Fidelity Institutional Funds. Annual Report and Financial Statements

Transcription

1 Fidelity Institutional Funds Annual Report and Financial Statements For the year ended 30 June 2015

2 Fidelity Institutional Funds Annual Report and Financial Statements for the year ended 30 June 2015 Contents Director s report* 2 Statement of Authorised Corporate Director s responsibilities 2 Certification of the Annual Report and Financial Statements by Directors 3 Report of the Depositary 3 Independent Auditors report 3 General information* 5 Aggregated Financial Statements for Fidelity Institutional Funds 6 Fund Manager Reviews* and Financial Statements America Fund 14 Emerging Markets Fund 22 Europe (ex-uk) Fund 31 Global Focus Fund 39 Index-Linked Bond Fund 48 Japan Fund 59 Long Bond Fund 67 MoneyBuilder Income Reduced Duration Fund 77 Pacific (ex-japan) Fund 87 Pan European Fund 95 Pre-Retirement Bond Fund 103 Reduced Duration UK Corporate Bond Fund 112 Select Emerging Markets Equities Fund 123 Select Global Equities Fund 132 South East Asia Fund 141 Sterling Core Plus Bond Fund 149 UK Fund 159 UK Aggregate Bond Fund 167 UK Corporate Bond Fund 176 UK Gilt Fund 186 UK Investment Grade Long Credit Fund 195 UK Long Corporate Bond Fund 203 UK Specialist Fund 213 Select European Equities Fund** 221 Portfolio Statements 225 Derivative Counterparty Details 340 Risk and Reward Profiles 343 Further information* 345 *These collectively comprise the Authorised Corporate Director s (ACD) report. ** Fund manager reviews are not prepared for funds which are closed. 1

3 Fidelity Institutional Funds Annual Report and Financial Statements for the year ended 30 June 2015 Director s report We are pleased to present the annual report and financial statements for Fidelity Institutional Funds, covering the year to 30 June As required by the Collective Investment Schemes sourcebook (COLL), the Authorised Corporate Director (ACD) has issued a Short Report for the Company to investors. Reference in this document to specific securities should not be construed as a recommendation to buy or sell these securities; but is included for the purpose of illustration only. Investors should also note that the views expressed may no longer be current and may already have been acted upon by Fidelity. Company and status Fidelity Institutional Funds (the Company) is an open-ended investment company with variable capital incorporated in England and Wales under registered number IC3 and authorised by the Financial Conduct Authority (FCA) on 22 July The Company is structured as an umbrella company comprising various funds, each of which is operated as a distinct fund, with its own portfolio of investments. The funds in which shares are currently available are: Equity funds America Fund Emerging Markets Fund Europe (ex-uk) Fund Global Focus Fund Japan Fund Pacific (ex-japan) Fund Pan European Fund Select Emerging Markets Equities Fund Select Global Equities Fund South East Asia Fund UK Fund UK Specialist Fund Bond funds Index-Linked Bond Fund Long Bond Fund MoneyBuilder Income Reduced Duration Fund Pre-Retirement Bond Fund Reduced Duration UK Corporate Bond Fund Sterling Core Plus Bond Fund UK Aggregate Bond Fund UK Corporate Bond Fund UK Gilt Fund UK Investment Grade Long Credit Fund UK Long Corporate Bond Fund In the future additional funds or new classes of shares within the existing funds, may be launched by the ACD. Each fund has the investment powers equivalent to those of an undertaking for collective investment in transferable securities (a UCITS) scheme as per the Prospectus. Shareholders are not liable for the debts of the Company. A shareholder is not liable to make any further payment to the Company after they have paid the purchase price of the shares. The Company is governed by the requirements of the Open-Ended Investment Companies Regulations 2001 (SI 2001/1228) ( OEIC Regulations ) and the FCA s Handbook of rules and guidance, specifically the COLL. As permitted by the COLL, the Company no longer holds Annual General Meetings. The Company has segregated liability status between funds. This means that the assets of a fund belong exclusively to that fund and shall not be used to discharge directly or indirectly the liabilities of, or claims against, any other person or body, including the Company, or any other fund. Objectives The broad aim of the Company is to provide investors with revenue and/or capital growth over the medium to long term. The aim of the equity funds is to provide investors with long term capital growth from diversified and actively managed portfolios of securities in a wide range of stockmarkets. The revenue from these funds is expected to be low. The equity funds will invest primarily in equities in the markets reflected in the title of each individual fund and in companies established outside those markets but which derive a significant proportion of their earnings from those markets. The aim of the bond funds is to provide investors with relatively high revenue with the possibility of capital gains. In the case of Index-Linked Bond Fund, Long Bond Fund, Pre-Retirement Bond Fund, Reduced Duration UK Corporate Bond Fund, Sterling Core Plus Bond Fund, UK Aggregate Bond Fund and UK Gilt Fund only, up to 100% of the property of each fund may be invested in Government and public securities issued by or on behalf of or guaranteed by the Government of the UK. The investment objective and a review of the investment activities of each fund during the year under review are included within the Fund Manager Reviews. Changes to the prospectus For the year ended 30 June 2015 the following significant changes were made to the Prospectus and Instrument of Incorporation: UK Investment Grade Long Credit Fund launched on 13 January Statement of Authorised Corporate Director s (ACD) Responsibilities in relation to the Report and Financial Statements of the Company The Open-Ended Investment Companies Regulations 2001 (SI 2001/1228) and Collective Investment Schemes sourcebook (COLL) require the ACD to prepare financial statements for each annual and half-yearly accounting period which give a true and fair view of the financial position of the Company and of its net revenue and the net capital gains or losses on the property of the Company for the year. In preparing the financial statements the ACD is required to: Select suitable accounting policies and then apply them consistently Comply with the Statement of Recommended Practice for Authorised Funds issued by the Investment Management Association (IMA) in October 2010, the COLL, the Prospectus and the Instrument of Incorporation Follow generally accepted accounting principles and applicable accounting standards Keep proper accounting records which enable it to demonstrate that the financial statements as prepared comply with the above requirements Prepare the financial statements on the going concern basis unless it is inappropriate to presume the Company will continue in operation Take reasonable steps for the prevention and detection of fraud or other irregularities. 2

4 Fidelity Institutional Funds Annual Report and Financial Statements for the year ended 30 June 2015 Certification of the Annual Report and Financial Statements by Directors of the ACD In accordance with the requirements of the COLL, the report and financial statements are approved on behalf of the Directors of FIL Investment Services (UK) Limited, the ACD. Nishith Gandhi Director FIL Investment Services (UK) Limited 28 September 2015 Andrew Morris Director Report of the Depositary to the Shareholders of the Fidelity Institutional Funds The Depositary is responsible for the safekeeping of all the property of the Company (other than tangible moveable property) which is entrusted to it and for the collection of revenue that arises from that property. It is the duty of the Depositary to take reasonable care to ensure that the Company is managed by the Authorised Corporate Director (ACD) in accordance with the Financial Conduct Authority s Collective Investment Schemes sourcebook (COLL), OEIC Regulations, the Company s Instrument of Incorporation and Prospectus, as appropriate, in relation to the pricing of, and dealings in, shares in the Company; the application of revenue of the Company; and the investment and borrowing powers of the Company. Having carried out such procedures as we consider necessary to discharge our responsibilities as Depositary of the Company, it is our opinion, based on the information available to us and the explanations provided, that in all material respects the Authorised Corporate Director: (i) Has carried out the issue, sale, redemption and cancellation and calculation of the price of the Company s shares and the application of the Company s revenue in accordance with the COLL and, where applicable, the OEIC Regulations and the Company s Instrument of Incorporation and Prospectus; and (ii) Has observed the investment and borrowing powers and restrictions applicable to the Company. J.P. Morgan Europe Limited Bournemouth 28 September 2015 Independent Auditors Report to the Shareholders of Fidelity Institutional Funds Our Opinion In our opinion the financial statements defined below: Give a true and fair view of the financial position of the Company and each of the sub-funds as at 30 June 2015 and of the net revenue/(expenses) and the net capital gains/(losses) of the scheme property of the Company and each of the sub-funds for the period then ended; and Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, the Statement of Recommended Practice for Authorised Funds, the Collective Investment Schemes sourcebook and the Instrument of Incorporation. This opinion is to be read in the context of what we say in the remainder of this report. Emphasis of matter In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosures made in Note 1(a) to the financial statements concerning the going concern basis of accounting of Select European Equities Fund and UK Specialist Fund. Select European Equities Fund ceased trading on 11 January 2012 and UK Specialist Fund is scheduled to cease trading on 13 October Accordingly, the going concern basis of accounting is no longer appropriate and the financial statements have been prepared on a basis other than going concern as described in Note 1 to the financial statements. No adjustments were necessary in these financial statements as a result of this decision. What we have audited The financial statements of Fidelity Institutional Funds (the Company ), which are prepared by FIL Investment Services (UK) Limited (the Authorised Corporate Director ), comprise: The Aggregated Balance Sheet of the Company as at 30 June 2015; The Aggregated Statement of Total Return of the Company for the year then ended; The Aggregated Statement of Change in Net Assets Attributable to Shareholders of the Company for the year then ended; The Balance Sheets as at 30 June 2015 together with the Statements of Total Return and Statements of Changes in Net Assets Attributable to Shareholders for each of the Company s sub-funds; The notes to the Company s financial statements and each of the Company s sub-funds, which include a summary of significant accounting policies and other explanatory information; and The Distribution Statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), the Statement of Recommended Practice Financial Statements of Authorised Funds issued by the Investment Management Association (the Statement of Recommended Practice for Authorised Funds ), the Collective Investment Schemes sourcebook and the Instrument of Incorporation. In applying the financial reporting framework, the directors have made a number of subjective judgements, for example in respect of significant accounting estimates. In making such estimates, they have made assumptions and considered future events. 3

5 Fidelity Institutional Funds Annual Report and Financial Statements for the year ended 30 June 2015 What an audit of financial statements involves We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) ( ISAs (UK & Ireland) ). An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: Whether the accounting policies are appropriate to the Company s circumstances and have been consistently applied and adequately disclosed; The reasonableness of significant accounting estimates made by the Authorised Corporate Director; and The overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Fidelity Institutional Funds Annual Report and Financial Statements (the Annual Report ) to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. Opinions on matters prescribed by the Collective Investment Schemes sourcebook Responsibilities for the financial statements and the audit Our responsibilities and those of the Authorised Corporate Director As explained more fully in the Authorised Corporate Director s Responsibilities Statement set out on page 2, the Authorised Corporate Director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and ISAs (UK & Ireland). Those standards require us to comply with the Auditing Practices Board s Ethical Standards for Auditors. This report, including the opinions, has been prepared for and only for the Company s members as a body in accordance with paragraph of the Collective Investment Schemes sourcebook as required by paragraph 67(2) of the Open Ended Investment Companies Regulation and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. In our opinion: We have obtained all the information and explanations we consider necessary for the purposes of the audit; and The information given in the Authorised Corporate Director s Report for the financial year for which the financial statements are prepared is consistent with the financial statements. Other matters on which we are required to report by exception Propriety of accounting records and information and explanations received Under the Collective Investment Schemes sourcebook we are required to report to you if, in our opinion: Proper accounting records have not been kept; or The financial statements are not in agreement with the accounting records and returns. We have no exceptions to report arising from this responsibility. PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London 28 September 2015 Notes: a) The maintenance and integrity of the Fidelity website is the responsibility of the directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website. b) Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 4

6 Fidelity Institutional Funds Annual Report and Financial Statements for the year ended 30 June 2015 General information Fidelity Institutional Funds Registered Office Oakhill House 130 Tonbridge Road Hildenborough Tonbridge Kent TN11 9DZ United Kingdom Authorised and regulated in the UK by the Financial Conduct Authority. Investment Advisors For funds managed wholly or principally in the United Kingdom: FIL Investment Services (UK) Limited Oakhill House 130 Tonbridge Road Hildenborough Tonbridge Kent TN11 9DZ United Kingdom Authorised and regulated in the UK by the Financial Conduct Authority. Registered in England and Wales No For other funds: FIL Fund Management Limited Pembroke Hall 42 Crow Lane Pembroke HM19 Bermuda Licensed by the Bermuda Monetary Authority under the Investment Business Act to conduct investment business. Depositary J.P. Morgan Europe Limited Registered Office: 25 Bank Street London E14 5JP United Kingdom Head Office: Chaseside Bournemouth Dorset BH7 7DA United Kingdom Authorised and regulated in the UK by the Financial Conduct Authority. Independent Auditors PricewaterhouseCoopers LLP 7 More London Riverside London SE1 2RT United Kingdom Authorised Corporate Director (ACD), General Distributor, Administrator and Registrar FIL Investment Services (UK) Limited Oakhill House 130 Tonbridge Road Hildenborough Tonbridge Kent TN11 9DZ United Kingdom The ACD is FIL Investment Services (UK) Limited and is the sole director. Authorised and regulated in the UK by the Financial Conduct Authority. Registered in England and Wales No Sub-Distributor Financial Administration Services Limited Oakhill House 130 Tonbridge Road Hildenborough Tonbridge Kent TN11 9DZ United Kingdom Authorised and regulated in the UK by the Financial Conduct Authority. 5

7 Aggregated Financial Statements for Fidelity Institutional Funds Statement of Total Return for the year ended 30 June /06/15 30/06/14 Notes Income Net capital gains/(losses) 4 445, ,362 Revenue 5 190, ,225 Expenses 6 (46,048) (43,109) Finance costs: Interest/other 8 (2,117) (3,995) Net revenue/(expense) before taxation 142, ,121 Taxation 7 (5,713) (142) Net revenue/(expense) after taxation 136, ,979 Total return before distributions 582, ,341 Finance costs: Distributions 8 (135,225) (130,936) Change in net assets attributable to shareholders from investment activities 447, ,405 Statement of Change in Net Assets Attributable to Shareholders for the year ended 30 June /06/15 30/06/14 Notes Opening net assets attributable to shareholders 6,206,504 5,927,204 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 1,318,688 1,300,987 Amounts payable on cancellation of shares (1,527,824) (1,435,476) In specie issue of shares 215,282 91,377 In specie cancellation of shares (326,489) (110,540) (320,343) (153,652) Stamp duty reserve tax 15 - (251) Change in net assets attributable to shareholders from investment activities (see above) 447, ,405 Retained distribution on accumulation shares 8 113, ,798 Closing net assets attributable to shareholders 6,446,984 6,206,504 Balance Sheet as at 30 June /06/15 30/06/14 Notes Assets Investment assets 6,262,269 6,075,304 Derivative assets 61,781 33,880 Debtors 9 96,498 94,027 Cash and bank balances ,377 90,508 Total other assets 213, ,535 Total assets 6,537,925 6,293,719 Liabilities Derivative liabilities (22,835) (14,459) Creditors 11 (59,588) (43,850) Bank overdrafts (1,457) (21,604) Net distributions payable on income shares (7,061) (7,302) Total other liabilities (68,106) (72,756) Total liabilities (90,941) (87,215) Net assets attributable to shareholders 6,446,984 6,206,504 The aggregated financial statements represent the sum of the individual funds within the umbrella company. Further analysis of the distribution and the net asset position can be found within the financial statements of the individual funds. 6

8 Aggregated Financial Statements for Fidelity Institutional Funds Notes to the Aggregated Financial Statements for Fidelity Institutional Funds 1. Accounting policies a) Basis of accounting - These financial statements have been prepared under the historical cost convention, as modified by the revaluation of investments, and in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (UK GAAP) and the Statement of Recommended Practice (SORP) for Authorised Funds issued by the Investment Management Association (IMA) in October The accounts have been prepared on a going concern basis except as outlined below. Select European Equities Fund ceased trading on 11 January 2012 and UK Specialist Fund is scheduled to cease trading on 13 October Consequently, the Authorised Corporate Director no longer regards the going concern basis of accounting to be appropriate for these funds and their financial statements have been prepared on a basis other than going concern. No adjustments were required in the financial statements to reduce assets to their realised values, to provide for liabilities arising from the decision to cease trading or to reclassify non-current assets and liabilities as current. The comparative financial information for the Select European Equities Fund is also prepared on a non-going concern basis. The principal accounting policies, which have been applied consistently throughout the year, are set out below. b) Recognition of revenue - Dividends on quoted equities are recognised when the security is quoted ex-dividend. Interest from debt securities is accounted for on an effective yield basis. Distributions on underlying funds are recognised when the shares are quoted ex-distribution. Effective yield recognises any discount or premium on the purchase of an investment as revenue over its remaining life. For some securities that are valued at significantly distressed levels or where the ACD expects future cash flows to be uncertain, the discount or premium is not recognised as revenue. Other revenue is accounted for on an accruals basis. Underwriting commission is recognised when the issue takes place. Special dividends are treated as revenue or capital depending on the facts of each particular case. Share buy-backs are treated as a repayment of capital. c) Treatment of stock dividends - Where the fund manager has elected to receive a dividend in the form of shares rather than cash, the dividend is treated as revenue but does not form part of the distribution. d) Treatment of expenses: All expense are accounted for on an accruals basis. Management expenses - Investment management fees are charged against revenue for all the individual funds. Other expenses - All other expenses are chargeable against revenue for distribution purposes other than those relating to purchases and sales of investments which are excluded for the purpose of calculating the distribution. Underlying fund charges - MoneyBuilder Income Reduced Duration Fund (the feeder fund ) has at least 85% permanently invested in Fidelity MoneyBuilder Income Fund (the master fund ), a sub-fund of Fidelity Investment Funds managed by the same ACD. To avoid double charging, the ACD s charges of the master fund are waived by way of rebates to the feeder fund to the extent that such charges are attributable to investment in the master fund. e) Allocation to multiple share classes All charges and expenses which are directly attributable to a particular fund (or class within a fund) will be charged to that fund (or class). Otherwise, if there is more than one class within a fund, charges and expenses which are directly attributable to the fund (but not a particular class) will normally be allocated between the classes within the fund pro rata to the net asset value of the fund attributable to each class. Any charges and expenses not attributable to any one fund will normally be allocated by the ACD to all funds (and their classes) pro rata to the net asset values (and their classes), although the ACD has the discretion to allocate such charges and expenses in a different manner which it considers fair to shareholders generally. f) Distribution policy - The distribution policy of the individual funds is to distribute/accumulate all available revenue after deduction of expenses properly chargeable against revenue. Interest from debt securities has been distributed on an accrual of coupon basis where this exceeds the amount determined on an effective yield basis. In the case of Index-Linked Bond Fund, revenue from debt securities has been distributed on a coupon basis as permitted in the waiver provided by the Financial Conduct Authority (FCA). g) Taxation - Provision is made for corporation tax at the current rate on the excess of taxable revenue over allowable expenses, with relief for overseas tax taken where appropriate. Deferred tax is provided using the liability method on all timing differences arising from the different treatments of items for taxation and accounting purposes. Deferred tax assets are recognised to the extent that they are considered recoverable. h) Basis of valuation of investments - Investments in securities and underlying funds have been valued using the market price at the noon valuation point on the last business day of the accounting period. Market value is defined by the SORP as fair value which is generally the bid value for each security. Suspended and unquoted securities have been valued in accordance with the fair value policy operated by the ACD. Fair value adjustments may be implemented to protect the interests of the shareholder funds against market timing practices. Accordingly if a fund invests in markets that are closed for business at the time the fund is valued, the ACD may, by derogation from the provisions above, allow for the securities included in a particular portfolio to be adjusted to reflect more accurately the fair value of the fund s investments at the point of valuation. Fair value market adjustments were applied to investments in Greece, Japan and USA with the following effect on the fund midday prices as at 30 June 2015: America Fund 0.41% Emerging Markets Fund 0.09% Global Focus Fund 0.34% 7

9 Aggregated Financial Statements for Fidelity Institutional Funds Notes to the Aggregated Financial Statements for Fidelity Institutional Funds Japan Fund 0.58% Pacific ex-japan Fund 0.01% Select Emerging Markets Fund -0.12% Select Global Equities Fund 0.35% South East Asia 0.01% UK Fund 0.02% UK Specialist Fund 0.01%. The market value disclosed alongside each investment in the Portfolio Statement represents the fair value. Each derivative position is shown as a separate investment. The Portfolio Statement includes for each investment the percentage of the net assets. This may result in the geographical or sector allocations being different to the comparative index. The largest holdings disclosure is consistent with this basis, and therefore derivative positions may not appear in the list of largest holdings. A copy of the Fund factsheet report disclosing the sector/industry exposure, country exposure and top holdings including derivatives exposures may be obtained upon request from the ACD or alternatively from our website i) Derivatives - Where appropriate, certain permitted transactions such as derivatives are used. Where such transactions are used to protect or enhance revenue, the revenue and expenses derived from them are included in Revenue or Expenses in the Statement of Total Return. Where such transactions are used to protect or enhance capital, the gains or losses are included in Net capital gains/(losses) in the Statement of Total Return. Any positions on such transactions open at the year end are reflected in the Balance Sheet at their market value. All gains and losses in the value of futures contracts, interest rates swaps, credit default swaps, equity forwards, contracts for difference, equity linked notes and options are disclosed in the Statement of Total Return under Net capital gains/(losses). For futures, equity forwards and contracts for difference, the dividend element is included in revenue along with the associated finance costs of these contracts. Ongoing premia on credit default swaps are charged or credited to revenue/expenses on an accruals basis, depending on whether protection is bought or sold. Revenue receivable/payable on interest rate swaps is included in revenue on an accruals basis. The premium received on covered call options is taken to revenue over the life of the contract provided the strike price of the option is greater than the price of the underlying security at the time of trade. For all bond funds, where forward foreign contracts have been entered into to hedge the portfolio against currency exchange rate movements, any subsequent hedge gain or loss on income is taken to revenue. The reason for this is so that shareholders are not exposed to foreign exchange rate movements in their distributions. The difference between the spot and forward currency contract rate, when the contract is first acquired, is recognised as revenue within the fund over the duration of the contract. j) Exchange rates - Assets and liabilities denominated in foreign currencies have been translated into sterling at the rate of exchange ruling at the noon valuation point on the last business day of the accounting period. Revenue items denominated in foreign currency are translated into sterling at exchange rates ruling at the date of the transaction. Differences on exchange are dealt with in the Statement of Total Return. k) 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 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 fund. In this way the existing and remaining shareholders do not suffer an inappropriate level of dilution. The Company will only trigger an adjustment in the price when there are significant net flows likely to have a 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 30 June 2015, there were no price adjustments made on the individual funds as a result of this price adjustment policy (2014: none). 2. Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes. 3. Contingent liabilities At the year end there are no contingent liabilities or commitments (2014: nil). 8

10 Aggregated Financial Statements for Fidelity Institutional Funds Notes to the Aggregated Financial Statements for Fidelity Institutional Funds 4. Net capital gains/(losses) 30/06/15 30/06/14 Gains/(losses) on non-derivative securities 437, ,268 Gains/(losses) on derivative contracts 17,022 (7,123) Gains/(losses) on forward currency contracts (11,361) 49,142 Other currency gains/(losses) 4,323 (5,030) Broker fee rebates 1, Transaction charges (651) (588) Foreign capital gains tax (2,372) (83) Compensation payments - 5 Net net capital gains/(losses) 445, , Revenue 30/06/15 30/06/14 UK dividends 17,777 16,821 Overseas dividends 64,944 57,194 UK scrip dividends 749 1,548 Overseas scrip dividends 3,190 3,622 Overseas property income distributions Interest on securities 95, ,007 UK property income distributions Bank interest Taxable interest 823 2,259 Underwriting commission 11 4 Derivative revenue 5,720 1,642 ACD fee rebate/waiver to income Total revenue 190, , Expenses 30/06/15 30/06/14 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees 40,088 37,606 Registrar fees Service charges 3,195 2,982 Foreign exchange administration fees ,816 40,824 Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary fees Custody fees 1, ,638 1,450 Other expenses: Audit fee Other operating expenses Total expenses 46,048 43, Taxation 30/06/15 30/06/14 Analysis of charge/(credit) for the year UK corporation tax 11 5 Double taxation relief (11) (4) Overseas taxation* 5, Prior year adjustment - 1 Total taxation 5, Factors affecting the tax charge/credit for the year are shown in the financial statements of the individual funds. * Includes amounts for the recovery of excess withholding tax suffered on dividends received in prior accounting periods. 9

11 Aggregated Financial Statements for Fidelity Institutional Funds Notes to the Aggregated Financial Statements for Fidelity Institutional Funds 8. Finance costs Further analysis of finance costs can be found within the financial statements of the individual funds. 9. Debtors 30/06/15 30/06/14 Amounts receivable for issue of shares 9,093 7,673 Sales awaiting settlement 16,837 16,380 Sales of currency awaiting settlement 17,071 15,671 Accrued revenue 45,984 44,363 Broker fee rebates receivable ACD fee rebate/waiver recoverable Overseas tax recoverable* 7,103 9,548 Foreign capital gains tax receivable Total debtors 96,498 94,027 *Includes amounts for the recovery of excess withholding tax suffered on dividends received in prior periods. 10. Cash and bank balances 30/06/15 30/06/14 Amounts held at futures clearing houses and brokers 18,159 18,076 Cash and bank balances 99,218 72,432 Total cash and bank balances 117,377 90, Creditors 30/06/15 30/06/14 Amounts payable for cancellation of shares 14,862 4,277 Purchases awaiting settlement 20,299 16,715 Purchases of currency awaiting settlement 17,060 15,659 Accrued expenses 4,526 4,179 UK corporation tax payable - 1 UK income tax payable 1,809 1,745 Foreign capital gains tax payable Amounts payable on closure of derivative contract Other creditors - 6 Total creditors 59,588 43, Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 8 by virtue of the influence it has over the operations of the Company. The ACD acts as principal on all transactions of shares in the Company. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 11. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of 3,623,000 (2014: 3,471,000) are included within accrued expenses in Note 11. Amounts rebated from the ACD in respect of management fee rebate/waiver to income are included in Note 6. Amounts due at the year end are included in ACD fee rebate/waiver recoverable in Note 9. Further details of related party transactions can be found in the financial statements of the individual funds. At the balance sheet date, any holdings in the Company by FIL Limited which is the ultimate parent company of FIL Investment Services (UK) Limited, are detailed below: As at 30/06/14 Net Movement As at 30/06/15 No. of Market No. of Proceeds No. of Market Fund Shares value Shares Shares Value Long Bond Fund Gross paying Income shares 320 3, ,497 Index-Linked Bond Fund Gross paying Income shares 320 3, ,901 Pre-Retirement Bond Fund Gross paying Y Accumulation shares 30 3,206 (30) 3,

12 Aggregated Financial Statements for Fidelity Institutional Funds Notes to the Aggregated Financial Statements for Fidelity Institutional Funds 13. Shareholders fund The share classes and annual management charge percentages for each fund are outlined in the financial statements of each of the individual funds. 14. Financial instruments exposure In pursuing its respective investment objectives and policies, each fund within the Company may hold a number of financial instruments which may comprise: Equity shares, fixed income securities and floating rate securities Cash, liquid assets and short term debts Derivative instruments which could include forward foreign exchange contracts, futures, options, swaps, structured notes and other derivatives. Generally, the purpose of using derivatives is to manage the currency and market risks arising from the fund's investment activities. However, and as outlined in the relevant funds' investment objectives, certain funds are permitted to use derivatives and forward transactions for investment purposes. Risk framework The Board of Directors of FIL Limited, the ultimate parent company of the ACD, has established a Risk Policy, a Risk Appetite statement and a number of other risk related policies for adoption throughout the Fidelity Worldwide Investment group of companies, including the ACD. There is a clearly defined structure operating within a corporate governance and management framework that is designed to address the related business risks, including those arising from financial instruments. Risk management policies and procedures are established by the Board and updated according to market, industry and government initiatives and regulatory developments. The Board monitors that a robust system of internal control exists to ensure compliance with rules, regulations and policies. It is the Board of Directors of the ACD that is ultimately responsible for monitoring risk but day to day management of the risk process has been delegated to other areas as appropriate. Fidelity operates a 'multiple lines of defence' approach to risk management; also the risk control processes are comprehensive, multi-layered, both quantitative and qualitative and do not rely on any one risk measure or system. The primary responsibility for financial instrument risk management rests with the portfolio manager of each fund who is overseen by the relevant Chief Investment Officer (CIO). On a regular basis each fund is formally reviewed in a meeting involving the portfolio manager, the relevant CIO, Investment Management Portfolio Analytics and others; the review covers multiple aspects of the fund's profile including trading activity, turnover, performance, structure, style profile, the use of derivatives and other relevant subjects such as yield curve exposure and sector and credit rating positioning in the case of Fixed Income funds. In addition to this review there is a formal Investment Risk Oversight Committee (IROC), chaired by the head of the Investment Management Risk function, whose remit includes review of various risk and performance measures, liquidity and other investment risks. Furthermore, there is a Derivative Risk Committee that focuses on all aspects of risk arising from the use of derivative instruments. The global exposure relating to derivatives held in a fund may not exceed the net value of that fund. Global exposure calculations for all funds, unless otherwise indicated, use the commitment approach as part of their risk management process, measure and limits. The funds in this umbrella OEIC are governed by EU UCITS rules. The rules and prospectus limits are monitored and reported on by an independent Investment Compliance function. Sterling Core Plus Bond Fund may use derivatives and forwards for specific investment purposes to achieve the investment objective of the fund. MoneyBuilder Income Reduced Duration Fund and Sterling Core Plus Bond Fund employ the relative Value-at-Risk (VaR) approach to measure their global risk exposures. The VaR benchmark of MoneyBuilder Income Reduced Duration Fund is BofA / ML Euro Sterling Index (E0L0) Hedged to 2 Years of Interest Rate Duration. The expected leverage is 200%. The VaR benchmark of Sterling Core Plus Bond Fund is 50% Gilt over 15 years and 50% non Gilt over 15 years using iboxx indices. The expected leverage is 100%. The Reduced Duration UK Corporate Bond Fund employs the absolute Value-at Risk (VaR) approach to measure its global risk exposure. The expected level of leverage of the fund is 250% of the Net Asset Value of the fund; this is however not a limit and higher levels may occur. The expected levels of leverage of the funds may be higher when volatility decreases sustainably, when interest rates are expected to change or when credit spreads are expected to widen or tighten. Risk factors The main risks arising from financial instruments are market price, foreign currency, interest rate, liquidity, counterparty and credit risks. There are policies in place to ensure each of these risks are managed in an appropriate manner. Market price risk Market price risk arises from the uncertainty about future price movements on financial instruments held. It represents the potential loss each fund might suffer through holding market positions in the face of adverse price movements. The value of investments (including derivatives) is not fixed and may go down as well as up. This may be as a result of a specific factor affecting the value of an individual investment, or may be caused by general market factors. Some of the funds may invest in securities of countries experiencing rapid economic growth. Investors should appreciate that these securities may be more volatile than securities in more developed markets with the result that there may be greater risk of price 11

13 Aggregated Financial Statements for Fidelity Institutional Funds Notes to the Aggregated Financial Statements for Fidelity Institutional Funds fluctuation and the suspension of redemptions in such funds compared with funds in more mature markets. This volatility may stem from political and economic factors, and be exacerbated by legal, trading liquidity, settlement, currency and other factors. Some emerging market countries may have relatively prosperous economies but may be sensitive to world commodity prices or other factors. Where derivatives are used for either efficient management of the fund or for investment purposes, market price risk will exist as for any other non-derivative investments. The volatility of option prices could be greater than for other derivatives. Foreign currency risk The funds' total returns and balance sheets can be significantly affected by foreign exchange movements if the funds' assets and revenue are denominated in currencies other than the funds' base currency. Three principal areas where foreign currency risk could impact each fund have been identified as: Movements in rates affecting the value of investments Movements in rates affecting short term timing differences Movements in rates affecting the revenue received The funds may hold forward foreign exchange contracts to hedge the funds' base currency. The funds may be exposed to short term exchange rate movements, for example between the date when an investment is bought or sold and the date when settlement of the transaction occurs. The ACD may seek to manage exposure to currency movements by using forward and spot foreign exchange contracts. Revenue received in other currencies is converted into base currency on or near the date of receipt. Interest rate risk Debt securities have varying levels of sensitivity to changes in interest rates. In general, the price of a fixed rate debt security can fall when interest rates rise and can rise when interest rates fall. Securities with longer maturities can be more sensitive to interest rate changes. The fixed rate component of an interest rate swap will have a similar interest rate risk profile to that of a fixed rate debt security where the currency, fixed rate and maturity are the same. All interest rate swaps are disclosed in the Portfolio statement of each fund. The funds' investment portfolio yield and more generally the interest rate profiles are monitored by the ACD using the tools and processes outlined above under 'Risk framework'. Interest earned and paid on bank balances in the current and preceding year were at variable rates provided by the Depositary. The average interest rates earned and paid were: 30/06/15 30/06/14 Average interest rates Average interest rates Currency Earned Paid Earned Paid UK Sterling 0.25% 1.65% 0.23% 1.67% Euro -0.08% 1.36% 0.06% 1.40% US Dollar 0.07% 1.34% 0.05% 1.35% Liquidity risk The funds' assets comprise mainly realisable securities which can be readily sold or redeemed in normal market conditions. The funds' main liability is the redemption of any shares that investors wish to sell. In general, the ACD manages the cash to ensure it can meet its liabilities. Assets from a fund may need to be sold if insufficient cash is available to finance such redemptions. The funds' holdings are reviewed on a regular basis, with particular emphasis on the market capitalisation of the issuer (securities issued by larger capitalised companies generally have greater liquidity) and the number of days it would take to trade out of a given security position or percentage of the fund as a whole (determined by reference to available market trading volumes). Where investments cannot be realised in time to meet any potential liability, the fund may borrow up to 10% of its value to ensure settlement. Counterparty risk All security transactions and derivatives are transacted with brokers and carry the risk that the counterparty to a transaction may not meet their financial obligations. All counterparties for any type of trading are assessed by an independent Credit Research and Analysis function and approved for use by any Fidelity company, including the ACD. Exposures to counterparties are monitored and reported frequently. Margin on exchange-traded derivatives mitigates counterparty risk exposure and in the case of over-the-counter derivatives, collateral is transferred to reduce counterparty risk exposure in accordance with the terms outlined in market standard (ISDA) derivative legal contracts. 12

14 Aggregated Financial Statements for Fidelity Institutional Funds Notes to the Aggregated Financial Statements for Fidelity Institutional Funds Credit risk Investments may be adversely affected if any of the institutions with which money is deposited suffers insolvency or other financial difficulties. The process outlined above under 'Counterparty risk' is used to review, approve and report on exposures to institutions with which money is deposited. Credit risk also arises from the uncertainty about the payment of interest and the repayment of principal bond investments. Default risk is based on the issuer's ability to make interest payments and to repay the loan at maturity. Due to the higher possibility of default, an investment in corporate bonds is generally less secure than an investment in government bonds. Default risk may therefore vary between different government issuers as well as between different corporate issuers. In certain cases, government bonds may have higher probability of default than specific corporate issuers. The funds may hold credit default swaps to manage their credit risk profile. Credit default swaps are transacted to take advantage of expected movements in credit spreads on either individual securities or baskets of securities. Fair values of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the balance sheet, and their fair value. The numerical information in respect of financial instruments disclosure is provided in the financial statements for the individual funds. 15. Stamp duty reserve tax (SDRT) HM Revenue and Customs introduced legislation in Schedule 19 of the Finance Act 1999 as a result of which the Company may become liable to a SDRT charge on the redemption of shares by investors. The maximum liability will be 0.5% of the value of the redemptions. As permitted by FCA Regulations, any SDRT arising under the regime will be charged to the capital account of the relevant fund. As announced in Budget 2013, legislation was introduced to abolish this special Stamp Duty Reserve Tax charge on collective investment schemes in Schedule 19 Finance Act This charge was abolished with effect from 30 March Post balance sheet event UK Specialiat Fund is scheduled to close on 13 October Subsequent to the year end below is the published net asset value per share (NAV) of funds that have moved more than 10% over the period: NAV as at NAV as at Increase/ 28/02/15 9/06/15* (decrease) (p) (p) % South East Asia Fund (11.83) Emerging Markets Fund Retail Accumulation Shares (11.65) W Accumulation Shares (11.49) Accumulation Shares (11.49) Pacific (ex-japan) Fund (12.04) Select Emerging Markets Equities Fund (15.55) * The latest practicable date prior to the publication of this report. 13

15 Fidelity Institutional America Fund Investment Objective and Policy The fund s investment objective is to achieve long term capital appreciation. The fund will invest primarily in the shares of companies in the United States of America. There is no policy to restrict investment to particular economic sectors. Fund Manager s Commentary Market Review US equities advanced over the review period, supported largely by an improving macroeconomic backdrop and robust corporate balance sheets. Although the US economy went through some weakness in early 2015, US consumer confidence improved significantly towards the end of the review period, as the labour market, retail sales and housing indicators improved. Markets received a further boost from merger and acquisition (M&A) activity and strong earnings announcements. However, geopolitical tensions and concerns over Greece moving closer to a default, which led to fears of a contagion in the broader eurozone region that could have a wider impact on global markets, led to periods of volatility. The Federal Reserve (Fed) ended its monthly bond buying programme in October Subsequently, uncertainty about the timing of a US interest rate increase caused some volatility. However, the Fed stressed that its decision on the implementation of interest rate hikes will remain dependent on US economic data. Portfolio Activity Strong stock selection by underlying managers and an overweight allocation to the health care sector supported performance. Biopharmaceutical firm Amgen was among the largest contributors to returns. It performed well on the back of better-than-expected earnings, a positive earnings outlook and a cost savings plan. An underweight position in the energy sector, specifically, not holding Exxon Mobil and Chevron, also added relative value as oil prices declined. Meanwhile, shares in media company Graham rose as investors welcomed its plan to split its cable service business into a separate entity. We increased the exposure to the company. The underweight allocation to consumer discretionary and financials weighed on relative returns, but was offset by stock selection in these sectors. Elsewhere, the underweight stance in information technology and stock selection in the materials sector detracted from performance. In particular the bias against Apple hurt relative returns. During the period, we purchased new positions in health insurance provider Anthem and clinical laboratory services company Quest Diagnostics. Anthem stands to benefit from health care reforms in the US as well as from an ageing population. Holdings were also purchased in brewers SABMiller and Anheuser- Busch. Consolidation in the beer sector is expected to continue, which is likely to strengthen the market positions of both companies. The exposure to health care stocks Express Scripts and VCA was reduced in order to lock-in profits. Meanwhile, the position in diversified health care company UnitedHealth Group was sold. Outlook US companies remain in sound financial health with strong balance sheets and significant cash holdings, which are expected to drive M&A activity. Going forward, US earnings growth rather than economic factors and external events could be a major driver of share price performance. The Fed has reiterated that it will only raise interest rates when data indicates that the economy is strong enough to withstand the hike. However, when the central bank does eventually raise interest rates, it is likely to bring some volatility to equity markets. Performance Record Discrete 1 year performance over the last 5 years to: 30/06/11 30/06/12 30/06/13 30/06/14 30/06/15 Accumulation Shares *Comparative Index * Comparative Index: S&P 500 Index (Net of UK tax). Source: Fidelity and RIMES, All performance returns are calculated using the quoted price of the relevant share class, UK, net income reinvested. Past performance is not a reliable indicator of future results. Risk Profile The value of your investment and the income from it can go down as well as up. You may not get back the amount you invested. What you get back is not guaranteed. It will depend on investment performance. This fund may invest in overseas markets. You may get back more or less as a result of currency fluctuations. This fund may invest in derivatives for the purpose of the efficient management of the fund. The use of financial derivative instruments may result in increased gains or losses within the fund. For funds that invest in derivative transactions, there is a risk that the counterparty to the transaction will wholly or partially fail to honour its contractual obligations. This may result in financial loss to the fund. For details of all the risks please see the Prospectus. Nick Peters & Ayesha Akbar Fund Managers 30 June 15 14

16 Fidelity Institutional America Fund Portfolio Information Fund Facts 30/06/15 30/06/14 % % Information Technology Health Care Consumer Discretionary Cash Funds/Money Market Funds Financials Industrials Consumer Staples Energy Other Cash and other net assets/(liabilities) Top Holdings The top ten holdings in the fund as at 30 June 2015 and at the previous year end are shown below. Top holdings as at 30/06/15 % of total net assets Fidelity Institutional Liquidity Fund (USD) 8.63 Oracle 1.67 Pfizer 1.67 Cisco Systems 1.61 Microsoft 1.51 ebay 1.51 CVS Health 1.40 Activision Blizzard 1.37 Express Scripts 1.34 Eli Lilly 1.20 Income (pence per share) XD date Accumulation Shares Final distribution 01/07/ Ongoing Charges (%) Accumulation Shares 30/06/ /06/ The Ongoing Charges figure is calculated as the ratio of the annual cost of managing and operating the fund to the average net asset value; it excludes portfolio transaction cost. Fund Size Total net Net asset assets value per Shares ( m) share (p) 1 in issue Accumulation Shares 30/06/ ,556,269 30/06/ ,563,576 30/06/ ,726,788 Income Per Share and Price History (pence) Calendar Income Lowest Highest year per share price price Accumulation Shares Top holdings as at 30/06/14 % of total net assets Fidelity Institutional Liquidity Fund (USD) 8.83 Microsoft 2.12 Oracle 2.01 Amgen 1.76 Express Scripts 1.75 CVS Caremark 1.73 Cisco Systems 1.60 JPMorgan Chase 1.56 Gilead Sciences 1.46 Anadarko Petroleum 1.44 Footnotes: 1. The net asset value is the accounting value at the year end on a fair value basis. 2. Figures represent distribution to 01/07/15. 15

17 Fidelity Institutional America Fund Statement of Total Return for the year ended 30 June /06/15 30/06/14 Notes Income Net capital gains/(losses) 4 39,223 21,234 Revenue 5 3,333 3,040 Expenses 6 (1,909) (1,740) Finance costs: Interest/other 8 1 (1) Net revenue/(expense) before taxation 1,425 1,299 Taxation 7 (325) (375) Net revenue/(expense) after taxation 1, Total return before distributions 40,323 22,158 Finance costs: Distributions 8 (1,100) (924) Change in net assets attributable to shareholders from investment activities 39,223 21,234 Statement of Change in Net Assets Attributable to Shareholders for the year ended 30 June /06/15 30/06/14 Note Opening net assets attributable to shareholders 199, ,804 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 49,060 16,958 Amounts payable on cancellation of shares (64,679) (32,829) (15,619) (15,871) Stamp duty reserve tax - (1) Change in net assets attributable to shareholders from investment activities (see above) 39,223 21,234 Retained distribution on accumulation shares 8 1, Closing net assets attributable to shareholders 223, ,048 Balance Sheet as at 30 June /06/15 30/06/14 Notes Assets Investment assets 190, ,869 Derivative assets Debtors 9 3,756 1,801 Cash and bank balances 10 31,344 16,572 Total other assets 35,100 18,373 Total assets 225, ,566 Liabilities Derivative liabilities (796) - Creditors 11 (803) (2,284) Bank overdrafts - (234) Total other liabilities (803) (2,518) Total liabilities (1,599) (2,518) Net assets attributable to shareholders 223, ,048 16

18 Fidelity Institutional America Fund Notes to the financial statements 1. Accounting policies The fund s financial statements have been prepared on the same basis as the Company s financial statements as set out in the Notes to the Aggregated Financial Statements. 2. Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes. 3. Contingent liabilities At the year end there are no contingent liabilities or commitments (2014: nil). 4. Net capital gains/(losses) 30/06/15 30/06/14 Gains/(losses) on non-derivative securities 34,326 20,224 Gains/(losses) on derivative contracts 2,335 1,716 Other currency gains/(losses) 2,558 (685) Broker fee rebates 12 5 Transaction charges (8) (26) Net net capital gains/(losses) 39,223 21, Revenue 30/06/15 30/06/14 UK dividends Overseas dividends 2,419 2,703 Overseas property income distributions Interest on securities 13 2 Derivative revenue Bank interest 50 1 Total revenue 3,333 3, Expenses 30/06/15 30/06/14 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees 1,747 1,583 Service charges Foreign exchange administration fees 7 8 1,863 1,690 Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary fees Custody fees Other expenses: Audit fee 8 7 Other operating expenses Total expenses 1,909 1,740 17

19 Fidelity Institutional America Fund Notes to the financial statements 7. Taxation 30/06/15 30/06/14 a) Analysis of charge/(credit) for the year Overseas taxation* Total current taxation b) Factors affecting tax charge/(credit) for the year Net revenue/(expense) before taxation 1,425 1,299 Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2014: 20%) Effects of: Overseas taxation Increase/(decrease) in unutilised management expenses Revenue not included for tax purposes (500) (560) Expenses not deductible for tax purposes 1 1 Current tax charge/(credit) Open ended investment companies are exempt from UK tax on capital gains. The fund has unrelieved excess management expenses resulting in a potential deferred tax asset of 1,745,000 (2014: 1,537,000). It is unlikely that the fund will generate sufficient taxable profits in the future to utilise these and therefore no deferred tax asset has been recognised. *Includes amounts for the recovery of excess withholding tax suffered on dividends in prior accounting periods. 8. Finance costs 30/06/15 30/06/14 Distributions The distribution takes account of revenue received on the issue of shares and revenue deducted on cancellation of shares. Accumulation Shares Final 1, Add: Revenue deducted on cancellation of shares Deduct: Revenue received on issue of shares (130) (45) Net distribution for the year 1, Interest/other Interest (1) 1 Total finance costs 1, Details of the distribution per share are set out in the Distribution Statement. 9. Debtors 30/06/15 30/06/14 Amounts receivable for issue of shares 2, Sales awaiting settlement Sales of currency awaiting settlement Accrued revenue Broker fee rebates receivable 3 1 Overseas tax recoverable* Total debtors 3,756 1,801 *Includes amounts for the recovery of excess withholding tax suffered on dividends in prior accounting periods. 18

20 Fidelity Institutional America Fund Notes to the financial statements 10. Cash and bank balances 30/06/15 30/06/14 Amounts held at futures clearing houses and brokers 3,035 1,052 Cash and bank balances 28,309 15,520 Total cash and bank balances 31,344 16, Creditors 30/06/15 30/06/14 Amounts payable for cancellation of shares Purchases awaiting settlement 594 1,079 Purchases of currency awaiting settlement Accrued expenses Total creditors 803 2, Financial instruments exposure Currency exposures A substantial portion of the financial assets of the fund are denominated in currencies other than sterling, which is the fund s base currency, with the effect that the Balance Sheet and total return can be significantly affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Total exposure Currency Investments Cash balances Debtors/(Creditors) 30/06/15 Canadian Dollar Euro UK Sterling 2,194 2,145 2,786 7,125 US Dollar 186,548 29, ,902 Total 189,442 31,344 2, ,739 30/06/14 Canadian Dollar 1, ,714 Euro UK Sterling 697 1,148 (411) 1,434 US Dollar 180,858 15,160 (122) 195,896 Total 183,193 16,338 (483) 199,048 The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. Interest rate risk profile The only interest bearing financial instruments in the fund are its bank balances and/or amounts held at futures clearing houses and brokers. Interest earned and paid on bank balances in the current and preceding year were at variable rates provided by the Depositary. The average interest rates earned and paid are disclosed in the Aggregated Financial Statements. Due to the fact that the fund holds no material fixed interest securities there is minimal interest rate exposure on this fund (2014: minimal exposure). Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Sensitivity analysis of derivatives exposure Futures exposure The fund invests into futures to gain exposure to the equity markets. A 10% change in the price of the futures would result in a 1.98% change (2014: 1.48%) in the fund s market value. See the Aggregated Financial Statements Note 14 for the narrative disclosure regarding financial instruments exposure. 19

21 Fidelity Institutional America Fund Notes to the financial statements 13. Portfolio transaction costs 30/06/15 30/06/14 Analysis of total purchase costs Purchases excluding transaction costs 186, ,760 Commissions Taxes 11 2 Other 4 13 Total purchase transaction costs Total purchases including transaction costs 186, ,866 Analysis of total sale costs Sales excluding transaction costs 217, ,173 Commissions (71) (86) Taxes (4) (5) Other (4) (13) Total sale transaction costs (79) (104) Total sales including transaction costs 217, , Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 8 by virtue of the influence it has over the operations of the fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 11. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of 160,000 (2014: 143,000) are included within accrued expenses in Note 11. At the balance sheet date, any holdings in the fund by FIL Limited which is the ultimate parent company of FIL Investment Services (UK) Limited, are detailed in Note 12 of the Aggregated Financial Statements. 15. Shareholders funds The fund currently has Accumulation Shares. The annual management charge is: Accumulation Shares: 0.80% The distributions per share class are given in the Distribution Statement. 20

22 Fidelity Institutional America Fund Distribution Statement for the year ended 30 June 2015 Accumulation Shares - final distribution No. 18 in pence per share Group 1 - Shares purchased on or before 30 June Group 2 - Shares purchased from 1 July 2014 to 30 June Amount Amount Net revenue Equalisation accumulated accumulated (Note 2) 31/08/15 31/08/14 Group Group

23 Fidelity Institutional Emerging Markets Fund Investment Objective and Policy The fund s investment objective is to achieve long term capital appreciation. The fund will invest primarily in securities of countries experiencing rapid economic growth including, without limitation, Africa, the Indian sub continent, Latin America, South East Asia, Europe and the Middle East. There is no policy to restrict investment to particular economic sectors. Fund Manager s Commentary Market Review Emerging market equities rose over the review period. Optimism around Chinese monetary stimulus measures and the US Federal Reserve s (Fed) decision to maintain lower interest rates boosted investor appetite for riskier assets. Low interest rates in the developed world particularly in the US encouraged investors to look for higher yields in emerging markets, thereby increasing demand for these assets. However, the possibility of earlier-thananticipated interest rate hikes by the US Fed limited gains. Falling prices of oil and other commodities negatively impacted countries such as Colombia and Russia, which are large exporters of these commodities, although oil prices recovered towards the end of the period. In addition, Russian equities fell as renewed financial sanctions by the US and Europe hurt the country s already weak macroeconomic environment. Elsewhere, Chinese stocks advanced sharply, due in part to the central bank s decision to encourage lending by reducing the reserve requirements for commercial banks. Portfolio Activity Stock selection in the consumer discretionary and information technology (IT) sectors supported performance. The underweight stance in the energy and materials sectors also contributed to relative returns. From a country perspective, selected holdings in South Africa and India enhanced gains. Within IT, the position in internet technology company NetEase rose as investors recognised its gaming product portfolio, research & development capabilities and pricing power. Subsequently, I increased the exposure to the company. In contrast, I sold the holding in Samsung Electronics due to concerns over the profitability of its key smartphone business. Within consumer discretionary, I raised the allocation to media company Naspers. It has a robust pay-tv business in South Africa, along with investments in high-growth businesses in China and Russia. However, I sold shares in China-based SAIC Motor Corporation due to signs of weakness in the country s automobile market. Meanwhile, in financials, I increased the exposure to India-based HDFC Bank, which stands to benefit from the improving economic environment in the country. Within Russia, I sold the holding in Sberbank due to continuing geopolitical risks and a weak economic backdrop. Outlook The situation across emerging markets remains mixed, and selecting companies with robust business models remains key to maximising returns. While current account imbalances in a number of economies are improving, Chinese equities have been very volatile recently and the Chinese government has stepped up its initiatives to stem the decline. Moreover, the threat of an increase in US interest rates and geopolitical risks may add to the overall volatility in the short term. Nonetheless, from a longer term perspective, emerging markets continue to offer attractive investment opportunities. Performance Record Discrete 1 year performance over the last 5 years to: 30/06/11 30/06/12 30/06/13 30/06/14 30/06/15 Accumulation Shares Retail Accumulation Shares W Accumulation Shares *Comparative Index * Comparative Index: MSCI Emerging Markets Index (Net of UK tax). Source: Fidelity and RIMES, All performance returns are calculated using the quoted price of the relevant share class, UK, net income reinvested. Past performance is not a reliable indicator of future results. Risk Profile The value of your investment and the income from it can go down as well as up. You may not get back the amount you invested. What you get back is not guaranteed. It will depend on investment performance. This fund may invest in overseas markets. You may get back more or less as a result of currency fluctuations. This fund may invest in derivatives for the purpose of the efficient management of the fund. The use of financial derivative instruments may result in increased gains or losses within the fund. For funds that invest in derivative transactions, there is a risk that the counterparty to the transaction will wholly or partially fail to honour its contractual obligations. This may result in financial loss to the fund. For details of all the risks please see the Prospectus. Nick Price Fund Manager 30 June 15 22

24 Fidelity Institutional Emerging Markets Fund Portfolio Information Fund Facts 30/06/15 30/06/14 % % China South Africa India Hong Kong Taiwan United States Korea Brazil Other Cash and other net assets/(liabilities) Top Holdings The top ten holdings in the fund as at 30 June 2015 and at the previous year end are shown below. Top holdings as at 30/06/15 % of total net assets HDFC Bank (Dematerialised) 6.55 Naspers 6.52 NetEase 5.04 AIA 4.11 Taiwan Semiconductor Manufacturing 3.93 Steinhoff International 3.70 Cognizant Technology Solutions (A) 3.23 Fidelity Institutional Liquidity Fund (USD) 3.06 China Mengniu Dairy 2.93 Naver 2.93 Top holdings as at 30/06/14 % of total net assets Naspers 5.90 Taiwan Semiconductor Manufacturing 4.99 SK Hynix 2.93 Steinhoff International 2.88 Surgutneftegaz (Pref d) 2.80 Samsung Electronics 2.47 Anhanguera Educational 2.46 Sands China 2.44 China Mengniu Dairy 2.29 AIA 2.29 Footnotes: 1. The net asset value is the accounting value at the year end on a fair value basis. Income (pence per share) XD date Accumulation Retail Accumulation Shares Shares Final distribution 01/07/ XD date W Accumulation Shares Final distribution 01/07/ Ongoing Charges (%) Accumulation Retail Accumulation Shares Shares 30/06/ /06/ W Accumulation Shares 30/06/ /06/ The Ongoing Charges figure is calculated as the ratio of the annual cost of managing and operating the fund to the average net asset value; it excludes portfolio transaction cost. Fund Size Total net Net asset Total net Net asset assets value per Shares assets value per Shares ( m) share (p) 1 in issue ( m) share (p) 1 in issue Accumulation Shares Retail Accumulation Shares 30/06/ ,278, ,577,690 30/06/ ,773, ,380,343 30/06/ ,187, ,119,135 W Accumulation Shares 30/06/ ,742,442 30/06/ ,789,011 30/06/ ,575 Income Per Share and Price History (pence) Calendar Income Lowest Highest Income Lowest Highest year per share price price per share price price Accumulation Shares Retail Accumulation Shares W Accumulation Shares Figures represent distribution to 01/07/15. 23

25 Fidelity Institutional Emerging Markets Fund Statement of Total Return for the year ended 30 June /06/15 30/06/14 Notes Income Net capital gains/(losses) 4 49,803 21,377 Revenue 5 16,120 8,681 Expenses 6 (8,725) (5,498) Finance costs: Interest/other 8 (2) (2) Net revenue/(expense) before taxation 7,393 3,181 Taxation 7 (1,466) (649) Net revenue/(expense) after taxation 5,927 2,532 Total return before distributions 55,730 23,909 Finance costs: Distributions 8 (5,965) (2,545) Change in net assets attributable to shareholders from investment activities 49,765 21,364 Statement of Change in Net Assets Attributable to Shareholders for the year ended 30 June /06/15 30/06/14 Note Opening net assets attributable to shareholders 635, ,521 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 371, ,073 Amounts payable on cancellation of shares (168,094) (107,796) 203, ,277 Stamp duty reserve tax - (1) Change in net assets attributable to shareholders from investment activities (see above) 49,765 21,364 Retained distribution on accumulation shares 8 6,578 3,248 Closing net assets attributable to shareholders 895, ,409 Balance Sheet as at 30 June /06/15 30/06/14 Notes Assets Investment assets 882, ,432 Debtors 9 30,592 11,634 Cash and bank balances 12,142 8,144 Total other assets 42,734 19,778 Total assets 924, ,210 Liabilities Creditors 10 (29,515) (7,822) Bank overdrafts - (1,979) Total liabilities (29,515) (9,801) Net assets attributable to shareholders 895, ,409 24

26 Fidelity Institutional Emerging Markets Fund Notes to the financial statements 1. Accounting policies The fund s financial statements have been prepared on the same basis as the Company s financial statements as set out in the Notes to the Aggregated Financial Statements. 2. Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes. 3. Contingent liabilities At the year end there are no contingent liabilities or commitments (2014: nil). 4. Net capital gains/(losses) 30/06/15 30/06/14 Gains/(losses) on non-derivative securities 51,051 23,066 Other currency gains/(losses) 827 (1,728) Broker fee rebates Transaction charges (226) (192) Foreign capital gains tax (2,245) 17 Net net capital gains/(losses) 49,803 21, Revenue 30/06/15 30/06/14 UK dividends Overseas dividends 16,054 8,650 Interest on securities 11 3 Bank interest 9 3 Taxable interest 14 - Total revenue 16,120 8, Expenses 30/06/15 30/06/14 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees 7,300 4,711 Registrar fees Service charges Foreign exchange administration fees ,124 5,085 Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary fees Custody fees Other expenses: Audit fee 8 7 Other operating expenses Total expenses 8,725 5,498 25

27 Fidelity Institutional Emerging Markets Fund Notes to the financial statements 7. Taxation 30/06/15 30/06/14 a) Analysis of charge/(credit) for the year Overseas taxation 1, Total current taxation 1, b) Factors affecting tax charge/(credit) for the year Net revenue/(expense) before taxation 7,393 3,181 Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2014: 20%). 1, Effects of: Overseas taxation 1, Overseas tax expensed (102) (59) Increase/(decrease) in unutilised management expenses 1, Revenue not included for tax purposes (2,386) (1,265) Expenses not deductible for tax purposes 3 3 Current tax charge/(credit) 1, Open ended investment companies are exempt from UK tax on capital gains. The fund has unrelieved excess management expenses resulting in a potential deferred tax asset of 4,472,000 (2014: 3,466,000). It is unlikely that the fund will generate sufficient taxable profits in the future to utilise these and therefore no deferred tax asset has been recognised. 8. Finance costs 30/06/15 30/06/14 Distributions The distributions takes account of revenue received on the issue of shares and revenue deducted on cancellation of shares. Accumulation Shares Final 3,069 2,220 Retail Accumulation Shares Final 22 - W Accumulation Shares Final 3,487 1,028 6,578 3,248 Add: Revenue deducted on cancellation of shares Deduct: Revenue received on issue of shares (1,134) (931) Net distributions for the year 5,965 2,545 Interest/other Interest 2 2 Total finance costs 5,967 2,547 Reconciliation of Net revenue after taxation to Net distribution for the year: Net revenue after taxation for the year, per the Statement of Total Return 5,927 2,532 Add back (revenue)/expenses transferred to capital: Equalisation on conversions 38 1 Revenue shortfall transferred from capital ,965 2,545 Details of the distributions per share are set out in the Distribution Statement. 26

28 Fidelity Institutional Emerging Markets Fund Notes to the financial statements 9. Debtors 30/06/15 30/06/14 Amounts receivable for issue of shares 1,919 2,168 Sales awaiting settlement 10,777 4,995 Sales of currency awaiting settlement 14,292 2,921 Accrued revenue 3,481 1,367 Broker fee rebates receivable Overseas tax recoverable - 3 Foreign capital gains tax receivable Total debtors 30,592 11, Creditors 30/06/15 30/06/14 Amounts payable for cancellation of shares 11, Purchases awaiting settlement 2,223 3,717 Purchases of currency awaiting settlement 14,280 2,924 Accrued expenses Foreign capital gains tax payable Total creditors 29,515 7, Financial instruments exposure Currency exposures A substantial portion of the financial assets of the fund are denominated in currencies other than sterling, which is the fund s base currency, with the effect that the Balance Sheet and total return can be significantly affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Total exposure Currency Investments Cash balances Debtors/(Creditors) 30/06/15 Argentinian Peso Brazilian Real 37, ,152 Chinese Yuan 13,839 6,203 (278) 19,764 Hong Kong Dollar 155, , ,192 Indian Rupee 118,143 2, ,073 Indonesian Rupiah 25, ,953 Kenyan Shilling 1, ,209 Korean Won 46, ,036 Mexican Peso 18, ,293 Nigerian Naira 9, ,809 Philippines Peso 27, ,848 South African Rand 142, ,978 Taiwan Dollar 59, ,442 Thai Baht 4,315 - (494) 3,821 Turkish Lira UK Sterling US Dollar 220,852 2,672 (4,258) 219,266 Total 882,261 12,142 1, ,480 27

29 Fidelity Institutional Emerging Markets Fund Notes to the financial statements Non-monetary exposures Monetary exposures Total exposure Currency Investments Cash balances Debtors/(Creditors) 30/06/14 Argentinian Peso Brazilian Real 50, ,329 Canadian Dollar 10, ,132 Chinese Yuan 2, ,170 Colombian Peso 2, ,369 Euro Hong Kong Dollar 96, ,013 Indian Rupee 52,390 2,346 (44) 54,692 Indonesian Rupiah 17, ,149 20,157 Israeli Shekel 9, ,753 Kenyan Shilling 4, ,143 Korean Won 57,298 1, ,953 Malaysian Ringgit 2, ,749 Mexican Peso 1,683 - (527) 1,156 Nigerian Naira 24, ,386 Philippines Peso 12, ,351 Singapore Dollar 1, ,935 South African Rand 103, ,251 Taiwan Dollar 37,932 1 (859) 37,074 Turkish Lira 5, ,272 UK Sterling - 1 1,166 1,167 United Arab Emirates Dirham 4,776 (326) (178) 4,272 US Dollar 127,995 2,029 1, ,083 Total 625,432 6,165 3, ,409 The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. Interest rate risk profile The only interest bearing financial instruments in the fund are its bank balances and/or amounts held at futures clearing houses and brokers. Interest earned and paid on bank balances in the current and preceding year were at variable rates provided by the Depositary. The average interest rates earned and paid are disclosed in the Aggregated Financial Statements. Due to the fact that the fund holds no material fixed interest securities there is minimal interest rate exposure on this fund (2014: minimal exposure) Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Sensitivity analysis of derivatives exposure The fund holds no derivatives at the year end (2014: same). See the Aggregated Financial Statements Note 14 for the narrative disclosure regarding financial instruments exposure. 28

30 Fidelity Institutional Emerging Markets Fund Notes to the financial statements 12. Portfolio transaction costs 30/06/15 30/06/14 Analysis of total purchase costs Purchases excluding transaction costs 1,714, ,013 Commissions 1,928 1,000 Taxes Other Total purchase transaction costs 2,932 1,637 Total purchases including transaction costs 1,717, ,650 Analysis of total sale costs Sales excluding transaction costs 1,517, ,003 Commissions (1,617) (1,551) Taxes (1,076) (1,212) Other (105) (81) Total sale transaction costs (2,798) (2,844) Total sales including transaction costs 1,514, , Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 8 by virtue of the influence it has over the operations of the fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 10. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of 770,000 (2014: 552,000) are included within accrued expenses in Note 10. At the balance sheet date, any holdings in the fund by FIL Limited which is the ultimate parent company of FIL Investment Services (UK) Limited, are detailed in Note 12 of the Aggregated Financial Statements. 14. Shareholders funds The fund currently has three share classes; Accumulation Shares, Retail Accumulation Shares and W Accumulation Shares. The annual management charge on each share class is as follows: Accumulation Shares: 1.00% Retail Accumulation Shares: 1.50% W Accumulation Shares: 0.75% The distributions per share class are given in the Distribution Statement. All classes have the same rights on winding up. 29

31 Fidelity Institutional Emerging Markets Fund Distribution Statement for the year ended 30 June 2015 Accumulation Shares - final distribution No. 18 in pence per share Group 1 - Shares purchased on or before 30 June Group 2 - Shares purchased from 1 July 2014 to 30 June Amount Amount Net revenue Equalisation accumulated accumulated (Note 2) 31/08/15 31/08/14 Group Group Retail Accumulation Shares - final distribution No. 6 in pence per share Group 1 - Shares purchased on or before 30 June Group 2 - Shares purchased from 1 July 2014 to 30 June Amount Amount Net revenue Equalisation accumulated accumulated (Note 2) 31/08/15 31/08/14 Group Group W Accumulation Shares - final distribution No. 3 in pence per share Group 1 - Shares purchased on or before 30 June Group 2 - Shares purchased from 1 July 2014 to 30 June Amount Amount Net revenue Equalisation accumulated accumulated (Note 2) 31/08/15 31/08/14 Group Group

32 Fidelity Institutional Europe (ex-uk) Fund Investment Objective and Policy The fund s investment objective is to achieve long term capital appreciation. The fund will invest primarily in the shares of European companies excluding those in the United Kingdom. There is no policy to restrict investment to particular economic sectors. Fund Manager s Commentary Market Review European equities rose over the review period, primarily driven by the European Central Bank s (ECB) announcement of a stimulus programme in the first quarter of 2015, which exceeded market expectations. Meanwhile, the weakened euro led to increased demand for European exports and higher profitability when converting overseas profits back into the local currency. Sentiment was further boosted by indications that China may ease its monetary policy as well as by increased confidence in the US recovery as both countries are large markets for European exporters. However, there were rising concerns, particularly in the second quarter of 2015 that Greece may default on its debt repayments following a lack of progress in negotiations with its creditors. This limited market gains. Portfolio Activity The fund s returns were driven by a mix of stock selection and favourable sector positioning. In particular, selected financials contributed to performance. The new position in ING advanced as the bank made encouraging progress in deconsolidating NN Group. German residential property group Gagfah gained following its acquisition by Deutsche Annington. Within the sector, I sold positions in Allianz and BNP Paribas. The exposure to industrials, such as low cost airline Ryanair and Spanish airports operator Aena, also proved rewarding. Ryanair benefited from strong passenger numbers and higher margins stemming from its improved customer focus. The fund has a bias towards health care stocks as the impact of patent expiries is now largely behind us and as companies stand to benefit from new product launches. The holding in Novo Nordisk (B) advanced on news that it would resubmit its Tresiba diabetes drug in the US, removing uncertainty over its growth prospects. I bought a new position in Novartis during the year and added to the holding in Roche given their strong pipeline of new treatments over the longer term, which should drive these stocks in the coming years. I took profits in Volkswagen in the consumer discretionary sector. However, I found some attractively valued opportunities in the sector. French automobile parts manufacturer Valeo is focused on developing innovative new technologies and strengthening its operations in China, both of which will drive future growth. Performance Record Discrete 1 year performance over the last 5 years to: 30/06/11 30/06/12 30/06/13 30/06/14 30/06/15 Accumulation Shares *Comparative Index * Comparative Index: MSCI Europe (ex-uk) Index (Net of UK tax). Source: Fidelity and RIMES, All performance returns are calculated using the quoted price of the relevant share class, UK, net income reinvested. Past performance is not a reliable indicator of future results. Risk Profile The value of your investment and the income from it can go down as well as up. You may not get back the amount you invested. What you get back is not guaranteed. It will depend on investment performance. This fund may invest in overseas markets. You may get back more or less as a result of currency fluctuations. This fund may invest in derivatives for the purpose of the efficient management of the fund. The use of financial derivative instruments may result in increased gains or losses within the fund. For funds that invest in derivative transactions, there is a risk that the counterparty to the transaction will wholly or partially fail to honour its contractual obligations. This may result in financial loss to the fund. For details of all the risks please see the Prospectus. Outlook Looking ahead, corporate earnings in Europe are likely to be supported by a weaker euro, higher money supply and low oil prices. However, it is yet to be seen whether the ECB s quantitative easing measures will benefit core eurozone economies that were not short of credit supply. We remain in a low growth environment and companies that can provide a positive outlook for earnings revisions are likely to do well. Investors are beginning to distinguish between companies with differing fundamentals and this is a favourable environment for stock pickers. Alexandra Hartmann Fund Manager 30 June 15 31

33 Fidelity Institutional Europe (ex-uk) Fund Portfolio Information Fund Facts 30/06/15 30/06/14 % % Switzerland Germany France Netherlands United Kingdom Spain Republic of Ireland Italy Other Cash and other net assets/(liabilities) Top Holdings The top ten holdings in the fund as at 30 June 2015 and at the previous year end are shown below. Top holdings as at 30/06/15 % of total net assets Novartis 6.28 Roche 6.00 Deutsche Telekom 3.29 Siemens (Bearer) 3.27 Bayer 3.14 Sanofi-Aventis 3.02 Novo Nordisk (B) 2.92 Ryanair 2.90 SAP 2.38 Schneider Electric 2.33 Income (pence per share) XD date Accumulation Shares Final distribution 01/07/ Ongoing Charges (%) Accumulation Shares 30/06/ /06/ The Ongoing Charges figure is calculated as the ratio of the annual cost of managing and operating the fund to the average net asset value; it excludes portfolio transaction cost. Fund Size Total net Net asset assets value per Shares ( m) share (p) 1 in issue Accumulation Shares 30/06/ ,807,270 30/06/ ,293,802 30/06/ ,006,214 Income Per Share and Price History (pence) Calendar Income Lowest Highest year per share price price Accumulation Shares Top holdings as at 30/06/14 % of total net assets Roche 4.83 Nestle 4.68 Bayer 4.27 BT 3.34 Novo Nordisk (B) 3.30 Total (B) 3.22 Sanofi-Aventis 2.85 Iliad 2.84 Ryanair 2.72 BASF 2.68 Footnotes: 1. The net asset value is the accounting value at the year end on a fair value basis. 2. Figures represent distribution to 01/07/15. 32

34 Fidelity Institutional Europe (ex-uk) Fund 00Statement of Total Return for the year ended 30 June /06/15 30/06/14 Notes Income Net capital gains/(losses) 4 21,907 47,016 Revenue 5 12,677 12,716 Expenses 6 (4,005) (4,023) Finance costs: Interest/other 8 (2) (2) Net revenue/(expense) before taxation 8,670 8,691 Taxation 7 (894) 2,109 Net revenue/(expense) after taxation 7,776 10,800 Total return before distributions 29,683 57,816 Finance costs: Distributions 8 (6,751) (10,411) Change in net assets attributable to shareholders from investment activities 22,932 47,405 Statement of Change in Net Assets Attributable to Shareholders for the year ended 30 June /06/15 30/06/14 Note Opening net assets attributable to shareholders 442, ,922 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 85,354 76,058 Amounts payable on cancellation of shares (99,186) (119,999) (13,832) (43,941) Stamp duty reserve tax - (10) Change in net assets attributable to shareholders from investment activities (see above) 22,932 47,405 Retained distribution on accumulation shares 8 6,443 10,116 Closing net assets attributable to shareholders 458, ,492 Balance Sheet as at 30 June /06/15 30/06/14 Notes Assets Investment assets 451, ,523 Debtors 9 5,585 10,933 Cash and bank balances 10 1,989 3,022 Total other assets 7,574 13,955 Total assets 459, ,478 Liabilities Derivative liabilities - (275) Creditors 11 (1,128) (2,711) Total other liabilities (1,128) (2,711) Total liabilities (1,128) (2,986) Net assets attributable to shareholders 458, ,492 33

35 Fidelity Institutional Europe (ex-uk) Fund Notes to the financial statements 1. Accounting policies The fund s financial statements have been prepared on the same basis as the Company s financial statements as set out in the Notes to the Aggregated Financial Statements. 2. Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes. 3. Contingent liabilities At the year end there are no contingent liabilities or commitments (2014: nil). 4. Net capital gains/(losses) 30/06/15 30/06/14 Gains/(losses) on non-derivative securities 22,743 46,868 Gains/(losses) on derivative contracts (377) 238 Other currency gains/(losses) (613) (228) Broker fee rebates Transaction charges (25) (20) Net net capital gains/(losses) 21,907 47, Revenue 30/06/15 30/06/14 UK dividends 1, UK scrip dividends Overseas dividends 9,524 9,606 Overseas scrip dividends Interest on securities 2 - Derivative revenue Taxable interest 497 1,828 Total revenue 12,677 12, Expenses 30/06/15 30/06/14 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees 3,631 3,630 Service charges Foreign exchange administration fees 6 4 3,864 3,861 Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary fees Custody fees Other expenses: Audit fee 8 7 Other operating expenses Total expenses 4,005 4,023 34

36 Fidelity Institutional Europe (ex-uk) Fund Notes to the financial statements 7. Taxation 30/06/15 30/06/14 a) Analysis of charge/(credit) for the year Overseas taxation* 894 (2,109) Total current taxation 894 (2,109) b) Factors affecting tax charge/(credit) for the year Net revenue/(expense) before taxation 8,670 8,691 Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2014: 20%). 1,734 1,738 Effects of: Overseas taxation 894 (2,109) Overseas tax expensed (1) (66) Increase/(decrease) in unutilised management expenses Revenue not included for tax purposes (2,275) (1,682) Expenses not deductible for tax purposes 1 1 Current tax charge/(credit) 894 (2,109) Open ended investment companies are exempt from UK tax on capital gains. The fund has unrelieved excess management expenses resulting in a potential deferred tax asset of 3,552,000 (2014: 2,635,000). It is unlikely that the fund will generate sufficient taxable profits in the future to utilise these and therefore no deferred tax asset has been recognised. * Includes amounts for the recovery of excess withholding tax suffered on dividends received in prior accounting periods. 8. Finance costs 30/06/15 30/06/14 Distributions The distribution takes account of revenue received on the issue of shares and revenue deducted on cancellation of shares. Accumulation Shares Final 6,443 10,116 Add: Revenue deducted on cancellation of shares Deduct: Revenue received on issue of shares (98) (574) Net distribution for the year 6,751 10,411 Interest/other Interest 2 2 Total finance costs 6,753 10,413 Reconciliation of Net revenue after taxation to Net distribution for the year: Net revenue after taxation for the year, per the Statement of Total Return 7,776 10,800 Add back (revenue)/expenses transferred to capital: UK scrip dividends (41) (30) Overseas scrip dividends (984) (359) 6,751 10,411 Details of the distribution per share are set out in the Distribution Statement. 35

37 Fidelity Institutional Europe (ex-uk) Fund Notes to the financial statements 9. Debtors 30/06/15 30/06/14 Amounts receivable for issue of shares Sales awaiting settlement 777 2,537 Sales of currency awaiting settlement 45 2,042 Accrued revenue Broker fee rebates receivable Overseas tax recoverable* 4,259 5,732 Total debtors 5,585 10,933 *Includes amounts for the recovery of excess withholding tax suffered on dividends in prior accounting periods. 10. Cash and bank balances 30/06/15 30/06/14 Amounts held at futures clearing houses and brokers 910 1,456 Cash and bank balances 1,079 1,566 Total cash and bank balances 1,989 3, Creditors 30/06/15 30/06/14 Amounts payable for cancellation of shares Purchases awaiting settlement Purchases of currency awaiting settlement 45 2,043 Accrued expenses Total creditors 1,128 2, Financial instruments exposure Currency exposures A substantial portion of the financial assets of the fund are denominated in currencies other than sterling, which is the fund s base currency, with the effect that the Balance Sheet and total return can be significantly affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Total exposure Currency Investments Cash balances Debtors/(Creditors) 30/06/15 Danish Krone 17, ,631 Euro 298,828 1,989 4, ,924 Swedish Krona 5, ,264 Swiss Franc 81, ,611 UK Sterling 48,083 - (478) 47,605 Total 451,589 1,989 4, ,035 30/06/14 Danish Krone 22, ,710 Euro 298,235 3,022 7, ,131 Norwegian Krone 4, ,528 Swedish Krona 9, ,438 Swiss Franc 66, ,962 UK Sterling 30,074 - (351) 29,723 Total 431,248 3,022 8, ,492 The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. 36

38 Fidelity Institutional Europe (ex-uk) Fund Notes to the financial statements Interest rate risk profile The only interest bearing financial instruments in the fund are its bank balances and/or amounts held at futures clearing houses and brokers. Interest earned and paid on bank balances in the current and preceding year were at variable rates provided by the Depositary. The average interest rates earned and paid are disclosed in the Aggregated Financial Statements. Due to the fact that the fund holds no material fixed interest securities there is minimal interest rate exposure on this fund (2014: minimal exposure). Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Sensitivity analysis of derivatives exposure At the year end the fund holds no derivatives (2014: held no derivatives that could impact it significantly). See the Aggregated Financial Statements Note 14 for the narrative disclosure regarding financial instruments exposure. 13. Portfolio transaction costs 30/06/15 30/06/14 Analysis of total purchase costs Purchases excluding transaction costs 743, ,953 Commissions 411 1,404 Taxes Other Total purchase transaction costs 976 2,296 Total purchases including transaction costs 744, ,249 Analysis of total sale costs Sales excluding transaction costs 746, ,753 Commissions (415) (1,220) Taxes - (606) Other (12) (9) Total sale transaction costs (427) (1,835) Total sales including transaction costs 745, , Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 8 by virtue of the influence it has over the operations of the fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 11. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of 332,000 (2014: 312,000) are included within accrued expenses in Note 11. At the balance sheet date, any holdings in the fund by FIL Limited which is the ultimate parent company of FIL Investment Services (UK) Limited, are detailed in Note 12 of the Aggregated Financial Statements. 15. Shareholders funds The fund currently has Accumulation Shares. The annual management charge is: Accumulation Shares: 0.80% The distributions per share class are given in the Distribution Statement. 37

39 Fidelity Institutional Europe (ex-uk) Fund Distribution Statement for the year ended 30 June 2015 Accumulation Shares - final distribution No. 18 in pence per share Group 1 - Shares purchased on or before 30 June Group 2 - Shares purchased from 1 July 2014 to 30 June Amount Amount Net revenue Equalisation accumulated accumulated (Note 2) 31/08/15 31/08/14 Group Group

