Semi-Annual Report and Accounts...Fidelity Funds Contents This report is supplemental to, and should...

Fidelity Funds Singapore Supplement

Société d’investissement à capital variable

Established in Luxembourg

Semi-Annual Report and Accounts

For Singapore CPF Investors

For the Period ended

31 October 2019

Unaudited

Fidelity

Funds Contents

This report is supplemental to, and should be read in conjunction with, the Fidelity Funds Semi-Annual Report and Accounts for the 6 month period from 1 May 2019 to 31 October 2019. This report is prepared by FIL Investment Management (Singapore) Limited, [Co. Reg. No.: 199006300E] the Singapore Representative of Fidelity Funds and is intended for distribution to persons in Singapore investing in the 8 sub-funds of Fidelity Funds that are included under the Central Provident Fund ("CPF") Investment Scheme using their CPF contributions. All performance figures are calculated on single pricing (NAV - NAV) basis, without taking into account the effect of initial sales charge, with dividends reinvested at the NAV price. The performance figures are based on the currencies in which the relevant share classes are denominated.

1

Fidelity Funds - America Fund 2

Fidelity Funds - Asia Focus Fund 4

Fidelity Funds - Asian Special Situations Fund 6

Fidelity Funds - China Focus Fund 8

Fidelity Funds - Emerging Markets Fund 10

Fidelity Funds - European Growth Fund 12

Fidelity Funds - Greater China Fund 14

Fidelity Funds - Global Dividend Fund 16

Soft Commissions 18

Fidelity

Funds Fidelity Funds - America Fund

*Comparative index: Standard & Poor's 500 Net. **Comparative index Hedged SGD: S&P 500 Net Hedged to SGD.

2

Cumulative Performance as at 31.10.2019

SR-ACC Shares (USD) Class Index*

SR-ACC Shares (SGD)Class Index*

SR-ACC Shares (SGD)

(hedged)Class Index**

3 months (3.73%) 2.28% (4.22%) 1.71% (3.84%) 2.07%

6 months (3.04%) 3.84% (3.03%) 3.82% (3.38%) 3.33%

1 year (0.55%) 13.63% (2.35%) 11.67% (1.23%) 12.64%

3 years 17.23% 49.01% 14.62% 45.70% 14.79% 46.09%

5 years - - - - - -

10 years - - - - - -

Since launch 16.79% 54.41% 18.30% 56.38% 15.26% 52.02%

Top Ten Holdings as at 31.10.2019

Market Value

(USD) Net Assets

%

Berkshire Hathaway 205,072,436 6.01

Oracle 161,057,223 4.72

Wells Fargo 145,235,462 4.26

Willis Towers Watson 142,277,737 4.17

T-Mobile US 132,229,140 3.87

Chevron 110,096,618 3.23

Fairfax Financial Holdings 105,554,790 3.09

Exelon 98,931,231 2.90

General Dynamics 77,773,517 2.28

Valvoline 77,143,994 2.26


Market Value

(USD) Net Assets

%

Berkshire Hathaway 254,408,564 5.70

Oracle 232,735,258 5.21

Willis Towers Watson 152,876,039 3.42

Verizon Communications 139,276,486 3.12

Fairfax Financial Holdings 139,276,084 3.12

Cisco Systems 138,965,600 3.11

Exelon 136,801,425 3.06

Pfizer 130,277,325 2.92

Wells Fargo 127,065,706 2.85

Bank of New York Mellon 125,346,875 2.81

Major Sector Breakdown as at 31.10.2019

Net Assets %

Financials 25.61

Information Technology 18.70

Healthcare 14.55

Consumer Discretionary 10.57

Energy 7.19

Communication Services 6.03

Consumer Staples 4.67

Materials 3.80

Utilities 2.90

Industrials 2.28

Real Estate 1.55

Open Ended Fund 1.51

Geographical Split as at 31.10.2019 Please refer to section "Schedule of Investments" in the Semi-Annual Report (as at 31 October 2019).

