sinclair IS Pharma GB GBP 663 370 0.01 









274,462 9.64 




Telstra AU AUD 1,114 5,835 0.21 




StarHub SG SGD 1,191 4,365 0.15 












Telekom Malaysia MY MYR 677 1,615 0.06 

KDDI JP JPY 17 1,599 0.06 

Maxis MY MYR 512 1,423 0.05 




BCE CA CAD 25 1,333 0.05 


AT&T US USD 31 1,299 0.05 


TELUS CA CAD 15 1,161 0.04 








Telecom Corp of New Zealand NZ NZD 208 501 0.02 




109,098 3.83 

Financials 


UBS (Reg’d) CH CHF 1,535 28,113 0.99 












ORIX JP JPY 75 9,449 0.33 












London Stock Exchange Group GB GBP 331 6,346 0.22

Fidelity 

Funds 





SGD 

ICAP GB GBP 959 6,137 0.22 

















Ageas BE EUR 129 3,995 0.14 









Aon GB USD 46 3,049 0.11 










CIMB Group Holdings MY MYR 789 2,402 0.08 






Remgro ZA ZAR 99 2,075 0.07 







Shinsei Bank JP JPY 956 1,705 0.06 
















Ho Bee Investment SG SGD 811 1,194 0.04 


ACE CH USD 12 1,165 0.04 











CNinsure ADR CN USD 140 991 0.03 


Prudential Financial US USD 14 979 0.03 



Shimao Property Holdings HK HKD 412 950 0.03 

Bank Mandiri Persero ID IDR 902 943 0.03 


Public Storage US USD 5 916 0.03 

Mitsubishi UFJ Lease & Finance JP JPY 17 888 0.03 

Shinhan Financial Group KR KRW 21 866 0.03 

404 



SGD 

Kerry Properties HK HKD 141 852 0.03 

Macquarie Group AU AUD 21 845 0.03 

China Overseas Grand Oceans Group HK HKD 663 840 0.03 

Zenith Bank NG NGN 5,889 824 0.03 

Country Garden Holdings CN HKD 1,693 822 0.03 

IndusInd Bank IN INR 95 810 0.03 

Aareal Bank DE EUR 31 803 0.03 

China Liansu Group Holdings CN HKD 1,101 784 0.03 

Boardwalk Real Estate Investment Trust CA CAD 10 779 0.03 

Clipan Finance (Indonesia) ID IDR 15,243 773 0.03 


New World Development HK HKD 408 764 0.03 

BlackRock US USD 3 753 0.03 

Avanza Bank Holding SE SEK 30 724 0.03 

Sapphire Technology KR KRW 18 722 0.03 

Regions Financial US USD 91 716 0.03 

Daiwahouse Residential Investment JP JPY 1 707 0.02 

Altamir Amboise FR EUR 63 695 0.02 

Stockland AU AUD 159 695 0.02 

Ashmore Group GB GBP 94 674 0.02 

Agile Property Holdings CN HKD 478 655 0.02 

SLM US USD 28 588 0.02 

























Fulcrum Utility Services GB GBP 991 341 0.01 











Amata (F) TH THB 273 166 0.01 


Paragon Entertainment* GB GBP 636 81 0.00 







557,649 19.59 



Marwyn Value Investors GB GBP 302 751 0.03 

Oakley Capital Investments BM GBP 231 615 0.02 



3,465 0.12 


UBS (SAIC Motor (A)) ELN 16/09/2014 CN USD 238 602 0.02 






1,638 0.06

Fidelity 

Funds 


Energy 


2,581 0.09 

Industrials 





563 0.02 


PChome Online TW TWD 100 549 0.02 



1,243 0.04 

Healthcare 

Roche Holding ADR CH USD 12 712 0.03 

Pacific Hospital Supply TW TWD 149 528 0.02 

1,240 0.04 

Financials 

Aegon NL EUR 935 6,375 0.22 


Grupo de Inversiones Suramericana CO COP 40 943 0.03 


8,702 0.31 



688 0.02 

Unlisted 





SGD 

Energy 

Griffiths Energy 12.00% 01/09/2017* CA USD 675 824 0.03 

Impact Oil&Gas* GB GBP 1,948 592 0.02 




1,769 0.06 

Utilities 


0 0.00 

Materials 


CopperCo (In liquidation)* AU AUD 635 0 0.00 


106 0.00 

Industrials 




3,324 0.12 


Cambridge Broadband Networks* GB GBP 815 231 0.01 





373 0.01 





131 0.00 

Healthcare 



87 0.00 

405 


Total Access Communication NVDR TH THB 818 2,814 0.10 






4,580 0.16 

Financials 








2,045 0.07 






SGD SGD 
























164 0.01 

Futures 



SGD 



SGD 




(36) (0.00) 


Net Assets 2,846,031 100.00

Fidelity 

Funds 





USA US 24.37 

UK GB 11.75 


Japan JP 5.76 






China CN 3.49 


Korea KR 2.99 




Italy IT 0.97 



Spain ES 0.70 







India IN 0.37 










Kenya KE 0.05 

Peru PE 0.03 










406

Fidelity 

Funds 

Live Today Fund 1,4,5 




SGD 


Energy 



BP GB GBP 4,112 35,876 0.20 


BG Group GB GBP 1,036 23,408 0.13 




Saipem IT EUR 317 17,374 0.10 










AMEC GB GBP 460 9,605 0.05 




Eni IT EUR 307 8,611 0.05 


CNOOC CN HKD 2,986 7,535 0.04 












Apache US USD 31 3,081 0.02 

PTT (F) TH THB 242 3,050 0.02 


EQT US USD 33 2,459 0.01 



Ensco (A) GB USD 32 2,257 0.01 













S-Oil KR KRW 15 1,679 0.01 



Cameco CA CAD 46 1,073 0.01 








538,647 2.96 

Utilities 













407 



SGD 











PPL US USD 80 2,873 0.02 









315,433 1.73 

Materials 







Arkema 3.85% 30/04/2020 FR EUR 8,702 14,839 0.08 





Linde DE EUR 44 8,961 0.05 









Sika (BR) CH CHF 2 4,206 0.02 





Agrium CA CAD 28 3,564 0.02 


Ecolab US USD 38 3,200 0.02 

LG Chem KR KRW 9 3,073 0.02 







Mosaic US USD 37 2,336 0.01 

BASF DE EUR 22 2,252 0.01 






Ise Chemical JP JPY 229 1,757 0.01 











Petronas Chemicals Group MY MYR 491 1,274 0.01 












Fidelity 

Funds 

Live Today Fund 1,4,5 - continued 




SGD 



358,854 1.97 

Industrials 








Keppel SG SGD 1,974 20,902 0.11 

















Fedex 2.625% 01/08/2022 US USD 8,702 10,728 0.06 














CSX US USD 233 5,835 0.03 



51job ADR CN USD 89 5,080 0.03 


GFK DE EUR 88 4,921 0.03 


SGS (Reg’d) CH CHF 2 4,640 0.03 


Nitta JP JPY 214 4,011 0.02 







Orkla NO NOK 370 3,575 0.02 

Boeing US USD 41 3,500 0.02 

TK KR KRW 110 3,405 0.02 







FedEx US USD 25 2,768 0.02 




Rexel FR EUR 116 2,563 0.01 





Sydney Airport AU AUD 526 2,255 0.01 





ADT US USD 38 1,891 0.01 

SHO-BOND Holdings JP JPY 50 1,852 0.01 

Hamakyorex JP JPY 48 1,833 0.01 


KEPCO Plant Service & Engineering KR KRW 27 1,804 0.01 

Toyo Engineering JP JPY 349 1,758 0.01 

Seek AU AUD 207 1,742 0.01 

408 



SGD 









Airtac International Group CN TWD 219 1,244 0.01 


Austal AU AUD 775 1,197 0.01 



WCT MY MYR 1,027 1,131 0.01 

Gateway Distriparks IN INR 347 1,121 0.01 











CTCI TW TWD 321 773 0.00 



















SATS SG SGD 78 216 0.00 



741,284 4.08 


Apple US USD 108 78,723 0.43 


Google (A) US USD 60 49,353 0.27 

SAP DE EUR 543 48,290 0.27 

Iliad 4.875% 01/06/2016 FR EUR 14,504 24,610 0.14 

Oracle US USD 635 24,029 0.13 








eBay US USD 209 12,281 0.07 










Fujitsu JP JPY 1,322 6,190 0.03 


Sina CN USD 81 5,458 0.03 






Alten FR EUR 105 4,050 0.02 


Visa (A) US USD 23 3,829 0.02 



Fiserv US USD 40 3,605 0.02 


MediaTek TW TWD 252 3,393 0.02

Fidelity 

Funds 





SGD 

SK Hynix KR KRW 116 3,222 0.02 



NCSoft KR KRW 12 2,864 0.02 











NHN KR KRW 8 2,329 0.01 

TDK JP JPY 51 2,317 0.01 






Perfect World ADR CN USD 158 2,050 0.01 

Altera US USD 54 1,974 0.01 





NSD JP JPY 153 1,784 0.01 

Financial Technologies India IN INR 79 1,780 0.01 

REA Group AU AUD 81 1,770 0.01 



EMC US USD 58 1,721 0.01 

NVIDIA US USD 117 1,720 0.01 





VMware (A) US USD 16 1,636 0.01 

Horiba JP JPY 48 1,597 0.01 

Bitauto Holdings ADR CN USD 254 1,583 0.01 

Info Edge India IN INR 191 1,515 0.01 

21Vianet Group ADR CN USD 112 1,513 0.01 




AutoNavi Holdings ADR CN USD 103 1,362 0.01 





ADTRAN US USD 60 1,235 0.01 


NQ Mobile ADR CN USD 138 1,196 0.01 


KongZhong ADR CN USD 163 1,171 0.01 

VanceInfo Technologies ADR CN USD 121 1,161 0.01 




Geodesic IN INR 1,122 1,008 0.01 















681,020 3.75 




WPP IE GBP 1,654 26,026 0.14 









409 



SGD 

PPR FR EUR 74 15,948 0.09 

TJX US USD 302 15,139 0.08 







Renault FR EUR 194 10,597 0.06 

















IPSOS FR EUR 138 5,933 0.03 














TF1 FR EUR 377 3,959 0.02 


BMW DE EUR 39 3,832 0.02 






NIKE (B) US USD 31 3,398 0.02 

Coach US USD 49 3,341 0.02 

Tod’s IT EUR 23 3,330 0.02 

ASOS GB GBP 75 3,320 0.02 



Lowe’s US USD 81 3,181 0.02 




VF US USD 14 2,672 0.01 


News (A) US USD 91 2,657 0.01 



Adidas DE EUR 23 2,445 0.01 









Dena JP JPY 53 2,029 0.01 


Honeys JP JPY 100 1,933 0.01 













Saizeriya JP JPY 89 1,532 0.01 

Sankyo Seiko JP JPY 372 1,528 0.01 


PVH US USD 11 1,449 0.01

Fidelity 

Funds 





SGD 








Haseko JP JPY 1,510 1,173 0.01 







PCD Stores Group CN HKD 8,433 965 0.01 







CTS Eventim DE EUR 24 869 0.00 

China Lilang CN HKD 1,216 838 0.00 
















788,554 4.34 



Danone FR EUR 559 41,993 0.23 






PepsiCo US USD 291 24,600 0.14 













Diageo GB GBP 262 9,123 0.05 







L’Oreal FR EUR 47 7,283 0.04 







KT&G KR KRW 55 5,045 0.03 











Metro DE EUR 105 3,685 0.02 


Aeon JP JPY 266 3,528 0.02 

410 



SGD 



AVI ZA ZAR 416 3,348 0.02 












Calbee JP JPY 22 2,495 0.01 













Zhongpin CN USD 93 1,319 0.01 



Vinda International Holdings HK HKD 637 1,080 0.01 

McLeod Russel India IN INR 151 1,036 0.01 








645,113 3.55 

Healthcare 

Sanofi FR EUR 632 67,876 0.37 


Pfizer US USD 941 28,649 0.16 












Merck & Co US USD 180 9,995 0.05 










Sorin IT EUR 1,543 4,423 0.02 












Amgen US USD 23 2,451 0.01 

Humana US USD 27 2,427 0.01 


Elekta (B) SE SEK 136 2,362 0.01 

QIAGEN NL EUR 102 2,167 0.01 

Message JP JPY 1 2,013 0.01 




3SBio ADR CN USD 114 1,860 0.01 

Mesoblast AU AUD 249 1,808 0.01

Fidelity 

Funds 





SGD 


Medy-Tox KR KRW 18 1,664 0.01 


Acrux AU AUD 397 1,625 0.01 

MEDNAX US USD 18 1,540 0.01 


Starpharma Holdings AU AUD 744 1,528 0.01 





Hutchison China MediTech HK GBP 139 1,219 0.01 













441,324 2.43 



Qwest 6.75% 01/12/2021 US USD 24,656 35,601 0.20 





AT&T 5.875% 28/04/2017 US GBP 9,427 21,806 0.12 



AT&T 4.875% 01/06/2044 US GBP 7,977 16,939 0.09 



AT&T 6.80% 15/05/2036 US USD 7,977 13,448 0.07 

AT&T 5.55% 15/08/2041 US USD 8,702 13,421 0.07 






StarHub SG SGD 1,978 7,253 0.04 



KDDI JP JPY 53 4,984 0.03 







Maxis MY MYR 1,058 2,937 0.02 









BCE CA CAD 39 2,073 0.01 

TELUS CA CAD 23 1,805 0.01 



AT&T US USD 28 1,189 0.01 

LG Uplus KR KRW 148 1,151 0.01 

Telecom Corp of New Zealand NZ NZD 429 1,035 0.01 





494,872 2.72 

Financials 





UBS (Reg’d) CH CHF 2,656 48,637 0.27 






411 



SGD 


RBS 5.75% 21/05/2014 EMTN GB EUR 22,481 38,120 0.21 





RBS 5.125% 13/01/2024 GB GBP 14,504 34,036 0.19 

HSBC Bank 1.052% FRN 28/02/2013 EMTN GB USD 27,604 33,759 0.19 













SB Capital (SberBank of Russia) 5.125% 29/10/2022 Reg SLU USD 22,481 27,592 0.15 























ORIX JP JPY 172 21,565 0.12 








ORIX 5.00% 12/01/2016 JP USD 13,779 18,175 0.10 



































ICAP GB GBP 1,617 10,347 0.06 



City Developments SG SGD 881 10,025 0.06

Fidelity 

Funds 





SGD 



























Ageas BE EUR 201 6,248 0.03 









Aon GB USD 73 4,789 0.03 


















Remgro ZA ZAR 156 3,248 0.02 






























ACE CH USD 19 1,829 0.01 







412 



SGD 


IndusInd Bank IN INR 195 1,670 0.01 

Clipan Finance (Indonesia) ID IDR 31,412 1,592 0.01 






Agile Property Holdings CN HKD 986 1,353 0.01 



Imperial Tobacco Finance 7.25% 15/09/2014 EMTN GB EUR 725 1,280 0.01 






China Resources Land HK HKD 385 1,061 0.01 
















Amata (F) TH THB 563 344 0.00 







2,963,639 16.30 

Government 

Germany 3.25% 04/07/2021 DE EUR 210,666 388,258 2.14 

Japan 1.30% 20/06/2020 JP JPY 21,320,416 345,285 1.90 

Japan 1.90% 20/03/2029 JP JPY 20,028,863 325,810 1.79 

Germany 0.50% 07/04/2017 DE EUR 143,586 228,489 1.26 




France 3.00% 25/04/2022 FR EUR 97,900 166,403 0.92 

Japan 0.80% 20/09/2022 JP JPY 10,152,579 155,512 0.86 

Japan 2.50% 20/09/2034 JP JPY 8,824,767 152,623 0.84 


Italy 4.75% 01/09/2021 IT EUR 80,133 128,638 0.71 


Italy 4.75% 15/09/2016 IT EUR 58,740 97,864 0.54 



Italy 2.10% 15/09/2021 IT EUR 55,114 84,318 0.46 

Norway 2.00% 24/05/2023 NO NOK 365,493 78,033 0.43 


Spain 5.50% 30/04/2021 ES EUR 47,137 74,611 0.41 

Japan 2.00% 20/09/2040 JP JPY 3,886,987 60,563 0.33 

Italy 2.10% 15/09/2016 IT EUR 26,832 44,570 0.25 

Germany 1.75% 04/07/2022 DE EUR 24,656 40,147 0.22 





Sweden 4.50% 12/08/2015 SE SEK 20,305 4,117 0.02 

Germany 4.75% 04/07/2040 DE EUR 73 173 0.00 

3,535,240 19.44 



2,688 0.01 








3,379 0.02

Fidelity 

Funds 





SGD 


Energy 



19,753 0.11 

Materials 


22,559 0.12 

Industrials 



Lung Yen Life Service TW TWD 311 1,160 0.01 



24,630 0.14 


Xerox 2.95% 15/03/2017 US USD 4,351 5,456 0.03 

PChome Online TW TWD 207 1,131 0.01 



8,017 0.04 


Comcast 3.125% 15/07/2022 US USD 43,511 55,720 0.31 




Comcast 6.55% 01/07/2039 US USD 10,878 17,658 0.10 

135,539 0.75 







69,718 0.38 

Healthcare 




Pacific Hospital Supply TW TWD 308 1,087 0.01 

75,414 0.41 


DIRECTV 4.375% 14/09/2029 US GBP 13,053 25,974 0.14 

DIRECTV 5.15% 15/03/2042 US USD 15,954 20,271 0.11 

46,245 0.25 

Financials 












Aegon NL EUR 1,462 9,971 0.05 






MetLife 4.125% 13/08/2042 US USD 4,931 6,088 0.03 


National Australia Bank 0.831% FRN 08/01/2013 Reg S AU USD 3,882 4,742 0.03 











413 


299,708 1.65 

Government 



Canada 3.25% 01/06/2021 CA CAD 73,969 101,626 0.56 







France 1.10% 25/07/2022 FR EUR 13,779 25,181 0.14 

871,869 4.79 



922,666 5.07 


Raboa CD 0.264% 27/11/2012 AU USD 69,009 84,194 0.46 




















Deka CP 0.30% 03/12/2012 DE USD 51,757 63,141 0.35 


SMBCE CD 0.27% 07/01/2013 GB USD 51,757 63,126 0.35 

SMBCE CD 0.251% 16/01/2013 GB USD 51,757 63,125 0.35 













TFA CP 0.18% 26/11/2012 AU USD 38,645 47,152 0.26 




Netherlands CP 0.23% 17/01/2013 NL USD 29,329 35,772 0.20 



Credit Agricole CIB (Australia) CP 0.32% 03/12/2012 AU USD 17,252 21,047 0.12 

Landesbank Hessen-Thuringen CP 0.20% 05/11/2012 DE USD 10,351 12,631 0.07 

2,610,450 14.36 

Unlisted 



SGD 

Industrials 



6,839 0.04 



145 0.00 




270 0.00

Fidelity 

Funds 




7,551 0.04 

Financials 







4,124 0.02 



Bank Deposits 



234,593 1.29 





SGD 






(19,245) (0.11) 






SGD 




(3,553) (0.02) 




SGD 



SGD SGD 


Bought SGD Sold JPY at 0.01594 09/11/2012 2,642,941 114,604 0.63 

Bought SGD Sold CAD at 1.24019 09/11/2012 364,063 5,762 0.03 


















Bought GBP Sold SGD at 0.51079 09/11/2012 37,197 201 0.00 






414 

Bought CAD Sold SGD at 0.81369 09/11/2012 16,468 (109) (0.00) 








Bought GBP Sold SGD at 0.50387 09/11/2012 33,739 (277) (0.00) 


Bought JPY Sold SGD at 65.31520 09/11/2012 150,792 (334) (0.00) 


Bought CAD Sold SGD at 0.79673 09/11/2012 15,438 (421) (0.00) 







Bought EUR Sold SGD at 0.62685 09/11/2012 86,145 (664) (0.00) 



Bought EUR Sold SGD at 0.62776 09/11/2012 135,401 (847) (0.00) 




Bought JPY Sold SGD at 64.09220 09/11/2012 85,174 (1,780) (0.01) 





Bought SGD Sold GBP at 1.94398 09/11/2012 781,434 (9,674) (0.05) 



Bought SGD Sold EUR at 1.53216 09/11/2012 3,177,058 (102,006) (0.56) 

71,236 0.39 

Futures 



SGD 













US Treasury Note 10 Year Future 19/12/2012 USD (890,565) (1,474) (0.01) 