40 Fidelity Institutional Global Focus Fund Investment Objective and Policy The fund aims to achieve long term growth from a portfolio primarily invested in stocks across the world s stock markets. The manager is free to select any company regardless of size, industry or location and will concentrate its investments in a more limited number of companies and therefore the resulting portfolio will be less diversified. The fund will typically hold between 100 and 150 stocks. Fund Manager s Commentary Market Review Global equities rose over the 12-month review period. While the US Federal Reserve ended its quantitative easing programme in October, other central banks around the world continued to increase money supply in order to support growth, which boosted equity markets. Crude oil prices have remained under pressure since mid-2014 due to weak global demand and rising production from the US. From a regional perspective, US equities performed strongly as the domestic economy continued to perform well. Meanwhile, Europe lagged the broader market given concerns about the pace of economic growth and uncertainty related to the Greek debt crisis. The Japanese market registered strong positive returns as further monetary policy easing by the Bank of Japan supported the market. Stronger-than-expected GDP data, positive corporate results and improvements in corporate governance also boosted Japanese equities. Performance Record Discrete 1 year performance over the last 5 years to: 30/06/11 30/06/12 30/06/13 30/06/14 30/06/15 Accumulation Shares *Comparative Index * Comparative Index: MSCI AC World Index (Net of UK tax). Source: Fidelity and RIMES, All performance returns are calculated using the quoted price of the relevant share class, UK, net income reinvested. Comparative index to 31/10/11 was MSCI World Index (Net of UK tax). Past performance is not a reliable indicator of future results. Risk Profile The value of your investment and the income from it can go down as well as up. You may not get back the amount you invested. What you get back is not guaranteed. It will depend on investment performance. This fund may invest in overseas markets. You may get back more or less as a result of currency fluctuations. This fund may invest in derivatives for the purpose of the efficient management of the fund. The use of financial derivative instruments may result in increased gains or losses within the fund. For funds that invest in derivative transactions, there is a risk that the counterparty to the transaction will wholly or partially fail to honour its contractual obligations. This may result in financial loss to the fund. For details of all the risks please see the Prospectus. Portfolio Activity Security selection in the financials sector contributed strongly to performance. In particular, the new position in Swiss wealth manager UBS, which has a good business mix, strong capital position and an attractive dividend payout contributed to returns. Within European financials, I bought a position in Julius Baer Gruppe. The company benefits from rising assets under management on the back of strong equity markets and currency moves, which translates into higher revenues. Within health care, the position in biotechnology stock Amgen performed strongly following better-than-expected operational performance. The holding was subsequently sold to lock-in gains. Conversely, selected energy positions declined amid weak crude oil prices. As a result, shares in Weatherford International, Suncor Energy and Anadarko Petroleum detracted from performance. Nonetheless, I continue to believe that many of these longterm holdings in the portfolio are likely to benefit once fundamentals begin to reassert themselves. I bought a new position in integrated natural gas company BG Group in order to tap into the potential benefits stemming from its prospective merger with Royal Dutch Shell. The exposure to Canadian base metal miner First Quantum Minerals also hurt returns due to a slump in copper prices. This position was sold in light of the weak demand outlook for base metals. Elsewhere, positions in Randgold Resources and Johnson Matthey were also sold during the period. Outlook I remain cautious on the outlook for global equities. The continued strong equity performance means that stock valuations are relatively high. While the US economic recovery is well recognised, Europe and Japan are seeing a slight improvement in economic activity, but still require further central bank assistance. Emerging markets offer interesting stock picking opportunities, but selectivity remains key as fundamentals vary significantly across countries. The recent oil price correction should support oil importing emerging markets. Amit Lodha Fund Manager 30 June 15 39

41 Fidelity Institutional Global Focus Fund Portfolio Information Fund Facts 30/06/15 30/06/14 % % United States Japan Switzerland United Kingdom India Canada France Korea Other Cash and other net assets/(liabilities) Top Holdings The top ten holdings in the fund as at 30 June 2015 and at the previous year end are shown below. Top holdings as at 30/06/15 % of total net assets Fidelity Institutional Liquidity Fund (USD) 3.78 Apple 2.47 Facebook (A) 2.05 Microsoft 2.02 Novartis 1.92 UBS 1.90 Citigroup 1.88 CVS Health 1.70 JPMorgan Chase 1.64 Amazon.com 1.59 Income (pence per share) XD date Accumulation Shares Final distribution 01/07/ Ongoing Charges (%) Accumulation Shares 30/06/ /06/ The Ongoing Charges figure is calculated as the ratio of the annual cost of managing and operating the fund to the average net asset value; it excludes portfolio transaction cost. Fund Size Total net Net asset assets value per Shares ( m) share (p) 1 in issue Accumulation Shares 30/06/ ,196,788 30/06/ ,037,120 30/06/ ,426,953 Income Per Share and Price History (pence) Calendar Income Lowest Highest year per share price price Accumulation Shares Top holdings as at 30/06/14 % of total net assets Kinnevik Investment (B) 2.01 Fidelity Institutional Liquidity Fund (USD) 2.00 Microsoft 1.90 Novartis 1.86 Royal Dutch Shell B (UK) 1.73 US Bancorp 1.73 Amgen 1.71 Anadarko Petroleum 1.69 Citigroup 1.64 CVS Caremark 1.60 Footnotes: 1. The net asset value is the accounting value at the year end on a fair value basis. 2. Figures represent distribution to 01/07/15. 40

42 Fidelity Institutional Global Focus Fund Statement of Total Return for the year ended 30 June /06/15 30/06/14 Notes Income Net capital gains/(losses) 4 14,255 7,835 Revenue 5 2,088 1,833 Expenses 6 (1,003) (995) Finance costs: Interest/other 8 - (1) Net revenue/(expense) before taxation 1, Taxation 7 (179) (128) Net revenue/(expense) after taxation Total return before distributions 15,161 8,544 Finance costs: Distributions 8 (864) (581) Change in net assets attributable to shareholders from investment activities 14,297 7,963 Statement of Change in Net Assets Attributable to Shareholders for the year ended 30 June /06/15 30/06/14 Note Opening net assets attributable to shareholders 103, ,883 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 1,603 4,560 Amounts payable on cancellation of shares (3,939) (24,208) (2,336) (19,648) Stamp duty reserve tax - (1) Change in net assets attributable to shareholders from investment activities (see above) 14,297 7,963 Retained distribution on accumulation shares Closing net assets attributable to shareholders 116, ,756 Balance Sheet as at 30 June /06/15 30/06/14 Notes Assets Investment assets 115, ,404 Derivative assets Debtors ,736 Cash and bank balances 395 1,364 Total other assets 786 4,100 Total assets 116, ,504 Liabilities Derivative liabilities (29) - Creditors 10 (260) (2,406) Bank overdrafts - (342) Total other liabilities (260) (2,748) Total liabilities (289) (2,748) Net assets attributable to shareholders 116, ,756 41

43 Fidelity Institutional Global Focus Fund Notes to the financial statements 1. Accounting policies The fund s financial statements have been prepared on the same basis as the Company s financial statements as set out in the Notes to the Aggregated Financial Statements. 2. Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes. 3. Contingent liabilities At the year end there are no contingent liabilities or commitments (2014: nil). 4. Net capital gains/(losses) 30/06/15 30/06/14 Gains/(losses) on non-derivative securities 14,001 8,130 Gains/(losses) on derivative contracts 254 (6) Gains/(losses) on forward currency contracts (8) - Other currency gains/(losses) 108 (288) Broker fee rebates Transaction charges (16) (23) Foreign capital gains tax (99) - Net net capital gains/(losses) 14,255 7, Revenue 30/06/15 30/06/14 UK dividends UK scrip dividends 7 46 Overseas dividends 1,732 1,580 Overseas scrip dividends Overseas property income distributions 54 - Interest on securities 2 - Bank interest 1 - Taxable interest 7 5 Total revenue 2,088 1, Expenses 30/06/15 30/06/14 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees Service charges Foreign exchange administration fees Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary fees Custody fees Other expenses: Audit fee 8 7 Other operating expenses Total expenses 1,

44 Fidelity Institutional Global Focus Fund Notes to the financial statements 7. Taxation 30/06/15 30/06/14 a) Analysis of charge/(credit) for the year Overseas taxation* Total current taxation b) Factors affecting tax charge/(credit) for the year Net revenue/(expense) before taxation 1, Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2014: 20%) Effects of: Overseas taxation Overseas tax expensed (2) (2) Increase/(decrease) in unutilised management expenses Revenue not included for tax purposes (397) (355) Expenses not deductible for tax purposes Open ended investment companies are exempt from UK tax on capital gains. The fund has unrelieved excess management expenses resulting in a potential deferred tax asset of 994,000 (2014: 813,000). It is unlikely that the fund will generate sufficient taxable profits in the future to utilise these and therefore no deferred tax asset has been recognised. *Includes amounts for the recovery of excess withholding tax suffered on dividends in prior accounting periods. 8. Finance costs 30/06/15 30/06/14 Distributions The distribution takes account of revenue received on the issue of shares and revenue deducted on cancellation of shares. Accumulation Shares Final Add: Revenue deducted on cancellation of shares 8 24 Deduct: Revenue received on issue of shares (3) (2) Net distribution for the year Interest/other Interest (1) 1 Derivative expense Total finance costs Reconciliation of Net revenue after taxation to Net distribution for the year: Net revenue after taxation for the year, per the Statement of Total Return Add back (revenue)/expenses transferred to capital: UK scrip dividends (7) (46) Overseas scrip dividends (35) (82) Details of the distribution per share are set out in the Distribution Statement. 43

45 Fidelity Institutional Global Focus Fund Notes to the financial statements 9. Debtors 30/06/15 30/06/14 Sales awaiting settlement - 1,243 Sales of currency awaiting settlement 155 1,271 Accrued revenue Broker fee rebates receivable 5 5 Overseas tax recoverable* Total debtors 391 2,736 *Includes amounts for the recovery of excess withholding tax suffered on dividends in prior accounting periods. 10. Creditors 30/06/15 30/06/14 Purchases awaiting settlement - 1,039 Purchases of currency awaiting settlement 155 1,272 Accrued expenses Total creditors 260 2, Financial instruments exposure Currency exposures A substantial portion of the financial assets of the fund are denominated in currencies other than sterling, which is the fund s base currency, with the effect that the Balance Sheet and total return can be significantly affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Total exposure Currency Investments Cash balances Debtors/(Creditors) 30/06/15 Australian Dollar 1, ,081 Brazilian Real Canadian Dollar 1, ,931 Euro 5, ,481 Hong Kong Dollar 2, ,966 Indian Rupee 6, ,157 Japanese Yen 8, ,705 Korean Won 1, ,879 Singapore Dollar South African Rand 1, ,199 Swedish Krona 1, ,144 Swiss Franc 8, ,864 Taiwan Dollar UK Sterling 9, (196) 9,026 US Dollar 67, ,476 Total 116, ,576 44

46 Fidelity Institutional Global Focus Fund Notes to the financial statements Non-monetary exposures Monetary exposures Total exposure Currency Investments Cash balances Debtors/(Creditors) 30/06/14 Australian Dollar 2, ,184 Canadian Dollar 3,407 7 (5) 3,409 Danish Krone 1, ,539 Euro 7, ,725 Hong Kong Dollar 2, ,313 Indian Rupee 3, ,391 Japanese Yen 9, (1) 9,453 Kenyan Shilling Korean Won 1, ,589 Nigerian Naira Norwegian Krone Swedish Krona 4, ,257 Swiss Franc 1, ,953 Taiwan Dollar UK Sterling 8,460 - (489) 7,971 US Dollar 54,822 1, ,505 Total 102,404 1, ,756 The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. Interest rate risk profile The only interest bearing financial instruments in the fund are its bank balances and/or amounts held at futures clearing houses and brokers. Interest earned and paid on bank balances in the current and preceding year were at variable rates provided by the Depositary. The average interest rates earned and paid are disclosed in the Aggregated Financial Statements. Due to the fact that the fund holds no material fixed interest securities there is minimal interest rate exposure on this fund (2014: minimal exposure). Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Sensitivity analysis of derivatives exposure At the year end the fund holds no derivatives that could impact it significantly (2014: same). See the Aggregated Financial Statements Note 14 for the narrative disclosure regarding financial instruments exposure. 12. Portfolio transaction costs 30/06/15 30/06/14 Analysis of total purchase costs Purchases excluding transaction costs 108, ,033 Commissions Taxes Other 8 12 Total purchase transaction costs Total purchases including transaction costs 109, ,207 Analysis of total sale costs Sales excluding transaction costs 109, ,840 Commissions (61) (100) Taxes (16) (16) Other (8) (11) Total sale transaction costs (85) (127) Total sales including transaction costs 109, ,713 45

47 Fidelity Institutional Global Focus Fund Notes to the financial statements 13. Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 8 by virtue of the influence it has over the operations of the fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 10. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of 85,000 (2014: 75,000) are included within accrued expenses in Note 10. At the balance sheet date, any holdings in the fund by FIL Limited which is the ultimate parent company of FIL Investment Services (UK) Limited, are detailed in Note 12 of the Aggregated Financial Statements. 14. Shareholders funds The fund currently has Accumulation Shares. The annual management charge is: Accumulation Shares: 0.80% The distributions per share class are given in the Distribution Statement. 46

48 Fidelity Institutional Global Focus Fund Distribution Statement for the year ended 30 June 2015 Accumulation Shares - final distribution No. 12 in pence per share Group 1 - Shares purchased on or before 30 June Group 2 - Shares purchased from 1 July 2014 to 30 June Amount Amount Net revenue Equalisation accumulated accumulated (Note 2) 31/08/15 31/08/14 Group Group

49 Fidelity Institutional Index-Linked Bond Fund Investment Objective and Policy The fund s investment objective is to achieve income and capital growth. The fund will invest primarily in UK and overseas index-linked gilts and other index-linked fixed interest securities. Fund Manager s Commentary Market Review Inflation-linked UK government bonds (Gilts) posted positive returns over the period, largely driven by the fall in nominal Gilt yields. UK inflation breakevens (the difference in yields between nominal and inflation linked Gilts, a measure of inflation expectations) narrowed over the first half of the period, falling from their June 2014 high. The crash in crude oil prices resulted in lower prices of goods and services, which dampened inflationary expectations. From the lowest point in end-january, though, Gilt breakevens recovered modestly through the second half of the period. The recovery was driven by a combination of a pick-up in oil prices and positive macroeconomic data, which pointed towards an economic recovery and thus increased inflationary expectations. Meanwhile, yields on nominal Gilts fell as the Bank of England (BoE) maintained its accommodative monetary policy. Portfolio Activity The fund s underweight real duration (measure of its sensitivity to interest rate changes) position in sterling detracted from performance as inflation-linked Gilts posted positive returns over the period. Similarly, the long duration position in the US dollar proved detrimental to returns as US Treasury Inflation- Protected Securities fell over the year. Elsewhere, the fund s short nominal duration position also hampered performance. Currently, the fund has a broadly neutral duration position, as the underweight stance in nominal duration is largely offset by the long real duration position. The fund also maintains a modest exposure to high quality investment grade corporate bonds, which detracted from performance. In particular, the allocation to the transportation sector, through holdings in Heathrow and High Speed Rail, hurt returns. Elsewhere, positions in Verizon Communications and UPP Group also hampered performance. Over the period, the allocation to the utility sector was reduced by selling holdings in Thames Water Utilities and Electrcite de France, as well as lowering the exposure to National Grid. Conversely, new positions were purchased in Heinz and Actavis in the consumer non-cyclical sector. Outlook We expect headline inflation to be around 1.3% in the first quarter of 2016, before rising further towards % by the end of Given this scenario, the outlook for inflation-linked UK Gilts remains mixed, and returns are likely to trend within a narrow range. On one hand, inflation-linked Gilts appear to be near fair value, ruling out any meaningful rally in the asset class. On the other, recent trends in inflation expectations have been encouraging and continue to point towards a reflation story. Additionally, the asset class continues to be supported by sustained institutional demand, which is likely to limit the fall in prices. Performance Record Discrete 1 year performance over the last 5 years to: 30/06/11 30/06/12 30/06/13 30/06/14 30/06/15 Income Shares Gross paying Accumulation Shares ** Gross paying Income Shares *Comparative Index * Comparative Index: FTSE British Government Index Linked Over 5 Years Index (Net of UK tax). Source: Fidelity and RIMES, All performance returns are calculated using the quoted price of the relevant share class, UK, net income reinvested, ** gross income reinvested. Past performance is not a reliable indicator of future results. Risk Profile The value of your investment and the income from it can go down as well as up. You may not get back the amount you invested. What you get back is not guaranteed. It will depend on investment performance. This fund may invest in sub investment grade bonds. These bonds may produce a higher level of income than investment grade bonds but at a higher risk to your capital. With funds that invest in bonds, there is a risk that the issuer of the bond may default on its repayments. The likelihood of this happening will depend on the credit worthiness of the issuer. The risk of default is usually greatest with bonds that are classed as sub investment grade. This fund may invest in overseas markets. You may get back more or less as a result of currency fluctuations. This fund may invest in derivatives for the purpose of the efficient management of the fund. The use of financial derivative instruments may result in increased gains or losses within the fund. For funds that invest in derivative transactions, there is a risk that the counterparty to the transaction will wholly or partially fail to honour its contractual obligations. This may result in financial loss to the fund. For details of all the risks please see the Prospectus. Jeremy Church & Andy Weir Fund Managers 30 June 15 48

50 Fidelity Institutional Index-Linked Bond Fund Portfolio Information Fund Facts 30/06/15 30/06/14 % % AA Rated A Rated BBB Rated AAA Rated Forward Foreign Exchange Contracts Futures Interest Rate Swaps Other Cash and other net assets/(liabilities) Top Holdings The top ten holdings in the fund as at 30 June 2015 and at the previous year end are shown below. Top holdings as at 30/06/15 % of total net assets UK Gilt Treasury I/L 0.75% 22/03/ UK Gilt Treasury I/L 4.125% 22/07/ UK Gilt Treasury I/L 0.625% 22/11/ UK Gilt Treasury I/L 1.25% 22/11/ UK Gilt Treasury I/L 0.125% 22/03/ UK Gilt Treasury I/L 0.50% 22/03/ UK Gilt Treasury I/L 0.375% 22/03/ UK Gilt Treasury I/L 2.00% 26/01/ UK Gilt Treasury I/L 1.125% 22/11/ UK Gilt Treasury I/L 0.25% 22/03/ Top holdings as at 30/06/14 % of total net assets UK Gilt Treasury I/L 1.25% 22/11/ UK Gilt Treasury I/L 1.125% 22/11/ UK Gilt Treasury I/L 2.00% 26/01/ UK Gilt Treasury I/L 0.625% 22/03/ UK Gilt Treasury I/L 0.50% 22/03/ UK Gilt Treasury I/L 0.125% 22/03/ UK Gilt Treasury I/L 4.125% 22/07/ UK Gilt Treasury I/L 1.25% 22/11/ UK Gilt Treasury I/L 0.125% 22/03/ UK Gilt Treasury I/L 1.25% 22/11/ Footnotes: 1. The net asset value is the accounting value at the year end on a fair value basis. 2. Figures represent distribution to 01/07/15. Income (pence per share) XD date Income Gross paying Shares Income Shares Final distribution 01/07/ Interim distribution 01/01/ XD date Gross paying Accumulation Shares Final distribution 01/07/ Interim distribution 01/01/ Ongoing Charges (%) Income Gross paying Shares Income Shares 30/06/ /06/ Gross paying Accumulation Share 30/06/ /06/ The Ongoing Charges figure is calculated as the ratio of the annual cost of managing and operating the fund to the average net asset value; it excludes portfolio transaction cost. Fund Size Total net Net asset Total net Net asset assets value per Shares assets value per Shares ( m) share (p) 1 in issue ( m) share (p) 1 in issue Income Shares Gross paying Income Shares 30/06/ ,440, , ,320 30/06/ ,032, , ,320 30/06/ ,696, , ,074,798 Gross paying Accumulation Shares 30/06/ ,233 30/06/ ,526,309 30/06/ ,248,957 Income Per Share and Price History (pence) Calendar Income Lowest Highest Income Lowest Highest year per share price price per share price price Income Shares Gross paying Income Shares , , , , , , Gross paying Accumulation Shares

51 Fidelity Institutional Index-Linked Bond Fund Statement of Total Return for the year ended 30 June /06/15 30/06/14 Notes Income Net capital gains/(losses) 4 32,383 3,726 Revenue 5 1,157 5,022 Expenses 6 (822) (798) Finance costs: Interest/other 8 (9) (1) Net revenue/(expense) before taxation 326 4,223 Taxation Net revenue/(expense) after taxation 326 4,223 Total return before distributions 32,709 7,949 Finance costs: Distributions 8 (1,880) (1,607) Change in net assets attributable to shareholders from investment activities 30,829 6,342 Statement of Change in Net Assets Attributable to Shareholders for the year ended 30 June /06/15 30/06/14 Note Opening net assets attributable to shareholders 231, ,105 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 10,834 10,712 Amounts payable on cancellation of shares (19,995) (46,427) (9,161) (35,715) Change in net assets attributable to shareholders from investment activities (see above) 30,829 6,342 Retained distribution on accumulation shares 8 1,838 1,541 Closing net assets attributable to shareholders 254, ,273 Balance Sheet as at 30 June /06/15 30/06/14 Notes Assets Investment assets 251, ,977 Derivative assets 1,170 1,169 Debtors 9 2, Cash and bank balances 10 4, Total other assets 7,717 1,698 Total assets 260, ,844 Liabilities Derivative liabilities (2,254) (1,067) Creditors 11 (3,387) (112) Bank overdrafts - (379) Net distributions payable on income shares (11) (13) Total other liabilities (3,398) (504) Total liabilities (5,652) (1,571) Net assets attributable to shareholders 254, ,273 50

52 Fidelity Institutional Index-Linked Bond Fund Notes to the financial statements 1. Accounting policies The fund s financial statements have been prepared on the same basis as the Company s financial statements as set out in the Notes to the Aggregated Financial Statements. 2. Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes. 3. Contingent liabilities At the year end there are no contingent liabilities or commitments (2014: nil). 4. Net capital gains/(losses) 30/06/15 30/06/14 Gains/(losses) on non-derivative securities 33,173 2,162 Gains/(losses) on derivative contracts (729) (865) Gains/(losses) on forward currency contracts (130) 2,300 Other currency gains/(losses) Transaction charges (6) (4) Compensation payments - 1 Net net capital gains/(losses) 32,383 3, Revenue 30/06/15 30/06/14 Interest on securities 1,087 5,071 Derivative revenue 68 (50) Bank interest 2 1 Total revenue 1,157 5, Expenses 30/06/15 30/06/14 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees Service charges Foreign exchange administration fees Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary fees Custody fees Other expenses: Audit fee 10 9 Other operating expenses Total expenses

53 Fidelity Institutional Index-Linked Bond Fund Notes to the financial statements 7. Taxation 30/06/15 30/06/14 a) Analysis of charge/(credit) for the year Overseas taxation - - Total current taxation - - b) Factors affecting tax charge/(credit) for the year Net revenue/(expense) before taxation 326 4,223 Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2014: 20%) Effects of: Increase/(decrease) in unutilised management expenses Expenses not deductible for tax purposes - 1 Interest distributions - (321) Indexation gains not subject to tax (390) (864) Interest distribution deduction restricted Current tax charge/(credit) - - Open ended investment companies are exempt from UK tax on capital gains. The fund has unrelieved excess management expenses resulting in a potential deferred tax asset of 485,000 (2014: 160,000). However, it is unlikely that the excess management expenses will be utilised in the near future against investment income and therefore the potential deferred tax asset will not be recognised. The fund is an interest distributing fund under Corporation Tax Act 2009 and as interest distributions are deductible when calculating the liability, the corporation tax charge will usually be reduced to nil, except where there are expenses which are not deductible. 8. Finance costs 30/06/15 30/06/14 Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on cancellation of shares. Income Shares Final Interim Gross paying Income Shares Final - - Interim - - Gross paying Accumulation Shares Final Interim ,865 1,570 Add: Revenue deducted on cancellation of shares Deduct: Revenue received on issue of shares (9) (14) Net distributions for the year 1,880 1,607 Interest/other Interest 9 1 Total finance costs 1,889 1,608 52

54 Fidelity Institutional Index-Linked Bond Fund Notes to the financial statements Reconciliation of Net revenue after taxation to Net distribution for the year: Net revenue after taxation for the year, per the Statement of Total Return 326 4,223 Add back (revenue)/expenses transferred to capital: Coupon distribution adjustment* 3,504 2,596 Capital Indexation** (1,950) (5,212) 1,880 1,607 * Revenue on debt securities is accounted for on an effective yield basis. For the purpose of calculating the distribution, revenue on debt securities is computed on a coupon basis where this exceeds the amount determined on an effective yield basis. ** For index-linked bonds, effective yield includes an element of capital indexation which is non distributable as permitted in the waiver provided by the FCA. Details of the distributions per share are set out in the Distribution Statement. 9. Debtors 30/06/15 30/06/14 Sales awaiting settlement 2,186 - Accrued revenue Total debtors 2, Cash and bank balances 30/06/15 30/06/14 Amounts held at futures clearing houses and brokers 2, Cash and bank balances 2, Total cash and bank balances 4, Creditors 30/06/15 30/06/14 Amounts payable for cancellation of shares Purchases awaiting settlement 3,041 - Accrued expenses UK income tax payable 3 3 Amounts payable on closure of derivative contract Total creditors 3, Financial instruments exposure Currency exposures A portion of the financial assets of the fund are denominated in currencies other than sterling, which is the fund s base currency, with the effect that the Balance Sheet and total return can be affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Total exposure Currency Investments Cash balances Debtors/(Creditors) 30/06/15 Australian Dollar Euro New Zealand Dollar UK Sterling 249,774 4,796 (590) 253,980 US Dollar Total 250,460 4,812 (493) 254,779 53

55 Fidelity Institutional Index-Linked Bond Fund Notes to the financial statements Non-monetary exposures Monetary exposures Total exposure Currency Investments Cash balances Debtors/(Creditors) 30/06/14 Australian Dollar Canadian Dollar (47) - - (47) Euro New Zealand Dollar UK Sterling 229, ,481 US Dollar Total 230, ,273 The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. Interest rate risk profile of financial assets and financial liabilities The interest rate risk profile of the fund s financial assets was: Floating rate Fixed rate Financial assets on Currency financial assets financial assets which no interest is paid Total assets 30/06/15 Australian Dollar Euro New Zealand Dollar 1,947 - (1,690) 257 UK Sterling 222,292 13,436 23, ,352 US Dollar 15,953 2,955 (18,441) 467 Total 240,423 16,391 3, ,431 30/06/14 Australian Dollar Euro 12, (13,011) 357 New Zealand Dollar 5,503 - (5,047) 456 UK Sterling 189,055 9,133 33, ,623 US Dollar 11,129 3,538 (14,260) 407 Total 218,130 13,597 1, ,844 The interest rate risk profile of the fund s financial liabilities was: Floating rate Fixed rate *Financial liabilities on Currency financial liabilities financial liabilities which no interest is paid *Total liabilities 30/06/15 Euro UK Sterling 1, , ,150 US Dollar Total 1, , ,431 30/06/14 Canadian Dollar Euro New Zealand Dollar UK Sterling 1, , ,415 US Dollar Total 1, , ,844 * Includes 254,779,000 in respect of the fund s liability to redeem all shares (2014: 231,273,000). 54

56 Fidelity Institutional Index-Linked Bond Fund Notes to the financial statements The interest rate risk profile of the fund s fixed rate financial assets was: Fixed rate financial assets Currency * Weighted average interest rate Weighted average period for which interest rate is fixed 30/06/15 UK Sterling 2.55% years US Dollar 4.94% years 30/06/14 Euro 1.42% 6.44 years UK Sterling 3.81% years US Dollar 4.69% years * The weighted average interest rate is based on the effective yield of the fixed interest portfolio. At the balance sheet date a significant portion of the fund s portfolio consisted of variable rate interest bearing financial assets (2014: same). These include index-linked bonds whose rates are variable with relevance to Retail or Consumer price indices. Interest earned and paid on bank balances in the current and preceding year were at variable rates provided by the Depositary. The average interest rates earned and paid are disclosed in the Aggregated Financial Statements. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Sensitivity analysis of derivatives exposure Futures exposure The fund invests into futures to gain exposure to the bond markets. A 1% change in interest rates would lead to a change representing 0.99% (2014: 0.23%) of the fund s market value. Interest rate swaps exposure The fund invests into interest rate swaps to manage interest rate exposure. A 1% change in interest rates would lead to a change representing 0.04% (2014: 0.43%) of the fund s market value. Inflation-linked swaps exposure The fund invests into inflation-linked swaps to manage exposure to inflation. A 1% change in inflation rates would lead to a change representing 1.93% (2014: 1.18%) of the fund s market value. See the Aggregated Financial Statements Note 14 for the narrative disclosure regarding financial instruments exposure. 13. Portfolio transaction costs 30/06/15 30/06/14 Analysis of total purchase costs Purchases excluding transaction costs 509, ,739 Commissions 7 4 Other 3 2 Total purchase transaction costs 10 6 Total purchases including transaction costs 509, ,745 Analysis of total sale costs Sales excluding transaction costs 520, ,906 Commissions (6) (4) Other (3) (2) Total sale transaction costs (9) (6) Total sales including transaction costs 520, ,900 55

57 Fidelity Institutional Index-Linked Bond Fund Notes to the financial statements 14. Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 8 by virtue of the influence it has over the operations of the fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 11. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of 64,000 (2014: 57,000) are included within accrued expenses in Note 11. At the balance sheet date, any holdings in the fund by FIL Limited which is the ultimate parent company of FIL Investment Services (UK) Limited, are detailed in Note 12 of the Aggregated Financial Statements. 15. Shareholders funds The fund currently has three share classes; Income Shares, Gross paying Income Shares and Gross paying Accumulation Shares. The annual management charge on each share class is as follows: Income Shares: 0.25% Gross paying Income Shares: 0.25% Gross paying Accumulation Shares: 0.25% The distributions per share class are given in the Distribution Statement. All classes have the same rights on winding up. 56

58 Fidelity Institutional Index-Linked Bond Fund Distribution Statament for the year ended 30 June 2015 Income Shares - final distribution No. 37 in pence per share Group 1 - Shares purchased on or before 31 December Group 2 - Shares purchased from 1 January 2015 to 30 June Amount Amount Gross Income tax Net revenue Equalisation distributed distributed revenue 20% (Note 2) 31/08/15 31/08/14 Group Group Income Shares - interim distribution No. 36 in pence per share Group 1 - Shares purchased on or before 30 June Group 2 - Shares purchased from 1 July 2014 to 31 December Amount Amount Gross Income tax Net revenue Equalisation distributed distributed revenue 20% (Note 2) 28/02/15 28/02/14 Group Group Gross paying Income Shares - final distribution No. 6 in pence per share Group 1 - Shares purchased on or before 31 December Group 2 - Shares purchased from 1 January 2015 to 30 June Amount Amount Gross Equalisation distributed distributed revenue (Note 2) 31/08/15 31/08/14 Group Group Gross paying Income Shares - interim distribution No. 5 in pence per share Group 1 - Shares purchased on or before 30 June Group 2 - Shares purchased from 1 July 2014 to 31 December Amount Amount Gross Equalisation distributed distributed revenue (Note 2) 28/02/15 28/02/14 Group Group

59 Fidelity Institutional Index-Linked Bond Fund Distribution Statement - continued for the year ended 30 June 2015 Gross paying Accumulation Shares - final distribution No. 25 in pence per share Group 1 - Shares purchased on or before 31 December Group 2 - Shares purchased from 1 January 2015 to 30 June Amount Amount Gross Equalisation accumulated accumulated revenue (Note 2) 31/08/15 31/08/14 Group Group Gross paying Accumulation Shares - interim distribution No. 24 in pence per share Group 1 - Shares purchased on or before 30 June Group 2 - Shares purchased from 1 July 2014 to 31 December Amount Amount Gross Equalisation accumulated accumulated revenue (Note 2) 28/02/15 28/02/14 Group Group

60 Fidelity Institutional Japan Fund Investment Objective and Policy The fund s investment objective is to achieve long term capital appreciation. The fund will invest primarily in the shares of companies in Japan. There is no policy to restrict investment to particular economic sectors. Fund Manager s Commentary Market Review Japanese stocks advanced over the review period. While financial markets experienced periods of volatility due to external risk factors such as the turmoil in Greece, Japanese firms made solid progress in terms of raising both profits and shareholder returns. The domestic economy gradually overcame the effects of the April 2014 sales tax hike, and both monetary and fiscal policy initiatives supported equities. Increased investment flows from domestic investors, notably public pensions and corporates, drove the market rally before overseas investors took up the reins towards the end of the period. Sectors that benefited from a weaker yen were among the standout performers. Health care stocks with stable earnings also did well. Conversely, commodity and China related sectors underperformed. Portfolio Activity Stock selection in the information technology (IT) and telecommunications sectors detracted from returns. Earnings at Fujitsu s IT services operations stalled following the sales tax hike and as an unexpected increase in strategic costs delayed a recovery. Although I reduced the position, Fujitsu could benefit from structural growth in domestic IT spending. Shares in mobile carrier SoftBank slid owing to a lack of near-term catalysts. However, I bought shares following the decline as SoftBank continues to execute well in Japan, its US subsidiary Sprint is improving and valuations are attractive. While the contribution from financials was mixed, selected holdings look attractive from both a business and valuation perspective. Improving fundamentals and higher shareholder returns are supportive of major banks and I increased the allocation to Mitsubishi UFJ Financial. I took profits in strong performing insurers such as Tokio Marine to fund new positions elsewhere. Among internetrelated stocks, e-commerce operator Rakuten was a key contributor to returns. Earnings at its online shopping and travel businesses recovered, and the profitability of its financial operations improved. I sold a portion of the holding to lock-in gains. Conversely, Kakaku.com, an operator of leading online price comparison and restaurant information websites, succumbed to concerns about a loss of earnings momentum after the sales tax hike. However, the e- commerce market in Japan is expanding and its core businesses continue to generate steady growth. I retained the underweight stance in defensive sectors given unattractive stock valuations. Outlook The breakdown of Greek debt negotiations has increased market volatility globally and fuelled concerns about contagion risk. The current weakness in China s stock market is also a concern and has the potential to negatively impact sentiment and therefore equities more broadly. However, economic fundamentals in Japan are improving. Micro-level indicators remain firm and valuations are reasonable. We are seeing positive trends in corporate governance as more companies focus on improving capital efficiency and shareholder returns. The new corporate governance code is now in effect and reinforces this trend. Performance Record Discrete 1 year performance over the last 5 years to: 30/06/11 30/06/12 30/06/13 30/06/14 30/06/15 Accumulation Shares *Comparative Index * Comparative Index: TOPIX Index (Net of UK tax). Source: Fidelity and RIMES, All performance returns are calculated using the quoted price of the relevant share class, UK, net income reinvested. Past performance is not a reliable indicator of future results. Risk Profile The value of your investment and the income from it can go down as well as up. You may not get back the amount you invested. What you get back is not guaranteed. It will depend on investment performance. This fund may invest in overseas markets. You may get back more or less as a result of currency fluctuations. This fund may invest in derivatives for the purpose of the efficient management of the fund. The use of financial derivative instruments may result in increased gains or losses within the fund. For funds that invest in derivative transactions, there is a risk that the counterparty to the transaction will wholly or partially fail to honour its contractual obligations. This may result in financial loss to the fund. For details of all the risks please see the Prospectus. Yoshimi Hashimoto Fund Manager 30 June 15 59

61 Fidelity Institutional Japan Fund Portfolio Information Fund Facts 30/06/15 30/06/14 % % Electrical Machinery Transport Equipment Banks Services Information & Communication Chemicals Insurance Real Estate Other Cash and other net assets/(liabilities) Top Holdings The top ten holdings in the fund as at 30 June 2015 and at the previous year end are shown below. Top holdings as at 30/06/15 % of total net assets Toyota Motor 5.94 Mitsubishi UFJ Financial 5.44 SoftBank 4.55 Honda Motor 3.44 Bridgestone 3.44 Nidec 3.43 Mitsubishi Heavy Industries 3.04 Orix 3.01 Sumitomo Mitsui Financial 2.73 NKSJ 2.56 Income (pence per share) XD date Accumulation Shares Final distribution 01/07/ Ongoing Charges (%) Accumulation Shares 30/06/ /06/ The Ongoing Charges figure is calculated as the ratio of the annual cost of managing and operating the fund to the average net asset value; it excludes portfolio transaction cost. Fund Size Total net Net asset assets value per Shares ( m) share (p) 1 in issue Accumulation Shares 30/06/ ,809,724 30/06/ ,201,026 30/06/ ,904,440 Income Per Share and Price History (pence) Calendar Income Lowest Highest year per share price price Accumulation Shares Top holdings as at 30/06/14 % of total net assets Toyota Motor 6.75 SoftBank 4.07 Mitsubishi UFJ Financial 3.72 Sumitomo Mitsui Financial 3.56 Fujitsu 3.42 Bridgestone 3.41 Honda Motor 3.39 Nidec 3.33 Orix 2.67 Mitsubishi Electric 2.66 Footnotes: 1. The net asset value is the accounting value at the year end on a fair value basis. 2. Figures represent distribution to 01/07/15. 60

62 Fidelity Institutional Japan Fund Statement of Total Return for the year ended 30 June /06/15 30/06/14 Notes Income Net capital gains/(losses) 4 64,092 (6,118) Revenue 5 7,793 7,788 Expenses 6 (3,846) (3,838) Finance costs: Interest/other 8 3 (3) Net revenue/(expense) before taxation 3,950 3,947 Taxation 7 (780) (702) Net revenue/(expense) after taxation 3,170 3,245 Total return before distributions 67,262 (2,873) Finance costs: Distributions 8 (3,170) (3,245) Change in net assets attributable to shareholders from investment activities 64,092 (6,118) Statement of Change in Net Assets Attributable to Shareholders for the year ended 30 June /06/15 30/06/14 Note Opening net assets attributable to shareholders 408, ,465 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 72,557 45,864 Amounts payable on cancellation of shares (121,749) (84,571) In specie cancellation of shares (12,114) - (61,306) (38,707) Change in net assets attributable to shareholders from investment activities (see above) 64,092 (6,118) Retained distribution on accumulation shares 8 2,927 3,032 Closing net assets attributable to shareholders 414, ,672 Balance Sheet as at 30 June /06/15 30/06/14 Notes Assets Investment assets 409, ,671 Debtors 9 1,904 2,826 Cash and bank balances 3, Total other assets 5,587 3,270 Total assets 415, ,941 Liabilities Creditors 10 (967) (1,050) Bank overdrafts - (219) Total liabilities (967) (1,269) Net assets attributable to shareholders 414, ,672 61

63 Fidelity Institutional Japan Fund Notes to the financial statements 1. Accounting policies The fund s financial statements have been prepared on the same basis as the Company s financial statements as set out in the Notes to the Aggregated Financial Statements. 2. Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes. 3. Contingent liabilities At the year end there are no contingent liabilities or commitments (2014: nil). 4. Net capital gains/(losses) 30/06/15 30/06/14 Gains/(losses) on non-derivative securities 64,438 (5,825) Other currency gains/(losses) (340) (325) Broker fee rebates Transaction charges (34) (16) Net net capital gains/(losses) 64,092 (6,118) 5. Revenue 30/06/15 30/06/14 Overseas dividends 7,738 7,706 Overseas property income distributions Total revenue 7,793 7, Expenses 30/06/15 30/06/14 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees 3,503 3,478 Service charges Foreign exchange administration fees 4 5 3,726 3,700 Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary fees Custody fees Other expenses: Audit fee 8 7 Other operating expenses Total expenses 3,846 3,838 62

64 Fidelity Institutional Japan Fund Notes to the financial statements 7. Taxation 30/06/15 30/06/14 a) Analysis of charge/(credit) for the year Overseas taxation Total current taxation b) Factors affecting tax charge/(credit) for the year Net revenue/(expense) before taxation 3,950 3,947 Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2014: 20%) Effects of: Overseas taxation Overseas tax expensed (1) (1) Increase/(decrease) in unutilised management expenses Revenue not included for tax purposes (1,548) (1,541) Expenses not deductible for tax purposes 1 1 Current tax charge/(credit) Open ended investment companies are exempt from UK tax on capital gains. The fund has unrelieved excess management expenses resulting in a potential deferred tax asset of 4,492,000 (2014: 3,734,000). It is unlikely that the fund will generate sufficient taxable profits in the future to utilise these and therefore no deferred tax asset has been recognised. 8. Finance costs 30/06/15 30/06/14 Distributions The distribution takes account of revenue received on the issue of shares and revenue deducted on cancellation of shares. Accumulation Shares Final 2,927 3,032 Add: Revenue deducted on cancellation of shares Deduct: Revenue received on issue of shares (125) (110) Net distribution for the year 3,170 3,245 Interest/other Interest (3) 3 Total finance costs 3,167 3,248 Details of the distributions per share are set out in the Distribution Statement. 9. Debtors 30/06/15 30/06/14 Amounts receivable for issue of shares - 11 Sales awaiting settlement 1,180 1,309 Sales of currency awaiting settlement Accrued revenue 615 1,009 Broker fee rebates receivable Total debtors 1,904 2,826 63

65 Fidelity Institutional Japan Fund Notes to the financial statements 10. Creditors 30/06/15 30/06/14 Amounts payable for cancellation of shares Purchases awaiting settlement Purchases of currency awaiting settlement Accrued expenses Total creditors 967 1, Financial instruments exposure Currency exposures A substantial portion of the financial assets of the fund are denominated in currencies other than sterling, which is the fund s base currency, with the effect that the Balance Sheet and total return can be significantly affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Total exposure Currency Investments Cash balances Debtors/(Creditors) 30/06/15 Japanese Yen 409,765 3,673 1, ,782 UK Sterling - 6 (406) (400) US Dollar - 4 (1) 3 Total 409,765 3, ,385 30/06/14 Japanese Yen 406, , ,971 UK Sterling - - (298) (298) US Dollar - - (1) (1) Total 406, , ,672 The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. Interest rate risk profile The only interest rate bearing financial instruments in the fund are its bank balances and/or amounts held at futures clearing houses and brokers. Interest earned and paid on bank balances in the current and preceding year were at variable rates provided by the Depositary. The average interest rates earned and paid are disclosed in the Aggregated Financial Statements. Due to the fact that the fund holds no material fixed interest securities there is minimal interest rate exposure on this fund (2014: minimal exposure). Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Sensitivity analysis of derivatives exposure The fund holds no derivatives at the year end (2014: same). See the Aggregated Financial Statements Note 14 for the narrative disclosure regarding financial instruments exposure. 64

66 Fidelity Institutional Japan Fund Notes to the financial statements 12. Portfolio transaction costs 30/06/15 30/06/14 Analysis of total purchase costs Purchases excluding transaction costs 211, ,606 Commissions Other 15 8 Total purchase transaction costs Total purchases including transaction costs 211, ,743 Analysis of total sale costs Sales excluding transaction costs 273, ,402 Commissions (163) (141) Other (19) (8) Total sale transaction costs (182) (149) Total sales including transaction costs 272, , Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 8 by virtue of the influence it has over the operations of the fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 10. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of 293,000 (2014: 284,000) are included within accrued expenses in Note 10. At the balance sheet date, any holdings in the fund by FIL Limited which is the ultimate parent company of FIL Investment Services (UK) Limited, are detailed in Note 12 of the Aggregated Financial Statements. 14. Shareholders funds The fund currently has Accumulation Shares. The annual management charge is: Accumulation Shares: 0.80% The distributions per share class are given in the Distribution Statement. 65

67 Fidelity Institutional Japan Fund Distribution Statement for the year ended 30 June 2015 Accumulation Shares - final distribution No. 18 in pence per share Group 1 - Shares purchased on or before 30 June Group 2 - Shares purchased from 1 July 2014 to 30 June Amount Amount Net revenue Equalisation accumulated accumulated (Note 2) 31/08/15 31/08/14 Group Group

68 Fidelity Institutional Long Bond Fund Investment Objective and Policy The fund s investment objective is to achieve both capital growth and income. At least half of the portfolio will be invested in UK and overseas gilts and other fixed interest securities with a remaining maturity of at least 15 years. The fund may also invest in other UK and overseas gilts and fixed interest securities. Fund Manager s Commentary Market Review UK government bonds (Gilts) advanced over the period and outperformed corporate bonds. UK Gilts yields fell as low inflation data helped to calm fears of an earlier-than-expected interest rate hike. UK investment grade corporate bonds also advanced over the period. On the macroeconomic front, the UK continued to recover, with real wages growing at the fastest pace in nearly eight years. Meanwhile, the inflation rate turned positive in May, with the Consumer Price Index (CPI) rising by 0.1%, after one month of deflation in April. Industrial production got a boost in May due to a rebound in the oil and gas sector and the services Purchasing Managers Index (PMI) rose to 58.5 in June. The economy grew by 2.9% in the first quarter of With overall macroeconomic developments still subdued and broadly in line with expectations, the Bank of England s Monetary Policy Committee (MPC) voted to maintain interest rates at 0.5% and the asset purchase facility at 375 billion. Portfolio Activity The fund s interest rate strategy and credit selection weighed on returns. In particular, the long duration (more sensitive to interest rate changes than the index) position in sterling in April and May 2015 hurt performance as Gilt yields rose. In credit, the exposure to the utility sector via holdings in GDF Suez and Electricite de France held back returns. Selected positions in the capital goods sector, such as 3M, also detracted from performance. On a positive note, the allocation to covered bonds of Lloyd s Bank and Barclays contributed to returns. In terms of strategy, we retained a flexible approach to interest rate positioning in light of the ongoing market volatility. At the end of the review period, the fund had an overweight duration position, mainly through a long position in US dollar duration. This was partially offset by the short duration stance in euro rates as the uncertainty over Greece is likely to weigh on bonds. The fund has a neutral stance on sterling duration. We increased the exposure to high-conviction investment grade securities. For instance, the allocation to the financials sector was raised by adding new holdings in CME Group, Nationwide and JP Morgan. Conversely, we reduced the exposure to the communications sector by selling the position in Etisalat. We also reduced the allocation to covered bonds by selling the holding in Credit Suisse. From a rating perspective, the allocation to higher rated securities was lowered by selling the position in Svenska Handelsbanken. Outlook We expect Gilts to deliver flat returns over the next 12 months, although there is scope for a further rise in yields. Market volatility is expected to remain high if the situation in Greece continues without some form of resolution. However, the shortage of safe havens is likely to be supportive for Gilts. Performance Record Discrete 1 year performance over the last 5 years to: 30/06/11 30/06/12 30/06/13 30/06/14 30/06/15 Income Shares Gross paying Accumulation Shares** Gross paying Income Shares *Comparative Index * Comparative Index: FTSE British Government Over 15 Years Index (Net of UK tax). Source: Fidelity and RIMES, All performance returns are calculated using the quoted price of the relevant share class, UK, net income reinvested, ** gross income reinvested. Past performance is not a reliable indicator of future results. Risk Profile The value of your investment and the income from it can go down as well as up. You may not get back the amount you invested. What you get back is not guaranteed. It will depend on investment performance. This fund may invest in sub investment grade bonds. These bonds may produce a higher level of income than investment grade bonds but at a higher risk to your capital. With funds that invest in bonds, there is a risk that the issuer of the bond may default on its repayments. The likelihood of this happening will depend on the credit worthiness of the issuer. The risk of default is usually greatest with bonds that are classed as sub investment grade. This fund may invest in overseas markets. You may get back more or less as a result of currency fluctuations. This fund may invest in developing overseas markets which carry a higher risk than investing in larger established markets. Investments in emerging markets are likely to experience greater rises and falls in value and there may be trading difficulties. This fund may invest in derivatives for the purpose of the efficient management of the fund. The use of financial derivative instruments may result in increased gains or losses within the fund. For funds that invest in derivative transactions, there is a risk that the counterparty to the transaction will wholly or partially fail to honour its contractual obligations. This may result in financial loss to the fund. For details of all the risks please see the Prospectus. Ian Fishwick & Jeremy Church Fund Managers 30 June 15 67

69 Fidelity Institutional Long Bond Fund Portfolio Information Fund Facts 30/06/15 30/06/14 % % AA Rated A Rated AAA Rated Interest Rate Swaps BBB Rated Not Rated Forward Foreign Exchange Contracts Futures Index Credit Default Swaps Cash and other net assets/(liabilities) Top Holdings The top ten holdings in the fund as at 30 June 2015 and at the previous year end are shown below. Top holdings as at 30/06/15 % of total net assets UK Gilt Treasury 3.75% 22/07/ UK Gilt Treasury 4.75% 07/12/ UK Gilt Treasury 4.25% 07/09/ UK Gilt Treasury 3.25% 22/01/ UK Gilt Treasury 3.50% 02/07/ UK Gilt Treasury 4.25% 07/03/ UK Gilt Treasury 4.25% 07/12/ UK Gilt Treasury 1.00% 07/09/ UK Gilt Treasury 4.00% 22/01/ UK Gilt Treasury 4.50% 07/09/ Top holdings as at 30/06/14 % of total net assets UK Gilt Treasury 4.25% 07/09/ UK Gilt Treasury 3.75% 22/07/ UK Gilt Treasury 4.75% 07/12/ UK Gilt Treasury 3.25% 22/01/ UK Gilt Treasury 4.50% 07/09/ UK Gilt Treasury 4.25% 07/03/ UK Gilt Treasury 4.25% 07/12/ UK Gilt Treasury 4.25% 07/12/ UK Gilt Treasury 4.50% 07/12/ UK Gilt Treasury 4.00% 22/01/ Footnotes: 1. The net asset value is the accounting value at the year end on a fair value basis. 2. Figures represent distribution to 01/07/15. Income (pence per share) XD date Income Shares Gross paying Income Shares Final distribution 01/07/ Interim distribution 01/04/ Interim distribution 01/01/ Interim distribution 01/10/ XD date Gross paying Accumulation Shares Final distribution 01/07/ Interim distribution 01/04/ Interim distribution 01/01/ Interim distribution 01/10/ Ongoing Charges (%) Income Shares Gross paying Income Shares 30/06/ /06/ Gross paying Accumulation Shares 30/06/ /06/ The Ongoing Charges figure is calculated as the ratio of the annual cost of managing and operating the fund to the average net asset value; it excludes portfolio transaction cost. Fund Size Total net Net asset Total net Net asset assets value per Shares assets value per Shares ( m) share (p) 1 in issue ( m) share (p) 1 in issue Income Shares Gross paying Income Shares 30/06/ ,938, , ,320 30/06/ ,760, ,320 30/06/ ,087, ,320 Gross paying Accumulation Shares 30/06/ ,469,551 30/06/ ,383,863 30/06/ ,130,475 Income Per Share and Price History (pence) Calendar Income Lowest Highest Income Lowest Highest year per share price price per share price price Income Shares Gross paying Income Shares , , , , , Gross paying Accumulation Shares

70 Fidelity Institutional Long Bond Fund Statement of Total Return for the year ended 30 June /06/15 30/06/14 Notes Income Net capital gains/(losses) 4 21,601 3,220 Revenue 5 5,944 6,342 Expenses 6 (598) (555) Finance costs: Interest/other 8 - (242) Net revenue/(expense) before taxation 5,346 5,545 Taxation Net revenue/(expense) after taxation 5,346 5,545 Total return before distributions 26,947 8,765 Finance costs: Distributions 8 (5,346) (5,545) Change in net assets attributable to shareholders from investment activities 21,601 3,220 Statement of Change in Net Assets Attributable to Shareholders for the year ended 30 June /06/15 30/06/14 Note Opening net assets attributable to shareholders 164, ,417 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 43,462 31,745 Amounts payable on cancellation of shares (51,779) (37,976) In specie cancellation of shares (26,154) (18,016) (34,471) (24,247) Change in net assets attributable to shareholders from investment activities (see above) 21,601 3,220 Retained distribution on accumulation shares 8 4,617 4,770 Closing net assets attributable to shareholders 155, ,160 Balance Sheet as at 30 June /06/15 30/06/14 Notes Assets Investment assets 148, ,921 Derivative assets 6,383 3,164 Debtors 9 1,864 2,171 Cash and bank balances ,283 Total other assets 2,708 3,454 Total assets 157, ,539 Liabilities Derivative liabilities (1,226) (503) Creditors 11 (161) (954) Bank overdrafts - (797) Net distributions payable on income shares (140) (125) Total other liabilities (301) (1,876) Total liabilities (1,527) (2,379) Net assets attributable to shareholders 155, ,160 69

71 Fidelity Institutional Long Bond Fund Notes to the financial statements 1. Accounting policies The fund s financial statements have been prepared on the same basis as the Company s financial statements as set out in the Notes to the Aggregated Financial Statements. 2. Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes. 3. Contingent liabilities At the year end there are no contingent liabilities or commitments (2014: nil). 4. Net capital gains/(losses) 30/06/15 30/06/14 Gains/(losses) on non-derivative securities 20,284 2,994 Gains/(losses) on derivative contracts 1,212 (368) Gains/(losses) on forward currency contracts Other currency gains/(losses) (28) (75) Transaction charges (4) (5) Net net capital gains/(losses) 21,601 3, Revenue 30/06/15 30/06/14 Interest on securities 5,351 6,334 Derivative revenue Bank interest 2 1 Total revenue 5,944 6, Expenses 30/06/15 30/06/14 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees Service charges Foreign exchange administration fees Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary fees Custody fees Other expenses: Audit fee 10 9 Other operating expenses Total expenses

72 Fidelity Institutional Long Bond Fund Notes to the financial statements 7. Taxation 30/06/15 30/06/14 a) Analysis of charge/(credit) for the year UK corporation tax - - Total current taxation - - b) Factors affecting tax charge/(credit) for the year Net revenue/(expense) before taxation 5,346 5,545 Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2014: 20%). 1,069 1,109 Effects of: Interest distributions (1,069) (1,109) Current tax charge/(credit) - - Open ended investment companies are exempt from UK tax on capital gains. The fund is an interest distributing fund under Corporation Tax Act 2009 and as interest distributions are deductible when calculating the liability, the corporation tax charge will usually be reduced to nil, except where there are expenses which are not deductible. 8. Finance costs 30/06/15 30/06/14 Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on cancellation of shares. Income Shares Final Interim Gross paying Income Shares Final - - Interim - - Gross paying Accumulation Shares Final 964 1,182 Interim 3,653 3,588 5,302 5,394 Add: Revenue deducted on cancellation of shares Deduct: Revenue received on issue of shares (185) (129) Add: Revenue deducted on cancellation of in specie shares Net distributions for the year 5,346 5,545 Interest/other Interest - 3 Derivative expense Total finance costs 5,346 5,787 Details of the distributions per share are set out in the Distribution Statement. 71

73 Fidelity Institutional Long Bond Fund Notes to the financial statements 9. Debtors 30/06/15 30/06/14 Amounts receivable for issue of shares 52 - Sales of currency awaiting settlement Accrued revenue 1,812 1,850 Total debtors 1,864 2, Cash and bank balances 30/06/15 30/06/14 Amounts held at futures clearing houses and brokers Cash and bank balances Total cash and bank balances 844 1, Creditors 30/06/15 30/06/14 Amounts payable for cancellation of shares Purchases awaiting settlement Purchases of currency awaiting settlement Accrued expenses UK income tax payable Amounts payable on closure of derivative contract - 6 Total creditors Financial instruments exposure Currency exposures A portion of the financial assets of the fund are denominated in currencies other than sterling, which is the fund s base currency, with the effect that the Balance Sheet and total return can be affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Total exposure Currency Investments Cash balances Debtors/(Creditors) 30/06/15 Australian Dollar Euro UK Sterling 152, , ,701 US Dollar Total 153, , ,907 30/06/14 Australian Dollar Euro (312) 113 UK Sterling 162, , ,893 US Dollar Total 162, , ,160 The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. 72

74 Fidelity Institutional Long Bond Fund Notes to the financial statements Interest rate risk profile of financial assets and financial liabilities The interest rate risk profile of the fund s financial assets was: Floating rate Fixed rate Financial assets on Currency financial assets financial assets which no interest is paid Total assets 30/06/15 Australian Dollar Euro 61 3,808 (3,359) 510 UK Sterling 7, ,581 23, ,922 US Dollar ,909 (16,356) 1,001 Total 7, ,298 3, ,434 30/06/14 Australian Dollar Euro 1 2,043 (1,112) 932 UK Sterling 5, ,230 8, ,405 US Dollar - 4,927 (4,726) 201 Total 5, ,200 2, ,539 The interest rate risk profile of the fund s financial liabilities was: Floating rate Fixed rate *Financial liabilities on Currency financial liabilities financial liabilities which no interest is paid *Total liabilities 30/06/15 Euro UK Sterling , ,128 US Dollar Total , ,434 30/06/14 Euro UK Sterling 1, , ,672 US Dollar Total 1, , ,539 *Includes 155,907,000 in respect of the fund s liability to redem all shares (2014: 164,160,000). The interest rate risk profile of the fund s fixed rate financial assets was: Fixed rate financial assets Currency * Weighted average interest rate Weighted average period for which interest rate is fixed 30/06/15 Euro 2.85% years UK Sterling 2.69% years US Dollar 3.61% years 30/06/14 Euro 2.20% years UK Sterling 3.38% years US Dollar 3.20% years * The weighted average interest rate is based on the effective yield of the fixed interest portfolio. Interest earned and paid on bank balances in the current and preceding year were at variable rates provided by the Depositary. The average interest rates earned and paid are disclosed in the Aggregated Financial Statements. 73

75 Fidelity Institutional Long Bond Fund Notes to the financial statements Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Sensitivity analysis of derivatives exposure Futures exposure The fund invests into future to gain exposure to the bond markets. A 1% change in interest rates would lead to a change representing 1.11% (2014: 0.27%) of the fund s market value. Interest rate swaps exposure The fund invests into interest rate swaps to manage interest rate exposure. A 1% change in interest rates would lead to a change representing 3.70% (2014: 1.37%) of the fund s market value. Credit default swaps exposure The fund invests in credit default swaps selling protection in return for a premium greater than the credit spread on the underlying bonds, and buying protection against the credit risk of the underlying bonds. A 2% change in credit spreads would lead to a change representing 0.05% (2014: nil) of the fund s market value. See the Aggregated Financial Statements Note 14 for the narrative disclosure regarding financial instruments exposure. 13. Portfolio transaction costs 30/06/15 30/06/14 Analysis of total purchase costs Purchases excluding transaction costs 88,146 84,753 Commissions 2 3 Other 2 3 Total purchase transaction costs 4 6 Total purchases including transaction costs 88,150 84,759 Analysis of total sale costs Sales excluding transaction costs 118, ,960 Commissions (2) (3) Other (2) (2) Total sale transaction costs (4) (5) Total sales including transaction costs 118, , Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 8 by virtue of the influence it has over the operations of the fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 11. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of 39,000 (2014: 41,000) are included within accrued expenses in Note 11. At the balance sheet date, any holdings in the fund by FIL Limited which is the ultimate parent company of FIL Investment Services (UK) Limited, are detailed in Note 12 of the Aggregated Financial Statements. 15. Shareholders funds The fund currently has three share classes; Income Shares, Gross paying Income Shares and Gross paying Accumulation Shares. The annual management charge on each share class is as follows: Income Shares: 0.25% Gross paying Income Shares: 0.25% Gross paying Accumulation Shares: 0.25% The distributions per share class are given in the Distribution Statement. All classes have the same rights on winding up. 74

76 Fidelity Institutional Long Bond Fund Distribution Statement for the year ended 30 June 2015 Income Shares - final distribution No. 73 in pence per share Group 1 - Shares purchased on or before 31 March Group 2 - Shares purchased from 1 April 2015 to 30 June Amount Amount Gross Income tax Net revenue Equalisation distributed distributed revenue 20% (Note 2) 31/08/15 31/08/14 Group Group Income Shares - interim distributions in pence per share Group 1 - Distribution No. 70 Shares purchased on or before 30 June Group 1 - Distribution No. 71 Shares purchased on or before 30 September Group 1 - Distribution No. 72 Shares purchased on or before 31 December Group 2 - Distribution No. 70 Shares purchased from 1 July 2014 to 30 September Group 2 - Distribution No. 71 Shares purchased from 1 October 2014 to 31 December Group 2 - Distribution No. 72 Shares purchased from 1 January 2015 to 31 March Amount Amount Gross Income tax Net revenue Equalisation distributed distributed revenue 20% (Note 2) 2014/ /2014 Group 1 Distribution No Distribution No Distribution No Group 2 Distribution No Distribution No Distribution No Gross paying Income Shares - final distribution No. 12 in pence per share Group 1 - Shares purchased on or before 31 March Group 2 - Shares purchased from 1 April 2015 to 30 June Amount Amount Gross revenue Equalisation distributed distributed (Note 2) 31/08/15 31/08/14 Group Group

77 Fidelity Institutional Long Bond Fund Distribution Statement - continued for the year ended 30 June 2015 Gross paying Income Shares - interim distributions in pence per share Group 1 - Distribution No. 9 Shares purchased on or before 30 June Group 1 - Distribution No. 10 Shares purchased on or before 30 September Group 1 - Distribution No. 11 Shares purchased on or before 31 December Group 2 - Distribution No. 9 Shares purchased from 1 July 2014 to 30 September Group 2 - Distribution No. 10 Shares purchased from 1 October 2014 to 31 December Group 2 - Distribution No. 11 Shares purchased from 1 January 2015 to 31 March Amount Amount Gross revenue Equalisation distributed distributed (Note 2) 2014/ /2014 Group 1 Distribution No Distribution No Distribution No Group 2 Distribution No Distribution No Distribution No Gross paying Accumulation Shares - final distribution No. 49 in pence per share Group 1 - Shares purchased on or before 31 March Group 2 - Shares purchased from 1 April 2015 to 30 June Amount Amount Goss revenue Equalisation accumulated accumulated (Note 2) 31/08/15 31/08/14 Group Group Gross paying Accumulation Shares - interim distributions in pence per share Group 1 - Distribution No. 46 Shares purchased on or before 30 June Group 1 - Distribution No. 47 Shares purchased on or before 30 September Group 1 - Distribution No. 48 Shares purchased on or before 31 December Group 2 - Distribution No. 46 Shares purchased from 1 July 2014 to 30 September Group 2 - Distribution No. 47 Shares purchased from 1 October 2014 to 31 December Group 2 - Distribution No. 48 Shares purchased from 1 January 2015 to 31 March Amount Amount Goss revenue Equalisation accumulated accumulated (Note 2) 2014/ /2014 Group 1 Distribution No Distribution No Distribution No Group 2 Distribution No Distribution No Distribution No

78 Fidelity Institutional MoneyBuilder Income Reduced Duration Fund Investment Objective and Policy The Fund s investment objective is to achieve an attractive level of income from a portfolio providing exposure primarily to sterling-denominated (or hedged back to Sterling) fixed interest securities. While the Fund will be substantially invested in the Fidelity MoneyBuilder Income Fund, it is the intention through the use of derivatives to hedge interest rate risk, such that the returns achieved may be substantially different to those of the Fidelity MoneyBuilder Income Fund. Fund Manager s Commentary Market Review UK government bonds (Gilts) advanced over the period and outperformed corporate bonds. UK Gilt yields fell as low inflation data helped to calm fears of an earlier-than-expected interest rate hike. UK investment grade corporate bonds also advanced over the review period. On the macroeconomic front, the UK continued to recover, with real wages growing at the fastest pace in nearly eight years. Meanwhile, the inflation rate turned positive in May, with the Consumer Price Index (CPI) rising by 0.1%, after one month of deflation in April. UK industrial production got a boost in May from a rebound in the oil and gas sector and the services Purchasing Managers Index (PMI) rose to 58.5 in June. The UK economy grew by 2.9% in the first quarter of With overall macroeconomic developments still subdued and broadly in line with expectations, the Bank of England s (BoE) Monetary Policy Committee (MPC) voted to maintain interest rates at 0.5% and the asset purchase facility at 375 billion. Portfolio Activity The fund is a master-feeder fund that provides exposure to Fidelity Money Builder Income Fund with an interest rate overlay to reduce interest rate risk (duration). The fund s performance was negatively impacted by adverse credit selection in non-financial securities. For instance, the exposure to tenanted pub operator Enterprise Inns was a key detractor from returns. The government made an unexpected amendment to the pub-code legislation, which could have a negative impact on its business. On a positive note, an underweight position in Petrobras contributed to relative performance as the company delayed the release of its third quarter earnings due to an internal corruption scandal. The fund maintains higher levels of credit risk versus the index, with a bias towards defensive sectors such as consumer staples, telecommunications, transportation, regulated utilities and high quality asset-backed securities. Within financials, positive selection in covered bank bonds boosted returns. The fund remains underweight in financials with the exception of covered bonds, which offer a high level of investor protection. Over the period, new positions were purchased in Mondelez, Eli Lilly and Society of Lloyd s. Meanwhile, the exposure to Glencore, Imperial Tobacco and British American Tobacco was reduced. Outlook The UK economy is likely to remain characterised by slow growth and low inflation in 2015, which should help to keep Gilt yields largely stable. The BoE s accommodative monetary policy stance, expectations that interest rates will remain at current levels for the remainder of year and that inflation will stay below the central bank s target rate are also supportive for the asset class. As investors continue to search for yield, demand for investment grade corporate bonds should remain strong. Moreover, the recent improvement in valuations of investment grade corporate bonds should also support demand for the asset class. However, given the various challenges facing global markets, I expect returns to be mostly driven by coupon income. Performance Record Discrete 1 year performance over the last 5 years to: 30/06/11 30/06/12 30/06/13 30/06/14 30/06/15 Y Income Shares Gross paying Y Income Shares** Gross paying Y Accumulation Shares** Y Accumulation Shares *Comparative Index * Comparative Index: MB Income Red Duration Custom. Source: Fidelity and RIMES, All performance returns are calculated using the quoted price of the relevant share class, UK, net income reinvested, ** gross income reinvested. Past performance is not a reliable indicator of future results. Risk Profile The value of your investment and the income from it can go down as well as up. You may not get back the amount you invested. What you get back is not guaranteed. It will depend on investment performance. The main aim of this fund is to produce income. When this income is paid out instead of being reinvested, there is little prospect of any real capital growth. The fund is a feeder fund and will be substantially invested in the Fidelity MoneyBuilder Income Fund, it is the intention through the use of derivatives to hedge interest rate risk, such that the returns achieved may be substantially different to those of the Fidelity MoneyBuilder Income Fund. This fund may invest in subinvestment grade bonds. These bonds may produce a higher level of income than investment grade bonds but at a higher risk to your capital. With funds that invest in bonds, there is a risk that the issuer of the bond may default on its repayments. The likelihood of this happening will depend on the creditworthiness of the issuer. The fund may invest in derivatives for the purposes of the efficient management of the fund including hedging interest rate risk. For funds that invest in derivative transactions, there is a risk that the counterparty to the transaction will wholly or partially fail to honour its contractual obligations. This may result in financial loss to the fund. For details of all the risks please see the prospectus. The use of financial derivative instruments may result in increased gains or losses within the fund. Ian Spreadbury Fund Manager 30 June 15 77

79 Fidelity Institutional MoneyBuilder Income Reduced Duration Fund Portfolio Information Fund Facts 30/06/15 30/06/14 % % Fixed Interest Funds AA Rated Futures Interest Rate Swaps Cash and other net assets/(liabilities) Top Holdings The top ten holdings in the fund as at 30 June 2015 and at the previous year end are shown below. Top holdings as at 30/06/15 % of total net assets Fidelity MoneyBuilder Income Fund UK Gilt Treasury 2.00% 22/01/ UK Gilt Treasury 4.00% 07/09/ Pay fixed 1.524%, receive floating 29/01/ Pay fixed 1.955%, receive floating 11/03/ Pay fixed 2.035%, receive floating 17/03/ Pay fixed 1.84%, receive floating 18/04/ Pay fixed 1.26%, receive floating 25/03/ Pay fixed 1.35%, receive floating 17/04/ Pay fixed 1.771%, receive floating 28/04/ Top holdings as at 30/06/14 % of total net assets Fidelity MoneyBuilder Income Fund Pay fixed 1.84%, receive floating 18/04/ UK Gilt Treasury 5.00% 07/09/ Pay fixed 2.649%, receive floating 30/05/ Pay fixed 1.17%, receive floating 29/01/ Pay fixed 3.10%, receive floating 30/05/ Pay fixed 0.924%, receive floating 18/04/ Pay fixed %, receive floating 30/05/ Pay fixed 1.976%, receive floating 30/05/ Pay fixed 1.908%, receive floating 04/02/ Footnotes: 1. The net asset value is the accounting value at the year end on a fair value basis. 2. Figures represent distribution to 01/07/15. Income (pence per share) Y Income Gross paying Y XD date Shares Income Shares Final distribution 01/07/ Interim distribution 01/06/ Interim distribution 01/05/ Interim distribution 01/04/ Interim distribution 01/03/ Interim distribution 01/02/ Interim distribution 01/01/ Interim distribution 01/12/ Interim distribution 01/11/ Interim distribution 01/10/ Interim distribution 01/09/ Interim distribution 01/08/ Y Accumulation Gross paying Y XD date Shares Accumulation Shares Final distribution 01/07/ Ongoing Charges (%) Y Income Gross paying Shares Y Income Shares 30/06/ /06/ Y Accumulation Gross paying Y Shares Accumulation Shares 30/06/ /06/ *The ongoing charge figure of the MoneyBuilder Income fund for the year ended 28/02/15 was 0.56% (28/02/14: 0.57%). The Ongoing Charges figure is calculated as the ratio of the annual cost of managing and operating the fund to the average net asset value; it excludes portfolio transaction cost. Fund Size Total net Net asset Total net Net asset assets value per Shares assets value per Shares ( m) share (p) 1 in issue ( m) share (p) 1 in issue Y Income Shares Gross paying Y Income Shares 30/06/ ,181, ,433,970 30/06/ , ,421, , ,201,370 30/06/ Y Accumulation Shares Gross paying Y Accumulation Shares 30/06/ , ,476, , ,272,823 30/06/ , , , ,181,597 30/06/ , , , ,160,328 Income Per Share and Price History (pence) Calendar Income Lowest Highest Income Lowest Highest year per share price price per share price price Y Income Shares Gross paying Y Income Shares , , , , , , Y Accumulation Shares Gross paying Y Accumulation Shares , , , , , , , , , ,

80 Fidelity Institutional MoneyBuilder Income Reduced Duration Fund Statement of Total Return for the year ended 30 June /06/15 30/06/14 Notes Income Net capital gains/(losses) 4 (2,443) 1,097 Revenue 5 4,453 1,647 Expenses 6 (545) (244) Finance costs: Interest/other 8 (1,125) (169) Net revenue/(expense) before taxation 2,783 1,234 Taxation Net revenue/(expense) after taxation 2,783 1,234 Total return before distributions 340 2,331 Finance costs: Distributions 8 (2,848) (1,247) Change in net assets attributable to shareholders from investment activities Statement of Change in Net Assets Attributable to Shareholders for the year ended 30 June 2015 (2,508) 1,084 30/06/15 30/06/14 Opening net assets attributable to shareholders 95,206 17,327 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 80,574 86,260 Amounts payable on cancellation of shares (28,932) (9,982) 51,642 76,278 Stamp duty reserve tax - (22) Change in net assets attributable to shareholders from investment activities (see above) (2,508) 1,084 Retained distribution on accumulation shares Closing net assets attributable to shareholders 145,014 95,206 Balance Sheet as at 30 June /06/15 30/06/14 Notes Assets Investment assets 144,496 94,358 Derivative assets Debtors 9 1, Cash and bank balances 10 4, Total other assets 5,802 1,463 Total assets 150,943 96,687 Liabilities Derivative liabilities (4,733) (446) Creditors 11 (983) (884) Net distributions payable on income shares (213) (151) Total other liabilities (1,196) (1,035) Total liabilities (5,929) (1,481) Net assets attributable to shareholders 145,014 95,206 79

81 Fidelity Institutional MoneyBuilder Income Reduced Duration Fund Notes to the financial statements 1. Accounting policies The fund s financial statements have been prepared on the same basis as the Company s financial statements as set out in the Notes to the Aggregated Financial Statements. 2. Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes. 3. Contingent liabilities At the year end there are no contingent liabilities or commitments (2014: nil). 4. Net capital gains/(losses) 30/06/15 30/06/14 Gains/(losses) on non-derivative securities 1,615 1,686 Gains/(losses) on derivative contracts (4,050) (584) Transaction charges (8) (5) Net net capital gains/(losses) (2,443) 1, Revenue 30/06/15 30/06/14 Interest on securities 3,942 1,405 ACD rebate/waiver to income Bank interest 9 - Total revenue 4,453 1, Expenses 30/06/15 30/06/14 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees Service charges Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary fees 14 6 Custody fees Other expenses: Audit fee Other operating expenses Total expenses

82 Fidelity Institutional MoneyBuilder Income Reduced Duration Fund Notes to the financial statements 7. Taxation 30/06/15 30/06/14 a) Analysis of charge/(credit) for the year UK corporation tax - - Total current taxation - - b) Factors affecting tax charge/(credit) for the year Net revenue/(expense) before taxation 2,783 1,234 Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2014: 20%) Effects of: Increase/(decrease) in unutilised management expenses - (6) Interest distributions (557) (241) Current tax charge/(credit) - - Open ended investment companies are exempt from UK tax on capital gains. The fund is an interest distributing fund under Corporation Tax Act 2009 and as interest distributions are deductible when calculating the liability, the corporation tax charge will usually be reduced to nil, except where there are expenses which are not deductible. 8. Finance costs 30/06/15 30/06/14 Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on cancellation of shares. Y Income Shares Final Interim Gross paying Y Income Shares Final Interim 1, Y Accumulation Shares Final Gross paying Y Accumulation Shares Final ,092 1,464 Add: Revenue deducted on cancellation of shares Deduct: Revenue received on issue of shares (432) (358) Net distributions for the year 2,848 1,247 Interest/other Interest 1 - Derivative expense 1, , Total finance costs 3,973 1,416 81

83 Fidelity Institutional MoneyBuilder Income Reduced Duration Fund Notes to the financial statements Reconciliation of Net revenue after taxation to Net distribution for the year: Net revenue after taxation for the year, per the Statement of Total Return 2,783 1,234 Add back (revenue)/expenses transferred to capital: Coupon distribution adjustment* ,848 1,247 * Revenue on debt securities is accounted for on an effective yield basis. For the purpose of calculating the distribution, revenue on debt securities is computed on a coupon basis where this exceeds the amount determined on an effective yield basis. Details of the distributions per share are set out in the Distribution Statement. 9. Debtors 30/06/15 30/06/14 Amounts receivable for issue of shares 1, Sales awaiting settlement Accrued revenue ACD fee rebate/waiver recoverable Total debtors 1, Cash and bank balances 30/06/15 30/06/14 Amounts held at futures clearing houses and brokers 1, Cash and bank balances 2, Total cash and bank balances 4, Creditors 30/06/15 30/06/14 Amounts payable for cancellation of shares Purchases awaiting settlement Accrued expenses UK income tax payable Amounts payable on closure of derivative contract Total creditors Financial instruments exposure Currency exposures Due to the fact that all of the assets of the fund are denominated in sterling there is no direct currency exposure at year end (2014: same). The currency exposure of the fund was: Non-monetary exposures Monetary exposures Total exposure Currency Investments Cash balances Debtors/(Creditors) 30/06/15 UK Sterling 140,408 4, ,014 Total 140,408 4, ,014 30/06/14 UK Sterling 94, (323) 95,206 Total 94, (323) 95,206 The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. 82

84 Fidelity Institutional MoneyBuilder Income Reduced Duration Fund Notes to the financial statements Interest rate risk profile of financial assets and financial liabilities The interest rate risk profile of the fund s financial assets was: Floating rate Fixed rate Financial assets on Currency financial assets financial assets which no interest is paid Total assets 30/06/15 UK Sterling 144,595 4,739 1, ,943 Total 144,595 4,739 1, ,943 30/06/14 UK Sterling 95, ,687 Total 95, ,687 The interest rate risk profile of the fund s financial liabilities was: Floating rate Fixed rate *Financial liabilities on Currency financial liabilities financial liabilities which no interest is paid *Total liabilities 30/06/15 UK Sterling 4, , ,943 Total 4, , ,943 30/06/14 UK Sterling ,307 96,687 Total ,307 96,687 * Includes 145,014,000 in respect of the fund s liability to redeem all shares (2014: 95,206,000). The interest rate risk profile of the fund s fixed rate financial assets was: Fixed rate financial assets Currency * Weighted average interest rate Weighted average period for which interest rate is fixed 30/06/15 UK Sterling 0.50% 0.77 years 30/06/14 UK Sterling 0.46% 0.19 years * The weighted average interest rate is based on the effective yield of the fixed interest portfolio. Interest earned and paid on bank balances in the current and preceding year were at variable rates provided by the Depositary. The average interest rates earned and paid are disclosed in the Aggregated Financial Statements. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Analysis of derivative exposure Value-at-Risk (VaR) analysis assesses potential losses for a given statistical confidence level and a specific time horizon. The company uses a 99% confidence level and a 20 trading day (approximately 1 calendar month) time horizon for its analysis. The model employed is based on historically observed market risk factors (such as stock prices, interest rates and credit spreads) to simulate the expected changes to the valuation of individual assets held in a fund. The sum of these simulations provides the basis for the estimation process at fund level. The reliability of VaR analysis can be negatively affected by significant changes to the volatility of market risk factors as well as the deviation of actual market prices from those derived in the simulation framework. For this fund VaR including derivatives was 3.80% (2014: 2.11%) and excluding derivatives was 3.21% (2014: 3.63%). See the Aggregated Financial Statements Note 14 for the narrative disclosure regarding financial instruments exposure. 83