Details of Underlying Funds as at 31.10.2019 The fund does not invest more than 30% of its deposited property in another scheme. Please refer to section "Schedule of Investments" in the Semi-Annual Report (as at 31 October 2019).

Asset Allocation as at 31.10.2019

Net Assets %

Equities 99.36

Debt Securities 0.00

Futures 0.00

Swaps 0.00

Contracts for Difference 0.00

Forward Exchange Contracts 0.12

Options 0.00

Cash 0.73

Other Net Liabilities (0.21)

Total Net Assets 100.00

Exposure to Derivatives as at 31.10.2019

- Market Value or Unrealised gain / (loss)

Please refer to section "Schedule of Investments" in the Semi-Annual Report (as at 31 October 2019).

- Net Realised gain / (loss)

Net realised gain / (loss) on contracts for difference -

Net realised gain / (loss) on forward foreign exchange contracts

(12,886,365)

Net realised gain / (loss) on options -

Net realised gain / (loss) on equity forwards -

Net realised gain / (loss) on futures -

Net realised gain / (loss) on swaps -

Net Realised gain / (loss) on derivatives (12,886,365) Details of Borrowings as at 31.10.2019 None

Fidelity

Funds Fidelity Funds - America Fund

*Comparative index: Standard & Poor's 500 Net. **Comparative index Hedged SGD: S&P 500 Net Hedged to SGD.

3

Related-Party Transactions Please refer to section "Notes to the Financial Statements" in the Semi-Annual Report (as at 31 October 2019).

Subscriptions/Redemptions for the period ended 31.10.2019 Proceeds from fund Shares issued 150,374,458 Payment for fund Shares redeemed (766,980,789)

Increase / (decrease) derived from capital share transactions (616,606,331)

Turnover Ratio for 12 months %

to 31.10.2019 52.82

to 31.10.2018 63.08

Please note that the figures calculated are based on the fund level.

Expense Ratio for 12 months SR-ACC Shares

(USD) SR-ACC Shares (SGD)

SR-ACC Shares (SGD) (hedged)

to 31.10.2019 1.69% 1.69% 1.69%

to 31.10.2018 1.69% 1.69% 1.69%

The following expenses are excluded from the calculation of the total expense ratio:

(a) brokerage and other transaction costs associated with the purchase and sale of investments; (b) interest expenses; (c) foreign exchange gains and losses of the sub-fund, whether realised or unrealised; (d) front and/or back-end loads arising from the purchase or sale of a unit trust or mutual fund; (e) tax deducted at source or arising from income received, including withholding tax (but the Tax D'Abonnement, a Luxembourg regulatory tax is included within the calculation of the total expense ratios); (f) dividends and other distributions paid to shareholders; and (g) performance fees

Material information adversely impacting the valuation None

Fidelity

Funds Fidelity Funds - Asia Focus Fund

*Comparative index: MSCI AC Asia ex-Japan Net.

4



3 months 0.38% 1.07%

6 months (0.24%) (2.68%)

1 year 17.47% 11.29%

3 years 33.31% 24.75%

5 years - -

10 years - -

Since launch 32.64% 22.02%


Market Value

(USD) Net Assets

%

AIA Group 149,929,602 6.71

Taiwan Semiconductor Manufacturing 139,776,687 6.26

Samsung Electronics 138,760,768 6.21

Alibaba Group Holding ADR 131,109,606 5.87

Tencent Holdings 121,237,000 5.43

Industrial & Commercial Bank of China (H) 58,477,717 2.62

Reliance Industries 56,220,375 2.52

Power Grid Corporation of (India) 52,684,556 2.36

HDFC Bank 50,635,713 2.27

Axis Bank 48,092,041 2.15


Market Value

(USD) Net Assets

%

AIA Group 125,346,382 6.63






HDFC Bank 52,762,382 2.79

United Overseas Bank 49,198,880 2.60

China Pacific Insurance Group (H) 43,046,311 2.28

Housing Development Finance 38,395,236 2.03


Net Assets %

Financials 30.29



Energy 5.96


Healthcare 3.30

Industrials 2.89

Utilities 2.36


Materials 1.68

Real Estate 1.29





Net Assets %

Equities 96.27


Futures 0.00

Swaps 0.00

Contracts for Difference (0.31)