9,572 0.05 




SGD SGD 



SGD 






28,733 0.16 


Net Assets 18,184,272 100.00

Fidelity 

Funds 





USA US 17.39 

UK GB 16.25 


Japan JP 7.78 






Italy IT 2.73 

Spain ES 1.97 

Korea KR 1.97 





China CN 1.05 
















India IN 0.11 









Kenya KE 0.01 

Peru PE 0.01 





415

Fidelity 

Funds 

FAWF America Fund 1,4,5 




USD 


Energy 

Chevron US USD 13,538 1,484,055 2.56 






4,511,521 7.79 

Materials 

Mosaic US USD 11,332 593,474 1.02 

593,474 1.02 

Industrials 

Equifax US USD 18,718 938,691 1.62 




ADT US USD 11,717 480,394 0.83 

Pentair CH USD 2,888 121,111 0.21 

3,532,704 6.10 


Google (A) US USD 3,018 2,043,318 3.53 


Apple US USD 3,112 1,855,893 3.20 

Fiserv US USD 12,255 916,033 1.58 



eBay US USD 14,673 708,248 1.22 

Mastercard (A) US USD 1,393 639,498 1.10 






NVIDIA US USD 36,359 437,032 0.75 



13,390,156 23.12 







Lowe’s US USD 25,066 808,124 1.40 

News (A) US USD 28,262 675,188 1.17 




PVH US USD 3,455 368,248 0.64 

Expedia US USD 5,546 330,007 0.57 

Big Lots US USD 6,248 181,572 0.31 

9,051,614 15.63 










6,613,683 11.42 

Healthcare 


Pfizer US USD 68,948 1,719,568 2.97 


Sanofi FR EUR 12,618 1,110,041 1.92 

Celgene US USD 12,110 890,569 1.54 





Humana US USD 8,337 616,744 1.07 

416 



USD 

MEDNAX US USD 5,733 391,262 0.68 


Centene US USD 7,921 300,285 0.52 


11,783,162 20.35 



491,058 0.85 

Financials 



Aon GB USD 22,608 1,216,785 2.10 



ACE CH USD 5,916 464,789 0.80 


6,379,452 11.02 




Net Assets 57,909,087 100.00 



USA US 87.22 

UK GB 3.83 









Fidelity 

Funds 

FAWF American Diversified Fund 1,4,5 




USD 


Energy 


Chevron US USD 543 59,547 1.89 



Apache US USD 185 15,258 0.49 








EQT US USD 79 4,811 0.15 

Ensco (A) GB USD 77 4,416 0.14 





Western Refining US USD 123 3,067 0.10 


Tesoro US USD 67 2,496 0.08 

Marathon Oil US USD 69 2,080 0.07 



311,263 9.90 

Utilities 



PPL US USD 190 5,620 0.18 


Pinnacle West Capital US USD 105 5,568 0.18 

PG&E US USD 117 4,979 0.16 


AES US USD 338 3,527 0.11 


American Electric Power US USD 70 3,114 0.10 


CenterPoint Energy US USD 70 1,500 0.05 

Portland General Electric US USD 47 1,278 0.04 

NV Energy US USD 59 1,118 0.04 


63,448 2.02 

Materials 



Mosaic US USD 196 10,288 0.33 


WR Grace & Co US USD 130 8,403 0.27 


Ecolab US USD 91 6,260 0.20 




Silver Wheaton (USA) CA USD 55 2,227 0.07 


Ball US USD 24 1,018 0.03 


99,833 3.18 

Industrials 




Cummins US USD 216 20,188 0.64 




Danaher US USD 279 14,477 0.46 

Boeing US USD 177 12,486 0.40 




CSX US USD 413 8,476 0.27 


Northrop Grumman US USD 105 7,139 0.23 

Copart US USD 249 7,032 0.22 



417 



USD 

FedEx US USD 59 5,415 0.17 

ADT US USD 125 5,105 0.16 

Corporate Executive Board US USD 102 4,481 0.14 

Chicago Bridge & Iron Co NL USD 49 1,856 0.06 


Sauer-Danfoss US USD 39 1,563 0.05 

Toro US USD 37 1,540 0.05 



AECOM Technology US USD 51 1,092 0.03 


290,504 9.24 


Apple US USD 281 167,378 5.33 

Google (A) US USD 145 98,372 3.13 

Oracle US USD 1,360 42,157 1.34 






eBay US USD 442 21,316 0.68 



IBM US USD 71 13,920 0.44 


Fiserv US USD 130 9,734 0.31 



EMC US USD 313 7,642 0.24 

Visa (A) US USD 54 7,490 0.24 

Linear Technology US USD 212 6,648 0.21 





NVIDIA US USD 425 5,111 0.16 




Altera US USD 128 3,861 0.12 


Analog Devices US USD 86 3,369 0.11 


VMware (A) US USD 38 3,201 0.10 





ADTRAN US USD 144 2,415 0.08 




674,654 21.46 



TJX US USD 751 30,892 0.98 






Lowe’s US USD 549 17,714 0.56 



Expedia US USD 176 10,472 0.33 






News (A) US USD 300 7,175 0.23 

NIKE (B) US USD 73 6,647 0.21 

Coach US USD 118 6,537 0.21 

Target US USD 102 6,492 0.21 


PetSmart US USD 82 5,382 0.17 

VF US USD 34 5,227 0.17 




PVH US USD 37 3,913 0.12 



Fidelity 

Funds 

FAWF American Diversified Fund 1,4,5 - continued 




USD 


O’Reilly Automotive US USD 42 3,567 0.11 

Best Buy US USD 171 2,598 0.08 


Big Lots US USD 66 1,929 0.06 

Ross Stores US USD 29 1,739 0.06 


CBS (B) US USD 43 1,402 0.04 

Marriott International (A) US USD 28 1,013 0.03 



379,653 12.08 




PepsiCo US USD 550 38,084 1.21 












Costco Wholesale US USD 69 6,721 0.21 



Nu Skin Enterprises (A) US USD 108 4,919 0.16 

Whole Foods Market US USD 47 4,429 0.14 



Campbell Soup US USD 91 3,203 0.10 

McCormick & Co US USD 36 2,183 0.07 


342,275 10.89 

Healthcare 

Pfizer US USD 3,054 76,156 2.42 




Merck & Co US USD 453 20,613 0.66 



Humana US USD 217 16,049 0.51 



Amgen US USD 160 13,861 0.44 

Celgene US USD 180 13,258 0.42 


Sanofi FR EUR 134 11,795 0.38 






Aetna US USD 129 5,655 0.18 




MEDNAX US USD 61 4,158 0.13 

Stryker US USD 75 3,930 0.13 




AmerisourceBergen US USD 78 3,099 0.10 

Warner Chilcott (A) IE USD 249 2,896 0.09 




PDL BioPharma US USD 277 2,154 0.07 


Waters US USD 25 2,052 0.07 




CR Bard US USD 5 435 0.01 

446,881 14.22 





AT&T US USD 255 8,830 0.28 

418 




IDT US USD 42 419 0.01 

57,815 1.84 

Financials 







Invesco US USD 631 15,176 0.48 


Aon GB USD 240 12,930 0.41 

MetLife US USD 345 12,143 0.39 



Aflac US USD 182 9,024 0.29 






CBOE Holdings US USD 176 5,183 0.16 


ACE CH USD 63 4,939 0.16 

SLM US USD 240 4,196 0.13 



Loews US USD 91 3,875 0.12 



Home Properties US USD 50 3,019 0.10 






Discover Financial Services US USD 55 2,214 0.07 





CapitalSource US USD 129 1,004 0.03 


430,811 13.71 


Healthcare 


5,079 0.16 

Unlisted 



USD 

Industrials 


896 0.03 




Net Assets 3,143,161 100.00

Fidelity 

Funds 

FAWF American Diversified Fund 1,4,5 - continued 




USA US 94.05 


UK GB 1.04 









419

Fidelity 

Funds 

FAWF American Growth Fund 1,4,5 




USD 


Energy 


Chevron US USD 8,503 932,130 2.19 





Ensco (A) GB USD 3,860 220,852 0.52 


Cameco CA CAD 4,148 79,980 0.19 

5,631,514 13.21 

Utilities 

Exelon US USD 9,393 335,058 0.79 

335,058 0.79 

Materials 


Mosaic US USD 5,434 284,603 0.67 


959,992 2.25 

Industrials 

Danaher US USD 14,443 748,575 1.76 







Deere & Co US USD 2,840 242,120 0.57 


4,107,520 9.64 



Apple US USD 2,048 1,221,197 2.86 

Google (A) US USD 1,212 820,322 1.92 






Altera US USD 10,595 320,169 0.75 


Xilinx US USD 7,644 249,506 0.59 


Intel US USD 8,610 187,189 0.44 

NetApp US USD 6,317 171,008 0.40 



7,112,580 16.69 




Mattel US USD 12,573 462,309 1.08 



Coach US USD 7,123 395,485 0.93 






4,646,406 10.90 







HJ Heinz US USD 12,127 697,892 1.64 



7,026,607 16.48 

420 



USD 

Healthcare 


Pfizer US USD 53,745 1,340,395 3.14 

Merck & Co US USD 28,361 1,291,296 3.03 






Stryker US USD 6,865 359,540 0.84 

6,854,942 16.08 

Financials 






Aon GB USD 11,057 595,065 1.40 

Lazard (A) BM USD 13,413 395,541 0.93 



Franklin Resources US USD 1,823 233,287 0.55 

5,495,095 12.89 




Net Assets 42,627,990 100.00 



USA US 92.87 

UK GB 1.91 



China CN 0.79 






Fidelity 

Funds 

FAWF Asian Special Situations Fund 1,4,5 




USD 


Energy 

CNOOC CN HKD 943,701 1,951,369 2.33 

PTT (F) TH THB 95,338 982,851 1.17 

2,934,220 3.50 

Utilities 




1,577,940 1.88 

Materials 

LG Chem KR KRW 4,063 1,136,668 1.36 

POSCO KR KRW 3,502 1,099,185 1.31 






Korea Zinc KR KRW 1,150 469,248 0.56 


6,262,003 7.47 

Industrials 


Keppel SG SGD 124,077 1,076,758 1.28 


IJM MY MYR 455,188 745,489 0.89 







6,899,410 8.23 






NHN KR KRW 6,959 1,607,823 1.92 


Lenovo Group CN HKD 1,065,516 850,994 1.01 


NCSoft KR KRW 3,465 664,007 0.79 







Elec & Eltek International (Hong-Kong) SG HKD 102,617 223,788 0.27 


22,617,376 26.97 












Prada IT HKD 43,587 352,562 0.42 


Hyundai Department Store KR KRW 1,729 214,384 0.26 

7,981,627 9.52 



KT&G KR KRW 16,526 1,249,749 1.49 

China Mengniu Dairy HK HKD 391,377 1,181,250 1.41 




421 




8,262,147 9.85 

Healthcare 


364,525 0.43 







KT KR KRW 11,299 383,017 0.46 


4,012,454 4.78 

Financials 





CIMB Group Holdings MY MYR 443,001 1,104,949 1.32 










Samsung Fire & Marine Insurance KR KRW 2,786 607,199 0.72 

Chinatrust Financial Holding TW TWD 1,066,433 583,507 0.70 





19,108,283 22.78 








BNP (Ping An Insurance Group (A)) ELN 20/08/2013 NL USD 13,612 84,638 0.10 


2,050,437 2.44 




1,173,133 1.40 

Unlisted 



USD 



352,410 0.42 

Financials 


222,926 0.27 



26,691 0.03 





Fidelity 

Funds 

FAWF Asian Special Situations Fund 1,4,5 - continued 




USD 


Net Assets 83,865,722 100.00 













Italy IT 0.42 



422

Fidelity 

Funds 

FAWF Europe Fund 1,4,5 




USD 


Energy 


BP GB GBP 124,950 893,472 2.90 

BG Group GB GBP 42,870 793,519 2.57 


Saipem IT EUR 9,314 418,761 1.36 



AMEC GB GBP 11,557 197,604 0.64 


4,890,662 15.86 

Materials 



1,084,565 3.52 

Industrials 







1,996,882 6.48 


SAP DE EUR 10,989 801,079 2.60 



1,654,768 5.37 



WPP IE GBP 68,414 882,286 2.86 




PPR FR EUR 1,912 336,492 1.09 



IPSOS FR EUR 5,720 201,136 0.65 

Inditex ES EUR 1,253 160,052 0.52 

Renault FR EUR 3,429 153,517 0.50 

BMW DE EUR 1,630 129,889 0.42 

5,660,642 18.36 


Danone FR EUR 19,123 1,176,402 3.81 








Diageo GB GBP 10,826 309,262 1.00 

L’Oreal FR EUR 1,937 246,902 0.80 


5,575,963 18.08 

Healthcare 

Sanofi FR EUR 15,930 1,401,352 4.54 






3,910,539 12.68 



801,362 2.60 

Financials 


UBS (Reg’d) CH CHF 63,213 948,556 3.08 


423 



USD 







ICAP GB GBP 29,017 152,167 0.49 

4,900,457 15.89 




Net Assets 30,837,466 100.00 



UK GB 43.52 






Spain ES 2.62 

Italy IT 1.36 






Fidelity 

Funds 

FAWF International Fund 1,4,5 




USD 


Energy 


Chevron US USD 2,630 288,264 0.98 



BG Group GB GBP 9,895 183,160 0.62 

BP GB GBP 24,637 176,169 0.60 


Saipem IT EUR 2,372 106,636 0.36 















Apache US USD 494 40,643 0.14 


AMEC GB GBP 1,969 33,661 0.11 


Inpex JP JPY 6 31,981 0.11 


Ensco (A) GB USD 522 29,871 0.10 

CNOOC CN HKD 14,312 29,593 0.10 







Eni IT EUR 1,068 24,538 0.08 


Cameco CA CAD 1,188 22,902 0.08 





EQT US USD 185 11,211 0.04 





Technip FR EUR 57 6,441 0.02 

S-Oil KR KRW 62 5,666 0.02 





PTT (F) TH THB 366 3,776 0.01 
















Toyo Kanetsu JP JPY 573 1,112 0.00 


Anton Oilfield Services Group CN HKD 1,680 504 0.00 

Gold Oil* GB GBP 17,293 415 0.00 

FAR AU AUD 11,253 384 0.00 

3,126,661 10.67 

Utilities 


Exelon US USD 833 29,706 0.10 


FirstEnergy 



US USD 353 16,158 0.06 

424 



USD 

PG&E US USD 338 14,347 0.05 


PPL US USD 443 13,095 0.04 




AES US USD 973 10,163 0.03 












China Resources Power Holdings HK HKD 608 1,299 0.00 

China Longyuan Power Group (H) CN HKD 1,477 955 0.00 

230,350 0.79 

Materials 




Mosaic US USD 1,601 83,861 0.29 



Agrium CA CAD 501 52,493 0.18 




Linde DE EUR 200 33,716 0.12 












IAMGOLD CA CAD 1,301 20,390 0.07 





Lanxess DE EUR 187 15,452 0.05 

LG Chem KR KRW 53 14,735 0.05 

Ecolab US USD 211 14,587 0.05 

Arkema FR EUR 159 14,519 0.05 















Banro CA CAD 1,243 5,672 0.02 

Sumitomo Metal Mining JP JPY 415 5,444 0.02 




POSCO KR KRW 13 4,223 0.01 



Sika (BR) CH CHF 2 3,897 0.01 






Lafarge Malayan Cement MY MYR 874 2,787 0.01 




Fidelity 

Funds 

FAWF International Fund 1,4,5 - continued 




USD 









Teranga Gold CA CAD 886 1,906 0.01 

Nitta Gelatin JP JPY 235 1,904 0.01 


Umicore BE EUR 36 1,829 0.01 


Symrise DE EUR 49 1,778 0.01 

Taiheiyo Cement JP JPY 719 1,531 0.01 





West China Cement CN HKD 5,439 973 0.00 

JSP JP JPY 59 756 0.00 




Stella Chemifa JP JPY 22 412 0.00 










1,456,383 4.97 

Industrials 




Danaher US USD 2,009 104,138 0.36 






Equifax US USD 1,487 74,584 0.25 

Cummins US USD 776 72,424 0.25 














CSX US USD 2,017 41,363 0.14 


ADT US USD 931 38,170 0.13 










Deere & Co US USD 252 21,466 0.07 






Kubota JP JPY 1,707 17,412 0.06 


Boeing US USD 227 15,956 0.05 

Capita GB GBP 1,328 15,484 0.05 

Safran FR EUR 356 14,168 0.05 


Seek AU AUD 1,908 13,179 0.04 

Keppel SG SGD 1,454 12,621 0.04 

FedEx US USD 138 12,619 0.04 


425 



USD 


Alstom FR EUR 355 12,143 0.04 








GFK DE EUR 205 9,363 0.03 





51job ADR CN USD 138 6,455 0.02 




Brammer GB GBP 1,541 5,972 0.02 

Nichias JP JPY 1,158 5,670 0.02 

IMI GB GBP 363 5,588 0.02 



Weir Group GB GBP 181 5,092 0.02 




Sthree GB GBP 932 4,515 0.02 

Nitta JP JPY 291 4,473 0.02 















IJM MY MYR 1,749 2,864 0.01 



CTCI TW TWD 1,321 2,609 0.01 

Sinko Industries JP JPY 494 2,575 0.01 














Colfax US USD 51 1,749 0.01 


SKIL Ports & Logistics GB GBP 991 1,679 0.01 

SembCorp Marine SG SGD 431 1,650 0.01 



Meggitt GB GBP 238 1,481 0.01 

TK KR KRW 55 1,399 0.00 



SMA Solar Technology DE EUR 46 990 0.00 

Hirano Tecseed (Kinzoku) JP JPY 172 947 0.00 


SATS SG SGD 320 727 0.00 



Zhuzhou CSR Times Electric (H) CN HKD 198 579 0.00 

Zoomlion Heavy Industry Science and Technology (H) CN HKD 401 534 0.00 


China High Speed Transmission Equipment Group HK HKD 1,141 389 0.00 

Kitz JP JPY 82 344 0.00 








Haitian International Holdings CN HKD 14 18 0.00

Fidelity 

Funds 





USD 


2,735,318 9.33 


Apple US USD 1,232 735,044 2.51 

Google (A) US USD 773 523,355 1.79 


SAP DE EUR 2,520 183,696 0.63 


Oracle US USD 5,171 160,291 0.55 



eBay US USD 2,560 123,571 0.42 





Fiserv US USD 974 72,784 0.25 













Altera US USD 1,237 37,384 0.13 


NVIDIA US USD 2,889 34,724 0.12 



Fujitsu JP JPY 7,355 28,218 0.10 

Hitachi JP JPY 5,316 28,124 0.10 


Kyocera JP JPY 282 24,773 0.08 



Xilinx US USD 678 22,121 0.08 

EMC US USD 827 20,165 0.07 






Visa (A) US USD 127 17,454 0.06 

Sina CN USD 308 16,958 0.06 

Intel US USD 763 16,596 0.06 

TDK JP JPY 406 15,208 0.05 

NetApp US USD 560 15,162 0.05 






Canon JP JPY 345 11,220 0.04 

SK Hynix KR KRW 479 10,870 0.04 













VMware (A) US USD 89 7,458 0.03 

SCSK JP JPY 437 7,432 0.03 








NHN KR KRW 27 6,177 0.02 



Gree JP JPY 338 5,869 0.02 


ADTRAN US USD 336 5,628 0.02 



426 



USD 



IQE GB GBP 8,764 4,524 0.02 




Alten FR EUR 137 4,306 0.01 


SDL GB GBP 499 4,272 0.01 


Brady GB GBP 2,585 4,232 0.01 



Enigmo JP JPY 39 3,654 0.01 

Topcon JP JPY 771 3,650 0.01 


Stanley Gibbons Group GB GBP 982 3,368 0.01 

Origin Electric JP JPY 854 3,310 0.01 


Vizrt (Norway) IL NOK 869 2,910 0.01 






NCSoft KR KRW 13 2,551 0.01 




Delta Electronics TW TWD 591 2,005 0.01 


Globo GB GBP 5,152 1,922 0.01 

ASM Pacific Technology HK HKD 138 1,530 0.01 


Advantech TW TWD 409 1,402 0.00 

Chroma ATE TW TWD 601 1,136 0.00 



Bond International Software GB GBP 1,158 962 0.00 

YOC DE EUR 97 943 0.00 

CAC JP JPY 105 882 0.00 

Elec & Eltek International (Hong-Kong) SG HKD 394 860 0.00 

Maruwa Aichi JP JPY 28 825 0.00 

Shinko Shoji JP JPY 88 758 0.00 

SouFun Holdings ADR CN USD 41 739 0.00 

WebCrew JP JPY 107 672 0.00 

NSD JP JPY 67 641 0.00 




Ant GB GBP 1,565 505 0.00 

ZTE (H) CN HKD 341 477 0.00 

ITC Networks JP JPY 55 439 0.00 



4,518,713 15.41 





WPP IE GBP 13,791 177,854 0.61 





TJX US USD 2,610 107,309 0.37 






Lowe’s US USD 2,807 90,508 0.31 







News (A) US USD 2,246 53,647 0.18 

BMW DE EUR 667 53,145 0.18 


Expedia US USD 870 51,756 0.18 

PPR FR EUR 293 51,643 0.18 


Coach US USD 906 50,296 0.17 

Inditex ES EUR 384 49,083 0.17 


General Motors US USD 1,840 46,341 0.16

Fidelity 

Funds 





USD 



Mattel US USD 1,115 40,988 0.14 






PVH US USD 275 29,259 0.10 

IPSOS FR EUR 793 27,878 0.10 

Pearson GB GBP 1,340 26,911 0.09 

Renault FR EUR 600 26,836 0.09 







Target US USD 295 18,709 0.06 



NIKE (B) US USD 170 15,489 0.05 


DIRECTV US USD 283 14,455 0.05 

Big Lots US USD 496 14,427 0.05 




Best Buy US USD 835 12,680 0.04 



VF US USD 79 12,179 0.04 









Stanley Electric JP JPY 777 10,679 0.04 





Makita JP JPY 218 8,624 0.03 



ASOS GB GBP 214 7,797 0.03 


Dena JP JPY 245 7,632 0.03 

Informa CH GBP 1,113 7,183 0.02 


Pal JP JPY 124 6,319 0.02 







Duskin JP JPY 290 5,497 0.02 




SHW DE EUR 132 4,951 0.02 

GKN GB GBP 1,441 4,824 0.02 






Hyundai Motor (Pref’d) KR KRW 59 3,845 0.01 













Goldwin JP JPY 402 2,463 0.01 


Fields JP JPY 159 2,276 0.01 



Phorm SG GBP 1,712 1,988 0.01 

427 



USD 

TF1 FR EUR 193 1,663 0.01 


Shimano JP JPY 24 1,534 0.01 

Li Ning CN HKD 2,676 1,412 0.00 

Stella International Holdings HK HKD 529 1,388 0.00 

Prada IT HKD 167 1,354 0.00 


Arnest One JP JPY 87 1,283 0.00 


Bwin.Party Digital Entertainment GI GBP 499 965 0.00 

Otsuka Kagu JP JPY 99 964 0.00 


Hyundai Department Store KR KRW 7 824 0.00 







Goodbaby International Holdings CN HKD 1,704 564 0.00 




Embry Holdings HK HKD 1,010 480 0.00 

SMI HK HKD 20,289 477 0.00 





West Holdings JP JPY 30 388 0.00 












4,056,589 13.84 




Danone FR EUR 3,304 203,254 0.69 



PepsiCo US USD 2,349 162,573 0.55 




Diageo GB GBP 3,990 113,978 0.39 












HJ Heinz US USD 1,075 61,875 0.21 






L’Oreal FR EUR 323 41,225 0.14 


Kellogg US USD 704 36,993 0.13 

Aeon JP JPY 2,127 23,151 0.08 

Pigeon JP JPY 496 22,834 0.08 











Glanbia IE EUR 1,056 10,025 0.03 


Henkel & Co DE EUR 123 7,972 0.03

Fidelity 

Funds 





USD 


Tesco GB GBP 1,031 5,321 0.02 



KT&G KR KRW 63 4,801 0.02 


Aryzta CH CHF 94 4,689 0.02 





Oriflame Cosmetics SDR LU SEK 135 3,734 0.01 




Kao JP JPY 77 2,155 0.01 







Shenguan Holdings Group CN HKD 1,570 862 0.00 




Kobe Bussan JP JPY 17 449 0.00 

Unicharm JP JPY 6 330 0.00 





3,362,134 11.47 

Healthcare 

Pfizer US USD 17,831 444,703 1.52 

Sanofi FR EUR 4,252 374,100 1.28 




Merck & Co US USD 4,071 185,333 0.63 










Celgene US USD 962 70,760 0.24 


Humana US USD 662 49,003 0.17 

Stryker US USD 825 43,201 0.15 



Shire IE GBP 1,141 32,090 0.11 

MEDNAX US USD 455 31,088 0.11 





Centene US USD 629 23,859 0.08 



Amgen US USD 240 20,741 0.07 



Aetna US USD 373 16,296 0.06 




Nikkiso JP JPY 1,000 11,929 0.04 



Olympus JP JPY 538 9,382 0.03 






UCB BE EUR 133 7,788 0.03 





Nexus DE EUR 447 5,456 0.02 

Elan ADR IE USD 503 5,412 0.02 



428 



USD 





Elekta (B) SE SEK 294 4,198 0.01 



Ossur IS DKK 2,680 3,542 0.01 










Optos GB GBP 421 1,385 0.00 



Tsukui JP JPY 56 1,301 0.00 






Uchiyama Holdings JP JPY 18 334 0.00 



3,642,445 12.43 







KDDI JP JPY 422 32,710 0.11 

BCE CA CAD 702 30,533 0.10 

TELUS CA CAD 411 26,587 0.09 


AT&T US USD 627 21,684 0.07 





Telstra AU AUD 3,517 15,097 0.05 





Maxis MY MYR 4,355 9,908 0.03 







StarHub SG SGD 1,972 5,925 0.02 


LG Uplus KR KRW 609 3,883 0.01 




Ziggo NL EUR 47 1,523 0.01 

KT KR KRW 43 1,471 0.01 

Asia Satellite Telecommunications Holdings HK HKD 430 1,365 0.00 

Daisy Group GB GBP 907 1,339 0.00 


O-Net Communications Group CN HKD 439 115 0.00 

739,378 2.52 

Financials 




UBS (Reg’d) CH CHF 12,360 185,470 0.63 


Aon GB USD 2,777 149,438 0.51 










Lloyds Banking Group GB GBP 117,733 77,056 0.26

Fidelity 

Funds 





USD 



ORIX JP JPY 691 70,893 0.24 














Invesco US USD 1,610 38,721 0.13 

ICAP GB GBP 7,351 38,551 0.13 

ACE CH USD 470 36,930 0.13 


Lazard (A) BM USD 1,189 35,069 0.12 



















MetLife US USD 577 20,332 0.07 




















SLM US USD 692 12,091 0.04 



Loews US USD 263 11,166 0.04 




























429 



USD 


























Swire Properties HK HKD 960 2,959 0.01 

JK Wohnbau DE EUR 716 2,927 0.01 























Swiss Re CH CHF 27 1,902 0.01 

Link REIT HK HKD 378 1,877 0.01 




Kinnevik Investment (B) SE SEK 76 1,460 0.00 

Toho Real Estate JP JPY 262 1,431 0.00 

China Pacific Insurance Group (H) CN HKD 441 1,371 0.00 




Amata (F) TH THB 2,319 1,159 0.00 


Frasers Centrepoint Trust SG SGD 704 1,124 0.00 


Tokyu Land JP JPY 183 1,025 0.00 

Dexus Property Group AU AUD 985 1,004 0.00 

Airport Facilities JP JPY 204 938 0.00 

GPT Group AU AUD 250 922 0.00 


Daiwa House Industry JP JPY 56 852 0.00 


CapitaMall Trust SG SGD 465 799 0.00 

SM Prime Holdings PH PHP 2,247 793 0.00 

Nomura Real Estate Office Fund JP JPY 1 783 0.00 

China Liansu Group Holdings CN HKD 1,312 766 0.00 

Man Group GB GBP 604 764 0.00 

Sawada Holdings JP JPY 137 752 0.00 



Nippon Building Fund JP JPY 1 604 0.00 

Robinsons Land PH PHP 1,293 598 0.00 






Daibiru JP JPY 62 501 0.00 



Summarecon Agung ID IDR 2,672 485 0.00

Fidelity 

Funds 





USD 




CITIC Securities (H) CN HKD 237 442 0.00 



Tokyo Tatemono JP JPY 91 374 0.00 


Mirvac Group AU AUD 217 338 0.00 










Asian Property Development (F) TH THB 765 216 0.00 

Hysan Development HK HKD 47 206 0.00 

Agung Podomoro Land ID IDR 4,958 188 0.00 


IGB MY MYR 206 165 0.00 



4,679,424 15.96 






10,330 0.04 



UBS (Kweichow Moutai (A)) ELN 09/07/2015 CN USD 75 2,975 0.01 








UBS (Wuliangye Yibin (A)) ELN 22/04/2013 CN USD 145 780 0.00 

BNP (Ping An Insurance Group (A)) ELN 20/08/2013 NL USD 116 722 0.00 






















27,882 0.10 


Industrials 



16,760 0.06 

Healthcare 


14,637 0.05 

Financials 


Aegon NL EUR 1,100 6,144 0.02 


39,564 0.13 

430 




19,707 0.07 

Unlisted 



USD 

Energy 






10,472 0.04 

Utilities 



0 0.00 

Materials 




626 0.00 

Industrials 





245 0.00 







2,281 0.01 





0 0.00 

Healthcare 



517 0.00 








26,587 0.09 

Financials 









15,267 0.05 




151 0.00 


Total Investments (Cost USD 25,380,629) 28,732,439 98.02

Fidelity 

Funds 

























972 0.00 

Futures 





USD USD 



USD 

Euro Stoxx 50 Future 21/12/2012 EUR 28,839 564 0.00 


371 0.00 


Net Assets 29,314,019 100.00 

431 



USA US 49.19 

UK GB 11.67 

Japan JP 8.20 







China CN 1.62 



Korea KR 1.02 

Spain ES 0.81 


Italy IT 0.57 

























Fidelity 

Funds 

FAWF Japan Fund 1,4,5 




USD 


Energy 


Inpex JP JPY 11 62,411 2.83 


180,245 8.18 

Materials 








198,562 9.02 

Industrials 








391,959 17.80 




Canon JP JPY 674 21,896 0.99 


SCSK JP JPY 853 14,504 0.66 

111,341 5.06 










Duskin JP JPY 566 10,727 0.49 

470,015 21.34 



23,150 1.05 

Healthcare 




101,604 4.61 




181,027 8.22 

Financials 









475,827 21.61 



432 



USD 


Net Assets 2,202,364 100.00 







Fidelity 

Funds 

FAWF Pacific Fund 1,4,5 




USD 


Energy 




Linc Energy AU AUD 55,988 31,704 0.11 

555,076 1.90 

Utilities 




476,616 1.63 

Materials 



Soulbrain KR KRW 3,354 134,584 0.46 


Ise Chemical JP JPY 18,253 114,571 0.39 




Nihon Parkerizing JP JPY 5,463 82,281 0.28 



1,356,946 4.65 

Industrials 


Nitta JP JPY 17,043 261,611 0.90 

EVA Precision Industrial Holdings HK HKD 2,230,391 234,402 0.80 

51job ADR CN USD 4,531 211,854 0.73 


TK KR KRW 7,715 195,002 0.67 


Nihon M&A Center JP JPY 5,263 158,040 0.54 



SHO-BOND Holdings JP JPY 3,997 120,788 0.41 

Hamakyorex JP JPY 3,837 119,520 0.41 


KEPCO Plant Service & Engineering KR KRW 2,145 117,686 0.40 


Seek AU AUD 16,447 113,622 0.39 




Airtac International Group CN TWD 17,429 81,148 0.28 

Austal AU AUD 61,706 78,062 0.27 



WCT MY MYR 81,743 73,752 0.25 

Gateway Distriparks IN INR 27,602 73,088 0.25 



Power Logics KR KRW 17,191 63,127 0.22 

Asahi Diamond Industrial JP JPY 6,664 58,909 0.20 

Muhibbah Engineering (M) MY MYR 177,754 53,750 0.18 

Weichai Power (H) CN HKD 9,798 34,436 0.12 

Fook Woo Group Holdings* HK HKD 334,836 29,595 0.10 

3,926,408 13.45 



Daou Technology KR KRW 38,604 547,337 1.87 






VTech Holdings HK HKD 16,519 195,269 0.67 

Internet Initiative Japan JP JPY 6,902 180,239 0.62 


NHN KR KRW 657 151,881 0.52 

Duksan Hi-Metal KR KRW 7,832 146,053 0.50 


Perfect World ADR CN USD 12,577 133,696 0.46 

Fujitsu JP JPY 32,127 123,259 0.42 

NSD JP JPY 12,166 116,334 0.40 

Financial Technologies India IN INR 6,299 116,113 0.40 

REA Group AU AUD 6,456 115,454 0.40 

433 



USD 





Sina CN USD 1,908 104,921 0.36 

Horiba JP JPY 3,824 104,142 0.36 

Bitauto Holdings ADR CN USD 20,243 103,238 0.35 



NCSoft KR KRW 504 96,598 0.33 



AutoNavi Holdings ADR CN USD 8,164 88,823 0.30 

NQ Mobile ADR CN USD 10,999 77,985 0.27 

KongZhong ADR CN USD 12,963 76,354 0.26 

VanceInfo Technologies ADR CN USD 9,647 75,726 0.26 


Geodesic IN INR 89,325 65,719 0.23 

Jiayuan.com International ADR CN USD 11,533 64,352 0.22 


VST Holdings HK HKD 326,122 56,964 0.20 

Micronics Japan JP JPY 14,429 52,383 0.18 

China High Precision Automation Group* HK HKD 217,559 27,847 0.10 


6,341,020 21.72 



Media Nusantara Citra ID IDR 1,550,508 454,820 1.56 





Universal Entertainment JP JPY 9,126 195,916 0.67 


REXLot Holdings HK HKD 2,419,740 174,081 0.60 



Navitas AU AUD 35,520 151,470 0.52 

Toridoll JP JPY 9,959 149,882 0.51 


Dena JP JPY 4,249 132,309 0.45 

Honeys JP JPY 7,922 126,052 0.43 

Rakuten JP JPY 13,674 122,806 0.42 

Chiyoda JP JPY 4,240 121,155 0.41 



China Lodging Group ADR CN USD 6,477 110,180 0.38 



Saizeriya JP JPY 7,119 99,885 0.34 

Sankyo Seiko JP JPY 29,616 99,633 0.34 


Royale Furniture Holdings HK HKD 1,168,528 97,224 0.33 





Haseko JP JPY 120,160 76,473 0.26 





YGM Trading HK HKD 25,276 60,555 0.21 

Imagi International Holdings HK HKD 4,190,242 59,711 0.20 

Suzuki Motor JP JPY 2,623 59,389 0.20 

YOU On Demand Holdings US USD 16,554 58,600 0.20 

Point JP JPY 1,538 58,504 0.20 


China Lilang CN HKD 96,813 54,673 0.19 

Xebio JP JPY 2,627 51,336 0.18 

Educomp Solutions IN INR 13,313 36,272 0.12 



IJM Land Wts 11/09/2013 MY MYR 6,790 1,842 0.01 

5,953,236 20.39 







Calbee JP JPY 1,773 162,751 0.56 




Fidelity 

Funds 

FAWF Pacific Fund 1,4,5 - continued 




USD 



Tiga Pilar Sejahtera Food ID IDR 1,134,727 106,043 0.36 



Zhongpin CN USD 7,427 86,003 0.29 



McLeod Russel India IN INR 12,048 67,581 0.23 

2,180,157 7.47 

Healthcare 



Message JP JPY 43 131,262 0.45 


3SBio ADR CN USD 9,040 121,312 0.42 



Medy-Tox KR KRW 1,445 108,502 0.37 

Acrux AU AUD 31,612 105,960 0.36 


Hutchison China MediTech HK GBP 11,036 79,484 0.27 



1,695,798 5.81 




654,298 2.24 

Financials 

ORIX JP JPY 9,784 1,003,461 3.44 















Lippo Karawaci ID IDR 1,365,206 131,834 0.45 

IndusInd Bank IN INR 15,547 108,888 0.37 

Clipan Finance (Indonesia) ID IDR 2,499,947 103,833 0.36 


Sapphire Technology KR KRW 2,930 96,986 0.33 



Clipan Finance (Indonesia) Wts 07/10/2014 ID IDR 345,197 1,864 0.01 


5,017,918 17.19 



80,968 0.28 


Industrials 


Tat Hong Holdings Wts 02/08/2013 SG SGD 7,618 6 0.00 

Aps-Star Industries* IN INR 2,601 0 0.00 

75,678 0.26 


PChome Online TW TWD 16,441 73,754 0.25 



167,016 0.57 

Healthcare 

Pacific Hospital Supply TW TWD 24,513 70,895 0.24 

70,895 0.24 



472 0.00 

434 

Unlisted 



USD 

Industrials 


443,904 1.52 




17,652 0.06 




Net Assets 29,196,637 100.00 










India IN 3.29 



USA US 1.13 






Fidelity 

Funds 

FAWF US Large-Cap Stock Fund 1,4,5 




USD 


Energy 

Chevron US USD 9,155 1,003,571 2.65 






3,032,949 7.99 

Materials 

Mosaic US USD 7,700 403,249 1.06 

403,249 1.06 

Industrials 

Equifax US USD 12,500 626,875 1.65 




ADT US USD 7,656 313,896 0.83 

Pentair CH USD 1,994 83,608 0.22 

2,372,805 6.25 


Google (A) US USD 1,987 1,345,358 3.55 


Apple US USD 2,118 1,263,218 3.33 

Fiserv US USD 8,110 606,222 1.60 



eBay US USD 10,047 484,969 1.28 







NVIDIA US USD 24,842 298,601 0.79 



9,003,447 23.73 







Lowe’s US USD 16,417 529,284 1.40 

News (A) US USD 18,600 444,354 1.17 




PVH US USD 2,366 252,145 0.66 

Expedia US USD 3,798 225,981 0.60 

Big Lots US USD 4,100 119,146 0.31 

6,040,896 15.92 










4,422,905 11.66 

Healthcare 


Pfizer US USD 46,511 1,159,984 3.06 


Sanofi FR EUR 8,400 738,965 1.95 

Celgene US USD 7,900 580,966 1.53 





Humana US USD 5,500 406,890 1.07 

435 



USD 

MEDNAX US USD 4,015 274,024 0.72 


Centene US USD 5,400 204,714 0.54 


7,910,700 20.85 



331,085 0.87 

Financials 



Aon GB USD 14,942 804,178 2.12 



ACE CH USD 3,800 298,566 0.79 


4,236,972 11.17 




Net Assets 37,936,994 100.00 



USA US 89.24 

UK GB 3.89 









Fidelity 

Funds 

FAWF US Dollar Bond Fund 1,4,5 




USD 


Energy 


Weatherford Bermuda 5.95% 15/04/2042 BM USD 41,007 44,764 0.38 

Noble Holding International 5.25% 15/03/2042 KY USD 39,143 44,269 0.38 

Weatherford Bermuda 4.50% 15/04/2022 BM USD 34,794 37,129 0.32 

MOL Group Finance 6.25% 26/09/2019 EMTN LU USD 33,551 33,984 0.29 



Western Gas Partners 4.00% 01/07/2022 US USD 27,959 29,733 0.25 

Anadarko Petroleum 6.20% 15/03/2040 US USD 21,746 27,610 0.24 

BG Energy Capital 6.50% VRN 30/11/2072 GB USD 25,163 27,504 0.23 




Noble Holding International 3.05% 01/03/2016 KY USD 21,125 22,124 0.19 


El Paso Pipeline Partners Operating 7.50% 15/11/2040 US USD 9,767 13,395 0.11 

Weatherford International 6.75% 15/09/2040 BM USD 3,728 4,408 0.04 

499,407 4.25 

Utilities 

Terna Rete Elettrica Nazionale 2.875% 16/02/2018 EMTN IT EUR 39,764 52,392 0.45 

Duke Energy 3.05% 15/08/2022 US USD 44,735 46,063 0.39 




Korea Midland Power 5.375% 11/02/2013 KR USD 24,853 25,136 0.21 

Sempra Energy 2.875% 01/10/2022 US USD 23,610 24,097 0.21 

Korea Southern Power 5.375% 18/04/2013 Reg S KR USD 21,125 21,531 0.18 


Alabama Power 5.20% 15/01/2016 US USD 7,419 8,440 0.07 




283,136 2.41 

Materials 

Ball 5.00% 15/03/2022 US USD 37,279 39,492 0.34 

Vale 5.625% 11/09/2042 BR USD 24,853 26,556 0.23 



Vale 3.75% 10/01/2023 EMTN BR EUR 18,018 23,474 0.20 


BHP Billiton Finance 3.25% 25/09/2024 EMTN AU GBP 12,426 19,949 0.17 

Vale Overseas Limited 4.375% 11/01/2022 KY USD 16,776 17,845 0.15 



227,242 1.94 

Industrials 



MTR (Cayman Islands) 2.00% 12/04/2017 Reg S KY USD 17,397 17,762 0.15 

Burlington Northern Santa Fe 5.05% 01/03/2041 US USD 6,834 8,066 0.07 

113,586 0.97 


Xerox 4.50% 15/05/2021 US USD 18,018 19,009 0.16 

Hewlett-Packard 4.65% 09/12/2021 US USD 16,776 16,828 0.14 

35,837 0.31 


Virgin Media Secured Finance 7.00% 15/01/2018 GB GBP 36,036 63,064 0.54 

McDonald’s 4.00% 17/02/2021 EMTN US EUR 28,581 42,950 0.37 

Wyndham Worldwide 5.75% 01/02/2018 US USD 21,597 23,624 0.20 

BMW Finance 3.25% 14/01/2019 EMTN NL EUR 13,669 19,347 0.16 

Ingersoll-Rand Global Holding 9.50% 15/04/2014 BM USD 9,941 11,127 0.09 

Time Warner 4.90% 15/06/2042 US USD 7,456 8,279 0.07 

168,391 1.43 



Philip Morris International 2.90% 15/11/2021 US USD 38,522 40,538 0.35 



Walgreen 5.25% 15/01/2019 US USD 21,746 25,586 0.22 



CVS Caremark 5.75% 15/05/2041 US USD 14,912 19,305 0.16 

436 



USD 






Anheuser-Busch InBev 3.75% 15/07/2042 US USD 10,873 11,123 0.09 



337,556 2.88 

Healthcare 


Cigna 5.375% 15/02/2042 US USD 26,717 31,473 0.27 

Aetna 4.125% 01/06/2021 US USD 23,610 26,260 0.22 

Wyeth 6.50% 01/02/2034 US USD 17,397 24,489 0.21 

Laboratory Corp of America Holdings 2.20% 23/08/2017 US USD 21,746 22,475 0.19 


Cigna 4.50% 15/03/2021 US USD 17,148 19,314 0.16 






232,956 1.98 




KPN 3.25% 01/02/2021 NL EUR 26,095 34,336 0.29 

AT&T 6.80% 15/05/2036 US USD 18,639 25,751 0.22 

AT&T 6.55% 15/02/2039 US USD 18,639 25,653 0.22 

Vodafone Group 1.625% 20/03/2017 GB USD 24,231 24,817 0.21 

Cellco Partnership 8.50% 15/11/2018 US USD 12,426 17,305 0.15 


Sunrise Communications 4.971% FRN 31/12/2017 Reg S LU EUR 11,184 14,888 0.13 



Embarq 7.995% 01/06/2036 US USD 9,941 10,874 0.09 

310,424 2.64 

Financials 


KfW 1.625% 15/08/2019 EMTN DE USD 146,009 148,386 1.26 



Bank Nederlandse Gemeenten 1.375% 27/09/2017 144A NL USD 74,558 75,069 0.64 



Bank Nederlandse Gemeenten 4.375% 16/02/2021 Reg S NL USD 45,977 53,918 0.46 



Aon 3.125% 27/05/2016 US USD 46,599 49,332 0.42 

Westpac Banking 3.625% VRN 28/02/2023 EMTN AU USD 45,977 46,814 0.40 

Sun Hung Kai Properties CM 4.50% 14/02/2022 EMTN KY USD 41,007 44,361 0.38 

VTB Capital (VTB Bank) 6.00% 12/04/2017 144A LU USD 41,628 43,343 0.37 


KfW 6.25% 19/05/2021 MTN DE AUD 34,794 41,838 0.36 




General Electric Capital 4.25% 31/01/2013 EMTN US USD 37,279 37,611 0.32 

PKO Finance 4.63% 26/09/2022 Reg S SE USD 32,930 34,068 0.29 


BP Capital Markets 3.125% 01/10/2015 GB USD 31,066 33,189 0.28 





Barclays Bank 6.75% 22/05/2019 GB USD 24,853 30,455 0.26 


Metropolitan Life GF I 3.50% 30/09/2026 US GBP 18,018 29,812 0.25 

JPMorgan Chase Bank 6.00% 01/10/2017 US USD 24,853 29,511 0.25 



Rabobank Nederland 5.25% 14/09/2027 EMTN NL GBP 16,154 27,130 0.23 


Standard Chartered Bank 9.50% VRN (Perpetual) GB USD 23,610 25,852 0.22 

Eurasian Development Bank 4.767% 20/09/2022 144A 99 USD 24,853 25,523 0.22 

Swedbank 0.790% FRN 14/01/2013 144A SE USD 24,853 24,982 0.21 

Korea Eximbank 5.00% 27/07/2015 KR AUD 22,367 23,662 0.20 

Hyundai Capital Services 6.00% 05/05/2015 Reg S KR USD 19,882 21,980 0.19 

Bank of America 4.75% VRN 06/05/2019 US EUR 17,397 21,285 0.18 





Fidelity 

Funds 

FAWF US Dollar Bond Fund 1,4,5 - continued 




USD 


Lloyds TSB Bank 3.966% FRN 17/04/2014 EMTN GB USD 19,261 19,977 0.17 


FCE Bank 2.875% 03/10/2017 EMTN GB EUR 13,669 18,195 0.15 

HSBC USA 2.375% 13/02/2015 US USD 16,154 16,707 0.14 


Hyundai Capital Services 3.50% 13/09/2017 Reg S KR USD 12,426 13,093 0.11 


ING Bank 1.108% FRN 23/05/2016 EMTN NL USD 12,426 11,836 0.10 



Nordea Bank 6.25% VRN 10/09/2018 EMTN SE EUR 4,971 6,687 0.06 

2,099,138 17.88 

Government 

Germany 1.75% 04/07/2022 DE EUR 49,705 66,324 0.56 

Germany 2.00% 04/01/2022 DE EUR 43,492 59,581 0.51 

Korea 7.125% 16/04/2019 KR USD 37,279 48,579 0.41 

Australia 4.75% 21/04/2027 AU AUD 38,522 45,858 0.39 

Qatar 3.125% 20/01/2017 Reg S QA USD 21,125 22,398 0.19 

242,740 2.07 


Energy 

Petroleos Mexicanos 5.50% 27/06/2044 MX USD 25,474 27,798 0.24 







111,164 0.95 

Utilities 

Sempra Energy 1.149% FRN 15/03/2014 US USD 27,959 28,124 0.24 

Schlumberger Norge 1.25% 01/08/2017 144A NO USD 20,503 20,542 0.17 

Niagara Mohawk Power 3.553% 01/10/2014 144A US USD 14,912 15,638 0.13 

Baltimore Gas & Electric 6.125% 01/07/2013 US USD 9,320 9,711 0.08 

TXU Eastern Funding 6.45% 15/05/2005 (Defaulted)* GB USD 10,873 0 0.00 

74,015 0.63 

Materials 


Ecolab 1.00% 09/08/2015 US USD 24,853 24,978 0.21 

Mexichem 6.75% 19/09/2042 144A MX USD 17,397 18,832 0.16 

72,608 0.62 

Industrials 

Verisk Analytics 4.125% 12/09/2022 US USD 35,415 35,991 0.31 


44,712 0.38 


Xerox 1.257% FRN 16/05/2014 US USD 15,533 15,536 0.13 

Hewlett-Packard 0.823% FRN 30/05/2014 US USD 12,426 12,262 0.10 

27,798 0.24 


News America 3.00% 15/09/2022 144A US USD 47,841 48,754 0.42 


COX Communications 8.375% 01/03/2039 144A US USD 17,397 27,339 0.23 

News America 7.85% 01/03/2039 US USD 18,018 25,618 0.22 

Comcast 6.40% 01/03/2040 US USD 17,832 23,568 0.20 


Comcast 5.85% 15/11/2015 US USD 18,639 21,405 0.18 



230,017 1.96 


Walgreen 0.899% FRN 13/03/2014 US USD 21,125 21,201 0.18 




69,009 0.59 

Healthcare 



Teva Pharmaceutical Finance IV 1.70% 10/11/2014 US USD 24,853 25,427 0.22 


Medco Health Solutions 4.125% 15/09/2020 US USD 20,342 22,646 0.19 


437 



USD 






235,394 2.01 


DIRECTV 4.375% 14/09/2029 US GBP 22,367 36,473 0.31 




DIRECTV 6.35% 15/03/2040 US USD 14,912 17,800 0.15 



151,798 1.29 

Financials 


Credit Agricole 3.00% 01/10/2017 144A FR USD 49,705 50,467 0.43 

National Australia Bank 1.569% FRN 07/08/2015 AU USD 46,599 47,371 0.40 

ING Bank 3.90% 19/03/2014 144A NL USD 43,492 45,515 0.39 

Rabobank Nederland 3.875% 08/02/2022 NL USD 40,386 43,913 0.37 

Societe Generale 2.75% 12/10/2017 FR USD 42,871 43,177 0.37 

Nordea Bank 2.25% 20/03/2015 144A SE USD 39,143 40,003 0.34 

Bank of America 1.733% FRN 30/01/2014 MTN US USD 37,279 37,764 0.32 


Hyundai Capital America 4.00% 08/06/2017 Reg S US USD 34,172 37,030 0.32 


Commonwealth Bank of Australia 3.25% 17/03/2016 144A AU USD 30,445 32,508 0.28 

Metropolitan Life GF I 4.75% 28/09/2017 MTN US AUD 29,823 31,346 0.27 

Commonwealth Bank Aust. 1.185% FRN 18/09/2015 144A AU USD 31,066 31,294 0.27 

American Honda Finance 1.50% 11/09/2017 144A US USD 31,066 31,211 0.27 

American Honda Finance 1.00% 11/08/2015 144A US USD 31,066 31,160 0.27 

ING Bank Sydney 7.00% 22/03/2016 NL AUD 22,367 24,928 0.21 

Westpac Banking 1.375% 17/07/2015 144A AU USD 22,989 23,317 0.20 

Hyundai Capital America 1.625% 02/10/2015 144A US USD 22,367 22,500 0.19 

Hyundai Capital America 2.125% 02/10/2017 144A US USD 22,367 22,477 0.19 

Citigroup 1.290% FRN 01/04/2014 US USD 22,367 22,388 0.19 

Caterpillar Financial Services 2.85% 01/06/2022 MTN US USD 20,503 21,523 0.18 

Westpac Banking 1.130% FRN 17/07/2015 144A AU USD 21,125 21,397 0.18 




Danske Bank 1.390% FRN 14/04/2014 144A DK USD 19,261 19,228 0.16 

Caterpillar Financial Services 1.625% 01/06/2017 MTN US USD 17,397 17,818 0.15 

Bank of America 1.897% FRN 11/07/2014 US USD 16,154 16,368 0.14 

Swedbank Hypotek 0.812% FRN 28/03/2014 144A SE USD 14,912 14,936 0.13 

ING Bank Sydney 5.887% FRN 22/03/2016 NL AUD 12,426 13,218 0.11 

ING Bank 1.808% FRN 09/06/2014 144A NL USD 12,426 12,518 0.11 

Liberty Mutual Group 4.95% 01/05/2022 144A US USD 9,941 10,826 0.09 


Goldman Sachs Group 1.439% FRN 07/02/2014 US USD 8,885 8,903 0.08 

Medallion Trust 2007-1G A1 0.467% FRN 27/02/2039 AU USD 6,719 6,674 0.06 




1,164,055 9.92 

Government 









Canada 1.50% 01/09/2017 CA CAD 236,100 237,949 2.03 









Chile 2.25% 30/10/2022 CL USD 49,705 48,932 0.42 

Mexico 4.75% 08/03/2044 MTN MX USD 22,367 24,831 0.21 

Finland 6.95% 15/02/2026 FI USD 12,426 17,592 0.15 

4,568,276 38.91 



37,338 0.32

Fidelity 

Funds 

Unlisted 

Financials 


0 0.00 






USD 

Bought protection on Itraxx Asia Ex-Japan 20/12/2016 USD 62,132 741 0.01 

Sold protection on Caterpillar 20/12/2016 USD 12,426 164 0.00 

Bought protection on Yum Brands 20/09/2016 USD 24,853 (556) (0.00) 

Sold protection on Xerox Corporation 20/12/2016 USD 12,426 (652) (0.01) 

(303) (0.00) 




USD USD 

















(16,559) (0.14) 

Futures 

FAWF US Dollar Bond Fund 1,4,5 - continued 




USD 



USD 


Euro Bund Future 06/12/2012 EUR (103,873) 484 0.00 




2,933 0.02 


Net Assets 11,739,673 100.00 

438 



USA US 62.35 

UK GB 4.19 



Korea KR 2.74 










Italy IT 0.69 



Chile CL 0.42 






Spain ES 0.22 

Qatar QA 0.19 






Fidelity 

Funds 

FAWF US High Income Fund 1,4,5 




USD 


Energy 





Teekay 8.50% 15/01/2020 MH USD 233,447 248,104 0.15 








Tesoro 5.375% 01/10/2022 US USD 109,177 114,090 0.07 


Tesoro 4.25% 01/10/2017 US USD 96,976 101,098 0.06 





Berry Petroleum 6.75% 01/11/2020 US USD 43,382 46,418 0.03 






4,464,287 2.75 

Utilities 




AES 8.00% 15/10/2017 US USD 373,624 427,566 0.26 




AES 7.75% 15/10/2015 US USD 108,454 122,553 0.08 


CMS Energy 6.875% 15/12/2015 US USD 16,991 19,267 0.01 

Edison Mission Energy 7.00% 15/05/2017 US USD 5,332 2,594 0.00 

3,636,288 2.24 

Materials 




Orion Engineered Carbons 9.625% 15/06/2018 144A DE USD 138,568 151,039 0.09 

Graphic Packaging International 7.875% 01/10/2018 US USD 68,507 76,043 0.05 

Owens-Illinois 7.80% 15/05/2018 US USD 18,979 21,874 0.01 

1,170,547 0.72 

Industrials 





Meritor 8.125% 15/09/2015 US USD 283,391 284,099 0.18 





Anixter 5.625% 01/05/2019 US USD 79,081 83,268 0.05 

Briggs & Stratton 6.875% 15/12/2020 US USD 63,807 70,666 0.04 

Corrections Corp of America 7.75% 01/06/2017 US USD 62,994 67,561 0.04 


3,362,079 2.07 




Freescale Semiconductor US USD 9,770 89,883 0.06 

Jabil Circuit 5.625% 15/12/2020 US USD 77,093 82,200 0.05 

894,224 0.55 






KB Home 7.50% 15/09/2022 US USD 245,468 267,560 0.17 

439 



USD 







Autonation 6.75% 15/04/2018 US USD 132,133 148,606 0.09 



Sonic Automotive 9.00% 15/03/2018 US USD 90,830 99,459 0.06 

Continental Rubber 4.50% 15/09/2019 144A US USD 95,620 96,574 0.06 




Ryland Group 5.375% 01/10/2022 US USD 52,600 53,521 0.03 

Choice Hotels Intl 5.75% 01/07/2022 US USD 45,551 49,992 0.03 

KB Home 8.00% 15/03/2020 US USD 42,930 48,132 0.03 





Time Warner Cable US USD 1 64 0.00 








3,997,714 2.47 


Rite Aid 7.50% 01/03/2017 US USD 687,780 707,172 0.44 

Rite Aid 10.375% 15/07/2016 US USD 561,069 595,435 0.37 

Rite Aid 8.00% 15/08/2020 US USD 469,245 537,285 0.33 


Rite Aid 9.75% 12/06/2016 US USD 55,040 60,166 0.04 

Rite Aid 9.50% 15/06/2017 US USD 33,621 34,551 0.02 

2,096,966 1.29 

Healthcare 

HCA 4.75% 01/05/2023 US USD 901,344 903,034 0.56 

HCA 6.50% 15/02/2020 US USD 695,643 769,324 0.47 

HCA 5.875% 15/03/2022 US USD 606,349 649,974 0.40 


HCA 6.25% 15/02/2013 US USD 419,717 427,269 0.26 


HCA 7.25% 15/09/2020 US USD 355,458 392,145 0.24 

HCA 5.875% 01/05/2023 US USD 338,196 343,692 0.21 

HCA 7.50% 15/02/2022 US USD 300,237 337,473 0.21 





HCA 6.375% 15/01/2015 US USD 156,264 168,186 0.10 






HCA 6.75% 15/07/2013 US USD 69,591 71,940 0.04 


HCA 9.875% 15/02/2017 US USD 4,519 4,858 0.00 

6,904,997 4.26 
















4,396,609 2.71 




Fidelity 

Funds 

FAWF US High Income Fund 1,4,5 - continued 




USD 

Financials 


























Realogy Holdings US USD 835 28,001 0.02 



12,063,550 7.44 


Energy 





Unit 6.625% 15/05/2021 144A US USD 553,658 567,500 0.35 





















QR Enregy 9.25% 01/08/2020 144A US USD 134,754 140,481 0.09 

Halcon Resources 8.875% 15/05/2021 144A US USD 137,285 139,859 0.09 


Apache 6.00% 01/08/2013 US USD 2,832 131,539 0.08 

Penn Virginia Resource 8.375% 01/06/2020 144A US USD 117,492 122,779 0.08 


Chesapeake Energy 5.00% (Perpetual) US USD 1,388 115,181 0.07 

Sandridge Energy 7.50% 15/03/2021 144A US USD 110,171 114,854 0.07 

Ep Ener/Everest Acq Fin 7.75% 01/09/2022 144A US USD 109,177 114,090 0.07 

Targa Resources Partners 6.875% 01/02/2021 US USD 79,533 86,492 0.05 




Rosetta Resources 9.50% 15/04/2018 US USD 70,766 78,728 0.05 


Crestwood Midstream 7.75% 01/04/2019 US USD 72,574 74,751 0.05 

ATP Oil & Gas 11.875% 01/05/2015 (Defaulted) US USD 478,915 74,232 0.05 

Crosstex Energy 8.875% 15/02/2018 US USD 67,693 72,940 0.04 

Epl Oil & Gas 8.25% 15/02/2018 US USD 55,492 56,325 0.03 

Trinidad Drilling 7.875% 15/01/2019 144A CA USD 43,472 47,304 0.03 

Venoco 11.50% 01/10/2017 US USD 46,183 46,183 0.03 


Tesoro Logistics 5.875% 01/10/2020 144A US USD 32,807 34,120 0.02 

PDC Energy 12.00% 15/02/2018 US USD 30,277 33,260 0.02 



11,235,035 6.93 

440 



USD 

Utilities 

Energy Future Inter. Holding 11.75% 01/03/2022 144A US USD 2,169,986 2,132,011 1.31 