85 Fidelity Institutional MoneyBuilder Income Reduced Duration Fund Notes to the financial statements 13. Portfolio transaction costs 30/06/15 30/06/14 Analysis of total purchase costs Purchases excluding transaction costs 91,092 85,747 Commissions - 1 Other 7 4 Total purchase transaction costs 7 5 Total purchases including transaction costs 91,099 85,752 Analysis of total sale costs Sales excluding transaction costs 42,962 9,422 Commissions - (8) Other (2) - Total sale transaction costs (2) (8) Total sales including transaction costs 42,960 9, Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 8 by virtue of the influence it has over the operations of the fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 11. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of 53,000 (2014: 34,000) are included within accrued expenses in Note 11. Amounts rebated from the ACD in respect of management fee rebate to income are included in Note 5. Amounts receivable at the year end are included in ACD fee rebate/waiver recoverable in Note 9. During the period, the aggregate value of purchases and sales in Fidelity MoneyBuilder Income Fund ( the master fund ) were 80,785,000 (2014: 85,752,000) and 40,725,000 (2014: 9,335,000) respectively. In addition interest from the master fund of 3,924,000 (2014: 1,804,000) is included within revenue in Note 5. At the balance sheet date, any holdings in the fund by FIL Limited which is the ultimate parent company of FIL Investment Services (UK) Limited, are detailed in Note 12 of the Aggregated Financial Statements. 15. Shareholders funds The fund currently has four share classes; Y Income Shares, Gross paying Y Income Shares, Y Accumulation Shares and Gross paying Y Accumulation Shares. The annual management charge on each share class is as follows: Y Income Shares: 0.40% Gross paying Y Income Shares: 0.40% Y Accumulation Shares: 0.40% Gross paying Y Accumulation Shares: 0.40% The distributions per share class are given in the Distribution Statement. All classes have the same rights on winding up. 84

86 Fidelity Institutional MoneyBuilder Income Reduced Duration Fund Distribution Statement for the year ended 30 June 2015 Y Income Shares - final distribution No. 23 in pence per share Group 1 - Shares purchased on or before 31 May Group 2 - Shares purchased from 1 June 2015 to 30 June Amount Amount Gross Income tax Net revenue Equalisation distributed distributed revenue 20% (Note 2) 26/07/15 26/07/14 Group Group Y Income Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classifed as Group 1 shares. Amount Amount Gross Income tax Net revenue Equalisation distributed distributed revenue 20% (Note 2) 2014/ /2014* Group 1 Distribution No Distribution No Distribution No Distribution No Distribution No Distribution No Distribution No Distribution No Distribution No Distribution No Distribution No Group 2 Distribution No Distribution No Distribution No Distribution No Distribution No Distribution No Distribution No Distribution No Distribution No Distribution No Distribution No * This share class was launched on 23 August Gross paying Y Income Shares - final distribution No. 23 in pence per share Group 1 - Shares purchased on or before 31 May Group 2 - Shares purchased from 1 June 2015 to 30 June Amount Amount Gross revenue Equalisation distributed distributed (Note 2) 26/07/15 26/07/14 Group Group

87 Fidelity Institutional MoneyBuilder Income Reduced Duration Fund Distribution Statement - continued for the year ended 30 June 2015 Gross paying Y Income Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classifed as Group 1 shares. Amount Amount Gross revenue Equalisation distributed distributed (Note 2) 2014/ /2014* Group 1 Distribution No Distribution No Distribution No Distribution No Distribution No Distribution No Distribution No Distribution No Distribution No Distribution No Distribution No Group 2 Distribution No Distribution No Distribution No Distribution No Distribution No Distribution No Distribution No Distribution No Distribution No Distribution No Distribution No * This share class was launched on 23 August Y Accumulation Shares - final distribution No. 3 in pence per share Group 1 - Shares purchased on or before 30 June Group 2 - Shares purchased from 1 July 2014 to 30 June Amount Amount Gross Income tax Net revenue Equalisation accumulated accumulated revenue 20% (Note 2) 31/08/15 31/08/14 Group Group Gross paying Y Accumulation Shares - final distribution No. 3 in pence per share Group 1 - Shares purchased on or before 30 June Group 2 - Shares purchased from 1 July 2014 to 30 June Amount Amount Gross revenue Equalisation accumulated accumulated (Note 2) 31/08/15 31/08/14 Group Group

88 Fidelity Institutional Pacific (ex-japan) Fund Investment Objective and Policy The fund s investment objective is to achieve long term capital appreciation. The fund will invest primarily in the shares of companies in Australia, Hong Kong, Malaysia, New Zealand and Singapore. The fund may not invest in Japan. There is no policy to restrict investment to particular economic sectors. Fund Manager s Commentary Market Review Pacific ex Japan equities advanced over the review period. The industrial and financial sectors ended the year in positive territory. China-based financials companies benefited from the government s efforts to enhance liquidity as well as from the policy and regulatory changes announced by the Chinese central bank and the government. Meanwhile, telecommunication services providers were among the best performers as growth in data usage and attractive yields supported investor confidence. In contrast, stocks in the consumer discretionary, materials and energy sectors declined. Both energy and materials producers fell in line with natural resources prices. Oil prices slid as oil producers decided not to cut production despite concerns about oversupply and weak global demand, while slowing growth in China hampered commodity prices. Portfolio Activity Security selection in Australia and China buoyed performance, as did stock selection in the industrial sector. I bought a new holding in Hong Kong-listed logistics provider Frontier Services Group, which was the single largest contributor to returns as it expanded its cargo and passenger carrying capacity. The firm is likely to gain from rising trade links between China and Africa. Meanwhile, Australia-based Qantas Airways was a key contributor to returns as a fall in oil prices enhanced the impact of the firm s cost management and efficiency strategies. I sold the holding to lock in profits. Selected positions in the financials sector also enhanced returns. China-based Ping An Insurance gained against the backdrop of financial sector reforms, given that it has a broad product range, delivers excellent agency productivity and is likely to benefit from rising investment yields. I made a number of changes in the sector. For instance, holdings in real estate managers Cheung Kong Holdings, Charter Hall Retail and Wharf Holdings were sold as they reached my valuation target. Instead, I bought shares in real estate manager New World Development and emerging market focussed Standard Chartered Bank at attractive stock valuations. On a less positive note, the underweight stance in energy and selected positions in the health care sector disappointed. Outlook Ongoing easy monetary policies, weak commodity prices and reforms in key Asian economies should continue to support the region. While the pace of expansion in the Chinese economy is likely to slow, domestic demand is expected to be the key driver of growth at more sustainable levels, and remain high in a global context. The corporate earnings outlook and equity valuations in the region remain healthy and are attractive compared to developed markets. Performance Record Discrete 1 year performance over the last 5 years to: 30/06/11 30/06/12 30/06/13 30/06/14 30/06/15 Accumulation Shares *Comparative Index * Comparative Index: MSCI Pacific (ex-japan) Index (Net of UK tax). Source: Fidelity and RIMES, All performance returns are calculated using the quoted price of the relevant share class, UK, net income reinvested. Past performance is not a reliable indicator of future results. Risk Profile The value of your investment and the income from it can go down as well as up. You may not get back the amount you invested. What you get back is not guaranteed. It will depend on investment performance. This fund may invest in overseas markets. You may get back more or less as a result of currency fluctuations. This fund may invest in derivatives for the purpose of the efficient management of the fund. The use of financial derivative instruments may result in increased gains or losses within the fund. For funds that invest in derivative transactions, there is a risk that the counterparty to the transaction will wholly or partially fail to honour its contractual obligations. This may result in financial loss to the fund. For details of all the risks please see the Prospectus. John Lo Fund Manager 30 June 15 87

89 Fidelity Institutional Pacific (ex-japan) Fund Portfolio Information Fund Facts 30/06/15 30/06/14 % % Australia Hong Kong China Israel United States Singapore New Zealand Malaysia Papua New Guinea Cash and other net assets/(liabilities) Top Holdings The top ten holdings in the fund as at 30 June 2015 and at the previous year end are shown below. Top holdings as at 30/06/15 % of total net assets Commonwealth Bank of Australia 8.01 AIA 6.10 BHP Billiton (AU) 3.50 CSL 3.47 Macquarie 3.45 QBE Insurance 3.23 Sydney Airport 3.16 ANZ Banking (AU) 3.02 AMP 2.98 Sarine Technologies 2.79 Income (pence per share) XD date Accumulation Shares Final distribution 01/07/ Ongoing Charges (%) Accumulation Shares 30/06/ /06/ The Ongoing Charges figure is calculated as the ratio of the annual cost of managing and operating the fund to the average net asset value; it excludes portfolio transaction cost. Fund Size Total net Net asset assets value per Shares ( m) share (p) 1 in issue Accumulation Shares 30/06/ ,253,780 30/06/ ,975,892 30/06/ ,218,197 Income Per Share and Price History (pence) Calendar Income Lowest Highest year per share price price Accumulation Shares Top holdings as at 30/06/14 % of total net assets Commonwealth Bank of Australia 9.47 BHP Billiton 5.80 AIA 4.32 CSL 3.93 Australia & New Zealand Banking 3.87 Suncorp 3.76 AMP 3.46 Sarin Technologies 3.40 Techtronic Industries 3.40 Computershare 3.39 Footnotes: 1. The net asset value is the accounting value at the year end on a fair value basis. 2. Figures represent distribution to 01/07/15. 88

90 Fidelity Institutional Pacific (ex-japan) Fund Statement of Total Return for the year ended 30 June /06/15 30/06/14 Notes Income Net capital gains/(losses) 4 (5,088) 7,225 Revenue 5 4,315 3,172 Expenses 6 (1,169) (836) Finance costs: Interest/other 8 2 (2) Net revenue/(expense) before taxation 3,148 2,334 Taxation 7 (52) (25) Net revenue/(expense) after taxation 3,096 2,309 Total return before distributions (1,992) 9,534 Finance costs: Distributions 8 (1,964) (1,654) Change in net assets attributable to shareholders from investment activities Statement of Change in Net Assets Attributable to Shareholders for the year ended 30 June 2015 (3,956) 7,880 30/06/15 30/06/14 Note Opening net assets attributable to shareholders 78,302 77,970 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 145,201 41,433 Amounts payable on cancellation of shares (54,535) (50,377) 90,666 (8,944) Change in net assets attributable to shareholders from investment activities (see above) (3,956) 7,880 Retained distribution on accumulation shares 8 2,734 1,396 Closing net assets attributable to shareholders 167,746 78,302 Balance Sheet as at 30 June /06/15 30/06/14 Notes Assets Investment assets 167,370 77,135 Debtors 9 1, Cash and bank balances 321 1,449 Total other assets 1,982 1,963 Total assets 169,352 79,098 Liabilities Creditors 10 (1,606) (207) Bank overdrafts - (589) Total liabilities (1,606) (796) Net assets attributable to shareholders 167,746 78,302 89

91 Fidelity Institutional Pacific (ex-japan) Fund Notes to the financial statements 1. Accounting policies The fund s financial statements have been prepared on the same basis as the Company s financial statements as set out in the Notes to the Aggregated Financial Statements. 2. Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes. 3. Contingent liabilities At the year end there are no contingent liabilities or commitments (2014: nil). 4. Net capital gains/(losses) 30/06/15 30/06/14 Gains/(losses) on non-derivative securities (5,421) 7,318 Other currency gains/(losses) 351 (81) Broker fee rebates Transaction charges (42) (29) Net net capital gains/(losses) (5,088) 7, Revenue 30/06/15 30/06/14 Overseas dividends 2,995 2,287 Overseas scrip dividends 1, Overseas property income distributions Bank interest 2 - Total revenue 4,315 3, Expenses 30/06/15 30/06/14 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees 1, Service charges Foreign exchange administration fees , Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary fees 12 8 Custody fees Other expenses: Audit fee 8 7 Other operating expenses Total expenses 1,

92 Fidelity Institutional Pacific (ex-japan) Fund Notes to the financial statements 7. Taxation 30/06/15 30/06/14 a) Analysis of charge/(credit) for the year Overseas taxation Total current taxation b) Factors affecting tax charge/(credit) for the year Net revenue/(expense) before taxation 3,148 2,334 Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2014: 20%) Effects of: Overseas taxation Overseas tax expensed (4) (4) Increase/(decrease) in unutilised management expenses Revenue not included for tax purposes (805) (561) Expenses not deductible for tax purposes 2 2 Current tax charge/(credit) Open ended investment companies are exempt from UK tax on capital gains. The fund has unrelieved excess management expenses resulting in a potential deferred tax asset of 1,217,000 (2014: 1,040,000). It is unlikely that the fund will generate sufficient taxable profits in the future to utilise these expenses and therefore no deferred tax asset has been recognised. 8. Finance costs 30/06/15 30/06/14 Distributions The distribution takes account of revenue received on the issue of shares and revenue deducted on cancellation of shares. Accumulation Shares Final 2,734 1,396 Add: Revenue deducted on cancellation of shares Deduct: Revenue received on issue of shares (1,151) (334) Net distribution for the year 1,964 1,654 Interest/other Interest (2) 2 Total finance costs 1,962 1,656 Reconciliation of Net revenue after taxation to Net distribution for the year: Net revenue after taxation for the year, per the Statement of Total Return 3,096 2,309 Add back (revenue)/expenses transferred to capital: Overseas scrip dividends (1,132) (655) 1,964 1,654 Details of the distribution per share are set out in the Distribution Statement. 91

93 Fidelity Institutional Pacific (ex-japan) Fund Notes to the financial statements 9. Debtors 30/06/15 30/06/14 Amounts receivable for issue of shares Sales awaiting settlement Sales of currency awaiting settlement Accrued revenue Broker fee rebates receivable 8 3 Overseas tax recoverable Total debtors 1, Creditors 30/06/15 30/06/14 Amounts payable for cancellation of shares Purchases awaiting settlement Purchases of currency awaiting settlement Accrued expenses Total creditors 1, Financial instruments exposure Currency exposures A substantial portion of the financial assets of the fund are denominated in currencies other than sterling, which is the fund s base currency, with the effect that the Balance Sheet and total return can be significantly affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Total exposure Currency Investments Cash balances Debtors/(Creditors) 30/06/15 Australian Dollar 98, ,448 Hong Kong Dollar 50,494 - (195) 50,299 Singapore Dollar 9,521 - (96) 9,425 UK Sterling - - (23) (23) US Dollar 8, (255) 8,597 Total 167, ,746 30/06/14 Australian Dollar 49, ,007 Hong Kong Dollar 18, ,156 New Zealand Dollar 1, ,247 Singapore Dollar 6,323 4 (4) 6,323 UK Sterling - 4 (32) (28) US Dollar 1, (24) 2,597 Total 77, ,302 The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. Interest rate risk profile The only interest bearing financial instruments in the fund are its bank balances and/or amounts held at futures clearing houses and brokers. Interest earned and paid on bank balances in the current and preceding year were at variable rates provided by the Depositary. The average interest rates earned and paid are disclosed in the Aggregated Financial Statements. Due to the fact that the fund holds no material fixed interest securities there is minimal interest rate exposure on this fund (2014: minimal exposure). Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Sensitivity analysis of derivatives exposure The fund holds no derivatives at the year end (2014: same). See the Aggregated Financial Statements Note 14 for the narrative disclosure regarding financial instruments exposure. 92

94 Fidelity Institutional Pacific (ex-japan) Fund Notes to the financial statements 12. Portfolio transaction costs 30/06/15 30/06/14 Analysis of total purchase costs Purchases excluding transaction costs 187,129 68,799 Commissions Taxes Other Total purchase transaction costs Total purchases including transaction costs 187,354 68,894 Analysis of total sale costs Sales excluding transaction costs 92,028 78,604 Commissions (69) (55) Taxes (30) (27) Other (14) (14) Total sale transaction costs (113) (96) Total sales including transaction costs 91,915 78, Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 8 by virtue of the influence it has over the operations of the fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 10. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of 124,000 (2014: 57,000) are included within accrued expenses in Note 10. At the balance sheet date, any holdings in the fund by FIL Limited which is the ultimate parent company of FIL Investment Services (UK) Limited, are detailed in Note 12 of the Aggregated Financial Statements. 14. Shareholders funds The fund currently has Accumulation Shares. The annual management charge is: Accumulation Shares: 0.80% The distributions per share class are given in the Distribution Statement. 93

95 Fidelity Institutional Pacific (ex-japan) Fund Distribution Statement for the year ended 30 June 2015 Accumulation Shares - final distribution No. 16 in pence per share Group 1 - Shares purchased on or before 30 June 2014 Group 2 - Shares purchased from 1 July 2014 to 30 June Amount Amount Net revenue Equalisation accumulated accumulated (Note 2) 31/08/15 31/08/14 Group Group

96 Fidelity Institutional Pan European Fund Investment Objective and Policy The fund s investment objective is to achieve long term capital appreciation. The fund will invest primarily in the shares of European companies, including those in the United Kingdom. There is no policy to restrict investment to particular economic sectors. Fund Manager s Commentary Market Review European equities rose over the review period. Markets were supported by the European Central Bank s (ECB) announcement of a bond buying stimulus programme in the first quarter of 2015, which exceeded market expectations. Consequently, the weakened euro led to increased demand for European exports and higher profitability when converting overseas profits back into the local currency. The economic recovery also broadened out across countries and sectors. However, there were rising concerns, particularly in the second quarter of 2015, over Greece s debt obligations. Towards the end of the period, the Greek Prime Minister announced a referendum asking voters whether to accept a bailout agreement. This limited market gains. Nonetheless, the ECB s quantitative easing programme reduced fears of contagion. Portfolio Activity Stock selection and the overweight allocation to the financials, consumer discretionary and health care sectors supported performance. The exposure to financials, which are likely to benefit from enhanced monetary supply by the ECB, was increased over the period. Several new positions, including Standard Chartered, Anima Holding and Banco Santander were purchased. We also bought a holding in Banco Bilbao Vizcaya Argentaria given its attractive valuations. The allocation to Italian banks, such as Unicredito Italiano and Intesa Sanpaolo, was enhanced as a new law in Italy is expected to enable banks to consolidate and restructure. Shares in Barclays rose following the victory of the Conservative Party in the May 2015 UK general election, which removed investors concerns regarding the possibility of a more interventionist Labour Party government. Elsewhere, underweight positions in large oil & gas companies Royal Dutch Shell and BP were the most significant contributors to relative returns as their share prices tracked oil prices lower. Stock selection in the telecommunication services and consumer staples sectors boosted returns, but was partially offset by the underweight allocation to these sectors. Stock selection in the utilities sector detracted from performance. Meanwhile, we reduced the exposure to automobile companies Renault and Continental following their strong performance in order to lock-in gains. Elsewhere, positions in Teva Pharmaceutical, global information services company Wolters Kluwer and biopharmaceutical company Actelion were sold. Outlook Despite recent concerns related to Greece, macroeconomic data and corporate earnings expectations have been improving in Europe. The latest economic indicators, such as an increase in the Purchasing Managers Index (PMI), point to an acceleration in growth in the region. The ECB continues to pursue an easy monetary policy which, coupled with low inflation, should support domestic demand in the region. In addition, a weaker euro should boost the earnings of European exporters by making exports cheaper compared to other currencies. The crisis in Greece, however, is likely to keep markets volatile in the near term. Performance Record Discrete 1 year performance over the last 5 years to: 30/06/11 30/06/12 30/06/13 30/06/14 30/06/15 Accumulation Shares *Comparative Index * Comparative Index: MSCI Europe Index (Net of UK tax). Source: Fidelity and RIMES, All performance returns are calculated using the quoted price of the relevant share class, UK, net income reinvested. Past performance is not a reliable indicator of future results. Risk Profile The value of your investment and the income from it can go down as well as up. You may not get back the amount you invested. What you get back is not guaranteed. It will depend on investment performance. This fund may invest in overseas markets. You may get back more or less as a result of currency fluctuations. This fund may invest in derivatives for the purpose of the efficient management of the fund. The use of financial derivative instruments may result in increased gains or losses within the fund. For funds that invest in derivative transactions, there is a risk that the counterparty to the transaction will wholly or partially fail to honour its contractual obligations. This may result in financial loss to the fund. For details of all the risks please see the Prospectus. Nick Peters & Ayesha Akbar Fund Managers 30 June 15 95

97 Fidelity Institutional Pan European Fund Portfolio Information Fund Facts 30/06/15 30/06/14 % % United Kingdom Switzerland Germany France Republic of Ireland Netherlands Spain Sweden Other Cash and other net assets/(liabilities) Top Holdings The top ten holdings in the fund as at 30 June 2015 and at the previous year end are shown below. Top holdings as at 30/06/15 % of total net assets Source MSCI Europe Value Fund 7.36 Roche 2.42 Sanofi-Aventis 1.89 Bayer 1.61 Barclays 1.61 Lloyds Banking Group 1.53 Novartis 1.43 UBS 1.38 SAP 1.38 Nestle 1.27 Income (pence per share) XD date Accumulation Shares Final distribution 01/07/ Ongoing Charges (%) Accumulation Shares 30/06/ /06/ The Ongoing Charges figure is calculated as the ratio of the annual cost of managing and operating the fund to the average net asset value; it excludes portfolio transaction cost. Fund Size Total net Net asset assets value per Shares ( m) share (p) 1 in issue Accumulation Shares 30/06/ ,012,030 30/06/ ,938,470 30/06/ ,216,783 Income Per Share and Price History (pence) Calendar Income Lowest Highest year per share price price Accumulation Shares Top holdings as at 30/06/14 % of total net assets Royal Dutch Shell A (NL) 3.03 Sanofi-Aventis 2.96 Nestle 2.23 Total (B) 1.87 HSBC (UK) 1.79 Bayer 1.50 GlaxoSmithKline 1.50 British American Tobacco 1.49 Volkswagen (Pref d) 1.49 Novartis 1.41 Footnotes: 1. The net asset value is the accounting value at the year end on a fair value basis. 2. Figures represent distribution to 01/07/15. 96

98 Fidelity Institutional Pan European Fund Statement of Total Return for the year ended 30 June /06/15 30/06/14 Notes Income Net capital gains/(losses) 4 5,185 30,344 Revenue 5 8,280 9,546 Expenses 6 (2,511) (2,743) Finance costs: Interest/other 8 (2) - Net revenue/(expense) before taxation 5,767 6,803 Taxation 7 (453) 566 Net revenue/(expense) after taxation 5,314 7,369 Total return before distributions 10,499 37,713 Finance costs: Distributions 8 (4,953) (6,116) Change in net assets attributable to shareholders from investment activities 5,546 31,597 Statement of Change in Net Assets Attributable to Shareholders for the year ended 30 June /06/15 30/06/14 Note Opening net assets attributable to shareholders 318, ,427 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 30,249 31,687 Amounts payable on cancellation of shares (101,247) (25,018) (70,998) 6,669 Stamp duty reserve tax - (9) Change in net assets attributable to shareholders from investment activities (see above) 5,546 31,597 Retained distribution on accumulation shares 8 4,765 6,056 Closing net assets attributable to shareholders 258, ,740 Balance Sheet as at 30 June /06/15 30/06/14 Notes Assets Investment assets 254, ,554 Debtors 9 3,832 3,468 Cash and bank balances 10 2,117 6,319 Total other assets 5,949 9,787 Total assets 260, ,341 Liabilities Derivative liabilities - (26) Creditors 11 (2,398) (575) Total other liabilities (2,398) (575) Total liabilities (2,398) (601) Net assets attributable to shareholders 258, ,740 97

99 Fidelity Institutional Pan European Fund Notes to the financial statements 1. Accounting policies The fund s financial statements have been prepared on the same basis as the Company s financial statements as set out in the Notes to the Aggregated Financial Statements. 2. Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes. 3. Contingent liabilities At the year end there are no contingent liabilities or commitments (2014: nil). 4. Net capital gains/(losses) 30/06/15 30/06/14 Gains/(losses) on non-derivative securities 5,617 30,508 Gains/(losses) on derivative contracts (48) 88 Other currency gains/(losses) (335) (235) Broker fee rebates Transaction charges (88) (56) Net net capital gains/(losses) 5,185 30, Revenue 30/06/15 30/06/14 UK dividends 2,196 1,960 UK scrip dividends UK property income distributions 19 7 Overseas dividends 5,482 5,988 Overseas scrip dividends Interest on securities - 45 Derivative revenue Bank interest 5 2 Taxable interest Underwriting commission 7 2 Total revenue 8,280 9, Expenses 30/06/15 30/06/14 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees 2,263 2,468 Service charges Foreign exchange administration fees ,422 2,638 Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary fees Custody fees Other expenses: Audit fee 8 7 Other operating expenses Total expenses 2,511 2,743 98

100 Fidelity Institutional Pan European Fund Notes to the financial statements 7. Taxation 30/06/15 30/06/14 a) Analysis of charge/(credit) for the year Overseas taxation* 453 (566) Total current taxation 453 (566) b) Factors affecting tax charge/(credit) for the year Net revenue/(expense) before taxation 5,767 6,803 Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2014: 20%). 1,153 1,361 Effects of: Overseas taxation 453 (566) Overseas tax expensed (2) (38) Increase/(decrease) in unutilised management expenses Revenue not included for tax purposes (1,561) (1,555) Expenses not deductible for tax purposes 4 3 Current tax charge/(credit) 453 (566) Open ended investment companies are exempt from UK tax on capital gains. The fund has unrelieved excess management expenses resulting in a potential deferred tax asset of 3,427,000 (2014: 2,817,000). It is unlikely that the fund will generate sufficient taxable profits in the future to utilise these expenses and therefore no deferred tax asset has been recognised. * Includes amounts for the recovery of excess withholding tax suffered on dividends received in prior accounting periods. 8. Finance costs 30/06/15 30/06/14 Distributions The distribution takes account of revenue received on the issue of shares and revenue deducted on cancellation of shares. Accumulation Shares Final 4,765 6,056 Add: Revenue deducted on cancellation of shares Deduct: Revenue received on issue of shares (106) (170) Net distribution for the year 4,953 6,116 Interest/other Interest 2 - Total finance costs 4,955 6,116 Reconciliation of Net revenue after taxation to Net distribution for the year: Net revenue after taxation for the year, per the Statement of Total Return 5,314 7,369 UK scrip dividends (211) (594) Overseas scrip dividends (150) (659) 4,953 6,116 Details of the distribution per share are set out in the Distribution Statement. 99

101 Fidelity Institutional Pan European Fund Notes to the financial statements 9. Debtors 30/06/15 30/06/14 Amounts receivable for issue of shares Sales awaiting settlement Sales of currency awaiting settlement 1, Accrued revenue Broker fee rebates receivable 8 9 Overseas tax recoverable* 1,538 2,077 Total debtors 3,832 3,468 *Includes amounts for the recovery of excess withholding tax suffered on dividends received in prior accounting periods. 10. Cash and bank balances 30/06/15 30/06/14 Amounts held at futures clearing houses and brokers Cash and bank balances 2,117 6,171 Total cash and bank balances 2,117 6, Creditors 30/06/15 30/06/14 Purchases awaiting settlement 1, Purchases of currency awaiting settlement 1, Accrued expenses Total creditors 2, Financial instruments exposure Currency exposures A substantial portion of the financial assets of the fund are denominated in currencies other than sterling, which is the fund s base currency, with the effect that the Balance Sheet and total return can be significantly affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Total exposure Currency Investments Cash balances Debtors/(Creditors) 30/06/15 Brazilian Real Canadian Dollar Danish Krone 3, ,217 Euro 126,486 1, ,884 Norwegian Krone 2, ,173 Swedish Krona 9, ,092 Swiss Franc 34, ,300 Turkish Lira UK Sterling 77, ,653 US Dollar 1, ,430 Total 254,502 2,117 1, ,053 30/06/14 Brazilian Real Canadian Dollar Danish Krone 7, ,543 Euro 155,930 4,671 2, ,838 Norwegian Krone 3, ,622 Swedish Krona 10, ,574 Swiss Franc 36, ,707 Turkish Lira UK Sterling 90,310 1, ,261 US Dollar 5, ,151 Total 309,528 6,319 2, ,740 The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. 100

102 Fidelity Institutional Pan European Fund Notes to the financial statements Interest rate risk profile The only interest bearing financial instruments in the fund are its bank balances and/or amounts held at futures clearing houses and brokers. Interest earned and paid on bank balances in the current and preceding year were at variable rates provided by the Depositary. The average interest rates earned and paid are disclosed in the Aggregated Financial Statements. Due to the fact that the fund holds no material fixed interest securities there is minimal interest rate exposure on this fund (2014: minimal exposure). Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Sensitivity analysis of derivatives exposure At the year end the fund holds no derivatives (2014: held no derivatives that could impact it significantly). See the Aggregated Financial Statements Note 14 for the narrative disclosure regarding financial instruments exposure. 13. Portfolio transaction costs 30/06/15 30/06/14 Analysis of total purchase costs Purchases excluding transaction costs 257, ,216 Commissions Taxes Other Total purchase transaction costs Total purchases including transaction costs 258, ,609 Analysis of total sale costs Sales excluding transaction costs 319, ,663 Commissions (183) (137) Taxes (1) (1) Other (49) (32) Total sale transaction costs (233) (170) Total sales including transaction costs 318, , Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 8 by virtue of the influence it has over the operations of the fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 11. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of 189,000 (2014: 229,000) are included within accrued expenses in Note 11. At the balance sheet date, any holdings in the fund by FIL Limited which is the ultimate parent company of FIL Investment Services (UK) Limited, are detailed in Note 12 of the Aggregated Financial Statements. 15. Shareholders funds The fund currently has Accumulation Shares. The annual management charge is: Accumulation Shares: 0.80% The distributions per share class are given in the Distribution Statement. 101

103 Fidelity Institutional Pan European Fund Distribution Statement for the year ended 30 June 2015 Accumulation Shares - final distribution No. 14 in pence per share Group 1 - Shares purchased on or before 30 June Group 2 - Shares purchased from 1 July 2014 to 30 June Amount Amount Net revenue Equalisation accumulated accumulated (Note 2) 31/08/15 31/08/14 Group Group

104 Fidelity Institutional Pre-Retirement Bond Fund Investment Objective and Policy The Fund s investment objective is to achieve both capital growth and income relating to changes in annuity rates. The Fund invests primarily in Sterling denominated (or hedged back to Sterling) government and corporate bonds. The Fund may also invest in other transferable securities, units in collective investment schemes, money market instruments, cash and deposits. Fund Manager s Commentary Market Review UK government bonds (Gilts) advanced over the period and outperformed corporate bonds. UK Gilt yields fell as low inflation data helped to calm fears of an earlier-than-expected interest rate hike. UK investment grade corporate bonds also advanced over the review period. On the macroeconomic front, the UK continued to recover, with real wages growing at the fastest pace in nearly eight years. Meanwhile, the inflation rate turned positive in May, with the Consumer Price Index (CPI) rising by 0.1%, after one month of deflation in April. UK industrial production got a boost in May from a rebound in the oil and gas sector and the services Purchasing Managers Index (PMI) rose to 58.5 in June. The UK economy grew by 2.9% in the first quarter of With overall macroeconomic developments still subdued and broadly in line with expectations, the Bank of England s (BoE) Monetary Policy Committee (MPC) voted to maintain interest rates at 0.5% and the asset purchase facility at 375 billion. Portfolio Activity The fund s performance was negatively impacted by adverse selection in nonfinancial securities. Specifically, the exposure to French utility GDF Suez was the largest detractor from returns. On a positive note, favourable security selection in subordinated bank debt, including Lloyds Banking Group and Barclays supported performance. The fund remains well-diversified across the financial capital structure and retained the overweight allocation to covered bonds, which offers a higher level of investor protection. The small exposure to subinvestment grade bonds also helped returns. Overall, the overweight stance in corporate bonds was maintained through a preference for bonds that offer a significant margin of safety given their inherent credit risk. Over the period, I bought new positions in Eli Lilly, Votorantim Cimentos and Society of Lloyd s, and reduced the exposure to Verizon, AT&T and Thames Water Utilities. The fund s duration (sensitivity to interest rate changes) positioning, specifically the small short duration stance in the euro and sterling interest rate risk, hampered returns. Overall, the fund has a long duration position versus the index, mainly through cross-market exposure to US dollar duration. Outlook The UK economy is likely to remain characterised by slow growth and low inflation in 2015, which should help to keep Gilt yields largely stable. The BoE s accommodative monetary policy stance, expectations that interest rates will remain at current levels for the remainder of the year and that inflation will stay below the central bank s target rate are also supportive for the asset class. As investors continue to search for yield, demand for investment grade corporate bonds should remain strong. Moreover, the recent improvement in valuations of investment grade corporate bonds should also support demand for the asset class. However, given the various challenges facing global markets, I expect returns to be mostly driven by coupon income. Performance Record Discrete 1 year performance over the last 5 years to: 30/06/11 30/06/12 30/06/13 30/06/14 30/06/15 Gross paying Y Accumulation Shares** *Comparative Index * Comparative Index:?50% BofA ML 5+ Yr UK Gilt Index, 50% BofA ML 5+ Yr Ster N-Gilt Index. Risk Profile The value of your investment and the income from it can go down as well as up. You may not get back the amount you invested. What you get back is not guaranteed. It will depend on investment performance. This fund may invest in sub investment grade bonds. These bonds may produce a higher level of income than investment grade bonds but at a higher risk to your capital. With funds that invest in bonds, there is a risk that the issuer of the bond may default on its repayments. The likelihood of this happening will depend on the credit worthiness of the issuer. The risk of default is usually greatest with bonds that are classed as sub investment grade. This fund may invest in overseas markets. You may get back more or less as a result of currency fluctuations. This fund may invest in derivatives for the purpose of the efficient management of the fund. The use of financial derivative instruments may result in increased gains or losses within the fund. For funds that invest in derivative transactions, there is a risk that the counterparty to the transaction will wholly or partially fail to honour its contractual obligations. This may result in financial loss to the fund. For details of all the risks please see the Prospectus. Ian Fishwick Fund Manager 30 June

105 Fidelity Institutional Pre-Retirement Bond Fund Portfolio Information Fund Facts 30/06/15 30/06/14 % % AA Rated BBB Rated A Rated BB Rated AAA Rated Not Rated Forward Foreign Exchange Contracts Futures Other Cash and other net assets/(liabilities) Top Holdings The top ten holdings in the fund as at 30 June 2015 and at the previous year end are shown below. Top holdings as at 30/06/15 % of total net assets UK Gilt Treasury 4.25% 07/09/ UK Gilt Treasury 3.75% 22/07/ UK Gilt Treasury 4.25% 07/06/ UK Gilt Treasury 4.50% 07/09/ UK Gilt Treasury 4.25% 07/03/ UK Gilt Treasury 3.25% 22/01/ UK Gilt Treasury 4.75% 07/12/ UK Gilt Treasury 3.75% 07/09/ UK Gilt Treasury 4.25% 07/12/ UK Gilt Treasury 4.50% 07/12/ Income (pence per share) XD date Gross paying F Gross paying Y Accumulation Shares Accumulation Shares Final distribution 01/07/ Ongoing Charges (%) Gross paying F Gross paying Accumulation Shares Accumulation Shares 30/06/ /06/ The Ongoing Charges figure is calculated as the ratio of the annual cost of managing and operating the fund to the average net asset value; it excludes portfolio transaction cost. Fund Size Total net Net asset Total net Net asset assets value per Shares assets value per Shares ( m) share (p) 1 in issue ( m) share (p) 1 in issue Gross paying F Accumulation Shares Gross paying Y Accumulation Shares 30/06/ , ,185, , /06/ , ,027, , Income Per Share and Price History (pence) Calendar Income Lowest Highest Income Lowest Highest year per share price price per share price price Gross paying F Accumulation Shares Gross paying Y Accumulation Shares , , , , , , , , , , , , Top holdings as at 30/06/14 % of total net assets UK Gilt Treasury 4.25% 07/09/ UK Gilt Treasury 3.75% 22/07/ UK Gilt Treasury 6.00% 07/12/ UK Gilt Treasury 4.50% 07/09/ UK Gilt Treasury 4.75% 07/12/ UK Gilt Treasury 3.75% 07/09/ UK Gilt Treasury 5.00% 07/03/ UK Gilt Treasury 4.25% 07/12/ UK Gilt Treasury 3.25% 22/01/ UK Gilt Treasury 4.50% 07/12/ Footnotes: 1. The net asset value is the accounting value at the year end on a fair value basis. 2. Figures represent distribution to 01/07/

106 Fidelity Institutional Pre-Retirement Bond Fund Statement of Total Return for the year ended 30 June /06/15 30/06/14 Notes Income Net capital gains/(losses) 4 5,767 2,850 Revenue 5 4,636 2,161 Expenses 6 (104) (51) Finance costs: Interest/other 8 1 (3) Net revenue/(expense) before taxation 4,533 2,107 Taxation 7 (20) - Net revenue/(expense) after taxation 4,513 2,107 Total return before distributions 10,280 4,957 Finance costs: Distributions 8 (4,513) (2,107) Change in net assets attributable to shareholders from investment activities 5,767 2,850 Statement of Change in Net Assets Attributable to Shareholders for the year ended 30 June /06/15 30/06/14 Note Opening net assets attributable to shareholders 107,793 - Movement due to sales and repurchases of shares Amounts receivable on issue of shares 26,716 17,274 Amounts payable on cancellation of shares (8,589) (5,853) In specie issue of shares - 91,377 18, ,798 Stamp duty reserve tax - (3) Change in net assets attributable to shareholders from investment activities (see above) 5,767 2,850 Retained distribution on accumulation shares 8 4,863 2,148 Closing net assets attributable to shareholders 136, ,793 Balance Sheet as at 30 June /06/15 30/06/14 Notes Assets Investment assets 131, ,666 Derivative assets 2, Debtors 9 2,352 3,207 Cash and bank balances 10 1,254 2,790 Total other assets 3,606 5,997 Total assets 138, ,273 Liabilities Derivative liabilities (775) (272) Creditors 11 (821) (661) Bank overdrafts (2) (1,547) Total other liabilities (823) (2,208) Total liabilities (1,598) (2,480) Net assets attributable to shareholders 136, ,

107 Fidelity Institutional Pre-Retirement Bond Fund Notes to the financial statements 1. Accounting policies The fund s financial statements have been prepared on the same basis as the Company s financial statements as set out in the Notes to the Aggregated Financial Statements. 2. Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes. 3. Contingent liabilities At the year end there are no contingent liabilities or commitments (2014: nil). 4. Net capital gains/(losses) 30/06/15 30/06/14 Gains/(losses) on non-derivative securities 4,528 2,284 Gains/(losses) on derivative contracts 1,423 (281) Gains/(losses) on forward currency contracts (136) 868 Other currency gains/(losses) (43) (19) Transaction charges (5) (2) Net net capital gains/(losses) 5,767 2, Revenue 30/06/15 30/06/14 Interest on securities 4,363 2,057 Derivative revenue Bank interest 8 1 Total revenue 4,636 2, Expenses 30/06/15 30/06/14 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees Foreign exchange administration fees Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary fees 15 7 Custody fees Other expenses: Audit fee 10 9 Other operating expenses Total expenses

108 Fidelity Institutional Pre-Retirement Bond Fund Notes to the financial statements 7. Taxation 30/06/15 30/06/14 a) Analysis of charge/(credit) for the year UK corporation tax 5 - Double taxation relief (5) - Overseas taxation 20 - Total current taxation 20 - b) Factors affecting tax charge/(credit) for the year Net revenue/(expense) before taxation 4,533 2,107 Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2014: 20%) Effects of: Overseas taxation 20 - Expenses not deductible for tax purposes 1 - Double taxation relief (5) - Interest distributions (903) (421) Current tax charge/(credit) 20 - Open ended investment companies are exempt from UK tax on capital gains. The fund is an interest distributing fund under Corporation Tax Act 2009 and as interest distributions are deductible when calculating the liability, the corporation tax charge will usually be reduced to nil, except where there are expenses which are not deductible. 8. Finance costs 30/06/15 30/06/14 Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on cancellation of shares. Gross paying F Accumulation Shares Final 4,862 2,148 Gross paying Y Accumulation Shares Final 1-4,863 2,148 Add: Revenue deducted on cancellation of shares Deduct: Revenue received on issue of shares (508) (106) Net distributions for the year 4,513 2,107 Interest/other Interest (1) 2 Derivative expense - 1 (1) 3 Total finance costs 4,512 2,110 Details of the distributions per share are set out in the Distribution Statement. 107

109 Fidelity Institutional Pre-Retirement Bond Fund Notes to the financial statements 9. Debtors 30/06/15 30/06/14 Amounts receivable for issue of shares 617 1,270 Sales awaiting settlement Sales of currency awaiting settlement Accrued revenue 1,731 1,432 Total debtors 2,352 3, Cash and bank balances 30/06/15 30/06/14 Amounts held at futures clearing houses and brokers 1, Cash and bank balances 127 1,967 Total cash and bank balances 1,254 2, Creditors 30/06/15 30/06/14 Purchases awaiting settlement Purchases of currency awaiting settlement Accrued expenses Amounts payable on closure of derivative contract - 4 Total creditors Financial instruments exposure Currency exposures A portion of the financial assets of the fund are denominated in currencies other than sterling, which is the fund s base currency, with the effect that the Balance Sheet and total return can be affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Total exposure Currency Investments Cash balances Debtors/(Creditors) 30/06/15 Australian Dollar Euro 197 (2) UK Sterling 133,539 1,254 1, ,849 US Dollar Total 133,767 1,252 1, ,550 30/06/14 Australian Dollar Euro (24) 1 (219) (242) UK Sterling 104,166 1,241 2, ,970 US Dollar (165) Total 104,004 1,243 2, ,793 The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. 108

110 Fidelity Institutional Pre-Retirement Bond Fund Notes to the financial statements Interest rate risk profile of financial assets and financial liabilities The interest rate risk profile of the fund s financial assets was: Floating rate Fixed rate Financial assets on Currency financial assets financial assets which no interest is paid Total assets 30/06/15 Australian Dollar (190) 32 Euro 178 9,827 (9,643) 362 UK Sterling 2,246 91,639 43, ,340 US Dollar - 29,548 (29,134) 414 Total 2, ,236 4, ,148 30/06/14 Australian Dollar (215) 32 Euro 1 8,797 (8,237) 561 UK Sterling 3,790 77,414 28, ,540 US Dollar 1 16,242 (16,103) 140 Total 3, ,700 3, ,273 The interest rate risk profile of the fund s financial liabilities was: Floating rate Fixed rate *Financial liabilities on Currency financial liabilities financial liabilities which no interest is paid *Total liabilities 30/06/15 Euro UK Sterling , ,041 US Dollar Total , ,148 30/06/14 Euro UK Sterling 1, , ,363 US Dollar Total 1, , ,273 * Includes 136,550,000 in respect of the fund s liability to redeem all shares (2014: 107,793,000). The interest rate risk profile of the fund s fixed rate financial assets was: Fixed rate financial assets Currency * Weighted average interest rate Weighted average period for which interest rate is fixed 30/06/15 Australian Dollar 3.09% 5.11 years Euro 3.05% years UK Sterling 3.30% years US Dollar 4.10% years 30/06/14 Australian Dollar 3.70% 6.11 years Euro 2.63% years UK Sterling 3.75% years US Dollar 4.06% years * The weighted average interest rate is based on the effective yield of the fixed interest portfolio. Interest earned and paid on bank balances in the current and preceding year were at variable rates provided by the Depositary. The average interest rates earned and paid are disclosed in the Aggregated Financial Statements. 109

111 Fidelity Institutional Pre-Retirement Bond Fund Notes to the financial statements Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Sensitivity analysis of derivatives exposure Futures exposure The fund invests into futures to gain exposure to the bond markets. A 1% change in interest rates would lead to a change representing 0.63% of the fund s market value (2014: At the period end the fund held no derivatives that could impact it significantly). Interest rate swaps exposure The fund invests into interest rate swaps to manage interest rate exposure. A 1% change in interest rates would lead to a change representing 1.10% of the fund s market value (2014: At the period end the fund held no derivaitves that could impact it significantly). See the Aggregated Financial Statements Note 14 for the narrative disclosure regarding financial instruments exposure. 13. Portfolio transaction costs 30/06/15 30/06/14 Analysis of total purchase costs Purchases excluding transaction costs 69, ,246 Commissions 3 2 Other 3 2 Total purchase transaction costs 6 4 Total purchases including transaction costs 69, ,250 Analysis of total sale costs Sales excluding transaction costs 44,994 25,119 Commissions (3) (2) Other (2) - Total sale transaction costs (5) (2) Total sales including transaction costs 44,989 25, Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 8 by virtue of the influence it has over the operations of the fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 11. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of 7,000 (2014: 5,000) are included within accrued expenses in Note 11. At the balance sheet date, any holdings in the fund by FIL Limited which is the ultimate parent company of FIL Investment Services (UK) Limited, are detailed in Note 12 of the Aggregated Financial Statements. 15. Shareholders funds The fund currently has two share classes; Gross paying F Accumulation Shares and Gross paying Y Accumulation Shares. The annual management charge on each share class is as follows: Gross paying F Accumulation Shares: 0.05% Gross paying Y Accumulation Shares: 0.35% The distributions per share class are given in the Distribution Statement. All classes have the same rights on winding up. 110

112 Fidelity Institutional Pre-Retirement Bond Fund Distribution Statement for the year ended 30 June 2015 Gross paying F Accumulation Shares - final distribution No. 2 in pence per share Group 1 - Shares purchased on or before 30 June Group 2 - Shares purchased from 1 July 2014 to 30 June Amount Amount Gross revenue Equalisation accumulated accumulated (Note 2) 31/08/15 31/08/14* Group Group Gross paying Y Accumulation Shares - final distribution No. 2 in pence per share Group 1 - Shares purchased on or before 30 June Group 2 - Shares purchased from 1 July 2014 to 30 June Amount Amount Gross revenue Equalisation accumulated accumulated (Note 2) 31/08/15 31/08/14* Group Group * The fund was launched on 11 December

113 Fidelity Institutional Reduced Duration UK Corporate Bond Fund Investment Objective and Policy The Fund s investment objective is to achieve both capital growth and income. The Fund will invest primarily in non-gilt fixed interest securities. It is the intention to reduce interest rate risk in the Fund through the use of derivatives and the use of such techniques may substantially affect the returns achieved. Fund Manager s Commentary Market Review UK government bonds (Gilts) advanced over the period and outperformed corporate bonds. UK Gilt yields fell as low inflation data helped to calm fears of an earlier-than-expected interest rate hike. UK investment grade corporate bonds also advanced over the review period. On the macroeconomic front, the UK continued to recover, with real wages growing at the fastest pace in nearly eight years. Meanwhile, the inflation rate turned positive in May, with the Consumer Price Index (CPI) rising by 0.1%, after one month of deflation in April. UK industrial production got a boost in May from a rebound in the oil and gas sector and the services Purchasing Managers Index (PMI) rose to 58.5 in June. The UK economy grew by 2.9% in the first quarter of With overall macroeconomic developments still subdued and broadly in line with expectations, the Bank of England s (BoE) Monetary Policy Committee (MPC) voted to maintain interest rates at 0.5% and the asset purchase facility at 375 billion. Portfolio Activity The fund s performance was largely driven by favourable security selection in subordinated bank debt, including Lloyds Banking Group and HSBC. The fund remains well-diversified across the financial capital structure and retained the overweight allocation to covered bonds, which offers a higher level of investor protection. Within non-financials, the overweight stance in securitised bonds of Tesco Property Finance and roadside assistance firm AA Bond supported performance. The small exposure to sub-investment grade bonds also helped returns. Conversely, the holding in French utility GDF Suez detracted from performance. Overall, the fund maintains extra sensitivity to credit risk, through a preference for bonds that offer a significant margin of safety given their inherent credit risk. Over the period, I bought new positions in Eli Lilly, Votorantim Cimentos and Society of Lloyd s, and reduced the exposure to Glencore, Statoil and Total. Outlook The UK economy is likely to remain characterised by slow growth and low inflation in 2015, which should help to keep Gilt yields largely stable. The BoE s accommodative monetary policy stance, expectations that interest rates will remain at current levels for the remainder of the year and that inflation will stay below the central bank s target rate are also supportive for the asset class. As investors continue to search for yield, demand for investment grade corporate bonds should remain strong. Moreover, the recent improvement in valuations of investment grade corporate bonds should also support demand for the asset class. However, given the various challenges facing global markets, I expect returns to be mostly driven by coupon income. Performance Record Discrete 1 year performance over the last 5 years to: 30/06/11 30/06/12 30/06/13 30/06/14 30/06/15 Accumulation Shares Gross paying Accumulation Shares** Gross paying Income Shares** Income Shares *Comparative Index * Comparative Index: MB Income Red Duration Custom. Source: Fidelity and RIMES, All performance returns are calculated using the quoted price of the relevant share class, UK, net income reinvested, ** gross income reinvested. Past performance is not a reliable indicator of future results. Risk Profile The value of your investment can go down as well as up and you may not get back the amount you invested. What you get back is not guaranteed. It will mdepend on investment performance. This fund may invest in sub-investment grade bonds. These bonds may produce a higher level of income than investment grade bonds but at a higher risk to your capital. With funds that invest in bonds, there is a risk that the issuer of the bond may default on its repayments. The likelihood of this happening will depend on the creditworthiness of the issuer. The fund may invest in derivatives for the purposes of the efficient management of the fund including hedging interest rate risk which may substantially affect the returns achieved. The use of financial derivative instruments may result in increased gains or losses within the fund. For funds that invest in derivative transactions, there is a risk that the counterparty to the transaction will wholly or partially fail to honour its contractual obligations. This may result in financial loss to the fund. For details of all the risks please see the Prospectus. Ian Fishwick Fund Manager 30 June

114 Fidelity Institutional Reduced Duration UK Corporate Bond Fund Portfolio Information Fund Facts 30/06/15 30/06/14 % % BBB Rated A Rated AA Rated AAA Rated BB Rated Not Rated Forward Foreign Exchange Contracts Futures Other Cash and other net assets/(liabilities) Top Holdings The top ten holdings in the fund as at 30 June 2015 and at the previous year end are shown below. Top holdings as at 30/06/15 % of total net assets UK Gilt Treasury 4.00% 07/09/ Lloyds Bank 6.00% 08/02/ America Movil 4.948% 22/07/ Royal Bank of Scotland 5.125% 13/01/ Heathrow Funding 6.25% 10/09/ General Electric Capital 5.50% 07/06/ UK Gilt Treasury 4.50% 07/09/ Reseau Ferre de France 4.83% 25/03/ Glencore Finance 5.50% 03/04/ Credit Suisse 6.50% 08/08/ Top holdings as at 30/06/14 % of total net assets UK Gilt Treasury 4.00% 07/09/ UK Gilt Treasury 4.75% 07/09/ UK Gilt Treasury 5.00% 07/03/ Lloyds TSB 6.00% 08/02/ General Electric Capital UK Funding 6.75% 06/08/ America Movil 4.948% 22/07/ HSBC 6.50% 07/07/ Royal Bank of Scotland 5.125% 13/01/ BAA Funding 6.25% 10/09/ Reseau Ferre de France 4.83% 25/03/ Footnotes: Income (pence per share) XD date Income Shares Gross paying Income Shares Final distribution 01/07/ Interim distribution 01/04/ Interim distribution 01/01/ Interim distribution 01/10/ Accumulation Gross paying XD date Shares Accumulation Shares Final distribution 01/07/ Ongoing Charges (%) Income Gross paying Shares Income Shares 30/06/ /06/ Accumulation Gross paying Shares Accumulation Shares 30/06/ /06/ The Ongoing Charges figure is calculated as the ratio of the annual cost of managing and operating the fund to the average net asset value; it excludes portfolio transaction cost. Fund Size Total net Net asset Total net Net asset assets value per Shares assets value per Shares ( m) share (p) 1 in issue ( m) share (p) 1 in issue Income Shares Gross paying Income Shares 30/06/ ,550, ,997 30/06/ , ,493, , ,361 30/06/ , ,444 Accumulation Shares Gross paying Accumulation Shares 30/06/ , ,455, , ,694 30/06/ , ,399, , ,262,377 30/06/ ,172, ,158,846 Income Per Share and Price History (pence) Calendar Income Lowest Highest Income Lowest Highest year per share price price per share price price Income Shares Gross paying Income Shares , , , , , , , , , , Accumulation Shares Gross paying Accumulation Shares , , , , , , , , , , The net asset value is the accounting value at the year end on a fair value basis. 2. Figures represent distribution to 01/07/

115 Fidelity Institutional Reduced Duration UK Corporate Bond Fund Statement of Total Return for the year ended 30 June /06/15 30/06/14 Notes Income Net capital gains/(losses) 4 (1,729) 3,434 Revenue 5 4,255 3,249 Expenses 6 (511) (445) Finance costs: Interest/other 8 (899) (516) Net revenue/(expense) before taxation 2,845 2,288 Taxation 7-6 Net revenue/(expense) after taxation 2,845 2,294 Total return before distributions 1,116 5,728 Finance costs: Distributions 8 (3,852) (3,285) Change in net assets attributable to shareholders from investment activities Statement of Change in Net Assets Attributable to Shareholders for the year ended 30 June 2015 (2,736) 2,443 30/06/15 30/06/14 Opening net assets attributable to shareholders 119,566 65,067 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 16,790 57,204 Amounts payable on cancellation of shares (47,358) (7,037) (30,568) 50,167 Change in net assets attributable to shareholders from investment activities (see above) (2,736) 2,443 Retained distribution on accumulation shares 990 1,889 Closing net assets attributable to shareholders 87, ,566 Balance Sheet as at 30 June /06/15 30/06/14 Notes Assets Investment assets 85, ,404 Derivative assets 2,531 2,658 Debtors 9 1,468 2,628 Cash and bank balances ,767 Total other assets 2,304 6,395 Total assets 90, ,457 Liabilities Derivative liabilities (1,902) (1,001) Creditors 11 (1,182) (1,516) Bank overdrafts - (2,049) Net distributions payable on income shares (297) (325) Total other liabilities (1,479) (3,890) Total liabilities (3,381) (4,891) Net assets attributable to shareholders 87, ,

116 Fidelity Institutional Reduced Duration UK Corporate Bond Fund Notes to the financial statements 1. Accounting policies The fund s financial statements have been prepared on the same basis as the Company s financial statements as set out in the Notes to the Aggregated Financial Statements. 2. Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes. 3. Contingent liabilities At the year end there are no contingent liabilities or commitments (2014: nil). 4. Net capital gains/(losses) 30/06/15 30/06/14 Gains/(losses) on non-derivative securities 3,837 1,591 Gains/(losses) on derivative contracts (4,866) (169) Gains/(losses) on forward currency contracts (703) 2,078 Other currency gains/(losses) 10 (58) Transaction charges (7) (8) Net net capital gains/(losses) (1,729) 3, Revenue 30/06/15 30/06/14 Interest on securities 4,253 3,220 Derivative revenue - 28 Bank interest 2 1 Total revenue 4,255 3, Expenses 30/06/15 30/06/14 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees Service charges Foreign exchange administration fees Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary fees Custody fees Other expenses: Audit fee 10 9 Other operating expenses Total expenses

117 Fidelity Institutional Reduced Duration UK Corporate Bond Fund Notes to the financial statements 7. Taxation 30/06/15 30/06/14 a) Analysis of charge/(credit) for the year Overseas taxation - (6) Total current taxation - (6) b) Factors affecting tax charge/(credit) for the year Net revenue/(expense) before taxation 2,845 2,288 Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2014: 20%) Effects of: Overseas taxation - (6) Expenses not deductible for tax purposes 1 1 Interest distributions (570) (459) Current tax charge/(credit) - (6) Open ended investment companies are exempt from UK tax on capital gains. The fund is an interest distributing fund under Corporation Tax Act 2009 and as interest distributions are deductible when calculating the liability, the corporation tax charge will usually be reduced to nil, except where there are expenses which are not deductible. 8. Finance costs 30/06/15 30/06/14 Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on cancellation of shares. Income Shares Final Interim 1, Gross paying Income Shares Final Interim Accumulation Shares Final 1,291 1,818 Gross paying Accumulation Shares Final ,056 3,411 Add: Revenue deducted on cancellation of shares Deduct: Revenue received on issue of shares (81) (183) Net distributions for the year 3,852 3,285 Interest/other Interest (4) 7 Derivative expense Total finance costs 4,751 3,

118 Fidelity Institutional Reduced Duration UK Corporate Bond Fund Notes to the financial statements Reconciliation of Net revenue after taxation to Net distribution for the year: Net revenue after taxation for the year, per the Statement of Total Return 2,845 2,294 Add back (revenue)/expenses transferred to capital: Coupon distribution adjustment* 1, ,852 3,285 * Revenue on debt securities is accounted for on an effective yield basis. For the purpose of calculating the distribution, revenue on debt securities is computed on a coupon basis where this exceeds the amount determined on an effective yield basis. Details of the distributions per share are set out in the Distribution Statement. 9. Debtors 30/06/15 30/06/14 Amounts receivable for issue of shares Sales of currency awaiting settlement Accrued revenue 1,422 2,176 Total debtors 1,468 2, Cash and bank balances 30/06/15 30/06/14 Amounts held at futures clearing houses and brokers 73 1,036 Cash and bank balances 763 2,731 Total cash and bank balances 836 3, Creditors 30/06/15 30/06/14 Amounts payable for cancellation of shares 5 32 Purchases awaiting settlement Purchases of currency awaiting settlement Accrued expenses UK income tax payable Amounts payable on closure of derivative contract Total creditors 1,182 1,

119 Fidelity Institutional Reduced Duration UK Corporate Bond Fund Notes to the financial statements 12. Financial instruments exposure Currency exposures A portion of the financial assets of the fund are denominated in currencies other than sterling, which is the fund s base currency, with the effect that the Balance Sheet and total return can be affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Total exposure Currency Investments Cash balances Debtors/(Creditors) 30/06/15 Euro (2) UK Sterling 86, (377) 86,909 US Dollar (23) Total 86, (11) 87,252 30/06/14 Australian Dollar Euro 62 3 (276) (211) UK Sterling 117,171 1, ,682 US Dollar (227) Total 117,061 1, ,566 The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. Interest rate risk profile of financial assets and financial liabilities The interest rate risk profile of the fund s financial assets was: Floating rate Fixed rate Financial assets on Currency financial assets financial assets which no interest is paid Total assets 30/06/15 Euro 215 6,989 (7,096) 108 UK Sterling 1,894 55,324 32,940 90,158 US Dollar 1 22,976 (22,610) 367 Total 2,110 85,289 3,234 90,633 30/06/14 Australian Dollar (157) 60 Euro 3 10,852 (9,989) 866 UK Sterling 6,120 83,852 33, ,344 US Dollar 4 20,151 (19,968) 187 Total 6, ,072 3, ,457 The interest rate risk profile of the fund s financial liabilities was: Floating rate Fixed rate *Financial liabilities on Currency financial liabilities financial liabilities which no interest is paid *Total liabilities 30/06/15 Euro UK Sterling 1,768-88,733 90,501 US Dollar Total 1,768-88,865 90,633 30/06/14 Euro ,077 UK Sterling 2, , ,228 US Dollar Total 2, , ,457 * Includes 87,252,000 in respect of the fund s liability to redeem all shares (2014: 119,566,000). 118

120 Fidelity Institutional Reduced Duration UK Corporate Bond Fund Notes to the financial statements Fixed rate financial assets Currency * Weighted average interest rate Weighted average period for which interest rate is fixed 30/06/15 Euro 3.02% years UK Sterling 3.61% years US Dollar 3.96% years 30/06/14 Australian Dollar 3.70% 6.11 years Euro 2.51% years UK Sterling 3.59% years US Dollar 4.30% years * The weighted average interest rate is based on the effective yield of the fixed interest portfolio. Interest earned and paid on bank balances in the current and preceding year were at variable rates provided by the Depositary. The average interest rates earned and paid are disclosed in the Aggregated Financial Statements. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Analysis of derivative exposure Value-at-Risk (VaR) analysis assesses potential losses for a given statistical confidence level and a specified time horizon. The company uses a 99% confidence level and a 20 trading day (approx. 1 calendar month) time horizon for its analysis. The model employed is based on historically observed market risk factors (such as stock prices, interest rates or credit spreads) to simulate the expected changes to the valuation of individual assets held in a fund. The sum of these simulations provides the basis for the estimation process at fund level. The reliability of VaR analysis can be negatively affected by significant changes to the volatility of market risk factors as well as the deviation of actual market prices from those derived in the simulation framework. For this fund the VaR including derivatives was 2.26% (2014: 2.06%) and excluding derivatives was 4.62% (2014: 4.00%). See the Aggregated Financial Statements Note 14 for the narrative disclosure regarding financial instruments exposure. 13. Portfolio transaction costs 30/06/15 30/06/14 Analysis of total purchase costs Purchases excluding transaction costs 91, ,405 Commissions - 3 Other 3 5 Total purchase transaction costs 3 8 Total purchases including transaction costs 91, ,413 Analysis of total sale costs Sales excluding transaction costs 119,908 52,183 Commissions - (5) Other (4) (3) Total sale transaction costs (4) (8) Total sales including transaction costs 119,904 52,

121 Fidelity Institutional Reduced Duration UK Corporate Bond Fund Notes to the financial statements 14. Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 8 by virtue of the influence it has over the operations of the fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 11. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of 32,000 (2014: 40,000) are included within accrued expenses in Note 11. At the balance sheet date, any holdings in the fund by FIL Limited which is the ultimate parent company of FIL Investment Services (UK) Limited, are detailed in Note 12 of the Aggregated Financial Statements. 15. Shareholders funds The fund currently has four share classes; Income Shares, Gross paying Income Shares, Accumulation Shares and Gross paying Accumulation Shares. The annual management charge on each share class is as follows: Income Shares: 0.35% Gross paying Income Shares: 0.35% Accumulation Shares: 0.35% Gross paying Accumulation Shares: 0.35% The distributions per share class are given in the Distribution Statement. All share classes have the same rights on winding up. 120

122 Fidelity Institutional Reduced Duration UK Corporate Bond Fund Distribution Statement for the year ended 30 June 2015 Income Shares - final distribution No. 9 in pence per share Group 1 - Shares purchased on or before 31 March Group 2 - Shares purchased from 1 April 2015 to 30 June Amount Amount Gross Income tax Net revenue Equalisation distributed distributed revenue 20% (Note 2) 31/08/15 31/08/14 Group Group Income Shares - interim distribution in pence per share Group 1 - Distribution No. 6 Shares purchased on or before 30 June Group 1 - Distribution No. 7 Shares purchased on or before 30 September Group 1 - Distribution No. 8 Shares purchased on or before 31 December Group 2 - Distribution No. 6 Shares purchased from 1 July 2014 to 30 September Group 2 - Distribution No. 7 Shares purchased from 1 October 2014 to 31 December Group 2 - Distribution No. 8 Shares purchased from 1 January 2015 to 31 March Amount Amount Gross Income tax Net revenue Equalisation distributed distributed revenue 20% (Note 2) 2014/ /2014 Group 1 Distribution No Distribution No Distribution No Group 2 Distribution No Distribution No Distribution No Gross paying Income Shares - final distribution No. 9 in pence per share Group 1 - Shares purchased on or before 31 March Group 2 - Shares purchased from 1 April 2015 to 30 June Amount Amount Gross revenue Equalisation distributed distributed (Note 2) 31/08/15 31/08/14 Group Group

123 Fidelity Institutional Reduced Duration UK Corporate Bond Fund Distribution Statement - continued for the year ended 30 June 2015 Gross paying Income Shares - interim distribution in pence per share Group 1 - Distribution No. 6 Shares purchased on or before 30 June Group 1 - Distribution No. 7 Shares purchased on or before 30 September Group 1 - Distribution No. 8 Shares purchased on or before 31 December Group 2 - Distribution No. 6 Shares purchased from 1 July 2014 to 30 September Group 2 - Distribution No. 7 Shares purchased from 1 October 2014 to 31 December Group 2 - Distribution No. 8 Shares purchased from 1 January 2015 to 31 March Amount Amount Gross revenue Equalisation distributed distributed (Note 2) 2014/ /2014 Group 1 Distribution No Distribution No Distribution No Group 2 Distribution No Distribution No Distribution No Accumulation Shares - final distribution No. 3 in pence per share Group 1 - Shares purchased on or before 30 June Group 2 - Shares purchased from 1 July 2014 to 30 June Amount Amount Gross Income tax Net revenue Equalisation accumulated accumulated revenue 20% (Note 2) 31/08/15 31/08/14 Group Group Gross paying Accumulation Shares - final distribution No. 3 in pence per share Group 1 - Shares purchased on or before 30 June Group 2 - Shares purchased from 1 July 2014 to 30 June Amount Amount Gross revenue Equalisation accumulated accumulated (Note 2) 31/08/15 31/08/14 Group Group

124 Fidelity Institutional Select Emerging Markets Equities Fund Investment Objective and Policy The Fund s investment objective is to achieve long term capital appreciation. The Fund will invest primarily in the shares of companies in developing countries, including those in Africa, the Indian sub-continent, Latin America, South East Asia, Europe and the Middle East. There is no policy to restrict investment to particular economic sectors. Fund Manager s Commentary Market Review Emerging market equities rose over the review period. Optimism around Chinese monetary stimulus measures and the US Federal Reserve s (Fed) decision to maintain lower interest rates boosted investor appetite for riskier assets. Low interest rates in the developed world particularly in the US encourage investors to look for higher yields in emerging markets, thereby increasing demand for these assets. However, the possibility of earlier than anticipated interest rate hikes by the US Fed limited gains. Falling prices of oil and other commodities negatively impacted countries such as Colombia and Russia, which are large exporters of these commodities, although oil prices recovered some losses towards the end of the period. In addition, Russian equities fell as renewed financial sanctions by the US and Europe hurt the country s already weak macroeconomic environment. Elsewhere, Chinese stocks advanced sharply, due in part to the central bank s decision to encourage lending by reducing the reserve requirements for commercial banks. Portfolio Activity The fund s returns were driven by stock selection in the industrials and health care sectors. From a country perspective, selected holdings in South Korea and India enhanced gains. Within health care, we bought a new position in Medy- Tox, which supported returns. Its shares rose on the back of its agreement with Allergan, which gives it exposure to the US and European markets and is likely to drive long-term growth. In the financials sector, we bought a holding in Indiabased Yes Bank given its prudent risk management approach and continued growth in its deposits. However, the exposure to Brazilian bank ITAU Unibanco was reduced given the subdued macroeconomic environment, which may negatively affect earnings of large banks. The holding in Turkiye Halk Bankasi was also sold in light of concerns over rising non-performing loans. Overall, the fund is well-diversified, with key positions in the consumer discretionary, health care and information technology sectors. Outlook The situation across emerging markets remains mixed, and selecting companies with robust business models remains key to maximising returns. While current account imbalances in a number of economies are improving, China s move towards domestic consumption, the threat of an increase in US interest rates and geopolitical risks may cause short-term volatility. Nonetheless, from a longer term perspective, emerging markets continue to offer attractive investment opportunities. Performance Record Discrete 1 year performance over the last 5 years to: 30/06/11 30/06/12 30/06/13 30/06/14 30/06/15 Accumulation Shares *Comparative Index * Comparative Index: MSCI Emerging Markets Index (Net of UK tax). Source: Fidelity and RIMES, All performance returns are calculated using the quoted price of the relevant share class, UK, net income reinvested. Past performance is not a reliable indicator of future results. Risk Profile The value of your investment and the income from it can go down as well as up. You may not get back the amount you invested. What you get back is not guaranteed. It will depend on investment performance. This fund may invest in overseas markets. You may get back more or less as a result of currency fluctuations. This fund may invest in developing overseas markets which carry a higher risk than investing in larger established markets. Investments in emerging markets are likely to experience greater rises and falls in value and there may be trading difficulties. This fund may invest in derivatives for the purpose of the efficient management of the fund. The use of financial derivative instruments may result in increased gains or losses within the fund. For funds that invest in derivative transactions, there is a risk that the counterparty to the transaction will wholly or partially fail to honour its contractual obligations. This may result in financial loss to the fund. For details of all the risks please see the Prospectus. Cesar Hernandez & John Chow Fund Managers 30 June

125 Fidelity Institutional Select Emerging Markets Equities Fund Portfolio Information Fund Facts 30/06/15 30/06/14 % % China Korea Taiwan India South Africa Brazil Mexico Russia Other Cash and other net assets/(liabilities) Top Holdings The top ten holdings in the fund as at 30 June 2015 and at the previous year end are shown below. Top holdings as at 30/06/15 % of total net assets Samsung Electronics 4.16 Tencent 3.52 Taiwan Semiconductor Manufacturing 2.92 Naspers 2.36 Cathay Financial 1.80 AmorePacific 1.66 China Pacific Insurance 1.66 Medy-Tox 1.65 China Construction Bank 1.61 LG Chemical 1.56 Income (pence per share) XD date Accumulation Shares Final distribution 01/07/ Ongoing Charges (%) Accumulation Shares 30/06/ /06/ The Ongoing Charges figure is calculated as the ratio of the annual cost of managing and operating the fund to the average net asset value; it excludes portfolio transaction cost. Fund Size Total net Net asset assets value per Shares ( m) share (p) 1 in issue Accumulation Shares 30/06/ ,718,814 30/06/ ,645,991 30/06/ ,393,986 Income Per Share and Price History (pence) Calendar Income Lowest Highest year per share price price Accumulation Shares Top holdings as at 30/06/14 % of total net assets Taiwan Semiconductor Manufacturing 3.49 ishares MSCI Emerging Markets Fund 3.44 Samsung Electronics 3.21 Tencent 2.94 ITAU Unibanco (Pref d) 2.57 Naspers 1.93 China Pacific Insurance 1.63 Hyundai Motor 1.55 Alliance Global 1.49 Bank Rakyat Indonesia 1.41 Footnotes: 1. The net asset value is the accounting value at the year end on a fair value basis. 2. Figures represent distribution to 01/07/

126 Fidelity Institutional Select Emerging Markets Equities Fund Statement of Total Return for the year ended 30 June /06/15 30/06/14 Notes Income Net capital gains/(losses) 4 9,475 5,704 Revenue 5 3,420 3,432 Expenses 6 (1,510) (1,633) Finance costs: Interest/other 8 1 (1) Net revenue/(expense) before taxation 1,911 1,798 Taxation 7 (237) (327) Net revenue/(expense) after taxation 1,674 1,471 Total return before distributions 11,149 7,175 Finance costs: Distributions 8 (1,674) (1,419) Change in net assets attributable to shareholders from investment activities 9,475 5,756 Statement of Change in Net Assets Attributable to Shareholders for the year ended 30 June /06/15 30/06/14 Note Opening net assets attributable to shareholders 136, ,842 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 11,847 8,328 Amounts payable on cancellation of shares (52,760) (40,929) (40,913) (32,601) Change in net assets attributable to shareholders from investment activities (see above) 9,475 5,756 Retained distribution on accumulation shares 8 1,417 1,269 Closing net assets attributable to shareholders 106, ,266 Balance Sheet as at 30 June /06/15 30/06/14 Notes Assets Investment assets 96, ,980 Debtors Cash and bank balances 10 9,247 1,701 Total other assets 10,136 2,529 Total assets 106, ,509 Liabilities Derivative liabilities (80) - Creditors 11 (214) (243) Bank overdrafts (202) - Total other liabilities (416) (243) Total liabilities (496) (243) Net assets attributable to shareholders 106, ,

127 Fidelity Institutional Select Emerging Markets Equities Fund Notes to the financial statements 1. Accounting policies The fund s financial statements have been prepared on the same basis as the Company s financial statements as set out in the Notes to the Aggregated Financial Statements. 2. Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes. 3. Contingent liabilities At the year end there are no contingent liabilities or commitments (2014: nil). 4. Net capital gains/(losses) 30/06/15 30/06/14 Gains/(losses) on non-derivative securities 9,408 6,074 Gains/(losses) on derivative contracts (578) - Other currency gains/(losses) 847 (237) Broker fee rebates Transaction charges (49) (49) Foreign capital gains tax (231) (144) Net net capital gains/(losses) 9,475 5, Revenue 30/06/15 30/06/14 Overseas dividends 3,258 3,372 Overseas scrip dividends - 59 Derivative revenue Bank interest 11 1 Total revenue 3,420 3, Expenses 30/06/15 30/06/14 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees 1,334 1,434 Service charges Foreign exchange administration fees 5 6 1,406 1,512 Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary fees Custody fees Other expenses: Audit fee 8 7 Other operating expenses Total expenses 1,510 1,

128 Fidelity Institutional Select Emerging Markets Equities Fund Notes to the financial statements 7. Taxation 30/06/15 30/06/14 a) Analysis of charge/(credit) for the year Overseas taxation Total current taxation b) Factors affecting tax charge/(credit) for the year Net revenue/(expense) before taxation 1,911 1,798 Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2014: 20%) Effects of: Overseas taxation Overseas tax expensed (11) (19) Increase/(decrease) in unutilised management expenses Revenue not included for tax purposes (548) (540) Expenses not deductible for tax purposes 1 1 Current tax charge/(credit) Open ended investment companies are exempt from UK tax on capital gains. The fund has unrelieved excess management expenses resulting in a potential deferred tax asset of 1,722,000 (2014: 1,546,000). It is unlikely that the fund will generate sufficient taxable profits in the future to utilise these expenses and therefore no deferred tax asset has been recognised. 8. Finance costs 30/06/15 30/06/14 Distributions The distribution takes account of revenue received on the issue of shares and revenue deducted on cancellation of shares. Accumulation Shares Final 1,417 1,269 Add: Revenue deducted on cancellation of shares 325 (35) Deduct: Revenue received on issue of shares (68) 185 Net distribution for the year 1,674 1,419 Interest/other Interest (1) 1 Total finance costs 1,673 1,420 Reconciliation of Net revenue after taxation to Net distribution for the year: Net revenue after taxation for the year, per the Statement of Total Return 1,674 1,471 Add back (revenue)/expenses transferred to capital: Overseas scrip dividends - (59) Tax on capital items - 7 1,674 1,419 Details of the distribution per share are set out in the Distribution Statement. 127

129 Fidelity Institutional Select Emerging Markets Equities Fund Notes to the financial statements 9. Debtors 30/06/15 30/06/14 Sales awaiting settlement Sales of currency awaiting settlement Accrued revenue Broker fee rebates receivable Overseas tax recoverable - 4 Foreign capital gains tax receivable 29 - Total debtors Cash and bank balances 30/06/15 30/06/14 Amounts held at futures clearing houses and brokers Cash and bank balances 8,764 1,701 Total cash and bank balances 9,247 1, Creditors 30/06/15 30/06/14 Purchases awaiting settlement 26 - Purchases of currency awaiting settlement Accrued expenses Foreign capital gains tax payable Total creditors Financial instruments exposure Currency exposures A substantial portion of the financial assets of the fund are denominated in currencies other than sterling, which is the fund s base currency, with the effect that the Balance Sheet and total return can be significantly affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Total exposure Currency Investments Cash balances Debtors/(Creditors) 30/06/15 Brazilian Real 7, ,403 Canadian Dollar Chinese Yuan - - (23) (23) Czech Koruna Euro Hong Kong Dollar 22, ,924 Indian Rupee 9, ,236 Indonesian Rupiah 2, ,498 Korean Won 14, ,008 Malaysian Ringgit 1, ,586 Mexican Peso 6, ,394 Philippines Peso 1, ,427 Polish Zloty South African Rand 7, ,416 Taiwan Dollar 10, ,747 Thai Baht 1, ,246 Turkish Lira 1, ,310 UK Sterling (125) 156 US Dollar 7,420 8,735 (13) 16,142 Total 96,525 9, ,

130 Fidelity Institutional Select Emerging Markets Equities Fund Notes to the financial statements Non-monetary exposures Monetary exposures Total exposure Currency Investments Cash balances Debtors/(Creditors) 30/06/14 Brazilian Real 16, ,898 Chilean Peso Czech Koruna 1, ,054 Euro Hong Kong Dollar 25, ,477 Indian Rupee 10, ,087 Indonesian Rupiah 1, ,918 Korean Won 20, ,441 Malaysian Ringgit 2, ,062 Mexican Peso 4, ,447 Philippines Peso 2, ,425 Polish Zloty 1, ,411 South African Rand 10, ,929 Taiwan Dollar 14, ,725 Thai Baht 2, ,767 Turkish Lira 2, ,348 UK Sterling 4,693 - (170) 4,523 US Dollar 11,686 1, ,518 Total 133,980 1, ,266 The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. Interest rate risk profile The only interest bearing financial instruments in the fund are its bank balances and/or amounts held at futures clearing houses and brokers. Interest earned and paid on bank balances in the current and preceding year were at variable rates provided by the Depositary. The average interest rates earned and paid are disclosed in the Aggregated Financial Statements. Due to the fact that the fund holds no material fixed interest securities there is minimal interest rate exposure on this fund (2014: minimal exposure). Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Sensitivity analysis of derivatives exposure Tthe fund holds no derivatives at the year end that could impact it significantly (2014: same). See the Aggregated Financial Statements Note 14 for the narrative disclosure regarding financial instruments exposure. 13. Portfolio transaction costs 30/06/15 30/06/14 Analysis of total purchase costs Purchases excluding transaction costs 104, ,621 Commissions Taxes Other Total purchase transaction costs Total purchases including transaction costs 105, ,937 Analysis of total sale costs Sales excluding transaction costs 152, ,599 Commissions (111) (225) Taxes (182) (177) Other (29) (26) Total sale transaction costs (322) (428) Total sales including transaction costs 152, ,

131 Fidelity Institutional Select Emerging Markets Equities Fund Notes to the financial statements 14. Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 8 by virtue of the influence it has over the operations of the fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 11. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of 95,000 (2014: 120,000) are included within accrued expenses in Note 11. At the balance sheet date, any holdings in the fund by FIL Limited which is the ultimate parent company of FIL Investment Services (UK) Limited, are detailed in Note 12 of the Aggregated Financial Statements. 15. Shareholders funds The fund currently has Accumulation Shares. The annual management charge is: Accumulation Shares: 1.00% The distributions per share class are given in the Distribution Statement. 130