Options 0.00

Cash 3.29

Other Net Assets 0.75








-





Net Realised gain / (loss) on derivatives - Details of Borrowings as at 31.10.2019 None





to 31.10.2019 48.60

to 31.10.2018 57.27


Fidelity

Funds Fidelity Funds - Asia Focus Fund


5

Expense Ratio for 12 months SR-ACC Shares (SGD)

to 31.10.2019 1.72%

to 31.10.2018 1.73%




Fidelity

Funds Fidelity Funds - Asian Special Situations Fund


6



3 months (0.86%) 1.07%

6 months (2.11%) (2.68%)

1 year 13.80% 11.29%

3 years 25.81% 24.75%

5 years - -

10 years - -



Market Value

(USD) Net Assets

%





AIA Group 148,084,773 4.50


China Petroleum & Chemical (H) 74,809,854 2.27

Power Grid Corporation of (India) 69,209,727 2.10

Reliance Industries 67,496,022 2.05

Bank Central Asia 65,042,880 1.98


Market Value

(USD) Net Assets

%





AIA Group 109,934,076 4.30


China Mobile 61,817,462 2.42

HDFC Bank 57,857,294 2.26

E.Sun Financial Holding 56,092,549 2.19



Net Assets %


Financials 24.03


Industrials 8.89

Energy 6.49



Real Estate 2.93

Materials 2.65

Healthcare 2.24

Utilities 2.10





Net Assets %

Equities 99.63


Futures 0.00

Swaps 0.00



Options 0.00

Cash 0.40









(1,885,407)

Net realised gain / (loss) on options (2,040,954)







Increase / (decrease) derived from capital share transactions 147,922,800


to 31.10.2019 112.83

to 31.10.2018 102.47


Fidelity

Funds Fidelity Funds - Asian Special Situations Fund


7


to 31.10.2019 1.72%

to 31.10.2018 1.72%




Fidelity

Funds Fidelity Funds - China Focus Fund

*Comparative index: MSCI China 10% Capped (Net).

8



3 months (3.43%) (0.11%)

6 months (8.69%) (6.24%)

1 year 2.22% 10.17%

3 years 24.17% 27.72%

5 years - -

10 years - -



Market Value

(USD) Net Assets

%

China Construction Bank (H) 293,284,490 7.23

China Mobile 254,345,807 6.27

China Life Insurance (H) 236,885,220 5.84




CNOOC 184,636,587 4.55

China Overseas Land & Investment 126,167,848 3.11

China Resources Land 110,292,136 2.72

Agricultural Bank of China (H) 101,386,056 2.50


Market Value

(USD) Net Assets

%

China Construction Bank (H) 284,040,903 6.82

China Mobile 229,602,586 5.51




CNOOC 194,168,478 4.66


China Overseas Land & Investment 131,712,164 3.16

China Merchants Bank (H) 116,499,308 2.80

China Resources Land 113,073,173 2.71


Net Assets %

Financials 28.30



Energy 9.67

Industrials 7.27


Real Estate 6.05

Materials 5.30


Healthcare 2.13

Utilities 0.76




Net Assets %

Equities 97.31


Futures 0.00

Swaps 0.00



Options 0.00

Cash 2.45







Net realised gain / (loss) on contracts for difference 9,842,752


-





Net Realised gain / (loss) on derivatives 9,842,752 Details of Borrowings as at 31.10.2019 None





to 31.10.2019 14.13

to 31.10.2018 18.29


Fidelity

Funds Fidelity Funds - China Focus Fund

*Comparative index: MSCI China 10% Capped (Net).