PPL 8.75% 01/05/2014 US USD 5,875 319,167 0.20 

DPL 6.50% 15/10/2016 US USD 291,832 318,826 0.20 





PPL 9.50% 01/07/2013 US USD 3,525 191,112 0.12 


AES 7.375% 01/07/2021 US USD 142,708 160,546 0.10 




Texas Competitive Electric 11.50% 01/10/2020 144A US USD 148,040 111,474 0.07 

Ipalco Enterprises 7.25% 01/04/2016 144A US USD 68,326 76,354 0.05 

Star Gas Partners 8.875% 01/12/2017 US USD 65,976 67,626 0.04 


AES Trust III 6.75% 15/10/2029 US USD 911 45,496 0.03 

AES 9.75% 15/04/2016 US USD 18,618 22,295 0.01 



10,400,925 6.41 

Materials 










AngloGold Ashanti Holdings 6.00% 15/09/2013 GB USD 6,753 270,393 0.17 














Severstal Columbus 10.25% 15/02/2018 US USD 114,329 118,690 0.07 


OXEA Finance 9.50% 15/07/2017 144A LU USD 74,942 81,874 0.05 

Boart Longyear Management 7.00% 01/04/2021 144A AU USD 69,591 70,722 0.04 

Ardagh (USA) 9.125% 15/10/2020 144A IE USD 66,880 69,890 0.04 


Essar Steel Algoma 9.375% 15/03/2015 144A CA USD 69,049 66,115 0.04 

Texas Petrochemical 8.25% 01/10/2017 US USD 57,029 62,732 0.04 


Boise Cascade 6.375% 01/11/2020 144A US USD 46,906 47,717 0.03 



New Gold 7.00% 15/04/2020 144A CA USD 37,778 40,234 0.02 

Sappi Papier Holding 6.625% 15/04/2021 144A AT USD 33,711 32,194 0.02 

Aperam 7.375% 01/04/2016 144A LU USD 32,446 28,309 0.02 


Aperam 7.75% 01/04/2018 144A LU USD 25,848 21,433 0.01 


7,610,856 4.69 

Industrials 











HDTFS 5.875% 15/10/2020 144A US USD 144,244 146,047 0.09 

Nortek 8.50% 15/04/2021 144A US USD 121,921 131,956 0.08

Fidelity 

Funds 





USD 

Trac Intermodal 11.00% 15/08/2019 144A US USD 114,690 118,418 0.07 


Clean Harbors 5.25% 01/08/2020 144A US USD 111,708 113,663 0.07 

HDTFS 6.25% 15/10/2022 144A US USD 103,031 104,706 0.06 

Delta Air Lines 2009 1A 7.75% 17/12/2019 US USD 89,072 102,433 0.06 

Kansas City Southern Mexico 8.00% 01/02/2018 MX USD 90,378 100,659 0.06 

Navios Maritime Acquisition 8.625% 01/11/2017 MH USD 67,422 63,714 0.04 



Isabelle Acquisition Sub 10.00% 15/11/2018 144A US USD 40,490 43,931 0.03 

Navios Logistics 9.25% 15/04/2019 MH USD 45,551 43,444 0.03 

Continental Airlines 2005-ERJ 1 9.798% 01/04/2021 US USD 34,465 37,826 0.02 

Casella Waste Systems 7.75% 15/02/2019 US USD 34,886 34,188 0.02 

General Cable 2.735% FRN 01/04/2015 US USD 27,114 26,910 0.02 





4,713,647 2.91 




Avaya 10.125% 01/11/2015 US USD 513,821 459,870 0.28 







Avaya 7.00% 01/04/2019 144A US USD 303,491 274,659 0.17 





NCR 5.00% 15/07/2022 144A US USD 137,194 140,796 0.09 

Ceridian 8.875% 15/07/2019 144A US USD 129,603 138,675 0.09 

J2 Global Communications 8.00% 01/08/2020 144A US USD 114,058 117,764 0.07 

Infor US 9.375% 01/04/2019 US USD 83,058 91,675 0.06 

NXP 9.75% 01/08/2018 144A NL USD 77,906 91,248 0.06 



JDA Software Group 8.00% 15/12/2014 US USD 40,941 42,988 0.03 

NXP 3.217% FRN 15/10/2013 NL USD 28,180 28,110 0.02 


5,739,961 3.54 










General Motors 4.75% 01/12/2013 US USD 11,277 455,495 0.28 





DISH DBS 4.625% 15/07/2017 US USD 361,514 372,359 0.23 

DISH DBS 5.875% 15/07/2022 US USD 329,249 346,534 0.21 

DISH DBS 6.75% 01/06/2021 US USD 308,462 345,677 0.21 













Tenneco 6.875% 15/12/2020 US USD 167,290 182,347 0.11 



Delphi 6.125% 15/05/2021 US USD 150,570 167,133 0.10 

DISH DBS 6.625% 01/10/2014 US USD 144,605 156,716 0.10 


UPCB Finance VI 6.875% 15/01/2022 144A KY USD 128,699 138,263 0.09 


UPCB Finance V 7.25% 15/11/2021 144A KY USD 125,084 136,967 0.08 

National CineMedia 7.875% 15/07/2021 US USD 122,824 134,800 0.08 

Sheridan Group 12.50% 15/04/2014 US USD 160,689 134,175 0.08 

Burlington Coat Factory 10.00% 15/02/2019 US USD 114,600 127,492 0.08 


441 



USD 


DISH DBS 7.00% 01/10/2013 US USD 108,454 114,148 0.07 

Sonic Automotive 7.00% 15/07/2022 144A US USD 103,031 111,274 0.07 


Universal City Development 8.875% 15/11/2015 US USD 85,299 89,019 0.05 

Wolverine World Wide 6.125% 15/10/2020 144A US USD 85,136 88,755 0.05 

Qvc 7.50% 01/10/2019 144A US USD 74,110 81,799 0.05 

Petco Holdings 8.50% 15/10/2017 144A US USD 76,822 77,590 0.05 

FGI Operating 7.875% 01/05/2020 144A US USD 69,501 75,756 0.05 

NAI Entertainment Holdings 8.25% 15/12/2017 144A US USD 66,121 73,642 0.05 

Cinemark USA 7.375% 15/06/2021 US USD 64,711 71,506 0.04 


Bresnan Broadband Holdings 8.00% 15/12/2018 144A US USD 60,644 65,799 0.04 

WMG Acquisition 6.00% 15/01/2021 144A US USD 62,632 63,298 0.04 

Allbritton Communication 8.00% 15/05/2018 US USD 57,842 63,120 0.04 


Nexstar Broadcasting 7.00% 15/01/2014 US USD 61,569 61,938 0.04 




Pinnacle Entertainment 7.75% 01/04/2022 US USD 50,341 54,620 0.03 

WMG Acquisition 9.50% 15/06/2016 US USD 47,268 52,149 0.03 


Satmex Escrow 9.50% 15/05/2017 MX USD 41,755 44,886 0.03 


Motors Liquidation GUC Trust US USD 2,244 43,538 0.03 

Asbury Automotive Group 8.375% 15/11/2020 US USD 39,134 43,341 0.03 

Boyd Acquisition 8.375% 15/02/2018 144A US USD 41,122 42,253 0.03 

Tenneco 7.75% 15/08/2018 US USD 37,688 40,985 0.03 

DISH DBS 7.125% 01/02/2016 US USD 36,151 40,535 0.02 

DISH DBS 7.75% 31/05/2015 US USD 34,886 39,465 0.02 

Cooper-Standard Automotive 8.50% 01/05/2018 US USD 36,603 39,440 0.02 

AMC Networks 7.75% 15/07/2021 US USD 30,367 34,467 0.02 

Delphi 5.875% 15/05/2019 US USD 28,921 31,162 0.02 

American Casino & Entertainment 11.00% 15/06/2014 US USD 26,933 28,111 0.02 

Shingle Springs Tribal G.A. 9.375% 15/06/2015 144A US USD 24,944 20,720 0.01 


Easton-Bell Sports 9.75% 01/12/2016 US USD 17,533 18,958 0.01 


Nexstar Finance 7.00% 15/01/2014 US USD 1,735 1,748 0.00 


Adelphia Recovery Trust ACC-1 US USD 4,373 5 0.00 

Adelphia Recovery Trust* US USD 1,824 0 0.00 


15,790,018 9.74 





Rite Aid 9.25% 15/03/2020 US USD 151,474 154,882 0.10 

Constellation Brands 4.625% 01/03/2023 US USD 83,239 85,161 0.05 

Prestige Brands 8.125% 01/02/2020 US USD 21,510 24,199 0.01 

824,338 0.51 

Healthcare 

HCA Holdings 7.75% 15/05/2021 US USD 1,897,495 2,042,179 1.26 
















Emdeon 11.00% 31/12/2019 US USD 144,877 166,287 0.10 

Mylan 7.875% 15/07/2020 144A US USD 146,413 165,630 0.10 





Sabra Health Care 8.125% 01/11/2018 144A US USD 111,979 121,637 0.08 



IMS Health 6.00% 01/11/2020 144A US USD 94,265 96,268 0.06 


Mylan 7.625% 15/07/2017 144A US USD 81,160 90,798 0.06 




Sky Growth Acquisition 7.375% 15/10/2020 144A US USD 57,029 56,958 0.04 

Sabra Health Care 8.125% 01/11/2018 US USD 44,195 48,394 0.03

Fidelity 

Funds 





USD 


American Renal Holdings 8.375% 15/05/2018 US USD 38,320 40,620 0.03 




8,170,221 5.04 

















TW Telecom Holdings 8.00% 01/03/2018 US USD 107,189 118,444 0.07 





Level 3 Communications 8.875% 01/06/2019 144A US USD 54,046 57,019 0.04 

CC Holdings GS V 7.75% 01/05/2017 144A US USD 29,915 32,009 0.02 


7,662,329 4.73 

Financials 


Ally Financial 8.00% 01/11/2031 (Guaranteed) US USD 2,009,076 2,383,508 1.47 


General Motors Financial 4.75% 15/08/2017 144A US USD 1,076,588 1,102,157 0.68 

Ally Financial 7.00% (Perpetual) 144A US USD 1,020 984,644 0.61 


GMAC Capital Trust I 8.125% VRN 15/02/2040 US USD 32,391 846,377 0.52 





SLM 4.625% 25/09/2017 MTN US USD 451,892 464,319 0.29 






Discover Financial Services 6.50% (Perpetual) US USD 14,337 363,880 0.22 


Annaly Capital Management 7.50% (Perpetual) US USD 12,834 326,234 0.20 



SLM 3.875% 10/09/2015 MTN US USD 245,106 253,225 0.16 






SLM 8.45% 15/06/2018 MTN US USD 150,480 178,695 0.11 



Phh 9.25% 01/03/2016 US USD 142,436 163,802 0.10 


Icahn Enterprises Finance 8.00% 15/01/2018 144A US USD 123,005 132,845 0.08 


SLM 8.00% 25/03/2020 MTN US USD 109,810 127,654 0.08 

Montell Finance 8.10% 15/03/2027 144A NL USD 87,486 117,669 0.07 

US Bancorp (F) 6.50% VRN (Perpetual) US USD 3,840 113,556 0.07 



Landry’s 9.375% 01/05/2020 144A US USD 97,880 103,753 0.06 

TransUnion Holding 9.625% 15/06/2018 US USD 90,650 95,862 0.06 

Capital One Capital VI 8.875% 15/05/2040 US USD 75,068 76,335 0.05 



Ally Financial 7.00% (Perpetual) Reg S US USD 40 38,730 0.02 

USI Holdings 4.310% FRN 15/11/2014 144A US USD 28,017 27,387 0.02 


21,255,789 13.11 



9,374,125 5.78 

442 

Unlisted 



USD 

Energy 



Oil States International 6.50% 01/06/2019 US USD 129,241 137,105 0.08 

Samson Term 2Nd Lien 4.788% FRN 25/09/2018 US USD 41,664 42,106 0.03 

658,867 0.41 

Utilities 






847,360 0.52 

Materials 




Tekni-Plex 9.75% 01/06/2019 144A US USD 134,212 144,278 0.09 

Rain CII Carbon 8.00% 01/12/2018 144A US USD 92,005 92,486 0.06 

Consolidated Container 10.125% 15/07/2020 144A US USD 64,801 69,499 0.04 


1,110,687 0.69 

Industrials 


NESCO 11.75% 15/04/2017 144A US USD 107,008 113,213 0.07 

USG 7.875% 30/03/2020 144A US USD 99,959 109,455 0.07 

Rural/Metro - WP Rocket 10.125% 15/07/2019 144A US USD 108,002 102,062 0.06 

United Airlines 9.875% 01/08/2013 144A US USD 21,058 21,532 0.01 

512,716 0.32 


First Data 5.949 FRN 24/03/2018 US USD 1,720,444 1,646,379 1.02 


NXP 4.751% FRN 03/04/2019 US USD 298,313 302,236 0.19 





Facebook (B) US USD 5,547 117,436 0.07 


NXP Semiconductor 4.588% 04/03/2017 NL USD 21,691 22,030 0.01 

Spansion 0.00% 15/01/2016 Escrow (Defaulted) US USD 92,005 5,222 0.00 

3,481,615 2.15 











Graton Economic Dev Auth 9.625% 01/09/2019 144A US USD 131,862 141,092 0.09 

Party City Holdings 4.781% FRN 27/07/2019 US USD 122,915 124,408 0.08 

International Automotive 9.125% 01/06/2018 144A LU USD 101,133 98,352 0.06 

Jaguar Holding 9.50% 01/12/2019 144A US USD 44,285 49,378 0.03 

Chester Downs & Marina 9.25% 01/02/2020 144A US USD 42,930 43,037 0.03 

K. Hovnanian Enterprises 5.00% 01/11/2021 Reg S US USD 51,516 43,016 0.03 

Chukchansi Economic 9.75% 30/05/2020 Reg S US USD 6,828 4,199 0.00 

Waterford Gaming 8.625% 15/09/2014 144A* US USD 9,225 3,571 0.00 



Adelphia Comm. 0.00% 31/12/2049 (Defaulted)* US USD 4,519 0 0.00 


3,120,735 1.92 


BI-LO 9.25% 15/02/2019 144A US USD 136,020 143,161 0.09 

BJ’s Wholesale Club 4.78 FRN 06/09/2019 US USD 39,947 40,451 0.02 

183,612 0.11 

Healthcare 


Jaguar Holding I 9.375% 15/10/2017 144A US USD 125,265 128,083 0.08 

Rural/Metro 10.125% 15/07/2019 144A US USD 104,206 98,214 0.06 

584,703 0.36

Fidelity 

Funds 





USD 







2,829,352 1.74 

Financials 






2010 Swift Mandatory CEST 6.00% 31/12/2013 144A US USD 12,582 114,941 0.07 

Penson Worldwide 12.50% 15/05/2017 144A US USD 71,037 15,983 0.01 

1,923,779 1.19 




Net Assets 162,141,864 100.00 



USA US 83.51 








UK GB 0.48 








443

Fidelity 

Funds 

FAWF Global Balanced Fund 1,4,5 




USD 


Energy 


Chevron US USD 437 47,926 0.42 





BP GB GBP 2,549 18,229 0.16 

BG Group GB GBP 984 18,220 0.16 




Apache US USD 182 14,996 0.13 

Saipem IT EUR 306 13,762 0.12 






Ensco (A) GB USD 188 10,735 0.09 




CNOOC CN HKD 4,416 9,132 0.08 


Eni IT EUR 390 8,953 0.08 












Hess US USD 113 5,936 0.05 

PTT (F) TH THB 544 5,611 0.05 






Bonavista Energy CA CAD 275 4,895 0.04 





EQT US USD 71 4,311 0.04 










Athabasca Oil CA CAD 256 3,117 0.03 



Cameco CA CAD 146 2,807 0.02 





Inpex JP JPY 1 2,232 0.02 


Rockhopper Exploration GB GBP 731 1,857 0.02 


Fugro NL EUR 27 1,830 0.02 






Hoegh LNG Holdings BM NOK 175 1,290 0.01 

Eni 3.75% 27/06/2019 EMTN IT EUR 865 1,224 0.01 

Petroquest Energy US USD 205 1,219 0.01 


Magnum Hunter Resources US USD 302 1,161 0.01 


444 



USD 





WesternZagros Resources CA CAD 842 1,079 0.01 

China Shenhua Energy (H) CN HKD 195 824 0.01 

S-Oil KR KRW 8 772 0.01 

AMEC GB GBP 45 762 0.01 


Denbury Resources 8.25% 15/02/2020 US USD 529 599 0.01 


Atlas Pipeline Lp/Fin Co 8.75% 15/06/2018 US USD 424 456 0.00 



Energy Transfer Equity 7.50% 15/10/2020 US USD 183 209 0.00 


Teekay 8.50% 15/01/2020 MH USD 157 166 0.00 

Ferrellgas Partners 8.625% 15/06/2020 US USD 151 148 0.00 

Forest Oil Corporation 7.25% 15/06/2019 US USD 138 140 0.00 

Newfield Exploration 6.875% 01/02/2020 US USD 113 122 0.00 




Tesoro 5.375% 01/10/2022 US USD 73 77 0.00 


Tesoro 4.25% 01/10/2017 US USD 65 68 0.00 











716,975 6.31 

Utilities 

















PG&E US USD 122 5,175 0.05 


PPL US USD 170 5,036 0.04 






Exelon US USD 118 4,209 0.04 



AES US USD 351 3,666 0.03 


CEZ 4.875% 16/04/2025 EMTN CZ EUR 1,269 1,957 0.02 





Veolia Environnement 6.00% 01/06/2018 FR USD 865 1,016 0.01 


Gas Natural Capital Markets 5.375% 24/05/2019 EMTN ES EUR 577 787 0.01 

Enel 5.25% 20/05/2024 EMTN IT EUR 577 773 0.01 

Electricite de France 4.50% 12/11/2040 EMTN FR EUR 519 738 0.01 

Power Assets Holdings HK HKD 86 732 0.01 

Enel Finance International 4.875% 17/04/2023 EMTN NL EUR 548 723 0.01 

Beijing Enterprises Water Group HK HKD 3,046 695 0.01 

Fortum 2.25% 06/09/2022 EMTN FI EUR 461 590 0.01 






Fidelity 

Funds 

FAWF Global Balanced Fund 1,4,5 - continued 




USD 


Genon Americas Genr 8.50% 01/10/2021 US USD 282 309 0.00 

AES 8.00% 15/10/2017 US USD 251 287 0.00 


GDF Suez 2.25% 01/06/2018 EMTN FR EUR 173 234 0.00 


NV Energy 6.25% 15/11/2020 US USD 134 160 0.00 


GenOn Americas Generation 9.125% 01/05/2031 US USD 115 122 0.00 

AES 7.75% 15/10/2015 US USD 73 82 0.00 





229,063 2.02 

Materials 




BHP Billiton GB GBP 487 15,601 0.14 








Linde DE EUR 60 10,050 0.09 


Arkema FR EUR 107 9,742 0.09 





Mosaic US USD 176 9,224 0.08 

Arkema 3.85% 30/04/2020 FR EUR 6,382 8,919 0.08 










Agrium CA CAD 57 5,984 0.05 


Ecolab US USD 81 5,610 0.05 







Mexichem MX MXN 693 3,439 0.03 






BASF DE EUR 33 2,754 0.02 






JSR JP JPY 134 2,286 0.02 


Fortescue Metals Group AU AUD 532 2,234 0.02 

Turquoise Hill Resources CA CAD 286 2,232 0.02 


Evolution Mining AU AUD 960 1,988 0.02 


Commercial Metals US USD 143 1,960 0.02 


Regis Resources AU AUD 318 1,771 0.02 




Eramet FR EUR 11 1,449 0.01 

LG Chem KR KRW 5 1,412 0.01 



Premier Gold Mines CA CAD 209 1,173 0.01 





Rexam 6.75% VRN 29/06/2067 GB EUR 750 1,007 0.01 

445 



USD 

China National Building Material (H) CN HKD 680 857 0.01 







Hitachi Chemical JP JPY 28 392 0.00 




North American Palladium CA USD 205 321 0.00 




Rockwood Specialties Gro 4.625% 15/10/2020 US USD 196 203 0.00 

Cemex 5.470% FRN 30/09/2015 144A MX USD 202 197 0.00 






438,159 3.86 

Industrials 


Danaher US USD 599 31,026 0.27 


Cummins US USD 227 21,194 0.19 
















Alstom FR EUR 282 9,644 0.08 


Seek AU AUD 1,323 9,140 0.08 










Capita GB GBP 628 7,325 0.06 





Boeing US USD 87 6,137 0.05 



AMETEK US USD 163 5,762 0.05 



Fedex 2.625% 01/08/2022 US USD 5,229 5,283 0.05 

Safran FR EUR 130 5,169 0.05 




FedEx US USD 53 4,853 0.04 



CSX US USD 221 4,538 0.04 



MasTec US USD 188 4,220 0.04 




Galliford Try GB GBP 317 3,776 0.03 


Ryanair Holdings (UK) IE EUR 615 3,566 0.03 




Deere & Co US USD 36 3,041 0.03 

Sumitomo JP JPY 218 2,959 0.03

Fidelity 

Funds 





USD 








Trimas US USD 98 2,402 0.02 






IMI GB GBP 132 2,039 0.02 


GFK DE EUR 44 2,025 0.02 
















Obayashi JP JPY 325 1,452 0.01 



Glencore Finance Europe 7.125% 23/04/2015 EMTN LU EUR 871 1,280 0.01 


ADT US USD 30 1,222 0.01 



Keppel SG SGD 133 1,155 0.01 

China State Construction International Holdings HK HKD 972 1,149 0.01 

Haitian International Holdings CN HKD 878 1,079 0.01 

ST Engeneering Financial 1 4.80% 16/07/2019 EMTN SG USD 865 1,000 0.01 

Daewoo International KR KRW 26 992 0.01 

Chemring Group GB GBP 189 957 0.01 

51job ADR CN USD 18 841 0.01 

Jardine Strategic Holdings HK USD 23 823 0.01 


Meggitt GB GBP 113 701 0.01 

Schindler Holding CH CHF 5 699 0.01 




Jasa Marga Persero ID IDR 973 586 0.01 

Michael Page International GB GBP 96 558 0.00 

Intertek Group GB GBP 11 493 0.00 






CTCI TW TWD 180 355 0.00 










China Everbright International HK HKD 451 231 0.00 



Meritor 8.125% 15/09/2015 US USD 190 191 0.00 

TK KR KRW 8 191 0.00 




SATS SG SGD 44 99 0.00 




Anixter 5.625% 01/05/2019 US USD 53 56 0.00 





687,526 6.05 

446 



USD 


Apple US USD 187 111,504 0.98 

Google (A) US USD 108 73,198 0.64 





SAP DE EUR 325 23,685 0.21 

Oracle US USD 750 23,250 0.20 





Iliad 4.875% 01/06/2016 FR EUR 11,022 15,326 0.13 


eBay US USD 286 13,804 0.12 




Visa (A) US USD 81 11,178 0.10 

Altera US USD 338 10,219 0.09 



Corning US USD 793 9,339 0.08 

ARM Holdings GB GBP 852 9,140 0.08 


EMC US USD 306 7,461 0.07 





Fiserv US USD 79 5,905 0.05 



NVIDIA US USD 446 5,363 0.05 



VMware (A) US USD 51 4,278 0.04 





Sina CN USD 64 3,547 0.03 



Xilinx US USD 96 3,134 0.03 




Cadence Design Systems US USD 212 2,684 0.02 



NCSoft KR KRW 13 2,544 0.02 


ADTRAN US USD 149 2,496 0.02 


Applied Materials US USD 225 2,377 0.02 

Intel US USD 108 2,351 0.02 



NetApp US USD 79 2,148 0.02 









Amdocs US USD 51 1,683 0.01 











Micron Technology US USD 188 1,021 0.01 


Quanta Computer TW TWD 436 989 0.01 

ServiceSource International US USD 105 942 0.01 



QLIK Technologies US USD 47 868 0.01 

Samsung Electronics (Pref’d) KR KRW 1 860 0.01 


Canon JP JPY 24 783 0.01

Fidelity 

Funds 





USD 






SCSK JP JPY 30 519 0.00 

Informatica US USD 19 505 0.00 












790,081 6.95 













Lowe’s US USD 478 15,406 0.14 

WPP IE GBP 1,139 14,688 0.13 

Coach US USD 249 13,821 0.12 

Pearson GB GBP 634 12,731 0.11 


TJX US USD 286 11,774 0.10 


NIKE (B) US USD 121 11,002 0.10 




Mattel US USD 262 9,625 0.08 








Target US USD 106 6,749 0.06 








Reed Elsevier NL EUR 447 6,006 0.05 




PPR FR EUR 31 5,509 0.05 








VF US USD 30 4,684 0.04 



News (A) US USD 175 4,172 0.04 




Denso JP JPY 123 3,848 0.03 











447 



USD 








Adidas DE EUR 35 2,989 0.03 










GKN GB GBP 682 2,282 0.02 


BMW DE EUR 28 2,210 0.02 


Asics JP JPY 126 1,832 0.02 


Trinity HK HKD 2,420 1,684 0.01 










PVH US USD 9 937 0.01 


Eutelsat 3.125% 10/10/2022 FR EUR 577 756 0.01 

Cie Financiere Richemont CH CHF 11 712 0.01 


Reed Elsevier (GBP) GB GBP 66 645 0.01 

Renault FR EUR 14 635 0.01 

Burberry Group GB GBP 33 623 0.01 


GOME Electrical Appliances Holding HK HKD 5,778 601 0.01 








Hikari Tsushin JP JPY 7 397 0.00 




Cablevision Systems 5.875% 15/09/2022 US USD 247 243 0.00 


KB Home 7.50% 15/09/2022 US USD 165 180 0.00 

Limited Brands 5.625% 15/02/2022 US USD 161 174 0.00 


Albea Beauty Holdings 8.375% 01/11/2019 144A LU USD 154 158 0.00 


Dollar General 4.125% 15/07/2017 US USD 120 126 0.00 














KB Home 8.00% 15/03/2020 US USD 29 32 0.00 










770,761 6.78 


CVS Caremark US USD 1,209 55,937 0.49

Fidelity 

Funds 





USD 




Diageo GB GBP 1,092 31,196 0.27 



PepsiCo US USD 342 23,685 0.21 













KT&G KR KRW 123 9,279 0.08 





HJ Heinz US USD 152 8,766 0.08 















AVI ZA ZAR 935 6,157 0.05 




Tesco GB GBP 969 4,999 0.04 

Danone FR EUR 77 4,718 0.04 









Calbee JP JPY 39 3,540 0.03 




Devro GB GBP 651 3,442 0.03 



PZ Cussons GB GBP 534 2,916 0.03 



DE Master Blenders 1753 NL EUR 227 2,781 0.02 












Aryzta CH CHF 34 1,711 0.02 



WM Morrison Supermarkets GB GBP 368 1,591 0.01 



Pernod-Ricard 5.00% 15/03/2017 FR EUR 577 852 0.01 

Seven & I Holdings JP JPY 27 828 0.01 

Carrefour 4.00% 09/04/2020 EMTN FR EUR 577 817 0.01 

Heineken 2.125% 04/08/2020 EMTN NL EUR 577 747 0.01 

Avon Products US USD 43 678 0.01 

L’Oreal FR EUR 5 669 0.01 



Lotte Chilsung Beverage KR KRW 1 582 0.01 

448 



USD 


Rite Aid 7.50% 01/03/2017 US USD 461 475 0.00 

Rite Aid 10.375% 15/07/2016 US USD 376 400 0.00 

Rite Aid 8.00% 15/08/2020 US USD 315 361 0.00 




Smithfield Foods 6.625% 15/08/2022 US USD 104 109 0.00 



Rite Aid 9.75% 12/06/2016 US USD 37 40 0.00 

Rite Aid 9.50% 15/06/2017 US USD 23 23 0.00 

743,612 6.55 

Healthcare 

Pfizer US USD 2,966 73,961 0.65 



Sanofi FR EUR 436 38,321 0.34 

Merck & Co US USD 824 37,526 0.33 








Stryker US USD 257 13,480 0.12 


Shire IE GBP 426 11,969 0.11 






Amgen US USD 90 7,748 0.07 



Aetna US USD 135 5,879 0.05 



Humana US USD 71 5,250 0.05 







CSL AU AUD 74 3,651 0.03 





MEDNAX US USD 44 3,003 0.03 




UCB BE EUR 49 2,841 0.03 


Hikma Pharmaceuticals GB GBP 225 2,678 0.02 





DaVita US USD 20 2,219 0.02 

Boston Scientific US USD 434 2,204 0.02 




Cigna US USD 42 2,099 0.02 







Ossur IS DKK 1,348 1,782 0.02 








3SBio ADR CN USD 107 1,432 0.01 



CR Bard US USD 14 1,330 0.01 

Adcock Ingram Holdings ZA ZAR 194 1,294 0.01

Fidelity 

Funds 





USD 


Sorin IT EUR 534 1,255 0.01 


Ansell AU AUD 75 1,221 0.01 







Health Net US USD 45 958 0.01 

Elan IE EUR 85 944 0.01 



Ion Beam Applications BE EUR 102 856 0.01 


Fisher & Paykel Healthcare NZ NZD 399 770 0.01 


United Drug IE GBP 198 720 0.01 

Microport Scientific CN HKD 1,375 703 0.01 

GN Store Nord DK DKK 44 683 0.01 

Medica FR EUR 38 676 0.01 

Apollo Hospitals Enterprise IN INR 46 659 0.01 


ABIOMED US USD 32 610 0.01 

AVANIR Pharmaceuticals US USD 212 609 0.01 

HCA 4.75% 01/05/2023 US USD 605 606 0.01 

BioMarin Pharmaceutical US USD 16 598 0.01 


Smith & Nephew GB GBP 50 531 0.00 

Synageva BioPharma US USD 12 527 0.00 

HCA 6.50% 15/02/2020 US USD 467 516 0.00 

Questcor Pharmaceuticals US USD 20 515 0.00 

Optimer Pharmaceuticals US USD 52 504 0.00 


HCA 5.875% 15/03/2022 US USD 407 436 0.00 


HMS Holdings US USD 14 304 0.00 


HCA 6.25% 15/02/2013 US USD 282 287 0.00 


HCA 7.25% 15/09/2020 US USD 239 263 0.00 

ZIOPHARM Oncology US USD 53 253 0.00 

Elan ADR IE USD 22 232 0.00 

HCA 5.875% 01/05/2023 US USD 227 231 0.00 

HCA 7.50% 15/02/2022 US USD 201 226 0.00 


Biosensors International Group SG SGD 242 214 0.00 






HCA 6.375% 15/01/2015 US USD 105 113 0.00 

Teleflex 6.875% 01/06/2019 US USD 102 110 0.00 







HCA 6.75% 15/07/2013 US USD 47 48 0.00 




HCA 9.875% 15/02/2017 US USD 3 3 0.00 

681,535 6.00 





AT&T US USD 593 20,487 0.18 

Qwest 6.75% 01/12/2021 US USD 14,815 17,530 0.15 







AT&T 5.875% 28/04/2017 US GBP 5,665 10,737 0.09 

Telstra AU AUD 2,439 10,470 0.09 






AT&T 4.875% 01/06/2044 US GBP 4,793 8,341 0.07 


449 



USD 

TELUS CA CAD 104 6,722 0.06 

AT&T 6.80% 15/05/2036 US USD 4,793 6,622 0.06 

AT&T 5.55% 15/08/2041 US USD 5,229 6,608 0.06 


Telefonica ES EUR 474 6,240 0.05 



KDDI JP JPY 67 5,169 0.05 







Deutsche Telekom (Reg’d) DE EUR 316 3,614 0.03 

BT Group GB GBP 1,047 3,588 0.03 

BCE CA CAD 80 3,481 0.03 




TeliaSonera SE SEK 440 2,900 0.03 


Sprint Nextel US USD 495 2,742 0.02 









Tdc 4.375% 23/02/2018 Reg S DK EUR 1,154 1,697 0.01 



Telekom Malaysia MY MYR 784 1,532 0.01 


America Movil 4.125% 25/10/2019 EMTN MX EUR 923 1,353 0.01 

Maxis MY MYR 593 1,349 0.01 


Deutsche Telekom Int’l Finance 4.25% 13/07/2022 EMTN NL EUR 836 1,254 0.01 




China Unicom Hong Kong HK HKD 670 1,089 0.01 

China Telecom (H) CN HKD 1,671 990 0.01 

TeliaSonera 3.625% 14/02/2024 EMTN SE EUR 577 816 0.01 

StarHub SG SGD 269 807 0.01 


Globe Telecom PH PHP 23 626 0.01 





Telecom Italia 5.25% 10/02/2022 EMTN IT EUR 346 460 0.00 






Wind Acquisition Finance 7.25% 15/02/2018 144A LU USD 165 160 0.00 







453,878 4.00 

Financials 















Invesco US USD 887 21,336 0.19 





Barclays Bank 4.25% 12/01/2022 EMTN GB GBP 10,544 19,143 0.17

Fidelity 

Funds 





USD 

RBS 5.75% 21/05/2014 EMTN GB EUR 13,508 18,770 0.17 






UBS (Reg’d) CH CHF 1,122 16,836 0.15 


RBS 5.125% 13/01/2024 GB GBP 8,715 16,759 0.15 









































Aon GB USD 196 10,571 0.09 












ORIX 5.00% 12/01/2016 JP USD 8,279 8,950 0.08 














HSBC Holdings (Hong Kong) GB HKD 827 8,111 0.07 















450 



USD 




Danske Bank DK DKK 410 6,410 0.06 




ORIX JP JPY 61 6,256 0.06 

Barclays ADR GB USD 425 6,235 0.05 









Remgro ZA ZAR 349 5,974 0.05 







DNB NO NOK 442 5,516 0.05 









Lazard (A) BM USD 168 4,968 0.04 






Ventas US USD 76 4,788 0.04 








British Land GB GBP 512 4,367 0.04 

SLM US USD 250 4,362 0.04 



Bank of America US USD 457 4,212 0.04 



ING Groep NL EUR 457 4,044 0.04 


Loews US USD 95 4,028 0.04 














CubeSmart US USD 276 3,593 0.03 






Aliansce Shopping Centers BR BRL 304 3,395 0.03 













UniCredit 4.375% 11/09/2015 EMTN IT EUR 2,307 3,078 0.03

Fidelity 

Funds 





USD 








HCP US USD 64 2,857 0.03 




Amlin GB GBP 456 2,742 0.02 







RBS 5.50% 23/03/2020 EMTN GB EUR 1,673 2,575 0.02 












DDR US USD 145 2,180 0.02 













Parque Arauco CL CLP 844 1,927 0.02 




Legal & General Group GB GBP 876 1,894 0.02 




GPT Group AU AUD 490 1,808 0.02 

















Resolution GB GBP 424 1,491 0.01 



American Equity Investment Life Holding US USD 128 1,456 0.01 




ICAP GB GBP 262 1,376 0.01 


KfW 1.25% 17/10/2019 DE EUR 1,038 1,346 0.01 







ACE CH USD 15 1,183 0.01 


Rabobank Nederland 4.00% 11/01/2022 NL EUR 807 1,171 0.01 




451 



USD 



Deutsche Bank 1.044% FRN 20/09/2016 EMTN DE EUR 865 1,053 0.01 




H&R REIT CA CAD 41 989 0.01 





Shimao Property Holdings HK HKD 477 901 0.01 

Bank Mandiri Persero ID IDR 1,044 895 0.01 

Merck Financial Services 4.50% 24/03/2020 EMTN DE EUR 577 881 0.01 

Castellum SE SEK 65 866 0.01 



Bank of America 4.75% 03/04/2017 EMTN US EUR 577 830 0.01 

Mobimo Holding (Reg’d) CH CHF 4 827 0.01 

American Campus Communities US USD 18 826 0.01 

Shinhan Financial Group KR KRW 24 822 0.01 

Temasek Financial I 4.30% 25/10/2019 Reg S SG USD 721 822 0.01 


Allied Properties REIT CA CAD 26 812 0.01 

Kerry Properties HK HKD 164 808 0.01 


Country Garden Holdings CN HKD 1,960 780 0.01 


AvalonBay Communities US USD 6 759 0.01 

Charter Hall Retail REIT AU AUD 196 737 0.01 

Forest City Enterprises (A) US USD 45 722 0.01 


Credit Suisse Group (Reg’d) CH CHF 30 707 0.01 

Sun Communities US USD 16 670 0.01 

Allianz Finance II 6.50% VRN 13/01/2025 NL EUR 461 648 0.01 



Clydesdale Bank 4.625% 08/06/2026 EMTN GB GBP 346 643 0.01 




Douglas Emmett US USD 27 628 0.01 

Agile Property Holdings CN HKD 553 622 0.01 


Lexington Realty Trust US USD 62 583 0.01 

CFS Retail Property Trust Group AU AUD 286 578 0.01 

Norwegian Property NO NOK 385 577 0.01 

Ally Financial 8.00% 01/11/2031 (Unsecured) US USD 475 566 0.00 




Intesa Sanpaolo 4.375% 16/08/2016 Reg S IT EUR 346 483 0.00 

Mercialys FR EUR 22 460 0.00 


First Industrial Realty Trust US USD 34 442 0.00 

TAG Immobilien DE EUR 35 409 0.00 

UDR US USD 17 407 0.00 








BFCM 3.25% 23/08/2022 EMTN FR EUR 231 312 0.00 


Unibail-Rodamco 2.25% 01/08/2018 EMTN FR EUR 231 305 0.00 













Senior Housing Property Trust 6.75% 15/04/2020 US USD 182 206 0.00 





Amata (F) TH THB 316 158 0.00 





Ford Motor Credit 5.75% 01/02/2021 US USD 79 91 0.00

Fidelity 

Funds 





USD 









2,241,390 19.73 

Government 

Germany 3.25% 04/07/2021 DE EUR 126,581 191,177 1.68 

Japan 1.30% 20/06/2020 JP JPY 12,810,647 170,018 1.50 

Japan 1.90% 20/03/2029 JP JPY 12,034,601 160,428 1.41 

Germany 0.50% 07/04/2017 DE EUR 91,726 119,615 1.05 




France 3.00% 25/04/2022 FR EUR 58,824 81,936 0.72 

Japan 0.80% 20/09/2022 JP JPY 6,100,308 76,574 0.67 

Japan 2.50% 20/09/2034 JP JPY 5,302,475 75,151 0.66 


Italy 4.75% 01/09/2021 IT EUR 48,149 63,341 0.56 


Italy 4.75% 15/09/2016 IT EUR 35,295 48,188 0.42 



Italy 2.10% 15/09/2021 IT EUR 33,116 41,518 0.37 

Norway 2.00% 24/05/2023 NO NOK 219,611 38,423 0.34 


Spain 5.50% 30/04/2021 ES EUR 28,323 36,738 0.32 

Japan 2.00% 20/09/2040 JP JPY 2,335,547 29,821 0.26 

Italy 2.10% 15/09/2016 IT EUR 16,122 21,946 0.19 

Germany 1.75% 04/07/2022 DE EUR 14,815 19,768 0.17 

Germany 2.25% 04/09/2021 DE EUR 13,694 19,198 0.17 





Italy 4.00% 01/02/2017 IT EUR 2,307 3,059 0.03 

Italy 4.50% 15/07/2015 IT EUR 1,730 2,342 0.02 

Sweden 4.50% 12/08/2015 SE SEK 12,201 2,027 0.02 

Spain 5.85% 31/01/2022 ES EUR 1,384 1,825 0.02 

Germany 4.75% 04/07/2040 DE EUR 44 85 0.00 

1,775,507 15.63 







982 0.01 


Energy 




Linn Energy 6.25% 01/11/2019 144A US USD 623 629 0.01 

Offshore Group Investments 7.50% 01/11/2019 144A KY USD 623 618 0.01 

Enterprise Products Operating 4.45% 15/02/2043 US USD 577 587 0.01 

PBF Holding 8.25% 15/02/2020 144A US USD 488 515 0.00 

Consol Energy 8.25% 01/04/2020 US USD 446 476 0.00 

Unit 6.625% 15/05/2021 144A US USD 372 381 0.00 

Sabine Pass LNG 7.50% 30/11/2016 US USD 255 279 0.00 

Chesapeake Energy 5.75% (Perpetual) 144A US USD 1 272 0.00 


PDC Energy 7.75% 15/10/2022 144A US USD 234 239 0.00 

Clayton Williams Energy 7.75% 01/04/2019 US USD 225 230 0.00 



Kodiak Oil & Gas 8.125% 01/12/2019 144A CA USD 181 198 0.00 


Petroleum Geo-Services 7.375% 15/12/2018 144A NO USD 142 152 0.00 

Sabine Pass LNG 6.50% 01/11/2020 144A US USD 149 152 0.00 

Forest Oil Corporation 7.50% 15/09/2020 144A US USD 147 151 0.00 



Regency Energy Partners 5.50% 15/04/2023 US USD 128 134 0.00 


Magnum Hunter Resources 9.75% 15/05/2020 144A US USD 117 121 0.00 






452 



USD 


Apache 6.00% 01/08/2013 US USD 2 88 0.00 












ATP Oil & Gas 11.875% 01/05/2015 (Defaulted) US USD 321 50 0.00 





Venoco 11.50% 01/10/2017 US USD 31 31 0.00 







28,602 0.25 

Utilities 




Intergen 9.00% 30/06/2017 144A NL USD 508 482 0.00 


Puget Energy 5.625% 15/07/2022 144A US USD 306 334 0.00 

Nrg Energy 6.625% 15/03/2023 144A US USD 264 273 0.00 


DPL 6.50% 15/10/2016 US USD 196 214 0.00 

PPL 8.75% 01/05/2014 US USD 4 214 0.00 





PPL 9.50% 01/07/2013 US USD 2 128 0.00 

Duquesne Light Holdings 5.90% 01/12/2021 144A US USD 106 127 0.00 

AES 7.375% 01/07/2021 US USD 96 108 0.00 

Atlantic Power 9.00% 15/11/2018 CA USD 97 106 0.00 








AES 9.75% 15/04/2016 US USD 12 15 0.00 



6,979 0.06 

Materials 


Verso Paper Holdings 11.75% 15/01/2019 144A US USD 360 374 0.00 

MPM Escrow 8.875% 15/10/2020 144A US USD 363 357 0.00 


McJunkin Red Man 9.50% 15/12/2016 US USD 265 287 0.00 

Cemex Finance 9.375% 12/10/2022 144A US USD 232 242 0.00 

BWAY Holding Co 10.00% 15/06/2018 US USD 216 239 0.00 

Ineos Group Holdings 8.50% 15/02/2016 144A LU USD 235 230 0.00 

Resolute Forest Products 10.25% 15/10/2018 US USD 182 209 0.00 

Berry Plastics 8.25% 15/11/2015 US USD 194 204 0.00 

AngloGold Ashanti Holdings 6.00% 15/09/2013 GB USD 5 181 0.00 

Pretium Packaging 11.50% 01/04/2016 US USD 173 178 0.00 

Ardagh (USA) 7.375% 15/10/2017 IE USD 158 171 0.00 

Ryerson 9.00% 15/10/2017 144A US USD 155 159 0.00 




Chemtura 7.875% 01/09/2018 US USD 126 133 0.00 




Ard Finance 11.125% 01/06/2018 144A LU USD 110 114 0.00 

Crown Americas 6.25% 01/02/2021 US USD 100 110 0.00 

Verso Paper Holdings 1.75% 15/01/2019 Reg S US USD 140 101 0.00 





Calcipar 6.875% 01/05/2018 144A LU USD 44 45 0.00

Fidelity 

Funds 





USD 









Aperam 7.375% 01/04/2016 144A LU USD 22 19 0.00 


Aperam 7.75% 01/04/2018 144A LU USD 17 14 0.00 

16,216 0.14 

Industrials 



Globaltrans Investment GDR CY USD 125 2,307 0.02 

Glencore Finance Europe 5.00% 31/12/2014 LU USD 861 1,047 0.01 


International Lease Finance 7.125% 01/09/2018 144A US USD 348 410 0.00 

Ply Gem Industries 8.25% 15/02/2018 US USD 300 323 0.00 


HD Supply 8.125% 15/04/2019 144A US USD 214 236 0.00 

VWR Funding 7.25% 15/09/2017 144A US USD 225 230 0.00 

Western Express 12.50% 15/04/2015 144A US USD 341 220 0.00 

ARAMARK 3.945% FRN 01/02/2015 US USD 206 206 0.00 

Assoc Mat Llc/Amh New Fi 9.125% 01/11/2017 US USD 143 142 0.00 

ARAMARK Holdings 8.625% 01/05/2016 144A US USD 124 127 0.00 


HDTFS 5.875% 15/10/2020 144A US USD 97 98 0.00 

Nortek 8.50% 15/04/2021 144A US USD 82 89 0.00 




HDTFS 6.25% 15/10/2022 144A US USD 69 70 0.00 














18,764 0.17 


Xerox 2.95% 15/03/2017 US USD 2,614 2,687 0.02 


First Data 6.75% 01/11/2020 144A US USD 527 528 0.00 

Hughes Satelite Systems 6.50% 15/06/2019 US USD 368 396 0.00 

Avaya 10.125% 01/11/2015 US USD 345 309 0.00 



Audatex North America 6.75% 15/06/2018 144A US USD 212 228 0.00 

Reddy Ice 11.25% 15/03/2015 US USD 204 209 0.00 

SunGard Data Systems 6.625% 01/11/2019 144A US USD 197 199 0.00 


Avaya 7.00% 01/04/2019 144A US USD 204 184 0.00 



Spansion 7.875% 15/11/2017 US USD 112 112 0.00 


NCR 5.00% 15/07/2022 144A US USD 92 94 0.00 



Infor US 9.375% 01/04/2019 US USD 56 62 0.00 

NXP 9.75% 01/08/2018 144A NL USD 52 61 0.00 




NXP 3.217% FRN 15/10/2013 NL USD 19 19 0.00 


7,088 0.06 


Comcast 3.125% 15/07/2022 US USD 26,144 27,436 0.24 




Comcast 6.55% 01/07/2039 US USD 6,536 8,695 0.08 



CCH II Capital 13.50% 30/11/2016 US USD 424 458 0.00 

453 



USD 

Caesars Entertainment Operating 8.50% 15/02/2020 144A US USD 461 456 0.00 

Station Casinos 3.66% 18/06/2018 144A US USD 464 398 0.00 

Claire’s Stores 9.00% 15/03/2019 144A US USD 370 388 0.00 




General Motors 4.75% 01/12/2013 US USD 8 306 0.00 


Clear Channel Worldwide (B) 7.625% 15/03/2020 US USD 306 292 0.00 



DISH DBS 4.625% 15/07/2017 US USD 243 250 0.00 

DISH DBS 5.875% 15/07/2022 US USD 221 233 0.00 

DISH DBS 6.75% 01/06/2021 US USD 207 232 0.00 

Laureate Education 9.25% 01/09/2019 144A US USD 224 225 0.00 


National CineMedia 6.00% 15/04/2022 144A US USD 195 208 0.00 

Lamar Media 5.00% 01/05/2023 144A US USD 196 196 0.00 

Ameristar Casinos 7.50% 15/04/2021 US USD 160 172 0.00 

Petco Animal Supplies 9.25% 01/12/2018 144A US USD 151 167 0.00 

Sotheby’s 5.25% 01/10/2022 144A US USD 159 164 0.00 

Nielsen Finance 4.50% 01/10/2020 144A US USD 151 150 0.00 

Caesars Operating Escrow 9.00% 15/02/2020 144A US USD 146 147 0.00 

Hanesbrands 6.375% 15/12/2020 US USD 133 145 0.00 


MGM Resorts International 8.625% 01/02/2019 144A US USD 121 131 0.00 

Tenneco 6.875% 15/12/2020 US USD 112 122 0.00 

AmeriGas 6.50% 20/05/2021 US USD 111 118 0.00 

Delphi 6.125% 15/05/2021 US USD 101 112 0.00 


DISH DBS 6.625% 01/10/2014 US USD 97 105 0.00 






Sheridan Group 12.50% 15/04/2014 US USD 108 90 0.00 



DISH DBS 7.00% 01/10/2013 US USD 73 77 0.00 






Qvc 7.50% 01/10/2019 144A US USD 50 55 0.00 






















Tenneco 7.75% 15/08/2018 US USD 25 28 0.00 

DISH DBS 7.125% 01/02/2016 US USD 24 27 0.00 


DISH DBS 7.75% 31/05/2015 US USD 23 26 0.00 


Delphi 5.875% 15/05/2019 US USD 19 21 0.00 











77,689 0.68 




SABMiller Holdings 2.45% 15/01/2017 144A US USD 7,408 7,750 0.07

Fidelity 

Funds 





USD 



Danone 3.00% 15/06/2022 144A FR USD 1,154 1,191 0.01 

Pernod-Ricard 4.45% 15/01/2022 144A FR USD 980 1,096 0.01 


Revlon Consumer Products 9.75% 15/11/2015 US USD 124 131 0.00 

Alphabet Holding 7.75% 01/11/2017 144A US USD 127 128 0.00 

Post Holdings 7.375% 15/02/2022 144A US USD 108 116 0.00 

Rite Aid 9.25% 15/03/2020 US USD 102 104 0.00 



37,751 0.33 

Healthcare 








Vanguard Health Holding 7.75% 01/02/2019 144A US USD 234 244 0.00 

Radiation Therapy Services 8.875% 15/01/2017 US USD 241 235 0.00 

VPI Escrow 6.375% 15/10/2020 144A US USD 223 235 0.00 

Multiplan 9.875% 01/09/2018 144A US USD 195 215 0.00 

Aviv Healthcare Properties 7.75% 15/02/2019 US USD 195 206 0.00 


Fresenius Medical Care US Fin. 5.75% 15/02/2021 144A US USD 182 193 0.00 




Emergency Medical Services 8.125% 01/06/2019 US USD 139 148 0.00 


Hologic 6.25% 01/08/2020 144A US USD 124 132 0.00 



Emdeon 11.00% 31/12/2019 US USD 97 112 0.00 


Mylan 7.875% 15/07/2020 144A US USD 98 111 0.00 









Mylan 7.625% 15/07/2017 144A US USD 54 61 0.00 











48,259 0.42 


DIRECTV 4.375% 14/09/2029 US GBP 7,843 12,789 0.11 

DIRECTV 5.15% 15/03/2042 US USD 9,586 9,981 0.09 









Leap Wireless International 4.50% 15/07/2014 US USD 235 228 0.00 

Windstream 7.50% 01/06/2022 US USD 204 217 0.00 



SBA Communications 5.625% 01/10/2019 144A US USD 160 165 0.00 


Level 3 Financing 7.00% 01/06/2020 144A US USD 123 125 0.00 










28,500 0.25 

454 



USD 

Financials 
















Aegon NL EUR 760 4,247 0.04 





MetLife 4.125% 13/08/2042 US USD 2,963 2,998 0.03 














Leek Finance 17X A2A 0.907% FRN 21/12/2037 GB GBP 673 1,109 0.01 

General Motors Financial 4.75% 15/08/2017 144A US USD 722 740 0.01 

Proud 1 A 0.569% FRN 18/08/2017 FR EUR 597 731 0.01 

Ally Financial 7.00% (Perpetual) 144A US USD 1 661 0.01 



GMAC Capital Trust I 8.125% VRN 15/02/2040 US USD 22 568 0.00 

CIT Group 5.50% 15/02/2019 144A US USD 506 543 0.00 

General Motors Financial 6.75% 01/06/2018 US USD 467 520 0.00 



Entertainment Properties 7.75% 15/07/2020 US USD 295 342 0.00 

SLM 4.625% 25/09/2017 MTN US USD 303 312 0.00 

Icahn Enterprises Finance 8.00% 15/01/2018 US USD 263 283 0.00 


Calpine Construction Finance 8.00% 01/06/2016 144A US USD 255 273 0.00 

Citigroup 5.95% VRN (Perpetual) US USD 264 272 0.00 

TS Co.mit One E 2.672% FRN 29/06/2013* DE EUR 454 265 0.00 



Discover Financial Services 6.50% (Perpetual) US USD 10 244 0.00 

Annaly Capital Management 7.50% (Perpetual) US USD 9 219 0.00 

TransUnion 11.375% 15/06/2018 US USD 180 210 0.00 

Offshore Group Investments 11.50% 01/08/2015 KY USD 182 200 0.00 

SLM 3.875% 10/09/2015 MTN US USD 164 170 0.00 

Ineos Finance 9.00% 15/05/2015 144A GB USD 153 165 0.00 


UPCB Finance III 6.625% 01/07/2020 144A KY USD 131 140 0.00 

CNH Capital 3.875% 01/11/2015 144A US USD 133 136 0.00 


SLM 8.45% 15/06/2018 MTN US USD 101 120 0.00 


Host Hotels & Resorts 4.75% 01/03/2023 US USD 109 116 0.00 

Phh 9.25% 01/03/2016 US USD 96 110 0.00 


European Loan Conduit 23X C 0.615% FRN 15/02/2019* IE EUR 264 99 0.00 



SLM 8.00% 25/03/2020 MTN US USD 74 86 0.00 










European Loan Conduit 23X D 0.755% FRN 15/02/2019* IE EUR 147 29 0.00 




181,776 1.60

Fidelity 

Funds 

Government 



Canada 3.25% 01/06/2021 CA CAD 44,445 50,040 0.44 







France 1.10% 25/07/2022 FR EUR 8,279 12,399 0.11 


429,779 3.78 




479,179 4.22 

Unlisted 





USD 

Energy 

Chesapeake Energy 0.472% FRN 02/12/2017 US USD 175 176 0.00 

RDS Ultra-Deepwater 11.875% 15/03/2017 144A KY USD 129 146 0.00 




442 0.00 

Utilities 


Texas Competitive Electric 15.380% FRN 10/10/2017 US USD 303 199 0.00 




569 0.01 

Materials 

FMG Resources August 2006 5.069% FRN 18/10/2017 AU USD 254 253 0.00 

American Rock Salt 8.25% 01/05/2018 144A US USD 155 143 0.00 






746 0.01 

Industrials 


Tervita 9.75% 01/11/2019 144A CA USD 112 112 0.00 

NESCO 11.75% 15/04/2017 144A US USD 72 76 0.00 

USG 7.875% 30/03/2020 144A US USD 67 73 0.00 



507 0.00 



Kronos 4.912% FRN 28/12/2017 US USD 214 214 0.00 

NXP 4.751% FRN 03/04/2019 US USD 200 203 0.00 

Viasystems 7.875% 01/05/2019 144A US USD 193 191 0.00 

Infor US 4.711% FRN 05/04/2019 US USD 184 186 0.00 








2,403 0.02 


WideOpenWest (B) 4.767% 17/07/2018 US USD 332 335 0.00 

Caesars Entertainment Operating 7.40% FRN 28/01/2018 US USD 340 305 0.00 

Tower Automotive Holdings 10.625% 01/09/2017 144A US USD 255 276 0.00 

Checkout Holdings 18.291% 15/11/2015 144A US USD 317 190 0.00 

Univision Communications 5.534% FRN 31/03/2017 US USD 166 163 0.00 


Mood Media 9.25% 15/10/2020 144A CA USD 126 127 0.00 

Serta Simmons Holdings 8.125% 01/10/2020 144A US USD 125 126 0.00 






455 








2,093 0.02 


BI-LO 9.25% 15/02/2019 144A US USD 91 96 0.00 


123 0.00 

Healthcare 

Legend Acquisition Sub 10.75% 15/08/2020 144A US USD 244 240 0.00 




587 0.01 



Shin NVDR TH THB 488 995 0.01 

Fairpoint Communications 7.372% FRN 24/01/2016 US USD 651 608 0.01 



Broadview Networks 11.375% 01/09/2012 (Defaulted) US USD 358 257 0.00 

Intelsat Jackson Holdings 4.797% FRN 02/04/2018 LU USD 122 123 0.00 

7,202 0.06 

Financials 



Realogy 0.241% FRN 10/10/2016 US USD 606 606 0.01 




Hub International 8.125% 15/10/2018 144A US USD 147 151 0.00 







7,462 0.07 






USD 


Bought protection on Hammerson 20/12/2016 EUR 519 3 0.00 



(1,746) (0.02) 




USD 



USD USD 















Bought USD Sold EUR at 1.31088 20/11/2012 16,055 167 0.00

Fidelity 

Funds 
































































(31,091) (0.27) 

Futures 





USD USD 



USD 















4,656 0.04 

456 







14,147 0.12 

Options 


Value Assets 

USD 

Purchased Call Eli Lilly & Co 19/01/2013 USD 1 351 0.00 

351 0.00 


Net Assets 11,360,371 100.00 




USD 


USA US 35.87 

UK GB 12.75 


Japan JP 6.15 





Italy IT 2.43 

Korea KR 2.10 


Spain ES 1.96 

China CN 1.47 



















India IN 0.19 








Qatar QA 0.07 


Kenya KE 0.06 

Peru PE 0.04 






Chile CL 0.02 





Fidelity 

Funds 

Institutional America Fund 




USD 


Energy 


Chevron US USD 17,104 1,874,892 1.89 



Apache US USD 5,797 477,166 0.48 








EQT US USD 2,513 152,121 0.15 

Ensco (A) GB USD 2,440 139,627 0.14 





Western Refining US USD 3,916 97,440 0.10 


Tesoro US USD 2,124 79,303 0.08 

Marathon Oil US USD 2,205 66,090 0.07 

Oceaneering International US USD 525 27,094 0.03 

Delek US Holdings US USD 656 16,813 0.02 

9,800,386 9.90 

Utilities 



PPL US USD 6,013 177,692 0.18 

Pinnacle West Capital US USD 3,337 176,895 0.18 


PG&E US USD 3,638 154,578 0.16 


AES US USD 10,488 109,494 0.11 


American Electric Power US USD 2,232 98,930 0.10 


CenterPoint Energy US USD 2,210 47,663 0.05 

Portland General Electric US USD 1,487 40,614 0.04 

NV Energy US USD 1,877 35,520 0.04 

American Water Works US USD 790 28,923 0.03 

1,993,027 2.01 

Materials 



Mosaic US USD 6,180 323,673 0.33 


WR Grace & Co US USD 4,127 266,966 0.27 


Ecolab US USD 2,864 197,942 0.20 




Silver Wheaton (USA) CA USD 1,752 70,765 0.07 


Ball US USD 755 32,347 0.03 

Westlake Chemical US USD 225 17,038 0.02 

3,141,158 3.17 

Industrials 




Cummins US USD 6,781 632,996 0.64 




Danaher US USD 8,751 453,559 0.46 

Boeing US USD 5,624 395,666 0.40 


Equifax US USD 6,309 316,421 0.32 


CSX US USD 12,975 266,114 0.27 


Northrop Grumman US USD 3,324 226,832 0.23 

Copart US USD 7,900 223,417 0.23 



457 



USD 

FedEx US USD 1,869 171,232 0.17 

ADT US USD 3,950 161,935 0.16 

Corporate Executive Board US USD 3,247 142,357 0.14 

Chicago Bridge & Iron Co NL USD 1,572 58,964 0.06 


Sauer-Danfoss US USD 1,249 49,656 0.05 

Toro US USD 1,163 48,926 0.05 


Pentair CH USD 974 40,825 0.04 

AECOM Technology US USD 1,621 34,697 0.04 

Colfax US USD 697 23,728 0.02 

9,149,732 9.24 


Apple US USD 8,849 5,277,467 5.33 

Google (A) US USD 4,584 3,103,606 3.14 

Oracle US USD 42,816 1,327,290 1.34 






eBay US USD 13,916 671,709 0.68 



IBM US USD 2,268 442,279 0.45 


Fiserv US USD 4,131 308,783 0.31 



EMC US USD 9,811 239,192 0.24 

Visa (A) US USD 1,720 236,841 0.24 

Linear Technology US USD 6,750 211,220 0.21 





NVIDIA US USD 13,491 162,164 0.16 




Altera US USD 4,040 122,092 0.12 


Analog Devices US USD 2,740 107,039 0.11 


VMware (A) US USD 1,204 101,201 0.10 





ADTRAN US USD 4,554 76,369 0.08 




21,285,423 21.51 



TJX US USD 23,674 973,252 0.98 






Lowe’s US USD 17,238 555,755 0.56 



Expedia US USD 5,556 330,577 0.33 






News (A) US USD 9,527 227,597 0.23 

NIKE (B) US USD 2,310 210,175 0.21 

Coach US USD 3,723 206,694 0.21 

Target US USD 3,178 201,569 0.20 


PetSmart US USD 2,605 170,988 0.17 

VF US USD 1,066 165,266 0.17 

DIRECTV US USD 3,053 155,745 0.16 



PVH US USD 1,165 124,132 0.13 


Fidelity 

Funds 

Institutional America Fund - continued 




USD 

Staples US USD 10,470 119,982 0.12 

O’Reilly Automotive US USD 1,343 113,340 0.11 

Best Buy US USD 5,374 81,578 0.08 


Big Lots US USD 2,106 61,206 0.06 

Ross Stores US USD 912 55,260 0.06 


CBS (B) US USD 1,370 44,534 0.04 

Marriott International (A) US USD 885 32,171 0.03 

Wyndham Worldwide US USD 624 31,452 0.03 

Starwood Hotels & Resorts Worldwide US USD 579 29,739 0.03 

11,975,180 12.10 




PepsiCo US USD 17,306 1,197,733 1.21 










Kellogg US USD 4,528 238,003 0.24 


Costco Wholesale US USD 2,178 213,536 0.22 



Nu Skin Enterprises (A) US USD 3,440 156,294 0.16 

Whole Foods Market US USD 1,487 140,723 0.14 



Campbell Soup US USD 2,888 101,769 0.10 

McCormick & Co US USD 1,132 69,368 0.07 

Monster Beverage US USD 660 29,532 0.03 

10,792,293 10.90 

Healthcare 

Pfizer US USD 96,037 2,395,162 2.42 




Merck & Co US USD 14,264 649,450 0.66 



Humana US USD 6,888 509,593 0.51 



Amgen US USD 5,056 437,253 0.44 

Celgene US USD 5,721 420,755 0.43 


Sanofi FR EUR 4,253 374,181 0.38 






Aetna US USD 4,020 175,582 0.18 



MEDNAX US USD 1,932 131,890 0.13 



Stryker US USD 2,330 122,010 0.12 

Centene US USD 2,670 101,222 0.10 


AmerisourceBergen US USD 2,484 98,453 0.10 

Warner Chilcott (A) IE USD 7,905 92,010 0.09 

Hospira US USD 2,766 84,718 0.09 



PDL BioPharma US USD 8,798 68,452 0.07 


Waters US USD 804 65,208 0.07 



Amsurg US USD 499 14,029 0.01 

CR Bard US USD 144 13,827 0.01 

14,094,772 14.24 





AT&T US USD 7,989 276,094 0.28 

458 




IDT US USD 1,338 13,304 0.01 

1,817,818 1.84 

Financials 








Invesco US USD 19,807 476,364 0.48 

Aon GB USD 7,621 410,163 0.41 

MetLife US USD 10,910 384,470 0.39 



Aflac US USD 5,767 286,725 0.29 






CBOE Holdings US USD 5,605 164,678 0.17 


ACE CH USD 1,994 156,675 0.16 


SLM US USD 7,457 130,271 0.13 


Loews US USD 2,837 120,303 0.12 



Home Properties US USD 1,594 95,919 0.10 






Discover Financial Services US USD 1,743 70,332 0.07 





CapitalSource US USD 4,110 31,890 0.03 

Calamos Asset Management (A) US USD 1,523 16,169 0.02 

13,551,815 13.69 


Healthcare 


157,698 0.16 

Unlisted 



USD 

Industrials 

Hyster-Yale Materials Handling US USD 696 28,479 0.03 

28,479 0.03 




Net Assets 98,976,863 100.00

Fidelity 

Funds 

Institutional America Fund - continued 




USA US 94.11 


UK GB 1.05 









459

Fidelity 

Funds 

Institutional Asia Pacific (ex-Japan) Fund 1 




USD 


Energy 



Ezra Holdings SG SGD 280,000 253,921 0.85 


1,265,198 4.25 

Utilities 



Hyflux SG SGD 157,000 172,779 0.58 

1,020,863 3.43 

Materials 


Nine Dragons Paper Holdings HK HKD 399,000 277,696 0.93 

Fletcher Building NZ AUD 20,360 117,529 0.39 

754,603 2.53 

Industrials 

Keppel SG SGD 46,700 405,269 1.36 

Pacific Basin Shipping HK HKD 584,000 310,983 1.04 



Daelim Industrial KR KRW 3,488 241,601 0.81 

1,549,426 5.20 




Computershare AU AUD 99,138 891,460 2.99 





NCSoft KR KRW 2,228 427,015 1.43 

CJ E&M KR KRW 8,482 227,674 0.76 

6,689,135 22.47 





Focus Media Holding ADR HK USD 21,300 504,810 1.70 

SM Entertainment KR KRW 8,781 496,562 1.67 

Li & Fung HK HKD 240,000 400,713 1.35 


Hana Tour Service KR KRW 5,811 326,521 1.10 


Gwangju Shinsegae KR KRW 1,449 313,146 1.05 

Mando KR KRW 2,009 264,352 0.89 

CJ Hellovision KR KRW 10,320 151,500 0.51 

4,789,736 16.09 





Maeil Dairy Industry KR KRW 9,968 294,469 0.99 

Genic KR KRW 4,682 254,038 0.85 


2,363,226 7.94 

Healthcare 

Acrux AU AUD 109,273 366,270 1.23 

CSL AU AUD 6,210 305,777 1.03 


CU Medical Systems KR KRW 13,568 200,068 0.67 

1,154,554 3.88 


LG Uplus KR KRW 90,270 575,990 1.93 

Telstra AU AUD 115,799 497,001 1.67 

1,072,991 3.60 

Financials 



460 


AMP AU AUD 148,721 705,615 2.37 








QBE Insurance Group AU AUD 19,386 264,200 0.89 


9,097,817 30.56 

Unlisted 



USD 

Financials 


7 0.00 




Net Assets 29,768,384 100.00 








India IN 3.32 




USA US 1.19 







Fidelity 

Funds 

Institutional Asia Pacific (ex-Japan) Opportunities Fund 1 




USD 


Energy 

Oil Search AU AUD 213,740 1,642,847 2.26 

CNOOC CN HKD 704,735 1,457,240 2.01 


WorleyParsons AU AUD 43,246 1,102,616 1.52 

5,400,450 7.45 

Utilities 




2,515,557 3.47 

Materials 



POSCO KR KRW 2,339 734,035 1.01 


5,036,949 6.94 

Industrials 

Keppel SG SGD 132,239 1,147,586 1.58 

Transurban Group AU AUD 139,353 877,924 1.21 



Samsung Heavy Industries KR KRW 17,841 542,600 0.75 

IJM MY MYR 239,158 391,685 0.54 

Tata Motors (A) IN INR 68,432 197,769 0.27 

4,576,959 6.31 





SK Hynix KR KRW 50,681 1,150,578 1.59 



Synnex Technology International TW TWD 354,760 745,091 1.03 

Sina CN USD 4,730 260,177 0.36 

12,210,264 16.83 




BEC World (F) TH THB 724,840 1,385,226 1.91 


Tata Motors IN INR 165,236 784,449 1.08 


Hankook Tire KR KRW 15,630 654,280 0.90 


David Jones AU AUD 42,831 118,495 0.16 

8,889,553 12.26 



First Resources SG SGD 604,212 1,011,485 1.39 

CP ALL (F) TH THB 765,855 988,234 1.36 


Treasury Wine Estates AU AUD 138,749 709,252 0.98 

4,508,893 6.22 

Healthcare 


1,025,403 1.41 



LG Uplus KR KRW 117,128 747,364 1.03 


Telstra AU AUD 87,440 375,287 0.52 

2,494,756 3.44 

Financials 






461 



USD 


HDFC Bank (Dematerialised) IN INR 98,533 1,154,785 1.59 




Mega Financial Holding TW TWD 1,349,068 974,270 1.34 










Shriram Transport Finance IN INR 37,952 438,817 0.60 

Metropolitan Bank & Trust PH PHP 180,205 416,430 0.57 

Samsung Card KR KRW 7,684 296,517 0.41 

United Overseas Bank SG SGD 1 8 0.00 

24,903,891 34.33 



Net Assets 72,533,058 100.00 









India IN 4.96 



UK GB 1.03 






Fidelity 

Funds 

Institutional Emerging Markets Equity Fund 1 




USD 


Energy 


CNOOC CN HKD 2,222,167 4,594,961 1.53 

Ophir Energy GB GBP 508,166 4,545,218 1.51 

PTT (F) TH THB 330,886 3,411,146 1.14 


Africa Oil CA CAD 155,644 1,540,271 0.51 


24,673,405 8.21 

Utilities 



5,175,139 1.72 

Materials 


Harmony Gold Mining ZA ZAR 689,810 5,644,633 1.88 





18,370,126 6.11 

Industrials 





6,213,335 2.07 










NCSoft KR KRW 8,070 1,546,597 0.51 


57,403,886 19.11 


Naspers (N) ZA ZAR 185,994 12,063,198 4.02 








PCD Stores Group CN HKD 11,507,685 1,078,922 0.36 

40,416,348 13.45 




KT&G KR KRW 74,602 5,641,541 1.88 

Fomento Economico Mexicano ADR MX USD 57,276 5,161,116 1.72 


Shoprite Holdings ZA ZAR 225,895 4,640,708 1.54 


AVI ZA ZAR 568,217 3,743,547 1.25 


Cia Brasileira de Dist. Grupo Pao de Acucar (Pref’d) BR BRL 57,041 2,619,817 0.87 