132 Fidelity Institutional Select Emerging Markets Equities Fund Distribtution Statement for the year ended 30 June 2015 Accumulation Shares - final distribution No. 6 in pence per share Group 1 - Shares purchased on or before 30 June Group 2 - Shares purchased from 1 July 2014 to 30 June Amount Amount Net revenue Equalisation accumulated accumulated (Note 2) 31/08/15 31/08/14 Group Group

133 Fidelity Institutional Select Global Equities Fund Investment Objective and Policy The fund s investment objective is to achieve long term capital appreciation. The fund will invest primarily in the shares of companies in markets throughout the world. There is no policy to restrict investments to particular economic sectors. Fund Manager s Commentary Market Review Global equities rose over the 12-month review period. While the US Federal Reserve ended its quantitative easing programme in October, other central banks around the world continued to increase money supply in order to support growth, which boosted equity markets. Crude oil prices have remained under pressure since mid-2014 due to weak global demand and rising production from the US. From a regional perspective, US equities performed strongly as the domestic economy continued to perform well. Meanwhile, Europe lagged the broader market given concerns about the pace of economic growth and uncertainty related to the Greek debt crisis. The Japanese market registered strong positive returns as further monetary policy easing by the Bank of Japan supported the market. Stronger-than-expected GDP data, positive corporate results and improvements in corporate governance also boosted Japanese equities. Portfolio Activity Selected securities in the health care, consumer and financials sectors contributed to performance. In the health care sector, shares in BioMarin Pharmaceutical rose as the company reported robust earnings driven by strong sales of its key drug Vimizim. Hospital provider HCA was among the top contributors to performance; the position was reduced to lock-in profits. Merger and acquisition activity buoyed selected holdings in the portfolio. For instance, shares in Cubist Pharmaceuticals surged after Merck agreed to acquire the company. In consumer discretionary, mobile services provider Altice gained after it offered to buy French mobile operator Bouygues Telecom. Meanwhile, in the financials sector, a new position was purchased in Julius Baer Gruppe, as it benefits from rising assets under management. Consumer staples companies CVS Health and Kroger advanced after reporting strong earnings. The holding in Kroger was sold, while the exposure to CVS Health was reduced. Conversely, selected energy positions, such as Apache, Hess and Halliburton, declined amid weak crude oil prices. A new position was purchased in BP, while the holding in Exxon Mobil was sold during the period. Outlook The outlook for global equities remains cautious. The continued strong equity performance means that stock valuations are relatively high. While the US economic recovery is well recognised, Europe and Japan are seeing a slight improvement in economic activity, but still require further central bank assistance. Emerging markets offer interesting stock picking opportunities, but selectivity remains key as fundamentals vary significantly across countries. The recent oil price correction should support oil importing emerging markets. Performance Record Discrete 1 year performance over the last 5 years to: 30/06/11 30/06/12 30/06/13 30/06/14 30/06/15 Accumulation Shares *Comparative Index * Comparative Index: MSCI World Index (Net of UK tax). Source: Fidelity and RIMES, All performance returns are calculated using the quoted price of the relevant share class, UK, net income reinvested. Past performance is not a reliable indicator of future results. Risk Profile The value of your investment and the income from it can go down as well as up. You may not get back the amount you invested. What you get back is not guaranteed. It will depend on investment performance. This fund may invest in overseas markets. You may get back more or less as a result of currency fluctuations. This fund may invest in derivatives for the purpose of the efficient management of the fund. The use of financial derivative instruments may result in increased gains or losses within the fund. For funds that invest in derivative transactions, there is a risk that the counterparty to the transaction will wholly or partially fail to honour its contractual obligations. This may result in financial loss to the fund. For details of all the risks please see the Prospectus. Cesar Hernandez Fund Manager 30 June

134 Fidelity Institutional Select Global Equities Fund Portfolio Information Fund Facts 30/06/15 30/06/14 % % United States Japan United Kingdom Switzerland France Canada Germany Australia Other Cash and other net assets/(liabilities) Top Holdings The top ten holdings in the fund as at 30 June 2015 and at the previous year end are shown below. Top holdings as at 30/06/15 % of total net assets Apple 2.30 General Electric 1.09 Wells Fargo 1.07 JPMorgan Chase 1.04 Johnson & Johnson 1.03 Coca-Cola 0.82 Medtronic 0.81 Walt Disney 0.80 Comcast (A) 0.79 Citigroup 0.75 Income (pence per share) XD date Accumulation Shares Final distribution 01/07/ Ongoing Charges (%) Accumulation Shares 30/06/ /06/ The Ongoing Charges figure is calculated as the ratio of the annual cost of managing and operating the fund to the average net asset value; it excludes portfolio transaction cost. Fund Size Total net Net asset assets value per Shares ( m) share (p) 1 in issue Accumulation Shares 30/06/ ,317,181 30/06/ ,894,237 30/06/ ,449,208 Income Per Share and Price History (pence) Calendar Income Lowest Highest year per share price price Accumulation Shares Top holdings as at 30/06/14 % of total net assets Apple 1.73 ChevronTexaco 1.42 Wells Fargo 1.15 Verizon Communications 1.13 Microsoft 1.09 ExxonMobil 1.05 JPMorgan Chase 1.03 Total (B) 0.87 Roche 0.82 United Technologies 0.82 Footnotes: 1. The net asset value is the accounting value at the year end on a fair value basis. 2. Figures represent distribution to 01/07/

135 Fidelity Institutional Select Global Equities Fund Statement of Total Return for the year ended 30 June /06/15 30/06/14 Notes Income Net capital gains/(losses) 4 57,486 54,374 Revenue 5 9,328 12,001 Expenses 6 (3,931) (5,111) Finance costs: Interest/other 8 (3) (3) Net revenue/(expense) before taxation 5,394 6,887 Taxation 7 (821) (736) Net revenue/(expense) after taxation 4,573 6,151 Total return before distributions 62,059 60,525 Finance costs: Distributions 8 (4,383) (5,767) Change in net assets attributable to shareholders from investment activities 57,676 54,758 Statement of Change in Net Assets Attributable to Shareholders for the year ended 30 June /06/15 30/06/14 Note Opening net assets attributable to shareholders 575, ,010 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 16,210 15,887 Amounts payable on cancellation of shares (142,803) (109,925) In specie cancellation of shares (139,600) - (266,193) (94,038) Stamp duty reserve tax - (3) Change in net assets attributable to shareholders from investment activities (see above) 57,676 54,758 Retained distribution on accumulation shares 8 3,747 5,590 Closing net assets attributable to shareholders 370, ,317 Balance Sheet as at 30 June /06/15 30/06/14 Notes Assets Investment assets 353, ,744 Debtors 9 1,622 4,646 Cash and bank balances 10 16,900 9,688 Total other assets 18,522 14,334 Total assets 371, ,078 Liabilities Derivative liabilities (228) - Creditors 11 (1,175) (3,203) Bank overdrafts - (1,558) Total other liabilities (1,175) (4,761) Total liabilities (1,403) (4,761) Net assets attributable to shareholders 370, ,

136 Fidelity Institutional Select Global Equities Fund Notes to the financial statements 1. Accounting policies The fund s financial statements have been prepared on the same basis as the Company s financial statements as set out in the Notes to the Aggregated Financial Statements. 2. Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes. 3. Contingent liabilities At the year end there are no contingent liabilities or commitments (2014: nil). 4. Net capital gains/(losses) 30/06/15 30/06/14 Gains/(losses) on non-derivative securities 56,410 54,868 Gains/(losses) on derivative contracts Other currency gains/(losses) 865 (506) Broker fee rebates Transaction charges (45) (83) Net net capital gains/(losses) 57,486 54, Revenue 30/06/15 30/06/14 UK dividends 1,035 1,276 UK scrip dividends UK property income distributions Overseas dividends 7,458 10,022 Overseas scrip dividends Overseas property income distributions Derivative revenue Bank interest 25 2 Taxable interest Total revenue 9,328 12, Expenses 30/06/15 30/06/14 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees 3,603 4,659 Service charges Foreign exchange administration fees 3 9 3,831 4,959 Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary fees Custody fees Other expenses: Audit fee 8 7 Other operating expenses Total expenses 3,931 5,

137 Fidelity Institutional Select Global Equities Fund Notes to the financial statements 7. Taxation 30/06/15 30/06/14 a) Analysis of charge/(credit) for the year Overseas taxation* Total current taxation b) Factors affecting tax charge/(credit) for the year Net revenue/(expense) before taxation 5,394 6,887 Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2014: 20%). 1,079 1,377 Effects of: Overseas taxation Overseas tax expensed (8) (12) Increase/(decrease) in unutilised management expenses Revenue not included for tax purposes (1,718) (2,286) Expenses not deductible for tax purposes 1 2 Current tax charge/(credit) Open ended investment companies are exempt from UK tax on capital gains. The fund has unrelieved excess management expenses resulting in a potential deferred tax asset of 5,285,000 (2014: 4,616,000). It is unlikely that the fund will generate sufficient taxable profits in the future to utilise these expenses and therefore no deferred tax asset has been recognised. *Includes amounts for the recovery of excess withholding tax suffered on dividends received in prior accounting periods 8. Finance costs 30/06/15 30/06/14 Distributions The distribution takes account of revenue received on the issue of shares and revenue deducted on cancellation of shares. Accumulation Shares Final 3,747 5,590 Add: Revenue deducted on cancellation of shares Deduct: Revenue received on issue of shares (61) (56) Net distribution for the year 4,383 5,767 Interest/other Interest 3 3 Total finance costs 4,386 5,770 Reconciliation of Net revenue after taxation to Net distribution for the year: Net revenue after taxation for the year, per the Statement of Total Return 4,573 6,151 Add back (revenue)/expenses transferred to capital: UK scrip dividends (23) (55) Overseas scrip dividends (167) (329) 4,383 5,767 Details of the distribution per share are set out in the Distribution Statement. 136

138 Fidelity Institutional Select Global Equities Fund Notes to the financial statements 9. Debtors 30/06/15 30/06/14 Amounts receivable for issue of shares Sales awaiting settlement 161 2,594 Sales of currency awaiting settlement Accrued revenue Broker fee rebates receivable Overseas tax recoverable Total debtors 1,622 4, Cash and bank balances 30/06/15 30/06/14 Amounts held at futures clearing houses and brokers Cash and bank balances 16,082 9,688 Total cash and bank balances 16,900 9, Creditors 30/06/15 30/06/14 Amounts payable for cancellation of shares 13 5 Purchases awaiting settlement 761 2,564 Purchases of currency awaiting settlement Accrued expenses Total creditors 1,175 3, Financial instruments exposure Currency exposures A substantial portion of the financial assets of the fund are denominated in currencies other than sterling, which is the fund s base currency, with the effect that the Balance Sheet and total return can be significantly affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Total exposure Currency Investments Cash balances Debtors/(Creditors) 30/06/15 Australian Dollar 8,272 1, ,421 Canadian Dollar 12, ,760 Danish Krone 2, ,999 Euro 40,317 2, ,617 Hong Kong Dollar 4, ,766 Israeli Shekel Japanese Yen 30, ,115 Norwegian Krone 1, ,089 Singapore Dollar 1, ,099 Swedish Krona 5,200 1 (1) 5,200 Swiss Franc 12, ,478 UK Sterling 27,784 2,622 (45) 30,361 US Dollar 205,372 7,200 (457) 212,115 Total 353,200 16, ,

139 Fidelity Institutional Select Global Equities Fund Notes to the financial statements Non-monetary exposures Monetary exposures Total exposure Currency Investments Cash balances Debtors/(Creditors) 30/06/14 Australian Dollar 17, ,359 Canadian Dollar 24, ,520 Danish Krone 4, ,066 Euro 72, ,431 Hong Kong Dollar 6, ,492 Israeli Shekel Japanese Yen 46, ,064 Norwegian Krone ,387 Singapore Dollar 3, ,195 Swedish Krona 7, ,867 Swiss Franc 19, ,832 UK Sterling 49, (99) 50,134 US Dollar 312,165 4, ,391 Total 565,744 8,130 1, ,317 The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. Interest rate risk profile The only interest bearing financial instruments in the fund are its bank balances and/or amounts held at futures clearing houses and brokers. Interest earned and paid on bank balances in the current and preceding year were at variable rates provided by the Depositary. The average interest rates earned and paid are disclosed in the Aggregated Financial Statements. Due to the fact that the fund holds no material fixed interest securities there is minimal interest rate exposure on this fund (2014: minimal exposure). Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Sensitivity analysis of derivatives exposure At the year end the fund holds no derivatives that could impact it significantly (2014: same). See the Aggregated Financial Statements Note 14 for the narrative disclosure regarding financial instruments exposure. 13. Portfolio transaction costs 30/06/15 30/06/14 Analysis of total purchase costs Purchases excluding transaction costs 235, ,163 Commissions Taxes Other Total purchase transaction costs Total purchases including transaction costs 235, ,597 Analysis of total sale costs Sales excluding transaction costs 505, ,391 Commissions (110) (214) Taxes (9) (14) Other (27) (44) Total sale transaction costs (146) (272) Total sales including transaction costs 504, ,

140 Fidelity Institutional Select Global Equities Fund Notes to the financial statements 14. Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 8 by virtue of the influence it has over the operations of the fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 11. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of 266,000 (2014: 404,000) are included within accrued expenses in Note 11. At the balance sheet date, any holdings in the fund by FIL Limited which is the ultimate parent company of FIL Investment Services (UK) Limited, are detailed in Note 12 of the Aggregated Financial Statements. 15. Shareholders funds The fund currently has Accumulation Shares. The annual management charge is: Accumulation Shares: 0.80% The distributions per share class are given in the Distribution Statement. 139

141 Fidelity Institutional Select Global Equities Fund Distribution Statement for the year ended 30 June 2015 Accumulation Shares - final distribution No. 14 in pence per share Group 1 - Shares purchased on or before 30 June Group 2 - Shares purchased from 1 July 2014 to 30 June Amount Amount Net revenue Equalisation accumulated accumulated (Note 2) 31/08/15 31/08/14 Group Group

142 Fidelity Institutional South East Asia Fund Investment Objective and Policy The fund s investment objective is to achieve long term capital appreciation. The fund will invest primarily in the shares of companies throughout the Pacific Basin but excluding those in Japan. There is no policy to restrict investment to particular economic sectors. Fund Manager s Commentary Market Review Equities in the Asia Pacific ex Japan region advanced over the review period. Chinese and Hong Kong equities gained as the People s Bank of China lowered the reserve requirement ratio for banks and cut its key interest rates to support China s decelerating economic growth. Investment flows from mainland China under the Shanghai-Hong Kong Stock Connect programme boosted Hong Kong stocks. Indian equities benefited from acceleration in policy reforms and easing monetary policies. Conversely, the Australian market declined, largely due to the poor performance of banks and commodity related companies. Weak corporate earnings towards the end of the period held back returns in the Indonesian market. At a sector level, financials, health care and telecommunications gained. Conversely, materials and energy companies fell as resource prices declined. Portfolio Activity Security selection in the utilities and consumer discretionary sectors boosted performance. Within utilities, wastewater treatment firm CT Environmental Group enhanced returns in light of its solid earnings for 2014 and the acquisition of hazardous waste treatment company Guangzhou Lvyou. In the consumer discretionary sector, the position in India-based automaker Tata Motors added value as the healthy performance of its Jaguar Land Rover (JLR) unit supported earnings. The position was sold to lock-in profits following strong gains. I also lowered the allocation to the sector by selling holdings in Hong Kong-based cosmetic retailer Sa Sa International and South Korean automaker Hyundai Motor due to their lacklustre earnings growth outlook. In the financials sector, HDFC Bank boosted performance as it reported healthy results and on expectations of a revival in economic activity and credit demand. Shares in property developer China Overseas Land & Investment gained as Chinese authorities announced measures to ease restrictions on the housing market. The exposure to the financials sector was raised as I bought companies with strong growth prospects. For instance, I bought shares in Hong Kong Exchanges & Clearing as Hong Kong s stock exchange operator is likely to benefit from the rising liberalisation of China s capital market. The allocation to China Construction Bank and Industrial & Commercial Bank of China was also increased as their earnings and cash flows are likely to benefit from the ongoing liquidity easing in China. Conversely, security selection in materials detracted from returns. Shares in miner BHP Billiton tracked iron ore and base metal prices lower. The position in oil & gas explorer Oil Search also declined as crude oil prices fell sharply amid worries about rising supply. Outlook Growth in China is likely to decelerate to a more sustainable level, but will remain enviable in a global context. Meanwhile, reforms are expected to boost growth in other regional economies such as India, which should help to offset the impact of slower growth in China. While worries about an interest rate increase in the US and debt issues in Europe could lead to volatility in global markets, an accommodative policy environment in Asia Pacific should support sentiment. Furthermore, corporate earnings outlook and market valuations in the region remain healthy. Performance Record Discrete 1 year performance over the last 5 years to: 30/06/11 30/06/12 30/06/13 30/06/14 30/06/15 Accumulation Shares *Comparative Index * Comparative Index: MSCI AC Asia Pacific (ex-japan) Index (Net of UK tax). Source: Fidelity and RIMES, All performance returns are calculated using the quoted price of the relevant share class, UK, net income reinvested. Past performance is not a reliable indicator of future results. Risk Profile The value of your investment and the income from it can go down as well as up. You may not get back the amount you invested. What you get back is not guaranteed. It will depend on investment performance. This fund may invest in overseas markets. You may get back more or less as a result of currency fluctuations. This fund may invest in developing overseas markets which carry a higher risk than investing in larger established markets. Investments in emerging markets are likely to experience greater rises and falls in value and there may be trading difficulties. This fund may invest in derivatives for the purpose of the efficient management of the fund. The use of financial derivative instruments may result in increased gains or losses within the fund. For funds that invest in derivative transactions, there is a risk that the counterparty to the transaction will wholly or partially fail to honour its contractual obligations. This may result in financial loss to the fund. For details of all the risks please see the Prospectus. Polly Kwan Fund Manager 30 June

143 Fidelity Institutional South East Asia Fund Portfolio Information Fund Facts 30/06/15 30/06/14 % % China Australia Hong Kong Korea Taiwan India Singapore Indonesia Other Cash and other net assets/(liabilities) Top Holdings The top ten holdings in the fund as at 30 June 2015 and at the previous year end are shown below. Top holdings as at 30/06/15 % of total net assets Commonwealth Bank of Australia 4.94 Samsung Electronics 4.24 ANZ Banking (AU) 3.44 Tencent 3.40 China Construction Bank 3.28 Industrial & Commercial Bank of China 2.91 Taiwan Semiconductor Manufacturing 2.67 HDFC Bank (Dematerialised) 2.49 AIA 2.39 Fubon 1.98 Income (pence per share) XD date Accumulation Shares Final distribution 01/07/ Ongoing Charges (%) Accumulation Shares 30/06/ /06/ The Ongoing Charges figure is calculated as the ratio of the annual cost of managing and operating the fund to the average net asset value; it excludes portfolio transaction cost. Fund Size Total net Net asset assets value per Shares ( m) share (p) 1 in issue Accumulation Shares 30/06/ ,233,741 30/06/ ,776,294 30/06/ ,457,339 Income Per Share and Price History (pence) Calendar Income Lowest Highest year per share price price Accumulation Shares Top holdings as at 30/06/14 % of total net assets Samsung Electronics 5.17 Australia & New Zealand Banking 5.03 Commonwealth Bank of Australia 4.01 BHP Billiton (AU) 3.67 Tencent 2.88 Largan Precision 2.34 China Construction Bank 2.32 China Petroleum & Chemical 2.24 HDFC Bank (Dematerialised) 2.16 Dr Reddy s Laboratories 2.13 Footnotes: 1. The net asset value is the accounting value at the year end on a fair value basis. 2. Figures represent distribution to 01/07/

144 Fidelity Institutional South East Asia Fund Statement of Total Return for the year ended 30 June /06/15 30/06/14 Notes Income Net capital gains/(losses) 4 24,096 6,135 Revenue 5 6,995 5,494 Expenses 6 (2,191) (2,185) Finance costs: Interest/other 8 - (1) Net revenue/(expense) before taxation 4,804 3,308 Taxation 7 (273) (185) Net revenue/(expense) after taxation 4,531 3,123 Total return before distributions 28,627 9,258 Finance costs: Distributions 8 (4,105) (1,661) Change in net assets attributable to shareholders from investment activities 24,522 7,597 Statement of Change in Net Assets Attributable to Shareholders for the year ended 30 June /06/15 30/06/14 Note Opening net assets attributable to shareholders 221, ,986 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 26,066 24,687 Amounts payable on cancellation of shares (52,613) (59,646) (26,547) (34,959) Stamp duty reserve tax - (1) Change in net assets attributable to shareholders from investment activities (see above) 24,522 7,597 Retained distribution on accumulation shares 8 3,846 1,531 Closing net assets attributable to shareholders 222, ,154 Balance Sheet as at 30 June /06/15 30/06/14 Notes Assets Investment assets 221, ,066 Debtors 9 1,980 2,690 Cash and bank balances 771 2,162 Total other assets 2,751 4,852 Total assets 223, ,918 Liabilities Creditors 10 (830) (2,460) Bank overdrafts - (304) Total liabilities (830) (2,764) Net assets attributable to shareholders 222, ,

145 Fidelity Institutional South East Asia Fund Notes to the financial statements 1. Accounting policies The fund s financial statements have been prepared on the same basis as the Company s financial statements as set out in the Notes to the Aggregated Financial Statements. 2. Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes. 3. Contingent liabilities At the year end there are no contingent liabilities or commitments (2014: nil). 4. Net capital gains/(losses) 30/06/15 30/06/14 Gains/(losses) on non-derivative securities 23,678 6,190 Other currency gains/(losses) 217 (107) Broker fee rebates Transaction charges (33) (18) Foreign capital gains tax Net net capital gains/(losses) 24,096 6, Revenue 30/06/15 30/06/14 UK dividends UK scrip dividends - 22 Overseas dividends 6,311 3,783 Overseas scrip dividends 426 1,441 Overseas property income distributions Interest on securities 2 1 Bank interest 1 - Total revenue 6,995 5, Expenses 30/06/15 30/06/14 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees 1,909 1,882 Service charges Foreign exchange administration fees 8 6 2,036 2,006 Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary fees Custody fees Other expenses: Audit fee 8 7 Other operating expenses Total expenses 2,191 2,

146 Fidelity Institutional South East Asia Fund Notes to the financial statements 7. Taxation 30/06/15 30/06/14 a) Analysis of charge/(credit) for the year Overseas taxation Total current taxation b) Factors affecting tax charge/(credit) for the year Net revenue/(expense) before taxation 4,804 3,308 Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2014: 20%) Effects of: Overseas taxation Overseas tax expensed (8) (7) Increase/(decrease) in unutilised management expenses Revenue not included for tax purposes (1,328) (1,025) Expenses not deductible for tax purposes 2 1 Current tax charge/(credit) Open ended investment companies are exempt from UK tax on capital gains. The fund has unrelieved excess management expenses resulting in a potential deferred tax asset of 2,288,000 (2014: 1,915,000). It is unlikely that the fund will generate sufficient taxable profits in the future to utilise these and therefore no deferred tax asset has been recognised. 8. Finance costs 30/06/15 30/06/14 Distributions The distribution takes account of revenue received on the issue of shares and revenue deducted on cancellation of shares. Accumulation Shares Final 3,846 1,531 Add: Revenue deducted on cancellation of shares (142) 187 Deduct: Revenue received on issue of shares 401 (57) Net distribution for the year 4,105 1,661 Interest/other Interest - 1 Total finance costs 4,105 1,662 Reconciliation of Net revenue after taxation to Net distribution for the year: Net revenue after taxation for the year, per the Statement of Total Return 4,531 3,123 Add back (revenue)/expenses transferred to capital: UK scrip dividends - (22) Overseas scrip dividends (426) (1,441) Tax on capital items - 1 4,105 1,661 Details of the distribution per share are set out in the Distribution Statement. 145

147 Fidelity Institutional South East Asia Fund Notes to the financial statements 9. Debtors 30/06/15 30/06/14 Amounts receivable for issue of shares - 51 Sales awaiting settlement Sales of currency awaiting settlement Accrued revenue 1,806 1,006 Broker fee rebates receivable 6 5 Foreign capital gains tax receivable Total debtors 1,980 2, Creditors 30/06/15 30/06/14 Amounts payable for cancellation of shares Purchases awaiting settlement Purchases of currency awaiting settlement Accrued expenses Foreign capital gains tax payable Total creditors 830 2, Financial instruments exposure Currency exposures A substantial portion of the financial assets of the fund are denominated in currencies other than sterling, which is the fund s base currency, with the effect that the Balance Sheet and total return can be significantly affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Total exposure Currency Investments Cash balances Debtors/(Creditors) 30/06/15 Australian Dollar 40, ,834 Chinese Yuan - - (100) (100) Hong Kong Dollar 86, ,079 87,240 Indian Rupee 18, ,784 Indonesian Rupiah 5, ,875 Korean Won 25, ,589 Malaysian Ringgit 2, ,120 New Zealand Dollar 1,394 5 (2) 1,397 Singapore Dollar 8, ,671 Taiwan Dollar 22, ,655 Thai Baht 2, ,523 UK Sterling - 9 (487) (478) US Dollar 7, (22) 7,865 Total 221, , ,975 30/06/14 Australian Dollar 54, ,300 Hong Kong Dollar 63, ,932 Indian Rupee 20, ,421 Indonesian Rupiah 5,835 (114) (26) 5,695 Korean Won 34, ,981 Malaysian Ringgit 1, ,849 New Zealand Dollar 1, ,208 Singapore Dollar 8,576 - (15) 8,561 Taiwan Dollar 17, ,150 Thai Baht 2, ,748 UK Sterling - - (470) (470) US Dollar 8, (822) 8,779 Total 219,066 1, ,154 The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. 146

148 Fidelity Institutional South East Asia Fund Notes to the financial statements Interest rate risk profile The only interest rate bearing financial instruments in the fund are its bank balances and/or amounts held at futures clearing houses and brokers. Interest earned and paid on bank balances in the current and preceding year were at variable rates provided by the Depositary. The average interest rates earned and paid are disclosed in the Aggregated Financial Statements. Due to the fact that the fund holds no material fixed interest securities there is minimal interest rate exposure on this fund (2014: minimal exposure). Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Sensitivity analysis of derivatives exposure The fund holds no derivatives at the year end (2014: same). See the Aggregated Financial Statements Note 14 for the narrative disclosure regarding financial instruments exposure. 12. Portfolio transaction costs 30/06/15 30/06/14 Analysis of total purchase costs Purchases excluding transaction costs 190, ,746 Commissions Taxes Other 15 8 Total purchase transaction costs Total purchases including transaction costs 190, ,891 Analysis of total sale costs Sales excluding transaction costs 212, ,853 Commissions (122) (124) Taxes (175) (180) Other (18) (10) Total sale transaction costs (315) (314) Total sales including transaction costs 212, , Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 8 by virtue of the influence it has over the operations of the fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 10. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of 160,000 (2014: 158,000) are included within accrued expenses in Note 10. At the balance sheet date, any holdings in the fund by FIL Limited which is the ultimate parent company of FIL Investment Services (UK) Limited, are detailed in Note 12 of the Aggregated Financial Statements. 14. Shareholders funds The fund currently has Accumulation Shares. The annual management charge is: Accumulation Shares: 0.80% The distributions per share class are given in the Distribution Statement. 147

149 Fidelity Institutional South East Asia Fund Distribution Statement for the year ended 30 June 2015 Accumulation Shares - final distribution No. 18 in pence per share Group 1 - Shares purchased on or before 30 June Group 2 - Shares purchased from 1 July 2014 to 30 June Amount Amount Net revenue Equalisation accumulated accumulated (Note 2) 31/08/15 31/08/14 Group Group

150 Fidelity Institutional Sterling Core Plus Bond Fund Investment Objective and Policy The fund s investment objective is to achieve both capital growth and income. The fund will invest primarily in UK and international government and corporate bonds. The fund may also invest in emerging market debt and high yield securities. Derivatives and forward transactions may be used for investment purposes. The strategies attempt to maintain at least 90% of currency exposure in UK Sterling. Fund Manager s Commentary Market Review UK government bonds (Gilts) outperformed corporate bonds over the review period. Gilt yields fell as low inflation data helped to calm fears of an earlierthan-expected interest rate hike. UK investment grade corporate bonds also advanced over the period. On macroeconomic front, the UK economy grew by 2.9% in the first quarter of 2015, while real wages grew at their fastest pace in nearly eight years. Meanwhile, the inflation rate turned positive in May, with the Consumer Price Index (CPI) rising by 0.1%, after one month of negative inflation in April. Industrial production got a boost in May due to a rebound in the oil and gas sector and the services Purchasing Managers Index (PMI) rose to 58.5 in June. With overall macroeconomic developments still subdued and broadly in line with expectations, the Bank of England s (BoE) Monetary Policy Committee (MPC) voted to maintain interest rates at 0.50% and the asset purchase facility at 375 billion. Portfolio Activity The fund s credit strategy aided performance over the review period, with security selection being the key contributor to returns. In particular, selected financials buoyed performance. Holdings in Sumitomo Mitsui Financial Group, UBS and Morgan Stanley in the banking sector and positions in insurers Marsh & McLennan and Fukoku Mutual Life supported returns. In non-financials, the underweight stance in utilities was the biggest contributor to relative performance over the year. The underweight allocation to EDF enhanced relative gains, as did the lack of exposure to RWE. Over the year, I increased the overweight exposure to financials by purchasing new holdings in Lloyds Banking Group, Bank of Ireland and Pershing Square in the banking sector. In non-financials, the overweight stance in the consumer cyclical sector was increased by raising the allocation to Center Parcs. Conversely, exposure to the telecommunications sector was reduced to an underweight by selling holdings in Time Warner Cable and Virgin Media, while lowering the allocation to Verizon Communications. Meanwhile, the fund s interest rate strategy detracted from performance. In particular, the short duration (less sensitive to interest rate changes than the comparative index) position in sterling hampered returns as Gilts advanced over the year. Currently, the fund has a short duration position versus the comparative index through short positions in both sterling and US dollar interest rate risk. Outlook The market expects the BoE to raise interest rates in the first quarter of We expect Gilts to deliver neutral returns over the next 12 months, although there is scope for a further rise in yields as market volatility is expected to remain high. Meanwhile, demand for investment grade corporate bonds should also remain strong as investors take advantage of higher yields. The asset class should also benefit from its safe haven status in the event of further volatility in Europe. Performance Record Discrete 1 year performance over the last 5 years to: 30/06/11 30/06/12 30/06/13 30/06/14 30/06/15 Income Shares Gross paying Accumulation Shares** *Comparative Index * Comparative Index: 50% iboxx Sterling Non Gilt 15+ Index, 50% iboxx Sterling Gilts 15+ Index. Source: Fidelity and RIMES, All performance returns are calculated using the quoted price of the relevant share class, UK, net income reinvested, ** gross income reinvested. Comparative index to 30/11/09 was iboxx GBP Overall 15+ Index. Past performance is not a reliable indicator of future results. Risk Profile The value of your investment and the income from it can go down as well as up. You may not get back the amount you invested. What you get back is not guaranteed. It will depend on investment performance. This fund may invest in sub investment grade bonds. These bonds may produce a higher level of income than investment grade bonds but at a higher risk to your capital. With funds that invest in bonds, there is a risk that the issuer of the bond may default on its repayments. The likelihood of this happening will depend on the credit worthiness of the issuer. The risk of default is usually greatest with bonds that are classed as sub investment grade. This fund may invest in overseas markets. You may get back more or less as a result of currency fluctuations. For this fund derivatives and forward transactions may be used for specific investment purposes as well as for hedging and other efficient management purposes as permitted for all funds. The use of derivatives including more complex instruments or strategies to achieve the investment objective may result in leverage. In such situations performance may rise or fall more than it would have done otherwise, reflecting such additional exposure. For funds that invest in derivative transactions, there is a risk that the counterparty to the transaction will wholly or partially fail to honour its contractual obligations. This may result in financial loss to the fund. For details of all the risks please see the Prospectus. Andy Weir Fund Manager 30 June

151 Fidelity Institutional Sterling Core Plus Bond Fund Portfolio Information Fund Facts 30/06/15 30/06/14 % % AA Rated BBB Rated A Rated BB Rated Not Rated AAA Rated B Rated Forward Foreign Exchange Contracts Other Cash and other net assets/(liabilities) Top Holdings The top ten holdings in the fund as at 30 June 2015 and at the previous year end are shown below. Top holdings as at 30/06/15 % of total net assets UK Gilt Treasury 3.25% 22/01/ UK Gilt Treasury 3.75% 22/07/ UK Gilt Treasury 4.00% 22/01/ Bank of Scotland 7.281% (Perpetual) B 2.12 UK Gilt Treasury 3.50% 02/07/ CPUK Finance 2.666% 28/02/2020 Reg S 1.29 Spain 0.55% 30/11/2019 Reg S 1.20 SMFG Preferred Capital % VRN (Perpetual) 1.06 US Treasury Note 0.125% 15/04/ UK Gilt Treasury 4.75% 07/12/ Top holdings as at 30/06/14 % of total net assets UK Gilt Treasury 4.50% 07/09/ UK Gilt Treasury 0.00% 07/03/ UK Gilt Treasury 0.00% 07/12/ UK Gilt Treasury 4.00% 22/01/ Receive fixed 4.73%, pay floating 30/09/ New Zealand 2.00% 20/09/ Receive fixed 4.115%, pay floating 03/12/ Deutschland 1.75% 15/04/ Sold Protection on ITRAXX Europe Sub Financial Series 21 20/06/ Time Warner Cable 5.25% 15/07/ Footnotes: Income (pence per share) XD date Income Gross paying Shares Accumulation Shares Final distribution 01/07/ Interim distribution 01/01/ Ongoing Charges (%) Income Gross paying Shares Accumulation Shares 30/06/ /06/ The Ongoing Charges figure is calculated as the ratio of the annual cost of managing and operating the fund to the average net asset value; it excludes portfolio transaction cost. Fund Size Total net Net asset Total net Net asset assets value per Shares assets value per Shares ( m) share (p) 1 in issue ( m) share (p) 1 in issue Income Shares Gross paying Accumulation Shares 30/06/ , ,075,692 30/06/ , ,241,888 30/06/ , ,951,086 Income Per Share and Price History (pence) Calendar Income Lowest Highest Income Lowest Highest year per share price price per share price price Income Shares Gross paying Accumulation Shares The net asset value is the accounting value at the year end on a fair value basis. 2. Figures represent distribution to 01/07/

152 Fidelity Institutional Sterling Core Plus Bond Fund Statement of Total Return for the year ended 30 June /06/15 30/06/14 Notes Income Net capital gains/(losses) 4 10,956 4,190 Revenue 5 5,514 6,678 Expenses 6 (658) (596) Finance costs: Interest/other 8 2 (794) Net revenue/(expense) before taxation 4,858 5,288 Taxation 7 (8) (3) Net revenue/(expense) after taxation 4,850 5,285 Total return before distributions 15,806 9,475 Finance costs: Distributions 8 (4,850) (5,285) Change in net assets attributable to shareholders from investment activities 10,956 4,190 Statement of Change in Net Assets Attributable to Shareholders for the year ended 30 June /06/15 30/06/14 Note Opening net assets attributable to shareholders 122, ,983 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 3,521 11,307 Amounts payable on cancellation of shares (3,602) (23,289) (81) (11,982) Change in net assets attributable to shareholders from investment activities (see above) 10,956 4,190 Retained distribution on accumulation shares 8 4,837 5,096 Closing net assets attributable to shareholders 137, ,287 Balance Sheet as at 30 June /06/15 30/06/14 Notes Assets Investment assets 137, ,203 Derivative assets 1,882 8,326 Debtors 9 2,400 1,731 Cash and bank balances 10 1,761 1,400 Total other assets 4,161 3,131 Total assets 143, ,660 Liabilities Derivative liabilities (3,352) (1,647) Creditors 11 (591) (141) Bank overdrafts (1,150) (5,578) Net distributions payable on income shares (8) (7) Total other liabilities (1,749) (5,726) Total liabilities (5,101) (7,373) Net assets attributable to shareholders 137, ,

153 Fidelity Institutional Sterling Core Plus Bond Fund Notes to the financial statements 1. Accounting policies The fund s financial statements have been prepared on the same basis as the Company s financial statements as set out in the Notes to the Aggregated Financial Statements. 2. Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes. 3. Contingent liabilities At the year end there are no contingent liabilities or commitments (2014: nil). 4. Net capital gains/(losses) 30/06/15 30/06/14 Gains/(losses) on non-derivative securities 5,411 (1,145) Gains/(losses) on derivative contracts 4,875 1,253 Gains/(losses) on forward currency contracts 600 4,059 Other currency gains/(losses) Transaction charges (8) (6) Compensation payments - 4 Net net capital gains/(losses) 10,956 4, Revenue 30/06/15 30/06/14 Interest on securities 4,729 6,590 Derivative revenue Bank interest 2 1 Total revenue 5,514 6, Expenses 30/06/15 30/06/14 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees Service charges Foreign exchange administration fees Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary fees Custody fees Other expenses: Audit fee 10 9 Other operating expenses Total expenses

154 Fidelity Institutional Sterling Core Plus Bond Fund Notes to the financial statements 7. Taxation 30/06/15 30/06/14 a) Analysis of charge/(credit) for the year UK corporation tax 3 2 Double taxation relief (3) (2) Overseas taxation 8 2 Prior year adjustment - 1 Total current taxation 8 3 b) Factors affecting tax charge/(credit) for the year Net revenue/(expense) before taxation 4,858 5,288 Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2014: 20%) ,058 Effects of: Overseas taxation 8 2 Expenses not deductible for tax purposes 1 1 Double taxation relief (3) (2) Prior year adjustment - 1 Interest distributions (970) (1,057) Current tax charge/(credit) 8 3 Open ended investment companies are exempt from UK tax on capital gains. The fund is an interest distributing fund under Corporation Tax Act 2009 and as interest distributions are deductible when calculating the liability, the corporation tax charge will usually be reduced to nil, except where there are expenses which are not deductible. 8. Finance costs 30/06/15 30/06/14 Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on cancellation of shares. Income Shares Final 10 9 Interim Gross paying Accumulation Shares Final 2,234 2,500 Interim 2,603 2,596 4,860 5,115 Add: Revenue deducted on cancellation of shares Deduct: Revenue received on issue of shares (52) (58) Net distributions for the year 4,850 5,285 Interest/other Interest (2) 6 Derivative expense (2) 794 Total finance costs 4,848 6,079 Details of the distributions per share are set out in the Distribution Statement. 153

155 Fidelity Institutional Sterling Core Plus Bond Fund Notes to the financial statements 9. Debtors 30/06/15 30/06/14 Amounts receivable for issue of shares - 4 Sales awaiting settlement Sales of currency awaiting settlement Accrued revenue 1,826 1,727 Total debtors 2,400 1, Cash and bank balances 30/06/15 30/06/14 Amounts held at futures clearing houses and brokers 1,502 1,161 Cash and bank balances Total cash and bank balances 1,761 1, Creditors 30/06/15 30/06/14 Purchases awaiting settlement Purchases of currency awaiting settlement Accrued expenses UK income tax payable 2 2 Amounts payable on closure of derivative contract Total creditors Financial instruments exposure Currency exposures A portion of the financial assets of the fund are denominated in currencies other than sterling, which is the fund s base currency, with the effect that the Balance Sheet and total return can be affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Total exposure Currency Investments Cash balances Debtors/(Creditors) 30/06/15 Australian Dollar Canadian Dollar Chinese Yuan 4, ,768 Euro (1,752) (1,574) Japanese Yen (23) 1 (7) (29) Korean Won New Zealand Dollar Norwegian Krone 1, ,315 Polish Zloty UK Sterling 131, , ,125 US Dollar Total 135, , ,

156 Fidelity Institutional Sterling Core Plus Bond Fund Notes to the financial statements Non-monetary exposures Monetary exposures Total exposure Currency Investments Cash balances Debtors/(Creditors) 30/06/14 Australian Dollar (28) 6 - (22) Canadian Dollar (13) 1 - (12) Chinese Yuan 1, ,400 Danish Krone Euro (1,766) (1,440) Japanese Yen (47) - (8) (55) Korean Won New Zealand Dollar Norwegian Krone 1, ,159 Polish Zloty Singapore Dollar UK Sterling 123,869 (4,230) 1, ,700 US Dollar (49) Total 124,882 (4,178) 1, ,287 The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. Interest rate risk profile of financial assets and financial liabilities The interest rate risk profile of the fund s financial assets was: Floating rate Fixed rate Financial assets on Currency financial assets financial assets which no interest is paid Total assets 30/06/15 Australian Dollar Canadian Dollar Chinese Yuan 28 4, ,768 Euro ,523 (21,521) (1,114) Japanese Yen Korean Won 13 1,147 (1,108) 52 New Zealand Dollar Norwegian Krone - - 1,365 1,365 Polish Zloty UK Sterling 1,746 84,659 50, ,595 US Dollar 1,594 24,910 (25,114) 1,390 Total 4, ,938 3, ,100 30/06/14 Australian Dollar Canadian Dollar Chinese Yuan 95 1, ,400 Danish Krone (602) 111 Euro 4,122 23,845 (28,836) (869) Japanese Yen - - (8) (8) Korean Won 1,195 - (1,127) 68 New Zealand Dollar 2,301 - (2,047) 254 Norwegian Krone - - 1,212 1,212 Polish Zloty Singapore Dollar Swiss Franc UK Sterling 7,373 62,444 56, ,806 US Dollar 61 23,541 (22,940) 662 Total 15, ,127 2, ,

157 Fidelity Institutional Sterling Core Plus Bond Fund Notes to the financial statements The interest rate risk profile of the fund s financial liabilities was: Floating rate Fixed rate *Financial liabilities on Currency financial liabilities financial liabilities which no interest is paid *Total liabilities 30/06/15 Euro Japanese Yen Norwegian Krone UK Sterling 2, , ,469 US Dollar ,091 Total 3, , ,100 30/06/14 Australian Dollar Canadian Dollar Euro Japanese Yen Korean Won New Zealand Dollar Norwegian Krone Swiss Franc UK Sterling 6, , ,393 US Dollar Total 6, , ,660 * Includes 137,999,000 in respect of the fund s liability to redeem all shares (2014: 122,287,000). The interest rate risk profile of the fund s fixed rate financial assets was: Fixed rate financial assets Currency * Weighted average interest rate Weighted average period for which interest rate is fixed 30/06/15 Chinese Yuan 4.18% 2.21 years Euro 2.29% 7.67 years Korean Won 1.60% 4.95 years UK Sterling 3.09% years US Dollar 3.78% 9.10 years 30/06/14 Chinese Yuan 4.68% 2.68 years Euro 2.17% years UK Sterling 3.83% years US Dollar 3.00% years * The weighted average interest rate is based on the effective yield of the fixed interest portfolio. Interest earned and paid on bank balances in the current and preceding year were at variable rates provided by the Depositary. The average interest rates earned and paid are disclosed in the Aggregated Financial Statements. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Analysis of derivatives exposure Value-at-Risk (VaR) analysis assesses potential losses for a given statistical confidence level and a specified time horizon. The company uses a 99% confidence level and a 20 trading day (approximately 1 calendar month) time horizon for its analysis. The model employed is based on historically observed market risk factors (such as stock prices, interest rates or credit spreads) to simulate the expected changes to the valuation of individual assets held in a fund. The sum of these simulations provides the basis for the estimation process at fund level. The reliability of VaR analysis can be negatively affected by significant changes to the volatility of market risk factors as well as the deviation of actual market prices from those derived in the simulation framework. For this fund the VaR including derivatives was 7.48% (2014: 6.09%) and excluding derivatives was 6.17% (2014: 4.30%). See the Aggregated Financial Statements Note 14 for the narrative disclosure regarding financial instruments exposure. 156

158 Fidelity Institutional Sterling Core Plus Bond Fund Notes to the financial statements 13. Portfolio transaction costs 30/06/15 30/06/14 Analysis of total purchase costs Purchases excluding transaction costs 132,632 97,801 Commissions 5 4 Other 4 3 Total purchase transaction costs 9 7 Total purchases including transaction costs 132,641 97,808 Analysis of total sale costs Sales excluding transaction costs 132, ,301 Commissions (5) (7) Other (4) (3) Total sale transaction costs (9) (10) Total sales including transaction costs 132, , Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 8 by virtue of the influence it has over the operations of the fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 11. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of 52,000 (2014: 47,000) are included within accrued expenses in Note 11. At the balance sheet date, any holdings in the fund by FIL Limited which is the ultimate parent company of FIL Investment Services (UK) Limited, are detailed in Note 12 of the Aggregated Financial Statements. 15. Shareholders funds The fund currently has two share classes; Income Shares and Gross paying Accumulation Shares. The annual management charge on each share class is as follows: Income Shares: 0.40% Gross paying Accumulation Shares: 0.40% The distributions per share class are given in the Distribution Statement. All classes have the same rights on winding up. 157

159 Fidelity Institutional Sterling Core Plus Bond Fund Distribution Statement for the year ended 30 June 2015 Income Shares - final distribution No. 18 in pence per share Group 1 - Shares purchased on or before 31 December Group 2 - Shares purchased from 1 January 2015 to 30 June Amount Amount Gross Income tax Net revenue Equalisation distributed distributed revenue 20% (Note 2) 31/08/15 31/08/14 Group Group Income Shares - interim distribution No. 17 in pence per share Group 1 - Shares purchased on or before 30 June Group 2 - Shares purchased from 1 July 2014 to 31 December Amount Amount Gross Income tax Net revenue Equalisation distributed distributed revenue 20% (Note 2) 28/02/15 28/02/14 Group Group Gross paying Accumulation Shares - final distribution No. 18 in pence per share Group 1 - Shares purchased on or before 31 December Group 2 - Shares purchased from 1 January 2015 to 30 June Amount Amount Gross Equalisation accumulated accumulated revenue (Note 2) 31/08/15 31/08/14 Group Group Gross paying Accumulation Shares - interim distribution No. 17 in pence per share Group 1 - Shares purchased on or before 30 June Group 2 - Shares purchased from 1 July 2014 to 31 December Amount Amount Gross Equalisation accumulated accumulated revenue (Note 2) 28/02/15 28/02/14 Group Group

160 Fidelity Institutional UK Fund Investment Objective and Policy The fund s investment objective is to achieve long term capital appreciation. The fund will invest primarily in the shares of companies in the United Kingdom. There is no policy to restrict investment to particular economic sectors. Fund Manager s Commentary Market Review The UK stock market advanced over the period, but experienced bouts of volatility, which kept overall gains limited. While the UK economic outlook remained positive, concerns about Greece s debt default and its implications for the wider eurozone economy, the UK s largest trading partner, negatively impacted stock prices towards the end of the period. In addition, the sharp drop in oil prices further capped overall market gains. The UK general election was also in the spotlight during the second quarter of Despite projections of a hung parliament, Prime Minister David Cameron s Conservative Party convincingly won the parliamentary election. At a sector level, telecommunications and technology led the broader market, while the resources sectors were the leading detractors. Portfolio Activity Stock selection in the consumer goods and consumer services sectors boosted performance. Notably, the holding in online property portal Rightmove in the consumer services sector was among the key contributors to returns as it reported encouraging annual results. The company s revenues were boosted by growth in website traffic and higher average revenue per advertiser. In the consumer goods sector, video game publisher Electronic Arts continued to perform well as it posted better-than-expected profits and revenues. This was largely driven by growth in digital revenues and strong sales of its sports titles. The exposure to both these stocks was increased over the period. The bias against the oil and gas sector supported relative returns as oil prices declined. The underweight positions in large oil and gas companies Royal Dutch Shell and BP were among the most significant contributors to relative returns as their share prices tracked oil prices lower. This was partially offset by the underweight stance in the telecommunications sector. At the stock level, the underweight allocation to Vodafone and BG Group hampered relative returns. Vodafone s strong strategic positions in data businesses offers excellent longterm growth opportunities, while shares in BG Group were boosted by a takeover offer from Royal Dutch Shell. The holding in Vodafone was increased over the year whereas the exposure to oil and gas companies Royal Dutch Shell, BP and BG Group was reduced. Outlook Despite the continuing uncertainty over Greece, domestic demand in the UK remains relatively strong driven by solid employment growth and the recent improvement in wages. Given the economic recovery and low inflationary environment, the likelihood of an immediate increase in interest rates still remains low. Indications are that when interest rates do begin to rise, the pace of increases is likely to be gradual, with interest rates expected to remain below the Bank of England s average historical levels for some time. Performance Record Discrete 1 year performance over the last 5 years to: 30/06/11 30/06/12 30/06/13 30/06/14 30/06/15 Accumulation Shares *Comparative Index * Comparative Index: FTSE All Share Index Total Return. Source: Fidelity and RIMES, All performance returns are calculated using the quoted price of the relevant share class, UK, net income reinvested. Past performance is not a reliable indicator of future results. Risk Profile The value of your investment and the income from it can go down as well as up. You may not get back the amount you invested. What you get back is not guaranteed. It will depend on investment performance. This fund may invest in overseas markets. You may get back more or less as a result of currency fluctuations. This fund may invest in developing overseas markets which carry a higher risk than investing in larger established markets. Investments in emerging markets are likely to experience greater rises and falls in value and there may be trading difficulties. This fund may invest in derivatives for the purpose of the efficient management of the fund. For funds that invest in derivative transactions, there is a risk that the counterparty to the transaction will wholly or partially fail to honour its contractual obligations. This may result in financial loss to the fund. For details of all the risks please see the Prospectus. Nick Peters & Ayesha Akbar Fund Managers 30 June

161 Fidelity Institutional UK Fund Portfolio Information Fund Facts 30/06/15 30/06/14 % % Financials Consumer Goods Consumer Services Industrials Health Care Equity Funds Oil & Gas Telecommunications Other Cash and other net assets/(liabilities) Top Holdings The top ten holdings in the fund as at 30 June 2015 and at the previous year end are shown below. Top holdings as at 30/06/15 % of total net assets Fidelity Special Situations Fund 9.57 GlaxoSmithKline 3.60 Lloyds Banking Group 3.06 Wolseley 2.64 Diageo 2.52 AstraZeneca (UK) 2.46 HSBC (UK) 2.41 Unilever (UK) 2.20 Provident Financial 2.00 Sanofi-Aventis 1.91 Income (pence per share) XD date Accumulation Shares Final distribution 01/07/ Ongoing Charges (%) Accumulation Shares 30/06/ /06/ The Ongoing Charges figure is calculated as the ratio of the annual cost of managing and operating the fund to the average net asset value; it excludes portfolio transaction cost. Fund Size Total net Net asset assets value per Shares ( m) share (p) 1 in issue Accumulation Shares 30/06/ ,264,359 30/06/ ,215,061 30/06/ ,785,576 Income Per Share and Price History (pence) Calendar Income Lowest Highest year per share price price Accumulation Shares Top holdings as at 30/06/14 % of total net assets Fidelity Special Situations Fund 9.43 HSBC (UK) 4.60 GlaxoSmithKline 4.42 Lloyds Banking Group 2.88 AstraZeneca (UK) 2.55 Royal Dutch Shell A (UK) 2.32 Shire 2.13 Unilever (UK) 2.06 BG Group 2.03 Diageo 1.78 Footnotes: 1. The net asset value is the accounting value at the year end on a fair value basis. 2. Figures represent distribution to 01/07/

162 Fidelity Institutional UK Fund Statement of Total Return for the year ended 30 June /06/15 30/06/14 Notes Income Net capital gains/(losses) 4 35,558 48,370 Revenue 5 16,007 14,915 Expenses 6 (4,414) (4,536) Finance costs: Interest/other 8 3 (4) Net revenue/(expense) before taxation 11,596 10,375 Taxation 7 (132) 80 Net revenue/(expense) after taxation 11,464 10,455 Total return before distributions 47,022 58,825 Finance costs: Distributions 8 (10,711) (9,640) Change in net assets attributable to shareholders from investment activities 36,311 49,185 Statement of Change in Net Assets Attributable to Shareholders for the year ended 30 June /06/15 30/06/14 Note Opening net assets attributable to shareholders 491, ,687 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 48,518 36,046 Amounts payable on cancellation of shares (83,754) (105,056) In specie cancellation of shares - (20,496) (35,236) (89,506) Stamp duty reserve tax - (201) Change in net assets attributable to shareholders from investment activities (see above) 36,311 49,185 Retained distribution on accumulation shares 8 10,276 8,918 Closing net assets attributable to shareholders 502, ,083 Balance Sheet as at 30 June /06/15 30/06/14 Notes Assets Investment assets 493, ,191 Debtors 9 2,812 4,756 Cash and bank balances 8,371 4,047 Total other assets 11,183 8,803 Total assets 504, ,994 Liabilities Creditors 10 (1,820) (3,911) Total liabilities (1,820) (3,911) Net assets attributable to shareholders 502, ,

163 Fidelity Institutional UK Fund Notes to the financial statements 1. Accounting policies The fund s financial statements have been prepared on the same basis as the Company s financial statements as set out in the Notes to the Aggregated Financial Statements. 2. Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes. 3. Contingent liabilities At the year end there are no contingent liabilities or commitments (2014: nil). 4. Net capital gains/(losses) 30/06/15 30/06/14 Gains/(losses) on non-derivative securities 35,503 48,294 Other currency gains/(losses) Broker fee rebates Transaction charges (20) (20) Net net capital gains/(losses) 35,558 48, Revenue 30/06/15 30/06/14 UK dividends 12,816 12,477 UK scrip dividends UK property income distributions 48 8 Overseas dividends 1,968 1,487 Overseas scrip dividends Interest on securities - 1 Derivative revenue - 9 ACD fee rebate/waiver to income Bank interest 24 8 Taxable interest Underwriting commission 4 2 Total revenue 16,007 14, Expenses 30/06/15 30/06/14 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees 4,053 4,144 Service charges Foreign exchange administration fees 6 6 4,312 4,408 Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary fees Custody fees Other expenses: Audit fee 8 7 Other operating expenses Total expenses 4,414 4,

164 Fidelity Institutional UK Fund Notes to the financial statements 7. Taxation 30/06/15 30/06/14 a) Analysis of charge/(credit) for the year Overseas taxation* 132 (80) Total current taxation 132 (80) b) Factors affecting tax charge/(credit) for the year Net revenue/(expense) before taxation 11,596 10,375 Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2014: 20%). 2,319 2,075 Effects of: Overseas taxation 132 (80) Overseas tax expensed - (3) Increase/(decrease) in unutilised management expenses Revenue not included for tax purposes (3,107) (2,936) Expenses not deductible for tax purposes 1 1 Current tax charge/(credit) 132 (80) Open ended investment companies are exempt from UK tax on capital gains. The fund has unrelieved excess management expenses resulting in a potential deferred tax asset of 22,714,000 (2014: 21,927,000). It is unlikely that the fund will generate sufficient taxable profits in the future to utilise these expenses and therefore no deferred tax asset has been recognised * Includes amounts for the recovery of excess withholding tax suffered on dividends received in prior accounting periods. 8. Finance costs 30/06/15 30/06/14 Distributions The distribution takes account of revenue received on the issue of shares and revenue deducted on cancellation of shares. Accumulation Shares Final 10,276 8,918 Add: Revenue deducted on cancellation of shares Deduct: Revenue received on issue of shares (428) (265) Add: Revenue deducted on cancellation of in specie shares Net distribution for the year 10,711 9,640 Interest/other Interest (3) 4 Total finance costs 10,708 9,644 Reconciliation of Net revenue after taxation to Net distribution for the year: Net revenue after taxation for the year, per the Statement of Total Return 11,464 10,455 Add back (revenue)/expenses transferred to capital: UK scrip dividends (461) (777) Overseas scrip dividends (292) (38) 10,711 9,640 Details of the distribution per share are set out in the Distribution Statement. 163

165 Fidelity Institutional UK Fund Notes to the financial statements 9. Debtors 30/06/15 30/06/14 Amounts receivable for issue of shares Sales awaiting settlement - 1,498 Sales of currency awaiting settlement Accrued revenue 2,340 1,573 Broker fee rebates receivable ACD fee rebate/waiver recoverable Overseas tax recoverable* Total debtors 2,812 4,756 *Includes amounts for the recovery of excess withholding tax suffered on dividends received in prior accounting periods. 10. Creditors 30/06/15 30/06/14 Amounts payable for cancellation of shares 1,281 2,575 Purchases awaiting settlement Purchases of currency awaiting settlement Accrued expenses Total creditors 1,820 3, Financial instruments exposure Currency exposures A portion of the financial assets of the fund are denominated in currencies other than sterling, which is the fund s base currency, with the effect that the Balance Sheet and total return can be affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Total exposure Currency Investments Cash balances Debtors/(Creditors) 30/06/15 Danish Krone 5, ,197 Euro 11, ,703 Swiss Franc 9, ,558 UK Sterling 446,319 8, ,213 US Dollar 20, ,763 Total 493,071 8, ,434 30/06/14 Danish Krone 4, ,356 Euro 12, ,746 Hong Kong Dollar 1, ,172 Norwegian Krone Swedish Krona Swiss Franc 8, ,348 UK Sterling 446,893 3, ,071 US Dollar 12, ,812 Total 486,191 4, ,083 The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. 164

166 Fidelity Institutional UK Fund Notes to the financial statements Interest rate risk profile The only interest rate bearing financial instruments in the fund are its bank balances and/or amounts held at futures clearing houses and brokers. Interest earned and paid on bank balances in the current and preceding year were at variable rates provided by the Depositary. The average interest rates earned and paid are disclosed in the Aggregated Financial Statements. Due to the fact that the fund holds no material fixed interest securities there is minimal interest rate exposure on this fund (2014: minimal exposure). Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Sensitivity analysis of derivatives exposure The fund holds no derivatives at the year end (2014: same). See the Aggregated Financial Statements Note 14 for the narrative disclosure regarding financial instruments exposure. 12. Portfolio transaction costs 30/06/15 30/06/14 Analysis of total purchase costs Purchases excluding transaction costs 242, ,728 Commissions Taxes 921 1,052 Other Total purchase transaction costs 1,101 1,349 Total purchases including transaction costs 243, ,077 Analysis of total sale costs Sales excluding transaction costs 272, ,865 Commissions (180) (315) Taxes (3) (6) Other (10) (10) Total sale transaction costs (193) (331) Total sales including transaction costs 272, , Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 8 by virtue of the influence it has over the operations of the fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 10. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of 364,000 (2014: 351,000) are included within accrued expenses in Note 10. Amounts rebated from the ACD in respect of ACD fee rebate to income are included in Note 5. Amounts receivable at the year end are included in ACD fee rebate/waiver recoverable in Note 9. At the balance sheet date, any holdings in the fund by FIL Limited which is the ultimate parent company of FIL Investment Services (UK) Limited, are detailed in Note 12 of the Aggregated Financial Statements. 14. Shareholders funds The fund currently has Accumulation Shares. The annual management charge is: Accumulation Shares: 0.80% The distributions per share class are given in the Distribution Statement. 165

167 Fidelity Institutional UK Fund Distribution Statement for the year ended 30 June 2015 Accumulation Shares - final distribution No. 18 in pence per share Group 1 - Shares purchased on or before 30 June Group 2 - Shares purchased from 01 July 2014 to 30 June Amount Amount Net revenue Equalisation accumulated accumulated (Note 2) 31/08/15 31/08/14 Group Group

168 Fidelity Institutional UK Aggregate Bond Fund Investment Objective and Policy The fund s investment objective is to achieve both capital growth and income. The fund will invest primarily in UK gilts and non-gilt fixed interest securities. Fund Manager s Commentary Market Review UK government bonds (Gilts) advanced over the period and outperformed corporate bonds. UK Gilt yields fell as low inflation data helped to calm fears of an earlier-than-expected interest rate hike. UK investment grade corporate bonds also advanced over the review period. On the macroeconomic front, the UK continued to recover, with real wages growing at the fastest pace in nearly eight years. Meanwhile, the inflation rate turned positive in May, with the Consumer Price Index (CPI) rising by 0.1%, after one month of deflation in April. UK industrial production got a boost in May from a rebound in the oil and gas sector and the services Purchasing Managers Index (PMI) rose to 58.5 in June. The UK economy grew by 2.9% in the first quarter of With overall macroeconomic developments still subdued and broadly in line with expectations, the Bank of England s (BoE) Monetary Policy Committee (MPC) voted to maintain interest rates at 0.5% and the asset purchase facility at 375 billion. Portfolio Activity The fund s performance was largely driven by favourable security selection in subordinated bank debt, including Lloyds Banking Group and HSBC. The fund remains well-diversified across the financial capital structure and retained the overweight allocation to covered bonds, which offers a higher level of investor protection. The fund also benefited from the overweight stance in lower rated investment grade bonds. The small exposure to sub-investment grade bonds also helped returns. Conversely, holdings in French utilities GDF Suez and EDF detracted from performance. Overall, the fund maintains the overweight stance in corporate bonds, through a preference for bonds that offer a significant margin of safety given their inherent credit risk. Over the period, I bought new positions in Eli Lilly, Votorantim Cimentos and Heinz, and reduced the exposure to Virgin Media, Telecom Italia and Total. The fund s duration (sensitivity to interest rate changes) positioning, specifically the small short duration stance in the euro and sterling interest rate risk, hampered returns. Overall, the fund has a long duration position versus the index, mainly through cross-market exposure to US dollar duration. Outlook The UK economy is likely to remain characterised by slow growth and low inflation in 2015, which should help to keep Gilt yields largely stable. The BoE s accommodative monetary policy stance, expectations that interest rates will remain at current levels for the remainder of the year and that inflation will stay below the central bank s target rate are also supportive for the asset class. As investors continue to search for yield, demand for investment grade corporate bonds should remain strong. Moreover, the recent improvement in valuations of investment grade corporate bonds should also support demand for the asset class. However, given the various challenges facing global markets, I expect returns to be mostly driven by coupon income. Performance Record Discrete 1 year performance over the last 5 years to: 30/06/11 30/06/12 30/06/13 30/06/14 30/06/15 Income Shares Gross paying Accumulation Shares** *Comparative Index * Comparative Index: 50% iboxx Sterling Non Gilt Index, 50% iboxx Sterling Gilts Index. Source: Fidelity and RIMES, All performance returns are calculated using the quoted price of the relevant share class, UK, net income reinvested, ** gross income reinvested. Comparative index to 30/11/09 was iboxx Sterling Overall Index. Past performance is not a reliable indicator of future results. Risk Profile The value of your investment and the income from it can go down as well as up. You may not get back the amount you invested. What you get back is not guaranteed. It will depend on investment performance. This fund may invest in sub investment grade bonds. These bonds may produce a higher level of income than investment grade bonds but at a higher risk to your capital. With funds that invest in bonds, there is a risk that the issuer of the bond may default on its repayments. The likelihood of this happening will depend on the credit worthiness of the issuer. The risk of default is usually greatest with bonds that are classed as sub investment grade. This fund may invest in overseas markets. You may get back more or less as a result of currency fluctuations. This fund may invest in developing overseas markets which carry a higher risk than investing in larger established markets. Investments in emerging markets are likely to experience greater rises and falls in value and there may be trading difficulties. This fund may invest in derivatives for the purpose of the efficient management of the fund. The use of financial derivative instruments may result in increased gains or losses within the fund. For funds that invest in derivative transactions, there is a risk that the counterparty to the transaction will wholly or partially fail to honour its contractual obligations. This may result in financial loss to the fund. For details of all the risks please see the Prospectus. Ian Fishwick Fund Manager 30 June

169 Fidelity Institutional UK Aggregate Bond Fund Portfolio Information Fund Facts 30/06/15 30/06/14 % % AA Rated BBB Rated A Rated AAA Rated BB Rated Not Rated Forward Foreign Exchange Contracts Futures Other Cash and other net assets/(liabilities) Top Holdings The top ten holdings in the fund as at 30 June 2015 and at the previous year end are shown below. Top holdings as at 30/06/15 % of total net assets UK Gilt Treasury 4.25% 07/09/ UK Gilt Treasury 4.50% 07/09/ UK Gilt Treasury 3.75% 07/09/ UK Gilt Treasury 4.50% 07/12/ UK Gilt Treasury 3.75% 22/07/ UK Gilt Treasury 3.75% 07/09/ UK Gilt Treasury 4.75% 07/12/ UK Gilt Treasury 3.50% 02/07/ UK Gilt Treasury 5.00% 07/03/ UK Gilt Treasury 4.25% 07/06/ Top holdings as at 30/06/14 % of total net assets UK Gilt Treasury 3.75% 07/09/ UK Gilt Treasury 4.50% 07/09/ UK Gilt Treasury 5.00% 07/09/ UK Gilt Treasury 4.25% 07/09/ UK Gilt Treasury 5.00% 07/03/ UK Gilt Treasury 3.75% 07/09/ UK Gilt Treasury 4.50% 07/12/ UK Gilt Treasury 4.25% 07/06/ UK Gilt Treasury 3.75% 22/07/ UK Gilt Treasury 3.50% 02/07/ Footnotes: Income (pence per share) XD date Income Shares Gross paying Accumulation Shares Final distribution 01/07/ Interim distribution 01/01/ Ongoing Charges (%) Income Gross paying Shares Accumulation Shares 30/06/ /06/ The Ongoing Charges figure is calculated as the ratio of the annual cost of managing and operating the fund to the average net asset value; it excludes portfolio transaction cost. Fund Size Total net Net asset Total net Net asset assets value per Shares assets value per Shares ( m) share (p) 1 in issue ( m) share (p) 1 in issue Income Shares Gross paying Accumulation Shares 30/06/ , ,658,758 30/06/ , ,381,181 30/06/ ,068, ,686,928 Income Per Share and Price History (pence) Calendar Income Lowest Highest Income Lowest Highest year per share price price per share price price Income Shares Gross paying Accumulation Shares The net asset value is the accounting value at the year end on a fair value basis. 2. Figures represent distribution to 01/07/

170 gggggggggggggggggg Fidelity Institutional UK Aggregate Bond Fund Statement of Total Return for the year ended 30 June /06/15 30/06/14 Notes Income Net capital gains/(losses) 4 17,497 9,603 Revenue 5 17,047 18,004 Expenses 6 (2,006) (2,002) Finance costs: Interest/other 8 (1) (13) Net revenue/(expense) before taxation 15,040 15,989 Taxation 7 (2) - Net revenue/(expense) after taxation 15,038 15,989 Total return before distributions 32,535 25,592 Finance costs: Distributions 8 (15,038) (15,988) Change in net assets attributable to shareholders from investment activities 17,497 9,604 Statement of Change in Net Assets Attributable to Shareholders for the year ended 30 June /06/15 30/06/14 Note Opening net assets attributable to shareholders 433, ,187 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 11,523 32,120 Amounts payable on cancellation of shares (113,203) (72,286) In specie issue of shares 174,715 - In specie cancellation of shares - (53,891) 73,035 (94,057) Change in net assets attributable to shareholders from investment activities (see above) 17,497 9,604 Retained distribution on accumulation shares 8 15,855 15,069 Closing net assets attributable to shareholders 540, ,803 Balance Sheet as at 30 June /06/15 30/06/14 Notes Assets Investment assets 522, ,155 Derivative assets 10,275 3,544 Debtors 9 7,141 7,701 Cash and bank balances 10 5,441 4,602 Total other assets 12,582 12,303 Total assets 545, ,002 Liabilities Derivative liabilities (2,195) (1,275) Creditors 11 (3,321) (2,921) Bank overdrafts (16) (3) Total other liabilities (3,337) (2,924) Total liabilities (5,532) (4,199) Net assets attributable to shareholders 540, ,

171 Fidelity Institutional UK Aggregate Bond Fund Notes to the financial statements 1. Accounting policies The fund s financial statements have been prepared on the same basis as the Company s financial statements as set out in the Notes to the Aggregated Financial Statements. 2. Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes. 3. Contingent liabilities At the year end there are no contingent liabilities or commitments (2014: nil). 4. Net capital gains/(losses) 30/06/15 30/06/14 Gains/(losses) on non-derivative securities 15,370 3,464 Gains/(losses) on derivative contracts 4,007 (2,994) Gains/(losses) on forward currency contracts (1,491) 9,317 Other currency gains/(losses) (383) (178) Transaction charges (6) (6) Net net capital gains/(losses) 17,497 9, Revenue 30/06/15 30/06/14 Interest on securities 16,474 17,554 Derivative revenue Bank interest 8 2 Total revenue 17,047 18, Expenses 30/06/15 30/06/14 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees 1,661 1,641 Service charges Foreign exchange administration fees 4 3 1,903 1,878 Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary fees Custody fees Other expenses: Audit fee 10 9 Other operating expenses Total expenses 2,006 2,

172 Fidelity Institutional UK Aggregate Bond Fund Notes to the financial statements 7. Taxation 30/06/15 30/06/14 a) Analysis of charge/(credit) for the year UK corporation tax 1 1 Double taxation relief (1) (1) Overseas taxation 2 - Total current taxation 2 - b) Factors affecting tax charge/(credit) for the year Net revenue/(expense) before taxation 15,040 15,989 Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2014: 20%). 3,008 3,198 Effects of: Overseas taxation 2 - Expenses not deductible for tax purposes 1 1 Double taxation relief (1) (1) Interest distributions (3,008) (3,198) Current tax charge/(credit) 2 - Open ended investment companies are exempt from UK tax on capital gains. The fund is an interest distributing fund under Corporation Tax Act 2009 and as interest distributions are deductible when calculating the liability, the corporation tax charge will usually be reduced to nil, except where there are expenses which are not deductible. 8. Finance costs 30/06/15 30/06/14 Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on cancellation of shares. Income Shares Final - - Interim - - Gross paying Accumulation Shares Final 8,375 7,367 Interim 7,480 7,702 15,855 15,069 Add: Revenue deducted on cancellation of shares 1, Deduct: Revenue received on issue of shares (1,867) (230) Add: Revenue deducted on cancellation of in specie shares Net distributions for the year 15,038 15,988 Interest/other Interest 1 5 Derivative expense Total finance costs 15,039 16,002 Details of the distributions per share are set out in the Distribution Statement. 171

173 Fidelity Institutional UK Aggregate Bond Fund Notes to the financial statements 9. Debtors 30/06/15 30/06/14 Amounts receivable for issue of shares Sales awaiting settlement 6 - Sales of currency awaiting settlement - 1,361 Accrued revenue 7,087 6,160 Overseas tax recoverable 1 - Total debtors 7,141 7, Cash and bank balances 30/06/15 30/06/14 Amounts held at futures clearing houses and brokers 1,597 2,592 Cash and bank balances 3,844 2,010 Total cash and bank balances 5,441 4, Creditors 30/06/15 30/06/14 Amounts payable for cancellation of shares Purchases awaiting settlement 2,989 1,361 Purchases of currency awaiting settlement - 1,358 Accrued expenses Amounts payable on closure of derivative contract - 16 Total creditors 3,321 2, Financial instruments exposure Currency exposures A portion of the financial assets of the fund are denominated in currencies other than sterling, which is the fund s base currency, with the effect that the Balance Sheet and total return can be affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Total exposure Currency Investments Cash balances Debtors/(Creditors) 30/06/15 Australian Dollar Euro 995 (16) 433 1,412 Norwegian Krone UK Sterling 529,775 5,434 1, ,146 US Dollar ,450 1,626 Total 530,945 5,425 3, ,190 30/06/14 Australian Dollar Euro ,826 2,183 Norwegian Krone UK Sterling 424,247 4,591 2, ,962 US Dollar (540) Total 424,424 4,599 4, ,803 The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. 172

174 Fidelity Institutional UK Aggregate Bond Fund Notes to the financial statements Interest rate risk profile of financial assets and financial liabilities The interest rate risk profile of the fund s financial assets was: Floating rate Fixed rate Financial assets on Currency financial assets financial assets which no interest is paid Total assets 30/06/15 Australian Dollar Euro ,580 (30,660) 1,669 Norwegian Krone UK Sterling 16, , , ,190 US Dollar 1 126,510 (124,654) 1,857 Total 16, ,884 15, ,722 30/06/14 Australian Dollar (578) 383 Euro 1 36,910 (34,021) 2,890 Norwegian Krone UK Sterling 12, , , ,072 US Dollar - 70,347 (69,696) 651 Total 12, ,490 10, ,002 The interest rate risk profile of the fund s financial liabilities was: Floating rate Fixed rate *Financial liabilities on Currency financial liabilities financial liabilities which no interest is paid *Total liabilities 30/06/15 Euro UK Sterling , ,234 US Dollar Total , ,722 30/06/14 Euro UK Sterling , ,913 US Dollar Total , ,002 * Includes 540,190,000 in respect of the fund s liability to redeem all shares (2014: 433,803,000). The interest rate risk profile of the fund s fixed rate financial assets was: Fixed rate financial assets Currency * Weighted average interest rate Weighted average period for which interest rate is fixed 30/06/15 Euro 3.08% years UK Sterling 3.18% years US Dollar 3.97% years 30/06/14 Australian Dollar 3.70% 6.11 years Euro 2.68% years UK Sterling 3.34% years US Dollar 3.90% years * The weighted average interest rate is based on the effective yield of the fixed interest portfolio. Interest earned and paid on bank balances in the current and preceding year were at variable rates provided by the Depositary. The average interest rates earned and paid are disclosed in the Aggregated Financial Statements. 173

175 Fidelity Institutional UK Aggregate Bond Fund Notes to the financial statements Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Sensitivity analysis of derivatives exposure Futures exposure The fund invests into futures to gain exposure to the bond markets. A 1% change in interest rates would lead to a change representing 1.26% of the fund s market value (2014: The fund held no derivatives that could impact it significantly). Interest rate swaps exposure The fund invests into interest rate swaps to manage interest rate exposure. A 1% change in interest rates would lead to a change representing 0.74% of the fund s market value (2014: The fund held no derivatives that could impact it significantly). See the Aggregated Financial Statements Note 14 for the narrative disclosure regarding financial instruments exposure. 13. Portfolio transaction costs 30/06/15 30/06/14 Analysis of total purchase costs Purchases excluding transaction costs 509, ,990 Commissions Other 3 3 Total purchase transaction costs Total purchases including transaction costs 509, ,004 Analysis of total sale costs Sales excluding transaction costs 418, ,436 Commissions (12) (11) Other (3) (3) Total sale transaction costs (15) (14) Total sales including transaction costs 418, , Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 8 by virtue of the influence it has over the operations of the fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 11. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of 180,000 (2014: 143,000) are included within accrued expenses in Note 11. At the balance sheet date, any holdings in the fund by FIL Limited which is the ultimate parent company of FIL Investment Services (UK) Limited, are detailed in Note 12 of the Aggregated Financial Statements. 15. Shareholders funds The fund currently has two share classes; Income Shares and Gross paying Accumulation Shares. The annual management charge on each share class is as follows: Income Shares: 0.35% Gross paying Accumulation Shares: 0.35% The distributions per share class are given in the Distribution Statement. All classes have the same rights on winding up. 174

176 Fidelity Institutional UK Aggregate Bond Fund Distribution Statement for the year ended 30 June 2015 Income Shares - final distribution No. 18 in pence per share Group 1 - Shares purchased on or before 31 December Group 2 - Shares purchased from 1 January 2015 to 30 June Amount Amount Gross Income tax Net revenue Equalisation distributed distributed revenue 20% (Note 2) 31/08/15 31/08/14 Group Group Income Shares - interim distribution No. 17 in pence per share Group 1 - Shares purchased on or before 30 June Group 2 - Shares purchased from 1 July 2014 to 31 December Amount Amount Gross Income tax Net revenue Equalisation distributed distributed revenue 20% (Note 2) 28/02/15 28/02/14 Group Group Gross paying Accumulation Shares - final distribution No. 18 in pence per share Group 1 - Shares purchased on or before 31 December Group 2 - Shares purchased from 1 January 2015 to 30 June Amount Amount Gross revenue Equalisation accumulated accumulated (Note 2) 31/08/15 31/08/14 Group Group Gross paying Accumulation Shares - interim distribution No. 17 in pence per share Group 1 - Shares purchased on or before 30 June Group 2 - Shares purchased from 1 July 2014 to 31 December Amount Amount Gross revenue Equalisation accumulated accumulated (Note 2) 28/02/15 28/02/14 Group Group