9


to 31.10.2019 1.71%

to 31.10.2018 1.71%




Fidelity

Funds Fidelity Funds - Emerging Markets Fund

*Comparative index: MSCI Emerging Markets (Net).

10



3 months 0.20% 0.47%

6 months 1.77% (1.69%)

1 year 19.04% 9.93%

3 years 23.57% 20.99%

5 years - -

10 years - -



Market Value

(USD) Net Assets

%



Naspers 276,928,145 5.62

AIA Group 269,042,374 5.46

HDFC Bank 238,201,705 4.83

China Mengniu Dairy 230,756,151 4.68


SK Hynix 164,653,552 3.34

Sberbank of Russia 157,277,644 3.19



Market Value

(USD) Net Assets

%

AIA Group 331,376,909 6.32


HDFC Bank 255,645,175 4.87

Naspers 224,735,497 4.29




Sberbank of Russia 157,247,319 3.00


SK Hynix 128,434,769 2.45


Net Assets %

Financials 34.34




Industrials 7.90

Healthcare 2.85

Materials 2.76

Energy 1.62


Utilities 0.05




Net Assets %

Equities 99.30


Futures 0.00

Swaps 0.00

Contracts for Difference (0.03)


Options 0.00

Cash 0.80







Net realised gain / (loss) on contracts for difference (1,040,677)


(1,556,722)







Subscriptions/Redemptions for the period ended 31.10.2019 Proceeds from fund Shares issued 600,110,445 Payment for fund Shares redeemed (1,224,682,028)



to 31.10.2019 78.61

to 31.10.2018 104.66


Fidelity

Funds Fidelity Funds - Emerging Markets Fund

*Comparative index: MSCI Emerging Markets (Net).

11


to 31.10.2019 1.73%

to 31.10.2018 1.72%




Fidelity

Funds Fidelity Funds - European Growth Fund

*Comparative index: FTSE World Europe.

12


SR-ACC Shares (EUR)Class Index*


3 months 1.39% 3.19% 0.96% 2.82%

6 months (1.47%) 3.08% (2.00%) 2.60%

1 year 8.13% 13.30% 4.62% 9.64%

3 years 23.33% 29.03% 22.56% 28.40%

5 years - - - -

10 years - - - -

Since launch 12.63% 17.22% 12.62% 17.54%


Market Value

(EUR) Net Assets

%

Roche Holding 398,622,129 5.59

SAP 375,831,465 5.27

Sanofi 321,976,529 4.52

Royal Dutch Shell (B) 272,555,005 3.82

AXA 272,103,218 3.82

Kering 251,584,809 3.53

Fresenius Medical Care 248,832,766 3.49

BP 238,966,985 3.35

Wolters Kluwer 235,366,857 3.30

Siemens 234,201,089 3.29


Market Value

(EUR) Net Assets

%

Roche Holding (A) 364,517,806 5.23

SAP 349,441,451 5.02

Royal Dutch Shell 306,899,612 4.40

Siemens 283,130,178 4.06

Sanofi 282,645,062 4.06

AXA 265,651,416 3.81


BP 238,358,838 3.42

DNB 238,036,538 3.42

Publicis Groupe 230,968,790 3.31


Net Assets %

Industrials 18.41

Healthcare 17.53

Financials 16.24



Energy 9.51


Materials 1.96

Utilities 1.83





Net Assets %

Equities 100.06


Futures 0.00

Swaps 0.00


Forward Exchange Contracts (0.02)

Options 0.00

Cash 0.02









3,076,968



Net realised gain / (loss) on futures 3,364,654


Net Realised gain / (loss) on derivatives 6,441,622 Details of Borrowings as at 31.10.2019 None





to 31.10.2019 28.89

to 31.10.2018 42.78


Fidelity

Funds Fidelity Funds - European Growth Fund

*Comparative index: FTSE World Europe.