East African Breweries KE KES 814,631 2,295,814 0.76 




58,166,780 19.36 

Healthcare 


2,681,207 0.89 

462 


MTN Group ZA ZAR 454,125 8,180,326 2.72 

America Movil (L) ADR MX USD 320,669 8,112,927 2.70 





22,819,334 7.60 

Financials 




Remgro ZA ZAR 212,281 3,632,150 1.21 




BM&FBovespa BR BRL 398,233 2,572,280 0.86 


Korean Reinsurance KR KRW 239,682 2,346,873 0.78 


SberBank of Russia (Pref’d) RU USD 985,011 2,074,485 0.69 

Discovery Holdings ZA ZAR 253,946 1,624,486 0.54 



CNinsure ADR CN USD 196,598 1,140,268 0.38 



Guaranty Trust Bank NG NGN 3,731,775 470,122 0.16 

48,344,601 16.09 


Energy 

Eurasia Drilling GDR CY USD 130,584 4,518,190 1.50 

4,518,190 1.50 

Financials 

Guaranty Trust Bank GDR NG USD 390,654 2,422,052 0.81 

Grupo de Inversiones Suramericana CO COP 85,294 1,650,065 0.55 

4,072,117 1.36 



941 0.00 

Unlisted 



USD 



1,486,202 0.49 



Net Assets 300,437,397 100.00 



Fidelity 

Funds 

Institutional Emerging Markets Equity Fund 1 - continued 








UK GB 5.17 








India IN 1.92 






Kenya KE 0.76 

USA US 0.74 


Peru PE 0.56 





463

Fidelity 

Funds 

Institutional Euro Blue Chip Fund 




EUR 


Energy 

Eni IT EUR 96,798 1,714,294 2.29 

Saipem IT EUR 49,159 1,703,840 2.27 



BG Group GB GBP 41,786 596,272 0.79 

5,561,437 7.41 

Utilities 


1,244,768 1.66 

Materials 

Linde DE EUR 12,462 1,616,990 2.16 

Arkema FR EUR 14,421 1,014,370 1.35 




Lanxess DE EUR 8,851 564,069 0.75 


Syngenta (Reg’d) CH CHF 1,261 380,186 0.51 

6,452,072 8.60 

Industrials 


Ryanair Holdings IE EUR 365,846 1,635,331 2.18 





Safran FR EUR 32,247 989,814 1.32 


Alstom FR EUR 32,195 848,334 1.13 




IMI GB GBP 32,891 390,408 0.52 


GFK DE EUR 4,347 152,708 0.20 

14,345,694 19.12 


SAP DE EUR 47,062 2,644,864 3.53 



4,959,225 6.61 





Inditex ES EUR 10,947 1,077,626 1.44 

PPR FR EUR 7,777 1,054,892 1.41 








WPP IE GBP 33,930 337,341 0.45 

11,877,463 15.83 





Aryzta CH CHF 8,502 327,615 0.44 

Glanbia IE EUR 30,668 224,492 0.30 

3,323,547 4.43 

Healthcare 

Sanofi FR EUR 50,660 3,435,785 4.58 




UCB BE EUR 12,090 544,071 0.73 

9,103,183 12.14 

464 




1,172,348 1.56 

Financials 





UBS (Reg’d) CH CHF 65,422 756,810 1.01 



10,553,094 14.07 


Financials 


Aegon NL EUR 99,641 429,253 0.57 

2,347,871 3.13 



Futures 



EUR 



EUR 


1,354 0.00 


Net Assets 75,011,427 100.00 





Spain ES 9.01 


Italy IT 6.52 

UK GB 4.63 





USA US 0.87 





Fidelity 

Funds 

Institutional European Larger Companies Fund 




EUR 


Energy 


BP GB GBP 303,602 1,673,647 2.90 

BG Group GB GBP 104,166 1,486,416 2.57 


Saipem IT EUR 22,632 784,421 1.36 



AMEC GB GBP 28,081 370,150 0.64 


9,161,165 15.87 

Materials 



2,031,602 3.52 

Industrials 







3,740,551 6.48 


SAP DE EUR 26,701 1,500,577 2.60 



3,099,703 5.37 



WPP IE GBP 166,231 1,652,693 2.86 




PPR FR EUR 4,647 630,316 1.09 



IPSOS FR EUR 13,898 376,768 0.65 

Inditex ES EUR 3,046 299,808 0.52 

Renault FR EUR 8,333 287,568 0.50 

BMW DE EUR 3,959 243,307 0.42 

10,603,489 18.37 


Danone FR EUR 46,466 2,203,630 3.82 








Diageo GB GBP 26,305 579,309 1.00 

L’Oreal FR EUR 4,706 462,495 0.80 


10,444,867 18.09 

Healthcare 

Sanofi FR EUR 38,705 2,625,007 4.55 






7,325,205 12.69 



1,501,108 2.60 

Financials 


UBS (Reg’d) CH CHF 153,596 1,776,830 3.08 


465 



EUR 







ICAP GB GBP 70,506 285,038 0.49 

9,179,508 15.90 




Net Assets 57,729,408 100.00 



UK GB 43.54 






Spain ES 2.62 

Italy IT 1.36 





Fidelity 

Funds 

Institutional Global Focus Fund 4 




USD 


Energy 





Canadian Natural Resources CA CAD 27,326 830,393 0.71 



Range Resources US USD 10,706 699,931 0.60 


Peabody Energy US USD 23,447 658,621 0.56 


10,239,589 8.74 

Utilities 

SSE GB GBP 52,634 1,229,367 1.05 

Southern US USD 19,664 917,538 0.78 

2,146,905 1.83 

Materials 




Mosaic US USD 15,139 792,835 0.68 


Xstrata CH GBP 45,390 716,858 0.61 




Detour Gold CA CAD 16,689 477,595 0.41 

7,791,619 6.65 

Industrials 



Danaher US USD 21,599 1,119,483 0.96 




Kubota JP JPY 85,278 869,857 0.74 

Deutsche Post (Reg’d) DE EUR 37,070 735,464 0.63 


Tyco International CH USD 23,355 626,618 0.53 

Cummins India IN INR 47,165 426,598 0.36 

FANUC JP JPY 2,430 386,305 0.33 

10,913,219 9.31 


Google (A) US USD 2,813 1,904,487 1.62 

eBay US USD 37,710 1,820,273 1.55 

Samsung Electronics KR KRW 847 1,010,054 0.86 


CommVault Systems US USD 12,535 804,116 0.69 




Altera US USD 22,172 670,045 0.57 

Citrix Systems US USD 10,426 655,372 0.56 

Motorola Solutions US USD 12,622 651,424 0.56 



NVIDIA US USD 44,675 536,989 0.46 

Sina CN USD 9,124 501,810 0.43 


12,851,421 10.96 






Rakuten JP JPY 117,876 1,058,610 0.90 


Don Quijote JP JPY 22,649 890,997 0.76 

Coach US USD 14,864 825,251 0.70 



ITV GB GBP 484,250 676,059 0.58 

Cheesecake Factory US USD 19,944 654,363 0.56 


466 


12,509,794 10.67 





Diageo GB GBP 39,323 1,123,337 0.96 






LG Household & Health Care KR KRW 1,606 942,325 0.80 

Cia Brasileira de Dist. Grupo Pao de Acucar ADR (Pref’d) BR USD 17,239 801,784 0.68 








16,497,871 14.07 

Healthcare 


Sanofi FR EUR 21,806 1,918,351 1.64 


Merck & Co US USD 24,254 1,104,274 0.94 



Stryker US USD 16,139 845,179 0.72 




Quest Diagnostics US USD 11,783 678,466 0.58 

Humana US USD 8,574 634,277 0.54 

Elan ADR IE USD 28,018 301,192 0.26 

Algeta NO NOK 4,356 117,227 0.10 

13,446,929 11.47 




BCE CA CAD 20,953 911,588 0.78 

3,476,108 2.97 

Financials 








ORIX JP JPY 10,935 1,121,532 0.96 


China Pacific Insurance Group (H) CN HKD 322,956 1,004,152 0.86 



Tokio Marine Holdings JP JPY 34,019 898,074 0.77 


MetLife US USD 23,337 822,389 0.70 




Grupo BTG Pactual BR BRL 28,197 440,053 0.38 


22,021,052 18.79 

Unlisted 



USD 

Industrials 


7,938 0.01 





Fidelity 

Funds 

Institutional Global Focus Fund 4 - continued 




USD 


Net Assets 117,218,503 100.00 



USA US 41.57 

UK GB 9.75 

Japan JP 8.88 



India IN 2.66 

China CN 2.60 






Korea KR 1.67 










Kenya KE 0.46 



467

Fidelity 

Funds 

Institutional Hong Kong Equity Fund 1 




HKD 


Energy 

CNOOC CN HKD 1,421,077 22,773,430 3.66 




Kunlun Energy HK HKD 738,031 10,560,817 1.70 

Inner Mongolia Yitai Coal (B) CN USD 50,770 2,138,131 0.34 


79,984,613 12.85 

Utilities 


Guangdong Investment HK HKD 667,161 4,212,307 0.68 


China Resources Power Holdings HK HKD 78,202 1,294,108 0.21 

Hong Kong & China Gas HK HKD 6,110 125,433 0.02 

17,580,113 2.82 

Materials 

Jiangxi Copper (H) CN HKD 321,361 6,372,894 1.02 

China National Building Material (H) CN HKD 618,285 6,037,366 0.97 

Anhui Conch Cement (H) CN HKD 138,686 3,676,409 0.59 

Zijin Mining Group CN HKD 761,248 2,358,079 0.38 

Zhaojin Mining Industry (H) CN HKD 156,709 2,031,750 0.33 

20,476,498 3.29 

Industrials 



China State Construction International Holdings HK HKD 620,728 5,683,545 0.91 

COSCO Pacific HK HKD 392,426 4,456,158 0.72 

China Communications Construction (H) CN HKD 535,806 3,867,493 0.62 

China Railway Construction (H) CN HKD 391,316 2,985,166 0.48 


China Railway Group (H) CN HKD 495,483 1,940,932 0.31 



Air China (H) CN HKD 307,920 1,685,722 0.27 

China Southern Airlines (H) CN HKD 316,474 1,153,552 0.19 




Shanghai Zhenhua Heavy Industries (B) CN USD 98,119 234,973 0.04 


CSR (H) CN HKD 21,994 131,793 0.02 

Sany Heavy Equipment International Holdings CN HKD 30,548 123,473 0.02 

Hiwin Technologies TW TWD 1,344 66,555 0.01 

49,087,097 7.88 



Lenovo Group CN HKD 992,188 6,141,378 0.99 


Sina CN USD 3,177 1,354,190 0.22 


China Leason CBM & Shale Gas Group HK HKD 3,042,547 773,663 0.12 

Qihoo 360 Technology ADR CN USD 3,544 567,926 0.09 

Sohu.com CN USD 1,833 540,350 0.09 

51,420,773 8.26 



Belle International Holdings HK HKD 552,302 7,914,681 1.27 

Brilliance China Automotive Holdings HK HKD 730,700 6,986,532 1.12 


Li & Fung HK HKD 475,322 6,150,576 0.99 

SJM Holdings HK HKD 308,531 5,167,536 0.83 

Prada IT HKD 63,111 3,956,298 0.64 



Geely Automobile Holdings HK HKD 473,489 1,562,905 0.25 

China ZhengTong Auto Services Holdings CN HKD 285,621 1,490,884 0.24 








468 



HKD 

L’Occitane International LU HKD 10,233 245,826 0.04 

59,844,854 9.61 




Vinda International Holdings HK HKD 259,655 2,793,818 0.45 

China Mengniu Dairy HK HKD 95,309 2,229,386 0.36 

First Pacific (Hong Kong) HK HKD 157,626 1,356,912 0.22 


20,296,757 3.26 

Healthcare 

China Medical System Holdings CN HKD 522,365 2,326,398 0.37 



Guangzhou Pharmaceutical (H) CN HKD 9,775 146,223 0.02 

3,483,456 0.56 



China Telecom (H) CN HKD 293,258 1,346,564 0.22 

39,110,442 6.28 

Financials 











New World Development HK HKD 713,593 8,480,210 1.36 

Hang Lung Group HK HKD 180,842 8,249,778 1.32 





Hong Kong Exchanges and Clearing HK HKD 41,117 5,234,539 0.84 

Sino Land HK HKD 294,479 4,059,852 0.65 

Shimao Property Holdings HK HKD 248,658 3,643,355 0.59 

Agricultural Bank of China (H) CN HKD 912,764 3,037,196 0.49 

Swire Properties HK HKD 124,024 2,963,281 0.48 


Bank of Communications (H) CN HKD 315,863 1,736,617 0.28 

China Overseas Grand Oceans Group HK HKD 184,202 1,481,882 0.24 

Greentown China Holdings CN HKD 153,044 1,449,121 0.23 


Haitong Securities (H) CN HKD 111,682 1,101,058 0.18 

New World China Land HK HKD 161,292 573,287 0.09 


272,669,966 43.79 


UBS (Changsha Zoomlion (A)) ELN 02/12/2013 CN USD 263,968 2,750,604 0.44 

UBS (Gree Electric Appliances (A)) ELN 01/07/2014 CN USD 77,835 2,232,109 0.36 

UBS (Qingdao Haier (A)) ELN 07/12/2012 CN USD 145,040 2,046,355 0.33 

UBS (Qingdao Haier (A)) ELN 09/07/2013 CN USD 104,901 1,480,030 0.24 

8,509,098 1.37 




Net Assets 622,627,873 100.00 



Fidelity 

Funds 

Institutional Hong Kong Equity Fund 1 - continued 






Italy IT 0.64 

USA US 0.15 





469

Fidelity 

Funds 

Institutional Hong Kong Opportunities Fund 1 




HKD 


Energy 

CNOOC CN HKD 1,350,000 21,634,384 2.87 



China Coal Energy (H) CN HKD 454,000 3,479,617 0.46 


50,051,107 6.65 

Utilities 





CLP Holdings HK HKD 80,500 5,313,500 0.71 

Beijing Enterprises Water Group HK HKD 2,554,000 4,516,292 0.60 

Towngas China HK HKD 629,000 3,825,133 0.51 

61,881,394 8.22 

Materials 


China Shanshui Cement Group CN HKD 998,000 5,698,114 0.76 

16,947,052 2.25 

Industrials 




Hopewell Holdings HK HKD 263,000 7,318,185 0.97 


51job ADR CN USD 16,900 6,124,446 0.81 


Hutchison Port Holdings Trust SG USD 909,000 5,475,018 0.73 


Singamas Container Holdings HK HKD 2,640,000 5,125,268 0.68 

Air China (H) CN HKD 900,000 4,927,085 0.65 

Shanghai Electric Group (H) CN HKD 1,564,000 4,883,415 0.65 


Beijing Capital International Airport (H) CN HKD 862,000 4,274,948 0.57 

China National Materials (H) CN HKD 1,675,000 4,025,548 0.53 


Hopewell Highway Infrastructure HK HKD 921,000 3,790,217 0.50 

China Everbright International HK HKD 926,000 3,677,636 0.49 

Harbin Electric CN HKD 524,000 3,332,746 0.44 


112,644,928 14.97 





Sina CN USD 25,200 10,741,597 1.43 

Kingboard Chemical Holdings HK HKD 255,000 5,830,794 0.77 

Kingsoft CN HKD 718,000 3,209,223 0.43 

78,003,863 10.36 



AviChina Industry & Technology (H) CN HKD 1,568,000 4,955,769 0.66 

Shenzhou International Group Holdings CN HKD 269,000 4,049,453 0.54 

19,542,317 2.60 



Uni-President China Holdings CN HKD 979,000 9,521,716 1.27 

Vinda International Holdings HK HKD 439,000 4,723,521 0.63 

26,459,289 3.52 




China Unicom Hong Kong HK HKD 990,000 12,475,380 1.66 


56,428,230 7.50 

Financials 




470 



HKD 




Kerry Properties HK HKD 352,000 13,470,639 1.79 






New World Development HK HKD 751,087 8,925,777 1.19 

Agile Property Holdings CN HKD 902,000 7,861,164 1.04 


Shimao Property Holdings HK HKD 496,000 7,267,429 0.97 

Greentown China Holdings CN HKD 648,500 6,140,430 0.82 

Swire Properties HK HKD 223,600 5,342,452 0.71 



Country Garden Holdings CN HKD 1,054,276 3,250,599 0.43 


Agricultural Bank of China (H) CN HKD 679,000 2,259,353 0.30 

313,030,380 41.59 



BNP (Wuliangye Yibin (A)) ELN 20/08/2013 NL USD 83,688 3,492,340 0.46 


10,508,582 1.40 




Net Assets 752,586,338 100.00 










Fidelity 

Funds 

Institutional Japan Fund 




JPY 


Utilities 

Kansai Electric Power JP JPY 15,500 9,522,669 0.62 

9,522,669 0.62 

Materials 


Toray Industries JP JPY 92,000 42,814,522 2.77 



Nippon Shokubai JP JPY 15,000 11,726,549 0.76 

Kaneka JP JPY 21,000 8,172,174 0.53 

Nippon Kayaku JP JPY 6,000 5,326,931 0.34 

152,349,473 9.86 

Industrials 

Kubota JP JPY 35,000 28,519,682 1.85 

East Japan Railway JP JPY 5,000 27,381,341 1.77 


Mitsubishi Heavy Industries JP JPY 48,000 16,121,129 1.04 


103,533,748 6.70 


Canon JP JPY 25,100 65,137,479 4.21 


Toshiba JP JPY 120,000 35,491,492 2.30 

Otsuka JP JPY 4,500 29,258,370 1.89 

Fujitsu JP JPY 85,000 26,051,933 1.69 

Horiba JP JPY 9,600 20,885,539 1.35 

Capcom JP JPY 9,800 14,903,567 0.96 

Hamamatsu Photonics JP JPY 4,900 13,551,565 0.88 

Nidec JP JPY 2,200 12,482,166 0.81 

SCSK JP JPY 8,800 11,957,003 0.77 

Hitachi High-Technologies JP JPY 4,100 7,168,540 0.46 

275,570,398 17.83 




Denso JP JPY 19,100 47,808,973 3.09 

Bridgestone JP JPY 14,100 26,252,161 1.70 


Panasonic JP JPY 51,000 24,623,982 1.59 

Marui Group JP JPY 42,800 24,562,918 1.59 


Onward Holdings JP JPY 31,000 18,310,046 1.18 



Makita JP JPY 3,700 11,679,626 0.76 

Keihin JP JPY 8,500 8,186,272 0.53 

Arc Land Sakamoto JP JPY 4,600 5,320,344 0.34 

425,830,776 27.55 


Shiseido JP JPY 16,900 17,055,300 1.10 


Toyo Suisan Kaisha JP JPY 5,000 9,942,439 0.64 

42,511,136 2.75 

Healthcare 



Message JP JPY 119 29,278,694 1.89 

Terumo JP JPY 5,600 19,223,609 1.24 


Asahi Intecc JP JPY 4,600 10,895,179 0.71 

157,840,561 10.21 


NTT DoCoMo JP JPY 246 28,641,736 1.85 

28,641,736 1.85 

Financials 

Mitsubishi UFJ Financial Group JP JPY 169,200 61,070,340 3.95 


Nomura Real Estate Holdings JP JPY 28,900 41,379,770 2.68 


Mizuho Financial Group JP JPY 228,100 28,489,616 1.84 

471 



JPY 

Frontier Real Estate Investment JP JPY 35 24,687,076 1.60 



Japan Logistics Fund JP JPY 19 13,854,067 0.90 


299,435,847 19.38 



Net Assets 1,545,403,811 100.00 






Fidelity 

Funds 

Institutional Japan Aggressive Fund 




JPY 

Schedule Securities Admitted to or Dealt on an Official Stock Exchange 

Energy 

Toyo Kanetsu JP JPY 8,003 1,240,864 0.27 

1,240,864 0.27 

Materials 



Sumitomo Metal Mining JP JPY 5,790 6,074,083 1.31 

Asahi Holdings JP JPY 1,975 2,656,520 0.57 

Nitta Gelatin JP JPY 3,286 2,124,305 0.46 

Yamato Kogyo JP JPY 766 1,716,042 0.37 

Taiheiyo Cement JP JPY 10,047 1,708,322 0.37 

Pacific Metals JP JPY 5,109 1,384,222 0.30 

JSP JP JPY 817 843,981 0.18 



Sumitomo Chemical JP JPY 511 114,463 0.02 

Mitsubishi Gas Chemical JP JPY 170 67,066 0.01 

33,364,036 7.20 

Industrials 

Kubota JP JPY 23,840 19,425,876 4.19 


Hoshizaki Electric JP JPY 3,218 6,990,943 1.51 

Nichias JP JPY 16,177 6,326,350 1.36 

Nitta JP JPY 4,070 4,990,520 1.08 


Sinko Industries JP JPY 6,897 2,872,583 0.62 

Hirano Tecseed (Kinzoku) JP JPY 2,401 1,056,914 0.23 

Kitz JP JPY 1,141 384,074 0.08 

52,806,483 11.39 



Citizen Holdings JP JPY 20,979 8,483,284 1.83 

Gree JP JPY 4,717 6,547,620 1.41 


Enigmo JP JPY 545 4,077,049 0.88 

Topcon JP JPY 10,762 4,072,347 0.88 

Origin Electric JP JPY 11,920 3,692,573 0.80 

GMO internet JP JPY 5,688 3,174,009 0.68 

Megachips JP JPY 1,379 2,459,461 0.53 

CAC JP JPY 1,464 983,804 0.21 



WebCrew JP JPY 1,499 749,416 0.16 

NSD JP JPY 937 715,449 0.15 


68,957,362 14.88 



CyberAgent JP JPY 89 14,103,505 3.04 


Stanley Electric JP JPY 10,847 11,914,009 2.57 

Makita JP JPY 3,048 9,621,797 2.08 

Dena JP JPY 3,423 8,514,388 1.84 

Pal JP JPY 1,728 7,049,616 1.52 

Fujibo Holdings JP JPY 19,412 6,397,043 1.38 

Chiyoda JP JPY 2,180 4,975,178 1.07 


K's Holdings JP JPY 1,788 3,810,788 0.82 

Hajime Construction JP JPY 1,328 3,338,961 0.72 

Koshidaka Holdings JP JPY 1,345 2,940,770 0.63 

Goldwin JP JPY 5,619 2,747,840 0.59 

Kawai Musical Instruments Manufacturing JP JPY 16,347 2,729,134 0.59 

Fields JP JPY 2,214 2,539,291 0.55 

Shimano JP JPY 341 1,711,808 0.37 

Arnest One JP JPY 1,209 1,431,445 0.31 

Otsuka Kagu JP JPY 1,379 1,074,996 0.23 






Rinnai JP JPY 17 92,783 0.02 

146,426,488 31.59 

472 



JPY 


Pigeon JP JPY 6,931 25,475,407 5.50 

Ajinomoto JP JPY 3,406 4,147,270 0.89 

Kao JP JPY 1,073 2,404,395 0.52 




Sugi Holdings JP JPY 17 49,062 0.01 

33,447,321 7.22 

Healthcare 

Sosei Group JP JPY 77 16,957,986 3.66 

Nikkiso JP JPY 13,963 13,308,458 2.87 

Olympus JP JPY 7,510 10,467,259 2.26 


Tsukui JP JPY 783 1,451,874 0.31 


Sysmex JP JPY 17 63,836 0.01 

47,675,471 10.29 

Financials 

ORIX JP JPY 4,131 33,847,912 7.30 


Takara Leben JP JPY 16,194 13,840,368 2.99 



Iida Home Max JP JPY 3,133 2,203,213 0.48 

Toho Real Estate JP JPY 3,661 1,596,931 0.34 

Mizuho Financial Group JP JPY 9,263 1,157,007 0.25 

Tokyu Land JP JPY 2,554 1,143,045 0.25 

Airport Facilities JP JPY 2,844 1,046,046 0.23 


79,374,165 17.12 


Total Investments (Cost JPY 559,122,546) 463,292,186 99.95 


Net Assets 463,514,655 100.00 






Fidelity 

Funds 

Institutional Pacific (ex-Japan) Fund 4 




USD 


Energy 




Ezra Holdings SG SGD 113,000 102,475 0.95 

742,298 6.89 

Utilities 


242,494 2.25 

Materials 



Fletcher Building NZ AUD 14,207 82,011 0.76 


1,364,296 12.66 

Industrials 

Keppel SG SGD 45,300 393,120 3.65 

Pacific Basin Shipping HK HKD 364,000 193,832 1.80 



792,645 7.36 


Computershare AU AUD 45,757 411,452 3.82 




1,030,588 9.56 




Li & Fung HK HKD 90,000 150,268 1.39 

542,846 5.04 

Healthcare 

CSL AU AUD 8,487 417,895 3.88 

Acrux AU AUD 42,437 142,244 1.32 

560,139 5.20 


Telstra AU AUD 92,765 398,140 3.70 

398,140 3.70 

Financials 






AMP AU AUD 95,187 451,620 4.19 



QBE Insurance Group AU AUD 18,295 249,331 2.31 



Great Eastern Holdings SG SGD 6,000 79,112 0.73 


5,013,216 46.53 




Net Assets 10,774,665 100.00 

473 






China CN 5.75 







Fidelity 

Funds 

Institutional European High Yield Fund 4 




EUR 


Energy 

Tupras Turkiye Petrol Rafinerileri 4.125% 02/05/2018 Reg STR USD 1,000,000 759,445 0.62 



1,296,467 1.07 

Utilities 















4,640,598 3.82 

Materials 

HeidelbergCement Finance 8.00% 31/01/2017 NL EUR 2,050,000 2,387,558 1.96 

Lafarge 10.00% 30/05/2017 EMTN FR GBP 1,000,000 1,484,489 1.22 

Ardagh Packaging Finance 7.375% 15/10/2017 Reg S IE EUR 1,000,000 1,068,034 0.88 


















10,555,521 8.68 

Industrials 



REFER - Rede Ferroviaria 4.25% 13/12/2021 PT EUR 1,200,000 768,500 0.63 







Rexel 7.00% 17/12/2018 FR EUR 300,000 328,531 0.27 

Wendel 4.875% 26/05/2016 FR EUR 250,000 260,000 0.21 



6,338,365 5.21 




NXP 3.507% FRN 15/10/2013 NL EUR 354,394 353,951 0.29 

1,329,111 1.09 




Unitymedia Kabel BW 9.50% 15/03/2021 Reg S DE EUR 1,100,000 1,249,848 1.03 









474 



EUR 










UPC Holding 9.75% 15/04/2018 Reg S NL EUR 350,000 374,532 0.31 









Seat Pagine Gialle IT EUR 10,875,000 84,825 0.07 



15,937,361 13.11 








3,003,522 2.47 

Healthcare 

Eurofins Scientific 8.081% VRN (Perpetual) LU EUR 1,250,000 1,283,750 1.06 



2,309,202 1.90 



Virgin Media Finance 8.875% 15/10/2019 GB GBP 900,000 1,292,101 1.06 

Wind Acquisition Finance 7.375% 15/02/2018 Reg S A LU EUR 1,000,000 955,625 0.79 














;Telenet Finance V 6.25% 15/08/2022 Reg S LU EUR 150,000 155,160 0.13 


9,255,254 7.61 

Financials 

Lloyds TSB Bank 6.35% VRN (Perpetual) GB EUR 3,387,000 2,726,535 2.24 



Wind Acquisition Holdings Fin. 12.25% 15/07/2017 Reg S LU EUR 1,271,093 1,087,897 0.89 

International Personal Finance 11.50% 06/08/2015 EMTN GB EUR 900,000 1,017,562 0.84 

Fortis Bank 4.625% VRN (Perpetual) Reg S BE EUR 1,000,000 832,634 0.68 

ABN Amro Bank 4.31% VRN (Perpetual) NL EUR 1,050,000 790,584 0.65 


Alliance Bank 10.50% 25/03/2017 Reg S KZ USD 1,000,000 701,543 0.58 


RBS Group 5.50% (Perpetual) GB EUR 1,000,000 698,075 0.57 










Citigroup (Kazkomm.) 8.70% VRN 07/04/2014 Reg S DE USD 800,000 551,984 0.45 






Fidelity 

Funds 

Institutional European High Yield Fund 4 - continued 




EUR 


Allied Irish Banks 5.625% 12/11/2014 EMTN IE EUR 500,000 492,500 0.41 






UBS Lux. (VimpelCom) 8.25% 23/05/2016 Reg S LU USD 500,000 431,133 0.35 








RSHB (Russian Agri. Bank) 8.70% 17/03/2016 EMTN LU RUB 15,000,000 381,652 0.31 












Kazkommertsbank 6.875% 13/02/2017 EMTN KZ EUR 350,000 296,005 0.24 












Gazprombank 8.617% 15/12/2015 Reg S IE RUB 10,000,000 247,736 0.20 






















Thames Water Kemble Finance 7.75% 01/04/2019 EMTN GB GBP 100,000 135,417 0.11 










SPV Credit Finance (PrivatBank) 9.375% 23/09/2015 EMTN GB USD 100,000 73,214 0.06 

38,643,140 31.78 

Government 

Portugal 3.85% 15/04/2021 PT EUR 1,000,000 752,257 0.62 


1,026,256 0.84 


Energy 




1,583,583 1.30 

475 



EUR 

Utilities 



1,751,720 1.44 

Materials 

Ineos Group Holdings 7.875% 15/02/2016 Reg S LU EUR 1,700,000 1,631,086 1.34 

Lafarge Shui on Cement 9.00% 14/11/2014 Reg S HK CNY 3,900,000 513,111 0.42 








3,681,026 3.03 

Industrials 

ISS 8.875% 15/05/2016 Reg S DK EUR 600,000 621,148 0.51 


Rexel 6.125% 15/12/2019 144A FR USD 300,000 239,951 0.20 


1,446,851 1.19 


Jaguar Land Rover 8.125% 15/05/2018 Reg S GB GBP 814,000 1,102,780 0.91 

European Media Capital 10.00% 01/02/2015 Reg S LU USD 1,000,000 728,526 0.60 





3,337,019 2.74 



254,479 0.21 

Healthcare 




1,713,593 1.41 


OTE 4.625% 20/05/2016 GB EUR 1,050,000 828,555 0.68 






OTE 5.00% 05/08/2013 EMTN GB EUR 100,000 96,531 0.08 

ERC Ireland Preferred Equity 7.349% 15/02/2017 (Defaulted)* IE EUR 3,057,726 31 0.00 

2,282,847 1.88 

Financials 

Boats Investments (NL) 11.00% 31/03/2017 EMTN NL EUR 3,359,059 1,727,489 1.42 





Bankia 4.00% 03/02/2025 ES EUR 300,000 228,721 0.19 








5,651,025 4.65 



26,881 0.02 


Total Investments (Cost EUR 111,091,732) 116,063,823 95.46

Fidelity 

Funds 


Institutional European High Yield Fund 4 - continued 


Bought protection on Itraxx Europe Sub Fin. 20/06/2016 EUR 3,000,000 155,684 0.13 


Bought protection on Italy 6.875% 20/12/2017 USD 1,000,000 61,362 0.05 

Bought protection on Russia 5.00% 20/12/2017 USD 3,000,000 59,097 0.05 




Sold protection on Fiat Industrial 20/03/2015 EUR 300,000 21,941 0.02 


Sold protection on Fiat Finance & Trade 20/09/2014 EUR 1,200,000 16,185 0.01 



Bought protection on Dixons 8.75% 20/12/2017 EUR 350,000 7,513 0.01 

Bought protection on UK Treasury 4.25% 20/09/2017 USD 1,000,000 (28,118) (0.02) 




190,909 0.16 




EUR 



EUR EUR 



















































1,728,075 1.42 


Net Assets 121,583,013 100.00 

476 



UK GB 21.66 






USA US 3.42 

Italy IT 3.02 






Spain ES 1.27 










Japan JP 0.37 




Fidelity 

Funds 

Institutional Global Bond Fund 




EUR 


Energy 







IPIC GMTN 6.875% 14/03/2026 EMTN KY GBP 920 1,431 0.11 






25,010 1.86 

Utilities 


















36,967 2.75 

Materials 





Arkema 3.85% 30/04/2020 FR EUR 1,840 1,982 0.15 




21,969 1.63 

Industrials 










Rolls-Royce 6.75% 30/04/2019 GB GBP 920 1,444 0.11 

Fedex 2.625% 01/08/2022 US USD 1,840 1,433 0.11 

Eversholt Funding 5.831% 02/12/2020 EMTN GB GBP 920 1,342 0.10 

General Electric 4.125% 09/10/2042 US USD 1,226 984 0.07 


29,631 2.20 


Iliad 4.875% 01/06/2016 FR EUR 3,066 3,287 0.24 


4,755 0.35 






William Hill 7.125% 11/11/2016 EMTN GB GBP 920 1,259 0.09 

Marks & Spencer 6.125% 02/12/2019 EMTN GB GBP 766 1,079 0.08 

22,281 1.66 



Wal-Mart Stores 5.625% 15/04/2041 


US USD 3,526 3,651 0.27 

477 



EUR 








19,115 1.42 

Healthcare 

Unitedhealth Group 2.75% 15/02/2023 US USD 1,226 967 0.07 

967 0.07 



Qwest 6.75% 01/12/2021 US USD 5,212 4,754 0.35 



AT&T 5.875% 28/04/2017 US GBP 1,993 2,912 0.22 



AT&T 4.875% 01/06/2044 US GBP 1,686 2,262 0.17 



AT&T 6.80% 15/05/2036 US USD 1,686 1,796 0.13 

AT&T 5.55% 15/08/2041 US USD 1,840 1,792 0.13 




43,317 3.22 

Financials 








RBS 5.75% 21/05/2014 EMTN GB EUR 4,752 5,091 0.38 




RBS 5.125% 13/01/2024 GB GBP 3,066 4,545 0.34 





































ORIX 5.00% 12/01/2016 JP USD 2,913 2,427 0.18 





Fidelity 

Funds 

Institutional Global Bond Fund - continued 




EUR 


























Lloyds TSB Bank 10.75% VRN 16/12/2021 EMTN GB GBP 920 1,325 0.10 




Citigroup 4.50% 14/01/2022 US USD 1,073 916 0.07 







256,563 19.08 

Government 

Germany 3.25% 04/07/2021 DE EUR 44,531 51,850 3.86 

Japan 1.30% 20/06/2020 JP JPY 4,506,785 46,111 3.43 

Japan 1.90% 20/03/2029 JP JPY 4,233,772 43,510 3.24 

Germany 0.50% 07/04/2017 DE EUR 30,352 30,513 2.27 




France 3.00% 25/04/2022 FR EUR 20,694 22,222 1.65 

Japan 0.80% 20/09/2022 JP JPY 2,146,088 20,768 1.54 

Japan 2.50% 20/09/2034 JP JPY 1,865,410 20,382 1.52 


Italy 4.75% 01/09/2021 IT EUR 16,939 17,179 1.28 


Italy 4.75% 15/09/2016 IT EUR 12,417 13,069 0.97 



Italy 2.10% 15/09/2021 IT EUR 11,650 11,260 0.84 

Norway 2.00% 24/05/2023 NO NOK 77,259 10,421 0.78 


Spain 5.50% 30/04/2021 ES EUR 9,964 9,964 0.74 

Japan 2.00% 20/09/2040 JP JPY 821,645 8,088 0.60 

Italy 2.10% 15/09/2016 IT EUR 5,672 5,952 0.44 

Germany 1.75% 04/07/2022 DE EUR 5,212 5,361 0.40 





Sweden 4.50% 12/08/2015 SE SEK 4,292 550 0.04 

Germany 4.75% 04/07/2040 DE EUR 15 23 0.00 

472,111 35.11 


Energy 


2,098 0.16 

Materials 


3,013 0.22 

Industrials 


Tyco Flow Control Int’l 1.875% 15/09/2017 144A LU USD 1,073 829 0.06 

3,134 0.23 

478 


Xerox 2.95% 15/03/2017 US USD 920 729 0.05 

729 0.05 


Comcast 3.125% 15/07/2022 US USD 9,198 7,441 0.55 




Comcast 6.55% 01/07/2039 US USD 2,299 2,358 0.18 

18,101 1.35 







9,311 0.69 

Healthcare 




9,926 0.74 


DIRECTV 4.375% 14/09/2029 US GBP 2,759 3,469 0.26 

DIRECTV 5.15% 15/03/2042 US USD 3,372 2,707 0.20 

6,176 0.46 

Financials 















Real Estate Capital 5 A 0.758% FRN 25/07/2016 GB GBP 875 1,074 0.08 

Mapfre 5.921% VRN 24/07/2037 ES EUR 1,226 933 0.07 

MetLife 4.125% 13/08/2042 US USD 1,042 813 0.06 











37,574 2.79 

Government 



Canada 3.25% 01/06/2021 CA CAD 15,636 13,572 1.01 







France 1.10% 25/07/2022 FR EUR 2,913 3,363 0.25 

116,435 8.66 



123,027 9.15 

Unlisted 



EUR 

Financials 



0 0.00

Fidelity 

Funds 




Institutional Global Bond Fund - continued 




EUR 




(474) (0.04) 




EUR 



EUR EUR 

























Bought CAD Sold EUR at 1.29729 07/11/2012 44,400 26 0.00 









Bought EUR Sold CAD at 0.77013 07/12/2012 44,694 (26) (0.00) 



















Bought EUR Sold JPY at 0.00963 07/12/2012 323,993 (841) (0.06) 







4,376 0.33 

479 

Futures 












1,287 0.10 




EUR 



Pay fixed 1.50% receive float. (6m JPYLIBOR) 17/03/2015 JPY 1,532,920 430 0.03 



3,837 0.29 


Net Assets 1,344,554 100.00 




EUR 


USA US 20.65 

UK GB 17.73 





Italy IT 4.50 

Spain ES 3.21 


Korea KR 1.96 


















Fidelity 

Funds 

NAME 

CURRENCY 

ASSETS 

Investments in securities at market value 

Bank deposits 

Cash at banks and brokers 

Receivables on investments sold 

Receivables on fund Shares issued 

Dividends and interest receivable 

Unrealised gain on contracts for difference 

Unrealised gain on forward foreign exchange contracts 

Unrealised gain on futures 

Unrealised gain on swaps 

Purchased options at market value 

Other receivables 

Total Assets 

LIABILITIES 

Payables on investments purchased 

Payables on fund Shares redeemed 

Expenses payable 

Unrealised loss on contracts for difference 

Unrealised loss on forward foreign exchange contracts 

Unrealised loss on futures 

Unrealised loss on swaps 

Capital gains tax payable 

Other payables 

Bank overdrafts 

Total Liabilities 

NET ASSETS as at 31.10.12 




COST OF INVESTMENTS 

Statement of Net Assets as at 31 October 2012 

Combined 

USD 

77,200,252,898 

84,853,060 

1,247,123,058 

1,422,928,793 

321,654,004 

473,902,414 

511,893 

96,414,609 

5,080,573 

49,655,077 

714,000 

691 

80,903,091,070 

1,222,575,039 

531,311,521 

112,838,547 

828,067 

36,770,261 

3,611,055 

42,596,178 

15,070,741 

329,392 

27,718,008 

1,993,648,809 

78,909,442,261 * 

79,587,410,355 ** 

93,505,341,286 ** 

71,493,673,205 ** 

70,704,709,856 

Equity Funds: 

America Fund 

USD 

1,807,149,348 

- 

50,300,395 

3,475,858 

9,801,521 

635,826 

- 

31,999 

- 

- 

- 

- 

1,871,394,947 

9,125,425 

4,967,361 

2,917,264 

- 

3,148 

- 

- 

- 

19,370 

- 

17,032,568 

1,854,362,379 

1,827,838,252 

2,386,343,009 

1,814,774,633 

1,619,532,142 

American 

Diversified Fund 

USD 

119,757,279 

- 

1,556,447 

177,786 

435,024 

69,179 

- 

- 

- 

- 

- 

- 

121,995,715 

100,261 

596,495 

194,163 

- 

- 

- 

- 

- 

601 

- 

891,520 

121,104,195 

123,195,787 

151,630,859 

131,296,257 

119,486,186 

American 

Growth Fund 

USD 

266,756,612 

- 

3,049,428 

413,832 

280,811 

250,303 

- 

30,247 

- 

- 

- 

- 

270,781,233 

- 

1,094,996 

455,285 

- 

4,974 

- 

- 

- 

452 

- 

1,555,707 

269,225,526 

280,897,467 

348,929,429 

298,848,961 

* For comparison purposes, the combined net assets total as at 31 October 2012, translated in EUR at the foreign exchange rate as of 31 October 2012, is EUR 60,833,404,601. 

** The combined net assets total includes the net assets of the sub-funds that were closed subsequently. 

A full list of footnotes is given on page 6. The accompanying notes to the financial statements form an integral part of these financial statements. 