177 Fidelity Institutional UK Corporate Bond Fund Investment Objective and Policy The fund s investment objective is to achieve both capital growth and income. The fund will invest primarily in non-gilt fixed interest securities. Fund Manager s Commentary Market Review UK government bonds (Gilts) advanced over the period and outperformed corporate bonds. UK Gilt yields fell as low inflation data helped to calm fears of an earlier-than-expected interest rate hike. UK investment grade corporate bonds also advanced over the review period. On the macroeconomic front, the UK continued to recover, with real wages growing at the fastest pace in nearly eight years. Meanwhile, the inflation rate turned positive in May, with the Consumer Price Index (CPI) rising by 0.1%, after one month of deflation in April. UK industrial production got a boost in May from a rebound in the oil and gas sector and the services Purchasing Managers Index (PMI) rose to 58.5 in June. The UK economy grew by 2.9% in the first quarter of With overall macroeconomic developments still subdued and broadly in line with expectations, the Bank of England s (BoE) Monetary Policy Committee (MPC) voted to maintain interest rates at 0.5% and the asset purchase facility at 375 billion. Portfolio Activity The fund s performance was largely driven by favourable security selection in subordinated bank debt, including Lloyds Banking Group and HSBC. The fund remains well-diversified across the financial capital structure and retained the overweight allocation to covered bonds, which offers a higher level of investor protection. Within non-financials, the overweight stance in securitised bonds of Tesco Property Finance and roadside assistance firm AA Bond supported performance. The small exposure to sub-investment grade bonds also helped returns. Conversely, the holding in French utility GDF Suez detracted from performance. Overall, the fund maintains extra sensitivity to credit risk, through a preference for bonds that offer a significant margin of safety given their inherent credit risk. Over the period, I bought new positions in Eli Lilly, Votorantim Cimentos and Heinz, and reduced the exposure to Mondelez, Telecom Italia and Total. The fund s duration (sensitivity to interest rate changes) positioning, specifically the small short duration stance in the euro and sterling interest rate risk, hampered returns. Overall, the fund has a long duration position versus the index, mainly through cross-market exposure to US dollar duration. Outlook The UK economy is likely to remain characterised by slow growth and low inflation in 2015, which should help to keep Gilt yields largely stable. The BoE s accommodative monetary policy stance, expectations that interest rates will remain at current levels for the remainder of the year and that inflation will stay below the central bank s target rate are also supportive for the asset class. As investors continue to search for yield, demand for investment grade corporate bonds should remain strong. Moreover, the recent improvement in valuations of investment grade corporate bonds should also support demand for the asset class. However, given the various challenges facing global markets, I expect returns to be mostly driven by coupon income. Performance Record Discrete 1 year performance over the last 5 years to: 30/06/11 30/06/12 30/06/13 30/06/14 30/06/15 Income Shares Gross paying Accumulation Shares** Gross paying Income Shares** *Comparative Index * Comparative Index: The BofA Merrill Lynch Euro-Sterling Index (Net of UK tax). Source: Fidelity and RIMES, All performance returns are calculated using the quoted price of the relevant share class, UK, net income reinvested, ** gross income reinvested. Past performance is not a reliable indicator of future results. Risk Profile The value of your investment and the income from it can go down as well as up. You may not get back the amount you invested. What you get back is not guaranteed. It will depend on investment performance. This fund may invest in sub investment grade bonds. These bonds may produce a higher level of income than investment grade bonds but at a higher risk to your capital. With funds that invest in bonds, there is a risk that the issuer of the bond may default on its repayments. The likelihood of this happening will depend on the credit worthiness of the issuer. The risk of default is usually greatest with bonds that are classed as sub investment grade. This fund may invest in overseas markets. You may get back more or less as a result of currency fluctuations. This fund may invest in developing overseas markets which carry a higher risk than investing in larger established markets. Investments in emerging markets are likely to experience greater rises and falls in value and there may be trading difficulties. This fund may invest in derivatives for the purpose of the efficient management of the fund. The use of financial derivative instruments may result in increased gains or losses within the fund. For funds that invest in derivative transactions, there is a risk that the counterparty to the transaction will wholly or partially fail to honour its contractual obligations. This may result in financial loss to the fund. For details of all the risks please see the Prospectus. Ian Fishwick Fund Manager 30 June

178 Fidelity Institutional UK Corporate Bond Fund Portfolio Information Fund Facts 30/06/15 30/06/14 % % A Rated BBB Rated AA Rated BB Rated AAA Rated Not Rated Forward Foreign Exchange Contracts B Rated Other Cash and other net assets/(liabilities) Top Holdings The top ten holdings in the fund as at 30 June 2015 and at the previous year end are shown below. Top holdings as at 30/06/15 % of total net assets UK Gilt Treasury 3.25% 22/01/ Anheuser-Busch InBev 9.75% 30/07/ Reseau Ferre de France 4.83% 25/03/ America Movil 4.948% 22/07/ Sinopec Group Overseas Development % 28/04/2020 Reg S 0.95 Thames Water Utilities 4.00% 19/06/ CME Group 3.00% 15/03/ Rabobank Nederland 5.375% 03/08/ BBC % 10/08/ Glencore Finance 5.50% 03/04/ Top holdings as at 30/06/14 % of total net assets UK Gilt Treasury 4.25% 07/03/ European Investment Bank 4.50% 07/06/ Anheuser-Busch InBev 9.75% 30/07/ CPUK Finance 4.811% 28/02/ Reseau Ferre de France 4.83% 25/03/ UK Gilt Treasury 3.75% 07/09/ America Movil 4.948% 22/07/ Glencore Finance 5.50% 03/04/ BBC % 10/08/2033 Reg S 0.88 BAA Funding 6.25% 10/09/ Footnotes: 1. The net asset value is the accounting value at the year end on a fair value basis. 2. Figures represent distribution to 01/07/15. Income (pence per share) XD date Income Shares Gross paying Income Shares Final distribution 01/07/ Interim distribution 01/01/ XD date Gross paying Accumulation Shares Final distribution 01/07/ Interim distribution 01/01/ Ongoing Charges (%) Income Gross paying Shares Income Shares 30/06/ /06/ Gross paying Accumulation Shares 30/06/ /06/ The Ongoing Charges figure is calculated as the ratio of the annual cost of managing and operating the fund to the average net asset value; it excludes portfolio transaction cost. Fund Size Total net Net asset Total net Net asset assets value per Shares assets value per Shares ( m) share (p) 1 in issue ( m) share (p) 1 in issue Income Shares Gross paying Income Shares 30/06/ ,323, , ,915,209 30/06/ ,190, , ,391,918 30/06/ ,299, , ,960,510 Gross paying Accumulation Shares 30/06/ ,967,415 30/06/ ,015,726 30/06/ ,224,914 Income Per Share and Price History (pence) Calendar Income Lowest Highest Income Lowest Highest year per share price price per share price price Income Shares Gross paying Income Shares , , , , , , , , Gross paying Accumulation Shares

179 Fidelity Institutional UK Corporate Bond Fund Statement of Total Return for the year ended 30 June /06/15 30/06/14 Notes Income Net capital gains/(losses) 4 23,309 24,354 Revenue 5 31,785 33,780 Expenses 6 (3,078) (2,928) Finance costs: Interest/other 8 - (1,625) Net revenue/(expense) before taxation 28,707 29,227 Taxation 7 (3) 1 Net revenue/(expense) after taxation 28,704 29,228 Total return before distributions 52,013 53,582 Finance costs: Distributions 8 (28,704) (29,228) Change in net assets attributable to shareholders from investment activities 23,309 24,354 Statement of Change in Net Assets Attributable to Shareholders for the year ended 30 June /06/15 30/06/14 Note Opening net assets attributable to shareholders 743, ,706 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 86, ,249 Amounts payable on cancellation of shares (150,313) (255,962) In specie issue of shares - - In specie cancellation of shares (113,010) - (176,683) (21,713) Stamp duty reserve tax - 1 Change in net assets attributable to shareholders from investment activities (see above) 23,309 24,354 Retained distribution on accumulation shares 8 15,317 16,638 Closing net assets attributable to shareholders 605, ,986 Balance Sheet as at 30 June /06/15 30/06/14 Notes Assets Investment assets 586, ,654 Derivative assets 16,301 7,195 Debtors 9 10,300 17,104 Cash and bank balances 10 5,845 12,938 Total other assets 16,145 30,042 Total assets 618, ,891 Liabilities Derivative liabilities (3,150) (5,242) Creditors 11 (4,904) (6,043) Bank overdrafts - (5,966) Net distributions payable on income shares (4,898) (5,654) Total other liabilities (9,802) (17,663) Total liabilities (12,952) (22,905) Net assets attributable to shareholders 605, ,

180 Fidelity Institutional UK Corporate Bond Fund Notes to the financial statements 1. Accounting policies The fund s financial statements have been prepared on the same basis as the Company s financial statements as set out in the Notes to the Aggregated Financial Statements. 2. Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes. 3. Contingent liabilities At the year end there are no contingent liabilities or commitments (2014: nil). 4. Net capital gains/(losses) 30/06/15 30/06/14 Gains/(losses) on non-derivative securities 23,311 8,507 Gains/(losses) on derivative contracts 5,211 (3,381) Gains/(losses) on forward currency contracts (5,375) 19,445 Other currency gains/(losses) 169 (211) Transaction charges (7) (6) Net net capital gains/(losses) 23,309 24, Revenue 30/06/15 30/06/14 Interest on securities 31,137 33,573 Derivative revenue Bank interest 10 3 Total revenue 31,785 33, Expenses 30/06/15 30/06/14 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees 2,561 2,406 Service charges Foreign exchange administration fees 4 3 2,931 2,753 Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary fees Custody fees Other expenses: Audit fee 9 9 Other operating expenses Total expenses 3,078 2,

181 Fidelity Institutional UK Corporate Bond Fund Notes to the financial statements 7. Taxation 30/06/15 30/06/14 a) Analysis of charge/(credit) for the year UK corporation tax 1 1 Double taxation relief (1) (1) Overseas taxation 3 (1) Total current taxation 3 (1) b) Factors affecting tax charge/(credit) for the year Net revenue/(expense) before taxation 28,707 29,227 Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2014: 20%). 5,741 5,845 Effects of: Overseas taxation 3 (1) Expenses not deductible for tax purposes 1 1 Double taxation relief (1) (1) Interest distributions (5,741) (5,845) Current tax charge/(credit) 3 (1) Open ended investment companies are exempt from UK tax on capital gains. The fund is an interest distributing fund under Corporation Tax Act 2009 and as interest distributions are deductible when calculating the liability, the corporation tax charge will usually be reduced to nil, except where there are expenses which are not deductible. 8. Finance costs 30/06/15 30/06/14 Distributions The distributions takes account of revenue received on the issue of shares and revenue deducted on cancellation of shares. Income Shares Final 4,040 4,649 Interim 4,302 4,355 Gross paying Income Shares Final 1,685 1,899 Interim 1,660 1,794 Gross paying Accumulation Shares Final 6,030 9,060 Interim 9,287 7,578 27,004 29,335 Add: Revenue deducted on cancellation of shares 2,576 2,373 Deduct: Revenue received on issue of shares (876) (2,480) Net distributions for the year 28,704 29,228 Interest/other Interest - 7 Derivative expense - 1,618-1,625 Total finance costs 28,704 30,853 Details of the distributions per share are set out in the Distribution Statement. 180

182 Fidelity Institutional UK Corporate Bond Fund Notes to the financial statements 9. Debtors 30/06/15 30/06/14 Amounts receivable for issue of shares 545 1,745 Sales awaiting settlement 17 8 Sales of currency awaiting settlement 202 2,376 Accrued revenue 9,534 12,975 Overseas tax recoverable 2 - Total debtors 10,300 17, Cash and bank balances 30/06/15 30/06/14 Amounts held at futures clearing houses and brokers 1,758 4,786 Cash and bank balances 4,087 8,152 Total cash and bank balances 5,845 12, Creditors 30/06/15 30/06/14 Amounts payable for cancellation of shares Purchases awaiting settlement 3,387 2,321 Purchases of currency awaiting settlement 202 2,370 Accrued expenses UK income tax payable Amounts payable on closure of derivative contract - 92 Total creditors 4,904 6, Financial instruments exposure Currency exposures A portion of the financial assets of the fund are denominated in currencies other than sterling, which is the fund s base currency, with the effect that the Balance Sheet and total return can be affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Total exposure Currency Investments Cash balances Debtors/(Creditors) 30/06/15 Euro ,146 UK Sterling 599,239 5,096 (2,092) 602,243 US Dollar (108) 748 1,900 2,540 Total 599,586 5, ,929 30/06/14 Australian Dollar Euro ,017 1,065 Swiss Franc - - (1) (1) UK Sterling 732,680 7,088 2, ,352 US Dollar (1,761) (120) 1,774 (107) Total 731,607 6,972 5, ,986 The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. 181

183 Fidelity Institutional UK Corporate Bond Fund Notes to the financial statements Interest rate risk profile of financial assets and financial liabilities The interest rate risk profile of the fund s financial assets was: Floating rate Fixed rate Financial assets on Currency financial assets financial assets which no interest is paid Total assets 30/06/15 Euro 1,284 50,019 (49,978) 1,325 UK Sterling 14, , , ,244 US Dollar ,098 (178,534) 3,312 Total 16, ,514 22, ,881 30/06/14 Australian Dollar 1 1,564 (888) 677 Euro 3 80,043 (75,293) 4,753 UK Sterling 31, , , ,575 US Dollar ,330 (153,497) 886 Total 31, ,879 21, ,891 The interest rate risk profile of the fund s financial liabilities was: Floating rate Fixed rate *Financial liabilities on Currency financial liabilities financial liabilities which no interest is paid *Total liabilities 30/06/15 Euro UK Sterling 1, , ,930 US Dollar Total 1, , ,881 30/06/14 Euro ,054 3,688 Swiss Franc UK Sterling 8, , ,209 US Dollar Total 9, , ,891 * Includes 605,929,000 in respect of the fund s liability to redeem all shares (2014: 743,986,000). The interest rate risk profile of the fund s fixed rate financial assets was: Fixed rate financial assets Currency * Weighted average interest rate Weighted average period for which interest rate is fixed 30/06/15 Euro 2.88% years UK Sterling 3.86% years US Dollar 3.90% years 30/06/14 Australian Dollar 3.70% 6.11 years Euro 2.43% years UK Sterling 4.13% years US Dollar 4.01% years * The weighted average interest rate is based on the effective yield of the fixed interest portfolio. 182

184 Fidelity Institutional UK Corporate Bond Fund Notes to the financial statements Interest rate risk profile Interest earned and paid on bank balances in the current and preceding year were at variable rates provided by the Depositary. The average interest rates earned and paid are disclosed in the Aggregated Financial Statements. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Sensitivity analysis of derivatives exposure Futures exposure The fund invests into futures to gain exposure to the bond markets. A 1% change in interest rates would lead to a change representing 2.37% (2014: 1.06%) of the fund s market value. Interest rate swaps exposure The fund invests into interest rate swaps to manage interest rate exposure. A 1% change in interest rates would lead to a change representing 1.92% (2014: 0.33%) of the fund s market value. Credit default swaps exposure The fund invests in credit default swaps during the period selling protection in return for a premium greater than the credit spread of the underlying bonds, and buying protection against the credit risk of the underlying bonds. A 2% change in credit spreads would lead to a change representing 0.79% (2014: 0.61%) of the fund s market value. See the Aggregated Financial Statements Note 14 for the narrative disclosure regarding financial instruments exposure. 13. Portfolio transaction costs 30/06/15 30/06/14 Analysis of total purchase costs Purchases excluding transaction costs 528, ,910 Commissions Other 3 3 Total purchase transaction costs Total purchases including transaction costs 528, ,929 Analysis of total sale costs Sales excluding transaction costs 703, ,682 Commissions (20) (28) Other (4) (3) Total sale transaction costs (24) (31) Total sales including transaction costs 703, , Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 8 by virtue of the influence it has over the operations of the fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 11. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of 203,000 (2014: 243,000) are included within accrued expenses in Note 11. At the balance sheet date, any holdings in the fund by FIL Limited which is the ultimate parent company of FIL Investment Services (UK) Limited, are detailed in Note 12 of the Aggregated Financial Statements. 15. Shareholders funds The fund currently has three share classes; Income Shares, Gross paying Income Shares and Gross paying Accumulation Shares. The annual management charge on each share class is as follows: Income Shares: 0.35% Gross paying Income Shares: 0.35% Gross paying Accumulation Shares: 0.35% The distributions per share class are given in the Distribution Statement. All classes have the same rights on winding up. 183

185 Fidelity Institutional UK Corporate Bond Fund Distribution Statement for the year ended 30 June 2015 Income Shares - final distribution No. 31 in pence per share Group 1 - Shares purchased on or before 31 December Group 2 - Shares purchased from 1 January 2015 to 30 June Amount Amount Gross Income tax Net revenue Equalisation distributed distributed revenue 20% (Note 2) 31/08/15 31/08/14 Group Group Income Shares - interim distribution No. 30 in pence per share Group 1 - Shares purchased on or before 30 June Group 2 - Shares purchased from 1 July 2014 to 31 December Amount Amount Gross Income tax Net revenue Equalisation distributed distributed revenue 20% (Note 2) 28/02/15 28/02/14 Group Group Gross paying Income Shares - final distribution No. 6 in pence per share Group 1 - Shares purchased on or before 31 December Group 2 - Shares purchased from 1 January 2015 to 30 June Amount Amount Gross revenue Equalisation distributed distributed (Note 2) 31/08/15 31/08/14 Group Group Gross paying Income Shares - interim distribution No. 5 in pence per share Group 1 - Shares purchased on or before 30 June Group 2 - Shares purchased from 1 July 2014 to 31 December Amount Amount Gross revenue Equalisation distributed distributed (Note 2) 28/02/15 28/02/14 Group Group

186 Fidelity Institutional UK Corporate Bond Fund Distribution Statement - continued Gross paying Accumulation Shares - final distribution No. 25 in pence per share Group 1 - Shares purchased on or before 31 December Group 2 - Shares purchased from 1 January 2015 to 30 June Amount Amount Gross revenue Equalisation accumulated accumulated (Note 2) 31/08/15 31/08/14 Group Group Gross paying Accumulation Shares - interim distribution No. 24 in pence per share Group 1 - Shares purchased on or before 30 June Group 2 - Shares purchased from 1 July 2014 to 31 December Amount Amount Gross revenue Equalisation accumulated accumulated (Note 2) 28/02/15 28/02/14 Group Group

187 Fidelity Institutional UK Gilt Fund Investment Objective and Policy The fund s investment objective is to achieve both capital growth and income. The fund will invest primarily in UK gilts. The fund may also invest in other fixed interest securities. Fund Manager s Commentary Market Review UK government bonds (Gilts) advanced over the period and outperformed corporate bonds. UK Gilts yields fell as low inflation data helped to calm fears of an earlier-than-expected interest rate hike. UK investment grade corporate bonds also advanced over the period. On the macroeconomic front, the UK continued to recover, with real wages growing at the fastest pace in nearly eight years. Meanwhile, the inflation rate turned positive in May, with the Consumer Price Index (CPI) rising by 0.1%, after one month of deflation in April. Industrial production got a boost in May due to a rebound in the oil and gas sector and the services Purchasing Managers Index (PMI) rose to 58.5 in June. The economy grew by 2.9% in the first quarter of With overall macroeconomic developments still subdued and broadly in line with expectations, the Bank of England s Monetary Policy Committee (MPC) voted to maintain interest rates at 0.5% and the asset purchase facility at 375 billion. Portfolio Activity The fund s interest rate strategy and credit selection weighed on returns. In particular, the long duration (more sensitive to interest rate changes than the index) position in sterling in April hurt performance as Gilt yields rose. In credit, the exposure to financials, such as Standard Chartered and Rabobank, held back returns. Selected positions in the utilities sector, such as GDF Suez and Electricite de France also detracted from performance. Conversely, the exposure to covered bonds of Lloyd s Bank and Barclays supported returns. In terms of strategy, we retained a flexible approach to interest rate positioning in light of the ongoing market volatility. At the end of the review period, the fund had an overweight duration position, mainly through a long position in US dollar duration. This was partially offset by a short duration stance in the euro as the uncertainty over Greece is likely to hurt bonds. The fund has a neutral stance on sterling duration. We increased the exposure to high-conviction investment grade securities. For instance, the allocation to the financials sector was raised by purchasing new holdings in CME Group, Nationwide and JP Morgan. Conversely, We reduced the exposure to the communications sector by selling the holding in Telefonica. Some asset-backed and mortgage-backed securities, including Deco and British Broadcasting Corporation, were sold to lock-in profits. Outlook We expect Gilts to deliver flat returns over the next 12 months, although there is scope for a further rise in yields. Market volatility is expected to remain high if the situation in Greece continues without some form of resolution. However, the shortage of safe havens is likely to be supportive for Gilts. Performance Record Discrete 1 year performance over the last 5 years to: 30/06/11 30/06/12 30/06/13 30/06/14 30/06/15 Income Shares Gross paying Accumulation Shares** *Comparative Index * Comparative Index: FTSE Actuaries Government All Stocks (Net of UK tax). Source: Fidelity and RIMES, All performance returns are calculated using the quoted price of the relevant share class, UK, net income reinvested, ** gross income reinvested. Past performance is not a reliable indicator of future results. Risk Profile The value of your investment and the income from it can go down as well as up. You may not get back the amount you invested. What you get back is not guaranteed. It will depend on investment performance. This fund may invest in sub investment grade bonds. These bonds may produce a higher level of income than investment grade bonds but at a higher risk to your capital. With funds that invest in bonds, there is a risk that the issuer of the bond may default on its repayments. The likelihood of this happening will depend on the credit worthiness of the issuer. The risk of default is usually greatest with bonds that are classed as sub investment grade. This fund may invest in overseas markets. You may get back more or less as a result of currency fluctuations. This fund may invest in developing overseas markets which carry a higher risk than investing in larger established markets. Investments in emerging markets are likely to experience greater rises and falls in value and there may be trading difficulties. This fund may invest in derivatives for the purpose of the efficient management of the fund. The use of financial derivative instruments may result in increased gains or losses within the fund. For funds that invest in derivative transactions, there is a risk that the counterparty to the transaction will wholly or partially fail to honour its contractual obligations. This may result in financial loss to the fund. For details of all the risks please see the Prospectus. Ian Fishwick & Jeremy Church Fund Managers 30 June

188 Fidelity Institutional UK Gilt Fund Portfolio Information Fund Facts 30/06/15 30/06/14 % % AA Rated A Rated AAA Rated BBB Rated Not Rated Forward Foreign Exchange Contracts Futures Index Credit Default Swaps Interest Rate Swaps Cash and other net assets/(liabilities) Top Holdings The top ten holdings in the fund as at 30 June 2015 and at the previous year end are shown below. Top holdings as at 30/06/15 % of total net assets UK Gilt Treasury 4.25% 07/09/ UK Gilt Treasury 1.00% 07/09/ UK Gilt Treasury 3.75% 07/09/ UK Gilt Treasury 4.50% 07/09/ UK Gilt Treasury 3.25% 22/01/ UK Gilt Treasury 3.75% 07/09/ UK Gilt Treasury 4.00% 07/03/ UK Gilt Treasury 4.00% 07/09/ UK Gilt Treasury 3.75% 22/07/ UK Gilt Treasury 4.00% 22/01/ Top holdings as at 30/06/14 % of total net assets UK Gilt Treasury 5.00% 07/03/ UK Gilt Treasury 4.00% 07/09/ UK Gilt Treasury 4.25% 07/09/ UK Gilt Treasury 3.75% 07/09/ UK Gilt Treasury 4.00% 07/03/ UK Gilt Treasury 4.25% 07/06/ UK Gilt Treasury 4.00% 22/01/ UK Gilt Treasury 4.25% 07/03/ UK Gilt Treasury 5.00% 07/09/ UK Gilt Treasury 3.75% 07/09/ Footnotes: Income (pence per share) XD date Income Gross paying Shares Accumulation Shares Final distribution 01/07/ Interim distribution 01/01/ Ongoing Charges (%) Income Gross paying Shares Accumulation Shares 30/06/ /06/ The Ongoing Charges figure is calculated as the ratio of the annual cost of managing and operating the fund to the average net asset value; it excludes portfolio transaction cost. Fund Size Total net Net asset Total net Net asset assets value per Shares assets value per Shares ( m) share (p) 1 in issue ( m) share (p) 1 in issue Income Shares Gross paying Accumulation Shares 30/06/ ,315, ,231,653 30/06/ ,652, ,344,561 30/06/ ,928, ,136,481 Income Per Share and Price History (pence) Calendar Income Lowest Highest Income Lowest Highest year per share price price per share price price Income Shares Gross paying Accumulation Shares The net asset value is the accounting value at the year end on a fair value basis. 2. Figures represent distribution to 01/07/

189 Fidelity Institutional UK Gilt Fund Statement of Total Return for the year ended 30 June /06/15 30/06/14 Notes Income Net capital gains/(losses) 4 11,759 1,053 Revenue 5 4,208 4,677 Expenses 6 (590) (652) Finance costs: Interest/other 8 (88) (57) Net revenue/(expense) before taxation 3,530 3,968 Taxation Net revenue/(expense) after taxation 3,530 3,968 Total return before distributions 15,289 5,021 Finance costs: Distributions 8 (3,530) (3,968) Change in net assets attributable to shareholders from investment activities 11,759 1,053 Statement of Change in Net Assets Attributable to Shareholders for the year ended 30 June /06/15 30/06/14 Note Opening net assets attributable to shareholders 187, ,940 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 124, ,556 Amounts payable on cancellation of shares (133,076) (174,215) In specie issue of shares - - In specie cancellation of shares (35,611) - (44,399) (27,659) Change in net assets attributable to shareholders from investment activities (see above) 11,759 1,053 Retained distribution on accumulation shares 8 2,850 3,406 Closing net assets attributable to shareholders 157, ,740 Balance Sheet as at 30 June /06/15 30/06/14 Notes Assets Investment assets 154, ,767 Derivative assets 1, Debtors 9 1,813 2,497 Cash and bank balances 10 1,300 1,732 Total other assets 3,113 4,229 Total assets 159, ,349 Liabilities Derivative liabilities (455) (544) Creditors 11 (164) (819) Net distributions payable on income shares (473) (246) Total other liabilities (637) (1,065) Total liabilities (1,092) (1,609) Net assets attributable to shareholders 157, ,

190 Fidelity Institutional UK Gilt Fund Notes to the financial statements 1. Accounting policies The fund s financial statements have been prepared on the same basis as the Company s financial statements as set out in the Notes to the Aggregated Financial Statements. 2. Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes. 3. Contingent liabilities At the year end there are no contingent liabilities or commitments (2014: nil). 4. Net capital gains/(losses) 30/06/15 30/06/14 Gains/(losses) on non-derivative securities 11, Gains/(losses) on derivative contracts (35) (476) Gains/(losses) on forward currency contracts Other currency gains/(losses) (42) (109) Transaction charges (4) (4) Net net capital gains/(losses) 11,759 1, Revenue 30/06/15 30/06/14 Interest on securities 4,205 4,664 Derivative revenue - 11 Bank interest 3 2 Total revenue 4,208 4, Expenses 30/06/15 30/06/14 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees Service charges Foreign exchange administration fees Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary fees Custody fees Other expenses: Audit fee 10 9 Other operating expenses Total expenses

191 Fidelity Institutional UK Gilt Fund Notes to the financial statements 7. Taxation 30/06/15 30/06/14 a) Analysis of charge/(credit) for the year UK corporation tax 1 - Double taxation relief (1) - Total current taxation - - b) Factors affecting tax charge/(credit) for the year Net revenue/(expense) before taxation 3,530 3,968 Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2014: 20%) Effects of: Double taxation relief (1) - Interest distributions (705) (794) Current tax charge/(credit) - - Open ended investment companies are exempt from UK tax on capital gains. The fund is an interest distributing fund under Corporation Tax Act 2009 and as interest distributions are deductible when calculating the liability, the corporation tax charge will usually be reduced to nil, except where there are expenses which are not deductible. 8. Finance costs 30/06/15 30/06/14 Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on cancellation of shares. Income Shares Final Interim Gross paying Accumulation Shares Final 946 1,517 Interim 1,904 1,889 3,855 3,750 Add: Revenue deducted on cancellation of shares Deduct: Revenue received on issue of shares (831) (561) Net distributions for the year 3,530 3,968 Interest/other Interest (7) - Derivative expense Total finance costs 3,618 4,025 Details of the distributions per share are set out in the Distribution Statement. 190

192 Fidelity Institutional UK Gilt Fund Notes to the financial statements 9. Debtors 30/06/15 30/06/14 Amounts receivable for issue of shares Sales of currency awaiting settlement Accrued revenue 1,688 2,119 Overseas tax recoverable 1 - Uk income tax recoverable 1 - Total debtors 1,813 2, Cash and bank balances 30/06/15 30/06/14 Amounts held at futures clearing houses and brokers Cash and bank balances 878 1,336 Total cash and bank balances 1,300 1, Creditors 30/06/15 30/06/14 Amounts payable for cancellation of shares - 3 Purchases awaiting settlement Purchases of currency awaiting settlement Accrued expenses UK income tax payable Amounts payable on closure of derivative contract - 7 Total creditors Financial instruments exposure Currency exposures A portion of the financial assets of the fund are denominated in currencies other than sterling, which is the fund s base currency, with the effect that the Balance Sheet and total return can be affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Total exposure Currency Investments Cash balances Debtors/(Creditors) 30/06/15 Australian Dollar Euro UK Sterling 154,983 1, ,212 US Dollar Total 155,474 1,300 1, ,950 30/06/14 Australian Dollar Euro UK Sterling 183,977 1,728 1, ,733 US Dollar Total 184,576 1,732 1, ,740 The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. 191

193 Fidelity Institutional UK Gilt Fund Notes to the financial statements Interest rate risk profile of financial assets and financial liabilities The interest rate risk profile of the fund s financial assets was: Floating rate Fixed rate Financial assets on Currency financial assets financial assets which no interest is paid Total assets 30/06/15 Australian Dollar Euro 12 3,598 (3,165) 445 UK Sterling 2, ,068 25, ,060 US Dollar 13 19,378 (18,855) 536 Total 2, ,044 3, ,042 30/06/14 Australian Dollar Euro 2 2,505 (1,458) 1,049 UK Sterling 3, ,592 9, ,078 US Dollar 1 5,577 (5,357) 221 Total 3, ,674 2, ,349 The interest rate risk profile of the fund s financial liablities was: Floating rate Fixed rate *Financial liabilities on Currency financial liabilities financial liabilities which no interest is paid *Total liabilities 30/06/15 Euro UK Sterling , ,798 US Dollar Total , ,042 30/06/14 Euro UK Sterling , ,085 US Dollar Total , ,349 * Includes 157,950,000 in respect of the fund s liability to redeem all shares (2014: 187,740,000). The interest rate risk profile of the fund s financial assets was: Fixed rate financial assets Currency * Weighted average interest rate Weighted average period for which interest rate is fixed 30/06/15 Euro 2.92% years UK Sterling 2.11% years US Dollar 3.61% years 30/06/14 Euro 2.21% years UK Sterling 2.54% years US Dollar 3.39% years * The weighted average interest rate is based on the effective yield of the fixed interest portfolio. Interest earned and paid on bank balances in the current and preceding year were at variable rates provided by the Depositary. The average interest rates earned and paid are disclosed in the Aggregated Financial Statements. 192

194 Fidelity Institutional UK Gilt Fund Notes to the financial statements Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Sensitivity analysis of derivatives exposure Futures exposure The fund invests into futures to gain exposure to the bond markets. A 1% change in interest rates would lead to a change representing 0.94% of the fund s market value (2014: The fund held no derivatives that could impact it significantly). Interest rate swaps exposure The fund invests into interest rate swaps to manage interest rate exposure. A 1% change in interest rates would lead to a change representing 0.16% of the fund s market value (2014: The fund held no derivatives that could impact it significantly). Credit default swaps exposure The fund invests in credit default swaps during the period selling protection in return for a premium greater than the credit spread of the underlying bonds, and buying protection against the credit risk of the underlying bonds. A 2% change in credit spreads would lead to a change representing 0.31% of the fund s market value (2014: The fund held no derivatives that could impact it significantly). See the Aggregated Financial Statements Note 14 for the narrative disclosure regarding financial instruments exposure. 13. Portfolio transaction costs 30/06/15 30/06/14 Analysis of total purchase costs Purchases excluding transaction costs 172, ,160 Commissions 2 2 Other 2 2 Total purchase transaction costs 4 4 Total purchases including transaction costs 172, ,164 Analysis of total sale costs Sales excluding transaction costs 212, ,293 Commissions (2) (2) Other (2) (2) Total sale transaction costs (4) (4) Total sales including transaction costs 212, , Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 8 by virtue of the influence it has over the operations of the fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 11. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of 39,000 (2014: 45,000) are included within accrued expenses in Note 11. At the balance sheet date, any holdings in the fund by FIL Limited which is the ultimate parent company of FIL Investment Services (UK) Limited, are detailed in Note 12 of the Aggregated Financial Statements. 15. Shareholders funds The fund currently has two share classes; Income Shares and Gross paying Accumulation Shares. The annual management charge on each share class is as follows: Income Shares: 0.25% Gross paying Accumulation Shares: 0.25% The distributions per share class are given in the Distribution Statement. All classes have the same rights on winding up. 193

195 Fidelity Institutional UK Gilt Fund Distribution Statement for the year ended 30 June 2015 Income Shares - final distribution No. 31 in pence per share Group 1 - Shares purchased on or before 31 December Group 2 - Shares purchased from 1 January 2015 to 30 June Amount Amount Gross Income tax Net revenue Equalisation distributed distributed revenue 20% (Note 2) 31/08/15 31/08/14 Group Group Income Shares - interim distribution No. 30 in pence per share Group 1 - Shares purchased on or before 30 June Group 2 - Shares purchased from 1 July 2014 to 31 December Amount Amount Gross Income tax Net revenue Equalisation distributed distributed revenue 20% (Note 2) 28/02/15 28/02/14 Group Group Gross paying Accumulation Shares - final distribution No. 25 in pence per share Group 1 - Shares purchased on or before 31 December Group 2 - Shares purchased from 1 January 2015 to 30 June Amount Amount Gross Equalisation accumulated accumulated revenue (Note 2) 31/08/15 31/08/14 Group Group Gross paying Accumulation Shares - interim distribution No. 24 in pence per share Group 1 - Shares purchased on or before 30 June Group 2 - Shares purchased from 1 July 2014 to 31 December Amount Amount Gross Equalisation accumulated accumulated revenue (Note 2) 28/02/15 28/02/14 Group Group

196 Fidelity Institutional UK Investment Grade Long Credit Fund Investment Objective and Policy The Fund s investment objective is to achieve income and capital growth. The Fund will invest primarily in Sterling denominated (or hedged back to Sterling) fixed and floating rate and index-linked debt securities which will have a remaining maturity of at least 3 years. The Fund may also invest in other transferable securities, units in collective investment schemes, money market instruments, cash and deposits. Fund Manager s Commentary Market Review UK government bonds (Gilts) advanced over the period and outperformed corporate bonds. UK Gilt yields fell as low inflation data helped to calm fears of an earlier-than-expected interest rate hike. UK investment grade corporate bonds also advanced over the review period. On the macroeconomic front, the UK continued to recover, with real wages growing at the fastest pace in nearly eight years. Meanwhile, the inflation rate turned positive in May, with the Consumer Price Index (CPI) rising by 0.1%, after one month of deflation in April. UK industrial production got a boost in May from a rebound in the oil and gas sector and the services Purchasing Managers Index (PMI) rose to 58.5 in June. The UK economy grew by 2.9% in the first quarter of With overall macroeconomic developments still subdued and broadly in line with expectations, the Bank of England s (BoE) Monetary Policy Committee (MPC) voted to maintain interest rates at 0.5% and the asset purchase facility at 375 billion. Portfolio Activity The fund benefited from its interest rate strategy and favourable credit selection. Security selection in subordinated bank debt, including Lloyds Banking Group and Credit Suisse, supported performance. The fund remains well-diversified across the financial capital structure and retained the overweight allocation to covered bonds, which offers a higher level of investor protection. The overweight credit beta (a measure of its sensitivity to credit spreads) position was retained through a preference for bonds that offer a significant margin of safety given their inherent credit risk. Over the period, I bought new holdings in Eli Lilly, Votorantim Cimentos and Heinz, and reduced the exposure to Tesco, Time Warner Cable and Petrobras. The fund s duration (sensitivity to interest rate changes) positioning, specifically the small short duration stance in sterling interest rate risk, boosted returns. Overall, the fund has a long duration position versus the comparative index, mainly through the cross-market exposure to US dollar duration. Outlook The UK economy is likely to remain characterised by slow growth and low inflation in 2015, which should help to keep Gilt yields largely stable. The BoE s accommodative monetary policy stance, expectations that interest rates will remain at current levels for the remainder the year and that inflation will stay below the central bank s target rate are also supportive for the asset class. As investors continue to search for yield, demand for investment grade corporate bonds should remain strong. Moreover, the recent improvement in valuations of investment grade corporate bonds should also support demand for the asset class. However, given the various challenges facing global markets, I expect returns to be mostly driven by coupon income. Performance Record A discrete 1 year performance table has not been included as the fund launched on 13 January 2015 and does not have a full twelve month performance record. Risk Profile The value of your investment and the income from it can go down as well as up. You may not get back the amount you invested. What you get back is not guaranteed. It will depend on investment performance. This fund may invest in sub investment grade bonds. These bonds may produce a higher level of income than investment grade bonds but at a higher risk to your capital. With funds that invest in bonds, there is a risk that the issuer of the bond may default on its repayments. The likelihood of this happening will depend on the credit worthiness of the issuer. The risk of default is usually greatest with bonds that are classed as sub investment grade. This fund may invest in overseas markets. You may get back more or less as a result of currency fluctuations. This fund may invest in developing overseas markets which carry a higher risk than investing in larger established markets. Investments in emerging markets are likely to experience greater rises and falls in value and there may be trading difficulties. This fund may invest in derivatives for the purpose of the efficient management of the fund. The use of financial derivative instruments may result in increased gains or losses within the fund. For funds that invest in derivative transactions, there is a risk that the counterparty to the transaction will wholly or partially fail to honour its contractual obligations. This may result in financial loss to the fund. For details of all the risks please see the Prospectus. Ian Fishwick Fund Manager 30 June

197 Fidelity Institutional UK Investment Grade Long Credit Fund 3 Portfolio Information Fund Facts 30/06/15 % A Rated AA Rated BBB Rated AAA Rated Not Rated 2.19 Forward Foreign Exchange Contracts 0.63 Futures 0.32 Cash and other net assets/(liabilities) 2.27 Top Holdings The top ten holdings in the fund as at 30 June 2015 are shown below. Top holdings as at 30/06/15 % of total net assets Reseau Ferre de France 4.83% 25/03/ HSBC 7.00% 07/04/ Meadowhall Finance 4.986% 12/01/ BBC % 10/08/ General Electric Capital UK Funding 5.875% 18/01/ Walmart Stores 5.625% 27/03/ Rabobank Nederland 5.375% 03/08/ Lloyds Bank 6.50% 17/09/ GDF Suez 5.00% 01/10/ EDF 5.50% 17/10/ Footnotes: Income (pence per share) XD date Gross paying Accumulation Shares Final distribution 01/07/ Ongoing Charges (%) Gross paying Accumulation Shares 30/06/ The Ongoing Charges figure is calculated as the ratio of the annual cost of managing and operating the fund to the average net asset value; it excludes portfolio transaction cost. Fund Size Total net Net asset assets value per Shares ( m) share (p) 1 in issue Gross paying Accumulation Shares 30/06/ , ,045 Income Per Share and Price History (pence) Calendar Income Lowest Highest year per share price price Gross paying Accumulation Shares , , The net asset value is the accounting value at the year end on a fair value basis. 2. Figures represent distribution to 01/07/ The fund launched on 13/01/

198 Fidelity Institutional UK Investment Grade Long Credit Fund Statement of Total Return for the period from 13 January 2015 to 30 June /06/15 Notes Income Net capital gains/(losses) 4 (2,683) Revenue Expenses 6 (89) Net revenue/(expense) before taxation 560 Taxation 7 - Net revenue/(expense) after taxation 560 Total return before distributions (2,123) Finance costs: Distributions 8 (560) Change in net assets attributable to shareholders from investment activities (2,683) Statement of Change in Net Assets Attributable to Shareholders for the period from 13 January 2015 to 30 June /06/15 Note Opening net assets attributable to shareholders* - Movement due to sales and repurchases of shares Amounts receivable on issue of shares 1,449 Amounts payable on cancellation of shares - In specie issue of shares 40,567 42,016 Change in net assets attributable to shareholders from investment activities (see above) (2,683) Retained distribution on accumulation shares Closing net assets attributable to shareholders 39,893 * The fund was launched on 13 January Balance Sheet as at 30 June /06/15 Notes Assets Investment assets 38,609 Derivative assets 485 Debtors Cash and bank balances Total other assets 1,191 Total assets 40,285 Liabilities Derivative liabilities (105) Creditors 11 (287) Total other liabilities (287) Total liabilities (392) Net assets attributable to shareholders 39,

199 Fidelity Institutional UK Investment Grade Long Credit Fund Notes to the financial statements 1. Accounting policies The fund s financial statements have been prepared on the same basis as the Company s financial statements as set out in the Notes to the Aggregated Financial Statements. 2. Equalisation Equalisation applies only to shares purchased during the distribution period (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes. 3. Contingent liabilities At the period end there are no contingent liabilities or commitments. 4. Net capital gains/(losses) 30/06/ Gains/(losses) on non-derivative securities (3,303) Gains/(losses) on derivative contracts 289 Gains/(losses) on forward currency contracts 323 Other currency gains/(losses) 9 Transaction charges (1) Net net capital gains/(losses) (2,683) 5. Revenue 30/06/ Interest on securities 634 Derivative revenue 14 Bank interest 1 Total revenue Expenses 30/06/ Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees 66 Service charges 10 Foreign exchange administration fees 1 77 Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary fees 2 Custody fees 2 4 Other expenses: Audit fee 7 Other operating expenses 1 8 Total expenses

200 Fidelity Institutional UK Investment Grade Long Credit Fund Notes to the financial statements 7. Taxation 30/06/ a) Analysis of charge/(credit) for the period UK corporation tax - Total current taxation - b) Factors affecting tax charge/(credit) for the period Net revenue/(expense) before taxation 560 Net revenue/(expense) multiplied by the standard rate of corporation tax of 20%. 112 Effects of: Interest distributions (112) Current tax charge/(credit) - Open ended investment companies are exempt from UK tax on capital gains. The fund is an interest distributing fund under Corporation Tax Act 2009 and as interest distributions are deductible when calculating the liability, the corporation tax charge will usually be reduced to nil, except where there are expenses which are not deductible. 8. Finance costs 30/06/ Distributions The distribution takes account of revenue received on the issue of shares and revenue deducted on cancellation of shares. Gross paying Accumulation Shares Final 560 Total finance costs 560 Details of the distribution per share are set out in the Distribution Statement. 9. Debtors 30/06/ Sales of currency awaiting settlement 64 Accrued revenue 617 Total debtors Cash and bank balances 30/06/ Amounts held at futures clearing houses and brokers 257 Cash and bank balances 253 Total cash and bank balances Creditors 30/06/ Purchases awaiting settlement 199 Purchases of currency awaiting settlement 64 Accrued expenses 24 Total creditors

201 Fidelity Institutional UK Investment Grade Long Credit Fund Notes to the financial statements 12. Financial instruments exposure Currency exposures A portion of the financial assets of the fund are denominated in currencies other than sterling, which is the fund s base currency, with the effect that the Balance Sheet and total return can be affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Total exposure Currency Investments Cash balances Debtors/(Creditors) 30/06/15 Euro (35) 78 UK Sterling 38, ,624 US Dollar Total 38, ,893 The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. Interest rate risk profile of financial assets and financial liabilities The interest rate risk profile of the fund s financial assets was: Floating rate Fixed rate Financial assets on Currency financial assets financial assets which no interest is paid Total assets 30/06/15 Euro 65 2,489 (2,407) 147 UK Sterling ,608 7,887 39,935 US Dollar 5 4,512 (4,314) 203 Total ,609 1,166 40,285 The interest rate risk profile of the fund s financial liabilities was: Floating rate Fixed rate *Financial liabilities on Currency financial liabilities financial liabilities which no interest is paid *Total liabilities 30/06/15 Euro UK Sterling ,204 40,204 US Dollar Total ,285 40,285 * Includes 39,893,000 in respect of the fund s liability to redeem all shares. The interest rate risk profile of the fund s fixed rate financial assets was: Fixed rate financial assets Currency * Weighted average interest rate Weighted average period for which interest rate is fixed 30/06/15 Euro 3.50% years UK Sterling 3.92% years US Dollar 4.76% years * The weighted average interest rate is based on the effective yield of the fixed interest portfolio. Interest earned and paid on bank balances in the period were at variable rates provided by the Depositary. The average interest rates earned and paid are disclosed in the Aggregated Financial Statements. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Sensitivity analysis of derivatives exposure Futures exposure The fund invests into futures to gain exposure to the bond markets. A 1% change in interest rates would lead to a change representing 0.69% of the fund s market value. See the Aggregated Financial Statements Note 14 for the narrative disclosure regarding financial instruments exposure. 200

202 Fidelity Institutional UK Investment Grade Long Credit Fund Notes to the financial statements 13. Portfolio transaction costs 30/06/ Analysis of total purchase costs Purchases excluding transaction costs 47,918 Commissions - Other 1 Total purchase transaction costs 1 Total purchases including transaction costs 47,919 Analysis of total sale costs Sales excluding transaction costs 6,097 Commissions - Other - Total sale transaction costs - Total sales including transaction costs 6, Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 8 by virtue of the influence it has over the operations of the fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the period end are disclosed in Notes 9 and 11. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the period end of 14,000 are included within accrued expenses in Note 11. At the balance sheet date, any holdings in the fund by FIL Limited which is the ultimate parent company of FIL Investment Services (UK) Limited, are detailed in Note 12 of the Aggregated Financial Statements. 15. Shareholders funds The fund currently has Gross paying Accumulation Shares. The annual management charge is: Gross paying Accumulation Shares: 0.35% The distributions per share class are given in the Distribution Statement. 201

203 Fidelity Institutional UK Investment Grade Long Credit Fund Distribution Statement for the period from 13 January 2015 to 30 June 2015 Gross paying Accumulation Shares - final distribution No. 1 in pence per share Group 1 - See note below* Group 2 - Shares purchased from 14 January 2015 to 30 June Amount Gross revenue Equalisation accumulated (Note 2) 31/08/15 Group Group * The fund was launched on 13 January

204 Fidelity Institutional UK Long Corporate Bond Fund Investment Objective and Policy The fund s investment objective is to achieve both capital growth and income. The fund will invest primarily in non-gilt fixed interest securities, at least half of which will have a remaining maturity of at least 10 years. Fund Manager s Commentary Market Review UK government bonds (Gilts) advanced over the period and outperformed corporate bonds. UK Gilt yields fell as low inflation data helped to calm fears of an earlier-than-expected interest rate hike. UK investment grade corporate bonds also advanced over the review period. On the macroeconomic front, the UK continued to recover, with real wages growing at the fastest pace in nearly eight years. Meanwhile, the inflation rate turned positive in May, with the Consumer Price Index (CPI) rising by 0.1%, after one month of deflation in April. UK industrial production got a boost in May from a rebound in the oil and gas sector and the services Purchasing Managers Index (PMI) rose to 58.5 in June. The UK economy grew by 2.9% in the first quarter of With overall macroeconomic developments still subdued and broadly in line with expectations, the Bank of England s (BoE) Monetary Policy Committee (MPC) voted to maintain interest rates at 0.5% and the asset purchase facility at 375 billion. Portfolio Activity The fund s performance was largely driven by favourable security selection in subordinated bank debt, including Lloyds Banking Group and UBS. The fund remains well-diversified across the financial capital structure and retained the overweight allocation to covered bonds, which offers a higher level of investor protection. Within non-financials, the overweight stance in securitised bonds of Dignity Finance and BBC supported performance. The small exposure to subinvestment grade bonds also helped returns. Conversely, the holding in French utility GDF Suez detracted from performance. Overall, the fund maintains extra sensitivity to credit risk, through a preference for bonds that offer a significant margin of safety given their inherent credit risk. Over the period, I bought new positions in Eli Lilly, Votorantim Cimentos and Heinz, and reduced the exposure to Glencore, AT&T and Tesco. The fund s duration (sensitivity to interest rate changes) positioning, specifically the small short duration stance in the euro and sterling interest rate risk, hampered returns. Overall, the fund has a long duration position versus the index, mainly through cross-market exposure to US dollar duration. Outlook The UK economy is likely to remain characterised by slow growth and low inflation in 2015, which should help to keep Gilt yields largely stable. The BoE s accommodative monetary policy stance, expectations that interest rates will remain at current levels for the remainder the year and that inflation will stay below the central bank s target rate are also supportive for the asset class. As investors continue to search for yield, demand for investment grade corporate bonds should remain strong. Moreover, the recent improvement in valuations of investment grade corporate bonds should also support demand for the asset class. However, given the various challenges facing global markets, I expect returns to be mostly driven by coupon income. Performance Record Discrete 1 year performance over the last 5 years to: 30/06/11 30/06/12 30/06/13 30/06/14 30/06/15 Income Shares Gross paying Accumulation Shares** Gross paying Income Shares** *Comparative Index * Comparative Index: The BofA Merrill Lynch Euro-Sterling 10+ Years Index (Net of UK tax). Source: Fidelity and RIMES, All performance returns are calculated using the quoted price of the relevant share class, UK, net income reinvested, ** gross income reinvested. Past performance is not a reliable indicator of future results. Risk Profile The value of your investment and the income from it can go down as well as up. You may not get back the amount you invested. What you get back is not guaranteed. It will depend on investment performance. This fund may invest in sub investment grade bonds. These bonds may produce a higher level of income than investment grade bonds but at a higher risk to your capital. With funds that invest in bonds, there is a risk that the issuer of the bond may default on its repayments. The likelihood of this happening will depend on the credit worthiness of the issuer. The risk of default is usually greatest with bonds that are classed as sub investment grade. This fund may invest in overseas markets. You may get back more or less as a result of currency fluctuations. This fund may invest in developing overseas markets which carry a higher risk than investing in larger established markets. Investments in emerging markets are likely to experience greater rises and falls in value and there may be trading difficulties. This fund may invest in derivatives for the purpose of the efficient management of the fund. The use of financial derivative instruments may result in increased gains or losses within the fund. For funds that invest in derivative transactions, there is a risk that the counterparty to the transaction will wholly or partially fail to honour its contractual obligations. This may result in financial loss to the fund. For details of all the risks please see the Prospectus. Ian Fishwick Fund Manager 30 June

205 Fidelity Institutional UK Long Corporate Bond Fund Portfolio Information Fund Facts 30/06/15 30/06/14 % % A Rated BBB Rated AA Rated AAA Rated BB Rated Not Rated Interest Rate Swaps Forward Foreign Exchange Contracts Other Cash and other net assets/(liabilities) Top Holdings The top ten holdings in the fund as at 30 June 2015 and at the previous year end are shown below. Top holdings as at 30/06/15 % of total net assets UK Gilt Treasury 4.25% 07/03/ BBC % 10/08/ General Electric Capital UK Funding 5.875% 18/01/ HSBC 5.375% 22/08/ Canary Wharf Finance Series II 5.952% 22/01/ Tesco Property Finance 5.744% 13/04/ European Investment Bank 4.50% 07/06/ Walmart Stores 6.20% 15/04/ Lloyds Bank 6.00% 08/02/ Reseau Ferre de France 5.00% 11/03/ Top holdings as at 30/06/14 % of total net assets European Investment Bank 4.50% 07/06/ BBC % 10/08/2033 Reg S 2.48 Tesco Property Finance 5.744% 13/04/ General Electric Capital UK Funding 5.875% 18/01/ HSBC 5.375% 22/08/ Canary Wharf Finance Series II 5.952% 22/01/ Walmart Stores 6.20% 15/04/ Lloyds TSB 6.00% 08/02/ BAA Funding 5.225% VRN 15/02/2025 Reg S 1.37 Pfizer 6.50% 03/06/ Footnotes: 1. The net asset value is the accounting value at the year end on a fair value basis. 2. Figures represent distribution to 01/07/15. Income (pence per share) XD date Income Shares Gross paying Income Shares Final distribution 01/07/ Interim distribution 01/01/ XD date Gross paying Accumulation Shares Final distribution 01/07/ Interim distribution 01/01/ Ongoing Charges (%) Income Gross paying Shares Income Shares 30/06/ /06/ Gross paying Accumulation Shares 30/06/ /06/ The Ongoing Charges figure is calculated as the ratio of the annual cost of managing and operating the fund to the average net asset value; it excludes portfolio transaction cost. Fund Size Total net Net asset Total net Net asset assets value per Shares assets value per Shares ( m) share (p) 1 in issue ( m) share (p) 1 in issue Income Shares Gross paying Income Shares 30/06/ ,737, , ,186 30/06/ ,014, ,099 30/06/ ,955, ,819 Gross paying Accumulation Shares 30/06/ ,168,159 30/06/ ,672,940 30/06/ ,298,851 Income Per Share and Price History (pence) Calendar Income Lowest Highest Income Lowest Highest year per share price price per share price price Income Shares Gross paying Income Shares , , , , , Gross paying Accumulation Shares

206 ggggggggggggggggggg Fidelity Institutional UK Long Corporate Bond Fund Statement of Total Return for the year ended 30 June /06/15 30/06/14 Notes Income Net capital gains/(losses) 4 13,242 18,744 Revenue 5 20,227 20,827 Expenses 6 (1,804) (1,637) Finance costs: Interest/other 8 1 (555) Net revenue/(expense) before taxation 18,424 18,635 Taxation 7 (2) (1) Net revenue/(expense) after taxation 18,422 18,634 Total return before distributions 31,664 37,378 Finance costs: Distributions 8 (18,422) (18,634) Change in net assets attributable to shareholders from investment activities 13,242 18,744 Statement of Change in Net Assets Attributable to Shareholders for the year ended 30 June /06/15 30/06/14 Note Opening net assets attributable to shareholders 383, ,690 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 54,353 31,845 Amounts payable on cancellation of shares (21,556) (41,470) In specie cancellation of shares - (18,137) 32,797 (27,762) Change in net assets attributable to shareholders from investment activities (see above) 13,242 18,744 Retained distribution on accumulation shares 8 16,706 16,029 Closing net assets attributable to shareholders 446, ,701 Balance Sheet as at 30 June /06/15 30/06/14 Notes Assets Investment assets 422, ,345 Derivative assets 17,625 5,671 Debtors 9 8,731 8,263 Cash and bank balances 10 3,080 5,293 Total other assets 11,811 13,556 Total assets 452, ,572 Liabilities Derivative liabilities (1,555) (2,161) Creditors 11 (3,060) (2,874) Bank overdrafts (85) (55) Net distributions payable on income shares (1,021) (781) Total other liabilities (4,166) (3,710) Total liabilities (5,721) (5,871) Net assets attributable to shareholders 446, ,

207 Fidelity Institutional UK Long Corporate Bond Fund Notes to the financial statements 1. Accounting policies The fund s financial statements have been prepared on the same basis as the Company s financial statements as set out in the Notes to the Aggregated Financial Statements. 2. Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes. 3. Contingent liabilities At the year end there are no contingent liabilities or commitments (2014: nil). 4. Net capital gains/(losses) 30/06/15 30/06/14 Gains/(losses) on non-derivative securities 10,157 10,530 Gains/(losses) on derivative contracts 7,995 (1,294) Gains/(losses) on forward currency contracts (4,885) 9,639 Other currency gains/(losses) (20) (125) Transaction charges (5) (6) Net net capital gains/(losses) 13,242 18, Revenue 30/06/15 30/06/14 Interest on securities 19,056 20,487 Derivative revenue 1, Bank interest 3 3 Total revenue 20,227 20, Expenses 30/06/15 30/06/14 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees 1,499 1,334 Service charges Foreign exchange administration fees 3 2 1,716 1,527 Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary fees Custody fees Other expenses: Audit fee 10 9 Other operating expenses Total expenses 1,804 1,

208 Fidelity Institutional UK Long Corporate Bond Fund Notes to the financial statements 7. Taxation 30/06/15 30/06/14 a) Analysis of charge/(credit) for the year UK corporation tax 1 1 Double taxation relief (1) - Overseas taxation 2 - Total current taxation 2 1 b) Factors affecting tax charge/(credit) for the year Net revenue/(expense) before taxation 18,424 18,635 Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2014: 20%). 3,685 3,727 Effects of: Overseas taxation 2 - Double taxation relief (1) - Expenses not deductible for tax purposes 1 1 Interest distributions (3,685) (3,727) Current tax charge/(credit) 2 1 Open ended investment companies are exempt from UK tax on capital gains. The fund is an interest distributing fund under Corporation Tax Act 2009 and as interest distributions are deductible when calculating the liability, the corporation tax charge will usually be reduced to nil, except where there are expenses which are not deductible. 8. Finance costs 30/06/15 30/06/14 Distributions The distributions takes account of revenue received on the issue of shares and revenue deducted on cancellation of shares. Income Shares Final 1, Interim 829 1,004 Gross paying Income Shares Final Interim Gross paying Accumulation Shares Final 8,270 8,076 Interim 8,436 7,953 18,832 18,150 Add: Revenue deducted on cancellation of shares Deduct: Revenue received on issue of shares (622) (428) Add: Revenue deducted on cancellation of in specie shares Net distributions for the year 18,422 18,634 Interest/other Interest (1) 4 Derivative expense (1) 555 Total finance costs 18,421 19,

209 Fidelity Institutional UK Long Corporate Bond Fund Notes to the financial statements Details of the distributions per share are set out in the Distribution Statement. 9. Debtors 30/06/15 30/06/14 Amounts receivable for issue of shares 1, Sales awaiting settlement Sales of currency awaiting settlement 70 1,257 Accrued revenue 7,508 6,688 Overseas tax recoverable 1 - Total debtors 8,731 8, Cash and bank balances 30/06/15 30/06/14 Amounts held at futures clearing houses and brokers 1,313 3,009 Cash and bank balances 1,767 2,284 Total cash and bank balances 3,080 5, Creditors 30/06/15 30/06/14 Amounts payable for cancellation of shares Purchases awaiting settlement 2,440 1,200 Purchases of currency awaiting settlement 70 1,254 Accrued expenses UK income tax payable Amounts payable on closure of derivative contract Total creditors 3,060 2, Financial instruments exposure Currency exposures A portion of the financial assets of the fund are denominated in currencies other than sterling, which is the fund s base currency, with the effect that the Balance Sheet and Total Return can be affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Total exposure Currency Investments Cash balances Debtors/(Creditors) 30/06/15 Euro ,064 UK Sterling 437,722 3,066 3, ,831 US Dollar 435 (85) 1,201 1,551 Total 438,801 2,995 4, ,446 30/06/14 Australian Dollar Euro UK Sterling 374,555 5,285 3, ,055 US Dollar (1,590) (55) 1,070 (575) Total 373,855 5,238 4, ,

210 Fidelity Institutional UK Long Corporate Bond Fund Notes to the financial statements The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. Interest rate risk profile of financial assets and financial liabilities The interest rate risk profile of the fund s financial assets was: Floating rate Fixed rate Financial assets on Currency financial assets financial assets which no interest is paid Total assets 30/06/15 Euro 14 30,006 (28,875) 1,145 UK Sterling 13, , , ,081 US Dollar - 85,124 (83,183) 1,941 Total 13, ,142 15, ,167 30/06/14 Australian Dollar 1 1,378 (765) 614 Euro 7 14,615 (12,594) 2,028 UK Sterling 9, , , ,691 US Dollar 13 79,019 (78,793) 239 Total 9, ,232 10, ,572 The interest rate risk profile of the fund s financial liabilities was: Floating rate Fixed rate *Financial liabilities on Currency financial liabilities financial liabilities which no interest is paid *Total liabilities 30/06/15 Euro UK Sterling , ,696 US Dollar Total , ,167 30/06/14 Euro ,402 1,421 UK Sterling 1, , ,337 US Dollar Total 1, , ,572 * Includes 446,446,000 in respect of the fund s liability to redeem all shares (2014: 383,701,000). The interest rate risk profile of the fund s financial assets was: Fixed rate financial assets Currency * Weighted average interest rate Weighted average period for which interest rate is fixed 30/06/15 Euro 3.47% years UK Sterling 3.98% years US Dollar 4.66% years 30/06/14 Australian Dollar 3.70% 6.11 years Euro 3.24% years UK Sterling 4.44% years US Dollar 4.67% years * The weighted average interest rate is based on the effective yield of the fixed interest portfolio. Interest earned and paid on bank balances in the current and preceding year were at variable rates provided by the Depositary. The average 209

211 Fidelity Institutional UK Long Corporate Bond Fund Notes to the financial statements interest rates earned and paid are disclosed in the Aggregated Financial Statements. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Sensitivity analysis of derivatives exposure Futures exposure The fund invests into futures to gain exposure to the bond markets. A 1% change in interest rates would lead to a change representing 2.02% (2014: same) of the fund s market value. Interest rate swaps exposure The fund invests into interest rate swaps to manage interest rate exposure. A 1% change in interest rates would lead to a change representing 2.94% (2014: 2.49%) of the fund s market value. Credit default swaps exposure The fund invests in credit default swaps during the period selling protection in return for a premium greater than the credit spread of the underlying bonds, and buying protection against the credit risk of the underlying bonds. A 2% change in credit spreads would lead to a change representing 0.89% (2014: 1.00%) of the fund s market value. See the Aggregated Financial Statements Note 14 for the narrative disclosure regarding financial instruments exposure. 13. Portfolio transaction costs 30/06/15 30/06/14 Analysis of total purchase costs Purchases excluding transaction costs 209, ,435 Commissions 9 9 Other 3 3 Total purchase transaction costs Total purchases including transaction costs 209, ,447 Analysis of total sale costs Sales excluding transaction costs 157, ,134 Commissions (9) (15) Other (3) (3) Total sale transaction costs (12) (18) Total sales including transaction costs 157, , Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 8 by virtue of the influence it has over the operations of the fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 11. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of 149,000 (2014: 127,000) are included within accrued expenses in Note 11. At the balance sheet date, any holdings in the fund by FIL Limited which is the ultimate parent company of FIL Investment Services (UK) Limited, are detailed in Note 12 of the Aggregated Financial Statements. 15. Shareholders funds The fund currently has three share classes; Income Shares, Gross paying Income Shares and Gross paying Accumulation Shares. The annual management charge on each share class is as follows: Income Shares: 0.35% Gross paying Income Shares: 0.35% Gross paying Accumulation Shares: 0.35% The distributions per share class are given in the Distribution Statement. All classes have the same rights on winding up. 210

212 Fidelity Institutional UK Long Corporate Bond Fund Distribution Statement for the year ended 30 June 2015 Income Shares - final distribution No. 28 in pence per share Group 1 - Shares purchased on or before 31 December Group 2 - Shares purchased from 1 January 2015 to 30 June Amount Amount Gross Income tax Net revenue Equalisation distributed distributed revenue 20% (Note 2) 31/08/15 31/08/14 Group Group Income Shares - interim distribution No. 27 in pence per share Group 1 - Shares purchased on or before 30 June Group 2 - Shares purchased from 1 July 2014 to 31 December Amount Amount Gross Income tax Net revenue Equalisation distributed distributed revenue 20% (Note 2) 28/02/15 28/02/14 Group Group Gross paying Income Shares - final distribution No. 6 in pence per share Group 1 - Shares purchased on or before 31 December Group 2 - Shares purchased from 1 January 2015 to 30 June Amount Amount Gross revenue Equalisation distributed distributed (Note 2) 31/08/15 31/08/14 Group Group Gross paying Income Shares - interim distribution No. 5 in pence per share Group 1 - Shares purchased on or before 30 June Group 2 - Shares purchased from 1 July 2014 to 31 December Amount Amount Gross revenue Equalisation distributed distributed (Note 2) 28/02/15 28/02/14 Group Group

213 Fidelity Institutional UK Long Corporate Bond Fund Distribution Statement - continued for the year ended 30 June 2015 Gross paying Accumulation Shares - final distribution No. 25 in pence per share Group 1 - Shares purchased on or before 31 December Group 2 - Shares purchased from 1 January 2015 to 30 June Amount Amount Gross revenue Equalisation accumulated accumulated (Note 2) 31/08/15 31/08/14 Group Group Gross paying Accumulation Shares - interim distribution No. 24 in pence per share Group 1 - Shares purchased on or before 30 June Group 2 - Shares purchased from 1 July 2014 to 31 December Amount Amount Gross revenue Equalisation accumulated accumulated (Note 2) 28/02/15 28/02/14 Group Group

214 Fidelity Institutional UK Specialist Fund Investment Objective and Policy The fund s investment objective is to achieve long term capital appreciation. The fund will invest primarily in the shares of United Kingdom companies. There is no policy to restrict investment to particular economic sectors. Fund Manager s Commentary Market Review The UK stock market advanced over the period, but experienced bouts of volatility, which kept overall gains limited. While the UK economic outlook remained positive, concerns about Greece s debt default and its implications for the wider eurozone economy, the UK s largest trading partner, negatively impacted stock prices towards the end of the period. In addition, the sharp drop in oil prices further capped overall market gains. The UK general election was also in the spotlight during the second quarter of Despite projections of a hung parliament, Prime Minister David Cameron s Conservative Party convincingly won the parliamentary election. At a sector level, telecommunications and technology led the broader market, while the resources sectors were the leading detractors. Portfolio Activity Strong stock selection in the consumer services sector was the primary contributor to returns over the period. The underweight stance in resources stocks also supported relative performance as these companies were negatively impacted by demand-related concerns. At a stock level, housebuilder Taylor Wimpey was the biggest contributor to returns. Its shares rose following the UK election, as fears about the opposition Labour Party s proposed mansion tax on luxury properties were put to rest. A strong end market, robust earnings growth and a healthy balance sheet also supported its shares. Meanwhile, the holding in plumbing supplies group Wolseley advanced on the back of strong revenue growth in the US, its largest market. However, concerns about earnings growth amid adverse market conditions held back the position in aerospace & defence group Rolls-Royce; I reduced the exposure to the company. I bought a new position in telecommunications major BT Group, as its focus on cost reduction has helped it to improve margins despite revenue declines. Its acquisition of EE, the UK s largest mobile phone network, has the potential for robust synergies, and will cement BT s status as the biggest player in the UK telecommunications market. Associated British Foods was another new holding in the portfolio. Its fashion chain Primark recorded strong sales and is expanding across Europe and into the US, which has very good growth potential. I also bought a new position in CRH, which is buying assets from rivals Lafarge and Holcim, in a deal that will transform the Irish company into one of the world s biggest building materials supplier. Meanwhile, holdings in British American Tobacco and easyjet, which had performed well in the recent past, were sold in order to lock-in gains. Outlook Despite the continuing uncertainty over Greece, domestic demand in the UK remains relatively strong driven by solid employment growth and the recent improvement in wages. Given the economic recovery and low inflationary environment, the likelihood of an immediate increase in interest rates still remains low. Indications are that when interest rates do begin to rise, the pace of increases is likely to be gradual, with interest rates expected to remain below the Bank of England s average historical levels for some time. Performance Record Discrete 1 year performance over the last 5 years to: 30/06/11 30/06/12 30/06/13 30/06/14 30/06/15 Accumulation Shares *Comparative Index * Comparative Index: FTSE All Share Index Total Return. Source: Fidelity and RIMES, All performance returns are calculated using the quoted price of the relevant share class, UK, net income reinvested. Past performance is not a reliable indicator of future results. Risk Profile The value of your investment and the income from it can go down as well as up. You may not get back the amount you invested. What you get back is not guaranteed. It will depend on investment performance. This fund may invest in overseas markets. You may get back more or less as a result of currency fluctuations. This fund may invest in developing overseas markets which carry a higher risk than investing in larger established markets. Investments in emerging markets are likely to experience greater rises and falls in value and there may be trading difficulties. This fund may invest in derivatives for the purpose of the efficient management of the fund. The use of financial derivative instruments may result in increased gains or losses within the fund. For funds that invest in derivative transactions, there is a risk that the counterparty to the transaction will wholly or partially fail to honour its contractual obligations. This may result in financial loss to the fund. For details of all the risks please see the Prospectus. James Griffin Fund Manager 30 June

215 Fidelity Institutional UK Specialist Fund Portfolio Information Fund Facts 30/06/15 30/06/14 % % Financials Consumer Services Health Care Industrials Telecommunications Consumer Goods Oil & Gas Basic Materials Cash and other net assets/(liabilities) Top Holdings The top ten holdings in the fund as at 30 June 2015 and at the previous year end are shown below. Top holdings as at 30/06/15 % of total net assets HSBC (UK) 6.53 Lloyds Banking Group 6.00 Vodafone 5.30 GlaxoSmithKline 5.06 Barclays 4.61 AstraZeneca (UK) 4.37 Wolseley 4.12 Shire 3.75 International Consolidated Airlines 3.59 Sky 3.47 Income (pence per share) XD date Accumulation Shares Final distribution 01/07/ Ongoing Charges (%) Accumulation Shares 30/06/ /06/ The Ongoing Charges figure is calculated as the ratio of the annual cost of managing and operating the fund to the average net asset value; it excludes portfolio transaction cost. Fund Size Total net Net asset assets value per Shares ( m) share (p) 1 in issue Accumulation Shares 30/06/ ,307,351 30/06/ ,764,079 30/06/ ,066,666 Income Per Share and Price History (pence) Calendar Income Lowest Highest year per share price price Accumulation Shares Top holdings as at 30/06/14 % of total net assets GlaxoSmithKline 7.25 Shire 6.41 HSBC (UK) 6.01 Lloyds Banking Group 5.77 Rolls-Royce 4.33 Barclays 4.20 Wolseley 3.96 Vodafone 3.57 International Consolidated Airlines 3.22 AstraZeneca (UK) 3.17 Footnotes: 1. The net asset value is the accounting value at the year end on a fair value basis. 2. Figures represent distribution to 01/07/

216 Fidelity Institutional UK Specialist Fund Statement of Total Return for the year ended 30 June /06/15 30/06/14 Notes Income Net capital gains/(losses) Revenue Expenses 6 (29) (64) Net revenue/(expense) before taxation Taxation 7 (1) (2) Net revenue/(expense) after taxation Total return before distributions Finance costs: Distributions 8 (42) (79) Change in net assets attributable to shareholders from investment activities Statement of Change in Net Assets Attributable to Shareholders for the year ended 30 June /06/15 30/06/14 Note Opening net assets attributable to shareholders 6,306 6,100 Movement due to sales and repurchases of shares Amounts receivable on issue of shares Amounts payable on cancellation of shares (4,062) (625) (4,011) (491) Change in net assets attributable to shareholders from investment activities (see above) Retained distribution on accumulation shares Closing net assets attributable to shareholders 2,451 6,306 Balance Sheet as at 30 June /06/15 30/06/14 Notes Assets Investment assets 2,442 6,285 Debtors Total other assets Total assets 2,464 6,358 Liabilities Creditors 10 (11) (47) Bank overdrafts (2) (5) Total liabilities (13) (52) Net assets attributable to shareholders 2,451 6,

217 Fidelity Institutional UK Specialist Fund Notes to the financial statements 1. Accounting policies The fund s financial statements have been prepared on a realisation basis as the fund is scheduled to close on 13 October There is no significant difference between the preparation of financial statements on a realisation basis and a going concern basis. All other accounting policies have been applied on the same basis as the Company s financial statements as set out in the Notes to the Aggregated Financial Statements. 2. Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes. 3. Contingent liabilities At the year end there are no contingent liabilities or commitments (2014: nil). 4. Net capital gains/(losses) 30/06/15 30/06/14 Gains/(losses) on non-derivative securities Broker fee rebates 1 1 Transaction charges (4) (4) Net net capital gains/(losses) Revenue 30/06/15 30/06/14 UK dividends UK scrip dividends 6 24 Overseas dividends 5 10 Overseas scrip dividends 4 - ACD fee rebate/waiver to income 8 - Total revenue Expenses 30/06/15 30/06/14 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees Service charges Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary fees Other expenses: Audit fee 8 7 Other operating expenses Total expenses

218 Fidelity Institutional UK Specialist Fund Notes to the financial statements 7. Taxation 30/06/15 30/06/14 a) Analysis of charge/(credit) for the year Overseas taxation* 1 2 Total current taxation 1 2 b) Factors affecting tax charge/(credit) for the year Net revenue/(expense) before taxation Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2014: 20%) Effects of: Overseas taxation 1 2 Increase/(decrease) in unutilised management expenses 4 13 Revenue not included for tax purposes (15) (34) Current tax charge/(credit) 1 2 Open ended investment companies are exempt from UK tax on capital gains. The fund has unrelieved excess management expenses resulting in a potential deferred tax asset of 316,000 (2014: 312,000). It is unlikely that the fund will generate sufficient taxable profits in the future to utilise these and therefore no deferred tax asset has been recognised. * Includes amounts for the recovery of excess withholding tax suffered on dividends received in prior accounting periods. 8. Finance costs 30/06/15 30/06/14 Distributions The distribution takes account of revenue received on the issue of shares and revenue deducted on cancellation of shares. Accumulation Shares Final Add: Revenue deducted on cancellation of shares 6 3 Net distribution for the year Reconciliation of Net revenue after taxation to Net distribution for the year: Net revenue after taxation for the year, per the Statement of Total Return Add back (revenue)/expenses transferred to capital: UK scrip dividends (6) (24) Overseas scrip dividends (4) Details of the distribution per share are set out in the Distribution Statement. 9. Debtors 30/06/15 30/06/14 Sales awaiting settlement - 48 Accrued revenue ACD fee rebate/waiver recoverable 8 - Overseas tax recoverable 1 1 Total debtors

219 Fidelity Institutional UK Specialist Fund Notes to the financial statements 10. Creditors 30/06/15 30/06/14 Purchases awaiting settlement - 35 Accrued expenses Total creditors Financial instruments exposure Currency exposures A portion of the financial assets of the fund are denominated in currencies other than sterling, which is the fund s base currency, with the effect that the Balance Sheet and total return can be affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Total exposure Currency Investments Cash balances Debtors/(Creditors) 30/06/15 Euro Swiss Franc UK Sterling 2,307 (2) 10 2,315 US Dollar Total 2,442 (2) 11 2,451 30/06/14 Euro Swiss Franc UK Sterling 5,879 (5) 25 5,899 US Dollar Total 6,285 (5) 26 6,306 The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. Interest rate risk profile The only interest bearing financial instruments in the fund are its bank balances and/or amounts held at futures clearing houses and brokers. Interest earned and paid on bank balances in the current and preceding year were at variable rates provided by the Depositary. The average interest rates earned and paid are disclosed in the Aggregated Financial Statements. Due to the fact that the fund holds no material fixed interest securities there is minimal interest rate exposure on this fund (2014: minimal exposure). Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Sensitivity analysis of derivatives exposure The fund holds no derivatives at the year end (2014: same). See the Aggregated Financial Statements Note 14 for the narrative disclosure regarding financial instruments exposure. 12. Portfolio transaction costs 30/06/15 30/06/14 Analysis of total purchase costs Purchases excluding transaction costs 1,201 2,074 Commissions 1 3 Taxes 5 9 Other 1 2 Total purchase transaction costs 7 14 Total purchases including transaction costs 1,208 2,088 Analysis of total sale costs Sales excluding transaction costs 5,165 2,477 Commissions (2) (3) Other (3) (2) Total sale transaction costs (5) (5) Total sales including transaction costs 5,160 2,

220 Fidelity Institutional UK Specialist Fund Notes to the financial statements 13. Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 8 by virtue of the influence it has over the operations of the fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 10. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of 2,000 (2014: 4,000) are included within accrued expenses in Note 10. Amounts rebated from the ACD in respect of ACD fee rebate/waiver to income are included in Note 5. Amounts receivable at the year end are included in ACD fee rebate/waiver recoverable in Note 9. At the balance sheet date, any holdings in the fund by FIL Limited which is the ultimate parent company of FIL Investment Services (UK) Limited, are detailed in Note 12 of the Aggregated Financial Statements. 14. Shareholders funds The fund currently has Accumulation Shares. The annual management charge is: Accumulation Shares: 0.80% The distribution per share class are given in the Distribution Statement. 219

221 Fidelity Institutional UK Specialist Fund Distribution Statement for the year ended 30 June 2015 Accumulation Shares - final distribution No. 10 in pence per share Group 1 - Shares purchased on or before 30 June Group 2 - Shares purchased from 1 July 2014 to 30 June Amount Amount Net revenue Equalisation accumulated accumulated (Note 2) 31/08/15 31/08/14 Group Group

222 Fidelity Institutional Select European Equities Fund Statement of Total Return for the year ended 30 June /06/15 30/06/14 Notes Income Net capital gains/(losses) 4 (7) (2) Revenue Expenses 6-1 Net revenue/(expense) before taxation Taxation 7 (65) 229 Net revenue/(expense) after taxation (28) 281 Total return before distributions (35) 279 Change in net assets attributable to shareholders from investment activities (35) 279 Statement of Change in Net Assets Attributable to Shareholders for the year ended 30 June /06/15 30/06/14 Opening net assets attributable to shareholders Change in net assets attributable to shareholders from investment activities (see above) (35) 279 Closing net assets attributable to shareholders Balance Sheet as at 30 June /06/15 30/06/14 Notes Assets Investment assets - - Debtors Cash and bank balances Total other assets Total assets Liabilities Creditors 10 - (6) Total liabilities - (6) Net assets attributable to shareholders

223 Fidelity Institutional Select European Equities Fund Notes to the financial statements 1. Accounting policies The fund s financial statements have been prepared on a realisation basis as the fund is closed. There is no significant difference between the preparation of financial statements on a realisation basis and a going concern basis. All other accounting policies have been applied on the same basis as the Company s financial statements as set out in the Notes to the Aggregated Financial Statements. 2. Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes. 3. Contingent liabilities At the year end there are no contingent liabilities or commitments (2014: nil). 4. Net capital gains/(losses) 30/06/15 30/06/14 Gains/(losses) on non-derivative securities 2 - Other currency gains/(losses) (9) (2) Net net capital gains/(losses) (7) (2) 5. Revenue 30/06/15 30/06/14 Taxable interest Total revenue Expenses 30/06/15 30/06/14 Audit fee - (1) Total expenses - (1) * Audit fees amounting to 7,000 inclusive of VAT were borne by the ACD on behalf of the fund (2014: 6,000). 7. Taxation 30/06/15 30/06/14 a) Analysis of charge/(credit) for the year Overseas taxation* 65 (229) Total current taxation 65 (229) b) Factors affecting tax charge/(credit) for the year Net revenue/(expense) before taxation Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2014: 20%) Effects of: Overseas taxation 65 (229) Increase/(decrease) in unutilised management expenses (7) (10) Current tax charge/(credit) 65 (229) Open ended investment companies are exempt from UK tax on capital gains. There is no unprovided deferred tax (2014: same). *Includes amounts for the recovery of excess withholding tax suffered on dividends received in prior accounting periods 222