480 

234,991,606 

ASEAN Fund 

USD 

2,145,532,206 

- 

69,163,535 

374,422,746 

1,955,973 

3,064,647 

- 

- 

- 

- 

- 

- 

2,594,139,107 

158,005,513 

232,003,499 

4,054,099 

- 

- 

- 

- 

- 

3,749 

- 

394,066,860 

2,200,072,247 

1,768,713,899 

1,548,145,910 

766,059,957 

1,858,246,917

Asia Pacific 

Dividend Fund 

USD 

258,284,645 

- 

660,343 

1,953,758 

- 

82,864 

- 

- 

- 

- 

- 

- 

260,981,610 

547,791 

2,068,165 

441,860 

- 

- 

- 

- 

135,867 

297 

- 

3,193,980 

257,787,630 

284,497,872 

375,487,888 

370,076,819 

229,701,276 

Asia Pacific 

Property Fund 6 

USD 

41,165,068 

- 

33,951 

39,030 

147,363 

131,674 

- 

- 

- 

- 

- 

416 

41,517,502 

26,577 

171,396 

68,616 

- 

- 

- 

- 

3,374 

125 

- 

270,088 

41,247,414 

42,534,793 

52,267,554 

65,073,015 

36,611,685 

Asian 

Aggressive 

Fund 

USD 

61,563,477 

- 

957,156 

99,896 

55,838 

3,052 

- 

- 

- 

- 

- 

- 

62,679,419 

228,426 

2,480 

71,125 

- 

- 

- 

- 

- 

308 

- 

302,339 

62,377,080 

50,303,438 

54,724,764 

17,117,231 

56,160,587 

Asian Equity 

Fund 1,4,5 

USD 

580,610,948 

- 

4,892,836 

1,850,479 

538,234 

85,140 

- 

- 

- 

- 

- 

- 

587,977,637 

1,450,455 

331,186 

619,515 

- 

- 

- 

- 

48,506 

47,573 

- 

2,497,235 

585,480,402 

586,429,787 

- 

- 

542,846,184 

Asian Smaller 

Companies 

Fund 

USD 

6,067,625 

- 

55,089 

35,326 

27,369 

3,855 

- 

- 

- 

- 

- 

- 

6,189,264 

64,262 

762 

10,332 

- 

- 

- 

- 

- 

16 

50,688 

126,060 

6,063,204 

5,547,755 

- 

- 

5,597,685 

Asian Special 

Situations Fund 

USD 

1,487,017,951 

- 

5,407,155 

5,894,783 

714,448 

279,918 

- 

- 

- 

- 

- 

- 

1,499,314,255 

3,084,225 

8,016,007 

2,334,959 

- 

- 

- 

- 

830,873 

475 

7,701 

14,274,240 

1,485,040,015 

2,011,545,716 

2,362,544,853 

1,663,420,758 

1,304,109,997 

Australia Fund 

AUD 

566,482,727 

- 

6,318,326 

89,876 

190,773 

3,215 

- 

- 

- 

- 

- 

- 

573,084,917 

- 

1,518,808 

925,128 

- 

- 

- 

- 

- 

252 

- 

2,444,188 

570,640,729 

607,642,914 

771,755,890 

986,481,482 

465,510,849 

China 

Consumer Fund 

USD 

493,975,762 

- 

15,938,023 

15,470,267 

4,629,782 

62,406 

- 

- 

- 

- 

- 

- 

530,076,240 

14,832,432 

7,555,544 

789,024 

- 

- 

- 

- 

596 

877 

119,708 

23,298,181 

506,778,059 

451,233,175 

14,434,912 

- 

463,502,719 

481

Fidelity 

Funds 

NAME 

CURRENCY 

ASSETS 


Bank deposits 











Total Assets 

LIABILITIES 

















Statement of Net Assets as at 31 October 2012 - continued 

China Focus 

Fund 

USD 

3,599,290,274 

- 

62,803,683 

72,441,270 

45,870,378 

795,679 

- 

- 

- 

- 

- 

- 

3,781,201,284 

72,159,795 

2,020,778 

5,878,500 

- 

- 

- 

- 

6,993,497 

1,520 

- 

87,054,090 

3,694,147,194 

4,253,667,609 

5,270,092,841 

4,816,394,943 

3,409,188,772 

China 

Opportunities 

Fund 

USD 

51,144,891 

- 

564,086 

1,174,247 

51,838 

24,887 

- 

- 

- 

- 

- 

- 

52,959,949 

1,368,897 

359,276 

93,200 

- 

- 

- 

- 

25,427 

115 

- 

1,846,915 

51,113,034 

56,743,712 

60,098,013 

1,867,719 

51,797,325 

Emerging Asia 

Fund 


482 

USD 

691,844,504 

- 

18,379,996 

19,918,075 

47,142,542 

353,283 

- 

28,464 

- 

- 

- 

- 

777,666,864 

45,563,003 

7,415,687 

1,091,367 

- 

8,661 

- 

- 

- 

482 

15,975,796 

70,054,996 

707,611,868 

882,578,463 

698,698,259 

151,755,585 

629,184,993 

Emerging Europe, 

Middle East and 

Africa Fund 

USD 

1,092,683,464 

- 

9,897,920 

36,714,812 

598,534 

1,741,913 

- 

58,419 

- 

- 

- 

- 

1,141,695,062 

29,401,758 

3,163,799 

1,920,296 

- 

6,841 

- 

- 

- 

836 

- 

34,493,530 

1,107,201,532 

1,221,208,897 

1,696,427,866 

1,115,054,351 

982,435,707 

Emerging 

Markets Fund 

USD 

2,898,249,097 

- 

54,411,590 

42,726,612 

6,771,397 

1,096,538 

- 

- 

- 

- 

- 

- 

3,003,255,234 

41,085,586 

3,421,616 

4,929,783 

- 

- 

- 

- 

836,534 

7,992 

582,912 

50,864,423 

2,952,390,811 

3,085,022,634 

3,561,018,751 

3,361,222,349 

2,581,247,656

Euro Blue Chip 

Fund 

EUR 

437,854,536 

- 

16,470,891 

4,593,085 

5,742,863 

4,280,729 

- 

- 

8,357 

- 

- 

- 

468,950,461 

5,354,571 

257,526 

679,588 

- 

- 

- 

- 

- 

1,014 

- 

6,292,699 

462,657,762 

411,885,995 

510,079,004 

479,922,650 

361,548,303 

EURO STOXX 

50 Fund 2,3 

EUR 

235,792,922 

- 

7,902,613 

- 

54,656 

2,116,246 

- 

- 

- 

- 

- 

- 

245,866,437 

- 

1,371,068 

195,550 

- 

- 

197,763 

- 

- 

2,005 

- 

1,766,386 

244,100,051 

194,208,134 

259,337,287 

231,919,273 

294,368,067 

European 

Aggressive 

Fund 

EUR 

432,694,071 

- 

10,891,948 

6,758,933 

120,791 

3,078,710 

- 

- 

1,070,182 

- 

- 

- 

454,614,635 

5,333,511 

1,257,381 

759,321 

- 

- 

- 

- 

- 

1,428 

- 

7,351,641 

447,262,994 

501,387,032 

1,090,564,751 

948,862,410 

395,520,896 

European 

Dividend Fund 

EUR 

15,602,681 

- 

104,070 

16,899 

71,695 

26,553 

- 

- 

- 

- 

- 

- 

15,821,898 

909 

89,501 

26,164 

- 

- 

- 

- 

- 

25 

- 

116,599 

15,705,299 

3,750,277 

1,020,703 

- 

15,202,729 

European 

Dynamic 

Growth Fund 

EUR 

373,136,445 

- 

48,700,576 

5,634,335 

2,075,907 

523,123 

- 

- 

8,997 

- 

- 

- 

430,079,383 

1,601,451 

45,972,460 

651,039 

- 

- 

944 

- 

- 

729 

- 

48,226,623 

381,852,760 

319,160,637 

507,219,565 

319,851,920 

304,057,816 

European 

Dynamic Value 

Fund 

EUR 

25,288,331 

- 

1,861,653 

82,941 

1,846 

20,587 

- 

- 

- 

- 

- 

- 

27,255,358 

2,764 

115,671 

44,513 

- 

- 

5,578 

- 

- 

53 

- 

168,579 

27,086,779 

8,000,988 

- 

- 

25,019,660 

European 

Fund 1,4 

EUR 

156,510,524 

- 

2,683,931 

1,058,018 

69,194 

667,689 

- 

40,767 

- 

- 

- 

- 

161,030,123 

1,138,118 

153,841 

270,023 

- 

16,167 

11,954 

- 

- 

415 

- 

1,590,518 

159,439,605 

159,039,096 

181,501,490 

173,433,123 

142,187,576 

European 

Growth Fund 

EUR 

6,626,624,400 

- 

65,303,159 

82,001,526 

711,079 

33,096,162 

- 

- 

- 

- 

- 

- 

6,807,736,326 

65,846,888 

10,825,890 

10,887,064 

- 

- 

1,648,230 

- 

- 

21,462 

- 

89,229,534 

6,718,506,792 

6,986,155,760 

8,394,363,840 

8,516,347,509 

6,025,057,982 

483

Fidelity 

Funds 

NAME 

CURRENCY 

ASSETS 


Bank deposits 











Total Assets 

LIABILITIES 


















European Larger 

Companies Fund 

EUR 

210,568,656 

- 

1,612,136 

1,842,064 

167,198 

998,642 

- 

- 

- 

- 

- 

- 

215,188,696 

1,848,223 

272,429 

355,223 

- 

- 

- 

- 

- 

744 

- 

2,476,619 

212,712,077 

193,035,248 

80,847,791 

159,942,657 

187,071,398 

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

484 

European Smaller 


EUR 

617,302,337 

- 

12,912,636 

2,961,588 

1,150,588 

2,794,381 

- 

1,318,598 

- 

- 

- 

- 

638,440,128 

6,555,515 

1,106,971 

1,033,028 

- 

628,653 

84,957 

- 

- 

2,608 

- 

9,411,732 

629,028,396 

729,076,544 

1,003,557,754 

901,435,380 

624,223,612 

European 

Special 

Situations Fund 

EUR 

14,021,394 

- 

1,650,751 

- 

180,063 

70,389 

121,535 

- 

1,778 

- 

- 

- 

16,045,910 

34,035 

393 

27,310 

- 

- 

- 

- 

- 

127 

100 

61,965 

15,983,945 

10,299,692 

89,911,234 

89,887,344 

17,687,221 

France Fund 

EUR 

222,457,719 

- 

638,621 

1,129,347 

79,520 

4,250,662 

- 

- 

- 

- 

- 

212 

228,556,081 

331,891 

641,103 

335,923 

- 

- 

- 

- 

- 

417 

- 

1,309,334 

227,246,747 

200,966,408 

292,275,399 

277,048,925 

194,193,540 

Germany Fund 

EUR 

660,039,373 

- 

8,941,666 

17,311,411 

143,084 

979,632 

- 

- 

19,252 

- 

- 

- 

687,434,418 

7,702,169 

7,299,637 

1,098,790 

- 

- 

- 

- 

- 

1,203 

- 

16,101,799 

671,332,619 

755,851,914 

1,059,687,449 

420,170,472 

579,666,475

Global 

Consumer 

Industries Fund 

EUR 

223,296,468 

- 

10,406,503 

2,367,897 

1,681,953 

376,627 

- 

- 

- 

- 

- 

- 

238,129,448 

4,003,702 

116,486 

383,346 

- 

- 

- 

- 

12,202 

215 

- 

4,515,951 

233,613,497 

230,847,939 

156,571,842 

122,462,942 

193,357,751 

Global 

Demographics 

Fund 

USD 

56,366,928 

- 

3,761,256 

517,215 

- 

53,369 

- 

81,795 

- 

- 

- 

- 

60,780,563 

603,629 

51,405 

68,679 

- 

19,214 

- 

- 

- 

231 

- 

743,158 

60,037,405 

60,204,806 

- 

- 

53,943,935 

Global 

Dividend Fund 

USD 

74,299,779 

- 

2,222,574 

- 

2,009,882 

143,827 

- 

58,692 

- 

- 

- 

- 

78,734,754 

205 

312,951 

132,092 

- 

15,055 

- 

- 

- 

610 

- 

460,913 

78,273,841 

8,848,520 

- 

- 

73,039,378 

Global 

Financial 

Services Fund 

EUR 

242,342,688 

- 

11,706,116 

1,966,766 

511,649 

519,921 

- 

- 

- 

- 

- 

- 

257,047,140 

2,970,648 

660,951 

386,608 

- 

- 

- 

- 

25,291 

584 

- 

4,044,082 

253,003,058 

213,520,428 

242,346,053 

310,759,113 

218,499,204 

Global Focus 

Fund 

USD 

132,168,577 

- 

8,055,387 

556,486 

579,668 

167,861 

- 

- 

- 

- 

- 

- 

141,527,979 

2,734,676 

234,830 

238,013 

- 

- 

- 

- 

- 

77 

- 

3,207,596 

138,320,383 

119,170,851 

182,037,126 

111,431,710 

125,192,515 

Global Health 

Care Fund 

EUR 

362,958,959 

- 

26,873,967 

1,031,964 

1,098,722 

502,646 

- 

- 

- 

- 

539,141 

- 

393,005,399 

1,099,856 

153,963 

629,439 

- 

- 

- 

- 

- 

20 

- 

1,883,278 

391,122,121 

363,256,435 

331,450,583 

463,205,681 

327,580,533 

Global 

Industrials Fund 

EUR 

191,445,742 

- 

12,345,110 

11,339,796 

64,672 

374,146 

- 

- 

- 

- 

- 

- 

215,569,466 

9,509,333 

2,140,570 

339,320 

- 

- 

- 

- 

- 

488 

51,767 

12,041,478 

203,527,988 

244,908,417 

357,588,216 

246,986,535 

188,079,868 

Global 

Opportunities 

Fund 

USD 

404,460,132 

- 

14,213,422 

2,790,858 

177,610 

751,595 

- 

- 

- 

- 

- 

- 

422,393,617 

1,089,478 

386,731 

682,657 

- 

- 

- 

- 

- 

1,841 

- 

2,160,707 

420,232,910 

382,701,781 

497,397,593 

307,895,537 

369,663,028 

485

Fidelity 

Funds 

NAME 

CURRENCY 

ASSETS 


Bank deposits 











Total Assets 

LIABILITIES 


















Global Property 

Fund 6 

USD 

211,861,270 

- 

3,846,227 

855,376 

587,371 

734,533 

- 

- 

- 

- 

- 

- 

217,884,777 

947,023 

884,735 

364,011 

- 

- 

- 

- 

- 

56 

17 

2,195,842 

215,688,935 

197,800,382 

226,998,961 

210,600,148 

190,746,534 

Global Real 

Asset Securities 

Fund 

USD 

217,230,031 

- 

14,598,049 

15,778,323 

583,939 

250,811 

- 

1,239,941 

- 

- 

- 

- 

249,681,094 

16,396,723 

1,811,340 

361,092 

- 

312,823 

- 

- 

- 

1,442 

- 

18,883,420 

230,797,674 

231,522,854 

219,191,856 

50,976,960 

208,618,347 


486 

Global 

Global 

Technology Telecommunications 

Fund 

Fund 

EUR 

270,606,622 

- 

10,088,181 

8,216 

23,720 

189,981 

- 

- 

- 

- 

- 

- 

280,916,720 

7,227 

737,701 

466,220 

- 

- 

- 

- 

- 

2,425 

- 

1,213,573 

279,703,147 

346,567,485 

496,279,976 

349,240,553 

275,248,011 

EUR 

223,185,845 

- 

10,951 

17,735,152 

81,864 

928,163 

- 

- 

- 

- 

- 

- 

241,941,975 

12,749,517 

3,028,160 

387,443 

- 

- 

- 

- 

- 

1,947 

128,889 

16,295,956 

225,646,019 

250,369,545 

316,491,632 

225,405,671 

198,703,428 

Greater China 

Fund 

USD 

505,920,299 

- 

4,167,629 

9,970,662 

238,126 

57,960 

- 

- 

- 

- 

- 

- 

520,354,676 

11,663,566 

559,415 

873,412 

- 

- 

- 

- 

138,038 

183 

- 

13,234,614 

507,120,062 

429,916,630 

550,053,007 

404,953,106 

452,598,366

Greater China 

Fund II 1,4,5 

USD 

481,841,465 

- 

1,250,144 

10,609,720 

14,214,300 

248,642 

- 

- 

- 

- 

- 

- 

508,164,271 

13,817,367 

73,149 

501,359 

- 

- 

- 

- 

36,917 

49,430 

- 

14,478,222 

493,686,049 

474,850,842 

- 

- 

461,064,202 

Iberia Fund 

EUR 

101,928,760 

- 

15,382,807 

1,981,982 

1,917,801 

166,425 

179,563 

- 

- 

- 

- 

- 

121,557,338 

374,358 

240,985 

217,287 

- 

- 

- 

- 

- 

171 

- 

832,801 

120,724,537 

93,581,071 

172,111,222 

166,043,376 

91,191,163 

India Focus 

Fund 7 

USD 

2,361,028,616 

- 

14,166,479 

14,395,937 

1,614 

534,667 

- 

- 

- 

- 

- 

- 

2,390,127,313 

13,667,318 

16,799,570 

4,132,518 

- 

- 

- 

- 

- 

5,974 

375,459 

34,980,839 

2,355,146,474 

2,547,809,026 

3,488,780,058 

3,016,360,448 

1,927,243,107 

Indonesia Fund 

USD 

779,711,101 

- 

3,109,634 

13,525,677 

16,157 

1,226,501 

- 

- 

- 

- 

- 

- 

797,589,070 

11,476,812 

4,268,187 

1,320,265 

- 

- 

- 

- 

- 

878 

- 

17,066,142 

780,522,928 

1,037,626,658 

981,540,935 

768,911,065 

627,282,335 

International 

Fund 

USD 

1,517,994,133 

- 

24,526,278 

9,943,998 

2,006,205 

5,150,762 

- 

88,539 

26,506 

- 

- 

- 

1,559,736,421 

8,190,962 

1,776,100 

2,537,877 

- 

35,112 

9,950 

- 

87,158 

6,804 

- 

12,643,963 

1,547,092,458 

1,617,912,808 

1,843,603,103 

1,578,257,416 

1,321,141,393 

Italy Fund 

EUR 

227,816,370 

- 

23,196,153 

- 

2,262,281 

39,631 

- 

- 

- 

- 

- 

- 

253,314,435 

162,798 

993,663 

419,767 

- 

- 

255,021 

- 

- 

115 

- 

1,831,364 

251,483,071 

197,015,580 

279,995,182 

248,748,312 

210,296,402 

Japan 

Advantage 

Fund 

JPY 

87,713,709,518 

- 

3,935,208,085 

8,819,448,985 

324,798,366 

1,372,003,691 

- 

465,604,296 

- 

- 

- 

- 

102,630,772,941 

2,212,896,261 

738,716,409 

146,523,697 

- 

136,290,481 

- 

- 

- 

290 

- 

3,234,427,138 

99,396,345,803 

141,966,316,497 

102,471,919,181 

95,842,729,394 

92,247,090,455 

Japan Fund 

JPY 

35,009,128,014 

- 

917,193,466 

110,259,743 

464,925 

421,419,433 

- 

- 

- 

- 

- 

- 

36,458,465,581 

113,628,406 

209,648,846 

59,551,886 

- 

- 

- 

- 

- 

2,303 

- 

382,831,441 

36,075,634,140 

41,596,336,573 

61,858,312,883 

86,903,107,359 

43,061,036,160 

487

Fidelity 

Funds 

NAME 

CURRENCY 

ASSETS 


Bank deposits 











Total Assets 

LIABILITIES 


















Japan Smaller 

Companies 

Fund 

JPY 

6,745,959,926 

- 

135,907,570 

29,251,028 

653,006 

50,500,558 

- 

- 

- 

- 

- 

- 

6,962,272,088 

39,748,932 

7,144,655 

11,382,464 

- 

- 

- 

- 

- 

164 

- 

58,276,215 

6,903,995,873 

7,730,078,447 

9,134,154,380 

11,231,138,928 

6,380,063,348 

Korea Fund 4 

USD 

353,274,513 

- 

2,293,082 

6,124,908 

72,889 

- 

- 

- 

- 

- 

- 

- 

361,765,392 

5,552,153 

1,249,614 

578,539 

- 

- 

- 

- 

- 

390 

- 

7,380,696 

354,384,696 

645,889,576 

1,208,433,373 

718,580,121 

312,408,690 

Latin America 

Fund 

USD 

2,226,166,208 

- 

38,834,474 

7,365,590 

365,778 

5,625,563 

- 

- 

- 

- 

- 

- 

2,278,357,613 

6,207,708 

14,299,382 

3,795,480 

- 

- 

- 

- 

- 

1,145 

- 

24,303,715 

2,254,053,898 

2,371,980,592 

2,454,776,186 

1,312,668,312 

2,025,597,823 


488 

Malaysia Fund 

USD 

246,470,842 

- 

1,894,636 

70,200 

651,788 

691,548 

- 

- 

- 

- 

- 

- 

249,779,014 

387,547 

601,042 

384,441 

- 

- 

- 

- 

- 

272 

- 

1,373,302 

248,405,712 

319,512,426 

272,936,411 

193,716,428 

207,365,146 

Nordic Fund 

SEK 

1,972,736,009 

- 

8,226,466 

14,416,457 

1,942,708 

8,776,731 

- 

- 

- 

- 

- 

- 

2,006,098,371 

13,122,542 

3,140,010 

3,293,918 

- 

- 

- 

- 

- 

149 

- 

19,556,619 

1,986,541,752 

2,012,810,918 

2,312,341,408 

2,352,311,019 

1,836,881,345

Pacific Fund 

USD 

639,359,470 

- 

4,466,995 

1,458,979 

728,642 

1,452,129 

- 

- 

- 

- 

- 

- 

647,466,215 

1,984,573 

1,682,756 

1,043,147 

- 

- 

- 

- 

414,813 

386 

- 

5,125,675 

642,340,540 

624,357,736 

765,950,763 

828,557,145 

584,908,670 

Singapore Fund 

USD 

215,651,938 

- 

8,083,382 

1,394,796 

72,572 

310,758 

- 

- 

- 

- 

- 

- 

225,513,446 

3,349,142 

265,359 

363,993 

- 

- 

- 

- 

- 

24 

- 

3,978,518 

221,534,928 

218,624,506 

272,631,011 

171,282,321 

182,207,055 

South East Asia 

Fund 

USD 

6,054,875,771 

- 

35,896,304 

36,678,403 

13,338,860 

5,037,030 

- 

- 

- 

- 

- 

- 

6,145,826,368 

43,208,344 

8,652,941 

10,000,115 

- 

- 

- 

- 

5,005,680 

31,388 

- 

66,898,468 

6,078,927,900 

6,745,763,854 

9,002,178,486 

6,563,991,181 

5,037,864,970 

Switzerland 

Fund 

CHF 

292,161,279 

- 

2,504,216 

5,441,371 

- 

145,441 

- 

- 

- 

- 

- 

- 

300,252,307 

7,036,044 

2,395,920 

486,005 

- 

- 

- 

- 

- 

533 

- 

9,918,502 

290,333,805 

302,729,453 

485,222,591 

637,256,135 

274,624,921 

Taiwan Fund 

USD 

219,619,539 

- 

3,673,630 

2,054,263 

20,088 

- 

- 

- 

- 

- 

- 

- 

225,367,520 

2,341,180 

447,340 

380,529 

- 

- 

- 

- 

110,058 

656 

- 

3,279,763 

222,087,757 

264,725,238 

624,508,567 

461,909,965 

207,168,118 

Thailand Fund 

USD 

822,136,746 

- 

3,367,398 

- 

608,951 

192,018 

- 

- 

- 

- 

- 

- 

826,305,113 

24,466 

303,603 

1,330,713 

- 

- 

- 

- 

- 

86 

- 

1,658,868 

824,646,245 

900,602,281 

740,728,820 

405,666,841 

613,301,646 

United Kingdom 

Fund 

GBP 

89,391,730 

- 

238,571 

216,889 

88,905 

187,711 

- 

- 

- 

- 

- 

- 

90,123,806 

233,579 

19,800 

148,720 

- 

- 

- 

- 

- 

1,342 

- 

403,441 

89,720,365 

94,273,309 

118,945,185 

106,163,041 

81,189,499 

World Fund 

EUR 

403,036,137 

- 

8,557,750 

4,722,228 

78,575 

2,284,704 

9,051 

34,222 

43,988 

- 

- 

- 

418,766,655 

2,190,653 

631,666 

687,858 

- 

13,572 

4,865 

- 

9,059 

1,523 

212,080 

3,751,276 

415,015,379 

426,934,629 

503,761,674 

544,855,008 

338,365,409 

489

Fidelity 

Funds 

NAME 

CURRENCY 

ASSETS 


Bank deposits 











Total Assets 

LIABILITIES 


















Fidelity 

Patrimoine1,4 Asset Allocation 

Funds: 

EUR 

42,292,100 

155,330 

4,358,555 

453,134 

526,104 

460,534 

14,708 

177,743 

7,928 

10,105 

- 

- 

48,456,241 

1,044,191 

- 

71,898 

115,030 

31,360 

1,349 

4,350 

1,025 

173 

14,595 

1,283,971 

47,172,270 

37,473,868 

23,021,388 

20,811,231 

40,718,152 

Fidelity 

Sélection 

Europe 1,4 

EUR 

29,622,335 

- 

522,633 

272,736 

- 

226,860 

1,315 

10,591 

58 

- 

- 

- 

30,656,528 

255,196 

53,997 

63,404 

- 

4,199 

1,467 

- 

- 

164 

- 

378,427 

30,278,101 

30,737,984 

38,624,241 

41,821,225 

26,232,621 

Fidelity 

Sélection 

Internationale 1,4 


490 

EUR 

111,584,344 

- 

2,232,137 

1,258,430 

- 

408,568 

2,189 

9,462 

99 

- 

1,508 

- 

115,496,737 

857,564 

110,466 

239,791 

- 

3,751 

2,545 

- 

3,532 

593 

1,233 

1,219,475 

114,277,262 

117,208,308 

132,509,193 

140,300,318 

98,860,734 

FPS Global 

Growth Fund 

USD 

137,188,491 

- 

2,740,647 

1,244,307 

- 

419,506 

- 

8,692 

6,027 

- 

1,871 

- 

141,609,541 

927,567 

84,450 

298,725 

- 

3,445 

376 

- 

6,747 

644 

1,510 

1,323,464 

140,286,077 

147,436,048 

165,067,744 

232,375,757 

105,768,718 

FPS Growth 

Fund 4 

EUR 

146,563,346 

- 

2,387,164 

1,169,989 

- 

714,156 

- 

24,391 

- 

- 

- 

- 

150,859,046 

700,705 

495,150 

305,709 

- 

9,672 

6,741 

- 

2,823 

495 

- 

1,521,295 

149,337,751 

155,709,333 

172,103,623 

181,043,035 

129,837,272

FPS Moderate 

Growth Fund 4 

EUR 

98,237,537 

- 

1,391,084 

1,920,858 

32,844 

966,044 

- 

418,509 

14,675 

8,158 

- 

- 

102,989,709 

1,831,826 

107,525 

169,750 

- 

88,818 

17,750 

4,858 

454 

251 

- 

2,221,232 

100,768,477 

98,807,220 

109,705,411 

123,174,836 

99,550,033 

Euro Balanced 

Fund 

EUR 

452,699,283 

- 

13,579,913 

10,002,175 

326,864 

4,227,884 

- 

1,013,540 

84,931 

49,218 

- 

- 

481,983,808 

2,835,345 

1,871,582 

590,664 

- 

177,604 

8,066 

- 

- 

1,254 

- 

5,484,515 

476,499,293 

461,338,781 

552,126,508 

582,632,861 

401,463,463 

Growth & 

Income Fund 1 

USD 

118,185,353 

6 

3,913,598 

1,712,465 

266,536 

744,134 

- 

219,769 

81,442 

154,533 

3,763 

- 

125,281,599 

1,599,243 

38,686 

180,329 

- 

731,247 

30,767 

19,587 

3,210 

1,722 

2,313 

2,607,104 

122,674,495 

125,748,288 

142,602,139 

126,606,906 

108,569,513 

Multi Asset 

Navigator Fund 

USD 

7,997,315 

69,010 

868,556 

103,925 

6,400 

40,284 

2,489 

18,983 

4,085 

7,639 

239 

- 

9,118,925 

135,590 

- 

14,209 

19,664 

33,913 

1,635 

968 

927 

100 

4,688 

211,694 

8,907,231 

13,226,261 

14,346,422 

13,302,370 

7,585,843 

Multi Asset 

Strategic 

Defensive Fund 4 

EUR 

91,933,510 

1,571,131 

5,141,270 

1,518,414 

31,468 

686,585 

13,582 

206,315 

2,953 

34 

1,650 

- 

101,106,912 

2,145,296 

702,812 

154,322 

107,298 

115,827 

1,927 

- 

764 

441 

960 

3,229,647 

97,877,265 

118,548,224 

206,802,539 

241,911,063 

96,655,378 

Multi Asset 

Strategic Fund 4 

USD 

190,618,629 

1,322,312 

19,723,797 

2,559,423 

498,431 

1,196,262 

62,387 

376,479 

8,002 

277 

4,338 

- 

216,370,337 

2,870,050 

1,146,712 

309,015 

492,859 

265,548 

2,202 

- 

4,124 

870 

2,693 

5,094,073 

211,276,264 

225,141,377 

280,839,352 

128,932,412 

191,864,020 

Asian Bond 

Fund 

USD 

43,068,404 

- 

605,076 

896,011 

146,264 

461,384 

- 

1,570 

3,105 

- 

- 

- 

45,181,814 

1,025,996 

504,611 

39,630 

- 

62 

- 

93,085 

- 

344 

25,865 

1,689,593 

43,492,221 

28,753,536 

20,110,966 

- 

41,306,439 

Asian High 

Yield Fund 

USD 

2,127,119,765 

288,997 

3,034,721 

10,633,685 

26,190,594 

42,586,282 

- 

1,182,200 

435 

381,276 

- 

- 

2,211,417,955 

36,715,721 

3,816,803 

2,475,564 

- 

315,101 

- 

3,974,419 

- 

7,291 

- 

47,304,899 

2,164,113,056 

2,015,140,553 

2,430,069,724 

752,049,757 

2,119,683,368 

Balanced Funds: Bond Funds: 

491

Fidelity 

Funds 

NAME 

CURRENCY 


ASSETS 


Bank deposits 











Total Assets 

LIABILITIES 

















China RMB 

Bond Fund 4 

CNH 

1,305,840,777 

38,215,192 

21,194,420 

17,413,982 

7,908,657 

11,296,149 

- 

3,455,032 

- 

- 

- 

- 

1,405,324,209 

61,780,738 

1,569,649 

1,358,581 

- 

1,504,841 

- 

- 

- 

801 

- 

66,214,610 

1,339,109,599 

471,698,375 

- 

- 

1,306,518,794 

Core Euro Bond 

Fund 4 

492 

EUR 

262,935,271 

- 

3,260,671 

4,022,879 

1,085 

3,259,268 

- 

- 

20,532 

- 

- 

- 

273,499,706 

2,974,443 

144,696 

139,250 

- 

- 

- 

- 

- 

1,514 

- 

3,259,903 

270,239,803 

282,481,335 

311,867,229 

42,987,322 

254,231,172 

Emerging 

Market Debt 

Fund 

USD 

940,595,483 

- 

56,799,465 

13,121,877 

27,329,040 

16,344,341 

- 

924,272 

- 

- 

- 

- 

1,055,114,478 

14,541 

2,280,488 

1,406,559 

- 

630,337 

- 

- 

- 

1,278 

- 

4,333,203 

1,050,781,275 

630,327,953 

699,332,950 

440,345,363 


877,059,336 

Emerging Markets 

Inflation-linked 

Bond Fund 4 

USD 

58,569,410 

- 

3,872,933 

18,176 

668,278 

488,394 

- 

269,561 

- 

- 

- 

- 

63,886,752 

215,476 

- 

62,628 

- 

208,802 

12,284 

66,063 

- 

527 

- 

565,780 

63,320,972 

27,688,295 

- 

- 

54,963,252 

Euro Bond Fund 

EUR 

578,811,390 

- 

7,528,996 

6,388,440 

3,733,375 

6,275,195 

- 

3,714,923 

200,260 

12,141 

- 

- 

606,664,720 

9,006,545 

571,282 

490,777 

- 

778,495 

32,394 

- 

- 

1,443 

- 

10,880,936 

595,783,784 

533,300,371 

489,387,996 

894,794,731 

555,341,080

493 

Euro Corporate 

Bond Fund 

EUR 

116,131,657 

- 

1,418,377 

3,157,910 

2,133,155 

1,687,097 

- 

1,000,345 

29,035 

1,456 

- 

- 

125,559,032 

5,549,087 

6,607 

91,252 

- 

222,133 

60,430 

- 

- 

152 

- 

5,929,661 

119,629,371 

90,812,400 

70,767,643 

70,999,112 

108,030,626 

Euro Short Term 

Bond Fund 

EUR 

386,778,570 

- 

2,239,285 

12,963,702 

10,631,584 

5,494,790 

- 

3,156,556 

18,860 

1,078,805 

- 

- 

422,362,152 

15,265,927 

3,399,219 

250,049 

- 

175,764 

19,264 

714,886 

- 

815 

- 

19,825,924 

402,536,228 

299,796,557 

98,361,201 

71,988,665 

380,208,930 

European High 

Yield Fund 

EUR 

1,930,316,147 

- 

13,824,152 

103,300,937 

10,751,581 

44,492,303 

- 

32,454,789 

468,234 

7,968,704 

- 

- 

2,143,576,847 

87,991,335 

7,552,600 

2,350,774 

- 

3,412,933 

4,868 

3,574,949 

- 

7,507 

2,348,284 

107,243,250 

2,036,333,597 

1,939,096,058 

2,447,640,437 

1,704,002,659 

1,905,060,039 

Global 

Corporate Bond 

Fund 4 

USD 

31,821,997 

- 

1,418,470 

172,225 

217,429 

443,382 

- 

89,512 

58,827 

38,075 

- 

- 

34,259,917 

495,964 

582 

30,036 

- 

216,313 

27,831 

124,624 

- 

155 

- 

895,505 

33,364,412 

21,909,110 

21,560,914 

- 

30,205,595 

Global High 

Grade Income 

Fund 

USD 

642,684,767 

- 

15,477,786 

14,202,196 

4,497,933 

11,331,770 

- 

- 

- 

- 

- 

- 

688,194,452 

9,277,292 

2,007,788 

564,214 

- 

- 

- 

- 

- 

3,160 

6,938,496 

18,790,950 

669,403,502 

174,521,265 

34,066,467 

21,693,166 

639,634,187 

Global High 

Yield Bond 

Fund 1 

USD 

3,055,953 

- 

10,353 

190,326 

10,309 

59,787 

- 

16,704 

227 

4,295 

- 

- 

3,347,954 

77,298 

131,969 

4,196 

- 

947 

- 

3,783 

- 

6 

1,216 

219,415 

3,128,539 

1,634,593 

926,455 

- 

3,073,905 

Global High 

Yield Focus 

Fund 4 

USD 

50,277,713 

- 

3,605,855 

1,001,495 

735,434 

948,817 

- 

147,697 

1,361 

96,245 

- 

- 

56,814,617 

1,928,985 

1 

73,491 

- 

471,661 

- 

36,827 

- 

188 

- 

2,511,153 

54,303,464 

36,108,944 

- 

- 

48,669,694 

Global 

Inflation-linked 

Bond Fund 

USD 

802,852,183 

- 

4,610,995 

72,373,263 

4,269,317 

4,694,981 

- 

6,904,742 

447,662 

34,488,012 

- 

- 

930,641,155 

36,753,981 

919,357 

464,622 

- 

12,107,466 

130,191 

30,982,815 

- 

5,801 

- 

81,364,233 

849,276,922 

683,577,048 

450,619,473 

163,291,026 

770,936,810

Fidelity 

Funds 

NAME 

CURRENCY 


ASSETS 


Bank deposits 











Total Assets 

LIABILITIES 

















Global 

Strategic Bond 

Fund 4 

USD 

309,259,359 

- 

4,427,634 

13,554,020 

3,779,003 

3,151,277 

- 

4,518,066 

358,193 

143,250 

- 

- 

339,190,802 

8,174,934 

13,063 

391,292 

- 

3,133,180 

10,995 

286,393 

- 

2,057 

24,473 

12,036,387 

327,154,415 

142,514,647 

21,486,744 

- 

301,755,053 

494 

International 

Bond Fund 

USD 

479,564,220 

- 

19,990,003 

9,378,729 

1,293,397 

5,332,303 

- 

1,389,721 

744,755 

1,430,027 

- 

- 

519,123,155 

7,206,009 

420,371 

486,335 

- 

4,364,902 

271,970 

196,689 

- 

13,911 

2,239 

12,962,426 

506,160,729 

392,512,516 

376,152,254 

325,894,054 

474,698,647 

Sterling Bond 

Fund 


GBP 

257,091,009 

- 

1,518,742 

801,583 

479,174 

3,647,503 

- 

498,761 

253,693 

119,394 

- 

- 

264,409,859 

85,332 

1,059,529 

255,826 

- 

207,469 

2,925 

409,911 

- 

2,835 

- 

2,023,827 

262,386,032 

226,134,945 

191,679,577 

159,095,001 

243,577,775 

US Dollar Bond 

Fund 

USD 

900,607,084 

- 

6,705,978 

16,237,689 

4,788,239 

6,477,719 

- 

559,988 

247,564 

71,831 

- 

- 

935,696,092 

11,168,530 

1,705,270 

871,230 

- 

1,874,518 

14,515 

95,975 

- 

3,518 

- 

15,733,556 

919,962,536 

741,374,135 

387,486,109 

381,001,168 

869,031,171 

US High Yield 

Fund 

USD 

8,716,561,344 

- 

20,716,639 

816,091 

19,302,715 

136,166,193 

- 

10,519,132 

- 

- 

- 

- 

8,904,082,114 

119,479,420 

41,088,896 

9,867,323 

- 

1,729,356 

- 

- 

- 

10,812 

- 

172,175,807 

8,731,906,307 

7,655,079,893 

7,082,266,308 

3,803,243,704 

8,343,658,453

495 

Euro Cash Fund 1 

EUR 

222,327,123 

14,774,494 

- 

- 

808,317 

791,278 

- 

- 

- 

- 

- 

- 

238,701,212 

13,261,920 

203,990 

9,381 

- 

- 

- 

- 

- 

1,106 

- 

13,476,397 

225,224,815 

277,517,528 

278,929,307 

378,067,915 

217,745,246 

US Dollar Cash 

Fund 1 

USD 

626,110,472 

55,448,975 

- 

3,118 

919,803 

27,967 

- 

- 

- 

- 

- 

- 

682,510,335 

34,805,924 

1,225,961 

125,016 

- 

- 

- 

- 

- 

2,900 

50 

36,159,851 

646,350,484 

631,206,379 

515,595,703 

488,309,833 

623,818,468 

MoneyBuilder 

Europe Fund 1,4,5 

EUR 

11,107,966 

- 

192,875 

74,874 

- 

46,763 

25 

3,128 

- 

- 

- 

- 

11,425,631 

81,037 

5,989 

16,672 

- 

1,240 

857 

- 

- 

28 

- 

105,823 

11,319,808 

11,407,725 

13,484,899 

13,104,285 

10,200,229 

MoneyBuilder 

European Bond 

Fund 1,4,5 

EUR 

2,968,950 

- 

35,019 

63,083 

1,054 

39,163 

- 

24,916 

948 

2,398 

- 

- 

3,135,531 

53,156 

3,296 

2,907 

- 

3,758 

121 

1,058 

- 

- 

695 

64,991 

3,070,540 

3,089,082 

3,258,399 

3,884,445 

2,638,136 

Cash Funds: MoneyBuilder Funds: 

MoneyBuilder 

Global Fund 1,4,5 

EUR 

16,724,334 

- 

248,131 

197,512 

- 

60,470 

- 

2,214 

3,403 

- 

- 

- 

17,236,064 

130,328 

62,449 

24,998 

- 

877 

- 

- 

880 

58 

- 

219,590 

17,016,474 

17,517,791 

18,520,052 

18,952,951 

14,086,059 

Diversified 

Income Fund 1,5 

HKD 

5,645,449 

44,092 

356,072 

76,257 

120,918 

32,443 

935 

4,326 

2,871 

5,119 

- 

- 

6,288,482 

202,031 

- 

9,012 

7,386 

17,286 

931 

747 

463 

64 

1,757 

239,677 

6,048,805 

5,598,052 

1,841,721 

915,201 

5,811,641 

Fidelity Target 

2020 Fund 

USD 

29,221,502 

- 

743,772 

228,068 

14,647 

94,909 

1,006 

4,024 

627 

1,112 

- 

- 

30,309,667 

130,913 

38,665 

57,793 

7,951 

4,999 

301 

163 

344 

128 

- 

241,257 

30,068,410 

32,038,989 

37,954,518 

39,233,498 

24,452,739 


2015 (Euro) 

Fund 4 

EUR 

165,444,966 

- 

2,555,917 

1,661,541 

26,195 

1,207,938 

- 

441,857 

19,761 

26,170 

- 

- 

171,384,345 

1,582,418 

194,396 

149,230 

- 

78,036 

2,657 

11,300 

3,880 

529 

7,423 

2,029,869 

169,354,476 

166,090,358 

165,712,283 

166,079,946 

136,972,802 

Fidelity Lifestyle 

Funds:

Fidelity 

Funds 

NAME 

CURRENCY 


ASSETS 


Bank deposits 











Total Assets 

LIABILITIES 


















2020 (Euro) 

Fund 4 

EUR 

244,436,857 

- 

4,551,631 

2,191,227 

39,026 

1,293,157 

- 

383,925 

16,807 

22,194 

- 

- 

252,934,824 

2,532,063 

120,711 

254,544 

- 

69,833 

3,979 

9,583 

11,507 

779 

6,295 

3,009,294 

249,925,530 

240,091,273 

227,328,169 

211,020,201 

197,825,396 


2025 (Euro) 

Fund 

EUR 

126,053,316 

- 

2,603,451 

1,045,988 

39,247 

495,016 

- 

104,831 

4,379 

5,746 

- 

- 

130,351,974 

1,317,665 

81,164 

128,818 

- 

20,232 

2,046 

2,481 

8,428 

395 

1,629 

1,562,858 

128,789,116 

120,152,897 

104,948,565 

89,535,153 

102,987,038 


2030 (Euro) 

Fund 


496 

EUR 

77,319,745 

- 

1,719,540 

596,782 

22,785 

230,153 

- 

22,787 

772 

980 

- 

- 

79,913,544 

839,077 

17,837 

86,773 

- 

5,400 

1,268 

423 

5,789 

256 

278 

957,101 

78,956,443 

71,879,269 

57,214,975 

44,570,421 

66,653,880 


2035 (Euro) 

Fund 4 

EUR 

25,070,983 

- 

568,896 

187,908 

17,195 

64,516 

- 

2,162 

11 

- 

- 

- 

25,911,671 

283,443 

1,993 

30,088 

- 

858 

405 

- 

1,978 

81 

- 

318,846 

25,592,825 

22,090,480 

12,826,678 

8,463,061 

23,282,497 


2040 (Euro) 

Fund 4 

EUR 

26,342,307 

- 

598,159 

197,470 

99,308 

67,616 

- 

2,278 

12 

- 

- 

- 

27,307,150 

353,421 

28,078 

35,052 

- 

904 

427 

- 

2,079 

86 

- 

420,047 

26,887,103 

22,732,400 

10,937,195 

6,321,750 

25,005,320

497 

Live 2020 

Fund 1,4,5 

SGD 

4,674,336 

- 

126,508 

31,172 

- 

11,887 

30 

511 

47 

83 

- 

- 

4,844,574 

58,077 

- 

8,140 

236 

431 

77 

10 

509 

14 

- 

67,494 

4,777,080 

5,334,030 

6,809,184 

7,789,323 

3,277,325 

Live 2030 

Fund 1,4,5 

SGD 

2,789,967 

- 

70,423 

18,407 

- 

6,913 

- 

272 

1 

- 

- 

- 

2,885,983 

34,669 

- 

4,824 

- 

108 

37 

- 

306 

8 

- 

39,952 

2,846,031 

3,000,246 

4,110,103 

4,600,249 

2,035,692 

Live Today 

Fund 1,4,5 

SGD 

16,635,536 

234,593 

1,245,846 

222,883 

- 

116,680 

2,789 

274,945 

15,090 

28,836 

- 

- 

18,777,198 

330,073 

- 

27,019 

22,034 

203,709 

5,518 

3,656 

607 

310 

- 

592,926 

18,184,272 

20,577,360 

32,092,567 

38,468,870 

13,901,432 

FAWF America 

Fund 1,4,5 

USD 

56,346,827 

- 

1,568,361 

301,664 

174,000 

19,825 

- 

- 

- 

- 

- 

- 

58,410,677 

248,022 

252,966 

- 

- 

- 

- 

- 

- 

602 

- 

501,590 

57,909,087 

63,539,768 

79,125,814 

79,559,310 

44,649,910 

FAWF American 

Diversified 

Fund 1,4,5 

USD 

3,103,105 

- 

40,504 

1,181 

2 

1,788 

- 

- 

- 

- 

- 

- 

3,146,580 

3,398 

5 

- 

- 

- 

- 

- 

- 

16 

- 

3,419 

3,143,161 

3,231,923 

4,389,842 

4,656,789 

2,109,567 

FAWF American 

Growth Fund 1,4,5 

USD 

42,169,713 

- 

482,064 

- 

38,412 

39,569 

- 

- 

- 

- 

- 

- 

42,729,758 

11,017 

90,680 

- 

- 

- 

- 

- 

- 

71 

- 

101,768 

42,627,990 

46,345,096 

59,209,160 

61,523,375 

35,538,294 

FAWF Asian 

Special Situations 

Fund 1,4,5 

USD 

83,845,585 

- 

304,883 

306,121 

14,642 

15,783 

- 

- 

- 

- 

- 

- 

84,487,014 

528,101 

46,318 

- 

- 

- 

- 

- 

46,849 

24 

- 

621,292 

83,865,722 

98,229,531 

142,539,481 

129,504,271 

75,245,790 

FAWF Europe 

Fund 1,4,5 

USD 

30,475,835 

- 

233,326 

266,604 

55,779 

144,535 

- 

- 

- 

- 

- 

- 

31,176,079 

282,628 

55,877 

- 

- 

- 

- 

- 

- 

108 

- 

338,613 

30,837,466 

31,865,360 

47,343,087 

55,037,510 

39,097,653 

Singapore 

Retirement Funds: 

Reserved Equity 

Funds:

Fidelity 

Funds 

NAME 

CURRENCY 


ASSETS 


Bank deposits 











Total Assets 

LIABILITIES 

















FAWF 

International 

Fund 1,4,5 

USD 

28,732,439 

- 

418,823 

193,821 

7,974 

105,138 

- 

1,612 

564 

- 

- 

- 

29,460,371 

136,323 

4,583 

- 

- 

640 

193 

- 

1,386 

126 

3,101 

146,352 

29,314,019 

32,074,592 

44,574,697 

49,576,540 

25,380,629 

498 

FAWF Japan 

Fund 1,4,5 

USD 

2,133,733 

- 

55,901 

4,268 

- 

25,684 

- 

- 

- 

- 

- 

- 

2,219,586 

17,222 

- 

- 

- 

- 

- 

- 

- 

- 

- 

17,222 

2,202,364 

2,417,211 

2,595,185 

2,247,620 

3,038,533 

FAWF Pacific 

Fund 1,4,5 


USD 

29,014,054 

- 

32,810 

225,970 

8,449 

65,897 

- 

- 

- 

- 

- 

- 

29,347,180 

82,654 

49,049 

- 

- 

- 

- 

- 

18,824 

16 

- 

150,543 

29,196,637 

33,441,611 

52,993,954 

58,075,782 

24,070,525 

FAWF US Large- 

Cap Stock 

Fund 1,4,5 

USD 

37,755,011 

- 

228,665 

60,821 

6,036 

17,668 

- 

- 

- 

- 

- 

- 

38,068,201 

103,893 

27,082 

- 

- 

- 

- 

- 

- 

232 

- 

131,207 

37,936,994 

40,091,864 

44,800,874 

49,203,472 

32,937,288 

FAWF US Dollar 

Bond Fund1,4,5 Reserved Bond 

Funds: 