224 Fidelity Institutional Select European Equities Fund Notes to the financial statements 8. Finance costs 30/06/15 30/06/14 Equalisation Add: Revenue deducted on cancellation of shares - - Deduct: Revenue received on issue of shares - - Net equalisation for the year - - Interest - - Total equalisation/finance cost - - Reconciliation of Net revenue after taxation to Net distribution for the year: Net revenue after taxation for the year, per the Statement of Total Return (28) 281 Add back (revenue)/expenses transferred to capital: Revenue transferred to capital - (281) Revenue shortfall transferred from capital Debtors 30/06/15 30/06/14 Accrued revenue Overseas tax recoverable* Total debtors *Includes amounts for the recovery of excess withholding tax suffered on dividends received in prior accounting periods. 10. Creditors 30/06/15 30/06/14 Accrued expenses - 6 Total creditors

225 Fidelity Institutional Select European Equities Fund Notes to the financial statements 11. Financial instruments exposure Currency exposures A substantial portion of the financial assets of the fund are denominated in currencies other than sterling, which is the fund s base currency, with the effect that the Balance Sheet and total return can be significantly affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Total exposure Currency Investments Cash balances Debtors/(Creditors) 30/06/15 Euro UK Sterling Total /06/14 Euro Swiss Franc UK Sterling - 69 (3) 66 Total The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. Interest rate risk profile The only interest bearing financial instruments in the fund are its bank balances and/or amounts held at futures clearing houses and brokers. Interest earned and paid on bank balances in the current and preceding year were at variable rates provided by the Depositary. The average interest rates earned and paid are disclosed in the Aggregated Financial Statements. The fund holds no fixed interest securities (2014: same). Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Sensitivity analysis of derivatives exposure The fund holds no derivatives at the year end (2014: same). See the Aggregated Financial Statements Note 14 for the narrative disclosure regarding financial instruments exposure. 12. Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 8 by virtue of the influence it has over the operations of the fund. There are no amounts due to, or from, the ACD in respect of share transactions at the year end. There are no loans from Fidelity Investment Services (UK) Limited at year end (2014: nil). At the balance sheet date, any holdings in the fund by FIL Limited which is the ultimate parent company of FIL Investment Services (UK) Limited, are detailed in Note 12 of the Aggregated Financial Statements. 224

226 Fidelity Institutional America Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Information Technology - (17.74%) 144,622 Oracle 3, ,281 Cisco Systems 3, ,002 Microsoft 3, ,713 ebay 3, ,796 Activision Blizzard 3, ,549 Google (A) 2, ,897 Juniper Networks 1, ,529 Apple 1, ,729 Hewlett-Packard 1, ,752 Nuance Communications 1, ,991 EMC ,284 NVIDIA ,456 Mastercard ,000 TE Connectivity ,684 Electronic Arts ,656 Verifone ,527 Criteo ADR ,991 Lam Research ,037 Altera ,871 Syntel ,686 Solarwinds ,269 Red Hat ,431 Gartner ,928 Check Point Software Technologies ,084 Descartes Systems ,687 Maximus ,813 Google ,545 Symantec ,219 Aspen Technologies ,158 Fitbit (A) , Health Care - (15.69%) 173,494 Pfizer 3, ,887 Express Scripts 3, ,918 Eli Lilly 2, ,717 Anthem 1, ,903 Bard (CR) 1, ,468 PerkinElmer 1, ,526 Mylan 1, ,627 Quest Diagnostics 1, ,673 HCA 1, ,462 Actavis 1, ,578 Gilead Sciences 1, ,898 Johnson & Johnson ,271 Team Health ,464 Alere

227 Fidelity Institutional America Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 10,829 Celgene ,133 Biogen IDEC ,742 Alexion Pharmaceuticals ,245 Thermo Electron ,365 Amgen ,707 Envision Healthcare ,202 Humana ,646 Universal Health Services (B) ,774 Exact Sciences ,247 VCA Antech ,933 AbbVie ,479 Cardinal Health ,202 Mednax , Consumer Discretionary - (13.70%) 2,806 NVR 2, ,481 Graham 1, ,448 Best Buy 1, ,112 Priceline.com 1, ,086 Tripadvisor 1, ,175 Dollar General 1, ,122 H&R Block 1, ,932 Mattel 1, ,648 Staples 1, ,595 Amazon.com ,331 Comcast (A) ,182 Johnson Controls ,141 Home Depot ,265 TEGNA ,826 Time Warner ,163 Morningstar ,105 Tiffany & Co ,359 LKQ ,990 Mohawk Industries ,339 Markit ,932 Travelport Worldwide ,546 Delphi Automotive ,696 Interpublic ,519 Dollar Tree Spotify Technology* ,664 TJX ,941 Yum! Brands ,973 BJ s Restaurants ,132 Gannett New , Cash Funds/Money Market Funds - (8.83%) 30,359,427 Fidelity Institutional Liquidity Fund (USD) 19, ,

228 Fidelity Institutional America Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Financials - (11.38%) 184,354 Fifth Third Bancorp 2, ,407 Morgan Stanley 2, ,961 Citigroup 2, ,083 Bank of New York Mellon 2, ,816 JPMorgan Chase 1, ,362 ACE 1, ,267 Chubb Insurance 1, ,353 CME ,380 CBRE ,733 American Tower ,685 Validus ,323 Prudential Financial ,649 PNC Bank ,384 Signature Bank ,438 IntercontinentalExchange ,983 Bankers Investment Trust 8.00% 31/10/ , Industrials - (8.73%) 31,536 United Parcel Service (B) 1, ,414 General Dynamics 1, ,881 Dun & Bradstreet 1, ,914 Rolls-Royce 1, ,100 Jacobs Engineering 1, ,641 FedEx ,842 Kirby ,554 Eaton ,984 Teledyne Technologies ,560 United Technologies ,106 IHS ,316 FTI Consulting ,181 Textron ,018 Union Pacific ,832 Advisory Board ,127 Danaher ,233 Avolon ,088 NOW ,844 DXP Enterprises ,444 Mastec ,259 Spirit Airlines ,910 CSX ,201 Roper Industries ,325,996 Rolls-Royce (Pref d) ,

229 Fidelity Institutional America Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Consumer Staples - (8.38%) 46,660 CVS Health 3, ,335 Procter & Gamble 2, ,448 Conagra 1, ,201 Kellogg 1, ,832 Molson Coors Brewing (B) 1, ,087 Anheuser-Busch ,713 PepsiCo ,019 SABMiller ,223 Brown Forman (Non-voting) (B) ,795 Wal-Mart Stores ,108 Fresh Market ,823 Philip Morris International , Energy - (5.37%) 49,699 Devon Energy 1, ,530 Baker Hughes 1, ,494 Schlumberger (US) ,219 Rowan Companies ,184 Anadarko Petroleum ,704 Diamondback Energy ,319 Cimarex Energy ,850 ConocoPhillips ,208 US Silica ,310 Suncor Energy ,286 Concho Resources ,352 Noble Energy ,924 Whiting Petroleum ,965 Halliburton ,360 Continental Resources ,873 Laredo Petroleum , Materials - (2.06%) 29,138 The Mosaic Company ,201 Methanex (US) ,772 Eastman Chemical ,475 Vulcan Materials ,865 Martin Marietta Materials ,358 Polyone ,004 Praxair ,616 Ashland ,297 Monsanto ,220 Eagle Materials ,

230 Fidelity Institutional America Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Telecommunications - (0.00%) 72,162 Verizon Communications 2, , Utilities - (0.00%) 30,220 CMS Energy Futures - (0.16%) 69,799,907 S&P500 EMINI Future 18/09/2015 (796) (0.36) (796) (0.36) Portfolio of investments 189, Cash and other net assets/(liabilities) 34, Net assets 223, The figures in brackets represent the sector distributions at 30 June *Securities valued at the ACD s valuation. The percentage of net assets disclosed above is subject to rounding. 229

231 Fidelity Institutional Emerging Markets Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % China - (14.48%) 501,725 NetEase 45, ,307,000 China Mengniu Dairy 26, ,877,000 Industrial & Commercial Bank of China 20, ,092 Baidu ADR 19, ,673 New Oriental Education & Technology ADR 15, ,704,307 DB (Midea Group) ELN 06/11/ , ,267,184 Midea Group (A) 12, ,902,000 CSPC Pharmaceutical 12, ,659,397 Citigroup (Shanghai International Airport) ELN 12/02/ , ,792,000 China Overseas Land & Investments 8, ,516 Wuxi Pharmatech Cayman ADR 8, ,147,000 Shenzhou International 6, ,343,000 CITIC Securities 5, ,370 MSAP (Shanghai International Airport) ELN 10/04/2017 2, ,600 Shanghai International Airport 1, , South Africa - (16.25%) 601,252 Naspers 58, ,327,230 Steinhoff International 33, ,865,512 Discovery 25, ,959,593 Woolworths 15, ,650,031 AVI 11, , India - (8.25%) 4,737,002 HDFC Bank (Dematerialised) 58, ,361,640 Tata Motors 23, ,632 Maruti Suzuki 12, ,386,145 ITC 10, ,641,945 Cipla 10, ,537 Mahindra & Mahindra Financial Services 2, , Hong Kong - (5.26%) 8,870,800 AIA 36, ,500,700 Samsonite International (SA) 23, ,948,500 Techtronic Industries 16, , Taiwan - (5.97%) 12,196,514 Taiwan Semiconductor Manufacturing 35, ,665,258 Giant Manufacturing 8, ,425,000 Uni-President Enterprises 8, ,378,000 Makalot Industrial 7, ,

232 Fidelity Institutional Emerging Markets Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % United States - (4.69%) 738,704 Cognizant Technology Solutions (A) 28, ,012,893 Fidelity Institutional Liquidity Fund (USD) 27, , Korea - (9.02%) 72,792 Naver 26, ,169 SK Hynix 19, , Brazil - (7.91%) 7,557,746 Kroton Educacional 17, ,243,677 BB Seguridade Participaco 8, ,000 ITAU Unibanco (Pref d) 5, ,888,641 Itausa (Invest Itau) (Pref d) 5, , Philippines - (2.00%) 53,365,800 Alliance Global 16, ,208,570 Universal Robina 11, , Indonesia - (2.79%) 38,255,230 Bank Rakyat Indonesia 18, ,410,800 Lippo Pacific Finance 6, , Israel - (3.09%) 380,161 Check Point Software Technologies 19, , Mexico - (0.26%) 2,620,554 Grupo Televisa 12, ,916,048 Grupo Mexico 5, , Nigeria - (4.66%) 156,489,826 Zenith Bank 9, ,231,944 Guaranty Trust Bank GDR 5, , Russia - (5.67%) 868,616 Novolipetsk Iron & Steel GDR Reg S 7, ,139 JSC MMC Norilsk Nickel ADR (UK) 7, , Peru - (1.45%) 105,479 Credicorp 9, ,

233 Fidelity Institutional Emerging Markets Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Thailand - (0.00%) 1,211,700 Kasikornbank NVDR 4, , Kenya - (0.65%) 912,412 East African Breweries 1, , Turkey - (0.83%) 6,230 Koytas Tekstil Sanayi* Portfolio of investments 882, Cash and other net assets/(liabilities) 13, Net assets 895, The figures in brackets represent the sector distributions at 30 June *Securities valued at the ACD s valuation. The percentage of net assets disclosed above is subject to rounding. 232

234 Fidelity Institutional Europe (ex-uk) Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Switzerland - (14.99%) 457,232 Novartis 28, ,859 Roche 27, ,035 Julius Baer Gruppe 8, ,043 Panalpina 8, ,629 Sunrise Communications 3, ,202 Schindler 2, ,946 Unique Zurich Airport 2, , Germany - (19.31%) 1,354,534 Deutsche Telekom 15, ,613 Siemens (Bearer) 14, ,335 Bayer 14, ,795 SAP 10, ,072 Deutsche Annington 7, ,561 United Internet 6, ,503 Continental 4, ,765 Fresenius Medical Care 3, ,065 Adidas 1, , France - (21.76%) 216,340 Sanofi-Aventis 13, ,459 Schneider Electric 10, ,722 LVMH 10, ,456 Valeo 10, ,771 AXA 7, ,281 Thales 6, ,214 Iliad 5, ,113 Legrand 3, ,516 Groupe Eurotunnel 2, ,842 Edenred 2, ,056 Alstom 2, ,832 Spie 1, , Netherlands - (4.36%) 1,003,420 ING 10, ,675 Royal Dutch Shell A (NL) 9, ,586 Heineken (Bearer) 8, ,777 ASML (NL) 6, ,147 Reed Elsevier 5, ,502 Akzo Nobel 3, ,558 Randstad 3, ,

235 Fidelity Institutional Europe (ex-uk) Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % United Kingdom - (6.80%) 1,161,877 Inmarsat 10, ,575 Intertek 8, ,024,995 Lloyds Banking Group 7, ,651 London Stock Exchange 5, ,628 BT 3, ,561 TUI (GB) 2, ,263 Prudential 2, ,100 SABMiller 2, ,954 Legal & General 2, , Spain - (5.89%) 2,312,458 Iberdrola 10, ,221 Grifols 7, ,524 Inditex 7, ,566 Banco Bilbao Vizcaya Argentaria 4, ,090 Cellnex Telecom 3, ,201 Compania de Disribucion Integral Logista 1, , Republic of Ireland - (5.29%) 1,582,020 Ryanair 13, ,273,899 Fidelity Institutional Liquidity Fund (EUR) 8, , Italy - (3.38%) 1,930,646 Unicredito Italiano 8, ,280,992 Intesa Sanpaolo 7, ,576 Pirelli 3, , Denmark - (5.12%) 384,226 Novo Nordisk (B) 13, ,241 Genmab 4, , Belgium - (5.03%) 99,023 Anheuser-Busch InBev 7, ,073 UCB 2, , Luxembourg - (1.42%) 345,285 SES Global (A) 7, , Sweden - (2.13%) 358,279 SKF (B) 5, ,

236 Fidelity Institutional Europe (ex-uk) Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Jersey - (0.00%) 59,410 Wolseley 2, , Finland - (0.00%) 51,687 Sampo Insurance (A) 1, , Portfolio of investments 451, Cash and other net assets/(liabilities) 6, Net assets 458, The figures in brackets represent the sector distributions at 30 June The percentage of net assets disclosed above is subject to rounding. 235

237 Fidelity Institutional Global Focus Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % United States - (47.99%) 6,933,470 Fidelity Institutional Liquidity Fund (USD) 4, ,098 Apple 2, ,556 Facebook (A) 2, ,981 Microsoft 2, ,405 Citigroup 2, ,501 CVS Health 1, ,435 JPMorgan Chase 1, ,733 Amazon.com 1, ,849 Eli Lilly 1, ,383 VMware 1, ,760 HCA 1, ,007 US Bancorp 1, ,675 Crown Castle International 1, ,560 Express Scripts 1, ,694 Biomarin Pharmaceutical 1, ,220 T-Mobile (US) 1, ,374 Costco Wholesale 1, ,470 Cooper Companies 1, ,587 Tripadvisor 1, ,581 Verisk Analytics 1, ,094 Mallinckrodt 1, ,225 Medtronic 1, ,613 Coca-Cola 1, ,693 Royal Gold 1, ,816 Estee Lauder (A) 1, ,364 ebay 1, ,040 Textron 1, ,688 FNF 1, ,893 Philip Morris International 1, ,181 Activision Blizzard 1, ,848 Hubbell 1, ,019 CME 1, ,319 SBA Communications (A) ,735 ConocoPhillips ,312 Juniper Networks ,636 Anadarko Petroleum ,060 Hewlett-Packard ,110 Ralph Lauren ,711 Concho Resources ,781 Eagle Materials ,837 The Mosaic Company ,258 Alexion Pharmaceuticals ,617 Rockwell ,500 Weatherford International ,976 Pioneer Natural Resources ,402 Texas Capital Bank Shares CFD ,828 Orexigen Therapeutics ,

238 Fidelity Institutional Global Focus Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Japan - (9.10%) 520,000 Sumitomo Mitsui Trust 1, ,400 Orix 1, ,800 Sony 1, ,600 Chugai Pharmaceutical 1, ,500 Suzuki Motor 1, ,900 Recruit 1, ,000 Nintendo ,000 Nomura Research Institute ,200 Seiko Epson ,000 Hitachi , Switzerland - (1.86%) 35,502 Novartis 2, ,980 UBS 2, ,636 Roche 1, ,652 Julius Baer Gruppe 1, ,767 Holcim 1, , United Kingdom - (8.08%) 901,009 Booker 1, ,364 Barclays 1, ,432 BG Group 1, ,914 SABMiller 1, ,271,198 Lloyds Banking Group 1, ,018 Inmarsat ,761 BBA Aviation , India - (3.27%) 116,112 HDFC Bank (Dematerialised) 1, ,909 Kotak Mahindra Bank 1, ,897 Sun Pharmaceutical Industries (Dematerialised) 1, ,789 Reliance Industries (Dematerialised) ,711 Jubilant Foodworks ,768 Indian Hotels (Dematerialised) , Canada - (3.28%) 3,431 Fairfax Financial 1, ,005 Suncor Energy ,748 Fairfax India , France - (3.49%) 22,858 Sanofi-Aventis 1, ,365 Christian Dior ,

239 Fidelity Institutional Global Focus Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Korea - (1.53%) 1,712 Samsung Electronics (Pref d) ,519 Naver , Netherlands - (3.20%) 39,364 Nielsen 1, ,780 ASML (NL) , Italy - (0.00%) 647,521 Intesa Sanpaolo 1, , China - (2.18%) 492,400 China Pacific Insurance 1, , Hong Kong - (0.86%) 876,000 China Unicom ,000 K Wah Construction Materials , South Africa - (0.00%) 12,335 Naspers 1, , Jersey - (0.61%) 29,074 Wolseley 1, , Sweden - (4.10%) 140,764 Nordea Bank 1, , Australia - (2.11%) 22,761 Rio Tinto (AU) ,026 Newcrest Mining , Spain - (1.06%) 42,210 Inditex Singapore - (0.00%) 404,000 Petra Foods Luxembourg - (0.18%) 312 Spotify Technology*

240 Fidelity Institutional Global Focus Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Forward Foreign Exchange Contracts - (0.00%) 2,331,421 Bought USD sold for settlement 30/07/ ,331,421 Bought GBP sold for settlement 30/07/2015 (29) (0.02) (10) 0.00 Portfolio of investments 116, Cash and other net assets/(liabilities) Net assets 116, The figures in brackets represent the sector distributions at 30 June *Securities valued at the ACD s valuation. The percentage of net assets disclosed above is subject to rounding. 239

241 Fidelity Institutional Index-Linked Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % AAA Rated - (1.97%) 7,002,443 Fidelity Institutional Liquidity Fund (GBP) 7, , AA Rated - (82.39%) 14,900,000 UK Gilt Treasury I/L 0.75% 22/03/ , ,558,000 UK Gilt Treasury I/L 4.125% 22/07/ , ,800,000 UK Gilt Treasury I/L 0.625% 22/11/ , ,580,000 UK Gilt Treasury I/L 1.25% 22/11/ , ,450,000 UK Gilt Treasury I/L 0.125% 22/03/ , ,504,000 UK Gilt Treasury I/L 0.50% 22/03/ , ,975,000 UK Gilt Treasury I/L 0.375% 22/03/ , ,516,000 UK Gilt Treasury I/L 2.00% 26/01/ , ,230,000 UK Gilt Treasury I/L 1.125% 22/11/ , ,100,000 UK Gilt Treasury I/L 0.25% 22/03/ , ,225,000 UK Gilt Treasury I/L 0.125% 22/03/ , ,700,000 UK Gilt Treasury I/L 0.75% 22/11/2047 8, ,200,000 UK Gilt Treasury I/L 0.125% 22/03/2058 7, ,000,000 UK Gilt Treasury I/L 0.125% 22/03/2029 7, ,325,000 UK Gilt Treasury I/L 0.625% 22/03/2040 6, ,000,000 US Treasury Note 0.125% 15/04/2016 6, ,500,000 US Treasury Note 1.625% 15/01/2018 5, ,300,000 UK Treasury 8.00% 07/06/2021 4, ,200,000 UK Gilt Treasury I/L 2.50% 17/07/2024 4, ,700,000 UK Gilt Treasury I/L 1.25% 22/11/2032 2, ,900,000 UK Gilt Treasury 5.00% 07/03/2025 2, ,150,000 US Treasury Inflation Indexed 0.125% 15/07/2024 1, ,000,000 New Zealand I/L 3.00% 20/09/2030 1, ,500,000 UK Gilt I/L 0.125% 22/03/2046 Reg S 1, ,000,000 UK Gilt Treasury 6.00% 07/12/2028 1, ,250,000 UK Gilt Treasury 3.25% 22/01/2044 1, ,550,000 US Treasury Note 1.375% 15/02/2044 1, ,000,000 Microsoft 4.00% 12/02/ ,520 Granite Mortgages Series 03-3 Class 2M FRN 20/01/ , A Rated - (8.01%) 2,400,000 Heathrow Funding I/L 3.334% 09/12/2039 4, ,770,000 Dwr Cymru 3.514% 31/03/2030 3, ,000 High Speed Rail 1.566% 01/11/2038 1, ,000 National Grid 2.983% 08/07/2018 1, ,000,000 Heathrow Fund 4.625% 31/10/2048 1, ,834 Broadgate Financing FRN 05/01/ ,

242 Fidelity Institutional Index-Linked Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % BBB Rated - (5.09%) 3,300,000 Verizon Communications 5.05% 15/03/2034 2, ,000 Southern Water Services Finance 3.706% 31/03/2034 1, ,500,000 FirstGroup 5.25% 29/11/2022 1, ,000,000 UPP Bond Issuer % 31/08/2047 1, ,000 Heinz 4.125% 01/07/2027 Reg S ,000 EDF Energy Networks 6.00% 12/11/ ,000 Granite Master Issuer Series Class 1C1 FRN 20/12/ ,000 Actavis Funding 4.75% 15/03/ ,000 Southern Water Services Finance 3.816% 31/03/ , Forward Foreign Exchange Contracts - (0.12%) 12,782,802 Bought GBP sold for settlement 15/07/ ,536,133 Bought GBP sold for settlement 15/07/ ,784,825 Bought GBP sold for settlement 15/07/ ,996 Bought USD sold for settlement 15/07/ ,113 Bought EUR sold for settlement 15/07/2015 (3) ,777,950 Bought GBP sold for settlement 15/07/2015 (16) (0.01) 8,116,269 Bought EUR sold for settlement 15/07/2015 (75) (0.03) Futures - ((0.06)%) (3,700,000) US Treasury 20 Year Future 21/09/ (1,800,000) Ultra Long Gilt Future 28/09/ ,000,000 Australian 10 Year Bond Future 15/09/ ,000,000 Australian 3 Year Bond Future 15/09/ ,000 US Treasury 10 Year Future 21/09/ ,800,000 EURO BUND Future 08/09/ (1,300,000) US Ultra Bond Future 21/09/2015 (14) (0.01) (40,000,000) US Treasury 2 Year Future 30/09/2015 (20) (0.01) 42,800,000 Long Gilt Future 28/09/2015 (510) (0.20) (359) (0.14) Interest Rate Swaps - ((0.01)%) 3,000,000 Receive fixed 2.728%, pay floating 21/10/ ,500,000 Pay fixed 2.975%, receive UK RPI 16/04/ ,000,000 Receive fixed 1.82%, pay US CPI 05/03/ ,100,000 Pay fixed 1.649%, receive floating 18/06/ ,300,000 Pay fixed 1.57%, receive floating 25/11/ ,000,000 Pay fixed 1.65%, receive floating 15/10/2019 (13) (0.01) 1,000,000 Pay fixed 3.542%, receive UK RPI 14/05/2045 (14) (0.01) 8,250,000 Pay fixed 2.055%, receive US CPI 05/03/2025 (20) (0.01) 10,000,000 Pay fixed 2.05%, receive US CPI 05/03/2025 (21) (0.01) 1,500,000 Pay fixed 3.558%, receive UK RPI 21/10/2044 (70) (0.03) 3,000,000 Pay fixed 3.215%, receive UK RPI 25/09/2024 (78) (0.03) 5,000,000 Pay fixed %, receive US CPI 08/02/2016 (112) (0.04) 22,500,000 Pay fixed %, receive UK RPI 20/06/2023 (1,288) (0.51) (1,158) (0.45) 241

243 Fidelity Institutional Index-Linked Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Portfolio of investments 250, Cash and other net assets/(liabilities) 4, Net assets 254, The figures in brackets represent the sector distributions at 30 June The fund has deposited 879,000 of bond stocks as collateral with third party counterparties in relation to positions it holds in over the counter derivative contracts (2014: nil). The percentage of net assets disclosed above is subject to rounding. 242

244 Fidelity Institutional Japan Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Electrical Machinery - (14.74%) 296,400 Nidec 14, ,012,000 Hitachi 8, ,300 Sony 7, ,925,000 Fujitsu 6, ,500 Canon 6, ,800 Sysmex 5, ,600 Rohm 4, ,900 Hamamatsu Photonics 1, ,700 Nihon Kohden 1, ,300 Stanley Electric 1, ,000 Obara , Transport Equipment - (13.22%) 574,600 Toyota Motor 24, ,200 Honda Motor 14, ,700 Denso 10, ,000 Nippon Seiki 1, , Banks - (9.23%) 4,901,700 Mitsubishi UFJ Financial 22, ,500 Sumitomo Mitsui Financial 11, ,343,000 Sumitomo Mitsui Trust 3, , Services - (5.66%) 855,600 Kakaku.com 7, ,000 Rakuten 5, ,100 Recruit 4, ,700 Meitec 4, ,500 Temp Holdings 3, ,300 M3 2, ,100 DeNa 1, ,600 F@N Communications 1, ,100 Gurunavi ,600 Accordia Golf ,600 Message Co , Information & Communication - (8.15%) 500,600 SoftBank 18, ,300 Otsuka 7, ,667,200 Yahoo Japan 4, ,

245 Fidelity Institutional Japan Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Chemicals - (8.46%) 154,400 Shin-Etsu Chemical 6, ,400 Nitto Denko 5, ,000 Asahi Kasei 4, ,000 Kansai Paint Osaka 3, ,200 JSR 2, ,400 Nippon Parkerizing 2, ,900 FP Corp 1, ,900 Kao , Insurance - (6.73%) 452,050 NKSJ 10, ,900 T&D 8, ,900 Sony Financial 3, , Real Estate - (4.86%) 765,250 AEON Mall 9, ,027,900 Tokyu Fudosan 5, ,400 Nomura Real Estate 4, ,500 Tokyo Tatemono 1, ,200 Park24 1, ,034 Orix J Real Estate Investment Trust , Machinery - (2.18%) 3,240,000 Mitsubishi Heavy Industries 12, ,000 Kubota 4, ,500 Disco 2, ,300 Makita 2, , Other Financing Business - (5.66%) 1,309,900 Orix 12, ,300 Aeon Credit Service 6, ,000 Mitsubishi UFJ Lease And Finance 2, , Rubber Products - (4.65%) 601,600 Bridgestone 14, ,000 Sumitomo Rubber Industries 2, , Retail - (0.54%) 218,500 Seven & I 6, ,400 H2O Retailing 1, ,200 Cosmos Pharmaceutical ,300 Komeri ,

246 Fidelity Institutional Japan Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Foods - (2.16%) 389,000 Japan Tobacco 8, , Textiles & Apparel - (1.77%) 1,626,000 Toray Industries 8, , Iron & Steel - (0.97%) 220,900 Yamato Kogyo 3, ,600 JFE 2, , Metal Products - (0.66%) 360,900 Sumco 2, ,000 Lixil 2, , Nonferrous Metals - (1.00%) 385,100 Sumitomo Electric Industries 3, ,000 Furukawa-Sky Aluminium 1, , Securities - (0.00%) 1,218,900 Nomura 5, , Pharmaceuticals - (2.51%) 150,500 Shionogi 3, ,000 Nippon Shinyaku , Air Transportation - (1.40%) 152,200 Japan Airlines 3, , Construction - (2.91%) 44,200 Daito Trust Construction 2, , Land Transportation - (0.67%) 248,700 Hitachi Transport System 2, , Other Products - (0.00%) 170,900 Namco Bandai 2, ,

247 Fidelity Institutional Japan Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Warehousing & Harbour Transportation Services - (0.92%) 71,400 Kintetsu World Express 2, , Mining - (0.00%) 36,700 Japan Petroleum Exploration Portfolio of investments 409, Cash and other net assets/(liabilities) 4, Net assets 414, The figures in brackets represent the sector distributions at 30 June The percentage of net assets disclosed above is subject to rounding. 246

248 Fidelity Institutional Long Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % AAA Rated - (5.11%) 1,550,000 Lloyds Bank 6.00% 08/02/2029 2, ,100,000 Lloyds Bank 5.125% 07/03/2025 1, ,050,000 Deco 2012 M-Hill FRN 28/07/2021 1, ,001,744 Fidelity Institutional Liquidity Fund (GBP) 1, ,000 Barclays Bank 4.25% 12/01/ ,000 Lloyds Bank 4.875% 30/03/ ,000 Abbey National Treasury 5.125% 14/04/ ,000 Wellcome Trust Finance 4.00% 09/05/ , AA Rated - (85.84%) 18,250,000 UK Gilt Treasury 3.75% 22/07/ , ,585,000 UK Gilt Treasury 4.75% 07/12/ , ,540,000 UK Gilt Treasury 4.25% 07/09/ , ,700,000 UK Gilt Treasury 3.25% 22/01/ , ,750,000 UK Gilt Treasury 3.50% 02/07/2068 9, ,870,000 UK Gilt Treasury 4.25% 07/03/2036 8, ,470,000 UK Gilt Treasury 4.25% 07/12/2049 6, ,000,000 UK Gilt Treasury 1.00% 07/09/2017 5, ,055,000 UK Gilt Treasury 4.00% 22/01/2060 4, ,965,000 UK Gilt Treasury 4.50% 07/09/2034 3, ,080,000 Sinopec Group Overseas Development % 28/04/2020 Reg S 1, ,900,000 CME Group 3.00% 15/03/2025 1, ,100,000 Microsoft 4.00% 12/02/2055 1, ,650,000 Microsoft 3.75% 12/02/ ,450,000 Apple 2.50% 09/02/ ,260,000 Korea Water Resources 2.00% 16/04/ ,100,000 3M 1.75% 15/05/ ,050,000 ANZ National International 2.60% 23/09/ ,000 University of California CA Revenues 4.858% 15/05/ ,000 Statoil 2.75% 10/11/ ,000 Swan Housing Capital 3.625% 05/03/ ,000 SLM Student Loan Trust 5.15% 15/12/2039 (A) * ,000 Shell International Finance 4.375% 11/05/ ,000 RHP Finance 3.25% 05/02/2048 Reg S ,000 Statoil 3.25% 10/11/ ,

249 Fidelity Institutional Long Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % A Rated - (6.11%) 1,200,000 Nationwide Building Society 2.25% 29/04/2022 Reg S 1, ,150,000 Society of Lloyd s 4.75% 30/10/2024 1, ,000 EDF 6.00% 23/01/2114 Reg S 1, ,099,000 GDF Suez 5.95% 16/03/2111 1, ,100,000 Lloyds Bank 2.50% 01/06/2022 Reg S 1, ,650,000 JPMC 3.125% 23/01/ ,350,000 Eli Lilly 2.125% 03/06/ ,400,000 BP Capital Markets 2.518% 16/01/2020 Reg S ,250,000 Abu Dhabi National Energy /05/2024 Reg S ,000,000 BBVA Bancomer SA Texas 4.375% 10/04/2024 Reg S ,000,000 Nationwide Building Society 2.35% 21/01/ A ,000 HSBC 6.50% 07/07/ ,352 BBC % 10/08/2033 Reg S ,000 Intu SGS Finance 4.25% 17/09/ ,000 EDF 6.00% 22/01/ ,000 Guardian Life 4.875% 19/06/ A ,000 Wells Fargo 4.10% 03/06/ ,000 Medtronic 4.625% 15/03/ ,000 Scentre Management 2.375% 05/11/ ,000 Medtronic 4.375% 15/03/ ,000 Emirates Telecommunications 2.75% 18/06/ ,000 Emirates Telecommunications 1.75% 18/06/2021 Reg S ,000 Suncor Energy 3.60% 01/12/ , BBB Rated - (0.20%) 590,000 Woolwich Building Society 9.50% 01/08/ ,000 Mexico 5.625% 19/03/ ,000 Nordea Bank 5.50% (Perpetual) ,000 Abbey National Sterling 11.50% 04/01/ ,000 Actavis Funding 4.85% 15/06/ ,000 Watson Pharmaceuticals 4.625% 01/10/ , Not Rated - (0.16%) 800,000 Eurofins Scientific 2.25% 27/01/2022 Reg S ,000 Liverpool University 3.375% 25/06/2055 Reg S ,000 British Land 5.264% 24/09/ ,000 Bankers Investment Trust 8.00% 31/10/ ,000 Edinburgh Investment Trust 7.75% 30/09/ ,000 Cattles 7.125% 05/07/2017* ,

250 Fidelity Institutional Long Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Interest Rate Swaps - (1.51%) 10,000,000 Receive fixed 4.363%, pay floating 06/07/2029 2, ,000,000 Receive fixed 4.31%, pay floating 04/11/2029 1, ,500,000 Receive fixed 4.17%, pay floating 08/09/ ,000,000 Receive fixed 2.90%, pay floating 29/11/ ,000,000 Receive fixed %, pay floating 31/05/ ,000,000 Receive fixed 1.974%, pay floating 16/04/2045 (424) (0.27) 6,000,000 Receive fixed 1.985%, pay floating 26/03/2045 (494) (0.32) 3, Forward Foreign Exchange Contracts - (0.06%) 23,010,380 Bought GBP sold for settlement 18/08/ ,674,496 Bought GBP sold for settlement 18/08/ ,020,947 Bought GBP sold for settlement 18/08/ ,076 Bought GBP sold for settlement 18/08/ ,795 Bought GBP sold for settlement 18/08/ ,984 Bought USD sold for settlement 18/08/2015 (5) ,968 Bought EUR sold for settlement 18/08/2015 (6) ,629 Bought USD sold for settlement 18/08/2015 (6) ,646 Bought EUR sold for settlement 18/08/2015 (10) (0.01) 910,233 Bought USD sold for settlement 18/08/2015 (19) (0.01) 2,000,135 Bought USD sold for settlement 18/08/2015 (64) (0.04) 2,223,576 Bought USD sold for settlement 18/08/2015 (65) (0.04) 3,481,480 Bought EUR sold for settlement 18/08/2015 (127) (0.08) Futures - (0.05%) (1,900,000) EURO BUXL 30 Year Future 08/09/ (4,900,000) US Ultra Bond Future 21/09/ (4,900,000) EURO BUND Future 08/09/ ,800,000 US Treasury 5 Year Future 30/09/ (1,700,000) US Treasury 20 Year Future 21/09/ (3,700,000) US Treasury 10 Year Future 21/09/ (2,900,000) EURO SCHATZ Future 08/09/ ,000 Long Gilt Future 28/09/2015 (2) ,100,000 EURO BOBL Future 08/09/2015 (4) Index Credit Default Swaps - (0.00%) 1,000,000 Sold Protection on ITRAXX Europe Sub Financial Series 52 20/06/2020 ** Portfolio of investments 153, Cash and other net assets/(liabilities) 2, Net assets 155, The figures in brackets represent the sector distributions at 30 June *Securities valued at the ACD s valuation. **Credit default swaps - please refer to note 14 of the Aggregate Financial Statements for more information. The percentage of net assets disclosed above is subject to rounding. 249

251 Fidelity Institutional MoneyBuilder Income Reduced Duration Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Fixed Interest Funds - (98.90%) 10,833,877 Fidelity MoneyBuilder Income Fund 139, , AA Rated - (0.21%) 3,150,000 UK Gilt Treasury 2.00% 22/01/2016 3, ,500,000 UK Gilt Treasury 4.00% 07/09/2016 1, , Futures - ((0.07)%) (5,600,000) Long Gilt Future 28/09/2015 (12) (0.01) (12) (0.01) Interest Rate Swaps - (0.51%) 2,100,000 Pay fixed 1.524%, receive floating 29/01/ ,700,000 Pay fixed 1.955%, receive floating 11/03/ ,000,000 Pay fixed 2.035%, receive floating 17/03/ ,950,000 Pay fixed 1.84%, receive floating 18/04/ ,200,000 Pay fixed 1.26%, receive floating 25/03/ ,850,000 Pay fixed 1.35%, receive floating 17/04/ ,700,000 Pay fixed 1.771%, receive floating 28/04/ ,000,000 Pay fixed 1.717%, receive floating 18/03/ ,000,000 Pay fixed 2.00%, receive floating 05/05/ ,000,000 Pay fixed 2.25%, receive floating 18/02/ ,500,000 Pay fixed 2.305%, receive floating 05/05/ ,200,000 Pay fixed 1.609%, receive floating 06/05/ ,100,000 Pay fixed %, receive floating 30/05/ ,500,000 Receive fixed 1.025%, pay floating 06/03/ ,800,000 Receive fixed 0.977%, pay floating 23/02/2017 (1) ,400,000 Receive fixed 0.964%, pay floating 28/04/2017 (4) ,000,000 Pay fixed 1.66%, receive floating 01/11/2018 (7) ,000,000 Pay fixed 1.768%, receive floating 28/10/2019 (7) ,000,000 Pay fixed 1.725%, receive floating 27/11/2018 (9) (0.01) 5,500,000 Receive fixed 0.865%, pay floating 12/01/2017 (9) (0.01) 1,100,000 Pay fixed 1.712%, receive floating 09/10/2018 (10) (0.01) 13,300,000 Receive fixed 1.019%, pay floating 05/05/2017 (11) (0.01) 4,150,000 Receive fixed 0.886%, pay floating 15/04/2017 (12) (0.01) 1,950,000 Pay fixed 1.77%, receive floating 11/11/2019 (13) (0.01) 1,000,000 Pay fixed 2.285%, receive floating 11/11/2024 (14) (0.01) 1,000,000 Pay fixed 2.305%, receive floating 28/10/2024 (16) (0.01) 1,150,000 Pay fixed 2.424%, receive floating 04/06/2045 (18) (0.01) 45,100,000 Receive fixed 0.933%, pay floating 02/01/2017 (24) (0.02) 2,100,000 Pay fixed 1.885%, receive floating 07/10/2019 (25) (0.02) 1,950,000 Pay fixed 1.827%, receive floating 05/12/2018 (25) (0.02) 11,750,000 Receive fixed 0.86%, pay floating 02/02/2017 (25) (0.02) 1,500,000 Pay fixed 2.00%, receive floating 09/04/2019 (27) (0.02) 2,000,000 Pay fixed 1.987%, receive floating 19/05/2019 (34) (0.02) 2,500,000 Pay fixed 1.923%, receive floating 18/03/2019 (38) (0.03) 15,300,000 Receive fixed 0.888%, pay floating 08/04/2017 (41) (0.03) 250

252 Fidelity Institutional MoneyBuilder Income Reduced Duration Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 12,550,000 Receive fixed 0.84%, pay floating 25/03/2017 (41) (0.03) 16,800,000 Receive fixed 0.91%, pay floating 17/04/2017 (41) (0.03) 1,700,000 Pay fixed 2.20%, receive floating 09/07/2019 (43) (0.03) 2,750,000 Pay fixed 1.98%, receive floating 05/09/2019 (44) (0.03) 3,500,000 Pay fixed 1.908%, receive floating 04/02/2019 (52) (0.04) 3,550,000 Pay fixed 1.976%, receive floating 30/05/2019 (59) (0.04) 4,000,000 Pay fixed 2.317%, receive floating 05/11/2024 (69) (0.05) 2,400,000 Pay fixed 2.495%, receive floating 05/09/2024 (79) (0.05) 1,100,000 Pay fixed 2.739%, receive floating 05/11/2044 (92) (0.06) 2,500,000 Pay fixed 2.555%, receive floating 16/09/2024 (95) (0.07) 1,000,000 Pay fixed 3.22%, receive floating 09/07/2044 (188) (0.13) 1,000,000 Pay fixed 3.258%, receive floating 01/11/2043 (192) (0.13) 1,000,000 Pay fixed 3.262%, receive floating 31/01/2044 (194) (0.13) 1,100,000 Pay fixed 3.194%, receive floating 19/05/2044 (200) (0.14) 1,000,000 Pay fixed 3.36%, receive floating 07/01/2044 (215) (0.15) 4,200,000 Pay fixed 2.705%, receive floating 07/10/2023 (215) (0.15) 1,300,000 Pay fixed 3.185%, receive floating 30/05/2044 (234) (0.16) 1,350,000 Pay fixed 3.362%, receive floating 05/12/2043 (290) (0.20) 1,500,000 Pay fixed 3.32%, receive floating 07/03/2044 (311) (0.21) 2,300,000 Pay fixed 3.1%, receive floating 30/05/2043 (360) (0.25) 7,400,000 Pay fixed 2.726%, receive floating 04/02/2024 (390) (0.27) 20,400,000 Pay fixed 2.649%, receive floating 30/05/2024 (947) (0.65) (4,076) (2.81) Portfolio of investments 140, Cash and other net assets/(liabilities) 4, Net assets 145, The figures in brackets represent the sector distributions at 30 June The fund has deposited 3,247,000 of bond stocks as collateral with third party counterparties in relation to positions it holds in over the counter derivative contracts (2014: nil). The percentage of net assets disclosed above is subject to rounding. 251

253 Fidelity Institutional Pacific (ex-japan) Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Australia - (60.46%) 322,962 Commonwealth Bank of Australia 13, ,456 BHP Billiton (AU) 5, ,740 CSL 5, ,672 Macquarie 5, ,767 QBE Insurance 5, ,181,421 Sydney Airport 5, ,233 ANZ Banking (AU) 5, ,702,465 AMP 5, ,829 James Hardie Industries 4, ,384 Lend Lease 4, ,172 Suncorp 4, ,680 Sims Metal Management 4, ,840 Computershare 4, ,621 Asciano 2, ,543 Leighton 2, ,039,611 Pact 2, ,996 Coca-Cola Amatil 2, ,143,291 Ardent Leisure Stapled 2, ,620,595 Fairfax Media 2, ,460,721 Myer 2, ,013,107 Cabcharge Australia 1, ,931,974 Sunland 1, ,502 Carsales.Com.Au 1, ,075 Slater & Gordon 1, ,309,716 Transpacific Industries Group 1, ,501,710 Paladin Energy ,334,453 Mount Gibson Iron ,864 Super Retail Group ,825 Adairs , Hong Kong - (15.51%) 2,466,600 AIA 10, ,879,000 Techtronic Industries 3, ,681,000 New World Development 3, ,150 Standard Chartered 3, ,500 CK Hutchison 3, ,096,000 SJM 3, ,642,000 Frontier Services Group 2, ,000 Power Assets 2, ,185,900 Samsonite International (SA) 2, ,690,000 Lenovo 2, ,

254 Fidelity Institutional Pacific (ex-japan) Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % China - (10.35%) 516,000 Ping An Insurance 4, ,834,000 Uni-President China 3, ,400 Tencent 3, ,700 Baidu ADR 2, ,304,800 Hankore Environment Technology 1, ,627 21Vianet ADR 1, , Israel - (3.40%) 4,377,800 Sarine Technologies 4, , United States - (0.26%) 7,250,000 Fidelity Institutional Liquidity Fund (USD) 4, , Singapore - (2.26%) 15,799,800 Rex International 1, ,100 Singapore Exchange 1, , Portfolio of investments 167, Cash and other net assets/(liabilities) Net assets 167, The figures in brackets represent the sector distributions at 30 June The percentage of net assets disclosed above is subject to rounding. 253

255 Fidelity Institutional Pan European Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % United Kingdom - (27.19%) 1,572,106 Barclays 4, ,606,751 Lloyds Banking Group 3, ,608 HSBC (UK) 3, ,194 GlaxoSmithKline 3, ,559 Prudential 3, ,659 British American Tobacco 2, ,852 BT 1, ,820 Reckitt Benckiser 1, ,722 BG Group 1, ,973 SABMiller 1, ,817 Rolls-Royce 1, ,084 Tesco 1, ,289 Diageo 1, ,718 Rio Tinto 1, ,522 Legal & General 1, ,520 London Stock Exchange 1, ,592 Booker 1, ,841 Carnival ,856 AstraZeneca (UK) ,122 Taylor Wimpey ,492 Shire ,493 Vodafone ,597 Royal Dutch Shell B (UK) ,006 Hellermanntyton ,108 BAE Systems ,886 Close Brothers ,635 Imperial Tobacco ,327 National Grid Transco ,385 Group 4 Securicor ,099 BHP Billiton ,123 John Wood ,055,860 Innovation ,894 Sports Direct International ,390 St James s Place Capital ,004 Headlam ,728 Tritax Big Box Real Estate Investment Trust ,713 Travis Perkins ,775 Provident Financial ,982 United Drug ,100 IG ,340 Alent ,798 Paragon ,436 Card Factory ,395 Admiral ,340 Bunzl ,337 Regus ,200 BBA Aviation

256 Fidelity Institutional Pan European Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 375,282 Serco ,049 Filtrona ,680 Esure ,778 Centrica ,930 Experian ,457 Terrace Hill ,893 S Three ,388 Safestore ,589 Brewin Dolphin ,240 Regenersis ,545 Standard Chartered ,878 Synthomer ,722 Rightmove ,775 Inmarsat ,192 Investec ,342 easyjet ,331 Countrywide ,743 Craneware ,379 TUI (GB) ,152 Pearson ,019 Intertek ,704 Lavendon ,369 Johnson Matthey ,550 Kingfisher ,233 Manx Telecom ,956 SDL ,893 Microgen ,263 Moneysupermarket.com ,810 Brammer ,029 SSE ,450 Faroe Petroleum ,507 Amerisur Resources ,130 Morgan Crucible ,310 Latchways ,788 Phoenix (UK) ,330 AMEC ,977 Foxtons ,547 Novae ,422 Greencoat UK Wind ,700 INTU Properties ,900 Darty ,448 Unilever (UK) ,201 McBride ,784,924 Rolls-Royce (Pref d) ,519 Indivior ,

257 Fidelity Institutional Pan European Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Switzerland - (11.36%) 34,488 Roche 6, ,505 Novartis 3, ,070 UBS 3, ,865 Nestle 3, ,714 Credit Suisse 2, ,236 Zurich Insurance 2, ,467 Holcim 1, ,997 Julius Baer Gruppe 1, ,154 Sunrise Communications 1, ,669 Schindler ,994 Clariant Sika Finanz ,959 Geberit ,182 Unique Zurich Airport ,780 VZ Lindt & Spruengli ,963 Swatch (BR) ,321 Swisscom ,140 Cembra Money Bank ,140 SFS Group ,351 Swatch ,218 Bossard ,841 Swiss Re ,801 GAM Banque Cantonale Vaudoise (BR) SGS ,607 Aryzta , Germany - (14.57%) 45,897 Bayer 4, ,260 SAP 3, ,804 Volkswagen (Pref d) 3, ,539 Fresenius 2, ,543 DaimlerChrysler 1, ,773 Deutsche Telekom 1, ,952 BASF 1, ,842 Deutsche Post 1, ,718 Henkel (Pref d) ,469 Continental ,704 Merck KGAA ,776 United Internet ,786 Munich Reinsurance ,967 Siemens (Bearer) ,195 Henkel (BR) ,377 Fresenius Medical Care ,883 Linde

258 Fidelity Institutional Pan European Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 23,903 Fuchs Petrolub ,877 Leoni ,770 Allianz ,843 Amadeus Fire ,450 Symrise ,834 ProSieben Sat.1 Media ,574 SAF Holland ,458 Deutsche Annington Immobilien ,347 Deutsche Wohnen (Bearer) ,454 Brenntag ,918 Dialog Semiconductor ,847 Deutz ,841 Adidas ,671 Mutares ,023 Suedzucker , France - (16.05%) 76,419 Sanofi-Aventis 4, ,880 AXA 2, ,970 Total (B) 2, ,660 Danone 2, ,999 Schneider Electric 1, ,039 GDF Suez 1, ,736 L Oreal 1, ,352 Teleperformance 1, ,735 Renault 1, ,957 Societe Generale de Paris 1, ,383 Pernod-Ricard ,834 Christian Dior ,001 BNP Paribas ,008 Thales ,680 Sagem ,738 Arkema ,735 LVMH ,412 Iliad ,260 Sopra ,916 VINCI ,610 Alten ,212 Altran Technology ,048 Air Liquide ,374 Publicis Groupe ,466 Elior Sca ,990 Bureau Veritas ,991 Kering ,014 EDF ,554 Sodexo ,268 Carrefour

259 Fidelity Institutional Pan European Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 10,037 Alstom Hermes International , Republic of Ireland - (0.42%) 126,497 Source MSCI Europe Value Fund 18, ,461 CRH 1, ,703 Irish Continental Group ,933 DCC (UK) ,229 Dalata Hotel ,135 Grafton ,692 Applegreen ,363 Paddy Power ,708 C & C ,998 Fidelity Institutional Liquidity Fund (EUR) , Netherlands - (9.66%) 40,929 ASML (NL) 2, ,239 ING 2, ,322 Royal Dutch Shell A (NL) 2, ,087 Reed Elsevier 1, ,547 Heineken (Bearer) 1, ,389 Akzo Nobel ,482 ASM International (NL) ,671 Unilever ,252 Arcadis ,234 Randstad ,646 Heijmans ,495 Ahold Koninklijke ,079 Ichor Coal , Spain - (2.00%) 342,908 Banco Santander Central Hispano 1, ,824 Iberdrola 1, ,706 Telefonica (SA) 1, ,501 Banco Bilbao Vizcaya Argentaria 1, ,376 Inditex 1, ,696 Bankinter ,324 Grifols (B) ,096 Amadeus ,439 Red Electrica ,455 Banco Popular Espanol ,934 Banco de Sabadell ,726 Gas Natural SDG (E) ,

260 Fidelity Institutional Pan European Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Sweden - (3.23%) 162,195 ASSA ABLOY (B) 1, ,274 Hennes & Mauritz (B) 1, ,181 Nordea Bank 1, ,722 Svenska Handelsbanken (A) ,181 Sandvik ,464 Rezidor Hotel ,747 Securitas (B) ,305 Atlas Copco (A) ,045 D. Carnegie & Co ,745 Nordnet Bank ,736 AAK ,593 Boliden , Italy - (1.88%) 1,061,375 Intesa Sanpaolo 2, ,642 Fiat Chrysler Automobiles 1, ,284 Unicredito Italiano ,806 SNAM ,621 Anima ,386 Telecom Italia ,398 Sorin ,056 Pirelli ,562 Luxottica ,434 Autostrade , Jersey - (0.77%) 136,432 WPP 1, ,044 Wolseley 1, ,286 Kennedy Wilson Europe Real Estate , Finland - (1.24%) 199,911 Nokia ,319 Fortum ,979 Huhtamaki ,474 Amer Sports ,822 Sampo Insurance (A) ,595 Munksjo ,527 Tikkurila , Denmark - (2.36%) 81,690 Novo Nordisk (B) 2, ,551 Coloplast (B) ,

261 Fidelity Institutional Pan European Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Belgium - (2.09%) 24,552 KBC 1, ,161 Anheuser-Busch InBev ,690 UCB , Norway - (1.09%) 89,267 DnB NOR ,515 Telenor ,400 Statoil ,444 TGS Nopec Geophysical , Austria - (0.55%) 78,331 Conwert Immobil Invest ,386 Andritz ,640 Porr ,714 Austriamicrosystems , United States - (0.48%) 13,700 Kraft Foods ,119 Philip Morris International , Virgin Islands - (0.36%) 102,748 Playtech Bermuda - (0.16%) 333,656 Oakley Capital Investments Portugal - (0.00%) 196,157 Portucel Luxembourg - (0.33%) 29,349 Grand City Properties Canada - (0.41%) 115,396 Mountain Province Diamonds ,000 Rock Well Petroleum (Placing)*

262 Fidelity Institutional Pan European Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Portfolio of investments 254, Cash and other net assets/(liabilities) 3, Net assets 258, The figures in brackets represent the sector distributions at 30 June *Securities valued at the ACD s valuation. The percentage of net assets disclosed above is subject to rounding. 261

263 Fidelity Institutional Pre-Retirement Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % AAA Rated - (5.78%) 750,000 Lloyds Bank 6.00% 08/02/2029 1, ,000 Lloyds Bank 5.125% 07/03/ ,000 Germany 4.75% 04/07/ ,000 Clydesdale Bank 4.625% 08/06/ ,000 Wellcome Trust Finance 4.00% 09/05/ ,000 Abbey National Treasury 5.125% 14/04/ ,000 Barclays Bank 4.25% 12/01/ ,000 Abbey National Treasury 5.25% 16/02/ ,000 Royal Bank of Scotland 5.125% 13/01/ ,000 Deco 2012 M-Hill FRN 28/07/ ,000 Lloyds Bank 4.875% 30/03/ ,000 European Investment Bank 6.00% 06/08/ ,000 Massachusetts Institute of Technology 5.60% 01/07/ ,353 Meadowhall Finance 4.986% 12/01/ ,000 Abbey National 5.75% 02/03/ ,893 HMI Series X Class A5 01/10/ ,000 Broadgate Financing 4.821% 05/07/ , AA Rated - (42.82%) 4,050,000 UK Gilt Treasury 4.25% 07/09/2039 5, ,850,000 UK Gilt Treasury 3.75% 22/07/2052 4, ,650,000 UK Gilt Treasury 4.25% 07/06/2032 4, ,300,000 UK Gilt Treasury 4.50% 07/09/2034 4, ,100,000 UK Gilt Treasury 4.25% 07/03/2036 3, ,500,000 UK Gilt Treasury 3.25% 22/01/2044 3, ,750,000 UK Gilt Treasury 4.75% 07/12/2038 3, ,750,000 UK Gilt Treasury 3.75% 07/09/2021 3, ,250,000 UK Gilt Treasury 4.25% 07/12/2046 2, ,050,000 UK Gilt Treasury 4.50% 07/12/2042 2, ,750,000 UK Gilt Treasury 4.25% 07/12/2049 2, ,000,000 UK Gilt Treasury 4.00% 07/03/2022 2, ,100,000 Sinopec Group Overseas Development % 28/04/2020 Reg S 1, ,000,000 UK Gilt Treasury 3.50% 02/07/2068 1, ,000,000 CME Group 3.00% 15/03/2025 1, ,000,000 Microsoft 4.00% 12/02/2055 1, ,000 UK Gilt Treasury 4.00% 22/01/ ,050,000 Microsoft 3.75% 12/02/ ,000 Korea Water Resources 2.00% 16/04/ ,000 Apple 2.50% 09/02/ ,000 IPIC 6.875% 14/03/ ,000 Swan Housing Capital 3.625% 05/03/ ,000 ANZ National International 2.60% 23/09/ ,000 Canary Wharf Finance Series II 5.952% 22/01/ ,000 Met Life Global 2.30% 10/04/ ,000 Walmart Stores 6.20% 15/04/ ,000 General Electric Capital UK Funding 5.875% 18/01/

264 Fidelity Institutional Pre-Retirement Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 550,000 Statoil 2.75% 10/11/ ,000 Shell International Finance 4.375% 11/05/ ,000 General Electric Capital 5.50% 07/06/ ,000 Reseau Ferre de France 5.00% 11/03/ ,000 University of California CA Revenues 4.858% 15/05/2112 * ,000 SLM Student Loan Trust 5.15% 15/12/2039 (A) ,000 GE Corporation 4.50% 11/03/ ,000 Shell International Finance 2.375% 21/08/ ,566 Channel Tunnel Rail Link 5.234% 02/05/ ,352 Equity Release 5.70% 26/02/ ,000 Allianz Finance 4.50% 13/03/ ,000 Apple 2.40% 03/05/ ,000 General Electric Capital UK Funding 6.25% 05/05/ ,000 Microsoft 4.875% 15/12/ ,000 Microsoft 5.20% 01/06/ ,000 Westpac Banking 4.875% 19/11/ ,000 Westpac Banking 5.00% 21/10/ ,000 Korea Development Bank 3.00% 17/03/ ,000 National Australia Bank 2.75% 09/03/ ,000 Reseau Ferre de France 4.83% 25/03/ ,000 Rabobank Nederland 5.80% 30/09/ ,000 Statoil 3.25% 10/11/ ,000 Procter & Gamble 5.25% 19/01/ ,000 Land Securities 5.391% VRN 31/03/ ,000 General Electric Capital UK Funding 4.375% 31/07/ ,000 Statoil 4.25% 10/04/ ,000 RHP Finance 3.25% 05/02/2048 Reg S ,362 Longstone Finance 4.791% 19/04/2031 (A) ,000 UK Gilt Treasury 4.25% 07/12/ ,676 Trafford Centre Finance 6.50% 28/07/ ,000 East Japan Railway 5.25% 22/04/ ,000 General Electric 4.125% 09/10/ ,000 Equity Release Funding 5.88% 26/05/ ,000 East Japan Railway 4.875% 14/06/ ,000 Equity Release Funding 5.05% 26/04/ ,000 Svenska Handelsbanken 5.50% 26/05/ ,000 Walmart Stores 6.50% 15/08/ ,037 Granite Master Issuer Series 6A1 5.60% 20/12/ , A Rated - (19.94%) 1,800,000 Mizuho Bank 2.40% 26/03/2020 Reg S 1, ,049,000 GDF Suez 5.95% 16/03/2111 1, ,000 America Movil 4.948% 22/07/ ,200,000 Eli Lilly 2.125% 03/06/ ,000 Nationwide Building Society 2.25% 29/04/2022 Reg S ,000 Wells Fargo 2.125% 22/04/2022 Reg S ,200,000 Petronas Capital 3.50%18/03/2025 Reg S

265 Fidelity Institutional Pre-Retirement Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 750,000 Society of Lloyd s 4.75% 30/10/ ,000 EDF 6.00% 23/01/ ,397 BBC % 10/08/ ,000 Total 2.25% (Perpetual) Reg S ,000,000 JPMC 3.125% 23/01/ ,000 BP Capital Markets 2.518% 16/01/ ,000 UBS 7.125% (Perpetual) ,000 Abu Dhabi National Energy /05/ ,000 UBS 5.75% VRN (Perpetual) ,000 Israel 2.875% 29/01/ ,000 BBVA Bancomer SA Texas 4.375% 10/04/ ,000 Heathrow Funding 5.225% VRN 15/02/ ,000 JPmorgan Chase 1.875% 10/02/2020 Reg S ,000 HSBC 5.375% 22/08/ ,000 Close Brothers Finance 3.875% 27/06/ ,000 HSBC 6.75% 11/09/ ,000 EDF 6.00% 22/01/ ,000 Standard Chartered Bank 5.125% 06/06/ ,000 BP Capital Markets 2.75% 10/05/ ,000 EDF 6.95% 26/01/ ,000 Heathrow Funding 6.75% 03/12/ ,000 Intu SGS Finance 4.25% 17/09/ ,000 Achmea 2.50% 19/11/ ,000 Yorkshire Electricity Distributors 5.125% 04/05/ ,000 Pfizer 6.50% 03/06/ ,000 Intu Properties 4.625% 17/03/ ,000 National Grid 6.00% 13/05/ ,000 National Agricultural 4.25% 28/01/ ,000 Nationwide Building Society 2.35% 21/01/ A ,000 Heathrow Funding 5.875% 13/05/ ,000 HSBC 6.50% 07/07/ ,000 EDF 5.50% 27/03/ ,000 Zurich Finance (UK) 6.625% VRN (Perpetual) ,000 Munich Re 6.625% 26/05/ ,000 Wells Fargo 4.10% 03/06/ ,000 High Speed Rail 4.375% 01/11/ ,000 Guardian Life 4.875% 19/06/ ,000 Rabobank Nederland 4.625% 23/05/ ,000 Wells Fargo 3.50% 12/09/ ,000 Medtronic 4.625% 15/03/ ,000 Scentre Management 2.375% 05/11/ ,000 Medtronic 4.375% 15/03/ ,000 Legal & General Finance 5.875% 05/04/ ,000 Emirates Telecommunications 1.75% 18/06/ ,000 Cloverie 6.625% 01/09/ ,000 Bank of America 6.125% 15/09/ ,000 Thames Water Utilities 4.00% 19/06/ ,000 HSBC 6.10% 14/01/

266 Fidelity Institutional Pre-Retirement Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 200,000 Emirates Telecommunications 2.75% 18/06/ ,000 Lloyds Bank 6.50% 17/09/ ,000 Yorkshire Water Services 6.375% 19/08/ ,000 Empresa Transport 4.75% 04/02/ ,000 Lloyds Bank 4.20% 28/03/ ,000 ABN Amro Bank 4.25% 02/02/ ,000 Korea Development Bank 3.50% 22/08/ ,000 KT 3.875% 20/01/ ,000 Korea Hydro & Nuclear Power 2.875% 02/10/ ,000 Lloyds Bank 2.30% 27/11/ ,000 BAT International Finance 7.25% 12/03/ ,000 SK Telecom 2.125% 01/05/ ,000 Artesian Finance 6.00% 30/09/ ,000 HSBC 7.00% 07/04/ ,000 London Merchant Securities 6.50% 16/03/ ,000 BAT International Finance 9.50% 15/11/ ,000 Freshwater Finance 5.182% 20/04/ ,000 Achmea Hypothe 2.75% 18/02/ ,000 America Movil 6.375% 01/03/ ,000 America Movil 5.00% 27/10/ ,478 Aspire Defence Finance 4.674% 31/03/2040 (B) ,000 Dali Capital % 21/12/ ,000 ASIF 5.375% 14/10/ ,178 BL Superstore Finance 5.27% 04/10/ ,000 Suncor Energy 3.60% 01/12/ ,000 Hannover Finance 5.75% 14/09/ ,000 America Movil 4.125% 25/10/ ,000 Aquarius Zurich 4.25% VRN 02/10/ ,000 Hutchison Whampoa International 7.625% 09/04/ ,000 NBC Universal Media 5.95% 01/04/ ,000 JPMorgan Chase 4.25% 15/10/ ,000 Korea Hydro & Nuclear Power 3.125% 16/09/ ,000 BAT International Finance 5.75% 05/07/ ,000 Wales & West Utilities 5.75% 29/03/ ,000 EDF 6.125% 02/06/ ,000 GDF Suez 5.00% 01/10/ ,000 MetLife 5.375% 09/12/ ,000 UnitedHealth 4.25% 15/03/ ,000 General Electric Capital 4.875% 18/09/ ,000 HSBC 6.00% 29/03/ ,761 White City Property % 17/04/ ,239 Aspire Defence Finance 4.674% 31/03/2040 (A) ,000 Longstone Finance 4.896% 19/04/ ,000 HSBC 4.75% 24/03/ ,000 Home Depot 4.875% 15/02/ ,

267 Fidelity Institutional Pre-Retirement Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % BBB Rated - (20.94%) 1,100,000 CPUK Finance 2.666% 28/02/2020 Reg S 1, ,400,000 Votorantim Cimentos 3.50% 13/07/2022 Reg S ,000 Aviva VRN 04/06/2050 Reg S ,000 Heinz 4.125% 01/07/2027 Reg S ,000 CPUK Finance 7.239% 28/02/ ,000 Mondelez International 3.875% 06/03/ ,000 Heathrow Funding 6.25% 10/09/ ,000,000 Credit Suisse 6.50% 08/08/ ,000 Bupa Finance 5.00% 25/04/ ,000 QBE Insurance 6.75% VRN 02/12/ ,000 SMFG Preferred Capital % VRN (Perpetual) ,000 Mexico 4.00% 15/03/ ,000 Woolwich Building Society 9.50% 01/08/ ,000 Merrill Lynch 5.50% 22/11/ ,000 Credit Suisse 3.00% 27/05/2022 Reg S ,000 Colombia Republic 5.625% 26/02/ ,000 Bank of Scotland 7.281% (Perpetual) B ,000 Glencore Finance 5.50% 03/04/ ,000 Arqiva Financing 5.34% 30/12/ ,000 Mexico 5.625% 19/03/ ,000 Verizon Communications 5.15% 15/09/ ,000 HSBC VRN (Perpetual) ,000 UBS 5.12% 15/05/ ,000 AA Bond % 31/07/ ,000 Pershing Square 5.50% 15/07/ ,000 HSBC 5.625% VRN (Perpetual) ,000 Credit Agricole 2.625% 17/03/2027 Reg S ,000 ABN Amro Bank 2.875% 30/06/2025 Reg S ,000 FirstGroup 5.25% 29/11/ ,000 AXA 5.625% 16/01/ ,000 Bharti Airtel 3.375% 20/05/ ,000 Time Warner Cable 5.25% 15/07/ ,000 Achmea 4.25% FRN (Perpetual) Reg S ,000 Barclays 10.00% 21/05/ ,000 Scottish Widows 5.50% 16/06/ ,000 Petroleos Mexicanos 3.50% 23/07/2020 Reg S ,000 Nordea Bank 5.50% (Perpetual) ,000 FirstGroup 8.75% 08/04/ ,000 Verizon Communications 6.55% 15/09/ ,000 Dignity Finance % 31/12/ ,000 Oil India 3.875% 17/04/ ,000 Abbey National Sterling 11.50% 04/01/ ,000 Glencore Finance Europe 6.50% 27/02/ ,000 Barclays 6.00% 14/01/ ,000 RCI Banque 3.25% 25/04/ ,000 EDF 5.875% (Perpetual)

268 Fidelity Institutional Pre-Retirement Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 150,000 Veolia Environnement 6.125% 29/10/ ,000 Credit Agricole 7.375% 18/12/ ,000 Fukoku Mutual Life 6.50% VRN (Perpetual) ,000 Channel Link FRN 30/06/ ,000 AXA 7.125% 15/12/ ,000 Zimmer 4.45% 15/08/ ,000 HSBC 5.844% VRN (Perpetual) ,000 Delek & Avner 5.412% 30/12/ ,000 Delek & Avner 5.082% 30/12/ ,000 Telefonica 7.045% 20/06/ ,000 Altria 10.20% 06/02/ ,000 AA Bond % 31/07/ ,000 Zimmer 3.15% 01/04/ ,000 Empresa Electrica 4.875% 25/5/ ,000 Zimmer 3.55% 01/04/ ,000 Citigroup 6.675% 13/09/ ,000 Amlin 6.50% VRN 19/12/ ,000 ING Verzekeringen 4.625% 08/04/ ,000 Rabobank Nederland 5.50% 29/06/ ,000 Deutsche Annington Finance 4.00% (Perpetual) ,000 Credit Agricole 8.125% 19/09/ ,000 Citigroup 5.50% 13/09/ ,000 Credit Agricole VRN (Perpetual) Reg S ,000 Fresnillo 5.50% 13/11/ ,000 Banco Santander 4.625% 13/02/ ,000 Deutsche Annington 3.20% 02/10/ ,000 Glencore Funding 4.125% 30/05/ ,000 Direct Line Insurance 9.25% 27/04/ ,000 Continental Resources 4.50% 15/04/ ,000 Credit Agricole 4.375% 17/03/ A ,000 Continental Resources 3.80% 01/06/ ,000 Bharti Airtel International 4.00% 10/12/ ,000 Aviva 6.875% VRN 20/05/ ,000 Lloyds Bank 4.00% VRN 16/12/ ,000 Intesa Sanpaolo 5.25% 28/01/ ,000 Telefonica Emisiones 5.597% 12/03/ ,000 Lloyds Bank 5.75% VRN 09/07/ ,000 Linde Finance 8.125% VRN 14/07/ ,000 Aviva 3.875% 03/07/ ,000 Royal London Finance Bond 6.125% 30/11/ ,000 Telereal Securitisation VRN 10/12/ ,000 Citigroup 4.50% 03/03/ ,000 News America 5.40% 01/10/ ,000 Southern Copper 3.875% 23/04/ ,000 Intesa Sanpaolo 3.625% 12/08/ ,000 Actavis Funding 3.80% 15/03/ ,000 Actavis Funding 4.85% 15/06/ ,000 Zimmer 4.25% 15/08/

269 Fidelity Institutional Pre-Retirement Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 100,000 Rabobank Nederland 11.00% (Perpetual) ,000 Credit Suisse 5.75% VRN 18/09/ ,000 Banco Brasil (Cayman) 4.50% 20/01/ ,000 Bank of America 4.00% VRN 28/03/ ,000 Actavis Funding 3.45% 15/03/ ,000 Hewlett-Packard 6.00% 15/09/ ,000 Oneok Partners 6.20% 15/09/ ,000 Watson Pharmaceuticals 4.625% 01/10/ ,000 Koninklijke 5.75% 17/09/ ,000 Aviva 6.125% VRN 16/11/ ,000 Go-Ahead 5.375% 29/09/ ,000 QBE Insurance 6.125% 28/09/ ,023 RMPA Services 5.337% 30/09/ ,000 British Telecom 8.875% 15/12/ ,000 Viacom 5.85% 01/09/ ,000 Actavis Funding 4.55% 15/03/ ,000 Actavis Funding 4.75% 15/03/ ,000 Rowan 5.40% 01/12/ , BB Rated - (4.10%) 700,000 AA Bond 5.50% 31/07/2022 Reg S ,000 Lloyds Bank 7.00% VRN (Perpetual) ,000 Virgin Media Securities 6.25% 28/03/ ,000 Petrobras Global Finance 6.625% 16/01/ ,000 RSHB Capital 5.10% 25/07/ ,000 International 5.625% 15/02/ A ,000 Credit Suisse 7.50% (Perpetual) ,842 Tesco Property Finance 5.744% 13/04/ ,000 Nationwide Building Society 6.875% (Perpetual) ,627 Tesco Property Finance % 13/10/ ,000 Enel 7.75% 10/09/ ,000 CNH Capital 3.875% 16/07/ A ,000 ENEL 6.625% 15/09/ ,000 Natwest 6.50% 07/09/ ,000 Barclays 7.00% VRN (Perpetual) ,000 Santander UK VRN (Perpetual) Reg S ,000 Anglian Water 5.00% 30/04/2023 Reg S ,000 Telecom Italia 5.875% 19/05/ ,000 Centurylink 7.60% 15/09/ ,000 Merlin Entertain 2.75% 15/03/2022 Reg S ,000 Credit Agricole 7.875% (Perpetual) ,000 Banco Votorantim 5.25% 11/02/ ,000 Telecom Italia 7.375% 15/12/ ,910 Tesco Property Finance % 13/07/ ,138 Tesco Property Finance % 13/10/ ,365 Unique Pub Finance 5.659% 30/06/ ,760 Unique Pub Finance 6.542% 30/03/

270 Fidelity Institutional Pre-Retirement Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 100,000 ArcelorMittal 9.375% 03/06/ ,000 Credit Agricole VRN (Perpetual) ,000 Centurylink 7.65% 15/03/ ,000 William Hill 7.125% 11/11/ , B Rated - (0.09%) 200,000 Gol LuxCo 8.875% 24/01/ ,000 Enterprise Inns 6.375% 26/09/ Not Rated - (2.49%) 550,000 British Land 5.264% 24/09/ ,000 Skandinaviska Enskilda 5.75% VRN (Perpetual) ,000 PGH Capital 5.75% 07/07/ ,000 Investec Bank 4.50% 05/05/2022 Reg S ,000 Eurofins Scientific 2.25% 27/01/2022 Reg S ,000 Liverpool University 3.375% 25/06/2055 Reg S ,000 First Hydro Finance 9.00% 31/07/ ,000 Prosieben Media 2.625% 15/04/ ,000 Investec Bank 9.625% 17/02/ ,000 Admiral 5.50% 25/07/ ,000 University of Cambridge 3.75% 17/10/ ,000 Bankers Investment Trust 8.00% 31/10/ ,000 Suez Environment 5.375% 02/12/ ,000 Peel South East 10.00% 30/04/ ,000 Peel 8.375% 30/04/ ,000 Edinburgh Investment Trust 7.75% 30/09/ ,000 Annes Gate Property 5.661% 30/06/ , Forward Foreign Exchange Contracts - (0.37%) 32,446,015 Bought GBP sold for settlement 18/08/ ,290,686 Bought GBP sold for settlement 18/08/ ,757 Bought GBP sold for settlement 18/08/ ,036,866 Bought GBP sold for settlement 18/08/ ,413 Bought GBP sold for settlement 18/08/ ,997 Bought GBP sold for settlement 18/08/ ,263 Bought GBP sold for settlement 18/08/ ,501 Bought GBP sold for settlement 18/08/ ,824 Bought GBP sold for settlement 18/08/ ,749 Bought GBP sold for settlement 18/08/ ,662 Bought GBP sold for settlement 18/08/ ,389 Bought GBP sold for settlement 18/08/ ,186 Bought USD sold for settlement 18/08/2015 (1) ,031 Bought EUR sold for settlement 18/08/2015 (1) ,402 Bought USD sold for settlement 18/08/2015 (1) ,386 Bought EUR sold for settlement 18/08/2015 (2) ,081 Bought USD sold for settlement 18/08/2015 (4)

271 Fidelity Institutional Pre-Retirement Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 222,444 Bought USD sold for settlement 18/08/2015 (4) ,433 Bought EUR sold for settlement 18/08/2015 (5) ,016 Bought EUR sold for settlement 18/08/2015 (5) ,384 Bought EUR sold for settlement 18/08/2015 (6) ,872 Bought EUR sold for settlement 18/08/2015 (6) ,413 Bought EUR sold for settlement 18/08/2015 (7) (0.01) 222,237 Bought USD sold for settlement 18/08/2015 (7) (0.01) 609,098 Bought EUR sold for settlement 18/08/2015 (10) (0.01) 446,646 Bought USD sold for settlement 18/08/2015 (11) (0.01) 1,336,239 Bought USD sold for settlement 18/08/2015 (37) (0.03) 1, Futures - ((0.01)%) (2,900,000) EURO BUXL 30 Year Future 08/09/ (6,900,000) US Ultra Bond Future 21/09/ (13,300,000) US Treasury 10 Year Future 21/09/ (2,500,000) US Treasury 20 Year Future 21/09/ (2,400,000) EURO BUND Future 08/09/ (6,300,000) EURO BOBL Future 08/09/ ,800,000 US Treasury 5 Year Future 30/09/ ,000 US Treasury 2 Year Future 30/09/ ,800,000 Long Gilt Future 28/09/2015 (390) (0.29) Interest Rate Swaps - ((0.05)%) 2,000,000 Receive fixed 3.22%, pay floating 29/04/ ,000,000 Receive fixed 2.431%, pay floating 28/01/ ,000,000 Receive fixed 2.198%, pay floating 24/06/ ,000,000 Receive fixed 1.908%, pay floating 09/06/2022 (7) (0.01) 1,000,000 Receive fixed 1.755%, pay floating 30/01/2035 (101) (0.07) 2,000,000 Receive fixed 1.974%, pay floating 16/04/2045 (170) (0.12) Portfolio of investments 133, Cash and other net assets/(liabilities) 2, Net assets 136, The figures in brackets represent the sector distributions at 30 June *Securities valued at the ACD s valuation. The percentage of net assets disclosed above is subject to rounding. 270

272 Fidelity Institutional Reduced Duration UK Corporate Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % AAA Rated - (6.29%) 1,400,000 Lloyds Bank 6.00% 08/02/2029 1, ,200,000 Royal Bank of Scotland 5.125% 13/01/2024 1, ,000 Abbey National Treasury 5.25% 16/02/ ,000 Deco 2012 M-Hill FRN 28/07/ ,000 Clydesdale Bank 4.625% 08/06/ ,000 Germany 4.75% 04/07/ ,000 Abbey National Treasury 5.125% 14/04/ ,000 Barclays Bank 4.25% 12/01/ ,000 Abbey National 5.75% 02/03/ Fidelity Institutional Liquidity Fund (GBP) , AA Rated - (27.32%) 3,000,000 UK Gilt Treasury 4.00% 07/09/2016 3, ,150,000 General Electric Capital 5.50% 07/06/2021 1, ,000,000 UK Gilt Treasury 4.50% 07/09/2034 1, ,000 Reseau Ferre de France 4.83% 25/03/2060 1, ,800,000 Microsoft 4.00% 12/02/2055 1, ,540,000 Sinopec Group Overseas Development % 28/04/2020 Reg S ,481 Channel Tunnel Rail Link 5.234% 02/05/ ,200,000 CME Group 3.00% 15/03/ ,990 Telereal Securitisation % 10/12/ ,000 Korea Water Resources 2.00% 16/04/ ,000 Apple 2.40% 03/05/ ,000 Canary Wharf Finance Series II 5.952% 22/01/ ,000 ANZ National International 2.60% 23/09/ ,000 Met Life Global 2.30% 10/04/ ,000 Rabobank Nederland 5.375% 03/08/ ,000 Shell International Finance 2.375% 21/08/ ,000 Rabobank Nederland 5.25% 23/05/ ,000 Statoil 2.75% 10/11/ ,000 Land Securities 5.391% VRN 31/03/ ,000 Equity Release Funding 5.05% 26/04/ ,000 GE Corporation 4.50% 11/03/ ,000 SLM Student Loan Trust 5.15% 15/12/2039 (A) ,000 Westpac Banking 5.00% 21/10/ ,000 Walmart Stores 6.20% 15/04/ ,000 General Electric Capital UK Funding 4.375% 31/07/ ,000 MetLife Global 3.50% 30/09/ ,000 Microsoft 3.75% 12/02/ ,000 IPIC 6.875% 14/03/ ,000 Korea Development Bank 3.00% 17/03/ ,000 Allianz Finance 4.50% 13/03/ ,406 Longstone Finance 4.791% 19/04/2031 (A) ,000 RHP Finance 3.25% 05/02/2048 Reg S ,000 Chevron 3.191% 20/06/ ,000 Swan Housing Capital 3.625% 05/03/

273 Fidelity Institutional Reduced Duration UK Corporate Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 18, A Rated - (24.57%) 1,400,000 America Movil 4.948% 22/07/2033 1, ,000 Thames Water Utilities 4.00% 19/06/ ,000 Bank of America 6.125% 15/09/ ,000 EDF 6.00% 23/01/ ,000 Lloyds Bank 6.50% 17/09/ ,000 Barclays 5.75% 17/08/ ,659 BBC % 10/08/ ,000 GDF Suez 5.95% 16/03/ ,000 HSBC 6.50% 07/07/ ,000 Lloyds Bank 2.50% 01/06/2022 Reg S ,000,000 BP Capital Markets 2.518% 16/01/ ,000 BAT International Finance 9.50% 15/11/ ,629 Aspire Defence Finance 4.674% 31/03/2040 (A) ,000 Heathrow Funding 6.75% 03/12/ ,000 SSE 4.25% 14/09/ ,000 National Grid 6.00% 13/05/ ,000 Saudi Electricity Global 4.00% 08/04/ ,000 JPMorgan Chase 3.50% 18/12/ ,000 BP Capital Markets 2.75% 10/05/ ,000 BBVA Bancomer SA Texas 4.375% 10/04/ ,000 UBS 5.75% VRN (Perpetual) ,000 Close Brothers Finance 3.875% 27/06/ ,000 Achmea 2.50% 19/11/ ,000 Eli Lilly 2.125% 03/06/ ,000 Society of Lloyd s 4.75% 30/10/ ,000 Mizuho Bank 2.40% 26/03/2020 Reg S ,000 HSBC 5.00% 20/03/ ,000 Intu SGS Finance 4.25% 17/09/ ,000 Petronas Capital 3.50%18/03/2025 Reg S ,000 HSBC 6.75% 11/09/ ,000 Standard Chartered Bank 5.125% 06/06/ ,000 Nationwide Building Society 2.25% 29/04/2022 Reg S ,000 EDF 6.00% 22/01/ ,000 Intu Properties 4.625% 17/03/ ,000 Cloverie 6.625% 01/09/ ,000 Korea Development Bank 3.50% 22/08/ ,000 National Agricultural 4.25% 28/01/ ,000 Wells Fargo 4.10% 03/06/ ,000 Abu Dhabi National Energy /05/ ,000 Unite (USAF) 3.37% 30/06/ ,000 Guardian Life 4.875% 19/06/ ,000 National Grid 5.875% 02/02/ ,000 Munich Re 6.625% 26/05/ ,000 Heathrow Funding 5.225% VRN 15/02/ ,000 Medtronic 4.625% 15/03/

274 Fidelity Institutional Reduced Duration UK Corporate Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 350,000 SK Telecom 2.125% 01/05/ ,000 Scentre Management 2.375% 05/11/ ,000 Medtronic 4.375% 15/03/ ,956 Aspire Defence Finance 4.674% 31/03/2040 (B) ,000 Goldman Sachs 4.25% 29/01/ ,000 America Movil 2.375% 08/09/ ,000 Heathrow Funding 5.875% 13/05/ ,000 Emirates Telecommunications 2.75% 18/06/ ,000 Emirates Telecommunications 1.75% 18/06/ ,000 Lloyds Bank 2.30% 27/11/ ,000 National Grid 4.00% 08/06/ ,000 Empresa Transport 4.75% 04/02/ ,000 Korea Hydro & Nuclear Power 2.875% 02/10/ ,000 Achmea Hypothe 2.75% 18/02/ ,000 Suncor Energy 3.60% 01/12/ , BBB Rated - (31.70%) 1,200,000 Heathrow Funding 6.25% 10/09/2018 1, ,000,000 Glencore Finance 5.50% 03/04/2022 1, ,500,000 Credit Suisse 6.50% 08/08/2023 1, ,000 AA Bond % 31/07/ ,000 CPUK Finance 2.666% 28/02/2020 Reg S ,000 CPUK Finance 7.239% 28/02/ ,000,000 Votorantim Cimentos 3.50% 13/07/2022 Reg S ,000 FirstGroup 5.25% 29/11/ ,000 Aviva VRN 04/06/2050 Reg S ,000 Bupa Finance 5.00% 25/04/ ,000 RCI Banque 3.25% 25/04/ ,000 Heinz 4.125% 01/07/2027 Reg S ,000 SMFG Preferred Capital % VRN (Perpetual) ,000 Rabobank Nederland 11.00% (Perpetual) ,000 Verizon Communications 6.55% 15/09/ ,000 Merrill Lynch 5.50% 22/11/ ,000 Arqiva Financing 5.34% 30/12/ ,000 Altria 10.20% 06/02/ ,000 UBS 5.12% 15/05/ ,000 Credit Suisse 3.00% 27/05/2022 Reg S ,000 Mexico 5.625% 19/03/ ,000 Verizon Communications 5.15% 15/09/ ,000 HSBC 5.625% VRN (Perpetual) ,000 Mexico 4.00% 15/03/ ,000 Credit Agricole 8.125% 19/09/ ,000 Aviva 6.875% VRN 20/05/ ,000 Koninklijke 5.75% 17/09/ ,000 AXA 5.625% 16/01/ ,000 American International 5.00% 26/04/ ,000 Bharti Airtel 3.375% 20/05/

275 Fidelity Institutional Reduced Duration UK Corporate Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 500,000 Credit Agricole 2.625% 17/03/2027 Reg S ,000 Dignity Finance % 31/12/ ,000 AA Bond % 31/07/ ,000 Direct Line Insurance 9.25% 27/04/ ,000 QBE Insurance 6.75% VRN 02/12/ ,000 Bank of Scotland 7.281% (Perpetual) B ,000 Abbey National Sterling 11.50% 04/01/ ,000 Lloyds Bank 4.00% VRN 16/12/ ,000 HSBC 5.844% VRN (Perpetual) ,000 Standard Life MACS 6.546% VRN (Perpetual) ,000 Fresnillo 5.50% 13/11/ ,000 Barclays 10.00% 21/05/ ,000 Petroleos Mexicanos 3.50% 23/07/2020 Reg S ,000 Oil India 3.875% 17/04/ ,000 Time Warner Cable 5.25% 15/07/ ,000 Bharti Airtel International 4.00% 10/12/ ,000 Tele Danmark 5.625% 23/02/ ,000 ABN Amro Bank 2.875% 30/06/2025 Reg S ,000 Fukoku Mutual Life 6.50% VRN (Perpetual) ,000 Channel Link FRN 30/06/ ,000 Telereal Securitisation VRN 10/12/ ,000 Amlin 6.50% VRN 19/12/ ,000 EDF 5.875% (Perpetual) ,000 Delek & Avner 5.082% 30/12/ ,000 Pershing Square 5.50% 15/07/ ,000 British Telecom 8.875% 15/12/ ,000 Empresa Electrica 4.875% 25/5/ ,000 Zimmer 4.45% 15/08/ ,000 Deutsche Annington 3.20% 02/10/ ,000 Delek & Avner 5.412% 30/12/ ,000 Zimmer 3.15% 01/04/ ,000 Citigroup 6.675% 13/09/ ,000 Zimmer 3.55% 01/04/ ,000 ING Verzekeringen 4.625% 08/04/ ,000 Rabobank Nederland 5.50% 29/06/ ,000 Deutsche Annington Finance 4.00% (Perpetual) ,000 Citigroup 5.50% 13/09/ ,000 Credit Agricole VRN (Perpetual) Reg S ,000 Woolwich Building Society 9.50% 01/08/ ,000 Continental Resources 4.50% 15/04/ ,000 Credit Agricole 4.375% 17/03/ A ,000 Credit Suisse 5.75% VRN 18/09/ ,000 Continental Resources 3.80% 01/06/ ,000 Royal London Finance Bond 6.125% 30/11/ ,000 Rowan 5.40% 01/12/ ,000 Actavis Funding 3.80% 15/03/ ,000 Actavis Funding 4.85% 15/06/ ,000 Watson Pharmaceuticals 4.625% 01/10/

276 Fidelity Institutional Reduced Duration UK Corporate Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 100,000 Barclays 6.00% 14/01/ ,000 News America 5.40% 01/10/ ,000 Actavis Funding 3.45% 15/03/ ,000 Zimmer 4.25% 15/08/ ,000 Actavis Funding 4.75% 15/03/ ,000 Actavis Funding 4.55% 15/03/ , BB Rated - (4.17%) 740,338 Tesco Property Finance % 13/10/ ,000 AA Bond 5.50% 31/07/2022 Reg S ,895 Tesco Property Finance 5.744% 13/04/ ,000 Petrobras Global Finance 6.625% 16/01/ ,000 Credit Suisse 7.50% (Perpetual) ,000 International 5.625% 15/02/ A ,000 Nationwide Building Society 6.875% (Perpetual) ,000 Natwest 6.50% 07/09/ ,000 Russian Railways 7.487% 25/03/ ,000 Telecom Italia 7.375% 15/12/ ,000 Enel 7.75% 10/09/ ,000 Anglian Water 5.00% 30/04/2023 Reg S ,000 Credit Agricole VRN (Perpetual) ,000 CNH Capital 3.875% 16/07/ A ,000 Centurylink 7.60% 15/09/ ,000 Credit Agricole 7.875% (Perpetual) , B Rated - (0.25%) 300,000 Enterprise Inns 6.375% 26/09/ ,000 Gol LuxCo 8.875% 24/01/ Not Rated - (2.23%) 500,000 University of Cambridge 3.75% 17/10/ ,000 PGH Capital 5.75% 07/07/ ,000 Virgin Money 2.25% 21/04/2020 Reg S ,000 Skandinaviska Enskilda 5.75% VRN (Perpetual) ,000 Investec Bank 4.50% 05/05/2022 Reg S ,000 Prosieben Media 2.625% 15/04/ ,000 Eurofins Scientific 2.25% 27/01/2022 Reg S ,000 Admiral 5.50% 25/07/ ,000 Investec Bank 9.625% 17/02/ ,000 Liverpool University 3.375% 25/06/2055 Reg S ,000 Bankers Investment Trust 8.00% 31/10/ ,000 Pirelli 5.125% 22/02/ ,000 First Hydro Finance 9.00% 31/07/ ,000 British Land 5.264% 24/09/ ,000 Peel 8.375% 30/04/ ,

277 Fidelity Institutional Reduced Duration UK Corporate Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Forward Foreign Exchange Contracts - (0.41%) 31,278,226 Bought GBP sold for settlement 18/08/ ,264,189 Bought GBP sold for settlement 18/08/ ,795 Bought GBP sold for settlement 18/08/ ,116 Bought GBP sold for settlement 18/08/ ,576 Bought USD sold for settlement 18/08/ ,360 Bought USD sold for settlement 18/08/ ,676 Bought GBP sold for settlement 18/08/ ,407 Bought GBP sold for settlement 18/08/ ,460,929 Bought USD sold for settlement 18/08/ ,381 Bought GBP sold for settlement 18/08/ ,596 Bought GBP sold for settlement 18/08/ ,467 Bought GBP sold for settlement 18/08/ ,812 Bought EUR sold for settlement 18/08/2015 (1) ,614 Bought EUR sold for settlement 18/08/2015 (1) ,569 Bought USD sold for settlement 18/08/2015 (1) ,346 Bought USD sold for settlement 18/08/2015 (1) ,201 Bought EUR sold for settlement 18/08/2015 (2) ,351 Bought USD sold for settlement 18/08/2015 (4) ,089 Bought USD sold for settlement 18/08/2015 (4) ,091 Bought EUR sold for settlement 18/08/2015 (4) ,656 Bought EUR sold for settlement 18/08/2015 (4) ,787 Bought EUR sold for settlement 18/08/2015 (5) (0.01) 200,540 Bought USD sold for settlement 18/08/2015 (6) (0.01) 261,196 Bought USD sold for settlement 18/08/2015 (7) (0.01) 305,976 Bought USD sold for settlement 18/08/2015 (8) (0.01) 385,741 Bought USD sold for settlement 18/08/2015 (8) (0.01) 506,966 Bought USD sold for settlement 18/08/2015 (8) (0.01) 401,028 Bought USD sold for settlement 18/08/2015 (13) (0.01) 469,419 Bought USD sold for settlement 18/08/2015 (13) (0.01) 717,912 Bought USD sold for settlement 18/08/2015 (22) (0.03) 1, Futures - ((0.15)%) (7,400,000) US Ultra Bond Future 21/09/ (1,900,000) EURO BUXL 30 Year Future 08/09/ (7,300,000) US Treasury 10 Year Future 21/09/ ,700,000 US Treasury 5 Year Future 30/09/ (6,700,000) EURO BOBL Future 08/09/ ,000 US Treasury 2 Year Future 30/09/ (100,000) EURO BUND Future 08/09/ (3,600,000) Long Gilt Future 28/09/2015 (2) ,800,000 US Treasury 20 Year Future 21/09/2015 (20) (0.02) Index Credit Default Swaps - (0.32%) 24,850,000 Sold Protection on ITRAXX Europe Sub Financial Series 52 20/06/2020 **

278 Fidelity Institutional Reduced Duration UK Corporate Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Interest Rate Swaps - (0.80%) 8,700,000 Pay fixed 1.38%, receive floating 29/01/ ,150,000 Receive fixed 2.853%, pay floating 07/06/ ,800,000 Pay fixed 1.68%, receive floating 20/04/ ,600,000 Pay fixed 1.988%, receive floating 11/05/ ,300,000 Pay fixed 2.02%, receive floating 02/06/ ,150,000 Receive fixed 1.908%, pay floating 09/06/2022 (2) ,000,000 Receive fixed 1.04%, pay floating 06/05/2017 (28) (0.03) 17,550,000 Receive fixed 0.888%, pay floating 08/04/2017 (47) (0.05) 5,900,000 Receive fixed 1.304%, pay floating 27/03/2020 (101) (0.12) 22,350,000 Pay fixed 2.085%, receive floating 07/06/2023 (106) (0.12) 4,900,000 Pay fixed 2.129%, receive floating 19/09/2019 (108) (0.12) 1,000,000 Pay fixed 3.34%, receive floating 17/10/2043 (210) (0.24) 7,450,000 Pay fixed 2.669%, receive floating 30/07/2024 (357) (0.41) 5,500,000 Pay fixed 3.056%, receive floating 07/06/2043 (809) (0.93) (1,208) (1.38) Portfolio of investments 86, Cash and other net assets/(liabilities) Net assets 87, The figures in brackets represent the sector distributions at 30 June **Credit default swaps - please refer to note 14 of the Aggregate Financial Statements for more information. The fund has deposited 1,554,000 of bond stocks as collateral with third party counterparties in relation to positions it holds in over the counter derivative contracts (2014: nil). The percentage of net assets disclosed above is subject to rounding. 277

279 Fidelity Institutional Select Emerging Market Equities Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % China - (17.84%) 295,701 Tencent 3, ,600 China Pacific Insurance 1, ,944,000 China Construction Bank 1, ,000 Ping An Insurance 1, ,728,000 Bank of China (H) 1, ,559,000 CNOOC 1, ,604,000 CT Environmental 1, ,516,000 Industrial & Commercial Bank of China 1, ,400 Vipshop ADR 1, ,700 China Vanke 1, ,500 China Mobile ,000 Brilliance China Automotive ,800 Alibaba ADR ,000 ENN Energy ,000 Great Wall Automotive ,500 BBMG ,000 PAX Global Technology ,000 Legend ,846 Petrochina ,000 CSPC Pharmaceutical ,000 Beijing Jingneng Clean Energy , Korea - (14.99%) 6,119 Samsung Electronics 4, ,425 AmorePacific 1, ,543 Medy-Tox 1, ,481 LG Chemical 1, ,538 Korea Plant Service & Engineering ,444 Posco ,378 SK Hynix ,482 Shinhan Financial ,898 SK Telecom ,222 LG Household & Health Care ,454 Dongbu Insurance ,080 Daewoo International , Taiwan - (10.76%) 1,076,000 Taiwan Semiconductor Manufacturing 3, ,724,417 Cathay Financial 1, ,000 Advantech ,000 Fubon ,000 Largan Precision ,000 Hermes Microvision ,000 Eclat Textile ,000 Vanguard International Semiconductor ,950 Merida Industry ,000 Far EasTone Telecommunications ,

280 Fidelity Institutional Select Emerging Market Equities Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % India - (7.55%) 365,206 Bharti Infratel 1, ,850 Yes Bank 1, ,729 Oil & Natural Gas 1, ,407 ITC 1, ,958 Petronet LNG ,513 Housing Development Finance Corporation ,608 Motherson Sumi Systems ,929 Lupin ,834 Mundra Port & Special Economic Zone ,005 HDFC Bank (Dematerialised) , South Africa - (8.00%) 25,845 Naspers 2, ,962 MTN 1, ,153 Telkom 1, ,290 Capitec Bank ,900 Absa ,769 Nampak ,965 Sasol ,519 Netcare , Brazil - (12.33%) 403,900 Petrobras - Petroleo Brasiliero 1, ,300 Smiles 1, ,400 AmBev ,880 Cielo ,000 BB Seguridade Participaco ,225 ITAU Unibanco (Pref d) ,900 Cosan Industria Comercio ,500 Cetip Balcao Organizado ,660 WEG ,500 Companhia Brasileira de Distribuicao (Pref d) ,300 Braskem Cetip Mercados Organizado (Rights 16/06/2015) , Mexico - (3.26%) 259,800 Grupo Aeropuerto Pacifico 1, ,776 Grupo Mexico ,700 Grupo Financiero Banorte ,300 Bolsa Mexicana De Valores ,100 America Movil ,300 Gruma (B) ,100 Fomento Economico Mexicano ,800 Megacable ,800 Grupo Televisa ,500 Infraestructura Energetica Nova ,

281 Fidelity Institutional Select Emerging Market Equities Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Russia - (6.19%) 24,411 Novatek 1, ,168,652 Sberbank of Russia ,735 JSC MMC Norilsk Nickel ADR (UK) ,577 Eurasia Drilling GDR ,072 Magnit (USD) , Indonesia - (1.41%) 3,116,700 Bank Rakyat Indonesia 1, ,852,800 Astra International , Hong Kong - (1.08%) 1,130,000 Lenovo ,000 BYD Electronic International ,500 Longfor Properties , Malaysia - (1.51%) 1,135,600 Gamuda ,671,100 YTL , Philippines - (1.78%) 3,486,800 Alliance Global 1, ,492 Metropolitan Bank & Trust , Turkey - (1.72%) 57,794 Tupras Turkiye Petrol Rafinerileri ,137 Aygaz , Thailand - (2.03%) 263,200 Kasikornbank (F) ,300 Intouch , Colombia - (0.38%) 36,190 Bancolombia ADR Egypt - (0.00%) 190,595 Commercial International Bank GDR Czech Republic - (0.77%) 5,976 Komercni Banka

282 Fidelity Institutional Select Emerging Market Equities Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Greece - (0.56%) 112,282 Greek Organisation of Football Prognostics ,126,020 Eurobank Ergasias Chile - (0.82%) 216,539 Manufacturera Papeles y Carton ,255 Empresa Nacional de Telecomunicaciones Poland - (1.04%) 29,354 Bank Handlowy w Warszawie Futures - (0.00%) 10,199,049 MINI MSCI Emerging Markets Index Future 18/09/2015 (80) (0.08) (80) (0.08) Portfolio of investments 96, Cash and other net assets/(liabilities) 9, Net assets 106, The figures in brackets represent the sector distributions at 30 June The percentage of net assets disclosed above is subject to rounding. 281

283 Fidelity Institutional Select Global Equities Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % United States - (51.07%) 106,800 Apple 8, ,100 General Electric 4, ,000 Wells Fargo 3, ,300 JPMorgan Chase 3, ,100 Johnson & Johnson 3, ,500 Coca-Cola 3, ,900 Medtronic 2, ,100 Walt Disney 2, ,500 Comcast (A) 2, ,360 Citigroup 2, ,300 Procter & Gamble 2, ,400 Bank of America 2, ,100 Activision Blizzard 2, ,400 Oracle 2, ,400 Biomarin Pharmaceutical 2, ,200 Bristol-Myers Squibb 2, ,300 Facebook (A) 2, ,500 Deere 2, ,100 Boston Scientific 2, ,600 FedEx 2, ,400 CVS Health 2, ,800 Danaher 2, ,800 Visa 2, ,400 Kinder Morgan 2, ,600 Marathon Petroleum 2, ,800 Hewlett-Packard 2, ,700 Mastercard 1, ,300 Adobe Systems 1, ,700 United Technologies 1, ,500 Starbucks 1, ,700 Biogen IDEC 1, ,600 McKesson 1, ,500 Capital One 1, ,540 Google (A) 1, ,600 Cognizant Technology Solutions (A) 1, ,200 US Bancorp 1, ,000 Time Warner 1, ,300 Amsurg 1, ,200 Monster Beverage New 1, ,200 Gilead Sciences 1, ,400 Digital Realty Trust 1, ,800 Medivation 1, ,900 Berkshire Hathaway 1, ,400 Fiserv 1, ,300 Constellation Brands (A) 1, ,900 Nike (B) 1, ,800 Dupont de Nemours 1,

284 Fidelity Institutional Select Global Equities Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 77,200 Babcock & Wilcox 1, ,800 Fidelity National Information Services 1, ,500 Mead Johnson Nutrition 1, ,700 Estee Lauder (A) 1, ,200 Monsanto 1, ,700 SBA Communications (A) 1, ,582 Google 1, ,600 Autozone 1, ,200 Halliburton 1, ,900 Reynolds American 1, ,600 Hess 1, ,300 QUALCOMM 1, ,500 Analog Devices 1, ,500 UnitedHealth 1, ,500 BlackRock 1, ,200 Ametek 1, ,100 Comerica 1, ,400 Air Methods 1, ,600 Twenty First Century Fox 1, ,700 Xcel Energy 1, ,700 Ashland 1, ,300 M&T Bank 1, ,800 Edison International 1, ,700 Mondelez International 1, ,200 Intuit 1, ,000 Travelers Companies 1, ,100 HCA 1, ,300 AGCO 1, ,100 MetLife 1, ,300 Agilent Technologies 1, ,500 Ingersoll Rand (A) 1, ,100 Boston Properties Real Estate Investment Trust 1, ,000 Textron 1, ,300 T-Mobile (US) 1, ,600 McGraw-Hill 1, ,100 Macys 1, ,400 V F 1, ,800 American Tower 1, ,400 Duke Realty Investments Real Estate Investment Trust 1, ,200 Rock Tenn Company (A) 1, ,400 Microsoft 1, ,800 Whiting Petroleum 1, ,600 Apache 1, ,400 Aetna 1, ,200 Las Vegas Sands 1, ,700 L Brands ,100 Wyndham Worldwide ,400 Marathon Oil

285 Fidelity Institutional Select Global Equities Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 46,100 CMS Energy ,800 PVH ,400 Devon Energy ,000 AT&T ,000 Endo International ,800 AMC Networks ,300 Interpublic ,800 Cogent Communications ,000 Oceaneering International ,900 Cooper Companies ,700 Dr Pepper Snapple ,600 Travelport Worldwide ,800 Seres Therapeutics ,000 Dillard (A) ,700 Yum! Brands ,200 Chubb Insurance ,700 Freeport McMoRan (B) ,600 Keurig Green Mountain ,000 Home Depot ,300 Receptos , Japan - (8.06%) 57,700 Toyota Motor 2, ,500 Mitsubishi UFJ Financial 1, ,700 Astellas Pharmaceutical 1, ,100 East Japan Railway 1, ,700 KDDI 1, ,000 Japan Tobacco ,200 SoftBank ,200 Sony ,200 Orix ,000 Hitachi ,300 Murata Manufacturing ,000 NGK Insulators ,500 Seven & I ,000 Mitsui Fudosan ,500 Hoya ,000 IHI Corporation ,900 Olympus ,900 Sumitomo Mitsui Financial ,200 Bridgestone ,900 Suzuki Motor ,000 Sumitomo Chemical ,300 Nidec ,300 SMC ,400 Isuzu Motors ,600 Don Quijote ,000 Sumitomo Mitsui Trust

286 Fidelity Institutional Select Global Equities Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 7,800 Nitori ,200 TDK ,000 Minebea ,200 Makita ,600 Omron ,600 Sony Financial ,900 Fuji Heavy Industries ,200 Canon ,000 Hitachi Metals ,000 Fujirebio ,900 JSR ,500 Seven Bank ,500 Dentsu ,500 Nitto Denko ,500 Asahi Breweries ,500 Daicel Chemical Industries ,000 Nintendo ,700 Mitsubishi Keyence ,000 Mitsubishi Heavy Industries ,000 Taisei ,000 Acom ,200 Seiko Epson Fast Retailing ,300 Misumi ,100 Tokio Marine ,400 Fuji Television Network ,900 Hamamatsu Photonics Nomura Real Estate Office Fund ,500 Mitsubishi UFJ Lease And Finance ,000 Tohoku Electric Power ,000 Japan Exchange ,570 AEON Mall ,000 Fujitsu Nippon Prologis , United Kingdom - (8.85%) 2,121,260 Lloyds Banking Group 1, ,830 Royal Dutch Shell A (UK) 1, ,873 Vodafone 1, ,296 Diageo 1, ,891 Shire 1, ,062 Imperial Tobacco 1, ,870 ITV 1, ,500 Liberty Global 1, ,188 BG Group 1, ,094 HSBC (UK) ,909 Taylor Wimpey

287 Fidelity Institutional Select Global Equities Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 50,649 Prudential ,010 SABMiller ,219 GlaxoSmithKline ,589 Rio Tinto ,069 BP ,174 Unilever (UK) ,935 Tesco ,864 BT ,465 Barclays ,138 Aviva ,733 St James s Place Capital ,376 National Grid Transco ,309 British Land ,262 London Stock Exchange ,449 Randgold Resources ,256 Mondi ,400 Schroders ,567 Hikma Pharmaceuticals ,514 Standard Chartered ,800 Capita ,783 Whitbread ,325 BAE Systems ,142 Johnson Matthey ,497 Travis Perkins ,209 AMEC ,922 Babcock International ,893 Rolls-Royce ,001 InterContinental Hotels ,569 Croda ,534 Meggitt ,565 Barratt Developments ,932,913 Rolls-Royce (Pref d) , Switzerland - (4.12%) 14,665 Roche 2, ,970 Novartis 2, ,857 Nestle 2, ,500 TE Connectivity 1, ,042 Syngenta 1, ,343 Zurich Insurance 1, ,926 UBS ,219 Julius Baer Gruppe ,799 Clariant ,502 Adecco ,514 Partners ,

288 Fidelity Institutional Select Global Equities Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % France - (4.80%) 65,795 Total (B) 2, ,160 Sanofi-Aventis 1, ,086 AXA ,077 Societe Generale de Paris ,644 L Oreal ,180 Danone ,062 Air Liquide ,881 Sagem ,845 St Gobain ,729 Renault ,781 France Telecom ,673 LVMH ,323 GDF Suez ,591 Accor ,925 Capgemini ,986 Suez Environnement ,198 Zodiac Aerospace ,406 Rexel ,586 Unibail-Rodamco ,956 Legrand ,313 Valeo , Canada - (4.25%) 36,400 Royal Bank of Canada 1, ,600 Toronto-Dominion Bank 1, ,000 Valeant Pharmaceuticals International 1, ,052 Suncor Energy ,200 Brookfield Asset Management (A) ,300 Magna International (A) ,900 Sun Life Financial Services of Canada ,600 Potash of Saskatchewan ,800 Canadian National Resources ,900 CP Railway ,200 Alimentation Couche (B) ,700 Constellation Software ,800 Keyera ,400 Peyto Exploration & Development ,400 Gildan Activewear ,300 Rogers Communications (Non-voting) (B) ,000 Intact Financial ,400 Agrium ,100 Methanex ,300 Quebecor ,600 Imperial Oil ,800 Arc Resources ,100 Onex

289 Fidelity Institutional Select Global Equities Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 9,100 Tourmaline Oil ,000 West Fraser Timber , Germany - (3.00%) 16,618 Bayer 1, ,473 Volkswagen (Pref d) 1, ,601 Deutsche Telekom 1, ,833 K&S ,871 Fresenius ,072 Continental ,076 Osram Licht ,580 Beiersdorf ,068 ProSieben Sat.1 Media ,821 Deutsche Annington Immobilien ,979 United Internet ,625 Deutsche Boerse ,947 Adidas ,747 Rocket Internet , Australia - (2.77%) 28,775 Macquarie 1, ,732 Telstra 1, ,977 ANZ Banking (AU) 1, ,273 Commonwealth Bank of Australia ,333 James Hardie Industries ,001 AMP ,482 Ansell ,912 Santos ,061 Westfield ,251 Flight Centre ,869 Incitec Pivot ,433 SEEK ,590 BHP Billiton (AU) , Netherlands - (1.88%) 32,400 Lyondellbasell Industries (A) 2, ,310 Unilever 1, ,460 Altice 1, ,217 ING 1, ,557 Ahold Koninklijke ,588 Reed Elsevier ,

290 Fidelity Institutional Select Global Equities Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Sweden - (1.36%) 135,791 Nordea Bank 1, ,205 Hennes & Mauritz (B) ,652 Alfa Laval ,468 Sandvik ,398 Swedbank (A) ,561 Svenska Cellulosa (B) ,136 Svenska Handelsbanken (A) ,590 Teliasonera ,700 Lundin Petroleum , Hong Kong - (0.73%) 304,000 AIA 1, ,772 CK Hutchison ,500 Techtronic Industries ,000 Sun Hung Kai Properties ,800 Hang Seng Bank ,000 Hong Kong Land (SG) ,772 Cheung Kong Property ,660 HKT Trust ,000 Sino Land ,000 Hysan Development ,000 Lifestyle International , Italy - (0.63%) 548,106 Intesa Sanpaolo 1, ,075,799 Telecom Italia ,864 Finmeccanica ,874 Assicurazioni Generali ,341 Banco Popolare ,312 Unione di Banche Italiane , Spain - (0.85%) 33,851 Amadeus ,956 Iberdrola ,506 Inditex ,388 International Consolidated Airline ,717 CaixaBank ,764 Telefonica (SA) ,886 Red Electrica ,

291 Fidelity Institutional Select Global Equities Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Republic of Ireland - (0.98%) 12,508 Actavis 2, ,040,800 Bank of Ireland ,700 Ryanair , Netherlands Antilles - (0.00%) 46,400 Schlumberger (US) 2, , Denmark - (0.75%) 32,472 Novo Nordisk (B) 1, ,524 Vestas Wind Systems ,827 Danske Bank , Jersey - (0.48%) 37,200 Delphi Automotive 2, ,375 Wolseley , Belgium - (1.07%) 22,020 Anheuser-Busch InBev 1, ,707 KBC ,985 UCB , Singapore - (0.44%) 90,100 DBS ,136 United Overseas Bank ,000 Capitaland , Israel - (0.24%) 31,210 Teva Pharmaceutical Industries ADR 1, ,700 Bezeq Israeli Telecommunications ,400 Teva Pharmaceutical Industries , Norway - (0.16%) 47,779 Statoil ,859 Yara International , Finland - (0.43%) 16,363 Sampo Insurance (A) ,336 Fortum

292 Fidelity Institutional Select Global Equities Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Bermuda - (0.53%) 29,400 Invesco Austria - (0.18%) 8,150 Andritz China - (0.49%) 666,155 Noble Futures - (0.00%) 7,577,244 MINI MSCI EAFE Index Future 19/09/2015 (109) (0.03) 10,495,546 S&P500 EMINI Future 18/09/2015 (119) (0.03) (228) (0.06) Portfolio of investments 353, Cash and other net assets/(liabilities) 17, Net assets 370, The figures in brackets represent the sector distributions at 30 June The percentage of net assets disclosed above is subject to rounding. 291

293 Fidelity Institutional South East Asia Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % China - (18.15%) 600,500 Tencent 7, ,584,400 China Construction Bank 7, ,843,000 Industrial & Commercial Bank of China 6, ,616,000 China Overseas Land & Investments 3, ,000 China Mobile 3, ,906,600 China Petroleum & Chemical 2, ,000 China Pacific Insurance 2, ,000 Ping An Insurance 2, ,538,000 CNOOC 2, ,000 Shenzhou International 2, ,000 CITIC Securities 2, ,000 Bank of China 1, ,902,000 CT Environmental 1, ,462,000 Brilliance China Automotive 1, ,600 Sands China 1, ,954,000 China Cinda Asset Management 1, ,200 China Biologic Products 1, ,424,000 Guangdong Investments 1, ,194,000 China Gas 1, ,696,000 Shandong International Power Development 1, ,600 Fuyao Glass Industries 1, ,154,000 Kerry Logistics Network 1, ,000 Shanghai Fosun Pharmaceuticals 1, ,288,000 Huaneng Renewables (H) 1, ,596 Citigroup (Shanghai International Airport) ELN 12/02/2016 1, ,800 Vipshop ADR ,068 BNP (SAIC Motor Corporation A) ELN 11/11/ ,220,000 Sihuan Pharmaceuticals ,000 Tong Ren Tang Technologies , Australia - (23.49%) 264,759 Commonwealth Bank of Australia 11, ,621 ANZ Banking (AU) 7, ,923 BHP Billiton (AU) 3, ,200 Telstra 2, ,638 CSL 2, ,293 Ramsay Health Care 2, ,510 Charter Hall 1, ,245 Suncorp 1, ,849 Challenger Financial Services 1, ,082 Rio Tinto (AU) 1, ,029 Boral New ,060 Hotel Property Investment ,311 Greencross ,

294 Fidelity Institutional South East Asia Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Hong Kong - (11.93%) 1,286,800 AIA 5, ,452 CK Hutchison 4, ,000 Cheung Kong Infrastructure 3, ,206,000 Sunny Optical Technology 3, ,452 Cheung Kong Property 2, ,946,000 China State Construction 2, ,500 Hong Kong Exchanges & Clearing 2, ,500 Power Assets 1, ,773,000 HKT Trust 1, ,500 Link Real Estate Investment Trust 1, , Korea - (15.41%) 13,076 Samsung Electronics 9, ,857 LG Chemical 3, ,765 Shinhan Financial 3, ,591 LG Household & Health Care 2, ,668 SK Hynix 2, ,766 Naver 1, ,557 Korea Electric Power 1, ,516 SK Telecom 1, , Taiwan - (7.97%) 2,068,000 Taiwan Semiconductor Manufacturing 5, ,505,000 Fubon 4, ,700,450 Cathay Financial 2, ,000 Largan Precision 2, ,633,000 Far EasTone Telecommunications 2, ,000 MediaTek 2, ,168 Advantech 1, , India - (9.20%) 447,659 HDFC Bank (Dematerialised) 5, ,677 Housing Development Finance Corporation 3, ,688 Dr. Reddy s Laboratories 2, ,734 Sun Pharmaceutical Industries (Dematerialised) 2, ,283 Larsen & Tourbo 1, ,412 Mahindra & Mahindra Financial Services 1, ,132 Power Grid Corporation of India 1, ,798 United Spirits ,

295 Fidelity Institutional South East Asia Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Singapore - (3.88%) 299,000 United Overseas Bank 3, ,553,700 Singapore Telecommunications 3, ,833 Raffles Medical 1, ,553,800 SIIC Environment , Indonesia - (2.64%) 3,653,100 Bank Rakyat Indonesia 1, ,952,000 Lippo Pacific Finance 1, ,805,800 Kalbe Farma 1, ,740,700 International Nickel Indonesia ,204,100 Ciputra Development , United States - (2.48%) 63,300 Cognizant Technology Solutions (A) 2, ,289 Fidelity Institutional Liquidity Fund (USD) , Thailand - (1.24%) 549,900 Kasikornbank (F) 1, ,008,260 Minor International (F) , Malaysia - (0.84%) 1,376,800 Malayan Banking 2, , Papua New Guinea - (1.30%) 433,176 Oil Search 1, , New Zealand - (0.55%) 1,054,764 Metro Performance Glass ,480 Ryman Healthcare , Portfolio of investments 221, Cash and other net assets/(liabilities) 1, Net assets 222, The figures in brackets represent the sector distributions at 30 June The percentage of net assets disclosed above is subject to rounding. 294

296 Fidelity Institutional Sterling Core Plus Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % AAA Rated - (3.04%) 450,000 Abbey National Treasury 5.25% 16/02/ ,000 Abbey National Treasury 5.125% 14/04/ ,000 Clydesdale Bank 4.625% 08/06/ ,000 Germany 0.10% I/L 15/04/ ,000 DNB Boligkreditt 1.45% 21/03/ ,986 Bavarian Sky FRN 20/06/ ,775 Fidelity Institutional Liquidity Fund (GBP) , AA Rated - (39.00%) 23,500,000 UK Gilt Treasury 3.25% 22/01/ , ,350,000 UK Gilt Treasury 3.75% 22/07/ , ,260,000 UK Gilt Treasury 4.00% 22/01/2060 5, ,000,000 UK Gilt Treasury 3.50% 02/07/2068 2, ,000,000 US Treasury Note 0.125% 15/04/2016 1, ,000,000 UK Gilt Treasury 4.75% 07/12/2038 1, ,000 General Electric Capital UK Funding 5.875% 18/01/ ,000,000 General Electric 1.875% 28/05/ ,000 General Electric Capital UK Funding 4.375% 31/07/ ,000 Westpac Banking 4.875% 19/11/ ,000 General Electric Capital 4.65% 17/10/ ,000 Walmart Stores 5.625% 15/04/ ,000 GE Corporation 4.50% 11/03/ ,000 UK Gilt Treasury 6.00% 07/12/ ,000 US Treasury Note 1.625% 15/11/ ,000 MDC Global 3.25% 28/04/ ,000 Land Securities 5.391% VRN 31/03/ ,000 MetLife Global 3.00% 10/01/ ,000 PSA International 4.625% 11/09/ ,000 Chevron 3.191% 20/06/ ,000 CME Group 3.00% 15/03/ ,000 General Electric Capital 5.25% 06/12/ ,000 General Electric 1.25% 26/05/ ,000 IPIC 6.875% 14/03/ ,000 Chevron 2.427% 20/06/ ,128 Eddystone Finance Series Class A2 FRN 19/04/ ,394 Eddystone Finance Series Class B FRN 19/04/ ,866 Granite Master Issuer Series Class A5 FRN 20/12/ ,000 Roche 6.00% 01/03/ ,000 US Treasury Bond 3.00% 15/11/ , A Rated - (17.98%) 1,000,000 BAT International Finance 6.00% 24/11/2034 1, ,726,000,000 Korea 2.75% 10/06/2020 1, ,200,000 Kunlun Energy 3.75% 13/05/2025 Reg S ,000 Standard Chartered Bank 5.125% 06/06/

297 Fidelity Institutional Sterling Core Plus Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 700,000 Unite (USAF) 3.37% 30/06/ ,000 EDF 6.125% 02/06/ ,000,000 Commonwealth Bank Australia Var 11/03/2025 Reg S ,000 Saudi Electricity Global 4.00% 08/04/ ,000 Intu Properties 3.875% 17/03/ ,000 BAT International Finance 3.25% 07/06/ ,550,000 China Construction Bank Sydney 3.80% 29/09/ ,000 Hutchison Whampoa 1.375% 31/10/ ,000 National Grid 5.875% 02/02/ ,000 Geberit International 0.688% 30/03/2021 Reg S ,000 BBVA Bancomer SA Texas 4.375% 10/04/ ,000,000 Eastern Creation II 3.75% 27/06/ ,000 UBS 7.125% (Perpetual) ,000 Nationwide Building Society 2.35% 21/01/ A ,000 HSBC 5.375% 22/08/ ,000 GlaxoSmithKline 5.25% 19/12/ ,300,000 Sinochem Offshore 3.55% 13/05/ ,000 Achmea 2.50% 19/11/ ,434 Aspire Defence Finance 4.674% 31/03/2040 (A) ,000,000 Caterpillar Financial Services 2.95% 03/03/ ,000 Comcast 5.50% 23/11/ ,000 Sabmiller Holding 2.20% 01/08/ ,195 Aspire Defence Finance 4.674% 31/03/2040 (B) ,000 NBC Universal Media 4.375% 01/04/ ,000 EDF 6.625% 12/12/ ,000 HSBC 6.50% 20/05/ ,200,000 Bank of China 3.35% 15/07/ ,000 GSINC 3.625% 22/01/ ,000 CNOOC Finance % 26/01/ ,000 Rio Tinto Finance USA 9.00% 01/05/ ,000 BFCM 2.50% 29/10/ ,000 SABMiller 2.45% 15/01/ ,000 Abu Dhabi National 3.625% 12/01/ ,000 Abbvie 2.50% 14/05/ ,000 Illinois Tool Works 3.00% 19/05/ ,000 Wales & West Utilities 5.00% 07/03/ ,000 Heathrow Funding 5.225% VRN 15/02/ ,000 Comcast 3.60% 01/03/ ,000 Vier Gas Transport 2.875% 12/06/ ,000 Achmea 2.75% 18/02/ ,000 Yorkshire Water 3.625% 01/08/ ,000 Export-Import Bank Korea 5.00% 11/04/ ,000 SABMiller 3.75% 15/01/ ,000 Nonghyup Bank 2.625% 01/11/ ,000 Korea Resources Corporation 2.12% 02/05/ ,000 Abbvie 3.60% 14/05/ ,000 Dwr Cymru 6.907% 31/03/ ,000 Rolls Royce 6.75% 30/04/

298 Fidelity Institutional Sterling Core Plus Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 150,000 Citigroup 4.50% 14/01/ ,959 Broadgate Financing FRN 05/01/ ,000 Walt Disney 2.35% 01/12/ ,000 Aquarius Zurich 4.25% VRN 02/10/ ,000 MetLife 4.125% 13/08/ ,000 Yorkshire Water Service ODSA % 17/04/ ,000 Yorkshire Water Services 6.375% 19/08/ , BBB Rated - (28.43%) 2,500,000 Bank of Scotland 7.281% (Perpetual) B 2, ,800,000 CPUK Finance 2.666% 28/02/2020 Reg S 1, ,300,000 Spain 0.55% 30/11/2019 Reg S 1, ,000 SMFG Preferred Capital % VRN (Perpetual) 1, ,600,000 Bank of Ireland 1.25% 09/04/2020 Reg S 1, ,050,000 CPUK Finance 3.588% 28/08/2025 Reg S 1, ,000 AA Bond % 31/07/2018 1, ,250,000 ABN Amro Bank 2.875% 30/06/2025 Reg S ,400,000 Pershing Square 5.50% 15/07/ ,200,000 WEA Finance 2.70% 17/09/ ,000 Votorantim Cimentos 3.50% 13/07/2022 Reg S ,000,000 Mondelez International 2.375% 06/03/ ,000 Grand City Property 1.50% 17/04/2025 Reg S ,000 Channel Link FRN 30/06/ ,000 Lloyds Bank 4.00% VRN 16/12/ ,000 Jefferies 2.375% 20/05/ ,000 Zimmer 3.55% 01/04/ ,000 McKesson 3.796% 15/03/ ,000 NIE Finance 6.375% 02/06/ ,000 Publicis Groupe 1.125% 16/12/ ,423 UPP Bond Issuer 1.00% 28/02/ ,000 Marsh & McLennan 2.35% 10/09/ ,000 Bank of America Funding 4.20% 26/08/ ,000 ING Verzekeringen 4.625% 08/04/ ,000 Morgan Stanley 4.35% 08/09/ ,000 Rabobank Nederland 5.50% 29/06/ ,000 Dong Energy 5.75% 09/04/ ,000 Infra Foch Sas 2.125% 16/04/2025 Reg S ,000 Wendel 5.875% 17/09/ ,000 UBS 4.75% 12/12/ ,000 Lyondellbas 6.00% 15/11/ ,000 AA Bond 3.781% 31/07/ ,000 Fukoku Mutual Life 6.50% VRN (Perpetual) ,000 AXA 5.625% 16/01/ ,000 Qwest 6.75% 01/12/ ,000 McKesson 2.30% 15/03/ ,000 McKesson 4.883% 15/03/ ,000 Great Rolling Stock 6.25% 27/07/

299 Fidelity Institutional Sterling Core Plus Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 500,000 Verizon Global Funding 5.85% 15/09/ ,000 EDF Energy Networks 6.00% 12/11/ ,000 Wales & West Utilities 6.75% 17/12/ ,000 Albemarle 4.15% 01/12/ ,000 Credit Agricole 8.125% 19/09/ ,000 Veolia Environnement 6.125% 29/10/ ,000 Coca-Cola HBC 2.375% 18/06/ ,000 ENW Finance 6.125% 21/07/ ,000 Energy Transfer 2.50% 15/06/ ,000 Nordea Bank 5.50% (Perpetual) ,000 Burlington North 3.40% 01/09/ ,000 Marsh & McLennan 4.80% 15/07/ ,000 AutoZone 3.125% 15/07/ ,000 Arkema 1.50% 20/01/2025 Reg S ,000 Southern Water Services Finance 4.50% 31/03/2052 (A) ,000 Telereal Securitisation VRN 10/12/ ,000 Altria 2.85% 09/08/ ,000 Experian Finance 2.375% 15/06/ ,000 Credit Suisse 5.75% VRN 18/09/ ,000 Northumbrian Water Finance 5.125% 23/01/ ,000 Mondi Finance 3.375% 28/09/ ,000 Amgen 5.15% 15/11/ ,000 Prologis 3.375% 20/02/ ,000 Deutsche Annington 3.20% 02/10/ ,000 Imperial Tobacco 5.50% 28/09/ ,000 Albemarle 5.45% 01/12/ ,000 Governor&Co Bank 2.75% 05/06/ ,000 Dignity Finance % 31/12/ ,000 LYB International Finance 4.875% 15/03/ ,000 FirstGroup 5.25% 29/11/ ,000 Reynolds American 3.25% 01/11/ ,000 Aurizon Network Pty 2.00%18/09/ ,000 Wendel 2.50% 09/02/2027 Reg S ,000 Deutsche Annington 5.00% 02/10/ ,000 Actavis Funding 3.80% 15/03/ ,000 Jb Y Co Sa De 3.75% 13/05/ A ,000 Ford Motor 4.75% 15/01/ ,771 Bishopsgate Asset Finance 4.808% 14/08/ ,000 Bahrain 6.00% 19/09/ ,000 Severn Trent Water 4.875% 24/01/ ,000 Barclays 6.75% VRN 16/01/ ,000 Oneok Partners 3.20% 15/09/ ,000 AT&T 5.875% 28/04/ ,000 Heinz 5.20% 15/07/ A ,000 Glencore 3.125% 29/04/ ,000 McKesson 2.85% 15/03/ ,000 Bank of Ireland 3.25% 15/01/ ,000 Jefferies 6.875% 15/04/

300 Fidelity Institutional Sterling Core Plus Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 200,000 Delta Lloyd 4.375% (Perpetual) Reg S ,000 Eversholt Funding 6.697% 22/02/ ,000 Actavis Funding 3.00% 12/03/ ,000 Ecolab 2.25% 12/01/ ,000 Actavis Funding 3.45% 15/03/ ,000 Enterprise Products 3.75% 15/02/ ,000 Direct Line Insurance 9.25% 27/04/ ,000 Credit Agricole 4.375% 17/03/ A ,000 Actavis Funding 4.55% 15/03/ ,000 HSBC 5.844% VRN (Perpetual) ,000 Royal London Finance Bond 6.125% 30/11/ ,000 Intesa Sanpaolo 4.00% 09/11/ ,000 Actavis Funding 4.75% 15/03/ ,000 Altria 9.25% 06/08/ ,000 Plains All American Pipeline 8.75% 01/05/ ,000 Sky 2.50% 15/09/ ,000 Yorkshire Power 7.25% 04/08/ ,000 Wrigley 2.90% 21/10/ ,000 Granite Master Issuer Series Class 1C1 FRN 20/12/ ,000 Burlington North 4.15% 01/04/ , BB Rated - (2.77%) 786,609 Tesco Property Finance % 13/10/ ,000 Natwest 6.50% 07/09/ ,000 Intesa Sanpaolo 3.928% 15/09/ ,000 Generali Finance 4.596% VRN (Perpetual) ,000 SPCM 2.875% 15/06/2023 Reg S ,000 Santander UK VRN (Perpetual) Reg S ,000 EDP Finance 2.625% 18/01/ ,000 Ally Financial 4.125% 13/02/ ,000 Lloyds Bank 7.00% VRN (Perpetual) ,000 Banco Popolar 3.50% 14/03/ ,000 Credit Agricole 7.875% (Perpetual) ,000 UBS Group VRN (Perpetual) Reg S ,000 Lafarge 8.75% 30/05/ ,000 Jaguar Land Rover 3.50% 15/03/ A ,000 Steel Dynamics 5.50% 01/10/ ,000 Lafarge 4.75% 23/03/ ,000 Wind Acquisition Finance 4.00% 15/07/ ,000 Merlin Entertain 2.75% 15/03/2022 Reg S ,000 CNH Capital 3.875% 16/07/ A ,000 Lafarge 6.625% 29/11/ ,

301 Fidelity Institutional Sterling Core Plus Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % B Rated - (0.30%) 1,100,000 VRX Escrow 5.875% 15/05/ A ,000 INEOS 5.875% 15/02/ ,000 Fiat Finance & Trade 4.75% 22/03/2021 Reg S , Not Rated - (5.14%) 900,000 Criteria Caixh 1.625% 21/04/2022 Reg S ,000 Eurofins Scientific 2.25% 27/01/2022 Reg S ,000 PGH Capital 5.75% 07/07/ ,000 First Hydro Finance 9.00% 31/07/ ,000 Christian Dior 1.375% 19/06/ ,750,000 ESUN International Finance 8.375% 24/06/ ,550,000 Cagamas Global 3.70% 22/09/ ,000,000 Sinostrong International 4.00% 28/05/2018 Reg S ,950,000 ICBC Sydney 3.40% 11/02/ ,900,000 China Unicom Hong Kong 3.80% 24/07/ ,000 Bureau Veritas 3.125% 21/01/ ,000 Prosieben Media 2.625% 15/04/ ,000 Iliad 4.875% 01/06/ ,000 Virgin Money 2.25% 21/04/2020 Reg S ,000 Wharf Finance 4.625% 08/02/ ,550,000 Agricultural Development Bank China 3.00% 21/05/ ,000 Capitamall Trust 3.731% 21/03/ , Forward Foreign Exchange Contracts - (0.62%) 28,463,619 Bought GBP sold for settlement 07/07/ ,211,959 Bought GBP sold for settlement 07/07/ ,477,235 Bought GBP sold for settlement 07/07/ ,256 Bought USD sold for settlement 07/07/ ,211,015 Bought USD sold for settlement 07/07/ ,742,928 Bought USD sold 1, for settlement 07/07/ ,081,661 Bought GBP sold for settlement 07/07/ ,465 Bought USD sold for settlement 07/07/ ,451 Bought GBP sold for settlement 07/07/2015 (2) ,663,641 Bought GBP sold for settlement 07/07/2015 (2) ,276 Bought USD sold for settlement 07/07/2015 (2) ,257 Bought USD sold for settlement 07/07/2015 (4) ,322 Bought EUR sold for settlement 07/07/2015 (10) (0.01) 400,776 Bought EUR sold for settlement 07/07/2015 (14) (0.01) 765,400 Bought USD sold for settlement 07/07/2015 (15) (0.01) 1,365,583 Bought NOK sold for settlement 07/07/2015 (50) (0.04) Index Credit Default Swaps - (1.46%) 25,000,000 Sold Protection on ITRAXX Europe Sub Financial Series 52 20/06/2020 **

302 Fidelity Institutional Sterling Core Plus Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Futures - ((0.16)%) (45,800,000) US Treasury 10 Year Future 21/09/ (3,000,000) US Treasury 20 Year Future 21/09/ (3,000,000) EURO BUND Future 08/09/ (17,800,000) EURO BOBL Future 08/09/ (100,000) Short Gilt Future 28/09/ (400,000) EURO SCHATZ Future 08/09/ (100,000) Canadian 10 Year Bond Future 21/09/ (200,000) US Treasury 2 Year Future 30/09/ (10,900,000) US Treasury 5 Year Future 30/09/ ,400,000 US Ultra Bond Future 21/09/2015 (35) (0.03) 30,200,000 Long Gilt Future 28/09/2015 (400) (0.29) (1) 0.00 Interest Rate Swaps - (3.54%) 1,400,000 Receive fixed 3.14%, pay floating 04/08/ ,500,000 Receive fixed 5.13%, pay floating 15/08/ ,800,000 Pay fixed 2.05%, receive US CPI 05/03/2025 (22) (0.02) 200,000,000 Pay fixed 2.075%, receive floating 17/08/2016 (23) (0.02) 2,900,000 Pay fixed 1.228%, receive EURO HCIP 03/04/2019 (35) (0.03) 7,550,000 Pay fixed 1.885%, receive US CPI 21/10/2019 (118) (0.09) 4,000,000 Pay fixed %, receive floating 15/10/2016 (120) (0.09) 1,000,000 Pay fixed, 5.605%, receive floating 17/08/2036 (291) (0.21) 1,000,000 Pay fixed 4.478%, receive floating 17/08/2036 (372) (0.27) 15,000,000 Receive fixed 1.67%, pay floating 19/03/2025 (636) (0.46) 15,000,000 Receive fixed 1.995%, pay floating 19/03/2045 (1,201) (0.88) (2,598) (1.89) Portfolio of investments 135, Cash and other net assets/(liabilities) 2, Net assets 137, The figures in brackets represent the sector distributions at 30 June **Credit default swaps - please refer to note 14 of the Aggregate Financial Statements for more information. The fund has deposited 3,384,000 of bond stocks as collateral with third party counterparties in relation to positions it holds in over the counter derivative contracts (2014: 1,743,000). The percentage of net assets disclosed above is subject to rounding. 301

303 Fidelity Institutional UK Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Financials - (19.22%) 17,922,445 Lloyds Banking Group 15, ,101,150 HSBC (UK) 12, ,949 Provident Financial 10, ,573,806 Barclays 9, ,092 London Stock Exchange 9, ,817 Rathbone Brothers 5, ,595 Close Brothers 4, ,712,275 Foxtons 4, ,083 Prudential 2, ,117 Derwent London 2, ,224 Amlin 2, ,117 Standard Chartered 2, ,049 Royal Bank of Scotland 2, ,605 St James s Place Capital 1, ,985 Munich Reinsurance 1, ,391 Admiral 1, ,719 Direct Line Insurance 1, ,027,673 Greencoat UK Wind 1, ,661 Novae 1, ,457 Beazley 1, ,640 Phoenix (UK) ,390 Aviva ,142 INTU Properties ,269 Hiscox (BM) ,771 Investec ,840 Barclays Lake Acquisition Unlisted ELN 31/01/2019* , Consumer Goods - (14.53%) 685,384 Diageo 12, ,717 Unilever (UK) 11, ,363 SABMiller 9, ,169 Imperial Tobacco 7, ,605 Electronic Arts 7, ,155 Burberry 6, ,495 British American Tobacco 4, ,677 Reckitt Benckiser 4, ,910 Altria 3, ,869,042 Taylor Wimpey 3, ,748 Associated British Foods 2, ,135 Kraft Foods 2, ,524 Headlam 2, ,710 Cranswick 1, ,904 GKN 1, ,052 McBride ,129 Nichols ,430 Tate & Lyle ,732 Cairn Homes ,

304 Fidelity Institutional UK Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Consumer Services - (14.53%) 278,262 Rightmove 9, ,165 Whitbread 7, ,409,650 Booker 7, ,442 Compass 6, ,362,720 ITV 6, ,877 Next 4, ,628 Pearson 4, ,605 International Consolidated Airlines 3, ,617 Sky 3, ,120 Carnival 2, ,568 Card Factory 2, ,737 Just Eat 1, ,734 Carphone Warehouse 1, ,614 Cineworld 1, ,312 InterContinental Hotels 1, ,429 Kingfisher 1, ,518 Greggs 1, ,742 Amazon.com 1, ,338 Marks & Spencer ,989 Morrison (WM) Supermarkets ,669 Brown (N) ,865 Dignity ,624 Thomas Cook ,488 Greene King ,909 WPP , Industrials - (10.07%) 323,479 Wolseley 13, ,800 Bunzl 7, ,876 Travis Perkins 6, ,141,966 BAE Systems 5, ,952 Spirax-Sarco Engineering 5, ,485 DCC (UK) 4, ,111,508 BBA Aviation 3, ,354 Rolls-Royce 3, ,890 CRH (IR) 2, ,003 Royal Mail 2, ,338 Experian 2, ,385 Capita 1, ,391 Homeserve 1, ,413 Group 4 Securicor 1, ,098 PayPoint 1, ,697 Cobham ,529 AA ,682 Premier Farnell ,018 Serco

305 Fidelity Institutional UK Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 32,728 RPS ,562,966 Rolls-Royce (Pref d) ,001,810 ROK* , Health Care - (14.05%) 1,352,890 GlaxoSmithKline 18, ,477 AstraZeneca (UK) 12, ,962 Sanofi-Aventis 9, ,888 Shire 8, ,571 Roche 5, ,514 Novo Nordisk (B) 5, ,295 Novartis 3, ,675 Indivior , Equity Funds - (9.43%) 1,719,198 Fidelity Special Situations Fund 48, , Oil & Gas - (7.18%) 398,644 Royal Dutch Shell A (UK) 7, ,817 Anadarko Petroleum 2, ,435 BG Group 2, ,045 Diamondback Energy 2, ,370 BP 2, ,447 Royal Dutch Shell B (UK) 1, , Telecommunications - (2.89%) 1,504,753 BT 6, ,343,835 Vodafone 5, ,969 Inmarsat 3, ,133 TalkTalk Telecom 2, ,073 KCOM , Utilities - (4.46%) 487,128 National Grid Transco 4, ,264 Pennon 3, ,099,599 Centrica 2, ,500 SSE 2, ,425 Severn Trent 2, ,109 United Utilities 1, ,537 Infinis Energy ,

306 Fidelity Institutional UK Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Basic Materials - (3.48%) 101,120 Johnson Matthey 3, ,342 Rio Tinto 2, ,353 BHP Billiton 1, ,193 Croda ,876 Victrex ,304 South32 (UK) , Technology - (1.77%) 53,918 Aveva Cash Funds/Money Market Funds - (0.00%) 774 Fidelity Institutional Liquidity Fund (GBP) Portfolio of investments 493, Cash and other net assets/(liabilities) 9, Net assets 502, The figures in brackets represent the sector distributions at 30 June *Securities valued at the ACD s valuation. The percentage of net assets disclosed above is subject to rounding. 305

307 Fidelity Institutional UK Aggregate Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % AAA Rated - (5.70%) 6,001,426 Fidelity Institutional Liquidity Fund (GBP) 6, ,950,000 Lloyds Bank 6.00% 08/02/2029 3, ,750,000 Royal Bank of Scotland 5.125% 13/01/2024 3, ,000,000 Lloyds Bank 5.125% 07/03/2025 2, ,950,000 Clydesdale Bank 4.625% 08/06/2026 2, ,150,000 Germany 4.75% 04/07/2028 2, ,650,000 Abbey National Treasury 5.25% 16/02/2029 2, ,950,000 Deco 2012 M-Hill FRN 28/07/2021 1, ,636,000 Wellcome Trust Finance 4.00% 09/05/2059 1, ,275,000 Barclays Bank 4.25% 12/01/2022 1, ,200,000 Abbey National Treasury 5.125% 14/04/2021 1, ,071,970 HMI Series X Class A5 01/10/2054 1, ,000 Lloyds Bank 4.875% 30/03/2027 1, ,000 Abbey National 5.75% 02/03/ ,000 Massachusetts Institute of Technology 5.60% 01/07/ ,706 Meadowhall Finance 4.986% 12/01/ , AA Rated - (45.72%) 20,750,000 UK Gilt Treasury 4.25% 07/09/ , ,850,000 UK Gilt Treasury 4.50% 07/09/ , ,225,000 UK Gilt Treasury 3.75% 07/09/ , ,100,000 UK Gilt Treasury 4.50% 07/12/ , ,420,000 UK Gilt Treasury 3.75% 22/07/ , ,250,000 UK Gilt Treasury 3.75% 07/09/ , ,230,000 UK Gilt Treasury 4.75% 07/12/ , ,950,000 UK Gilt Treasury 3.50% 02/07/2068 9, ,000,000 UK Gilt Treasury 5.00% 07/03/2018 8, ,850,000 UK Gilt Treasury 4.25% 07/06/2032 7, ,550,000 Sinopec Group Overseas Development % 28/04/2020 Reg S 5, ,200,000 UK Gilt Treasury 4.25% 07/12/2046 5, ,700,000 CME Group 3.00% 15/03/2025 4, ,700,000 Microsoft 4.00% 12/02/2055 4, ,100,000 UK Gilt Treasury 3.25% 22/01/2044 3, ,850,000 UK Gilt Treasury 4.00% 07/09/2016 2, ,500,000 General Electric Capital 5.50% 07/06/2021 2, ,450,000 UK Gilt Treasury 4.00% 07/03/2022 2, ,050,000 UK Gilt 3.50% 22/01/2045 2, ,150,000 Microsoft 3.75% 12/02/2045 2, ,995,660 Channel Tunnel Rail Link 5.234% 02/05/2035 2, ,660,000 Korea Water Resources 2.00% 16/04/2018 2, ,600,000 Apple 2.50% 09/02/2025 2, ,100,000 ANZ National International 2.60% 23/09/2019 1, ,950,000 Met Life Global 2.30% 10/04/2019 1, ,050,000 Apple 2.40% 03/05/2023 1, ,250,000 Reseau Ferre de France 4.83% 25/03/2060 1, ,600,000 Swan Housing Capital 3.625% 05/03/2048 1,

308 Fidelity Institutional UK Aggregate Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 2,250,000 Korea Development Bank 3.00% 17/03/2019 1, ,050,000 UK Gilt Treasury 4.00% 22/01/2060 1, ,250,000 Statoil 2.75% 10/11/2021 1, ,100,000 IPIC 6.875% 14/03/2026 1, ,750,000 Walmart Stores 6.20% 15/04/2038 1, ,350,000 University of California CA Revenues 4.858% 15/05/2112 1, ,475,000 SLM Student Loan Trust 5.15% 15/12/2039 (A) * 1, ,093,981 Telereal Securitisation % 10/12/2031 1, ,050,000 Shell International Finance 4.375% 11/05/2045 1, ,100,000 UK Gilt Treasury 4.50% 07/03/2019 1, ,000,000 Land Securities 5.391% VRN 31/03/2027 1, ,700,000 GE Corporation 4.50% 11/03/2044 1, ,000 Canary Wharf Finance Series II 5.952% 22/01/ ,000 General Electric Capital UK Funding 6.25% 05/05/ ,000 UK Gilt Treasury 4.25% 07/12/ ,050,000 Westpac Banking 4.875% 19/11/ ,100,000 National Australia Bank 2.75% 09/03/ ,000 Statoil 3.25% 10/11/ ,291 Equity Release 5.70% 26/02/ ,000 RHP Finance 3.25% 05/02/2048 Reg S ,000 General Electric Capital UK Funding 4.375% 31/07/ ,000 Shell International Finance 2.375% 21/08/ ,000 Westpac Banking 5.00% 21/10/ ,000 Equity Release Funding 5.05% 26/04/ ,000 Allianz Finance 4.50% 13/03/ ,000 General Electric 4.125% 09/10/ ,000 MetLife Global 3.50% 30/09/ ,000 Microsoft 4.875% 15/12/ ,000 Rabobank Nederland 5.80% 30/09/ ,087 Longstone Finance 4.791% 19/04/2031 (A) ,789 Granite Master Issuer Series 6A1 5.60% 20/12/ ,000 Microsoft 5.20% 01/06/ ,000 Svenska Handelsbanken 5.50% 26/05/ , A Rated - (17.86%) 4,850,000 America Movil 4.948% 22/07/2033 5, ,750,000 Mizuho Bank 2.40% 26/03/2020 Reg S 4, ,400,000 EDF 6.00% 23/01/2114 4, ,999,000 GDF Suez 5.95% 16/03/2111 3, ,500,000 Wells Fargo 2.125% 22/04/2022 Reg S 3, ,300,000 Society of Lloyd s 4.75% 30/10/2024 3, ,750,000 Eli Lilly 2.125% 03/06/2030 3, ,800,000 BP Capital Markets 2.75% 10/05/2023 2, ,000,000 Nationwide Building Society 2.25% 29/04/2022 Reg S 2, ,400,000 Petronas Capital 3.50%18/03/2025 Reg S 2, ,050,000 BP Capital Markets 2.518% 16/01/2020 2, ,350,000 Thames Water Utilities 4.00% 19/06/2025 2,

309 Fidelity Institutional UK Aggregate Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 4,050,000 JPMC 3.125% 23/01/2025 2, ,600,000 Abu Dhabi National Energy /05/24 2, ,961,481 BBC % 10/08/2033 2, ,300,000 UBS 7.125% (Perpetual) 2, ,150,000 Standard Chartered Bank 5.125% 06/06/2034 2, ,950,000 BBVA Bancomer SA Texas 4.375% 10/04/2024 1, ,550,000 HSBC 6.75% 11/09/2028 1, ,150,000 Anheuser-Busch InBev 9.75% 30/07/2024 1, ,400,000 EDF 6.00% 22/01/2114 1, ,250,000 Heathrow Funding 6.75% 03/12/2026 1, ,500,000 Close Brothers Finance 3.875% 27/06/2021 1, ,400,000 Intu SGS Finance 4.25% 17/09/2030 1, ,200,000 HSBC 6.50% 07/07/2023 1, ,200,000 Nationwide Building Society 2.35% 21/01/ A 1, ,272,000 Intu Properties 4.625% 17/03/2028 1, ,400,000 JPmorgan Chase 1.875% 10/02/2020 Reg S 1, ,650,000 BAT International Finance 9.50% 15/11/2018 1, ,850,000 Korea Development Bank 3.50% 22/08/2017 1, ,500,000 EDF 6.95% 26/01/2039 1, ,900,000 Guardian Life 4.875% 19/06/2064 1, ,000,000 Munich Re 6.625% 26/05/2042 1, ,050,000 HSBC 5.00% 20/03/2023 1, ,200,000 Cloverie 6.625% 01/09/2042 1, ,000 Heathrow Funding 5.875% 13/05/2041 1, ,600,000 SK Telecom 2.125% 01/05/2018 1, ,000 Heathrow Funding 5.225% VRN 15/02/2025 1, ,500,000 Wells Fargo 4.10% 03/06/ ,000 Zurich Finance (UK) 6.625% VRN (Perpetual) ,250,000 Scentre Management 2.375% 05/11/ ,200,000 Medtronic 4.625% 15/03/ ,000 JPMorgan Chase 3.50% 18/12/ ,000 SSE 4.25% 14/09/ ,200,000 Medtronic 4.375% 15/03/ ,000 General Electric Capital 4.875% 18/09/ ,000 Hutchison Whampoa International 7.625% 09/04/ ,100,000 Lloyds Bank 2.30% 27/11/ ,000,000 JPMorgan Chase 4.25% 15/10/ ,000 Emirates Telecommunications 2.75% 18/06/ ,000,000 ABN Amro Bank 4.25% 02/02/ ,000 Emirates Telecommunications 1.75% 18/06/ ,000 BAT International Finance 7.25% 12/03/ ,000 Saudi Electricity Global 4.00% 08/04/ ,000 America Movil 5.00% 27/10/ ,000 Korea Hydro & Nuclear Power 2.875% 02/10/ ,000 GDF Suez 5.00% 01/10/ ,000 Goldman Sachs 4.25% 29/01/ ,151 Aspire Defence Finance 4.674% 31/03/2040 (A) ,000 Hannover Finance 5.75% 14/09/

310 Fidelity Institutional UK Aggregate Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 750,000 KT 3.875% 20/01/ ,000 Lloyds Bank 6.50% 17/09/ ,000 Barclays 5.75% 17/08/ ,000 National Grid 6.00% 13/05/ ,000 Unite (USAF) 3.37% 30/06/ ,000 Achmea 2.50% 19/11/ ,000 EDF 6.125% 02/06/ ,000 Bank of America 6.125% 15/09/ ,000 Korea Hydro & Nuclear Power 3.125% 16/09/ ,000 National Grid 5.875% 02/02/ ,000 National Agricultural 4.25% 28/01/ ,000 Medtronic 3.50% 15/03/ ,000 Suncor Energy 3.60% 01/12/ ,000 EDF 5.50% 17/10/ ,000 London Merchant Securities 6.50% 16/03/ ,000 Medtronic 2.50% 15/03/ ,000 America Movil 2.375% 08/09/ ,195 Aspire Defence Finance 4.674% 31/03/2040 (B) ,000 Swire Pacific 4.50% 28/02/ ,000 Swire Property Finance 4.375% 18/06/ ,000 Empresa Transport 4.75% 04/02/ ,000 Wells Fargo 3.50% 12/09/ ,444 BL Superstore Finance 5.27% 04/10/ ,000 Society of Lloyd's 7.421% VRN (Perpetual) ,000 Longstone Finance 4.896% 19/04/ ,000 Harvest Operations 2.12% 14/05/ ,000 HSBC 6.50% 20/05/ , BBB Rated - (22.18%) 4,500,000 CPUK Finance 2.666% 28/02/2020 Reg S 4, ,850,000 Heathrow Funding 6.25% 10/09/2018 4, ,500,000 Votorantim Cimentos 3.50% 13/07/2022 Reg S 3, ,300,000 Credit Suisse 6.50% 08/08/2023 3, ,800,000 Aviva VRN 04/06/2050 Reg S 3, ,350,000 AA Bond % 31/07/2018 3, ,000,000 Heinz 4.125% 01/07/2027 Reg S 2, ,950,000 Bupa Finance 5.00% 25/04/2023 2, ,250,000 CPUK Finance 7.239% 28/02/2042 2, ,200,000 Woolwich Building Society 9.50% 01/08/2021 2, ,600,000 Verizon Communications 5.15% 15/09/2023 2, ,750,000 QBE Insurance 6.75% VRN 02/12/2044 2, ,150,000 Merrill Lynch 5.50% 22/11/2021 2, ,800,000 FirstGroup 8.75% 08/04/2021 2, ,400,000 Mexico 4.00% 15/03/2115 2, ,320,000 SMFG Preferred Capital % VRN (Perpetual) 2, ,000,000 Credit Suisse 3.00% 27/05/2022 Reg S 1, ,750,000 Arqiva Financing 5.34% 30/12/2037 1,

311 Fidelity Institutional UK Aggregate Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 1,900,000 Mexico 5.625% 19/03/2114 1, ,550,000 Bank of Scotland 7.281% (Perpetual) B 1, ,800,000 UBS 5.12% 15/05/2024 1, ,550,000 HSBC 5.844% VRN (Perpetual) 1, ,184,000 Verizon Communications 6.55% 15/09/2043 1, ,450,000 AA Bond % 31/07/2020 1, ,300,000 HSBC 5.625% VRN (Perpetual) 1, ,000,000 Fukoku Mutual Life 6.50% VRN (Perpetual) 1, ,210,000 AXA 7.125% 15/12/2020 1, ,850,000 Bharti Airtel 3.375% 20/05/2021 1, ,150,000 Pershing Square 5.50% 15/07/2022 1, ,250,000 Scottish Widows 5.50% 16/06/2023 1, ,800,000 ABN Amro Bank 2.875% 30/06/2025 Reg S 1, ,050,000 Glencore Funding 4.125% 30/05/2023 1, ,500,000 Barclays 6.00% 14/01/2021 1, ,950,000 Credit Agricole 2.625% 17/03/2027 Reg S 1, ,100,000 Glencore Finance 5.50% 03/04/2022 1, ,950,000 HSBC VRN (Perpetual) 1, ,750,000 Fresnillo 5.50% 13/11/2023 1, ,675,000 Credit Agricole 8.125% 19/09/2033 1, ,000 Barclays 10.00% 21/05/2021 1, ,800,000 Nordea Bank 5.50% (Perpetual) 1, ,100,000 Telereal Securitisation VRN 10/12/2031 1, ,650,000 Achmea 4.25% FRN (Perpetual) Reg S 1, ,100,000 Amlin 6.50% VRN 19/12/2026 1, ,000 Dignity Finance % 31/12/2049 1, ,000 Abbey National Sterling 11.50% 04/01/ ,000 Aviva 6.875% VRN 20/05/ ,000 Koninklijke 5.75% 17/09/ ,150,000 Citigroup 6.675% 13/09/ ,000 Time Warner Cable 5.25% 15/07/ ,000 EDF 5.875% (Perpetual) ,000,000 Bharti Airtel International 4.00% 10/12/ ,000 Lloyds Bank 5.75% VRN 09/07/ ,100,000 Citigroup 5.50% 13/09/ ,050,000 Channel Link FRN 30/06/ ,200,000 Credit Agricole 4.375% 17/03/ A ,000,000 Rabobank Nederland 5.50% 29/06/ ,000 Intesa Sanpaolo 5.25% 28/01/ ,100,000 Delek & Avner 5.082% 30/12/ ,100,000 Intesa Sanpaolo 3.625% 12/08/ ,050,000 Deutsche Annington 3.20% 02/10/ ,000 Altria 10.20% 06/02/ ,150,000 Zimmer 4.45% 15/08/ ,050,000 Empresa Electrica 4.875% 25/5/ ,000 Banco Brasil (Cayman) 4.50% 20/01/ ,000 Linde Finance 8.125% VRN 14/07/ ,000 Credit Suisse 5.75% VRN 18/09/

312 Fidelity Institutional UK Aggregate Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 1,000,000 Zimmer 3.15% 01/04/ ,000 American International 5.00% 26/04/ ,000 Colombia Republic 5.625% 26/02/ ,000 Delek & Avner 5.412% 30/12/ ,000 Lloyds Bank 4.00% VRN 16/12/ ,000 Zimmer 3.55% 01/04/ ,000 RCI Banque 3.25% 25/04/ ,000 Rabobank Nederland 11.00% (Perpetual) ,000 Credit Agricole VRN (Perpetual) Reg S ,000 FirstGroup 5.25% 29/11/ ,000 Continental Resources 4.50% 15/04/ ,000 British Telecom 8.875% 15/12/ ,000 Aviva 6.125% VRN 16/11/ ,000 Banco Santander 4.625% 13/02/ ,000 Continental Resources 3.80% 01/06/ ,000 Deutsche Annington Finance 4.00% (Perpetual) ,000 Royal London Finance Bond 6.125% 30/11/ ,000 Tele Danmark 5.625% 23/02/ ,000 Direct Line Insurance 9.25% 27/04/ ,000 AXA 5.625% 16/01/ ,000 Glencore Finance Europe 6.50% 27/02/ ,000 QBE Insurance 6.125% 28/09/ ,000 Watson Pharmaceuticals 4.625% 01/10/ ,000 Actavis Funding 3.80% 15/03/ ,000 Actavis Funding 4.85% 15/06/ ,000 Marks & Spencer 7.125% 01/12/ ,000 Oil India 3.875% 17/04/ ,000 Zimmer 4.25% 15/08/ ,000 Petroleos Mexicanos 3.50% 23/07/2020 Reg S ,000 Petroleos Mexicanos 8.25% 02/06/ ,000 Actavis Funding 3.45% 15/03/ ,000 Actavis Funding 4.55% 15/03/ ,000 Greene King Finance 5.702% 15/12/ ,000 Actavis Funding 4.75% 15/03/ , BB Rated - (3.21%) 2,900,000 Lloyds Bank 7.00% VRN (Perpetual) 2, ,750,000 AA Bond 5.50% 31/07/2022 Reg S 2, ,800,000 Petrobras Global Finance 6.625% 16/01/2034 2, ,989,657 Tesco Property Finance % 13/10/2039 2, ,250,000 International 5.625% 15/02/ A 1, ,216,000 Nationwide Building Society 6.875% (Perpetual) 1, ,850,000 RSHB Capital 5.10% 25/07/2018 1, ,620,000 CNH Capital 3.875% 16/07/ A 1, ,300,000 Centurylink 7.60% 15/09/ ,000 Virgin Media Securities 6.25% 28/03/ ,684 Tesco Property Finance 5.744% 13/04/

313 Fidelity Institutional UK Aggregate Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 600,000 Santander UK VRN (Perpetual) Reg S ,000 Russian Railways 7.487% 25/03/ ,000 Merlin Entertain 2.75% 15/03/2022 Reg S ,000 Telecom Italia 5.875% 19/05/ ,000 Banco Votorantim 5.25% 11/02/ ,000 Credit Suisse 7.50% (Perpetual) ,890 Unique Pub Finance 5.659% 30/06/ ,000 Natwest 6.50% 07/09/ ,000 Colombia Telecom 5.375% 27/09/ ,000 Barclays 7.00% VRN (Perpetual) ,000 ENEL 6.625% 15/09/ ,000 Credit Agricole VRN (Perpetual) ,414 Tesco Property Finance % 13/10/ ,000 Telecom Italia 7.375% 15/12/ , B Rated - (0.08%) 450,000 Enterprise Inns 6.375% 26/09/ ,000 Gol LuxCo 8.875% 24/01/ ,000 Cemex Espana 9.875% 30/04/ ,000 Altice Financing 6.625% 15/02/ A , Not Rated - (2.55%) 3,950,000 Skandinaviska Enskilda 5.75% VRN (Perpetual) 2, ,450,000 Virgin Money 2.25% 21/04/2020 Reg S 2, ,000,000 PGH Capital 5.75% 07/07/2021 2, ,250,000 First Hydro Finance 9.00% 31/07/2021 1, ,550,000 Investec Bank 4.50% 05/05/2022 Reg S 1, ,800,000 Eurofins Scientific 2.25% 27/01/2022 Reg S 1, ,100,000 British Land 5.264% 24/09/2035 1, ,200,000 Liverpool University 3.375% 25/06/2055 Reg S 1, ,550,000 Prosieben Media 2.625% 15/04/2021 1, ,100,000 Admiral 5.50% 25/07/2024 1, ,000 Investec Bank 9.625% 17/02/ ,000 Bankers Investment Trust 8.00% 31/10/ ,000 University of Cambridge 3.75% 17/10/ ,000 Peel 8.375% 30/04/ ,000 Novae 6.50% 27/04/ ,000 Edinburgh Investment Trust 7.75% 30/09/ ,000 Peel South East 10.00% 30/04/ ,000 Cattles 6.875% 17/01/2014* ,000 Cattles 7.125% 05/07/2017* ,733 BTA Bank 5.50% 21/12/ ,883 Remedial Cayman 10.00% 28/03/2012* , Forward Foreign Exchange Contracts - (0.40%) 71,883,366 Bought GBP sold for settlement 18/08/2015 2,