USD 

11,336,599 

- 

84,413 

389,372 

148,477 

81,540 

- 

7,035 

3,116 

905 

- 

- 

12,051,457 

138,278 

148,477 

- 

- 

23,594 

183 

1,208 

- 

44 

- 

311,784 

11,739,673 

10,201,606 

7,866,085 

6,674,415 

10,764,642

499 

FAWF US High 

Income Fund 1,4,5 

USD 

161,017,933 

- 

382,691 

- 

1,660,132 

2,515,350 

- 

- 

- 

- 

- 

- 

165,576,106 

2,612,918 

821,127 

- 

- 

- 

- 

- 

- 

197 

- 

3,434,242 

162,141,864 

147,443,760 

142,708,704 

105,673,333 

144,432,444 

FAWF Global 

Balanced 

Fund 1,4,5 

USD 

10,912,175 

- 

362,960 

182,751 

- 

68,049 

- 

11,954 

7,485 

14,201 

351 

- 

11,559,926 

136,703 

14,500 

- 

- 

43,045 

2,829 

1,800 

300 

158 

220 

199,555 

11,360,371 

12,626,136 

16,576,696 

18,243,686 

10,509,902 

Institutional 

America Fund 

USD 

97,787,787 

- 

1,279,960 

263,808 

646,338 

56,321 

- 

- 

- 

- 

- 

- 

100,034,214 

83,605 

896,728 

76,525 

- 

- 

- 

- 

- 

493 

- 

1,057,351 

98,976,863 

102,382,281 

164,562,044 

120,139,635 

97,522,736 

Institutional Asia 

Pacific (ex-Japan) 

Fund 1 

USD 

29,757,558 

- 

785,875 

80,322 

- 

5,724 

- 

- 

- 

- 

- 

- 

30,629,479 

179,911 

645,129 

25,811 

- 

- 

- 

- 

10,236 

8 

- 

861,095 

29,768,384 

31,114,872 

36,417,326 

35,349,576 

25,125,617 

Institutional Asia 


Opportunities Fund 1 

USD 

71,562,675 

- 

1,112,618 

144,797 

- 

3,548 

- 

- 

- 

- 

- 

- 

72,823,638 

232,195 

- 

58,024 

- 

- 

- 

- 

- 

361 

- 

290,580 

72,533,058 

77,209,794 

133,288,506 

86,948,828 

56,663,124 

Institutional 

Emerging Markets 

Equity Fund 1 

USD 

294,341,611 

- 

5,781,570 

4,827,265 

7,717 

113,225 

- 

- 

- 

- 

- 

- 

305,071,388 

4,315,781 

- 

236,196 

- 

- 

- 

- 

81,163 

851 

- 

4,633,991 

300,437,397 

302,745,317 

127,564,916 

104,991,731 

285,819,147 

Institutional 

Euro Blue Chip 

Fund 

EUR 

70,940,701 

- 

2,668,597 

1,268,717 

199,424 

424,610 

- 

- 

1,354 

- 

- 

- 

75,503,403 

239,938 

193,901 

57,971 

- 

- 

- 

- 

- 

166 

- 

491,976 

75,011,427 

83,674,912 

113,865,956 

93,124,867 

64,590,602 

Institutional 

European Larger 


EUR 

57,087,197 

- 

437,066 

767,753 

- 

279,875 

- 

- 

- 

- 

- 

- 

58,571,891 

399,603 

398,350 

44,328 

- 

- 

- 

- 

- 

202 

- 

842,483 

57,729,408 

53,504,170 

78,573,477 

64,578,278 

47,329,626 

Reserved Balanced 

Fund: 

Institutional Reserved 

Equity Funds:

Fidelity 

Funds 

NAME 

CURRENCY 


ASSETS 


Bank deposits 











Total Assets 

LIABILITIES 

















Institutional 

Global Focus 

Fund 4 

USD 

111,902,446 

- 

6,820,206 

628,598 

- 

142,232 

- 

- 

- 

- 

- 

- 

119,493,482 

2,182,054 

- 

92,859 

- 

- 

- 

- 

- 

66 

- 

2,274,979 

117,218,503 

115,440,131 

118,595,217 

40,531,868 

103,263,719 

500 

Institutional 

Hong Kong 

Equity Fund 1 

HKD 

622,463,671 

- 

6,865,244 

19,839,250 

- 

302,893 

- 

- 

- 

- 

- 

- 

649,471,058 

7,947,865 

18,000,000 

584,463 

- 

- 

- 

- 

309,456 

1,401 

- 

26,843,185 

622,627,873 

630,274,531 

638,705,507 

602,112,843 

536,865,675 

Institutional Hong 

Kong Opportunities 

Fund 1 


HKD 

745,497,143 

- 

7,454,055 

- 

- 

826,185 

- 

- 

- 

- 

- 

- 

753,777,383 

- 

- 

632,872 

- 

- 

- 

- 

556,429 

1,171 

573 

1,191,045 

752,586,338 

712,817,697 

755,514,612 

603,225,247 

664,566,833 

Institutional 

Japan Fund 

JPY 

1,495,236,344 

- 

39,515,525 

95,997,579 

- 

16,078,491 

- 

- 

- 

- 

- 

- 

1,646,827,939 

17 

100,014,042 

1,410,056 

- 

- 

- 

- 

- 

13 

- 

101,424,128 

1,545,403,811 

1,733,751,719 

2,348,595,679 

2,644,598,170 

1,618,141,706 

Institutional Japan 

Aggressive Fund 

JPY 

463,292,186 

- 

1,422,737 

31,558,341 

- 

2,322,154 

- 

- 

- 

- 

- 

- 

498,595,418 

3,698,234 

30,965,687 

416,842 

- 

- 

- 

- 

- 

- 

- 

35,080,763 

463,514,655 

601,571,636 

1,894,252,433 

1,828,921,283 

559,122,546

501 

Institutional 


Fund 4 

USD 

10,686,664 

- 

97,142 

- 

- 

- 

- 

- 

- 

- 

- 

- 

10,783,806 

- 

- 

9,141 

- 

- 

- 

- 

- 

- 

- 

9,141 

10,774,665 

10,460,782 

49,538,645 

44,573,978 

9,115,707 

Institutional 

European High 

Yield Fund 4 

EUR 

116,063,823 

- 

1,182,830 

1,926,525 

- 

2,794,604 

- 

1,831,850 

- 

528,691 

- 

- 

124,328,323 

2,229,351 

- 

74,381 

- 

103,775 

- 

337,782 

- 

21 

- 

2,745,310 

121,583,013 

111,762,561 

109,054,443 

- 

111,091,732 

Institutional 

Global Bond 

Fund 

EUR 

1,262,199 

- 

51,994 

27,219 

- 

14,061 

- 

18,238 

2,016 

3,851 

- 

- 

1,379,578 

19,271 

- 

637 

- 

13,862 

729 

488 

- 

37 

- 

35,024 

1,344,554 

1,295,186 

1,229,904 

1,176,159 

1,172,522 

Institutional Reserved 

Bond Funds:

Fidelity 

Funds 

Statement of Net Asset Value per Share as at 31 October 2012 

Name - Currency Shares outstanding Net Asset Value Net Asset Value Net Asset Value Net Asset Value 

per share per share per share per share 

as at 31.10.12: as at 31.10.12: as at 30.04.12: as at 30.04.11: as at 30.04.10: 

Equity Funds 

America Fund - USD 

- A Shares (USD) 205,085,310 5.535 5.424 5.418 4.825 

- A Shares (EUR) 22,623,567 4.266 4.100 3.655 3.625 

- A Shares (GBP) 3,144,141 1.384 1.348 1.309 1.271 

- A Shares (SGD) 78,121,854 0.894 0.888 0.877 0.875 

- A Shares (SGD) (hedged) 5,817,092 1.024 1.008 - - 

- A-ACC Shares (USD) 11,173,124 12.02 11.78 11.76 10.47 

- A-ACC Shares (EUR) 5,135,268 11.83 11.37 10.13 10.07 

- B Shares (USD) 27,162 26.95 26.54 26.78 24.09 

- E-ACC Shares (EUR) 4,519,329 13.97 13.48 12.11 12.10 

- Y-ACC Shares (USD) 21,782,006 10.49 10.24 10.15 8.972 

- Y-ACC Shares (EUR) 48,570 10.30 9.874 - - 

American Diversified Fund - USD 

- A Shares (USD) 3,438,757 13.27 13.34 13.58 12.09 

- A Shares (EUR) 386,752 12.44 12.27 11.14 11.05 


- B Shares (USD) 4,107 12.17 12.30 12.64 11.37 

- E-ACC Shares (EUR) 326,693 11.81 11.68 10.69 10.68 


American Growth Fund - USD 

- A Shares (USD) 9,848,296 24.38 24.74 25.57 22.50 


- A-ACC Shares (EUR) 113,107 9.103 9.060 8.351 8.190 

- A-ACC Shares (EUR) (hedged) 264,541 9.029 9.227 9.651 8.572 

- B Shares (USD) 25,926 21.88 22.32 23.30 20.71 


- Y-ACC Shares (USD) 14,430 8.607 8.703 8.931 7.804 

ASEAN Fund - USD 

- A Shares (USD) 57,672,597 31.60 30.81 31.07 23.90 

- A Shares (SGD) 5,199,722 1.570 1.551 1.547 1.337 


- A-ACC Shares (HKD) 1,399,606 10.65 10.31 - - 


Asia Pacific Dividend Fund - USD 

- A Shares (USD) 15,398,326 16.43 15.91 18.10 14.63 

- A Shares (HKD) 1,439,564 11.96 11.59 13.21 - 

- A Shares (SGD) 910,659 1.009 0.990 1.114 1.009 

- B Shares (USD) 108,460 16.17 15.71 17.95 14.55 

Asia Pacific Property Fund 6 - USD 

- A Shares (USD) 3,656,439 8.360 7.627 8.119 7.270 

- A Shares (EUR) 373,074 8.352 7.470 7.095 7.070 


- Y-ACC Shares (USD) 880 11.63 10.49 10.94 9.611 

Asian Aggressive Fund - USD 

- A Shares (USD) 300,560 9.273 9.303 10.22 8.632 

- A Shares (EUR) 140,320 10.60 10.42 10.22 9.626 



- I-ACC Shares (USD) 1,237,090 10.17 - - - 

- Y-ACC Shares (EUR) 2,561,893 11.09 10.81 10.48 9.779 

Asian Equity Fund 1,4,5 - USD 

- I-ACC Shares (SGD) 779,612,217 0.916 0.928 - - 

Asian Smaller Companies Fund - USD 

- A Shares (USD) 17,489 11.12 10.89 - - 

- A Shares (EUR) 5,579 11.49 11.04 - - 

- A-ACC Shares (USD) 516,300 11.12 10.89 - - 

- A-ACC Shares (EUR) 1,882 11.49 11.03 - - 

- A-ACC Shares (HKD) 3,887 11.09 10.87 - - 

- Y-ACC Shares (USD) 500 11.19 10.92 - - 

- Y-ACC Shares (GBP) 320 10.90 10.57 - - 

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

502

Fidelity 

Funds 

Statement of Net Asset Value per Share as at 31 October 2012 - continued 




Asian Special Situations Fund - USD 

- A Shares (USD) 31,834,275 30.96 31.26 35.23 27.96 

- A Shares (GBP) 3,389,808 2.016 2.023 2.216 1.919 

- A Shares (SGD) 924,303 1.125 1.152 1.283 1.141 




- B Shares (USD) 23,953 68.73 69.59 79.22 63.52 

- E-ACC Shares (EUR) 26,676 10.41 - - - 


Australia Fund - AUD 

- A Shares (AUD) 11,473,916 41.24 40.31 42.75 42.22 

- A-ACC Shares (AUD) 4,962,147 11.49 10.93 11.38 11.08 

- B Shares (USD) 55,497 64.14 62.61 69.69 58.68 

- Y-ACC Shares (AUD) 3,441,006 10.76 10.19 10.54 10.18 

China Consumer Fund - USD 

- A Shares (USD) 2,824,395 10.33 10.17 10.94 - 

- A Shares (EUR) 3,279,904 10.94 10.56 10.15 - 

- A Shares (GBP) 1,662,255 10.36 10.14 10.60 - 

- A Shares (SGD) 1,237,028 0.940 0.940 - - 

- A-ACC Shares (USD) 14,562,984 10.33 10.18 10.95 - 

- A-ACC Shares (EUR) 11,471,810 10.90 10.53 10.15 - 

- A-ACC Shares (HKD) 16,272,020 9.455 9.323 10.04 - 


- Y-ACC Shares (USD) 6,498,044 10.46 10.26 10.96 - 

China Focus Fund - USD 

- A Shares (USD) 73,714,666 39.55 41.17 47.90 42.70 

- A Shares (GBP) 60,625,549 3.070 3.177 3.592 3.493 

- A Shares (SGD) 192,651,333 1.037 1.094 1.259 1.258 



- C Shares (USD) 1,214,699 6.905 7.222 8.487 7.643 


- Y Shares (GBP) 5,098,483 0.950 0.987 1.115 1.076 


China Opportunities Fund - USD 

- A Shares (USD) 2,360,259 9.556 9.483 11.37 9.759 

- A Shares (GBP) 3,790,821 0.975 0.962 1.120 1.049 

- A-ACC Shares (USD) 109,888 10.48 10.36 12.42 - 


- A-ACC Shares (HKD) 13,184,734 10.43 10.31 12.38 - 


Emerging Asia Fund - USD 

- A Shares (USD) 16,635,816 11.49 * 

11.28 13.07 10.84 

- A Shares (EUR) 921,790 14.06 * 

13.54 13.99 12.94 

- A Shares (GBP) 24,906,427 1.028 * 

1.005 1.130 - 

- A-ACC Shares (USD) 15,668,384 11.50 * 

11.29 13.07 10.84 

- A-ACC Shares (EUR) 7,062,490 13.98 * 

13.46 13.91 12.87 

- A-ACC Shares (HKD) 924,442 10.05 * 

9.870 - - 

- A-ACC Shares (PLN) (hedged) 416,913 10.47 * 

- - - 

- E-ACC Shares (EUR) 57,738 10.23 * 

9.881 - - 

- I-ACC Shares (USD) 500 10.23 * 

9.991 - - 

- Y-ACC Shares (USD) 7,299,603 20.10 * 

19.65 22.59 18.61 

Emerging Europe, Middle East and Africa Fund - USD 

- A Shares (USD) 7,614,410 13.16 13.34 15.37 12.42 

- A Shares (EUR) 12,982,003 13.59 13.50 13.89 12.50 

- A Shares (GBP) 1,259,699 16.11 16.23 18.18 16.02 

- A Shares (SGD) 7,961,392 0.925 0.950 1.083 0.980 



- A-ACC Shares (PLN) (hedged) 416,913 10.20 - - - 


- J Shares (USD) 3,415,988 11.66 11.82 13.62 11.00 


*Please refer to the price adjustment policy in note 2 to the financial statements. 

503

Fidelity 

Funds 





Emerging Markets Fund - USD 

- A Shares (USD) 127,990,211 20.13 20.80 23.13 19.07 

- A Shares (EUR) 4,167,353 8.996 9.121 9.096 8.353 

- A Shares (GBP) 5,765,150 1.627 1.672 1.806 1.624 

- A Shares (SGD) 9,140,581 0.934 0.979 1.076 0.994 



- B Shares (USD) 482,704 65.64 68.17 76.55 63.75 


- I-ACC Shares (USD) 500 9.852 10.13 - - 


Euro Blue Chip Fund - EUR 

- A Shares (EUR) 16,664,849 15.17 13.82 15.68 13.79 

- A Shares (GBP) 838,370 1.057 0.978 1.207 1.033 

- A Shares (SGD) 1,599,141 0.579 0.546 0.687 0.604 


- B Shares (USD) 24,781 29.74 27.53 35.14 27.68 



EURO STOXX 50 Fund 2,3 - EUR 

- A Shares (EUR) 20,061,784 7.589 6.986 8.964 8.285 

- A Shares (GBP) 104,464,019 0.158 0.148 0.207 0.187 


- B Shares (USD) 25,462 18.52 17.36 24.90 20.69 


European Aggressive Fund - EUR 

- A Shares (EUR) 26,988,560 12.36 11.75 12.86 11.65 

- A Shares (GBP) 1,287,907 0.794 0.766 0.913 0.810 

- A Shares (SGD) 22,416,872 0.497 0.488 0.593 0.540 




European Dividend Fund - EUR 

- A Shares (EUR) 256,039 10.60 10.25 10.22 - 

- A-ACC Shares (EUR) 1,129,104 10.87 10.37 10.22 - 

- Y-ACC Shares (EUR) 64,498 11.04 10.49 10.26 - 

European Dynamic Growth Fund - EUR 

- A Shares (EUR) 4,102,893 29.75 28.00 27.38 24.45 

- A Shares (GBP) 345,528 1.506 1.438 1.531 1.338 




European Dynamic Value Fund - EUR 

- A-ACC Shares (EUR) 2,470,066 10.96 10.49 - - 

- Y Shares (GBP) 3,081 0.997 0.971 - - 

- Y-ACC Shares (EUR) 347 11.06 10.54 - - 

European Fund 1,4 - EUR 



- Y-ACC Shares (EUR) 486 8.094 7.709 7.988 7.048 

European Growth Fund - EUR 

- A Shares (EUR) 651,624,682 9.883 9.703 10.34 9.519 

- A Shares (SGD) 16,765,750 0.907 0.922 1.088 - 


- B Shares (USD) 167,449 34.97 34.87 42.05 34.93 

- C Shares (EUR) 60,472 7.314 7.149 7.692 7.117 



European Larger Companies Fund - EUR 

- A Shares (EUR) 5,137,713 31.20 29.76 29.20 27.21 

- A Shares (GBP) 337,279 1.136 1.099 1.174 1.066 



- Y-ACC Shares (EUR) 637,444 9.060 8.495 8.172 7.444 

504

Fidelity 

Funds 





European Smaller Companies Fund - EUR 

- A Shares (EUR) 21,055,987 26.36 26.34 27.55 22.63 


- B Shares (USD) 24,525 42.51 43.49 51.49 38.36 



European Special Situations Fund - EUR 

- A Shares (EUR) 604,990 10.96 10.21 10.09 9.209 

- A Shares (GBP) 1,365,418 1.175 1.110 1.195 1.067 



France Fund - EUR 

- A Shares (EUR) 3,189,896 36.25 32.92 38.36 34.40 



Germany Fund - EUR 

- A Shares (EUR) 17,717,258 28.45 26.64 29.74 24.20 



Global Consumer Industries Fund - EUR 

- A Shares (EUR) 7,228,958 27.47 26.36 23.54 21.95 

- A Shares (GBP) 50,009,945 0.460 0.447 0.435 0.398 


Global Demographics Fund - USD 

- A-ACC Shares (USD) 100,362 10.33 10.02 - - 

- A-ACC Shares (EUR) (hedged) 282,221 10.33 10.04 - - 

- Y-ACC Shares (USD) 5,000 10.38 10.03 - - 

- Y-ACC Shares (GBP) 31,840,221 1.008 0.968 - - 

- Y-ACC Shares (EUR) (hedged) 252,005 10.37 10.04 - - 

Global Dividend Fund - USD - 

- A-ACC Shares (USD) 74,914 10.62 - - - 

- A-ACC Shares (EUR) (hedged) 227,425 11.04 10.50 - - 

- A-QINCOME Shares (USD) 37,485 10.88 10.59 - - 

- A-QINCOME Shares (EUR) 416,244 11.00 10.49 - - 

- A-QINCOME Shares (SGD) 35,733 1.055 1.042 - - 

- A-MINCOME Shares (USD) 4,069,094 10.82 10.53 - - 

- A-MINCOME Shares (EUR) 297,816 10.93 10.44 - - 

- A-MINCOME Shares (HKD) 13,085,454 10.58 - - - 

- A-MINCOME Shares (SGD) 35,733 1.049 1.036 - - 

- I-ACC Shares (EUR) 2,169 11.28 10.53 - - 

- Y-ACC Shares (USD) 2,850 11.13 10.61 - - 

- Y-ACC Shares (EUR) (hedged) 114,155 11.08 10.52 - - 

Global Financial Services Fund - EUR 

- A Shares (EUR) 9,914,509 18.40 17.10 17.52 17.77 

- A Shares (GBP) 44,275,811 0.303 0.286 0.319 0.316 



Global Focus Fund - USD 

- A Shares (USD) 1,351,955 40.04 39.47 41.73 35.28 

- A Shares (EUR) 1,231,021 32.45 31.36 29.58 27.88 

- A Shares (GBP) 5,603,785 1.988 1.949 2.002 1.846 

- B Shares (USD) 331 36.81 36.47 38.94 33.25 



Global Health Care Fund - EUR 

- A Shares (EUR) 12,471,904 19.38 17.93 16.53 16.13 

- A Shares (GBP) 154,667,490 0.310 0.291 0.292 0.279 


- B Shares (USD) 26,589 25.90 24.54 25.63 22.68 



505

Fidelity 

Funds 





Global Industrials Fund - EUR 

- A Shares (EUR) 4,669,481 34.63 34.48 38.72 34.18 

- A Shares (GBP) 19,210,117 0.593 0.598 0.731 0.632 

- B Shares (USD) 33,645 46.95 47.92 60.94 48.80 



Global Opportunities Fund - USD 

- A Shares (USD) 1,144,348 11.52 11.41 11.92 10.58 

- A Shares (EUR) 544,047 11.34 11.02 10.28 10.15 



- I-ACC Shares (USD) 736,644 11.43 11.27 - - 


Global Property Fund 6 - USD 

- A Shares (USD) 4,144,777 10.96 10.50 10.84 9.301 

- A Shares (EUR) 1,534,726 9.930 9.322 8.588 8.201 

- A Shares (GBP) 40,873,664 1.154 1.096 1.100 1.029 





Global Real Asset Securities Fund - USD 


- A Shares (GBP) 3,525,548 1.314 1.260 1.399 1.214 

- A-ACC Shares (SGD) 162,476 1.120 1.094 1.237 1.103 

- A-ACC Shares (EUR) (hedged) 2,068,791 13.73 13.29 14.97 12.69 

- A-ACC Shares (PLN) (hedged) 602,428 10.45 - - - 

- E-ACC Shares (EUR) (hedged) 1,762,941 13.34 12.96 14.64 12.57 

- I-ACC Shares (USD) 1,075,395 10.42 - - - 


- Y-ACC Shares (GBP) 244,636 9.694 9.261 - - 

- Y-ACC Shares (EUR) (hedged) 1,382,834 13.94 13.45 15.01 12.67 

Global Technology Fund - EUR 

- A Shares (EUR) 31,750,406 6.899 7.202 6.419 6.462 

- A Shares (GBP) 172,159,126 0.143 0.152 0.147 0.145 



Global Telecommunications Fund - EUR 

- A Shares (EUR) 15,945,878 7.917 7.603 7.375 6.663 

- A Shares (GBP) 102,966,233 0.223 0.218 0.230 0.203 


- B Shares (USD) 30,006 30.12 29.44 31.98 26.04 



Greater China Fund - USD 

- A Shares (USD) 3,262,632 131.9 130.0 150.0 123.7 

- A Shares (SGD) 2,488,906 1.077 1.075 1.229 1.134 

- B Shares (USD) 17,308 51.60 50.81 59.13 49.24 



Greater China Fund II 1,4,5 - USD 

- I-ACC Shares (SGD) 667,922,772 0.902 0.892 - - 

Iberia Fund - EUR 

- A Shares (EUR) 1,479,986 44.09 38.01 47.18 45.42 




India Focus Fund 7 - USD 

- A Shares (USD) 54,009,452 28.28 26.93 33.73 30.76 

- A Shares (EUR) 10,360,338 26.52 24.77 27.68 28.12 

- A Shares (GBP) 73,425,551 3.172 3.003 3.654 3.635 

- A Shares (SGD) 4,489,061 0.708 0.684 0.846 0.865 

- B Shares (USD) 430,331 26.19 25.06 31.70 29.20 

- Y Shares (GBP) 3,519,147 1.132 1.071 1.294 1.275 


506

Fidelity 

Funds 





Indonesia Fund - USD 

- A Shares (USD) 25,549,051 29.01 28.40 29.09 22.14 


International Fund - USD 

- A Shares (USD) 36,987,947 33.74 33.63 36.16 31.19 

- A Shares (EUR) 8,262,072 26.02 25.43 24.39 23.44 

- A Shares (SGD) 161,771 0.765 0.773 0.822 0.794 

- A-ACC Shares (USD) 171,931 10.36 10.31 11.08 9.560 



Italy Fund - EUR 

- A Shares (EUR) 6,896,598 23.21 20.65 28.29 25.00 



Japan Advantage Fund - JPY 

- A Shares (JPY) 3,048,740 15,684 16,893 17,601 19,038 

- A Shares (EUR) (hedged) 7,314,793 8.767 9.511 10.03 - 

- A-ACC Shares (JPY) 7,938,805 908.5 974.5 1,012 1,094 


- B Shares (USD) 13,119 14.91 16.09 16.56 15.61 

- Y-ACC Shares (JPY) 36,214,123 909.3 971.6 1,001 1,074 

Japan Fund - JPY 

- A Shares (JPY) 313,553,835 99.70 103.8 115.6 136.7 

- A Shares (EUR) 31,853,299 0.959 0.979 0.956 1.085 

- A Shares (SGD) 8,207,048 0.441 0.466 0.504 0.579 

- A-ACC Shares (JPY) 217,168 439.8 455.5 506.6 598.7 


- B Shares (USD) 88,097 16.97 17.69 19.51 20.09 


- Y-ACC Shares (JPY) 1,017,785 460.6 475.3 524.8 615.6 

Japan Smaller Companies Fund - JPY 

- A Shares (JPY) 7,900,225 859.2 900.5 941.3 1,058 

- A-ACC Shares (JPY) 108,488 552.2 578.7 605.2 680.0 

- B Shares (USD) 24,616 21.37 22.53 23.35 22.86 

- Y-ACC Shares (JPY) 18,100 789.5 824.4 855.3 953.8 

Korea Fund 4 - USD 

- A Shares (USD) 17,147,554 18.80 19.95 25.48 18.33 

- B Shares (USD) 62,955 64.37 68.65 88.54 64.35 


Latin America Fund - USD 

- A Shares (USD) 48,352,368 41.19 43.68 49.68 42.42 

- A Shares (GBP) 11,486,308 2.083 2.195 2.426 2.259 




Malaysia Fund - USD 

- A Shares (USD) 4,516,949 48.01 46.47 47.12 37.20 


Nordic Fund - SEK 

- A Shares (SEK) 3,028,870 564.6 596.2 616.8 596.3 

- A-ACC Shares (SEK) 2,768,696 50.23 51.76 53.40 50.76 

- Y-ACC Shares (SEK) 14,585,859 9.421 9.672 9.902 9.343 

Pacific Fund - USD 

- A Shares (USD) 27,250,161 20.37 20.07 22.95 19.04 


- B Shares (USD) 108,883 38.40 38.02 43.91 36.79 


Singapore Fund - USD 

- A Shares (USD) 3,957,031 50.17 47.97 52.77 43.37 

- A Shares (SGD) 7,896,978 1.002 0.971 1.057 0.971 


507

Fidelity 

Funds 





South East Asia Fund - USD 

- A Shares (USD) 547,911,893 6.518 6.549 7.663 6.002 

- A Shares (EUR) 106,235,496 5.026 4.949 5.169 4.508 

- A Shares (GBP) 6,637,820 2.160 2.157 2.453 2.096 

- A Shares (SGD) 133,490,745 1.275 1.298 1.502 1.318 



- B Shares (USD) 84,231 74.31 74.71 88.27 69.83 

- C Shares (USD) 523,787 8.207 8.252 9.749 7.712 



Switzerland Fund - CHF 

- A Shares (CHF) 7,482,274 36.49 35.19 39.66 40.03 

- A-ACC Shares (CHF) 1,713,004 8.362 8.054 9.077 9.162 

- Y-ACC Shares (CHF) 333,790 8.944 8.582 9.600 9.620 

Taiwan Fund - USD 

- A Shares (USD) 25,252,891 7.714 7.847 10.01 8.449 

- B Shares (USD) 26,772 24.68 24.99 32.19 27.44 


Thailand Fund - USD 

- A Shares (USD) 17,174,772 43.68 42.10 37.18 23.11 


United Kingdom Fund - GBP 

- A Shares (GBP) 47,699,535 1.865 1.848 1.979 1.806 

- Y-ACC Shares (GBP) 627,131 1.220 1.192 1.262 1.129 

World Fund - EUR 

- A Shares (EUR) 37,737,920 10.73 10.31 10.47 9.735 



Asset Allocation Funds 

Fidelity Patrimoine 1,4 - EUR 

- A Shares (EUR) 4,613,801 10.22 9.940 10.00 9.858 

Fidelity Sélection Europe 1,4 - EUR 

- A Shares (EUR) 1,392,037 21.75 20.82 22.41 19.87 

Fidelity Sélection Internationale 1,4 - EUR 

- A Shares (EUR) 3,276,777 34.87 33.80 34.22 31.96 

FPS Global Growth Fund - USD 

- A Shares (USD) 8,027,245 17.46 17.47 18.98 16.41 


FPS Growth Fund 4 - EUR 

- A Shares (EUR) 10,740,949 13.86 13.43 13.27 12.45 


FPS Moderate Growth Fund 4 - EUR 

- A Shares (EUR) 9,322,579 9.911 9.593 9.380 9.205 


Balanced Funds 

Euro Balanced Fund - EUR 

- A Shares (EUR) 31,562,694 13.30 12.46 13.05 12.09 




508

Fidelity 

Funds 





Growth & Income Fund 1 - USD 

- A Shares (USD) 7,366,713 15.65 15.85 17.12 15.35 

- A Shares (SGD) 40,288 0.820 0.839 0.897 0.902 


- A-MDIST Shares (USD) 227,927 12.89 12.97 13.99 12.54 

- B-MDIST Shares (USD) 44,234 12.87 12.96 13.99 12.54 

- Y-ACC Shares (USD) 500 10.70 10.69 11.37 10.00 

Multi Asset Navigator Fund - USD 

- A Shares (USD) 107,515 9.883 10.06 11.07 9.964 

- A Shares (SGD) 1,570,851 0.778 0.803 0.875 0.882 


- C Shares (USD) 73,612 9.315 9.470 10.46 9.438 

Multi Asset Strategic Defensive Fund 4 - EUR 

- A Shares (EUR) 1,378,834 10.55 10.50 10.53 10.68 






Multi Asset Strategic Fund 4 - USD 

- A Shares (USD) 5,029,490 10.36 10.46 11.73 10.44 

- A Shares (EUR) 2,668,037 10.13 10.03 10.04 9.955 


- A-ACC Shares (EUR) (hedged) 851,225 10.06 9.985 10.44 9.948 


- E-ACC Shares (EUR) (hedged) 672,059 9.790 9.743 10.24 9.822 


Bond Funds 

Asian Bond Fund - USD 


- A-MDIST Shares (USD) 577,682 10.87 10.41 10.10 - 

- A-MDIST Shares (HKD) 98,881 10.65 10.22 - - 

- A-MDIST Shares (SGD) (hedged) 228,251 1.048 1.006 - - 

- Y-ACC Shares (USD) 2,115,193 11.41 10.74 10.10 - 

Asian High Yield Fund - USD 


- A Shares (EUR) (hedged) 1,505,801 9.739 9.822 10.20 - 

- A Shares (RMB) (hedged) 23,122 100.5 - - - 


- A-ACC Shares (SEK) (hedged) 898,329 111.2 103.9 104.8 - 

- A-MDIST Shares (USD) 121,151,800 8.646 8.378 9.210 8.847 

- A-MDIST Shares (HKD) 228,837,676 9.830 9.535 10.50 - 

- A-MDIST Shares (JPY) (hedged) 30,028 1,045 1,013 - - 

- A-MDIST Shares (SGD) (hedged) 136,627,707 0.930 0.902 0.995 1.010 

- A-MINCOME Shares (USD) 606,550 9.513 9.237 10.06 - 

- Y Shares (EUR) (hedged) 1,027,399 9.763 9.847 10.24 - 


China RMB Bond Fund 4 - CNH 

- A-ACC Shares (EUR) 419,702 9.9962 - - - 

- A-ACC Shares (RMB) 11,800,218 104.40 102.69 - - 


- Y-ACC Shares (EUR) 248,737 9.9830 - - - 

Core Euro Bond Fund 4 - EUR 


- Y-MDIST Shares (EUR) 17,810,503 10.49 10.05 9.761 10.09 

509

Fidelity 

Funds 





Emerging Market Debt Fund - USD 

- A Shares (USD) 6,781,827 12.52 12.24 11.72 11.55 

- A Shares (EUR) 4,679,365 11.86 11.31 9.702 10.65 

- A Shares (SGD) 765,722 0.969 0.960 0.914 1.013 



- A-ACC Shares (CHF) (hedged) 29,461 11.72 10.96 10.18 - 

- A-ACC Shares (EUR) (hedged) 2,997,351 12.61 11.77 10.76 - 

- A-ACC Shares (SEK) (hedged) 2,356,899 119.9 111.2 100.6 - 


- A-MDIST Shares (EUR) 6,709,014 11.52 10.74 9.239 10.08 


- E-MDIST Shares (EUR) (hedged) 2,055,643 11.21 10.70 - - 


Emerging Markets Inflation-linked Bond Fund 4 - USD 

- I-ACC Shares (USD) 500 10.42 * 

9.956 - - 

- A-ACC Shares (EUR) 2,129,294 11.52 * 

10.84 - - 

- E-ACC Shares (EUR) 111,053 10.56 * 

- - - 


10.65 - - 

- Y Shares (GBP) 318 10.77 * 

10.35 - - 

Euro Bond Fund - EUR 

- A Shares (EUR) 24,157,571 11.97 11.60 11.29 11.54 

- A Shares (GBP) 711,961 1.217 1.199 1.269 1.271 






Euro Corporate Bond Fund - EUR 

- A Shares (EUR) 239,660 10.96 10.59 10.08 - 


- A-MDIST Shares (EUR) 1,706,384 10.83 10.29 10.08 - 


Euro Short Term Bond Fund - EUR 




European High Yield Fund - EUR 

- A Shares (EUR) 64,779,623 9.514 9.321 9.738 9.571 


- A-ACC Shares (SEK) (hedged) 3,579,457 210.2 193.7 189.7 175.3 

- A-ACC Shares (USD) (hedged) 770,878 10.80 9.999 - - 


- A-MDIST Shares (SGD) 2,967,116 0.777 0.767 0.890 0.877 

- A-MINCOME Shares (EUR) 25,194 10.19 9.679 10.04 - 



- E-MDIST Shares (EUR) 2,504,875 11.25 10.75 - - 


Global Corporate Bond Fund 4 - USD 


10.95 10.69 - 

- A-ACC Shares (EUR) 8,459 10.50 * 

- - - 

- A-ACC Shares (EUR) (hedged) 184,251 10.49 * 

- - - 

- Y Shares (GBP) (hedged) 1,306,382 1.076 * 

1.048 1.010 - 

- Y-ACC Shares (EUR) (hedged) 172,503 11.35 * 

10.74 10.12 - 

Global High Grade Income Fund - USD 


- A-ACC Shares (EUR) 1,298,381 10.22 - - - 


- A-MDIST Shares (EUR) 6,840,721 10.12 10.18 - - 

- A-MDIST Shares (HKD) 6,594,901 9.896 10.17 11.21 - 

- E-MDIST Shares (EUR) 8,216,021 10.11 10.18 - - 

- J-MDIST Shares (JPY) 545,040 777.0 796.7 894.6 968.0 

- Y-ACC Shares (EUR) 3,114,925 10.18 - - - 


510

Fidelity 

Funds 





Global High Yield Bond Fund 1 - USD 

- A-ACC Shares (USD) 224,851 12.52 11.86 12.20 - 

- A-ACC Shares (HKD) 10,870 12.48 11.83 12.19 - 

- A-MINCOME Shares (USD) 9,547 10.60 10.31 11.20 - 

- A-MINCOME Shares (HKD) 142,284 10.58 10.30 11.20 - 

Global High Yield Focus Fund 4 - USD 

- A-ACC Shares (USD) 2,729,423 10.78 10.14 - - 

- A Shares (EUR) (hedged) 165,856 10.67 10.13 - - 

- A-MINCOME Shares (EUR) (hedged) 225,498 10.49 10.13 - - 


- E-MINCOME Shares (EUR) (hedged) 544,183 10.50 10.12 - - 

- I Shares (EUR) (hedged) 11,321 10.73 10.14 - - 

- Y Shares (EUR) 792,396 10.96 10.15 - - 

- Y-MINCOME Shares (EUR) (hedged) 11,444 10.51 10.14 - - 

Global Inflation-linked Bond Fund - USD 


- A Shares (GBP) (hedged) 63,581,415 1.246 1.234 1.188 1.145 

- A Shares (SGD) (hedged) 26,641,461 1.140 1.130 1.094 1.059 

- A-ACC Shares (CHF) (hedged) 2,072,327 10.48 10.33 - - 



- I-ACC Shares (USD) 500 10.13 10.02 - - 

- Y Shares (GBP) (hedged) 152,375,843 1.279 1.268 1.219 1.178 

- Y-ACC Shares (EUR) (hedged) 1,800,140 12.55 12.31 11.70 11.06 

Global Strategic Bond Fund 4 - USD 


10.50 10.38 - 

- A Shares (EUR) (hedged) 4,842,731 10.70 * 

10.59 10.14 - 

- A-ACC Shares (EUR) (hedged) 5,339,079 10.86 * 

10.56 10.14 - 

- A-ACC Shares (PLN) (hedged) 959,463 10.17 * 

- - - 

- A-ACC Shares (SEK) (hedged) 204,286 111.3 * 

107.4 101.3 - 

- E-ACC Shares (EUR) (hedged) 2,712,928 10.50 * 

10.25 - - 

- Y-ACC Shares (EUR) (hedged) 8,709,072 10.99 * 

10.66 10.15 - 

- Y-ACC Shares (SEK) (hedged) 189,570 112.4 * 

108.2 101.4 - 

International Bond Fund - USD 

- A Shares (USD) 275,045,980 1.290 * 

1.287 1.314 1.210 


13.35 13.27 11.82 

- A-ACC Shares (EUR) (hedged) 1,794,568 12.52 * 

12.10 11.59 11.09 

Sterling Bond Fund - GBP 

- A Shares (GBP) 635,834,196 0.317 0.307 0.291 0.285 

- A-ACC Shares (GBP) 42,966,548 1.418 1.354 1.241 1.173 

US Dollar Bond Fund - USD 

- A Shares (USD) 66,764,776 6.986 6.772 6.331 6.096 

- A Shares (SGD) (hedged) 216,775 1.043 1.006 - - 



- A-MDIST Shares (HKD) 36,579 10.41 10.09 - - 


- I-MDIST Shares (USD) 501 10.12 - - - 


US High Yield Fund - USD 

- A Shares (USD) 319,363,740 12.01 12.18 12.44 11.64 

- A Shares (EUR) 7,114,927 7.721 7.637 7.001 7.293 

- A Shares (GBP) 842,182 11.11 11.20 11.15 11.43 




- A-ACC Shares (EUR) (hedged) 66,513,772 10.69 10.27 - - 


- A-MDIST Shares (SGD) 9,556,893 0.819 0.817 0.825 0.865 

- A-MINCOME Shares (USD) 4,026,811 10.89 10.71 10.91 - 

- A-MINCOME Shares (HKD) 27,855,289 10.84 10.68 10.89 - 


- E-MDIST Shares (EUR) (hedged) 290,152 10.19 - - - 




20,459,898 11.40 10.92 - - 

511

Fidelity 

Funds 





Cash Funds 

Euro Cash Fund 1 - EUR 

- A Shares (EUR) 16,466,914 9.2671 9.2853 9.2712 9.2700 




US Dollar Cash Fund 1 - USD 

- A Shares (USD) 34,410,966 11.7112 11.7142 11.7138 11.7141 


- B Shares (USD) 82,405 19.8331 19.8381 19.8374 19.8378 


MoneyBuilder Funds 

MoneyBuilder Europe Fund 1,4,5 - EUR 

- A Shares (EUR) 429,450 22.91 22.16 22.95 20.51 

- A Shares (GBP) 1,125,532 1.058 1.038 1.171 1.023 

MoneyBuilder European Bond Fund 1,4,5 - EUR 

- A Shares (EUR) 145,429 21.11 20.41 20.04 20.42 

MoneyBuilder Global Fund 1,4,5 - EUR 

- A Shares (EUR) 637,402 26.70 26.12 25.78 24.25 

Fidelity Lifestyle Funds 

Diversified Income Fund 1,5 - HKD 

- A-ACC Shares (HKD) 165,778 12.04 11.82 12.51 11.08 

- A-Capital MDIST Shares (HKD) 440,205 9.178 9.357 10.65 10.09 

- A-GMDIST Shares (HKD) 1,281 10.36 10.39 11.44 10.52 

Fidelity Target 2020 Fund - USD 

- A Shares (USD) 1,955,725 15.37 15.29 16.63 14.38 

Fidelity Target 2015 (Euro) Fund 4 - EUR 

- A Shares (EUR) 1,931,051 27.83 27.13 26.90 26.12 


- P-ACC Shares (EUR) 7,011,650 15.40 14.72 14.28 13.54 


- A Shares (EUR) 1,781,269 30.25 29.60 29.56 28.11 



Fidelity Target 2025 (Euro) Fund - EUR 

- A Shares (EUR) 840,342 24.15 23.69 23.96 22.42 



Fidelity Target 2030 (Euro) Fund - EUR 

- A Shares (EUR) 697,957 24.13 23.71 24.12 22.27 




- A Shares (EUR) 221,816 19.68 19.35 19.62 18.10 


- P-ACC Shares (EUR) 895,961 16.40 15.94 15.97 14.55 


- A Shares (EUR) 227,111 19.68 19.35 19.62 18.11 


- P-ACC Shares (EUR) 699,921 16.44 15.98 16.01 14.59 

512

Fidelity 

Funds 





Singapore Retirement Funds 

Live 2020 Fund 1,4,5 - SGD 

- A-ACC Shares (SGD) 5,397,825 0.885 0.881 0.949 0.901 

Live 2030 Fund 1,4,5 - SGD 

- A-ACC Shares (SGD) 3,228,068 0.882 0.878 0.945 0.897 

Live Today Fund 1,4,5 - SGD 

- A-GDIST Shares (SGD) 20,704,221 0.878 0.881 0.933 0.945 

Reserved Equity Funds 

FAWF America Fund 1,4,5 - USD 

- A Shares (USD) 8,808,604 6.574 6.458 6.395 5.639 

FAWF American Diversified Fund 1,4,5 - USD 

- A Shares (USD) 244,404 12.86 12.98 13.10 11.61 

FAWF American Growth Fund 1,4,5 - USD 

- A Shares (USD) 1,453,116 29.34 29.91 30.66 26.87 

FAWF Asian Special Situations Fund 1,4,5 - USD 

- A Shares (USD) 2,488,395 33.70 34.38 38.65 30.61 

FAWF Europe Fund 1,4,5 - USD 

- A Shares (USD) 2,147,843 14.36 14.16 15.54 13.01 

FAWF International Fund 1,4,5 - USD 

- A Shares (USD) 810,521 36.17 36.39 38.99 33.62 

FAWF Japan Fund 1,4,5 - USD 

- A Shares (USD) 350,461 6.284 6.615 7.235 7.374 

FAWF Pacific Fund 1,4,5 - USD 

- A Shares (USD) 1,309,408 22.30 22.19 25.27 20.94 

FAWF US Large-Cap Stock Fund 1,4,5 - USD 

- A Shares (USD) 3,437,518 11.04 10.81 10.60 9.355 

Reserved Bond Funds 

FAWF US Dollar Bond Fund 1,4,5 - USD 

- A Shares (USD) 1,674,967 7.009 6.792 6.350 6.116 

FAWF US High Income Fund 1,4,5 - USD 

- A Shares (USD) 14,931,796 10.86 11.08 11.32 10.60 

Reserved Balanced Fund 

FAWF Global Balanced Fund 1,4,5 - USD 

- A Shares (USD) 1,016,799 11.17 11.37 12.18 10.97 

Institutional Reserved Equity Funds 

Institutional America Fund - USD 

- I-ACC Shares (USD) 695,415 142.3 142.3 143.3 126.3 

- I-ACC Shares (EUR) 45 102.6 100.6 90.40 88.72 

Institutional Asia Pacific (ex-Japan) Fund 1 - USD 


513

Fidelity 

Funds 





Institutional Asia Pacific (ex-Japan) Opportunities Fund 1 - USD 

- I-ACC Shares (USD) 6,987,615 10.38 10.31 11.15 9.310 

Institutional Emerging Markets Equity Fund 1 - USD 


- I-ACC Shares (EUR) 1,603,927 110.8 111.9 110.0 100.0 

Institutional Euro Blue Chip Fund - EUR 

- I-ACC Shares (EUR) 476,749 157.3 141.7 158.1 136.0 

Institutional European Larger Companies Fund - EUR 


Institutional Global Focus Fund 4 - USD 


Institutional Hong Kong Equity Fund 1 - HKD 

- I-ACC Shares (HKD) 61,042,672 10.20 10.04 11.92 10.12 

Institutional Hong Kong Opportunities Fund 1 - HKD 

- I-ACC Shares (HKD) 85,593,439 8.793 8.708 10.63 8.920 

Institutional Japan Fund - JPY 

- I-ACC Shares (JPY) 231,868 6,665 7,116 7,612 8,874 

Institutional Japan Aggressive Fund - JPY 

- I-ACC Shares (JPY) 91,862 5,046 5,012 5,212 5,797 

Institutional Pacific (ex-Japan) Fund 4 - USD 

- I-ACC Shares (USD) 40,322 267.2 * 

256.4 294.3 250.4 

Institutional Reserved Bond Funds 

Institutional European High Yield Fund 4 - EUR 

- I-ACC Shares (EUR) 981,689 123.9 113.9 111.2 - 

Institutional Global Bond Fund - EUR 

- I-ACC Shares (EUR) (hedged) 10,126 132.8 127.9 121.5 116.2 


514

Fidelity 

Funds 

Notes to the Financial Statements 

1. General 

The Company is an open-ended investment company and was incorporated in Luxembourg as a SICAV (société d’investissement à capital variable) 

on 15 June 1990. The Company is a SICAV under part I of the Luxembourg Law of 17 December 2010 relating to undertakings for collective investment, 

which implements Directive 2009/65/EC (“UCITS IV Directive”). 

With effect from 1 June 2012, the Board of Directors of the Company appointed FIL Investment Management (Luxembourg) S.A (“FIMLUX”) as the 

Management Company of the Company, meaning that it is no longer a self managed SICAV. FIMLUX will carry out the administration services previously 

undertaken for the Company by FIL (Luxembourg) S.A. The appointment will result in FIMLUX assuming day-to-day responsibility for the conduct and oversight 

of the administration, investment management and distribution functions of the Company, as notified to shareholders in a letter dated 30 April 2012. 