314 Fidelity Institutional UK Aggregate Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 65,702,202 Bought GBP sold for settlement 18/08/2015 2, ,104,923 Bought GBP sold for settlement 18/08/2015 1, ,506,607 Bought GBP sold for settlement 18/08/ ,449,912 Bought GBP sold for settlement 18/08/ ,643 Bought GBP sold for settlement 18/08/ ,067,615 Bought GBP sold for settlement 18/08/ ,512,627 Bought GBP sold for settlement 18/08/ ,584,190 Bought GBP sold for settlement 18/08/ ,508 Bought USD sold for settlement 18/08/2015 (2) ,675 Bought EUR sold for settlement 18/08/2015 (2) ,374,141 Bought GBP sold for settlement 18/08/2015 (2) ,211 Bought USD sold for settlement 18/08/2015 (2) ,113 Bought EUR sold for settlement 18/08/2015 (6) ,394,217 Bought EUR sold for settlement 18/08/2015 (11) ,820 Bought EUR sold for settlement 18/08/2015 (18) ,202,752 Bought USD sold for settlement 18/08/2015 (19) ,235 Bought EUR sold for settlement 18/08/2015 (28) (0.01) 1,005,586 Bought EUR sold for settlement 18/08/2015 (29) (0.01) 1,136,829 Bought USD sold for settlement 18/08/2015 (36) (0.01) 2,188,696 Bought EUR sold for settlement 18/08/2015 (36) (0.01) 2,336,710 Bought EUR sold for settlement 18/08/2015 (52) (0.01) 4,523,949 Bought EUR sold for settlement 18/08/2015 (55) (0.01) 2,320,731 Bought USD sold for settlement 18/08/2015 (59) (0.01) 4,046,690 Bought USD sold for settlement 18/08/2015 (113) (0.02) 5, Futures - (0.01%) (11,500,000) EURO BUXL 30 Year Future 08/09/ (20,000,000) US Ultra Bond Future 21/09/ (23,500,000) US Treasury 20 Year Future 21/09/ (39,800,000) US Treasury 10 Year Future 21/09/ ,000,000 US Treasury 5 Year Future 30/09/ (13,200,000) EURO BUND Future 08/09/ (13,200,000) EURO BOBL Future 08/09/ ,000 US Treasury 2 Year Future 30/09/ (9,800,000) EURO SCHATZ Future 08/09/2015 (1) ,000,000 Short Gilt Future 28/09/2015 (4) ,300,000 Long Gilt Future 28/09/2015 (749) (0.14) 1,

315 Fidelity Institutional UK Aggregate Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Interest Rate Swaps - (0.14%) 4,000,000 Receive fixed 3.222%, pay floating 01/07/ ,000,000 Receive fixed 3.22%, pay floating 29/04/ ,000,000 Receive fixed 5.06%, pay floating 15/12/ ,000,000 Receive fixed %, pay floating 31/05/ ,000,000 Receive fixed 1.755%, pay floating 30/01/2035 (203) (0.04) 10,000,000 Receive fixed 1.519%, pay floating 09/04/2022 (259) (0.05) 6,000,000 Receive fixed 1.974%, pay floating 16/04/2045 (509) (0.09) Portfolio of investments 530, Cash and other net assets/(liabilities) 9, Net assets 540, The figures in brackets represent the sector distributions at 30 June *Securities valued at the ACD s valuation. The percentage of net assets disclosed above is subject to rounding. 314

316 Fidelity Institutional UK Corporate Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % AAA Rated - (8.74%) 3,550,000 Lloyds Bank 4.875% 30/03/2027 4, ,100,000 Lloyds Bank 6.00% 08/02/2029 4, ,050,000 Royal Bank of Scotland 5.125% 13/01/2024 3, ,300,000 Lloyds Bank 5.125% 07/03/2025 2, ,250,000 Clydesdale Bank 4.625% 08/06/2026 2, ,500,000 Germany 4.75% 04/07/2028 2, ,950,000 Abbey National Treasury 5.25% 16/02/2029 2, ,965,000 Wellcome Trust Finance 4.00% 09/05/2059 2, ,300,000 Deco 2012 M-Hill FRN 28/07/2021 2, ,850,000 Massachusetts Institute of Technology 5.60% 01/07/2111 2, ,001,218 Fidelity Institutional Liquidity Fund (GBP) 2, ,500,000 Barclays Bank 4.25% 12/01/2022 1, ,300,000 Abbey National Treasury 5.125% 14/04/2021 1, ,404,650 HMI Series X Class A5 01/10/2054 1, ,000 Abbey National 5.75% 02/03/2026 1, ,804 Meadowhall Finance 4.986% 12/01/ , AA Rated - (16.71%) 10,300,000 UK Gilt Treasury 3.25% 22/01/ , ,250,000 Reseau Ferre de France 4.83% 25/03/2060 7, ,210,000 Sinopec Group Overseas Development % 28/04/2020 Reg S 5, ,900,000 CME Group 3.00% 15/03/2025 5, ,100,000 Rabobank Nederland 5.375% 03/08/2060 5, ,000,000 Microsoft 4.00% 12/02/2055 5, ,150,000 General Electric Capital 5.50% 07/06/2021 4, ,500,000 UK Gilt Treasury 2.25% 07/09/2023 4, ,088,284 Channel Tunnel Rail Link 5.234% 02/05/2035 3, ,800,000 Walmart Stores 6.20% 15/04/2038 3, ,460,000 Korea Water Resources 2.00% 16/04/2018 2, ,800,000 Microsoft 3.75% 12/02/2045 2, ,250,000 Apple 2.50% 09/02/2025 2, ,700,000 ANZ National International 2.60% 23/09/2019 2, ,930,000 Canary Wharf Finance Series II 5.952% 22/01/2035 2, ,900,000 Rabobank Nederland 5.25% 23/05/2041 2, ,550,000 Met Life Global 2.30% 10/04/2019 2, ,650,000 Apple 2.40% 03/05/2023 2, ,650,000 General Electric Capital UK Funding 4.375% 31/07/2019 1, ,900,000 Shell International Finance 2.375% 21/08/2022 1, ,700,000 Korea Development Bank 3.00% 17/03/2019 1, ,700,000 Statoil 2.75% 10/11/2021 1, ,500,000 Westpac Banking 5.00% 21/10/2019 1, ,399,000 Land Securities 5.391% VRN 31/03/2027 1, ,358,360 Telereal Securitisation % 10/12/2031 1, ,200,000 IPIC 6.875% 14/03/2026 1, ,350,000 Shell International Finance 4.375% 11/05/2045 1, ,353,000 MetLife Global 3.50% 30/09/2026 1,

317 Fidelity Institutional UK Corporate Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 1,517,178 SLM Student Loan Trust 5.15% 15/12/2039 (A) 1, ,150,000 GE Corporation 4.50% 11/03/2044 1, ,232,485 Longstone Finance 4.791% 19/04/2031 (A)* 1, ,170,000 Equity Release Funding 5.05% 26/04/2033 1, ,200,000 Allianz Finance 4.50% 13/03/2043 1, ,950,000 Microsoft 4.875% 15/12/2043 1, ,000,000 National Australia Bank 2.75% 09/03/2017 1, ,200,000 University of California CA Revenues 4.858% 15/05/2112 1, ,041,348 Equity Release 5.70% 26/02/2031 1, ,900,000 Chevron 3.191% 20/06/2023 1, ,050,000 Svenska Handelsbanken 4.00% 18/01/2019 1, ,350,000 Statoil 3.25% 10/11/ ,200,000 Microsoft 5.20% 01/06/ ,000 Equity Release Funding 5.88% 26/05/ ,000 RHP Finance 3.25% 05/02/2048 Reg S ,000 General Electric Capital UK Funding 6.25% 05/05/ ,000 Swan Housing Capital 3.625% 05/03/ ,000 Metropolitan Life Global 4.625% 16/05/ ,000 General Electric 4.125% 09/10/ ,105 Granite Master Issuer Series 6A1 5.60% 20/12/ , A Rated - (28.05%) 4,975,000 Anheuser-Busch InBev 9.75% 30/07/2024 7, ,750,000 America Movil 4.948% 22/07/2033 6, ,250,000 Thames Water Utilities 4.00% 19/06/2025 5, ,746,414 BBC % 10/08/2033 5, ,750,000 Mizuho Bank 2.40% 26/03/2020 Reg S 4, ,340,000 HSBC 5.00% 20/03/2023 4, ,347,000 GDF Suez 5.95% 16/03/2111 4, ,900,000 Society of Lloyd s 4.75% 30/10/2024 3, ,100,000 EDF 6.00% 23/01/2114 3, ,300,000 Eli Lilly 2.125% 03/06/2030 3, ,650,000 Standard Chartered Bank 5.125% 06/06/2034 3, ,650,000 BP Capital Markets 2.75% 10/05/2023 3, ,400,000 Nationwide Building Society 2.25% 29/04/2022 Reg S 3, ,100,000 JPMorgan Chase 3.50% 18/12/2026 3, ,000,000 Petronas Capital 3.50%18/03/2025 Reg S 3, ,850,000 SSE 4.25% 14/09/2021 3, ,750,000 BP Capital Markets 2.518% 16/01/2020 3, ,750,000 JPMC 3.125% 23/01/2025 2, ,350,000 Abu Dhabi National Energy /05/24 2, ,050,000 Heathrow Funding 6.75% 03/12/2026 2, ,900,000 Saudi Electricity Global 4.00% 08/04/2024 2, ,350,000 Goldman Sachs 4.25% 29/01/2026 2, ,000,000 GDF Suez 5.00% 01/10/2060 2, ,050,000 Israel 2.875% 29/01/2024 2, ,250,000 UBS 5.75% VRN (Perpetual) 2,

318 Fidelity Institutional UK Corporate Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 3,500,000 BBVA Bancomer SA Texas 4.375% 10/04/2024 2, ,600,000 Lloyds Bank 6.50% 17/09/2040 2, ,800,000 HSBC 6.50% 07/07/2023 2, ,050,000 EDF 6.00% 22/01/2114 2, ,841,539 Aspire Defence Finance 4.674% 31/03/2040 (A) 2, ,750,000 Barclays 5.75% 17/08/2021 2, ,500,000 National Grid 6.00% 13/05/2038 1, ,650,000 HSBC 6.75% 11/09/2028 1, ,950,000 Unite (USAF) 3.37% 30/06/2028 1, ,850,000 Close Brothers Finance 3.875% 27/06/2021 1, ,550,000 Achmea 2.50% 19/11/2020 1, ,450,000 EDF 6.125% 02/06/2034 1, ,650,000 Intu SGS Finance 4.25% 17/09/2030 1, ,700,000 JPmorgan Chase 1.875% 10/02/2020 Reg S 1, ,600,000 Nationwide Building Society 2.35% 21/01/ A 1, ,400,000 Bank of America 6.125% 15/09/2021 1, ,501,000 Intu Properties 4.625% 17/03/2028 1, ,000,000 BAT International Finance 9.50% 15/11/2018 1, ,350,000 National Agricultural 4.25% 28/01/2016 1, ,240,000 National Grid 5.875% 02/02/2024 1, ,250,000 Korea Development Bank 3.50% 22/08/2017 1, ,250,000 Medtronic 3.50% 15/03/2025 1, ,160,000 Zurich Finance (UK) 6.625% VRN (Perpetual) 1, ,600,000 EDF 6.95% 26/01/2039 1, ,050,000 Scentre Management 2.375% 05/11/2019 1, ,132,497 Aspire Defence Finance 4.674% 31/03/2040 (B) 1, ,000,000 Medtronic 2.50% 15/03/2020 1, ,900,000 Lloyds Bank 4.20% 28/03/2017 1, ,950,000 Medtronic 4.625% 15/03/2045 1, ,950,000 SK Telecom 2.125% 01/05/2018 1, ,000,000 Guardian Life 4.875% 19/06/2064 1, ,950,000 Medtronic 4.375% 15/03/2035 1, ,000 BAT International Finance 7.25% 12/03/2024 1, ,100,000 General Electric Capital 4.875% 18/09/2037 1, ,350,000 Cloverie 6.625% 01/09/2042 1, ,800,000 ABN Amro Bank 4.25% 02/02/2017 1, ,850,000 America Movil 2.375% 08/09/2016 1, ,049,000 Heathrow Funding 5.225% VRN 15/02/2025 1, ,000 Heathrow Funding 5.875% 13/05/2041 1, ,000,000 EDF 5.50% 17/10/2041 1, ,800,000 Wells Fargo 4.10% 03/06/2026 1, ,150,000 Wells Fargo 3.50% 12/09/2029 1, ,550,000 Emirates Telecommunications 1.75% 18/06/2021 1, ,500,000 Emirates Telecommunications 2.75% 18/06/2026 1, ,750,000 Bank of America 3.30% 11/01/2023 1, ,650,000 Korea Hydro & Nuclear Power 2.875% 02/10/2018 1, ,650,000 Lloyds Bank 2.30% 27/11/2018 1, ,000 Dwr Cymru 6.907% 31/03/2021 1,

319 Fidelity Institutional UK Corporate Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 900,000 Munich Re 6.625% 26/05/2042 1, ,500,000 JPMorgan Chase 4.25% 15/10/2020 1, ,000 America Movil 5.00% 27/10/2026 1, ,000 HSBC 6.50% 20/05/ ,000 Wales & West Utilities 5.75% 29/03/ ,000 London Merchant Securities 6.50% 16/03/ ,000 JPMorgan Chase 5.375% 28/09/ ,000 Vattenfall 6.875% 15/04/ ,100,000 Morgan Stanley 7.30% 13/05/ ,050,000 Bank of America 7.625% 01/06/ ,200,000 KT 3.875% 20/01/ ,000,000 Achmea 2.75% 18/02/ ,000,000 Hutchison Whampoa International 7.625% 09/04/ ,000 Hannover Finance 5.75% 14/09/ ,000 Dali Capital % 21/12/ ,000,000 Export-Import Bank Korea 5.00% 11/04/ ,000 America Movil 4.375% 07/08/ ,000 MetLife 5.375% 09/12/ ,000 Freshwater Finance 5.182% 20/04/ ,000 Korea Hydro & Nuclear Power 3.125% 16/09/ ,683 BL Superstore Finance 5.27% 04/10/ ,000 Suncor Energy 3.60% 01/12/ ,000 JPMorgan Chase 3.15% 05/07/ ,000 Aquarius Zurich 4.25% VRN 02/10/ ,000 Yorkshire Water Services 6.375% 19/08/ ,000 Empresa Transport 4.75% 04/02/ ,000 Swire Property Finance 4.375% 18/06/ ,000 Harvest Operations 2.12% 14/05/ ,000 Swire Pacific 4.50% 28/02/ ,000 National Grid 4.00% 08/06/ ,000 Society of Lloyd's 7.421% VRN (Perpetual) ,000 America Movil 4.125% 25/10/ , BBB Rated - (36.59%) 4,730,000 Glencore Finance 5.50% 03/04/2022 5, ,100,000 CPUK Finance 2.666% 28/02/2020 Reg S 5, ,400,000 Heathrow Funding 6.25% 10/09/2018 4, ,250,000 Credit Suisse 6.50% 08/08/2023 4, ,050,000 AA Bond % 31/07/2018 4, ,100,000 Votorantim Cimentos 3.50% 13/07/2022 Reg S 4, ,300,000 Aviva VRN 04/06/2050 Reg S 4, ,625,000 Bupa Finance 5.00% 25/04/2023 3, ,850,000 CPUK Finance 7.239% 28/02/2042 3, ,400,000 Heinz 4.125% 01/07/2027 Reg S 3, ,600,000 FirstGroup 8.75% 08/04/2021 3, ,020,000 SMFG Preferred Capital % VRN (Perpetual) 3, ,550,000 QBE Insurance 6.75% VRN 02/12/2044 3,

320 Fidelity Institutional UK Corporate Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 4,200,000 Verizon Communications 5.15% 15/09/2023 2, ,650,000 Altria 10.20% 06/02/2039 2, ,200,000 American International 5.00% 26/04/2023 2, ,400,000 RCI Banque 3.25% 25/04/2018 2, ,900,000 Mexico 4.00% 15/03/2115 2, ,856,000 Rabobank Nederland 11.00% (Perpetual) 2, ,100,000 FirstGroup 5.25% 29/11/2022 2, ,960,000 Merrill Lynch 5.50% 22/11/2021 2, ,900,000 Koninklijke 5.75% 17/09/2029 2, ,200,000 Credit Suisse 3.00% 27/05/2022 Reg S 2, ,900,000 Arqiva Financing 5.34% 30/12/2037 2, ,300,000 UBS 5.12% 15/05/2024 2, ,700,000 Bank of Scotland 7.281% (Perpetual) B 1, ,690,000 AXA 7.125% 15/12/2020 1, ,750,000 Aviva 6.875% VRN 20/05/2058 1, ,557,000 Verizon Communications 6.55% 15/09/2043 1, ,950,000 Mexico 5.625% 19/03/2114 1, ,900,000 HSBC 5.625% VRN (Perpetual) 1, ,600,000 Tele Danmark 5.625% 23/02/2023 1, ,400,000 Fukoku Mutual Life 6.50% VRN (Perpetual) 1, ,584,000 Dignity Finance % 31/12/2049 1, ,000,000 Barclays 6.00% 14/01/2021 1, ,250,000 Bharti Airtel 3.375% 20/05/2021 1, ,600,000 AA Bond % 31/07/2020 1, ,610,000 AXA 5.625% 16/01/2054 1, ,300,000 Direct Line Insurance 9.25% 27/04/2042 1, ,215,000 Barclays 10.00% 21/05/2021 1, ,450,000 Pershing Square 5.50% 15/07/2022 1, ,500,000 Scottish Widows 5.50% 16/06/2023 1, ,500,000 Glencore Funding 4.125% 30/05/2023 1, ,200,000 Credit Agricole 8.125% 19/09/2033 1, ,350,000 Credit Agricole 2.625% 17/03/2027 Reg S 1, ,350,000 HSBC 5.844% VRN (Perpetual) 1, ,050,000 ABN Amro Bank 2.875% 30/06/2025 Reg S 1, ,294,000 Lloyds Bank 4.00% VRN 16/12/2021 1, ,250,000 HSBC VRN (Perpetual) 1, ,200,000 Nordea Bank 5.50% (Perpetual) 1, ,050,000 Deutsche Annington 3.20% 02/10/2017 1, ,950,000 Achmea 4.25% FRN (Perpetual) Reg S 1, ,750,000 Bharti Airtel International 4.00% 10/12/2018 1, ,450,000 Time Warner Cable 5.25% 15/07/2042 1, ,150,000 Glencore Finance Europe 6.50% 27/02/2019 1, ,150,000 Abbey National Sterling 11.50% 04/01/2017 1, ,100,000 ENW Finance 6.125% 21/07/2021 1, ,800,000 Rabobank Nederland 5.50% 29/06/2020 1, ,800,000 Channel Link FRN 30/06/2050 1, ,150,000 Intesa Sanpaolo 5.25% 28/01/2022 1, ,950,000 Petroleos Mexicanos 3.50% 23/07/2020 Reg S 1,

321 Fidelity Institutional UK Corporate Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 1,950,000 Intesa Sanpaolo 3.625% 12/08/2015 1, ,850,000 Fresnillo 5.50% 13/11/2023 1, ,000,000 Credit Agricole 7.375% 18/12/2023 1, ,800,000 Citigroup 5.50% 13/09/2025 1, ,200,000 Telereal Securitisation VRN 10/12/2031 1, ,200,000 Amlin 6.50% VRN 19/12/2026 1, ,860,000 Oil India 3.875% 17/04/2019 1, ,090,000 Linde Finance 8.125% VRN 14/07/2066 1, ,800,000 Delek & Avner 5.082% 30/12/2023 1, ,050,000 Standard Life MACS 6.546% VRN (Perpetual) 1, ,200,000 British Telecom 8.875% 15/12/2030 1, ,450,000 Citigroup 6.675% 13/09/2043 1, ,800,000 Credit Agricole 4.375% 17/03/ A 1, ,100,000 EDF 5.875% (Perpetual) 1, ,700,000 Empresa Electrica 4.875% 25/5/2029 1, ,800,000 Zimmer 4.45% 15/08/2045 1, ,300,000 Credit Suisse 5.75% VRN 18/09/2025 1, ,600,000 Zimmer 3.15% 01/04/2022 1, ,000 Imperial Tobacco Finance 9.00% 17/02/ ,550,000 Delek & Avner 5.412% 30/12/ ,550,000 Zimmer 3.55% 01/04/ ,000 ING 6.875% VRN 29/05/ ,250,000 ING Verzekeringen 4.625% 08/04/ ,450,000 Continental Resources 4.50% 15/04/ ,350,000 Banco Santander 4.625% 13/02/ ,250,000 Bank of America 4.00% VRN 28/03/ ,200,000 Banco Brasil (Cayman) 4.50% 20/01/ ,450,000 Continental Resources 3.80% 01/06/ ,100,000 Deutsche Annington Finance 4.00% (Perpetual) ,000 Petroleos Mexicanos 8.25% 02/06/ ,200,000 Votorantim 7.25% 05/04/ ,000,000 Marks & Spencer 7.125% 01/12/ ,082 Bishopsgate Asset Finance 4.808% 14/08/ ,350,000 Rowan 5.40% 01/12/ ,000 Royal London Finance Bond 6.125% 30/11/ ,000 Credit Agricole VRN (Perpetual) Reg S ,270 RMPA Services 5.337% 30/09/ ,000 Imperial Tobacco Finance 8.125% 15/03/ ,000 Actavis Funding 4.85% 15/06/ ,000 Woolwich Building Society 9.50% 01/08/ ,000 Watson Pharmaceuticals 4.625% 01/10/ ,000 Go-Ahead 5.375% 29/09/ ,000 Zimmer 4.25% 15/08/ ,000 QBE Insurance 6.125% 28/09/ ,000 Actavis Funding 3.80% 15/03/ ,000 Greene King Finance 5.702% 15/12/ ,000 Actavis Funding 3.45% 15/03/ ,000 Actavis Funding 4.55% 15/03/

322 Fidelity Institutional UK Corporate Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 350,000 Actavis Funding 4.75% 15/03/ ,000 Lyondellbas 6.00% 15/11/ , BB Rated - (4.29%) 3,358,000 Lloyds Bank 7.00% VRN (Perpetual) 3, ,250,000 AA Bond 5.50% 31/07/2022 Reg S 3, ,850,000 Virgin Media Securities 6.25% 28/03/2029 2, ,005,052 Tesco Property Finance 5.744% 13/04/2040 2, ,089,000 Petrobras Global Finance 6.625% 16/01/2034 2, ,498,640 Tesco Property Finance % 13/10/2039 2, ,925,000 Credit Suisse 7.50% (Perpetual) 1, ,950,000 Russian Railways 7.487% 25/03/2031 1, ,650,000 International 5.625% 15/02/ A 1, ,440,000 Natwest 6.50% 07/09/2021 1, ,594,000 Nationwide Building Society 6.875% (Perpetual) 1, ,574,000 Barclays 7.00% VRN (Perpetual) 1, ,400,000 Anglian Water 5.00% 30/04/2023 Reg S 1, ,225,000 ENEL 6.625% 15/09/2076 1, ,150,000 Telecom Italia 7.375% 15/12/2017 1, ,870,000 CNH Capital 3.875% 16/07/ A 1, ,189,656 Tesco Property Finance % 13/10/2041 1, ,850,000 Centurylink 7.60% 15/09/2039 1, ,400,000 Banco Votorantim 5.25% 11/02/ ,000 William Hill 7.125% 11/11/ ,000 Telecom Italia 5.875% 19/05/ ,125,000 Credit Agricole 7.875% (Perpetual) ,000 Santander UK VRN (Perpetual) Reg S ,460 Tesco Property Finance % 13/07/ ,493 Unique Pub Finance 5.659% 30/06/ ,000 Colombia Telecom 5.375% 27/09/ ,000 Credit Agricole VRN (Perpetual) ,280 Unique Pub Finance 6.542% 30/03/ , B Rated - (0.48%) 1,830,000 Enterprise Inns 6.375% 26/09/2031 1, ,762,000 Cemex Espana 9.875% 30/04/2019 1, ,350,000 Gol LuxCo 8.875% 24/01/ ,000 Altice Financing 6.625% 15/02/ A , Not Rated - (3.21%) 4,800,000 Skandinaviska Enskilda 5.75% VRN (Perpetual) 2, ,500,000 PGH Capital 5.75% 07/07/2021 2, ,200,000 University of Cambridge 3.75% 17/10/2052 2, ,425,000 Virgin Money 2.25% 21/04/2020 Reg S 2, ,750,000 Investec Bank 4.50% 05/05/2022 Reg S 1, ,110,000 First Hydro Finance 9.00% 31/07/2021 1,

323 Fidelity Institutional UK Corporate Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 2,100,000 Eurofins Scientific 2.25% 27/01/2022 Reg S 1, ,400,000 Liverpool University 3.375% 25/06/2055 Reg S 1, ,900,000 Pirelli 5.125% 22/02/2016 1, ,850,000 Prosieben Media 2.625% 15/04/2021 1, ,350,000 Admiral 5.50% 25/07/2024 1, ,100,000 Investec Bank 9.625% 17/02/2022 1, ,050,000 British Land 5.264% 24/09/2035 1, ,000 Bankers Investment Trust 8.00% 31/10/2023 1, ,000 Peel 8.375% 30/04/ ,450,000 CSG Geurnsey 7.875% 24/02/ ,000 Novae 6.50% 27/04/ ,000 Peel South East 10.00% 30/04/ ,000 Edinburgh Investment Trust 7.75% 30/09/ ,065,000 Cattles 6.875% 17/01/2014* ,000 Cattles 7.125% 05/07/2017* ,919 BTA Bank 5.50% 21/12/ ,485,000 TXU Eastern Funding 7.25% 08/03/2030* ,806 Remedial Cayman 10.00% 28/03/2012* , Forward Foreign Exchange Contracts - (0.51%) 52,518,509 Bought GBP sold for settlement 18/08/2015 2, ,134,346 Bought GBP sold for settlement 18/08/2015 2, ,601,394 Bought GBP sold for settlement 18/08/2015 2, ,234,768 Bought GBP sold for settlement 18/08/2015 2, ,551,844 Bought GBP sold for settlement 18/08/ ,289,281 Bought GBP sold for settlement 18/08/ ,118,389 Bought GBP sold for settlement 18/08/ ,537,159 Bought GBP sold for settlement 18/08/ ,577,255 Bought GBP sold for settlement 18/08/ ,053 Bought GBP sold for settlement 18/08/ ,198,281 Bought GBP sold for settlement 18/08/ ,500,767 Bought GBP sold for settlement 18/08/ ,720,521 Bought GBP sold for settlement 18/08/2015 (2) ,302,091 Bought USD sold for settlement 18/08/2015 (4) ,443,836 Bought EUR sold for settlement 18/08/2015 (4) ,944,130 Bought USD sold for settlement 18/08/2015 (7) ,040,519 Bought EUR sold for settlement 18/08/2015 (8) ,605 Bought EUR sold for settlement 18/08/2015 (22) ,627,269 Bought USD sold for settlement 18/08/2015 (24) ,387 Bought EUR sold for settlement 18/08/2015 (29) ,000,922 Bought EUR sold for settlement 18/08/2015 (30) ,254,523 Bought USD sold for settlement 18/08/2015 (40) (0.01) 1,972,420 Bought USD sold for settlement 18/08/2015 (50) (0.01) 3,280,750 Bought USD sold for settlement 18/08/2015 (65) (0.01) 2,281,179 Bought USD sold for settlement 18/08/2015 (66) (0.01) 4,614,428 Bought USD sold for settlement 18/08/2015 (73) (0.01) 2,274,646 Bought EUR sold for settlement 18/08/2015 (84) (0.01) 322

324 Fidelity Institutional UK Corporate Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 4,366,001 Bought USD sold for settlement 18/08/2015 (89) (0.01) 5,426,795 Bought USD sold for settlement 18/08/2015 (151) (0.02) 8, Futures - ((0.08)%) (45,600,000) US Ultra Bond Future 21/09/2015 1, (11,100,000) EURO BUXL 30 Year Future 08/09/ (90,000,000) US Treasury 10 Year Future 21/09/ (18,200,000) EURO BUND Future 08/09/ ,300,000 US Treasury 5 Year Future 30/09/ (18,000,000) EURO BOBL Future 08/09/ (600,000) US Treasury 20 Year Future 21/09/ ,800,000 US Treasury 2 Year Future 30/09/ ,000 Short Gilt Future 28/09/ ,800,000 Long Gilt Future 28/09/2015 (455) (0.08) 2, Interest Rate Swaps - ((0.28)%) 10,000,000 Receive fixed 3.309%, pay floating 14/01/2044 2, ,000,000 Receive fixed 2.701%, pay floating 25/04/ ,000,000 Receive fixed %, pay floating 02/05/ ,000,000 Receive fixed 2.431%, pay floating 28/01/ ,000,000 Receive fixed %, pay floating 19/03/ ,000,000 Receive fixed %, pay floating 10/06/2018 (3) ,000,000 Receive fixed 1.908%, pay floating 09/06/2022 (13) ,000,000 Receive fixed %, pay floating 31/05/2020 (198) (0.03) 9,000,000 Receive fixed 1.974%, pay floating 16/04/2045 (763) (0.13) 14,000,000 Receive fixed 1.956%, pay floating 10/04/2035 (970) (0.16) 1, Index Credit Default Swaps - (0.12%) 59,800,000 Sold Protection on ITRAXX Europe Sub Financial Series 52 20/06/2020 ** Portfolio of investments 599, Cash and other net assets/(liabilities) 6, Net assets 605, The figures in brackets represent the sector distributions at 30 June *Securities valued at the ACD s valuation. **Credit default swaps - please refer to note 14 of the Aggregate Financial Statements for more information. The fund has deposited no bond stocks as collateral with third party counterparties in relation to positions it holds in over the counter derivative contracts (2014: 5,311,000). The percentage of net assets disclosed above is subject to rounding. 323

325 Fidelity Institutional UK Gilt Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % AAA Rated - (4.39%) 1,300,000 Lloyds Bank 6.00% 08/02/2029 1, ,200,000 Lloyds Bank 5.125% 07/03/2025 1, ,000 Deco 2012 M-Hill FRN 28/07/ ,000 Barclays Bank 4.25% 12/01/ ,000 Wellcome Trust Finance 4.00% 09/05/ ,000 Abbey National Treasury 5.125% 14/04/ ,609 HMI Series X Class A5 01/10/ ,000 Abbey National 5.75% 02/03/ ,946 Fidelity Institutional Liquidity Fund (GBP) , AA Rated - (86.96%) 13,400,000 UK Gilt Treasury 4.25% 07/09/ , ,950,000 UK Gilt Treasury 1.00% 07/09/ , ,325,000 UK Gilt Treasury 3.75% 07/09/ , ,200,000 UK Gilt Treasury 4.50% 07/09/ , ,450,000 UK Gilt Treasury 3.25% 22/01/ , ,600,000 UK Gilt Treasury 3.75% 07/09/2021 8, ,275,000 UK Gilt Treasury 4.00% 07/03/2022 8, ,400,000 UK Gilt Treasury 4.00% 07/09/2016 7, ,400,000 UK Gilt Treasury 3.75% 22/07/2052 5, ,050,000 UK Gilt Treasury 4.00% 22/01/2060 4, ,250,000 UK Gilt Treasury 3.50% 02/07/2068 2, ,800,000 UK Gilt Treasury 5.00% 07/03/2025 2, ,010,000 Sinopec Group Overseas Development % 28/04/2020 Reg S 1, ,250,000 Microsoft 4.00% 12/02/2055 1, ,900,000 CME Group 3.00% 15/03/2025 1, ,550,000 UK Gilt Treasury 2.25% 07/09/2023 1, ,750,000 Microsoft 3.75% 12/02/ ,600,000 Apple 2.50% 09/02/ ,000 UK Gilt Treasury 4.25% 07/03/ ,100,000 3M 1.75% 15/05/ ,140,000 Korea Water Resources 2.00% 16/04/ ,000 ANZ National International 2.60% 23/09/ ,000 University of California CA Revenues 4.858% 15/05/ ,000 SLM Student Loan Trust 5.15% 15/12/2039 (A) ,000 Svenska Handelsbanken 4.00% 18/01/ ,000 UK Gilt Treasury 4.50% 07/12/ ,000 Swan Housing Capital 3.625% 05/03/ ,000 Statoil 2.75% 10/11/ ,000 Shell International Finance 4.375% 11/05/ ,000 RHP Finance 3.25% 05/02/2048 Reg S ,000 Statoil 3.25% 10/11/ ,

326 Fidelity Institutional UK Gilt Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % A Rated - (6.21%) 1,300,000 EDF 6.00% 23/01/2114 1, ,150,000 Thames Water Utilities 4.00% 19/06/2025 1, ,750,000 BP Capital Markets 2.518% 16/01/2020 1, ,850,000 JPMC 3.125% 23/01/2025 1, ,099,000 GDF Suez 5.95% 16/03/2111 1, ,100,000 Lloyds Bank 2.50% 01/06/2022 Reg S 1, ,100,000 Nationwide Building Society 2.25% 29/04/2022 Reg S 1, ,600,000 Petronas Capital 3.50%18/03/2025 Reg S 1, ,000,000 Society of Lloyd s 4.75% 30/10/2024 1, ,550,000 Abu Dhabi National Energy /05/ ,350,000 Eli Lilly 2.125% 03/06/ ,000,000 Nationwide Building Society 2.35% 21/01/ A ,000 EDF 6.00% 22/01/ ,000 HSBC 6.50% 07/07/ ,091 BBC % 10/08/ ,000 Intu SGS Finance 4.25% 17/09/ ,000 Medtronic 2.50% 15/03/ ,000 Medtronic 3.50% 15/03/ ,000 Guardian Life 4.875% 19/06/ ,000 Wells Fargo 4.10% 03/06/ ,000 Medtronic 4.625% 15/03/ ,000 Medtronic 4.375% 15/03/ ,000 Emirates Telecommunications 2.75% 18/06/ ,000 Scentre Management 2.375% 05/11/ ,000 Suncor Energy 3.60% 01/12/ , BBB Rated - (0.71%) 600,000 Woolwich Building Society 9.50% 01/08/ ,000 Mexico 5.625% 19/03/ ,000 Petroleos Mexicanos 3.50% 23/07/2020 Reg S ,000 Abbey National Sterling 11.50% 04/01/ ,000 Nordea Bank 5.50% (Perpetual) ,000 Bahrain 6.00% 19/09/ ,000 Actavis Funding 4.85% 15/06/ ,000 Watson Pharmaceuticals 4.625% 01/10/ , Not Rated - (0.14%) 800,000 Eurofins Scientific 2.25% 27/01/2022 Reg S ,000 Liverpool University 3.375% 25/06/2055 Reg S ,000 British Land 5.264% 24/09/ ,000 Bankers Investment Trust 8.00% 31/10/ ,000 Edinburgh Investment Trust 7.75% 30/09/ ,000 Newcastle Upon Tyne 11.25% 30/09/ ,000 Cattles 7.125% 05/07/2017* ,000 Cattles 6.875% 17/01/2014* ,

327 Fidelity Institutional UK Gilt Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Forward Foreign Exchange Contracts - (0.06%) 23,571,517 Bought GBP sold for settlement 18/08/ ,127,949 Bought GBP sold for settlement 18/08/ ,025,289 Bought GBP sold for settlement 18/08/ ,635 Bought GBP sold for settlement 18/08/ ,225 Bought GBP sold for settlement 18/08/ ,218 Bought EUR sold for settlement 18/08/2015 (2) ,979 Bought EUR sold for settlement 18/08/2015 (6) ,439 Bought EUR sold for settlement 18/08/2015 (6) ,685 Bought USD sold for settlement 18/08/2015 (7) ,511 Bought EUR sold for settlement 18/08/2015 (9) (0.01) 305,741 Bought USD sold for settlement 18/08/2015 (10) (0.01) 827,721 Bought USD sold for settlement 18/08/2015 (17) (0.01) 702,491 Bought USD sold for settlement 18/08/2015 (20) (0.01) 1,410,829 Bought USD sold for settlement 18/08/2015 (45) (0.03) 3,161,285 Bought EUR sold for settlement 18/08/2015 (115) (0.07) Futures - (0.06%) (2,300,000) EURO BUXL 30 Year Future 08/09/ (4,200,000) US Ultra Bond Future 21/09/ (4,600,000) US Treasury 20 Year Future 21/09/ (7,100,000) US Treasury 10 Year Future 21/09/ (2,500,000) EURO BUND Future 08/09/ ,200,000 US Treasury 2 Year Future 30/09/ (800,000) EURO BOBL Future 08/09/ (4,700,000) EURO SCHATZ Future 08/09/2015 (1) ,700,000 US Treasury 5 Year Future 30/09/2015 (6) ,400,000 Long Gilt Future 28/09/2015 (151) (0.10) Index Credit Default Swaps - (0.00%) 6,000,000 Sold Protection on ITRAXX Europe Sub Financial Series 52 20/06/2020 ** Interest Rate Swaps - ((0.22)%) 6,000,000 Receive fixed %, pay floating 31/05/2020 (59) (0.04) (59) (0.04) Portfolio of investments 155, Cash and other net assets/(liabilities) 2, Net assets 157, The figures in brackets represent the sector distributions at 30 June *Securities valued at the ACD s valuation. **Credit default swaps - please refer to note 14 of the Aggregate Financial Statements for more information. The percentage of net assets disclosed above is subject to rounding. 326

328 Fidelity Institutional UK Investment Grade Long Credit Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % AAA Rated 1,155,176 Meadowhall Finance 4.986% 12/01/2032 1, ,000 Lloyds Bank 6.00% 08/02/ ,000 Lloyds Bank 5.125% 07/03/ ,000 Abbey National Treasury 5.25% 16/02/ ,000 Massachusetts Institute of Technology 5.60% 01/07/ ,000 Abbey National Treasury 5.125% 14/04/ ,000 Abbey National 5.75% 02/03/ ,000 Clydesdale Bank 4.625% 08/06/ ,000 Wellcome Trust Finance 4.00% 09/05/ , AA Rated 1,350,000 Reseau Ferre de France 4.83% 25/03/2060 1, ,000 General Electric Capital UK Funding 5.875% 18/01/2033 1, ,000 Walmart Stores 5.625% 27/03/2034 1, ,000 Rabobank Nederland 5.375% 03/08/2060 1, ,601 Telereal Securitisation 5.388% 10/12/ ,626 Equity Release 5.70% 26/02/ ,000 IPIC 6.875% 14/03/ ,000 General Electric Capital UK Funding 6.25% 05/05/ ,000 UK Gilt Treasury 3.25% 22/01/ ,731 Trafford Centre Finance 6.50% 28/07/ ,000 Microsoft 4.00% 12/02/ ,000 UK Gilt Treasury 4.00% 22/01/ ,000 UK Gilt Treasury 4.50% 07/12/ ,000 University of California CA Revenues 4.858% 15/05/ ,000 Statoil 4.25% 10/04/ ,000 Microsoft 3.75% 12/02/ ,000 Swan Housing Capital 3.625% 05/03/ ,000 Apple 2.50% 09/02/ ,000 Equity Release Funding 5.88% 26/05/ ,000 GE Corporation 4.50% 11/03/ ,000 Shell International Finance 4.375% 11/05/ ,000 General Electric 4.125% 09/10/ ,000 Microsoft 4.875% 15/12/ , A Rated 1,300,000 HSBC 7.00% 07/04/2038 1, ,156,534 BBC % 10/08/2033 1, ,000 Lloyds Bank 6.50% 17/09/2040 1, ,000 GDF Suez 5.00% 01/10/2060 1, ,000 EDF 5.50% 17/10/2041 1, ,000 General Electric Capital 4.875% 18/09/ ,000 America Movil 4.948% 22/07/ ,000 Heathrow Funding 6.75% 03/12/ ,000 Heathrow Funding 5.225% VRN 15/02/

329 Fidelity Institutional UK Investment Grade Long Credit Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 350,000 GDF Suez 5.95% 16/03/ ,000 Yorkshire Water Services 6.375% 19/08/ ,000 National Grid 6.00% 13/05/ ,000 EDF 5.125% 22/09/ ,000 BHP Billiton Finance 4.30% 25/09/ ,804 White City Property % 17/04/ ,000 Petronas Capital 3.50%18/03/2025 Reg S ,000 Society of Lloyd s 4.75% 30/10/ ,000 Heathrow Funding 5.875% 13/05/ ,000 EDF 6.00% 23/01/ ,000 Southern Water Services Finance 5.125% 30/09/ ,000 EDF 6.95% 26/01/ ,000 Eli Lilly 2.125% 03/06/ ,000 Munich Re 6.625% 26/05/ ,000 Total 2.25% (Perpetual) Reg S ,000 HSBC 4.75% 24/03/ ,000 Standard Chartered Bank 5.125% 06/06/ ,355 BL Superstore Finance 5.27% 04/10/ ,000 Total 2.625% (Perpetual) ,000 EDF 6.00% 22/01/ ,000 Intu SGS Finance 4.25% 17/09/ ,000 Home Depot 4.875% 15/02/ ,000 Medtronic 4.625% 15/03/ ,000 Medtronic 4.375% 15/03/ ,000 Guardian Life 4.875% 19/06/ ,000 Society of Lloyd's 7.421% VRN (Perpetual) , BBB Rated 900,000 AT&T 4.875% 01/06/ ,000 Barclays 6.00% 14/01/ ,000 Scottish Widows 7.00% 16/06/ ,000 Barclays 10.00% 21/05/ ,000 Prudential 5.70% 19/12/ ,000 Italy Euro 6.00% 04/08/ ,000 Credit Suisse 6.50% 08/08/ ,000 Aviva VRN 04/06/2050 Reg S ,000 Votorantim Cimentos 3.50% 13/07/2022 Reg S ,000 Mondelez International 3.875% 06/03/ ,000 Direct Line Insurance 9.25% 27/04/ ,000 South Eastern Power Networks 5.625% 30/09/ ,000 Enel Finance International 5.75% 14/09/ ,000 Directv 5.20% 18/11/ ,000 Heinz 4.125% 01/07/2027 Reg S ,000 Mexico 4.00% 15/03/ ,000 Colombia Republic 5.625% 26/02/ ,000 Fukoku Mutual Life 6.50% VRN (Perpetual) ,000 Rabobank Nederland 5.50% 29/06/

330 Fidelity Institutional UK Investment Grade Long Credit Fund Portfolio Statement as at 31 June 2013 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 200,000 Volkswagen Finanacial Services VRN (Perpetual) Reg S ,000 UBS 5.12% 15/05/ ,000 Noble Energy 5.25% 15/11/ ,000 Western Power 5.75% 16/04/ ,000 Credit Agricole 4.375% 17/03/ A ,000 Bahrain 6.00% 19/09/ ,000 AXA 5.625% 16/01/ ,000 Royal London Finance Bond 6.125% 30/11/ ,000 Verizon Communications 6.55% 15/09/ ,000 Petroleos Mexicanos 5.625% 23/01/2046 Reg S ,000 Verizon Communication 5.012% 21/08/ ,000 ING Verzekeringen 4.625% 08/04/ ,000 Aviva 3.875% 03/07/ ,000 Wendel 2.50% 09/02/2027 Reg S ,000 Credit Agricole VRN (Perpetual) Reg S ,000 Achmea 4.25% FRN (Perpetual) Reg S ,000 Credit Agricole 2.625% 17/03/2027 Reg S ,000 Zimmer 3.15% 01/04/ ,000 Zimmer 3.55% 01/04/ ,000 Zimmer 4.45% 15/08/ ,000 News America 5.40% 01/10/ ,000 Reynolds American 6.15% 15/09/ ,000 Actavis Funding 3.45% 15/03/ ,000 Continental Resources 4.50% 15/04/ ,000 Actavis Funding 3.80% 15/03/ ,000 Actavis Funding 4.75% 15/03/ ,000 Actavis Funding 4.55% 15/03/ ,000 Actavis Funding 4.85% 15/06/ ,000 Continental Resources 3.80% 01/06/ ,000 Zimmer 4.25% 15/08/ ,000 Southern Copper 3.875% 23/04/ , Not Rated 400,000 University of Cambridge 3.75% 17/10/ ,000 Notting Hill Housing 4.375% 20/02/ ,000 Liverpool University 3.375% 25/06/2055 Reg S Forward Foreign Exchange Contracts 4,880,646 Bought GBP sold for settlement 18/08/ ,432,104 Bought GBP sold for settlement 18/08/ ,052 Bought GBP sold for settlement 18/08/ ,384 Bought GBP sold for settlement 18/08/ ,413 Bought GBP sold for settlement 18/08/ ,422 Bought USD sold for settlement 18/08/ ,912 Bought USD sold for settlement 18/08/2015 (1) ,709 Bought USD sold for settlement 18/08/2015 (1) ,498 Bought USD sold for settlement 18/08/2015 (1) ,211 Bought EUR sold for settlement 18/08/2015 (2) (0.01) 329

331 Fidelity Institutional UK Investment Grade Long Credit Fund Portfolio Statement as at 31 June 2013 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 50,141 Bought EUR sold for settlement 18/08/2015 (2) (0.01) 67,723 Bought USD sold for settlement 18/08/2015 (2) (0.01) 139,143 Bought EUR sold for settlement 18/08/2015 (2) (0.01) Futures (3,900,000) US Ultra Bond Future 21/09/ (600,000) EURO BUXL 30 Year Future 08/09/ (2,100,000) EURO BUND Future 08/09/ ,100,000 US Treasury 5 Year Future 30/09/ (800,000) US Treasury 10 Year Future 21/09/ (600,000) EURO SCHATZ Future 08/09/ ,000 EURO BOBL Future 08/09/ ,000 US Treasury 20 Year Future 21/09/2015 (7) (0.02) 6,600,000 Long Gilt Future 28/09/2015 (87) (0.22) Portfolio of investments 38, Cash and other net assets/(liabilities) Net assets 39, The fund launched on 13 January The percentage of net assets disclosed above is subject to rounding. 330

332 Fidelity Institutional UK Long Corporate Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % AAA Rated - (10.24%) 5,250,000 European Investment Bank 4.50% 07/06/2029 6, ,300,000 Lloyds Bank 6.00% 08/02/2029 5, ,700,000 Lloyds Bank 5.125% 07/03/2025 3, ,850,000 Massachusetts Institute of Technology 5.60% 01/07/2111 2, ,300,000 Abbey National Treasury 5.25% 16/02/2029 2, ,200,000 Clydesdale Bank 4.625% 08/06/2026 2, ,900,000 Lloyds Bank 4.875% 30/03/2027 2, ,724,207 Meadowhall Finance 4.986% 12/01/2032 2, ,650,000 Barclays Bank 4.25% 12/01/2022 1, ,500,000 Abbey National Treasury 5.125% 14/04/2021 1, ,332,000 Wellcome Trust Finance 4.00% 09/05/2059 1, ,000,000 Abbey National 5.75% 02/03/2026 1, ,100,000 Broadgate Financing 4.821% 05/07/2033 1, ,898 Fidelity Institutional Liquidity Fund (GBP) , AA Rated - (17.55%) 14,800,000 UK Gilt Treasury 4.25% 07/03/ , ,300,000 General Electric Capital UK Funding 5.875% 18/01/2033 8, ,975,000 Canary Wharf Finance Series II 5.952% 22/01/2035 7, ,850,000 Walmart Stores 6.20% 15/04/2038 6, ,150,000 Reseau Ferre de France 5.00% 11/03/2052 5, ,100,000 Rabobank Nederland 5.375% 03/08/2060 5, ,150,000 IPIC 6.875% 14/03/2026 4, ,650,000 Microsoft 4.00% 12/02/2055 3, ,595,436 Equity Release 5.70% 26/02/2031 3, ,050,000 Reseau Ferre de France 4.83% 25/03/2060 2, ,000,000 General Electric Capital UK Funding 6.25% 05/05/2038 2, ,950,000 General Electric Capital UK Funding 4.375% 31/07/2019 2, ,650,000 Procter & Gamble 5.25% 19/01/2033 2, ,550,000 Microsoft 3.75% 12/02/2045 2, ,500,000 East Japan Railway 5.25% 22/04/2033 1, ,050,000 Apple 2.50% 09/02/2025 1, ,900,000 Swan Housing Capital 3.625% 05/03/2048 1, ,400,000 Equity Release Funding 5.05% 26/04/2033 1, ,650,000 University of California CA Revenues 4.858% 15/05/2112 1, ,000,000 Westpac Banking 4.875% 19/11/2019 1, ,200,000 Svenska Handelsbanken 5.50% 26/05/2016 1, ,100,000 Allianz Finance 4.50% 13/03/2043 1, ,842 Trafford Centre Finance 6.50% 28/07/2033 1, ,000 Rabobank Nederland 5.25% 23/05/2041 1, ,700,000 Shell International Finance 4.375% 11/05/2045 1, ,500,000 Rabobank Nederland 5.80% 30/09/2110 1, ,450,000 GE Corporation 4.50% 11/03/ ,000 Statoil 4.25% 10/04/ ,000 Equity Release Funding 5.88% 26/05/ ,000 East Japan Railway 4.875% 14/06/

333 Fidelity Institutional UK Long Corporate Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 1,000,000 Walmart Stores 6.50% 15/08/ ,000 London & Quadrant Housing 4.625% 05/12/ ,000 General Electric 4.125% 09/10/ ,000 RHP Finance 3.25% 05/02/2048 Reg S ,000 Westpac Banking 5.00% 21/10/ , A Rated - (35.65%) 8,373,303 BBC % 10/08/2033 9, ,850,000 HSBC 5.375% 22/08/2033 7, ,100,000 National Grid 6.00% 13/05/2038 5, ,739,000 Heathrow Funding 5.225% VRN 15/02/2025 5, ,800,000 Pfizer 6.50% 03/06/2038 5, ,700,000 EDF 5.50% 17/10/2041 4, ,360,000 Legal & General Finance 5.875% 05/04/2033 4, ,500,000 Yorkshire Electricity Distributors 5.125% 04/05/2035 4, ,550,000 America Movil 4.948% 22/07/2033 3, ,200,000 EDF 5.50% 27/03/2037 3, ,700,000 HSBC 6.75% 11/09/2028 3, ,250,000 GDF Suez 5.95% 16/03/2111 3, ,450,000 Heathrow Funding 6.75% 03/12/2026 3, ,000,000 GlaxoSmithKline Capital 4.25% 18/12/2045 3, ,700,000 EDF 6.95% 26/01/2039 3, ,600,000 HSBC 6.10% 14/01/2042 2, ,200,000 EDF 6.00% 23/01/2114 2, ,950,000 Eli Lilly 2.125% 03/06/2030 2, ,650,000 Society of Lloyd s 4.75% 30/10/2024 2, ,800,000 Lloyds Bank 6.50% 17/09/2040 2, ,700,000 Lloyds Bank 4.20% 28/03/2017 2, ,800,000 HSBC 7.00% 07/04/2038 2, ,350,000 Standard Chartered Bank 5.125% 06/06/2034 2, ,600,000 Petronas Capital 3.50%18/03/2025 Reg S 2, ,650,000 Yorkshire Water Services 6.375% 19/08/2039 2, ,100,000 Total 2.25% (Perpetual) Reg S 2, ,650,000 Artesian Finance 6.00% 30/09/2033 2, ,750,000 America Movil 6.375% 01/03/2035 2, ,700,000 Zurich Finance (UK) 6.625% VRN (Perpetual) 1, ,800,000 Total 2.625% (Perpetual) 1, ,650,000 Saudi Electricity Global 4.00% 08/04/2024 1, ,400,000 UBS 5.75% VRN (Perpetual) 1, ,300,000 BAT International Finance 5.75% 05/07/2040 1, ,478,000 Intu Properties 4.625% 17/03/2028 1, ,300,000 EDF 6.125% 02/06/2034 1, ,400,000 HSBC 6.00% 29/03/2040 1, ,500,000 ASIF 5.375% 14/10/2016 1, ,300,000 Freshwater Finance 5.182% 20/04/2035 1, ,250,000 National Agricultural 4.25% 28/01/2016 1, ,300,000 EDF 5.125% 22/09/2050 1,

334 Fidelity Institutional UK Long Corporate Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 1,900,000 NBC Universal Media 5.95% 01/04/2041 1, ,400,000 Wells Fargo 3.50% 12/09/2029 1, ,550,000 Cloverie 6.625% 01/09/2042 1, ,305,000 Longstone Finance 4.896% 19/04/2031 1, ,200,000 Munich Re 6.625% 26/05/2042 1, ,200,000 Freshwater Finance 4.556% 03/04/2036 1, ,000,000 Heathrow Funding 5.875% 13/05/2041 1, ,050,000 UnitedHealth 4.25% 15/03/2043 1, ,000 London Merchant Securities 6.50% 16/03/2026 1, ,100,000 Intu SGS Finance 4.25% 17/09/2030 1, ,000 GDF Suez 5.00% 01/10/2060 1, ,000 HSBC 4.75% 24/03/ ,350,000 EDF 6.00% 22/01/ ,450,000 Medtronic 3.50% 15/03/ ,818 BL Superstore Finance 5.27% 04/10/ ,300,000 Guardian Life 4.875% 19/06/ ,250,000 Wells Fargo 4.10% 03/06/ ,000 Dali Capital % 21/12/ ,652 White City Property % 17/04/ ,050,000 Medtronic 4.625% 15/03/ ,050,000 Medtronic 4.375% 15/03/ ,000 Aquarius Zurich 4.25% VRN 02/10/ ,000 EDF 5.875% 18/07/ ,000 Dolphin Energy 5.50% 15/12/ ,000 Society of Lloyd's 7.421% VRN (Perpetual) ,000 Empresa Transport 4.75% 04/02/ ,000 General Electric Capital 4.875% 18/09/ , BBB Rated - (24.91%) 3,545,000 Dignity Finance % 31/12/2049 3, ,100,000 Enel Finance International 5.75% 14/09/2040 3, ,500,000 Votorantim Cimentos 3.50% 13/07/2022 Reg S 3, ,200,000 Aviva VRN 04/06/2050 Reg S 3, ,650,000 Altria 10.20% 06/02/2039 2, ,700,000 AT&T 4.875% 01/06/2044 2, ,850,000 Credit Suisse 6.50% 08/08/2023 2, ,363,000 Verizon Communication 4.862% 21/08/2046 2, ,350,000 FirstGroup 5.25% 29/11/2022 2, ,450,000 Heinz 4.125% 01/07/2027 Reg S 2, ,850,000 Barclays 6.00% 14/01/2021 2, ,000,000 South Eastern Power Networks 5.625% 30/09/2030 2, ,600,000 Mondelez International 3.875% 06/03/2045 2, ,800,000 Barclays 10.00% 21/05/2021 2, ,300,000 Citigroup 4.50% 03/03/2031 2, ,000,000 Scottish Widows 7.00% 16/06/2043 2, ,200,000 Prudential 5.70% 19/12/2063 2, ,800,000 Western Power 5.75% 16/04/2032 2,

335 Fidelity Institutional UK Long Corporate Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 1,900,000 Directv 5.20% 18/11/2033 2, ,050,000 QBE Insurance 6.75% VRN 02/12/2044 2, ,650,000 Direct Line Insurance 9.25% 27/04/2042 2, ,195,000 SMFG Preferred Capital % VRN (Perpetual) 1, ,600,000 Verizon Communications 5.15% 15/09/2023 1, ,900,000 Mexico 4.00% 15/03/2115 1, ,750,000 Time Warner Cable 5.25% 15/07/2042 1, ,300,000 Volkswagen Finanacial Services VRN (Perpetual) Reg S 1, ,350,000 Arqiva Financing 5.34% 30/12/2037 1, ,400,000 Noble Energy 5.25% 15/11/2043 1, ,400,000 Scottish Widows 5.50% 16/06/2023 1, ,250,000 UBS 5.12% 15/05/2024 1, ,625,000 Rabobank Nederland 11.00% (Perpetual) 1, ,200,000 Linde Finance 8.125% VRN 14/07/2066 1, ,050,000 Gatwick Funding 5.75% 23/01/2037 1, ,300,000 Mexico 5.625% 19/03/2114 1, ,950,000 Oneok Partners 6.20% 15/09/2043 1, ,593,000 Verizon Communications 6.55% 15/09/2043 1, ,000 Veolia Environnement 6.125% 29/10/2037 1, ,050,000 Lloyds Bank 4.00% VRN 16/12/2021 1, ,800,000 Pershing Square 5.50% 15/07/2022 1, ,600,000 Fukoku Mutual Life 6.50% VRN (Perpetual) 1, ,117,000 AXA 5.625% 16/01/2054 1, ,700,000 Credit Agricole 2.625% 17/03/2027 Reg S 1, ,450,000 Fresnillo 5.50% 13/11/ ,400,000 Achmea 4.25% FRN (Perpetual) Reg S ,596,000 Verizon Communication 5.012% 21/08/ ,200,000 Credit Agricole 8.125% 19/09/ ,200,000 Votorantim 7.25% 05/04/ ,000 Imperial Tobacco 4.875% 01/06/ ,000 Citigroup 6.675% 13/09/ ,000 Marks & Spencer 7.125% 01/12/ ,000,000 Delek & Avner 5.082% 30/12/ ,000,000 Viacom 5.85% 01/09/ ,000 Aviva 6.875% VRN 20/05/ ,000 Citigroup 5.50% 13/09/ ,200,000 Rowan 5.40% 01/12/ ,000,000 Credit Agricole 4.375% 17/03/ A ,000 Rabobank Nederland 5.50% 29/06/ ,000 Zimmer 3.15% 01/04/ ,000 Empresa Electrica 4.875% 25/5/ ,000 Merck & Co 3.375% 12/12/ ,000 Zimmer 3.55% 01/04/ ,000 Credit Suisse 5.75% VRN 18/09/ ,000 Delek & Avner 5.412% 30/12/ ,000 ING Verzekeringen 4.625% 08/04/ ,000 Credit Agricole VRN (Perpetual) Reg S ,000 Wendel 2.50% 09/02/2027 Reg S

336 Fidelity Institutional UK Long Corporate Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 750,000 Continental Resources 4.50% 15/04/ ,000 Continental Resources 3.80% 01/06/ ,000 Royal London Finance Bond 6.125% 30/11/ ,000 Greene King Finance 5.702% 15/12/ ,000 Watson Pharmaceuticals 4.625% 01/10/ ,000 Actavis Funding 3.80% 15/03/ ,000 Actavis Funding 4.85% 15/06/ ,000 Zimmer 4.25% 15/08/ ,000 Reynolds American 6.15% 15/09/ ,000 Actavis Funding 3.45% 15/03/ ,000 Actavis Funding 4.55% 15/03/ ,000 Actavis Funding 4.75% 15/03/ , BB Rated - (4.65%) 7,192,419 Tesco Property Finance 5.744% 13/04/2040 6, ,850,000 Natwest 6.50% 07/09/2021 3, ,950,000 Virgin Media Securities 6.25% 28/03/2029 2, ,159,000 Petrobras Global Finance 6.625% 16/01/2034 1, ,650,000 Telecom Italia 7.375% 15/12/2017 1, ,487,070 Tesco Property Finance % 13/10/2041 1, ,900,000 International 5.625% 15/02/ A 1, ,000 Enel 7.75% 10/09/2075 1, ,120 Unique Pub Finance 6.542% 30/03/2021 1, ,013,000 Nationwide Building Society 6.875% (Perpetual) 1, ,000 Anglian Water 5.00% 30/04/2023 Reg S ,477 Unique Pub Finance 5.659% 30/06/ ,200,000 Banco Votorantim 5.25% 11/02/ ,000 Telecom Italia 3.25% 16/01/ ,000 Lloyds Bank 7.00% VRN (Perpetual) ,000 Santander UK VRN (Perpetual) Reg S ,000 Merlin Entertain 2.75% 15/03/2022 Reg S ,000 Credit Agricole 7.875% (Perpetual) , B Rated - (0.00%) 750,000 Gol LuxCo 8.875% 24/01/ ,000 Altice Financing 6.625% 15/02/ A Not Rated - (3.53%) 2,550,000 University of Cambridge 3.75% 17/10/2052 2, ,578,000 British Land 5.264% 24/09/2035 2, ,400,000 First Hydro Finance 9.00% 31/07/2021 1, ,200,000 Suez Environment 5.375% 02/12/2030 1, ,350,000 Investec Bank 4.50% 05/05/2022 Reg S 1, ,000,000 Peel South East 10.00% 30/04/2026 1, ,100,000 Liverpool University 3.375% 25/06/2055 Reg S 1, ,500,000 Eurofins Scientific 2.25% 27/01/2022 Reg S 1,

337 Fidelity Institutional UK Long Corporate Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 810,000 Annes Gate Property 5.661% 30/06/ ,000 Admiral 5.50% 25/07/ ,550,000 Russian Agricultural Bank 8.50% 16/10/ ,000 Novae 6.50% 27/04/ ,000 Edinburgh Investment Trust 7.75% 30/09/ ,000 Peel 8.375% 30/04/ ,000,000 Cattles 6.875% 17/01/2014* ,000 Cattles 7.125% 05/07/2017* ,733 BTA Bank 5.50% 21/12/ ,287 Remedial Cayman 10.00% 28/03/2012* ,125,000 TXU Eastern Funding 7.25% 08/03/2030* , Interest Rate Swaps - (0.50%) 7,000,000 Receive fixed %, pay floating 19/03/2030 1, ,000,000 Receive fixed 4.29%, pay floating 25/01/2030 1, ,000,000 Receive fixed 3.235%, pay floating 21/02/2042 1, ,000,000 Receive fixed 4.115%, pay floating 14/10/2029 1, ,000,000 Receive fixed 3.309%, pay floating 14/01/2044 1, ,000,000 Receive fixed 2.95%, pay floating 27/09/ ,000,000 Receive fixed 3.222%, pay floating 01/07/ ,700,000 Receive fixed 4.415%, pay floating 16/09/ ,000,000 Receive fixed 2.98%, pay floating 08/05/ ,000,000 Receive fixed %, pay floating 13/06/ ,000,000 Receive fixed 2.909%, pay floating 11/01/ ,500,000 Receive fixed 2.77%, pay floating 13/09/ ,200,000 Receive fixed %, pay floating 01/09/ ,000,000 Pay fixed 2.16%, receive floating 30/09/2021 (28) (0.01) 8,000,000 Receive fixed 1.974%, pay floating 16/04/2045 (678) (0.15) 9, Forward Foreign Exchange Contracts - (0.42%) 96,750,229 Bought GBP sold for settlement 18/08/2015 2, ,255,533 Bought GBP sold for settlement 18/08/2015 1, ,810,539 Bought GBP sold for settlement 18/08/ ,521 Bought GBP sold for settlement 18/08/ ,469 Bought GBP sold for settlement 18/08/ ,448 Bought GBP sold for settlement 18/08/ ,313 Bought GBP sold for settlement 18/08/ ,814,816 Bought GBP sold for settlement 18/08/ ,443 Bought GBP sold for settlement 18/08/2015 (1) ,674 Bought EUR sold for settlement 18/08/2015 (2) ,017 Bought USD sold for settlement 18/08/2015 (3) ,212,207 Bought USD sold for settlement 18/08/2015 (4) ,422 Bought USD sold for settlement 18/08/2015 (10) ,078,538 Bought EUR sold for settlement 18/08/2015 (13) ,988 Bought EUR sold for settlement 18/08/2015 (19) ,107 Bought EUR sold for settlement 18/08/2015 (20) ,462 Bought USD sold for settlement 18/08/2015 (25) (0.01) 336

338 Fidelity Institutional UK Long Corporate Bond Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % 648,242 Bought EUR sold for settlement 18/08/2015 (27) (0.01) 1,121,186 Bought USD sold for settlement 18/08/2015 (28) (0.01) 1,006,643 Bought USD sold for settlement 18/08/2015 (32) (0.01) 2,609,195 Bought USD sold for settlement 18/08/2015 (41) (0.01) 2,282,628 Bought USD sold for settlement 18/08/2015 (45) (0.01) 4, Futures - ((0.19)%) (48,500,000) US Ultra Bond Future 21/09/2015 1, (7,200,000) EURO BUXL 30 Year Future 08/09/ (14,600,000) EURO BUND Future 08/09/ (16,200,000) US Treasury 10 Year Future 21/09/ (3,200,000) US Treasury 20 Year Future 21/09/ ,100,000 US Treasury 5 Year Future 30/09/ (14,500,000) EURO BOBL Future 08/09/ (1,600,000) EURO SCHATZ Future 08/09/ ,300,000 Ultra Long Gilt Future 28/09/2015 (38) (0.01) 37,200,000 Long Gilt Future 28/09/2015 (541) (0.12) 1, Index Credit Default Swaps - (0.19%) 49,500,000 Sold Protection on ITRAXX Europe Sub Financial Series 52 20/06/2020 ** Portfolio of investments 438, Cash and other net assets/(liabilities) 7, Net assets 446, The figures in brackets represent the sector distributions at 30 June *Securities valued at the ACD s valuation. **Credit default swaps - please refer to note 14 of the Aggregate Financial Statements for more information. The fund has deposited no bond stocks as collateral with third party counterparties in relation to positions it holds in over the counter derivative contracts (2014: 3,712,000). The percentage of net assets disclosed above is subject to rounding. 337

339 Fidelity Institutional UK Specialist Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Financials - (22.95%) 27,812 HSBC (UK) ,861 Lloyds Banking Group ,053 Barclays ,837 London Stock Exchange ,395 Prudential ,686 Royal Bank of Scotland Rathbone Brothers Consumer Services - (20.44%) 17,744 International Consolidated Airlines ,177 Sky ,803 Carnival ,502 ITV ,251 Carphone Warehouse ,211 Rightmove ,468 InterContinental Hotels ,907 Pearson Amazon.com Whitbread ,914 Thomas Cook WPP Health Care - (21.19%) 9,265 GlaxoSmithKline ,626 AstraZeneca (UK) ,801 Shire Roche Novartis Industrials - (13.75%) 2,457 Wolseley ,652 CRH (IR) ,568 Experian ,841 Rolls-Royce Capita ,543 Rolls-Royce (Pref d) Telecommunications - (4.69%) 55,968 Vodafone ,967 Inmarsat ,806 BT

340 Fidelity Institutional UK Specialist Fund Portfolio Statement as at 30 June 2015 Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets equivalent Portfolio of investments 000 % Consumer Goods - (9.50%) 44,406 Taylor Wimpey ,083 SABMiller ,522 GKN ,657 Diageo Associated British Foods ,953 Cairn Homes Oil & Gas - (3.98%) 6,429 BG Group ,402 Royal Dutch Shell B (UK) Royal Dutch Shell A (UK) Basic Materials - (3.17%) 323 Rio Tinto Portfolio of investments 2, Cash and other net assets/(liabilities) Net assets 2, The figures in brackets represent the sector distributions at 30 June The percentage of net assets disclosed above is subject to rounding. 339

341 Fidelity Investment Funds Annual Report and Financial Statements for the year ended 30 June 2015 Counterparty details of financial derivative transactions Asset Groups Fund Name Broker Currency Contracts Futures Swaps Grand Total '000 '000 '000 '000 America Fund UBS - (796) - (796) Total - (796) - (796) Global Focus Fund Deutsche Bank (10) - - (10) UBS Total (10) Index-Linked Bond Fund Barclays - - (1,215) (1,215) CitiBank Deutsche Bank - - (57) (57) Morgan Stanley (69) - (132) (201) RBS Royal Bank of Canada (3) - - (3) State Street UBS - (359) - (359) Total 433 (359) (1,158) (1,084) Long Bond Fund Barclays BNP (77) - - (77) Chase Manhattan CitiBank - - 2,050 2,050 Merrill Lynch Morgan Stanley (204) Royal Bank of Canada Societe Generale (15) - - (15) State Street UBS Total ,001 5,157 MoneyBuilder Income Reduced Duration Fund Barclays - - (564) (564) BNP CitiBank - - (1,387) (1,387) Deutsche Bank - - (2,149) (2,149) Goldman Sachs JP Morgan - (12) - (12) Morgan Stanley RBS - - (298) (298) Total - (12) (4,076) (4,088) Pre-Retirement Bond Fund BBH BNP (35) - - (35) CitiBank HSBC (14) - - (14) Morgan Stanley (16) National Australia Bank (6) - - (6) Royal Bank of Canada Societe Generale 1, ,007 UBS Total 1, ,

342 Fidelity Investment Funds Annual Report and Financial Statements for the year ended 30 June 2015 Counterparty details of financial derivative transactions Asset Groups Fund Name Broker Currency Contracts Futures Swaps Grand Total '000 '000 '000 '000 Reduced Duration UK Corporate Bond Fund Barclays - - (77) (77) BBH BNP (14) - (71) (85) CitiBank - - (185) (185) Deutsche Bank - - (891) (891) HSBC (4) - - (4) Merrill Lynch Morgan Stanley (19) - 16 (3) National Australia Bank (13) - - (13) Royal Bank of Canada (22) - - (22) Societe Generale State Street UBS Total 1, (1,001) 629 Select Emerging Markets Fund UBS - (80) - (80) Total - (80) - (80) Select Global Equities Fund UBS - (228) - (228) Total - (228) - (228) Sterling Core Plus Bond Fund Bank Of America Barclays - - (1,201) (1,201) BNP (12) - - (12) CitiBank (49) - - (49) Deutsche Bank - - (803) (803) JP Morgan - - (756) (756) Merrill Lynch Morgan Stanley RBS Royal Bank of Canada (21) - - (21) State Street (1) - - (1) UBS - (1) Total 920 (1) (2,389) (1,470) UK Aggregate Bond Fund BNP (186) - - (186) Chase Manhattan 2, ,057 CitiBank Deutsche Bank Goldman Sachs - - (259) (259) HSBC 1, ,545 Morgan Stanley (146) National Australia Bank (6) - - (6) Royal Bank of Canada Societe Generale State Street 2, ,153 UBS - 1,986-1,986 Total 5,542 1, ,

343 Fidelity Investment Funds Annual Report and Financial Statements for the year ended 30 June 2015 Counterparty details of financial derivative transactions Asset Groups Fund Name Broker Currency Contracts Futures Swaps Grand Total '000 '000 '000 '000 UK Corporate Bond Fund BNP (171) - - (171) Chase Manhattan 2, ,088 CitiBank - - (140) (140) Deutsche Bank - - (198) (198) HSBC (23) - - (23) JP Morgan Merrill Lynch Morgan Stanley (145) - 1,693 1,548 National Australia Bank (30) - - (30) Northern Trust 2, ,138 Royal Bank of Canada 2, ,100 Societe Generale State Street 2, ,235 UBS - 2,851-2,851 Total 8,193 2,851 2,107 13,151 UK Gilt Fund BNP (26) - - (26) Chase Manhattan Deutsche Bank - - (59) (59) Merrill Lynch Morgan Stanley (139) - - (139) National Australia Bank (47) - - (47) Northern Trust Royal Bank of Canada Societe Generale (12) - - (12) UBS Total (9) 1,115 UK Investment Grade Long Credit Fund BNP (1) - - (1) Chase Manhattan Morgan Stanley (5) - - (5) Northern Trust Royal Bank of Canada (3) - - (3) Societe Generale UBS Total UK Long Corporate Bond Fund Barclays - - 1,731 1,731 BNP (22) - - (22) Chase Manhattan 2, ,921 CitiBank - - 4,495 4,495 Deutsche Bank HSBC (10) - - (10) JP Morgan - - 1,768 1,768 Merrill Lynch Morgan Stanley (84) RBS Royal Bank of Canada (77) - - (77) Societe Generale State Street 1, ,237 UBS - 1,779-1,779 Total 4,028 1,779 10,263 16,070 Grand Total 23,418 7,011 8,517 38,

344 Fidelity Institutional Funds Annual Report and Financial Statements for the year ended 30 June 2015 Risk and Reward Profiles Fund Share Class SRRI* America Fund Accumulation Shares 5 Emerging Markets Fund Accumulation Shares 6 Retail Accumulation Shares 6 W Accumulation Shares 6 Europe (ex-uk) Fund Accumulation Shares 6 Global Focus Fund Accumulation Shares 5 Index-Linked Bond Fund Income Shares 5 Gross paying Accumulation Shares 5 Gross paying Income Shares 5 Japan Fund Accumulation Shares 6 Long Bond Fund Income Shares 5 Gross paying Accumulation Shares 5 Gross paying Income Shares 5 MoneyBuilder Income Reduced Duration Fund Y Income Shares 3 Gross paying Y Income Shares 3 Gross paying Y Accumulation Shares 3 Y Accumulation Shares 3 Pacific (ex-japan) Fund Accumulation Shares 6 Pan European Fund Accumulation Shares 6 Pre-Retirement Bond Fund Gross paying F Accumulation Shares 4 Gross paying Y Accumulation Shares 4 Reduced Duration Accumulation Shares 3 UK Corporate Bond Fund Gross paying Accumulation Shares 3 Gross paying Income Shares 3 Income Shares 3 Select Emerging Markets Equities Fund Accumulation Shares 6 Select Global Equities Fund Accumulation Shares 5 South East Asia Fund Accumulation Shares 6 Sterling Core Plus Bond Fund Income Shares 4 Gross paying Accumulation Shares 4 UK Fund Accumulation Shares 5 UK Aggregate Bond Fund Income Shares 4 Gross paying Accumulation Shares 3 UK Corporate Bond Fund Income Shares 3 Gross paying Accumulation Shares 3 Gross paying Income Shares 3 343

345 Fidelity Institutional Funds Annual Report and Financial Statements for the year ended 30 June 2015 Risk and Reward Profiles - continued Fund Share Class SRRI* UK Gilt Fund Income Shares 4 Gross paying Accumulation Shares 4 UK Investment Grade Long Credit Fund Gross paying Accumulation Shares 4 UK Long Corporate Bond Fund Income Shares 4 Gross paying Accumulation Shares 4 Gross paying Income Shares 4 UK Specialist Fund Accumulation Shares 6 *The synthetic risk and reward indicator (SRRI) is explained below: Lower risk Higher risk Typically lower rewards Typically higher rewards The risk and reward profile is classified by the level of historical fluctuation of the Net Asset Values of the share class, and within this classification, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level. The risk category was calculated using historical volatility data, based upon the methods set by European Union rules. Volatility is influenced by changes in the stock market prices, currencies and interest rates which can be affected unpredictably by diverse factors including political and economic events. The risk category may not be a reliable indication of the future risk profile of the fund. The risk category shown is not guaranteed and may shift over time. The lowest category does not mean risk free. For fund specific risks, please refer to the latest Key Investor Information document. 344

346 Fidelity Institutional Funds Annual Report and Financial Statements for the year ended 30 June 2015 Further Information All Fidelity employees are subject to a Code of Ethics which, among other things, sets out procedures for personal account dealings in securities. These procedures, which are rigorously monitored, are designed to ensure that there is no conflict between personal account dealing by Fidelity staff and the interests of Fidelity s customers. The two basics of the Code of Ethics require that deals have to be pre-authorised before an individual may undertake them, and they must afterwards be reported to the Compliance Department. Individuals are required to use brokers which enable this process to be checked on a continual basis. In addition, there are specific provisions to ensure that any investment idea is first acted upon by the funds Fidelity manages, and that fund managers may not deal within a defined period either side of a fund (for which they are responsible) dealing in that stock. The Report and Financial Statements of the Company and the Instrument of Incorporation may be inspected free of charge between 9.00 a.m. and 5.00 p.m. on every business day at the offices of the Authorised Corporate Director (ACD) at Oakhill House, 130 Tonbridge Road, Hildenborough, Tonbridge, Kent TN11 9DZ, United Kingdom. Shareholders may obtain copies of the above documents, including long form accounts and the Key Investor Information document. Shareholders may also obtain, in respect of the Fidelity MoneyBuilder Income Fund (the master fund), the prospectus, the annual reports ending last day in February and half-yearly reports ending 31 August, free of charge from the same address or alternatively from our website It is possible to receive information about the full holdings of the funds in which you invest. This is available on request, and may, at our discretion, be subject to you entering into an agreement with us to keep the information confidential. If you wish to receive full holdings information in accordance with the policy, please put your request in writing to: Data Policy Fund Holdings, Oakhill House, 130 Tonbridge Road, Hildenborough, Tonbridge, Kent TN11 9DZ quoting your name, address and account number or client reference number. Fidelity Worldwide Investment refers to the group of companies which form the global investment management organisation that provides information on products and services in designated jurisdictions outside of North America. Any service, security, investment, fund or product outlined may not be available to or suitable for you and may not be available in your jurisdiction. It is your responsibility to ensure that any service, security, investment, fund or product outlined is available in your jurisdiction before any approach is made regarding that service, security, investment, fund or product. This document may not be reproduced or circulated without prior permission and must not be passed to private investors. Past performance is not a reliable indicator of future results. The value of investments may go down as well as up and an investor may not get back the original amount invested. Unless otherwise stated all products are provided by Fidelity Worldwide Investment, and all views expressed are those of Fidelity Worldwide Investment. Issued by FIL Investment Services (UK) Limited (FCA registered number ) a firm authorised and regulated by the Financial Conduct Authority. FIL Investment Services (UK) Limited is a member of the Fidelity Worldwide Investment group of companies and is registered in England and Wales under the company number The registered office of the company is Oakhill House, 130 Tonbridge Road, Hildenborough, Tonbridge, Kent TN11 9DZ, United Kingdom. FIL Investment Management Limited VAT group identification number is SFR

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