The composition of the Board of Directors of the Management Company changed on 1 October 2012 to include Mr. Nick Clay and Mr. Jon Skillman. 

As of 1 October 2012, Mr. John Ford, Mr. Charles E. Hutchinson and FIL (Luxembourg) S.A. (represented by Mr. Claude Hellers) are no longer on the 

Board of the Management Company. 

As at 31 October 2012, the Company consisted of 137 active sub-funds. The Directors may from time to time close sub-funds as well as add further 

sub-funds with different investment objectives, subject to the approval of the Commission de Surveillance du Secteur Financier (“CSSF”). 

The following classes of Shares were launched during the period: 

Sub-fund name Class of Shares Date of launch 

Asian Aggressive Fund I-ACC Shares (USD) 20-Sep-2012 

Asian High Yield Fund A Shares (RMB) (hedged) 16-Oct-2012 

Asian Special Situations Fund E-ACC Shares (EUR) 14-May-2012 

China Consumer Fund E-ACC Shares (EUR) 14-May-2012 

China Focus Fund E-ACC Shares (EUR) 14-May-2012 

China RMB Bond Fund A-ACC Shares (EUR) 18-Jun-2012 

China RMB Bond Fund E-ACC Shares (EUR) 18-Jun-2012 

China RMB Bond Fund Y-ACC Shares (EUR) 18-Jun-2012 

Emerging Asia Fund A-ACC Shares (PLN) (hedged) 06-Aug-2012 

Emerging Europe, Middle East and Africa Fund A-ACC Shares (PLN) (hedged) 06-Aug-2012 

Emerging Markets Inflation-linked Bond Fund E-ACC Shares (EUR) 14-May-2012 

Global Corporate Bond Fund A-ACC Shares (EUR) 09-May-2012 

Global Corporate Bond Fund A-ACC Shares (EUR) (hedged) 09-May-2012 

Global Dividend Fund A-ACC Shares (USD) 04-May-2012 

Global Dividend Fund A-MINCOME Shares (HKD) 10-May-2012 

Global High Grade Income Fund A-ACC Shares (EUR) 14-May-2012 

Global High Grade Income Fund Y-ACC Shares (EUR) 14-May-2012 

Global High Yield Focus Fund E-ACC Shares (EUR) 14-May-2012 

Global Real Asset Securities Fund A-ACC Shares (PLN) (hedged) 06-Aug-2012 

Global Real Asset Securities Fund I-ACC Shares (USD) 05-Sep-2012 

Global Strategic Bond Fund A-ACC Shares (PLN) (hedged) 06-Aug-2012 

US Dollar Bond Fund I-MDIST Shares (USD) 08-Aug-2012 

US High Yield Fund E-MDIST Shares (EUR) (hedged) 14-May-2012 

The following classes of Shares were closed during the period: 

Sub-fund name Class of Shares Date of closure 

Asia Pacific Property Fund E-ACC Shares (EUR) 13-Jul-2012 

Fidelity Target 2015 (Euro) Fund E-ACC Shares (EUR) 13-Jul-2012 






France Fund E-ACC Shares (EUR) 13-Jul-2012 

Investments in Indian securities are made through a wholly owned Mauritian subsidiary, Fid Funds (Mauritius) Limited (the “Subsidiary”), whose sole 

object is to carry out investment activities on behalf of the Company. FIL Investment Management (Hong Kong) Limited (‘FIMHK’) provides investment 

advisory and management services to the Subsidiary. FIMHK has obtained approval from the Securities and Exchange Board of India (‘SEBI’) and the 

Reserve Bank of India (‘RBI’) to invest in India on its own behalf and on behalf of approved client accounts as a Foreign Institutional Investor under 

Indian law. The Subsidiary is registered as a Foreign Institutional Investor sub-account of FIMHK’s licence and has been granted approval to invest in 

Indian securities. The assets and liabilities of the Subsidiary are consolidated in the Statement of Net Assets and all investments held by the Subsidiary 

are disclosed in the Schedule of Investments. 

2. Significant Accounting Policies 

The financial statements are prepared in accordance with the Luxembourg legal and regulatory requirements relating to undertakings for collective 

investments. 

Calculation of the Net Asset Value. The Net Asset Value per Share of each class of Shares, is calculated by determining first the proportion of the net 

assets of the relevant fund attributable to each class of Shares, thereby taking account of the ongoing distribution charge payable by Class B and 

Class E Shares. Each such amount will be divided by the number of Shares of the relevant class then outstanding as at close of business. The Net Asset 

Value of each class is determined in the principal dealing currency of the respective class. 

Price Adjustment Policy. The Board of Directors of the Company implemented a price adjustment policy in order to protect the interests of the 

Company’s Shareholders. The purpose of the price adjustment policy is to allocate the costs associated with large inflows and outflows to investors 

transacting that day, thereby protecting the long-term Shareholder from the worst effects of dilution. It achieves this purpose by adjusting the share 

class price at which deals in a sub-fund are transacted. In other words, share class prices may be adjusted up or down depending on the level and 

type of investor transactions on a particular day within a sub-fund. In this way the existing and remaining Shareholders do not suffer an inappropriate 

515

Fidelity 

Funds 

Notes to the Financial Statements - continued 

level of dilution. The Company will only trigger an adjustment in the price when there are significant net flows likely to have a material impact on 

existing and remaining Shareholders. The adjustment will be based on the normal dealing costs for the particular assets in which a sub-fund is invested. 

Once an adjustment is made to the share class price, that price is the official price for that share class for all deals that day. 

As at 31 October 2012, price adjustments were made on the following sub-funds: 

Sub-fund name Class of Shares Un-adjusted NAV per Share Adjusted NAV per Share 

Emerging Asia Fund A Shares (USD) 11.49 11.53 

Emerging Asia Fund A Shares (EUR) 14.06 14.12 

Emerging Asia Fund A Shares (GBP) 1.028 1.032 

Emerging Asia Fund A-ACC Shares (USD) 11.50 11.55 

Emerging Asia Fund A-ACC Shares (EUR) 13.98 14.04 

Emerging Asia Fund A-ACC Shares (HKD) 10.05 10.09 

Emerging Asia Fund A-ACC Shares (PLN) (hedged) 10.47 10.51 

Emerging Asia Fund E-ACC Shares (EUR) 10.23 10.27 

Emerging Asia Fund I-ACC Shares (USD) 10.23 10.27 

Emerging Asia Fund Y-ACC Shares (USD) 20.10 20.18 

Emerging Markets Inflation-linked Bond Fund I-ACC Shares (USD) 10.42 10.62 

Emerging Markets Inflation-linked Bond Fund A-ACC Shares (EUR) 11.52 11.75 

Emerging Markets Inflation-linked Bond Fund E-ACC Shares (EUR) 10.56 10.77 

Emerging Markets Inflation-linked Bond Fund Y-ACC Shares (USD) 11.12 11.34 

Emerging Markets Inflation-linked Bond Fund Y Shares (GBP) 10.77 10.99 

Global Corporate Bond Fund Y-ACC Shares (USD) 11.51 11.56 

Global Corporate Bond Fund A-ACC Shares (EUR) 10.50 10.54 

Global Corporate Bond Fund A-ACC Shares (EUR) (hedged) 10.49 10.52 

Global Corporate Bond Fund Y Shares (GBP) (hedged) 1.076 1.080 

Global Corporate Bond Fund Y-ACC Shares (EUR) (hedged) 11.35 11.39 

Global Strategic Bond Fund A-ACC Shares (USD) 10.75 10.76 

Global Strategic Bond Fund A Shares (EUR) (hedged) 10.70 10.71 

Global Strategic Bond Fund A-ACC Shares (EUR) (hedged) 10.86 10.87 

Global Strategic Bond Fund A-ACC Shares (PLN) (hedged) 10.17 10.18 

Global Strategic Bond Fund A-ACC Shares (SEK) (hedged) 111.3 111.4 

Global Strategic Bond Fund E-ACC Shares (EUR) (hedged) 10.50 10.51 

Global Strategic Bond Fund Y-ACC Shares (EUR) (hedged) 10.99 11.00 

Global Strategic Bond Fund Y-ACC Shares (SEK) (hedged) 112.4 112.5 

International Bond Fund A Shares (USD) 1.290 1.291 

International Bond Fund A-ACC Shares (USD) 13.73 13.74 

International Bond Fund A-ACC Shares (EUR) (hedged) 12.52 12.53 

Institutional Pacific (ex-Japan) Fund I-ACC Shares (USD) 267.2 266.1 

Security Valuation. Investments in securities traded on any stock exchange are valued at the last available price at the time when the valuation is 

carried out on the principal stock exchange on which such security is traded. Securities dealt on any over the counter market are valued in the same 

manner. The valuation of short-dated debt transferable securities and money market instruments not traded on a regulated exchange is determined 

by means of the amortised cost method to the extent this does not materially deviate from market value. Under this method, amortised cost is 

determined by valuing the security at original cost and thereafter accreting (amortising) the discount (premium) to its nominal value at a constant rate 

until maturity. All other assets are valued in such manner as the Directors of the Company consider appropriate. All holdings owned by the Company 

are quoted on a regulated market, except where otherwise distinguished in a sub-fund’s Schedule of Investments. 

Fair Value Adjustments Policy. Fair value adjustments may be implemented to protect the interests of the Company’s Shareholders against market 

timing practices. Accordingly if a sub-fund invests in markets that are closed for business at the time the sub-fund is valued, the Directors may, by 

derogation from the provisions above under security valuation, allow for the securities included in a particular portfolio to be adjusted to reflect more 

accurately the fair value of the sub-fund’s investments at the point of valuation. As at 31 October 2012, no sub-funds were materially impacted by this 

fair value adjustment policy. 

Bank Deposits and Cash at Banks and Brokers. All bank deposits and cash at bank and brokers amounts are carried at face value. 

Investment Security Transactions. Investment security transactions are accounted for on the date securities are purchased or sold. The computation of 

the cost of sales of securities is made on the basis of average cost. 

Futures. Futures are accounted for on the date of opening or closing of the contract. Subsequent payments are made or received by the portfolio each 

day, dependent on the daily fluctuations in the value of the underlying index or security which are recorded for financial reporting purposes as 

unrealised gains or losses by the portfolio. The unrealised gains or losses resulting from futures are included in the Statement of Net Assets and in the 

Schedule of Investments. The realised gains and losses are based on the First In – First Out method. 

Forward Foreign Exchange Contracts. Forward foreign exchange contracts are valued on the basis of forward exchange rates prevailing at the closing 

date and applicable to the remaining period until the expiration date. The unrealised gains or losses resulting from forward foreign exchange contracts 

are included in the Statement of Net Assets and in the Schedule of Investments. All forwards, including those used for the hedging of Share classes, 

are included in the Schedule of Investments. 

Option Contracts. Options purchased are recorded as investments at their realisable market value; options written or sold are recorded as liabilities 

based on the cost to close the position. Purchased and written options are included in the Statement of Net Assets and in the Schedule of Investments. 

When the exercise of an option results in a cash settlement, the difference between the premium and the settlement proceeds is accounted for as a 

realised gain or loss. When an option expires, the premium is accounted for as a realised gain for options written or as a realised loss for options 

purchased. 

516

Fidelity 

Funds 


Interest Rate & Inflation Swaps. Interest receivable and payable on interest rate and inflation swap contracts is accrued on a daily basis, and future 

commitments under the swap are valued at market rates. Interest rate and inflation swap contracts are disclosed in the Statement of Net Assets and 

in the Schedule of Investments. 

Credit Default Swaps. Premiums paid and received on credit default swap contracts to buy or sell protection against a credit event are accrued on 

a daily basis and reflected as net income. Future commitments under the swap are valued at market rates. Credit default swap contracts are disclosed 

in the Statement of Net Assets and the Schedule of Investments. 

Contracts for Difference. Contracts for difference are contracts entered into between a broker and the Company under which the parties agree to 

make payments to each other so as to replicate the economic consequences of holding a long or short position in the underlying security. Contracts 

for difference also mirror any corporate actions that take place. When a contract is closed, the Company records a realised gain or loss equal to the 

difference between the value of the contract at the time it was opened and the value at the time it was closed. The valuation of contracts for difference 

is based on the underlying security and they are disclosed in the Statement of Net Assets and the Schedule of Investments. 

Equity Linked Notes. Equity Linked Notes are valued daily based on the price of the underlying security and are disclosed in the Statement of Net 

Assets and the Schedule of Investments at market value. The intermediate coupon(s) and final payment at maturity are determined by the change in 

value of the underlying security. 

Term Loans. The Company invests in term loans that have been made by banks to companies. Term Loans are traded at tranche level and are made 

up of a number of underlying loans all with slightly different terms (coupon rates, payment dates, maturity dates) from the same issuer. Term loans are 

valued according to the general security valuation policy and are disclosed in the Statement of Net Assets and the Schedule of Investments at market 

value. 

Foreign Exchange. Assets and liabilities as at 31 October 2012 have been translated at the prevailing exchange rates on that date. The Directors 

determine the designated currency of each sub-fund. All transactions denominated in foreign currencies during the period are translated into the subfund’s 

designated currency at the exchange rate prevailing on the day of transaction. 

Bonds in Escrow. Bonds included in the Schedule of Investments can be used as collateral against open derivative exposures. Where this is the case, 

bonds will be escrowed to prevent them from being traded. 

Fund Share Transactions. The issue and redemption price per Share of each sub-fund is the Net Asset Value per Share on the date of trade, subject 

to the price adjustment policy. 

Formation Cost. All formation costs related to the launch of the Company have been amortised. Costs incurred in launching new sub-funds will be 

charged to current operating expenses. 

Income. Dividends on equities are recognised when the security is quoted ex-dividend. Interest is accounted for on an accruals basis. 

Zero Coupon Disclosure. Zero coupon bonds and zero coupon money market instruments are disclosed in the Schedule of Investments at a rate 

reflecting the actual return. 

Co-management of Assets. For the purpose of effective management, where the investment policies of the sub-funds so permit, the Board of Directors 

may choose to co-manage assets of certain sub-funds within the Fidelity Funds range. In such cases, assets of different sub-funds will be managed in 

common. Fractions may result from the co-management technique. The value of these fractions is based on the market value of the underlying securities 

in the portfolio of the co-managed sub-funds at the end of the period and is included in the total market value of the portfolio. Considering the 

immateriality of these amounts, they have been included as “Fractions” in the Schedule of Investments. 

Combined Accounts. The combined financial statements have been presented in USD which is the Company’s designated currency and represent the 

total financial statements of the different sub-funds. Sub-funds stated in currencies other than USD have been converted at exchange rates ruling at the 

period end. 

3. Investment Management Fees and Other Transactions with the Investment Manager or its Affiliates 

Pursuant to the Investment Management Agreement dated 25 June 1990 (as amended) and the assignment and amendment agreement dated 4 

August 2005, FIL Fund Management Limited (“FFML”) is entitled to a monthly investment management fee and asset allocation fee, accrued daily and 

based on the average total Net Assets of each sub-fund, at annual rates disclosed in the table below: 

Maximum annual Maximum asset 

Sub-fund name / Class of Shares management fee allocation fee 

Equity funds 

A, B, C, E & J Shares 1.50% nil 

I Shares 0.80% nil 

Y Shares 1.00% nil 

Asset Allocation funds 

A Shares 0.40% – 1.50% 

517 

a Y Shares 0.20% – 0.75% 

0.50% 

a 0.25% 

Balanced funds 

Bond funds 

1.00% nil 

A, B & E Shares 0.75% nil 

Y Shares 

Cash funds 

0.70% nil 

A ,B & E Shares 0.40% nil 

Y Shares 0.40% nil 

MoneyBuilder funds 1.25% nil 

Diversified Income Fund 

USD denominated Fidelity Lifestyle funds 

1.25% 

0.40% – 1.50% 

nil 

a 0.30% 


A & E Shares 1.10% b P Shares 0.60% 

nil 

c nil

Fidelity 

Funds 


Maximum annual Maximum asset 

Sub-fund name / Class of Shares management fee allocation fee 


A & E Shares 1.50% d P Shares 0.80% 

nil 

e nil 


A & E Shares 1.50% f nil 

P Shares 0.80%g nil 


A & E Shares 1.50% h P Shares 0.80% 

nil 

i nil 


A & E Shares 1.50% j P Shares 0.80% 

nil 

k nil 


A & E Shares 1.50% l P Shares 0.80% 

nil 

m Live 2020 Fund 1.50% 

nil 

n Live 2030 Fund 1.50% 

nil 

o nil 

Live Today Fund 1.25% nil 

Reserved funds 0.35% nil 

Institutional Reserved Equity funds 0.80% nil 

Institutional Reserved Bond funds 

Exceptions 

0.35% nil 

EURO STOXX 50 Fund – A, B & Y Shares 0.60% nil 

Growth & Income Fund (except Y Shares) 1.25% nil 

Multi Asset Navigator Fund (except Y Shares) 1.25% nil 

Multi Asset Strategic Defensive Fund (except Y Shares) 1.15% nil 

Multi Asset Strategic Defensive Fund – Y Shares 0.60% nil 

Multi Asset Strategic Fund (except Y Shares) 1.25% nil 

Asian High Yield Fund (except Y Shares) 1.00% nil 

Asian High Yield Fund – Y Shares 0.50% nil 

Core Euro Bond Fund – A & E Shares 0.50% nil 

Core Euro Bond Fund – I Shares 0.35% nil 

Core Euro Bond Fund – Y Shares 0.30% nil 

Emerging Market Debt Fund (except Y Shares) 1.25% nil 

Emerging Markets Inflation-linked Bond Fund – A & E Shares 0.80% nil 

Emerging Markets Inflation-linked Bond Fund – I Shares 0.45% nil 

Emerging Markets Inflation-linked Bond Fund – Y Shares 1.00% nil 

Euro Corporate Bond Fund – Y Shares 0.37% nil 

Euro Short Term Bond Fund (except Y Shares) 0.50% nil 

Euro Short Term Bond Fund – Y Shares 0.30% nil 

European High Yield Fund (except Y Shares) 1.00% nil 

European High Yield Fund – Y Shares 0.50% nil 

Global Corporate Bond Fund – Y Shares 0.60% nil 

Global High Yield Bond Fund (except Y Shares) 1.00% nil 

Global High Yield Focus Fund – A & E Shares 1.25% nil 

Global High Yield Focus Fund – I Shares 0.60% nil 

Global High Yield Focus Fund – Y Shares 1.00% nil 

Global Inflation-linked Bond Fund – A & E Shares 0.50% nil 

Global Inflation-linked Bond Fund – I Shares 0.35% nil 

Global Inflation-linked Bond Fund – Y Shares 0.30% nil 

Global Strategic Bond Fund (except Y Shares) 1.15% nil 

Global Strategic Bond Fund – Y Shares 0.58% nil 

US High Yield Fund (except Y Shares) 1.00% nil 

US High Yield Fund – Y Shares 0.50% nil 

MoneyBuilder European Bond Fund 0.60% nil 

FAWF Asian Special Situations Fund 0.41% nil 

FAWF Europe Fund 

FAWF International Fund 

0.41% 

0.35% – 0.41% 

nil 

p nil 

FAWF Pacific Fund 0.41% nil 

Institutional European High Yield Fund 0.60% nil 

a Weighted in accordance with the composition of the sub-fund. i Will be reduced to 0.60% on 1 January 2023 and reduced further on 1 January 2028 to 0.45%. 

b Will be reduced to 0.85% on 1 January 2013. j Will be reduced to 1.10% on 1 January 2028 and reduced further on 1 January 2033 to 0.85%. 

c Will be reduced to 0.45% on 1 January 2013. k Will be reduced to 0.60% on 1 January 2028 and reduced further on 1 January 2033 to 0.45%. 

d Will be reduced to 1.10% on 1 January 2013 and reduced further on 1 January 2018 to 0.85%. l Will be reduced to 1.10% on 1 January 2033 and reduced further on 1 January 2038 to 0.85%. 

e Will be reduced to 0.60% on 1 January 2013 and reduced further on 1 January 2018 to 0.45%. m Will be reduced to 0.60% on 1 January 2033 and reduced further on 1 January 2038 to 0.45%. 

f Will be reduced to 1.10% on 1 January 2018 and reduced further on 1 January 2023 to 0.85%. n Will be reduced to 1.25% on 1 January 2016. 

g Will be reduced to 0.60% on 1 January 2018 and reduced further on 1 January 2023 to 0.45%. o Will be reduced to 1.25% on 1 January 2026. 

h Will be reduced to 1.10% on 1 January 2023 and reduced further on 1 January 2028 to 0.85%. p Weighted in accordance with the composition of the sub-fund. US assets are charged 0.35% and non-US assets are charged 0.41%. 

518

Fidelity 

Funds 


FIL Limited (“FIL”) and FIMLUX provide valuation, record keeping and administrative services to the Company and earn fees for these services. 

Class B Shares in Bond funds are subject to an annual distribution fee of 0.75%. Class B Shares in Equity, Balanced and Cash funds are subject to an 

annual distribution fee of 1.00% of the Net Asset Value of the relevant class. Class C Shares are subject to an annual distribution fee of up to 1.00% of 

the Net Asset Value of the relevant class. Class E Shares are subject to an annual distribution fee of up to 0.75% of the Net Asset Value of the relevant 

class. These fees are accrued daily and payable quarterly to FID. 

The Reserved Funds’ classes of Shares may only be acquired by investors who are either undertakings for collective investment or investors whose assets 

are held in accounts managed by Fidelity. Expenses and charges, excluding investment management fees, administration expenses, government taxes and 

custodian fees for such classes of Shares, will be charged to, and paid directly by, FIL and its affiliates. The investment management fees, administration 

expenses, government taxes and custodian fees for such classes of Shares are charged to the sub-funds but are reimbursed in full by FIL and its affiliates. 

FIL and its affiliates may waive any or all of their fees and limit the maximum level of expenses (with certain exceptions) that the sub-funds would be 

paying. These waivers are voluntary and may be revised at any time. In addition, FFML may from time to time bear certain expenses of the sub-funds, 

on a discretionary basis. Certain officers and directors of the Company are also directors, officers or employees of FIL or its affiliates. 

FIL Distributors (“FID”) is a wholly owned subsidiary of FIL. In performing its activities as General Distributor of the Company, FID is entitled to receive 

a sales commission on sales of Shares in the Company. For the period ended 31 October 2012, FID retained a total of USD 312,805 in sales 

commissions, the remainder is paid to intermediaries involved in distributing Shares. 

The total aggregate value of the transactions of the Company traded through connected brokers was USD 459,622,296. Such transactions represent 0.69% 

of total transactions of the Company during the period ended 31 October 2012. Total brokerage commissions paid to connected brokers for the period 

ended 31 October 2012 was USD 59,650 at an average rate of commission of 0.01%. This represents 0.11% of the total commissions paid. FFML has executed 

certain portfolio transactions to selected brokers who have agreed to repay a portion of commissions from such transactions to offset Company expenses. 

4. Securities Lending 

As at 31 October 2012, the Company loaned securities having a value of USD 6,516,363 and received collateral with a market value of USD 6,900,139. 

The following table discloses the breakdown of the total value of securities on loan, by sub-fund, as at 31 October 2012: 

Sub-fund name Security values USD Sub-fund name Security values USD 

International Fund 4,222,190 Fidelity Target 2040 (Euro) Fund 61,459 

World Fund 843,905 Fidelity Target 2035 (Euro) Fund 58,537 

Fidelity Target 2020 (Euro) Fund 362,807 Multi Asset Strategic Defensive Fund 21,533 

Fidelity Target 2025 (Euro) Fund 234,240 FAWF Global Balanced Fund 9,051 

Fidelity Target 2030 (Euro) Fund 169,566 Live 2020 Fund 4,758 

Fidelity Target 2015 (Euro) Fund 147,086 Live Today Fund 4,417 

Multi Asset Strategic Fund 119,920 Multi Asset Navigator Fund 3,046 

Growth & Income Fund 95,822 Live 2030 Fund 2,841 

FAWF International Fund 79,396 Diversified Income Fund 232 

Fidelity Target 2020 Fund 75,557 

The collateral which consists of government bonds from G6 countries is held by the Custodian and is not reflected in the financial statements. 

5. Taxation 

The Company is not liable to any Luxembourg taxes on income or on realised or unrealised capital gains, nor to any Luxembourg withholding tax. The 

sub-funds are subject to an annual subscription tax of 0.05% on Equity, Bond, Balanced, Asset Allocation, MoneyBuilder, Fidelity Lifestyle Funds and 

Singapore Retirement Funds and 0.01% on Cash, Reserved, Institutional Reserved Funds, Class P and I Shares, calculated and payable quarterly on 

the Net Assets of the sub-fund on the last day of each calendar quarter. 

Foreign capital gains, dividends and interest may be subject to capital gain and withholding taxes or other taxes imposed by the country of origin 

concerned and such taxes may not be recoverable by the Company or its Shareholders. Where there is a reasonable likelihood that a liability will 

crystallise, the tax payable on the unrealised gain is provided for in the NAV. 

6. Equalisation 

Income equalisation arrangements are applied to all share classes (accumulating and distributing), across all sub-funds. For distributing shares, these 

arrangements are intended to ensure that the income per Share which is distributed in respect of a distribution period is not affected by changes in 

the number of Shares in issue during that period. The calculation of equalisation is based on net investment income. 

7. Dividend Payments 

The following dividend payments were made during the period ended 31 October 2012: 

Div per Ex-div Div per Ex-div 

Sub-fund name Share date Sub-fund name Share date 

Asia Pacific Property Fund - A Shares (EUR) 0.0305 01-May-2012 Emerging Market Debt Fund - E-MDIST Shares (EUR) (hedged) 0.0381 01-May-2012 

Asia Pacific Property Fund - A Shares (USD) 0.0312 01-May-2012 Euro Bond Fund - A-MDIST Shares (EUR) 0.0159 01-May-2012 

Asian Bond Fund - A-MDIST Shares (HKD) 0.0285 01-May-2012 Euro Bond Fund - B-MDIST Shares (USD) 0.0110 01-May-2012 

Asian Bond Fund - A-MDIST Shares (SGD) (hedged) 0.0044 01-May-2012 Euro Corporate Bond Fund - A-MDIST Shares (EUR) 0.0254 01-May-2012 

Asian Bond Fund - A-MDIST Shares (USD) 0.0291 01-May-2012 European High Yield Fund - A-MDIST Shares (EUR) 0.0501 01-May-2012 

Asian High Yield Fund - A-MDIST Shares (HKD) 0.0524 01-May-2012 European High Yield Fund - A-MDIST Shares (SGD) 0.0037 01-May-2012 

Asian High Yield Fund - A-MDIST Shares (SGD) (hedged) 0.0049 01-May-2012 European High Yield Fund - A-MINCOME Shares (EUR) 0.0392 01-May-2012 

Asian High Yield Fund - A-MDIST Shares (USD) 0.0460 01-May-2012 European High Yield Fund - B-MDIST Shares (USD) 0.0479 01-May-2012 

Asian High Yield Fund - A-MINCOME Shares (USD) 0.0537 01-May-2012 European High Yield Fund - E-MDIST Shares (EUR) 0.0473 01-May-2012 

Core Euro Bond Fund - Y-MDIST Shares (EUR) 0.0208 01-May-2012 Global Dividend Fund - A-MINCOME Shares (EUR) 0.0300 01-May-2012 

Diversified Income Fund - A-Capital MDIST Shares (HKD) 0.0586 01-May-2012 Global Dividend Fund - A-MINCOME Shares (SGD) 0.0030 01-May-2012 

Diversified Income Fund - A-GMDIST Shares (HKD) 0.0355 01-May-2012 Global Dividend Fund - A-MINCOME Shares (USD) 0.0300 01-May-2012 

Emerging Market Debt Fund - A-MDIST Shares (EUR) 0.0424 01-May-2012 Global Dividend Fund - A-QINCOME Shares (EUR) 0.0900 01-May-2012 

Emerging Market Debt Fund - A-MDIST Shares (USD) 0.0455 01-May-2012 Global Dividend Fund - A-QINCOME Shares (SGD) 

519 

0.0090 01-May-2012

Fidelity 

Funds 




Global Dividend Fund - A-QINCOME Shares (USD) 0.0900 01-May-2012 European High Yield Fund - E-MDIST Shares (EUR) 0.0471 02-Jul-2012 

Global High Grade Income Fund - A-MDIST Shares (EUR) 0.0446 01-May-2012 Global Dividend Fund - A-MINCOME Shares (EUR) 0.0300 02-Jul-2012 

Global High Grade Income Fund - A-MDIST Shares (HKD) 0.0443 01-May-2012 Global Dividend Fund - A-MINCOME Shares (HKD) 0.0300 02-Jul-2012 

Global High Grade Income Fund - A-MDIST Shares (USD) 0.0473 01-May-2012 Global Dividend Fund - A-MINCOME Shares (SGD) 0.0030 02-Jul-2012 

Global High Grade Income Fund - E-MDIST Shares (EUR) 0.0404 01-May-2012 Global Dividend Fund - A-MINCOME Shares (USD) 0.0300 02-Jul-2012 

Global High Grade Income Fund - J-MDIST Shares (JPY) 3.5414 01-May-2012 Global High Grade Income Fund - A-MDIST Shares (EUR) 0.0353 02-Jul-2012 

Global High Yield Bond Fund - A-MINCOME Shares (HKD) 0.0455 01-May-2012 Global High Grade Income Fund - A-MDIST Shares (HKD) 0.0335 02-Jul-2012 

Global High Yield Bond Fund - A-MINCOME Shares (USD) 0.0455 01-May-2012 Global High Grade Income Fund - A-MDIST Shares (USD) 0.0357 02-Jul-2012 

Global High Yield Focus Fund - A-MINCOME Shares (EUR) (hedged) 0.0393 01-May-2012 Global High Grade Income Fund - E-MDIST Shares (EUR) 0.0311 02-Jul-2012 

Global High Yield Focus Fund - E-MINCOME Shares (EUR) (hedged) 0.0363 01-May-2012 Global High Grade Income Fund - J-MDIST Shares (JPY) 2.6087 02-Jul-2012 

Global High Yield Focus Fund - Y-MINCOME Shares (EUR) (hedged) 0.0438 01-May-2012 Global High Yield Bond Fund - A-MINCOME Shares (HKD) 0.0455 02-Jul-2012 

Growth & Income Fund - A-MDIST Shares (USD) 0.0079 01-May-2012 Global High Yield Bond Fund - A-MINCOME Shares (USD) 0.0455 02-Jul-2012 

Sterling Bond Fund - A Shares (GBP) 0.0024 01-May-2012 Global High Yield Focus Fund - A-MINCOME Shares (EUR) (hedged) 0.0393 02-Jul-2012 

US Dollar Bond Fund - A-MDIST Shares (HKD) 0.0149 01-May-2012 Global High Yield Focus Fund - E-MINCOME Shares (EUR) (hedged) 0.0363 02-Jul-2012 

US Dollar Bond Fund - A-MDIST Shares (USD) 0.0162 01-May-2012 Global High Yield Focus Fund - Y-MINCOME Shares (EUR) (hedged) 0.0438 02-Jul-2012 

US Dollar Bond Fund - B-MDIST Shares (USD) 0.0095 01-May-2012 Growth & Income Fund - A-MDIST Shares (USD) 0.0101 02-Jul-2012 

US High Yield Fund - A-MDIST Shares (SGD) 0.0037 01-May-2012 US Dollar Bond Fund - A-MDIST Shares (HKD) 0.0123 02-Jul-2012 

US High Yield Fund - A-MDIST Shares (USD) 0.0506 01-May-2012 US Dollar Bond Fund - A-MDIST Shares (USD) 0.0132 02-Jul-2012 

US High Yield Fund - A-MINCOME Shares (HKD) 0.0465 01-May-2012 US Dollar Bond Fund - B-MDIST Shares (USD) 0.0065 02-Jul-2012 

US High Yield Fund - A-MINCOME Shares (USD) 0.0465 01-May-2012 US High Yield Fund - A-MDIST Shares (SGD) 0.0036 02-Jul-2012 

US High Yield Fund - B-MDIST Shares (USD) 0.0438 01-May-2012 US High Yield Fund - A-MDIST Shares (USD) 0.0481 02-Jul-2012 

Asian Bond Fund - A-MDIST Shares (HKD) 0.0279 01-Jun-2012 US High Yield Fund - A-MINCOME Shares (HKD) 0.0465 02-Jul-2012 

Asian Bond Fund - A-MDIST Shares (SGD) (hedged) 0.0027 01-Jun-2012 US High Yield Fund - A-MINCOME Shares (USD) 0.0465 02-Jul-2012 

Asian Bond Fund - A-MDIST Shares (USD) 0.0284 01-Jun-2012 US High Yield Fund - B-MDIST Shares (USD) 0.0413 02-Jul-2012 

Asian High Yield Fund - A-MDIST Shares (HKD) 0.0534 01-Jun-2012 US High Yield Fund - E-MDIST Shares (EUR) (hedged) 0.0608 02-Jul-2012 

Asian High Yield Fund - A-MDIST Shares (JPY) (hedged) 9.3631 01-Jun-2012 ASEAN Fund - A Shares (SGD) 0.0138 01-Aug-2012 

Asian High Yield Fund - A-MDIST Shares (SGD) (hedged) 0.0050 01-Jun-2012 ASEAN Fund - A Shares (USD) 0.2811 01-Aug-2012 

Asian High Yield Fund - A-MDIST Shares (USD) 0.0469 01-Jun-2012 Asia Pacific Dividend Fund - A Shares (HKD) 0.0194 01-Aug-2012 

Asian High Yield Fund - A-MINCOME Shares (USD) 0.0537 01-Jun-2012 Asia Pacific Dividend Fund - A Shares (SGD) 0.0017 01-Aug-2012 

Core Euro Bond Fund - Y-MDIST Shares (EUR) 0.0182 01-Jun-2012 Asia Pacific Dividend Fund - A Shares (USD) 0.0264 01-Aug-2012 

Diversified Income Fund - A-Capital MDIST Shares (HKD) 0.0559 01-Jun-2012 Asia Pacific Property Fund - A Shares (EUR) 0.0310 01-Aug-2012 

Diversified Income Fund - A-GMDIST Shares (HKD) 0.0349 01-Jun-2012 Asia Pacific Property Fund - A Shares (USD) 0.0304 01-Aug-2012 

Emerging Market Debt Fund - A-MDIST Shares (EUR) 0.0415 01-Jun-2012 Asian Aggressive Fund - A Shares (EUR) 0.0467 01-Aug-2012 

Emerging Market Debt Fund - A-MDIST Shares (USD) 0.0433 01-Jun-2012 Asian Aggressive Fund - A Shares (USD) 0.0463 01-Aug-2012 

Emerging Market Debt Fund - E-MDIST Shares (EUR) (hedged) 0.0361 01-Jun-2012 Asian Bond Fund - A-MDIST Shares (HKD) 0.0291 01-Aug-2012 

Euro Bond Fund - A-MDIST Shares (EUR) 0.0171 01-Jun-2012 Asian Bond Fund - A-MDIST Shares (SGD) (hedged) 0.0028 01-Aug-2012 

Euro Bond Fund - B-MDIST Shares (USD) 0.0117 01-Jun-2012 Asian Bond Fund - A-MDIST Shares (USD) 0.0297 01-Aug-2012 

Euro Corporate Bond Fund - A-MDIST Shares (EUR) 0.0280 01-Jun-2012 Asian High Yield Fund - A Shares (EUR) (hedged) 0.6981 01-Aug-2012 

European High Yield Fund - A-MDIST Shares (EUR) 0.0567 01-Jun-2012 Asian High Yield Fund - A-MDIST Shares (HKD) 0.0526 01-Aug-2012 

European High Yield Fund - A-MDIST Shares (SGD) 0.0041 01-Jun-2012 Asian High Yield Fund - A-MDIST Shares (JPY) (hedged) 5.5645 01-Aug-2012 

European High Yield Fund - A-MINCOME Shares (EUR) 0.0392 01-Jun-2012 Asian High Yield Fund - A-MDIST Shares (SGD) (hedged) 0.0049 01-Aug-2012 

European High Yield Fund - B-MDIST Shares (USD) 0.0535 01-Jun-2012 Asian High Yield Fund - A-MDIST Shares (USD) 0.0462 01-Aug-2012 

European High Yield Fund - E-MDIST Shares (EUR) 0.0540 01-Jun-2012 Asian High Yield Fund - A-MINCOME Shares (USD) 0.0537 01-Aug-2012 

Global Dividend Fund - A-MINCOME Shares (EUR) 0.0300 01-Jun-2012 Asian High Yield Fund - Y Shares (EUR) (hedged) 0.7409 01-Aug-2012 

Global Dividend Fund - A-MINCOME Shares (SGD) 0.0030 01-Jun-2012 Asian Special Situations Fund - A Shares (GBP) 0.0040 01-Aug-2012 

Global Dividend Fund - A-MINCOME Shares (USD) 0.0300 01-Jun-2012 Asian Special Situations Fund - A Shares (SGD) 0.0022 01-Aug-2012 

Global High Grade Income Fund - A-MDIST Shares (EUR) 0.0406 01-Jun-2012 Asian Special Situations Fund - A Shares (USD) 0.0651 01-Aug-2012 

Global High Grade Income Fund - A-MDIST Shares (HKD) 0.0393 01-Jun-2012 Australia Fund - A Shares (AUD) 1.0754 01-Aug-2012 

Global High Grade Income Fund - A-MDIST Shares (USD) 0.0419 01-Jun-2012 Australia Fund - B Shares (USD) 1.0955 01-Aug-2012 

Global High Grade Income Fund - E-MDIST Shares (EUR) 0.0363 01-Jun-2012 China Focus Fund - A Shares (USD) 0.0025 01-Aug-2012 

Global High Grade Income Fund - J-MDIST Shares (JPY) 3.0717 01-Jun-2012 China Focus Fund - Y Shares (GBP) 0.0073 01-Aug-2012 

Global High Yield Bond Fund - A-MINCOME Shares (HKD) 0.0455 01-Jun-2012 China Opportunities Fund - A Shares (GBP) 0.0036 01-Aug-2012 

Global High Yield Bond Fund - A-MINCOME Shares (USD) 0.0455 01-Jun-2012 China Opportunities Fund - A Shares (USD) 0.0375 01-Aug-2012 

Global High Yield Focus Fund - A-MINCOME Shares (EUR) (hedged) 0.0393 01-Jun-2012 Core Euro Bond Fund - Y-MDIST Shares (EUR) 0.0232 01-Aug-2012 

Global High Yield Focus Fund - E-MINCOME Shares (EUR) (hedged) 0.0363 01-Jun-2012 Diversified Income Fund - A-Capital MDIST Shares (HKD) 0.0559 01-Aug-2012 

Global High Yield Focus Fund - Y-MINCOME Shares (EUR) (hedged) 0.0438 01-Jun-2012 Diversified Income Fund - A-GMDIST Shares (HKD) 0.0349 01-Aug-2012 

Growth & Income Fund - A-MDIST Shares (USD) 0.0065 01-Jun-2012 Emerging Asia Fund - A Shares (EUR) 0.0033 01-Aug-2012 

US Dollar Bond Fund - A-MDIST Shares (HKD) 0.0136 01-Jun-2012 Emerging Asia Fund - A Shares (GBP) 0.0004 01-Aug-2012 

US Dollar Bond Fund - A-MDIST Shares (USD) 0.0146 01-Jun-2012 Emerging Asia Fund - A Shares (USD) 0.0077 01-Aug-2012 

US Dollar Bond Fund - B-MDIST Shares (USD) 0.0077 01-Jun-2012 Emerging Europe, Middle East and Africa Fund - A Shares (EUR) 0.0444 01-Aug-2012 

US High Yield Fund - A-MDIST Shares (SGD) 0.0038 01-Jun-2012 Emerging Europe, Middle East and Africa Fund - A Shares (GBP) 0.0552 01-Aug-2012 

US High Yield Fund - A-MDIST Shares (USD) 0.0509 01-Jun-2012 Emerging Europe, Middle East and Africa Fund - A Shares (SGD) 0.0031 01-Aug-2012 

US High Yield Fund - A-MINCOME Shares (HKD) 0.0465 01-Jun-2012 Emerging Europe, Middle East and Africa Fund - A Shares (USD) 0.0446 01-Aug-2012 

US High Yield Fund - A-MINCOME Shares (USD) 0.0465 01-Jun-2012 Emerging Europe, Middle East and Africa Fund - J Shares (USD) 0.0395 01-Aug-2012 

US High Yield Fund - B-MDIST Shares (USD) 0.0439 01-Jun-2012 Emerging Market Debt Fund - A Shares (EUR) 0.5377 01-Aug-2012 

Asian Bond Fund - A-MDIST Shares (HKD) 0.0270 02-Jul-2012 Emerging Market Debt Fund - A Shares (SGD) 0.0478 01-Aug-2012 

Asian Bond Fund - A-MDIST Shares (SGD) (hedged) 0.0026 02-Jul-2012 Emerging Market Debt Fund - A Shares (USD) 0.6010 01-Aug-2012 

Asian Bond Fund - A-MDIST Shares (USD) 0.0275 02-Jul-2012 Emerging Market Debt Fund - A-MDIST Shares (EUR) 0.0398 01-Aug-2012 

Asian High Yield Fund - A-MDIST Shares (HKD) 0.0539 02-Jul-2012 Emerging Market Debt Fund - A-MDIST Shares (USD) 0.0399 01-Aug-2012 

Asian High Yield Fund - A-MDIST Shares (JPY) (hedged) 5.7139 02-Jul-2012 Emerging Market Debt Fund - E-MDIST Shares (EUR) (hedged) 0.0328 01-Aug-2012 

Asian High Yield Fund - A-MDIST Shares (SGD) (hedged) 0.0051 02-Jul-2012 Emerging Markets Fund - A Shares (EUR) 0.0013 01-Aug-2012 

Asian High Yield Fund - A-MDIST Shares (USD) 0.0474 02-Jul-2012 Emerging Markets Fund - A Shares (GBP) 0.0003 01-Aug-2012 

Asian High Yield Fund - A-MINCOME Shares (USD) 0.0537 02-Jul-2012 Emerging Markets Fund - A Shares (SGD) 0.0003 01-Aug-2012 

Core Euro Bond Fund - Y-MDIST Shares (EUR) 0.0209 02-Jul-2012 Emerging Markets Fund - A Shares (USD) 0.0053 01-Aug-2012 

Diversified Income Fund - A-Capital MDIST Shares (HKD) 0.0559 02-Jul-2012 Emerging Markets Inflation-linked Bond Fund - Y Shares (GBP) 0.0913 01-Aug-2012 

Diversified Income Fund - A-GMDIST Shares (HKD) 0.0349 02-Jul-2012 Euro Balanced Fund - A Shares (EUR) 0.2209 01-Aug-2012 

Emerging Market Debt Fund - A-MDIST Shares (EUR) 0.0437 02-Jul-2012 Euro Blue Chip Fund - A Shares (EUR) 0.1598 01-Aug-2012 

Emerging Market Debt Fund - A-MDIST Shares (USD) 0.0447 02-Jul-2012 Euro Blue Chip Fund - A Shares (GBP) 0.0119 01-Aug-2012 

Emerging Market Debt Fund - E-MDIST Shares (EUR) (hedged) 0.0374 02-Jul-2012 Euro Blue Chip Fund - A Shares (SGD) 0.0067 01-Aug-2012 

Euro Bond Fund - A-MDIST Shares (EUR) 0.0154 02-Jul-2012 Euro Blue Chip Fund - B Shares (USD) 0.0665 01-Aug-2012 

Euro Bond Fund - B-MDIST Shares (USD) 0.0099 02-Jul-2012 Euro Bond Fund - A Shares (EUR) 0.2838 01-Aug-2012 

Euro Corporate Bond Fund - A-MDIST Shares (EUR) 0.0229 02-Jul-2012 Euro Bond Fund - A Shares (GBP) 0.0309 01-Aug-2012 

European High Yield Fund - A-MDIST Shares (EUR) 0.0498 02-Jul-2012 Euro Bond Fund - A-MDIST Shares (EUR) 0.0169 01-Aug-2012 

European High Yield Fund - A-MDIST Shares (SGD) 0.0035 02-Jul-2012 Euro Bond Fund - B-MDIST Shares (USD) 0.0110 01-Aug-2012 

European High Yield Fund - A-MINCOME Shares (EUR) 0.0392 02-Jul-2012 Euro Cash Fund - A Shares (EUR) 0.0201 01-Aug-2012 

European High Yield Fund - B-MDIST Shares (USD) 0.0455 02-Jul-2012 Euro Corporate Bond Fund - A Shares (EUR) 

520 

0.3279 01-Aug-2012

Fidelity 

Funds 




Euro Corporate Bond Fund - A-MDIST Shares (EUR) 0.0262 01-Aug-2012 Growth & Income Fund - A Shares (SGD) 0.0090 01-Aug-2012 

EURO STOXX 50 Fund - A Shares (EUR) 0.2517 01-Aug-2012 Growth & Income Fund - A Shares (USD) 0.1688 01-Aug-2012 

EURO STOXX 50 Fund - A Shares (GBP) 0.0056 01-Aug-2012 Growth & Income Fund - A-MDIST Shares (USD) 0.0086 01-Aug-2012 

EURO STOXX 50 Fund - B Shares (USD) 0.4728 01-Aug-2012 Iberia Fund - A Shares (EUR) 0.3617 01-Aug-2012 

European Aggressive Fund - A Shares (EUR) 0.0786 01-Aug-2012 India Focus Fund - Y Shares (GBP) 0.0026 01-Aug-2012 

European Aggressive Fund - A Shares (GBP) 0.0055 01-Aug-2012 International Bond Fund - A Shares (USD) 0.0321 01-Aug-2012 

European Aggressive Fund - A Shares (SGD) 0.0035 01-Aug-2012 International Fund - A Shares (EUR) 0.0277 01-Aug-2012 

European Dividend Fund - A Shares (EUR) 0.1561 01-Aug-2012 International Fund - A Shares (SGD) 0.0009 01-Aug-2012 

European Dynamic Growth Fund - A Shares (EUR) 0.0640 01-Aug-2012 International Fund - A Shares (USD) 0.0402 01-Aug-2012 

European Dynamic Growth Fund - A Shares (GBP) 0.0035 01-Aug-2012 Italy Fund - A Shares (EUR) 0.2592 01-Aug-2012 

European Dynamic Value Fund - Y Shares (GBP) 0.0073 01-Aug-2012 Japan Advantage Fund - A Shares (EUR) (hedged) 0.0362 01-Aug-2012 

European Growth Fund - A Shares (EUR) 0.0983 01-Aug-2012 Japan Advantage Fund - A Shares (JPY) 64.7832 01-Aug-2012 

European Growth Fund - A Shares (SGD) 0.0098 01-Aug-2012 Japan Fund - A Shares (EUR) 0.0043 01-Aug-2012 

European Growth Fund - B Shares (USD) 0.0319 01-Aug-2012 Japan Fund - A Shares (JPY) 0.4569 01-Aug-2012 

European Growth Fund - C Shares (EUR) 0.0048 01-Aug-2012 Japan Fund - A Shares (SGD) 0.0021 01-Aug-2012 

European High Yield Fund - A Shares (EUR) 0.5106 01-Aug-2012 Latin America Fund - A Shares (GBP) 0.0275 01-Aug-2012 

European High Yield Fund - A-MDIST Shares (EUR) 0.0501 01-Aug-2012 Latin America Fund - A Shares (USD) 0.5475 01-Aug-2012 

European High Yield Fund - A-MDIST Shares (SGD) 0.0035 01-Aug-2012 Live Today Fund - A-GDIST Shares (SGD) 0.0177 01-Aug-2012 

European High Yield Fund - A-MINCOME Shares (EUR) 0.0392 01-Aug-2012 Malaysia Fund - A Shares (USD) 0.4071 01-Aug-2012 

European High Yield Fund - B-MDIST Shares (USD) 0.0446 01-Aug-2012 MoneyBuilder Europe Fund - A Shares (EUR) 0.2754 01-Aug-2012 

European High Yield Fund - E-MDIST Shares (EUR) 0.0472 01-Aug-2012 MoneyBuilder Europe Fund - A Shares (GBP) 0.0135 01-Aug-2012 

European Larger Companies Fund - A Shares (EUR) 0.4165 01-Aug-2012 MoneyBuilder European Bond Fund - A Shares (EUR) 0.5742 01-Aug-2012 

European Larger Companies Fund - A Shares (GBP) 0.0161 01-Aug-2012 MoneyBuilder Global Fund - A Shares (EUR) 0.1682 01-Aug-2012 

European Smaller Companies Fund - A Shares (EUR) 0.0238 01-Aug-2012 Multi Asset Navigator Fund - A Shares (SGD) 0.0050 01-Aug-2012 

European Special Situations Fund - A Shares (EUR) 0.0977 01-Aug-2012 Multi Asset Navigator Fund - A Shares (USD) 0.0624 01-Aug-2012 

European Special Situations Fund - A Shares (GBP) 0.0110 01-Aug-2012 Multi Asset Strategic Defensive Fund - A Shares (EUR) 0.0883 01-Aug-2012 

FAWF America Fund - A Shares (USD) 0.0770 01-Aug-2012 Multi Asset Strategic Fund - A Shares (EUR) 0.0630 01-Aug-2012 

FAWF American Diversified Fund - A Shares (USD) 0.1728 01-Aug-2012 Multi Asset Strategic Fund - A Shares (USD) 0.0685 01-Aug-2012 

FAWF American Growth Fund - A Shares (USD) 0.4142 01-Aug-2012 Nordic Fund - A Shares (SEK) 13.2904 01-Aug-2012 

FAWF Asian Special Situations Fund - A Shares (USD) 0.7171 01-Aug-2012 Singapore Fund - A Shares (SGD) 0.0117 01-Aug-2012 

FAWF Europe Fund - A Shares (USD) 0.5087 01-Aug-2012 Singapore Fund - A Shares (USD) 0.5840 01-Aug-2012 

FAWF Global Balanced Fund - A Shares (USD) 0.3092 01-Aug-2012 South East Asia Fund - A Shares (EUR) 0.0181 01-Aug-2012 

FAWF International Fund - A Shares (USD) 0.7030 01-Aug-2012 South East Asia Fund - A Shares (GBP) 0.0087 01-Aug-2012 

FAWF Japan Fund - A Shares (USD) 0.1550 01-Aug-2012 South East Asia Fund - A Shares (SGD) 0.0051 01-Aug-2012 

FAWF Pacific Fund - A Shares (USD) 0.4123 01-Aug-2012 South East Asia Fund - A Shares (USD) 0.0268 01-Aug-2012 

FAWF US Dollar Bond Fund - A Shares (USD) 0.0973 01-Aug-2012 Sterling Bond Fund - A Shares (GBP) 0.0023 01-Aug-2012 

FAWF US High Income Fund - A Shares (USD) 0.7582 01-Aug-2012 Switzerland Fund - A Shares (CHF) 0.0498 01-Aug-2012 

FAWF US Large-Cap Stock Fund - A Shares (USD) 0.1182 01-Aug-2012 Taiwan Fund - A Shares (USD) 0.0709 01-Aug-2012 

Fidelity Patrimoine - A Shares (EUR) 0.0704 01-Aug-2012 Thailand Fund - A Shares (USD) 0.5079 01-Aug-2012 

Fidelity Sélection Europe - A Shares (EUR) 0.0712 01-Aug-2012 United Kingdom Fund - A Shares (GBP) 0.0186 01-Aug-2012 

Fidelity Target 2015 (Euro) Fund - A Shares (EUR) 0.4407 01-Aug-2012 US Dollar Bond Fund - A Shares (SGD) (hedged) 0.0023 01-Aug-2012 

Fidelity Target 2020 (Euro) Fund - A Shares (EUR) 0.3006 01-Aug-2012 US Dollar Bond Fund - A Shares (USD) 0.0592 01-Aug-2012 

Fidelity Target 2025 (Euro) Fund - A Shares (EUR) 0.2077 01-Aug-2012 US Dollar Bond Fund - A-MDIST Shares (HKD) 0.0115 01-Aug-2012 

Fidelity Target 2030 (Euro) Fund - A Shares (EUR) 0.1777 01-Aug-2012 US Dollar Bond Fund - A-MDIST Shares (USD) 0.0124 01-Aug-2012 

Fidelity Target 2035 (Euro) Fund - A Shares (EUR) 0.1321 01-Aug-2012 US Dollar Bond Fund - B-MDIST Shares (USD) 0.0054 01-Aug-2012 

Fidelity Target 2040 (Euro) Fund - A Shares (EUR) 0.1301 01-Aug-2012 US Dollar Cash Fund - A Shares (USD) 0.0059 01-Aug-2012 

FPS Moderate Growth Fund - A Shares (EUR) 0.1193 01-Aug-2012 US Dollar Cash Fund - B Shares (USD) 0.0100 01-Aug-2012 

France Fund - A Shares (EUR) 0.2846 01-Aug-2012 US High Yield Fund - A Shares (EUR) 0.4103 01-Aug-2012 

Germany Fund - A Shares (EUR) 0.3462 01-Aug-2012 US High Yield Fund - A Shares (GBP) 0.6325 01-Aug-2012 

Global Consumer Industries Fund - A Shares (EUR) 0.0220 01-Aug-2012 US High Yield Fund - A Shares (USD) 0.6752 01-Aug-2012 

Global Consumer Industries Fund - A Shares (GBP) 0.0003 01-Aug-2012 US High Yield Fund - A-MDIST Shares (SGD) 0.0035 01-Aug-2012 

Global Corporate Bond Fund - Y Shares (GBP) (hedged) 0.0330 01-Aug-2012 US High Yield Fund - A-MDIST Shares (USD) 0.0472 01-Aug-2012 

Global Dividend Fund - A-MINCOME Shares (EUR) 0.0300 01-Aug-2012 US High Yield Fund - A-MINCOME Shares (HKD) 0.0465 01-Aug-2012 

Global Dividend Fund - A-MINCOME Shares (HKD) 0.0300 01-Aug-2012 US High Yield Fund - A-MINCOME Shares (USD) 0.0465 01-Aug-2012 

Global Dividend Fund - A-MINCOME Shares (SGD) 0.0030 01-Aug-2012 US High Yield Fund - B-MDIST Shares (USD) 0.0401 01-Aug-2012 

Global Dividend Fund - A-MINCOME Shares (USD) 0.0300 01-Aug-2012 US High Yield Fund - E-MDIST Shares (EUR) (hedged) 0.0380 01-Aug-2012 

Global Dividend Fund - A-QINCOME Shares (EUR) 0.0900 01-Aug-2012 World Fund - A Shares (EUR) 0.0480 01-Aug-2012 

Global Dividend Fund - A-QINCOME Shares (SGD) 0.0090 01-Aug-2012 Asian Bond Fund - A-MDIST Shares (HKD) 0.0296 03-Sep-2012 

Global Dividend Fund - A-QINCOME Shares (USD) 0.0900 01-Aug-2012 Asian Bond Fund - A-MDIST Shares (SGD) (hedged) 0.0028 03-Sep-2012 

Global Financial Services Fund - A Shares (EUR) 0.0790 01-Aug-2012 Asian Bond Fund - A-MDIST Shares (USD) 0.0302 03-Sep-2012 

Global Financial Services Fund - A Shares (GBP) 0.0013 01-Aug-2012 Asian High Yield Fund - A-MDIST Shares (HKD) 0.0517 03-Sep-2012 

Global High Grade Income Fund - A-MDIST Shares (EUR) 0.0384 01-Aug-2012 Asian High Yield Fund - A-MDIST Shares (JPY) (hedged) 5.4694 03-Sep-2012 

Global High Grade Income Fund - A-MDIST Shares (HKD) 0.0357 01-Aug-2012 Asian High Yield Fund - A-MDIST Shares (SGD) (hedged) 0.0048 03-Sep-2012 

Global High Grade Income Fund - A-MDIST Shares (USD) 0.0381 01-Aug-2012 Asian High Yield Fund - A-MDIST Shares (USD) 0.0454 03-Sep-2012 

Global High Grade Income Fund - E-MDIST Shares (EUR) 0.0340 01-Aug-2012 Asian High Yield Fund - A-MINCOME Shares (USD) 0.0537 03-Sep-2012 

Global High Grade Income Fund - J-MDIST Shares (JPY) 2.7745 01-Aug-2012 Core Euro Bond Fund - Y-MDIST Shares (EUR) 0.0240 03-Sep-2012 

Global High Yield Bond Fund - A-MINCOME Shares (HKD) 0.0455 01-Aug-2012 Diversified Income Fund - A-Capital MDIST Shares (HKD) 0.0559 03-Sep-2012 

Global High Yield Bond Fund - A-MINCOME Shares (USD) 0.0455 01-Aug-2012 Diversified Income Fund - A-GMDIST Shares (HKD) 0.0349 03-Sep-2012 

Global High Yield Focus Fund - A Shares (EUR) (hedged) 0.0690 01-Aug-2012 Emerging Market Debt Fund - A-MDIST Shares (EUR) 0.0412 03-Sep-2012 

Global High Yield Focus Fund - A-MINCOME Shares (EUR) (hedged) 0.0393 01-Aug-2012 Emerging Market Debt Fund - A-MDIST Shares (USD) 0.0416 03-Sep-2012 

Global High Yield Focus Fund - E-MINCOME Shares (EUR) (hedged) 0.0363 01-Aug-2012 Emerging Market Debt Fund - E-MDIST Shares (EUR) (hedged) 0.0342 03-Sep-2012 

Global High Yield Focus Fund - I Shares (EUR) (hedged) 0.0843 01-Aug-2012 Euro Bond Fund - A-MDIST Shares (EUR) 0.0202 03-Sep-2012 

Global High Yield Focus Fund - Y Shares (EUR) 0.0792 01-Aug-2012 Euro Bond Fund - B-MDIST Shares (USD) 0.0144 03-Sep-2012 

Global High Yield Focus Fund - Y-MINCOME Shares (EUR) (hedged) 0.0438 01-Aug-2012 Euro Corporate Bond Fund - A-MDIST Shares (EUR) 0.0251 03-Sep-2012 

Global Inflation-linked Bond Fund - A Shares (GBP) (hedged) 0.0125 01-Aug-2012 European High Yield Fund - A-MDIST Shares (EUR) 0.0482 03-Sep-2012 

Global Inflation-linked Bond Fund - A Shares (SGD) (hedged) 0.0110 01-Aug-2012 European High Yield Fund - A-MDIST Shares (SGD) 0.0033 03-Sep-2012 

Global Inflation-linked Bond Fund - Y Shares (GBP) (hedged) 0.0154 01-Aug-2012 European High Yield Fund - A-MINCOME Shares (EUR) 0.0392 03-Sep-2012 

Global Property Fund - A Shares (EUR) 0.0978 01-Aug-2012 European High Yield Fund - B-MDIST Shares (USD) 0.0429 03-Sep-2012 

Global Property Fund - A Shares (GBP) 0.0078 01-Aug-2012 European High Yield Fund - E-MDIST Shares (EUR) 0.0452 03-Sep-2012 

Global Property Fund - A Shares (USD) 0.1124 01-Aug-2012 Global Dividend Fund - A-MINCOME Shares (EUR) 0.0300 03-Sep-2012 

Global Strategic Bond Fund - A Shares (EUR) (hedged) 0.1862 01-Aug-2012 Global Dividend Fund - A-MINCOME Shares (HKD) 0.0300 03-Sep-2012 

Global Telecommunications Fund - A Shares (EUR) 0.1628 01-Aug-2012 Global Dividend Fund - A-MINCOME Shares (SGD) 0.0030 03-Sep-2012 

Global Telecommunications Fund - A Shares (GBP) 0.0049 01-Aug-2012 Global Dividend Fund - A-MINCOME Shares (USD) 0.0300 03-Sep-2012 

Global Telecommunications Fund - B Shares (USD) 0.3714 01-Aug-2012 Global High Grade Income Fund - A-MDIST Shares (EUR) 0.0380 03-Sep-2012 

Greater China Fund - A Shares (SGD) 0.0053 01-Aug-2012 Global High Grade Income Fund - A-MDIST Shares (HKD) 0.0356 03-Sep-2012 

Greater China Fund - A Shares (USD) 0.6692 01-Aug-2012 Global High Grade Income Fund - A-MDIST Shares (USD) 

521 

0.0380 03-Sep-2012

Fidelity 

Funds 




Global High Grade Income Fund - E-MDIST Shares (EUR) 0.0335 03-Sep-2012 Euro Bond Fund - B-MDIST Shares (USD) 0.0109 01-Oct-2012 

Global High Grade Income Fund - J-MDIST Shares (JPY) 2.7547 03-Sep-2012 Euro Corporate Bond Fund - A-MDIST Shares (EUR) 0.0226 01-Oct-2012 

Global High Yield Bond Fund - A-MINCOME Shares (HKD) 0.0455 03-Sep-2012 European High Yield Fund - A-MDIST Shares (EUR) 0.0549 01-Oct-2012 

Global High Yield Bond Fund - A-MINCOME Shares (USD) 0.0455 03-Sep-2012 European High Yield Fund - A-MDIST Shares (SGD) 0.0039 01-Oct-2012 

Global High Yield Focus Fund - A-MINCOME Shares (EUR) (hedged) 0.0393 03-Sep-2012 European High Yield Fund - A-MINCOME Shares (EUR) 0.0392 01-Oct-2012 

Global High Yield Focus Fund - E-MINCOME Shares (EUR) (hedged) 0.0363 03-Sep-2012 European High Yield Fund - B-MDIST Shares (USD) 0.0520 01-Oct-2012 

Global High Yield Focus Fund - Y-MINCOME Shares (EUR) (hedged) 0.0438 03-Sep-2012 European High Yield Fund - E-MDIST Shares (EUR) 0.0522 01-Oct-2012 

Growth & Income Fund - A-MDIST Shares (USD) 0.0104 03-Sep-2012 Global Dividend Fund - A-MINCOME Shares (EUR) 0.0300 01-Oct-2012 

US Dollar Bond Fund - A-MDIST Shares (HKD) 0.0111 03-Sep-2012 Global Dividend Fund - A-MINCOME Shares (HKD) 0.0300 01-Oct-2012 

US Dollar Bond Fund - A-MDIST Shares (USD) 0.0119 03-Sep-2012 Global Dividend Fund - A-MINCOME Shares (SGD) 0.0030 01-Oct-2012 

US Dollar Bond Fund - B-MDIST Shares (USD) 0.0049 03-Sep-2012 Global Dividend Fund - A-MINCOME Shares (USD) 0.0300 01-Oct-2012 

US High Yield Fund - A-MDIST Shares (SGD) 0.0033 03-Sep-2012 Global High Grade Income Fund - A-MDIST Shares (EUR) 0.0393 01-Oct-2012 

US High Yield Fund - A-MDIST Shares (USD) 0.0447 03-Sep-2012 Global High Grade Income Fund - A-MDIST Shares (HKD) 0.0381 01-Oct-2012 

US High Yield Fund - A-MINCOME Shares (HKD) 0.0465 03-Sep-2012 Global High Grade Income Fund - A-MDIST Shares (USD) 0.0407 01-Oct-2012 

US High Yield Fund - A-MINCOME Shares (USD) 0.0465 03-Sep-2012 Global High Grade Income Fund - E-MDIST Shares (EUR) 0.0351 01-Oct-2012 

US High Yield Fund - B-MDIST Shares (USD) 0.0376 03-Sep-2012 Global High Grade Income Fund - J-MDIST Shares (JPY) 2.9320 01-Oct-2012 

US High Yield Fund - E-MDIST Shares (EUR) (hedged) 0.0356 03-Sep-2012 Global High Yield Bond Fund - A-MINCOME Shares (HKD) 0.0455 01-Oct-2012 

Asian Bond Fund - A-MDIST Shares (HKD) 0.0266 01-Oct-2012 Global High Yield Bond Fund - A-MINCOME Shares (USD) 0.0455 01-Oct-2012 

Asian Bond Fund - A-MDIST Shares (SGD) (hedged) 0.0025 01-Oct-2012 Global High Yield Focus Fund - A-MINCOME Shares (EUR) (hedged) 0.0393 01-Oct-2012 

Asian Bond Fund - A-MDIST Shares (USD) 0.0271 01-Oct-2012 Global High Yield Focus Fund - E-MINCOME Shares (EUR) (hedged) 0.0363 01-Oct-2012 

Asian High Yield Fund - A-MDIST Shares (HKD) 0.0506 01-Oct-2012 Global High Yield Focus Fund - Y-MINCOME Shares (EUR) (hedged) 0.0438 01-Oct-2012 

Asian High Yield Fund - A-MDIST Shares (JPY) (hedged) 5.3455 01-Oct-2012 Growth & Income Fund - A-MDIST Shares (USD) 0.0086 01-Oct-2012 

Asian High Yield Fund - A-MDIST Shares (SGD) (hedged) 0.0047 01-Oct-2012 US Dollar Bond Fund - A-MDIST Shares (HKD) 0.0107 01-Oct-2012 

Asian High Yield Fund - A-MDIST Shares (USD) 0.0444 01-Oct-2012 US Dollar Bond Fund - A-MDIST Shares (USD) 0.0115 01-Oct-2012 

Asian High Yield Fund - A-MINCOME Shares (USD) 0.0537 01-Oct-2012 US Dollar Bond Fund - B-MDIST Shares (USD) 0.0047 01-Oct-2012 

Core Euro Bond Fund - Y-MDIST Shares (EUR) 0.0210 01-Oct-2012 US Dollar Bond Fund - I-MDIST Shares (USD) 0.0276 01-Oct-2012 

Diversified Income Fund - A-Capital MDIST Shares (HKD) 0.0559 01-Oct-2012 US High Yield Fund - A-MDIST Shares (SGD) 0.0033 01-Oct-2012 

Diversified Income Fund - A-GMDIST Shares (HKD) 0.0349 01-Oct-2012 US High Yield Fund - A-MDIST Shares (USD) 0.0462 01-Oct-2012 

Emerging Market Debt Fund - A-MDIST Shares (EUR) 0.0419 01-Oct-2012 US High Yield Fund - A-MINCOME Shares (HKD) 0.0465 01-Oct-2012 

Emerging Market Debt Fund - A-MDIST Shares (USD) 0.0440 01-Oct-2012 US High Yield Fund - A-MINCOME Shares (USD) 0.0465 01-Oct-2012 

Emerging Market Debt Fund - E-MDIST Shares (EUR) (hedged) 0.0364 01-Oct-2012 US High Yield Fund - B-MDIST Shares (USD) 0.0392 01-Oct-2012 

Euro Bond Fund - A-MDIST Shares (EUR) 0.0163 01-Oct-2012 US High Yield Fund - E-MDIST Shares (EUR) (hedged) 0.0371 01-Oct-2012 

8. Cash Balances held at Brokers 

As at 31 October 2012, there were outstanding margin deposits in the form of cash balances held at brokers which have been included in the Cash 

at banks and brokers amount shown in the Statement of Net Assets. The following table discloses the breakdown of margin cash deposits held at 

brokers, by sub-fund, as at 31 October 2012: 

Cash at Cash at 

Sub-fund name Currency brokers Sub-fund name Currency brokers 

European Growth Fund EUR 5,528,751 European Dynamic Value Fund EUR 71,444 

Global Inflation-linked Bond Fund USD 2,429,547 Fidelity Sélection Internationale EUR 53,156 

International Bond Fund USD 1,951,763 Emerging Markets Inflation-linked Bond Fund USD 50,700 

Euro Blue Chip Fund EUR 1,831,064 Fidelity Target 2025 (Euro) Fund EUR 48,042 

European Aggressive Fund EUR 1,552,901 Multi Asset Strategic Defensive Fund EUR 46,191 

Euro Balanced Fund EUR 1,491,927 Fidelity Portfolio Selector Growth Fund EUR 45,031 

European High Yield Fund EUR 1,262,260 Fidelity Portfolio Selector Global Growth Fund USD 40,902 

Italy Fund EUR 1,153,732 Live Today Fund SGD 40,309 

US Dollar Bond Fund USD 1,034,953 European Special Situations Fund EUR 38,992 

EURO STOXX 50 Fund EUR 926,821 Fidelity Patrimoine EUR 38,578 

Euro Bond Fund EUR 891,564 Fidelity Sélection Europe EUR 27,004 

Global Strategic Bond Fund USD 848,117 Fidelity Target 2030 (Euro) Fund EUR 22,389 

Sterling Bond Fund GBP 667,104 Fidelity Advisor World Funds Global Balanced Fund USD 21,740 

Germany Fund EUR 583,227 Global High Yield Focus Fund USD 14,438 

European Smaller Companies Fund EUR 542,338 Fidelity Advisor World Funds US Dollar Bond Fund USD 13,028 

Euro Short Term Bond Fund EUR 391,962 Asian High Yield Fund USD 12,803 

World Fund EUR 373,294 Multi Asset Navigator Fund USD 11,690 

Euro Corporate Bond Fund EUR 319,197 Diversified Income Fund HKD 8,390 

Global Corporate Bond Fund USD 297,705 Fidelity Target 2020 Fund USD 8,382 

Institutional Euro Blue Chip Fund EUR 296,667 MoneyBuilder Global Fund EUR 7,907 

International Fund USD 238,265 Fidelity Advisor World Funds International Fund USD 7,173 

Growth & Income Fund USD 236,230 Fidelity Target 2040 (Euro) Fund EUR 6,589 

Core Euro Bond Fund EUR 197,019 Fidelity Target 2035 (Euro) Fund EUR 6,257 

European Dynamic Growth Fund EUR 176,630 MoneyBuilder Europe Fund EUR 5,611 

Fidelity Portfolio Selector Moderate Growth Fund EUR 131,022 Institutional Global Bond Fund EUR 5,254 

Fidelity Target 2020 (Euro) Fund EUR 124,985 MoneyBuilder European Bond Fund EUR 4,037 

Fidelity Target 2015 (Euro) Fund EUR 115,967 Live 2020 Fund SGD 1,144 

Asian Bond Fund USD 91,457 Live 2030 Fund SGD 619 

Multi Asset Strategic Fund USD 84,355 Global High Yield Bond Fund USD 597 

European Fund EUR 77,967 

9. Commitments on Derivatives 

The total commitments by category of financial derivative instruments as at 31 October 2012 amount to: 

Sub-fund name Currency Contracts For Credit Default Forward Foreign Futures Inflation Interest Rate Options 

Difference Swaps Exchange Contracts Swaps Swaps 

America Fund USD - - 14,751,505 - - - - 

American Growth Fund USD - - 9,790,454 - - - - 

Asian Bond Fund USD - 5,263,184 629,436 2,534,511 - - - 

522

Fidelity 

Funds 


Sub-fund name Currency Contracts For Credit Default Forward Foreign Futures Inflation Interest Rate Options 

Difference Swaps Exchange Contracts Swaps Swaps 

Asian High Yield Fund USD - 158,574,101 463,751,497 354,817 - - - 

China RMB Bond Fund CNH - - 420,529,549 - - - - 

Core Euro Bond Fund EUR - - - 14,454,589 - - - 

Diversified Income Fund HKD 274,632 93,701 1,270,386 842,729 - 112,582 - 

Emerging Asia Fund USD - - 8,152,477 - - - - 

Emerging Europe, Middle East 

and Africa Fund USD - - 8,506,238 - - - - 

Emerging Market Debt Fund USD - - 363,660,392 - - - - 

Emerging Markets Inflation-linked 

Bond Fund USD - - 29,307,964 1,933,902 - 12,838,045 - 

Euro Balanced Fund EUR - 620,391 39,930,891 31,344,788 - 288,395 - 

Euro Blue Chip Fund EUR - - - 22,466,379 - - - 

Euro Bond Fund EUR - 2,829,645 153,822,342 68,524,763 - - - 

Euro Corporate Bond Fund EUR - 339,386 34,624,958 20,554,491 - - - 

Euro Short Term Bond Fund EUR - 11,135,126 110,466,940 61,039,647 - 20,431,269 - 

EURO STOXX 50 Fund EUR - - - 8,388,400 - - - 

European Aggressive Fund EUR - - - 34,322,098 - - - 

European Dynamic Growth Fund EUR - - - 1,644,861 - - - 

European Dynamic Value Fund EUR - - - 330,263 - - - 

European Fund EUR - - 6,158,851 596,093 - - - 

European Growth Fund EUR - - - 74,429,596 - - - 

European High Yield Fund EUR - 263,798,825 1,449,993,320 98,925,432 - 219,975 - 

European Smaller Companies Fund EUR - - 232,086,371 4,682,480 - - - 

European Special Situations Fund EUR 1,033,794 - - 300,420 - - - 

FAWF Global Balanced Fund USD - 236,628 3,165,786 2,192,335 - 317,285 351 

FAWF International Fund USD - - 243,612 47,414 - - - 

FAWF US Dollar Bond Fund USD - 111,837 1,656,029 984,208 - - - 

Fidelity Patrimoine EUR 4,277,162 426,089 7,222,116 2,556,947 - - - 

Fidelity Sélection Europe EUR 1,315 - 1,600,110 318,676 - - - 

Fidelity Sélection Internationale EUR 2,189 - 1,429,362 631,418 - - 1,508 

Fidelity Target 2015 (Euro) Fund EUR - 1,088,633 18,373,137 5,096,265 - - - 

Fidelity Target 2020 (Euro) Fund EUR - 923,227 16,973,018 4,464,444 - - - 

Fidelity Target 2020 Fund USD 295,660 20,480 742,854 252,220 - 24,481 - 

Fidelity Target 2025 (Euro) Fund EUR - 238,993 5,214,335 1,240,747 - - - 

Fidelity Target 2030 (Euro) Fund EUR - 40,764 1,630,776 287,564 - - - 

Fidelity Target 2035 (Euro) Fund EUR - - 326,834 33,479 - - - 

Fidelity Target 2040 (Euro) Fund EUR - - 344,220 35,254 - - - 

FPS Global Growth Fund USD - - 1,313,043 114,418 - - 1,871 

FPS Growth Fund EUR - - 3,684,944 337,712 - - - 

FPS Moderate Growth Fund EUR - 268,478 16,297,752 7,029,404 - 138,850 - 

Germany Fund EUR - - - 6,839,752 - - - 

Global Corporate Bond Fund USD - 8,690,838 35,198,780 12,871,959 - 459,552 - 

Global Demographics Fund USD - - 25,204,998 - - - - 

Global Dividend Fund USD - - 16,675,869 - - - - 

Global Health Care Fund EUR - - - - - - 539,141 

Global High Yield Bond Fund USD - 213,561 610,426 48,209 - - - 

Global High Yield Focus Fund USD - 6,657,257 59,797,183 1,331,324 - - - 

Global Inflation-linked Bond Fund USD - - 3,219,262,320 213,450,702 125,553,720 6,485,700 - 

Global Real Asset Securities Fund USD - - 369,965,220 - - - - 

Global Strategic Bond Fund USD - 20,881,793 1,188,646,454 52,939,913 - 3,741,657 - 

Growth & Income Fund USD - 2,574,925 66,578,693 23,851,750 - 3,452,592 3,763 

Iberia Fund EUR 179,563 - - - - - - 

Institutional Euro Blue Chip Fund EUR - - - 3,639,977 - - - 

Institutional European High Yield Fund EUR - 21,946,488 60,438,671 - - - - 

Institutional Global Bond Fund EUR - 63,994 3,633,767 592,464 - 86,051 - 

International Bond Fund USD - 23,890,712 407,134,099 218,935,771 - 34,302,765 - 

International Fund USD - - 13,376,298 1,107,822 - - - 

Italy Fund EUR - - - 7,184,001 - - - 

Japan Advantage Fund JPY - - 29,868,826,433 - - - - 

Live 2020 Fund SGD 8,790 1,391 86,810 18,667 - 1,871 - 

Live 2030 Fund SGD - - 41,172 3,475 - - - 

Live Today Fund SGD 819,246 479,196 20,776,070 4,441,905 - 644,367 - 

MoneyBuilder Europe Fund EUR 206 - 472,611 42,806 - - - 

MoneyBuilder European Bond Fund EUR - 89,842 981,005 275,302 - - - 

MoneyBuilder Global Fund EUR - - 334,359 101,078 - - - 

Multi Asset Navigator Fund USD 731,124 127,998 3,380,118 1,154,790 - 170,611 239 

Multi Asset Strategic Defensive Fund EUR 3,989,509 7,841 45,500,685 2,481,136 - - 1,650 

Multi Asset Strategic Fund USD 18,325,183 64,450 64,697,671 3,714,379 - - 4,338 

Sterling Bond Fund GBP - 15,708,478 31,587,139 37,073,205 - - - 

US Dollar Bond Fund USD - 8,884,601 132,109,905 78,187,909 - - - 

US High Yield Fund USD - - 3,593,137,421 - - - - 

World Fund EUR 9,051 - 5,170,378 2,603,874 - - - 

Commitments are calculated as follows for each category of financial derivative instruments: 

• Contracts For Difference: Aggregation of the absolute market value of the underlying. 

• Credit Default Swaps, Interest Rate Swaps and Inflation Swaps: Aggregation of the notional principals. 

• Forward Foreign Exchange Contracts: Aggregation of the principal payable for each contract. 

• Futures: Aggregation of the absolute market value of the contracts. 

• Options: Aggregation of the absolute market value of the contracts of written options. 

523

Fidelity 

Funds 

10. Credit Facility 


The Company has syndicated multi-currency committed revolving credit facilities of USD 500,000,000 with a number of banks, for which J.P.Morgan 

Europe Limited acts as Facility Agent and Optional Currency Swingline Agent and J.P. Morgan Chase Bank acts as Base Currency Swingline Agent. 

One facility for USD 250,000,000 was renewed on 21 November 2011 for a further 364 days, and the other facility for USD 250,000,000 was renewed 

on 18 May 2012 for a further 364 days. Both facilities incur commitment fees of 0.09%. The facilities, if drawn, bear interest at a rate of 1.00% above 

LIBOR (London Inter Bank Offer Rate) or, in the case of Swingline advances, at a rate of the higher of Prime Rate or 1.25% above the Federal Funds 

rate. Furthermore, if on any date the aggregate principal amount borrowed under any such facility (including amounts borrowed under any associated 

Swingline facility) equals or exceeds 33% of the aggregate committed amounts in respect of any such facility, then such facility will bear interest on the 

outstanding principal amount thereof at a rate per annum equal to the rate of interest otherwise applicable to such facility plus 0.05% per annum. The 

facilities are unsecured. During the period ended 31 October 2012 none of the facilities were used. 

11. Claims for Discriminatory Withholding Taxes within the European Union 

Investment funds generally suffer local withholding taxes on receipt of cross-border payments of dividends throughout Europe. However, European Court 

of Justice and European Free Trade Association Court decisions support a tax discrimination claim where EU or European Economic Area (“EEA”) 

countries impose such withholding taxes on cross-border payments at rates higher than the withholding tax imposed on dividends paid in similar 

situations to resident investors. 

The Board of the Company has therefore authorised the filing of protective claims, based on the EU principle of the freedom of movement of capital 

within the EU & EEA, against countries where it is believed that withholding taxes may have been unlawfully imposed by individual EU or EEA States 

on dividend payments to the Company. The Board’s decision has been taken exclusively to protect the position of investors in the Company. 

The nature of these claims is complex and subject to each jurisdiction’s local statute of limitations and procedural requirements. Consequently, these 

claims may be subject to lengthy litigation, and at the current time there is no certainty whether all the protective claims will ultimately be successful 

and whether or how much withholding tax will ultimately be recovered in each of the jurisdictions. 

During the period ended 31 October 2012, the Company has received withholding tax refunds from Austria. 

In May 2012, the European Court of Justice ruled that the French withholding tax on cross-border dividend payments is discriminatory. During the period 

an accrual was reflected in the NAVs of those sub-funds where entitlement to a reclaim of withholding taxes has been confirmed. Additionally, during 

the period, there were accruals made for reclaims from Finland. 

12. Statement of Changes in Investments 

A list for each sub-fund, specifying for each investment the total purchases and sales which occurred during the period under review, may be obtained 

free of charge from the Registered Office of the Company or from any of the companies registered as Distributors of the Company. It is possible to 

receive information about the full holdings of the sub-funds in which you invest, at any point in time during the period. This is available upon request, 

by contacting your usual Fidelity Representative. 

13. For French residents only 

For the period under review, the following sub-funds have invested in securities eligible to PEA (Plan d’Épargne en Actions), a French tax wrapping in 

accordance with article L 221-31 of the French monetary and financial code. 

Sub-fund name % of Net Assets 

France Fund 97.89 

Nordic Fund 97.21 

Germany Fund 96.97 

Euro Blue Chip Fund 90.39 

European Larger Companies Fund 87.93 

European Smaller Companies Fund 82.86 

European Dynamic Growth Fund 82.53 

14. For UK residents only 

The affairs of the Company have been conducted to ensure as far as possible that United Kingdom Reporting Fund Status will be granted for the 

period of these accounts with respect to the sub-funds that are registered in the United Kingdom. With respect to UK registered sub-funds in existence 

prior to the introduction of the new regime the Company has applied to the UK Inland Revenue to transition into the new regime and the UK authorities 

have given notice that they accept this entry. Moreover, the Company has submitted an application for the new regime for UK registered sub-funds 

launched during the accounting period ending 30 April 2012 as well as for new Share classes launched in existing UK registered sub-funds during this 

accounting period. Reportable income figures are generally available six months after the year end date. The distributing sub-funds and Share classes 

of the Company that were registered in the UK at the time have also been certified as “distributing funds” by the UK Inland Revenue authorities under 

the predecessor regime for all accounting periods up to 30 April 2010. 

15. Rates of Exchange 

The USD exchange rates as at 31 October 2012 were: 

Currency Exchange rate Currency Exchange rate 

UAE Dirham (AED) 3.6731 Kenian shilling (KES) 85.16 

Australian dollar (AUD) 0.96376253 Korean won (KRW) 1,089.9 

Brazilian real (BRL) 2.0312 Mexican peso (MXN) 13.0915 

Canadian dollar (CAD) 0.99938 Malaysian ringgit (MYR) 3.0475 

Swiss franc (CHF) 0.93032 Nigerian naira (NGN) 157.17 

Chilean peso (CLP) 481.3 Norwegian krone (NOK) 5.70331 

Chinese yuan (CNY) 6.2425 New Zealand dollar (NZD) 1.21661902 

Colombian Peso (COP) 1,830.9 Peruvian Nuevo Sol (PEN) 2.593 

Czech koruna (CZK) 19.3517 Philippine peso (PHP) 41.11 

524

Fidelity 

Funds 


Currency Exchange rate Currency Exchange rate 

Danish krone (DKK) 5.75088 Pakistan rupee (PKR) 95.92 

Euro (EUR) 0.77092681 Polish zloty (PLN) 3.1898 

Pound sterling (GBP) 0.61994359 Qatari riyal (QAR) 3.6412 

Ghanaian cedi (GHS) 1.895 Russian ruble (RUB) 31.3601 

Hong Kong dollar (HKD) 7.75007 Swedish krona (SEK) 6.62603 

Hungarian forint (HUF) 218.67 Singapore dollar (SGD) 1.22028 

Indonesian rupiah (IDR) 9,605 Thailand baht (THB) 30.675 

Israeli shekel (ILS) 3.8857 Turkish lira (TRY) 1.7952 

Indian rupee (INR) 53.805 Taiwan new dollar (TWD) 29.218 

Japanese yen (JPY) 79.885 South African rand (ZAR) 8.6791 

16. Subsequent Events 

The following dividend payments were declared to Shareholders on record as at close of business on 31 October 2012: 



Asia Pacific Property Fund - A Shares (EUR) 0.0203 01-Nov-2012 Global Dividend Fund - A-MINCOME Shares (USD) 0.0300 01-Nov-2012 

Asia Pacific Property Fund - A Shares (USD) 0.0192 01-Nov-2012 Global Dividend Fund - A-QINCOME Shares (EUR) 0.0900 01-Nov-2012 

Asian Bond Fund - A-MDIST Shares (HKD) 0.0339 01-Nov-2012 Global Dividend Fund - A-QINCOME Shares (SGD) 0.0090 01-Nov-2012 

Asian Bond Fund - A-MDIST Shares (SGD) (hedged) 0.0032 01-Nov-2012 Global Dividend Fund - A-QINCOME Shares (USD) 0.0900 01-Nov-2012 

Asian Bond Fund - A-MDIST Shares (USD) 0.0346 01-Nov-2012 Global High Grade Income Fund - A-MDIST Shares (EUR) 0.0402 01-Nov-2012 

Asian High Yield Fund - A-MDIST Shares (HKD) 0.0508 01-Nov-2012 Global High Grade Income Fund - A-MDIST Shares (HKD) 0.0394 01-Nov-2012 

Asian High Yield Fund - A-MDIST Shares (JPY) (hedged) 5.3745 01-Nov-2012 Global High Grade Income Fund - A-MDIST Shares (USD) 0.0421 01-Nov-2012 

Asian High Yield Fund - A-MDIST Shares (SGD) (hedged) 0.0048 01-Nov-2012 Global High Grade Income Fund - E-MDIST Shares (EUR) 0.0359 01-Nov-2012 

Asian High Yield Fund - A-MDIST Shares (USD) 0.0447 01-Nov-2012 Global High Grade Income Fund - J-MDIST Shares (JPY) 3.0629 01-Nov-2012 

Asian High Yield Fund - A-MINCOME Shares (USD) 0.0537 01-Nov-2012 Global High Yield Bond Fund - A-MINCOME Shares (HKD) 0.0455 01-Nov-2012 

Core Euro Bond Fund - Y-MDIST Shares (EUR) 0.0193 01-Nov-2012 Global High Yield Bond Fund - A-MINCOME Shares (USD) 0.0455 01-Nov-2012 

Diversified Income Fund - A-Capital MDIST Shares (HKD) 0.0559 01-Nov-2012 Global High Yield Focus Fund - A-MINCOME Shares (EUR) (hedged) 0.0393 01-Nov-2012 

Diversified Income Fund - A-GMDIST Shares (HKD) 0.0349 01-Nov-2012 Global High Yield Focus Fund - E-MINCOME Shares (EUR) (hedged) 0.0363 01-Nov-2012 

Emerging Market Debt Fund - A-MDIST Shares (EUR) 0.0369 01-Nov-2012 Global High Yield Focus Fund - Y-MINCOME Shares (EUR) (hedged) 0.0438 01-Nov-2012 

Emerging Market Debt Fund - A-MDIST Shares (USD) 0.0390 01-Nov-2012 Growth & Income Fund - A-MDIST Shares (USD) 0.0084 01-Nov-2012 

Emerging Market Debt Fund - E-MDIST Shares (EUR) (hedged) 0.0316 01-Nov-2012 Sterling Bond Fund - A Shares (GBP) 0.0023 01-Nov-2012 

Euro Bond Fund - A-MDIST Shares (EUR) 0.0143 01-Nov-2012 US Dollar Bond Fund - A-MDIST Shares (HKD) 0.0132 01-Nov-2012 

Euro Bond Fund - B-MDIST Shares (USD) 0.0086 01-Nov-2012 US Dollar Bond Fund - A-MDIST Shares (USD) 0.0142 01-Nov-2012 

Euro Corporate Bond Fund - A-MDIST Shares (EUR) 0.0199 01-Nov-2012 US Dollar Bond Fund - B-MDIST Shares (USD) 0.0071 01-Nov-2012 

European High Yield Fund - A-MDIST Shares (EUR) 0.0500 01-Nov-2012 US Dollar Bond Fund - I-MDIST Shares (USD) 0.0183 01-Nov-2012 

European High Yield Fund - A-MDIST Shares (SGD) 0.0035 01-Nov-2012 US High Yield Fund - A-MDIST Shares (SGD) 0.0034 01-Nov-2012 

European High Yield Fund - A-MINCOME Shares (EUR) 0.0392 01-Nov-2012 US High Yield Fund - A-MDIST Shares (USD) 0.0478 01-Nov-2012 

European High Yield Fund - B-MDIST Shares (USD) 0.0466 01-Nov-2012 US High Yield Fund - A-MINCOME Shares (HKD) 0.0465 01-Nov-2012 

European High Yield Fund - E-MDIST Shares (EUR) 0.0469 01-Nov-2012 US High Yield Fund - A-MINCOME Shares (USD) 0.0465 01-Nov-2012 

Global Dividend Fund - A-MINCOME Shares (EUR) 0.0300 01-Nov-2012 US High Yield Fund - B-MDIST Shares (USD) 0.0405 01-Nov-2012 

Global Dividend Fund - A-MINCOME Shares (HKD) 0.0300 01-Nov-2012 US High Yield Fund - E-MDIST Shares (EUR) (hedged) 0.0383 01-Nov-2012 

Global Dividend Fund - A-MINCOME Shares (SGD) 0.0030 01-Nov-2012 

The following classes of shares were launched after the period ended 31 October 2012: 

Sub-fund name Class of Shares Date of launch 

ASEAN Fund E-ACC Shares (EUR) 07-Nov-2012 

Emerging Market Debt Fund Y-QDIST Shares (EUR) (hedged) 07-Nov-2012 

Emerging Markets Inflation-linked Bond Fund A-MDIST Shares (EUR) 07-Nov-2012 

Emerging Markets Inflation-linked Bond Fund E-MDIST Shares (EUR) 07-Nov-2012 

Euro Corporate Bond Fund E-ACC Shares (EUR) 07-Nov-2012 

Euro Corporate Bond Fund E-MDIST Shares (EUR) 07-Nov-2012 

Euro Corporate Bond Fund Y-QDIST Shares (EUR) 07-Nov-2012 

European High Yield Fund Y-QDIST Shares (EUR) 07-Nov-2012 

Global Consumer Industries Fund E-ACC Shares (EUR) 07-Nov-2012 

Global Consumer Industries Fund E-ACC Shares (EUR) (hedged) 07-Nov-2012 

Global Demographics Fund E-ACC Shares (EUR) (hedged) 07-Nov-2012 

Global Dividend Fund E-MINCOME Shares (EUR) (hedged) 07-Nov-2012 

Global High Grade Income Fund A-MINCOME Shares (EUR) 07-Nov-2012 

Global High Grade Income Fund E-MINCOME Shares (EUR) 07-Nov-2012 

Global Strategic Bond Fund Y-QDIST Shares (EUR) (hedged) 07-Nov-2012 

US High Yield Fund Y-QDIST Shares (EUR) (hedged) 07-Nov-2012 

US High Yield Fund A-MDIST Shares (SGD) (hedged) 28-Nov-2012 

European Dividend Fund A-MINCOME Shares (EUR) 03-Dec-2012 

European Dividend Fund A-QINCOME Shares (EUR) 03-Dec-2012 

Global Strategic Bond Fund A-GMDIST Shares (EUR) (hedged) 10-Dec-2012 

Global Strategic Bond Fund E-GMDIST Shares (EUR) (hedged) 10-Dec-2012 

After the period ended 31 October 2012, following a positive court ruling in Sweden, an accrual was reflected in the NAVs of those sub-funds where entitlement to a 

reclaim of withholding taxes has been confirmed. The accruals made only had a material impact on the Nordic Fund. 

525

Fidelity 

Funds 

Directory 

Registered Office 

Fidelity Funds 

2a rue Albert Borschette, 

L-1246 Luxembourg 

B.P. 2174 


Management Company 

FIL Investment Management (Luxembourg) S.A. 

2a, rue Albert Borschette, 


B.P. 2174 


Investment Manager 

FIL Fund Management Limited 

Pembroke Hall 

42 Crow Lane 

Pembroke HM19 

Bermuda 

Custodian 

Brown Brothers Harriman (Luxembourg) S.C.A. 

2-8, avenue Charles de Gaulle 

B.P. 403 


General Distributor 

FIL Distributors 

Pembroke Hall 

42 Crow Lane 

Pembroke HM19 

Bermuda 

Share Distributors 

FIL Distributors International Limited 

PO Box HM670 

Hamilton HMCX 

Bermuda 

Telephone: (1) 441 297 7267 

Fax: (1) 441 295 9373 

FIL Investments International 

Oakhill House 

130 Tonbridge Road 

Hildenborough 

Tonbridge, Kent TN11 9DZ 


(Authorised and regulated in the UK by the 

Financial Services Authority) 

Telephone: (44) 1732 777 377 

Fax: (44) 1732 777 262 

FIL (Luxembourg) S.A. 

2a rue Albert Borschette, 


B.P. 2174 


Telephone: (352) 250 404 1 

Fax: (352) 250 340 

FIL Investment Management 

(Hong Kong) Limited 

21/F, Two Pacific Place, 

88 Queensway, 

Admiralty, Hong Kong 

Telephone: (852) 2629 2629 

Fax: (852) 2629 6088 

FIL Investissements 

Washington Plaza 

29 rue de Berri 

F-75008 Paris 

Telephone: (33) 1 7304 3000 

FIL Investment Services GmbH 

Kastanienhöhe 1 

D-61476 Kronberg im Taunus 

Telephone: (49) 6173 509 0 

Fax: (49) 6173 509 4199 


(Singapore) Limited 

1 Raffles Place 

No 14-00 OUB Centre 

Singapore 048616 

Telephone: (65) 6511 2200 

Fax: (65) 6536 1960 

FIL Pensions Management 

Oakhill House 


Hildenborough 



Telephone: (44) 1732 777 377 

Fax: (44) 1732 777 262 

Financial Administration Services Limited 

Oakhill House 


Hildenborough 



Telephone: (44) 1732 777 377 

Fax: (44) 1732 777 262 

Registrar, Transfer Agent, 

Administrative Service Agent and 

Domiciliary Agent 


(Luxembourg) S.A. 

2a rue Albert Borschette, L-1246 Luxembourg 

B.P. 2174 


Representative for Austria 

UniCredit Bank Austria AG 

Lassallestrasse 1 

A-1020 Vienna 

Representative for France 

BNP Paribas Security Services S.A. 

3 rue d’Antin 

F-75002 Paris 

Representative for Hong Kong 


(Hong Kong) Limited 

21/F, Two Pacific Place, 

88 Queensway, 

Admiralty, Hong Kong 

Representative for Ireland 

FIL Fund Management (Ireland) Limited 

First Floor 

Marconi House 

Digges Lane 

Dublin 2, Ireland 

Representative for Malta 

Growth Investments Ltd 

Middle Sea House, 

Floriana FRN 1442, Malta 

Representative for Singapore 


(Singapore) Limited 

1 Raffles Place 

No 14-00 OUB Centre 

Singapore 048616 

526 

Representative for Sweden 

Svenska Handelsbanken AB 

Blasieholmstorg 12 

SE-10670 Stockholm 

Representative for Switzerland 

BNP Paribas Securities Services, Paris, 

succursale de Zurich 

Selnaustrasse 16 

Case Postale 

CH-8002 Zurich 

Representative for Taiwan 

FIL Securities (Taiwan) Limited 

15F, No. 207, Section 2 

Tun-Hwa South Road 

Tai Pei 106, Taiwan 

Representative for the 

United Kingdom and Norway 

FIL Investments International 

Oakhill House 


Hildenborough 



(Regulated in the UK by the Financial 

Services Authority) 

Auditor 

PricewaterhouseCoopers, Société coopérative 

400, route d’Esch 

B.P. 1443 

L-1014 Luxembourg

Fidelity, Fidelity Worldwide Investment, the Fidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited

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