13

Expense Ratio for 12 months SR-ACC Shares (EUR) SR-ACC Shares (SGD)

to 31.10.2019 1.69% 1.69%

to 31.10.2018 1.69% 1.69%




Fidelity

Funds Fidelity Funds - Greater China Fund

*Comparative index: MSCI Golden Dragon (Net).

14



3 months 0.18% 0.49%

6 months (3.69%) (3.61%)

1 year 13.49% 13.42%

3 years 32.03% 29.04%

5 years - -

10 years - -



Market Value

(USD) Net Assets

%




AIA Group 36,276,753 5.12


China Mobile 19,973,577 2.82

MediaTek 14,672,806 2.07

Kweichow Moutai (A) 14,525,432 2.05


CNOOC 11,545,988 1.63


Market Value

(USD) Net Assets

%




AIA Group 28,102,471 4.65


China Mobile 20,848,425 3.45

CNOOC 14,437,012 2.39

China Pacific Insurance Group (H) 13,027,638 2.16

Ping An Insurance Group (H) 9,763,815 1.62



Net Assets %



Financials 17.32


Energy 5.46


Real Estate 4.81

Healthcare 4.45

Industrials 3.23

Utilities 3.22

Materials 2.12





Net Assets %

Equities 98.41


Futures 0.00

Swaps 0.00



Options 0.00

Cash 1.78









-





Net Realised gain / (loss) on derivatives - Details of Borrowings as at 31.10.2019 None





to 31.10.2019 41.68

to 31.10.2018 51.03


Fidelity

Funds Fidelity Funds - Greater China Fund

*Comparative index: MSCI Golden Dragon (Net).

15


to 31.10.2019 1.73%

to 31.10.2018 1.73%




Fidelity

Funds Fidelity Funds - Global Dividend Fund

*Comparative index: MSCI AC World Index (Net).

16



SR-MINCOME

(G) Shares (SGD)Class Index*

3 months 2.71% 1.84% 2.73% 1.84%

6 months 5.83% 2.93% 5.87% 2.93%

1 year 13.64% 10.65% 13.64% 10.65%

3 years 27.90% 34.93% 28.07% 34.93%

5 years - - - -

10 years - - - -

Since launch 32.50% 46.00% 32.68% 46.00%


Market Value

(USD) Net Assets

%

Deutsche Boerse 270,917,802 3.83

Roche Holding 267,335,891 3.78

US Bancorp 251,540,865 3.56


Unilever 229,556,757 3.24

RELX 212,670,962 3.01


Procter & Gamble 207,233,645 2.93

Schneider Electric 203,996,981 2.88

Cisco Systems 201,150,638 2.84


Market Value

(USD) Net Assets

%

Diageo 217,242,508 4.16

Procter & Gamble 216,340,762 4.14

US Bancorp 215,386,199 4.12


Royal Dutch Shell (NL) 203,390,287 3.89

Deutsche Boerse 200,104,729 3.83

Roche Holding (A) 187,891,580 3.59

Sanofi 186,396,652 3.57

Johnson & Johnson 169,332,065 3.24



Net Assets %

Financials 19.85

Industrials 15.59


Healthcare 12.04


Utilities 7.68




Energy 1.98

Materials 1.90




Net Assets %

Equities 96.54


Futures 0.00

Swaps 0.00



Options 0.00

Cash 3.30









(24,271,316)







Fidelity

Funds Fidelity Funds - Global Dividend Fund

*Comparative index: MSCI AC World Index (Net).

17

Subscriptions/Redemptions for the period ended 31.10.2019 Proceeds from fund Shares issued 1,496,551,541 Payment for fund Shares redeemed (548,514,546)

Increase / (decrease) derived from capital share transactions 948,036,995


to 31.10.2019 30.05

to 31.10.2018 27.66


Expense Ratio for 12 months

SR-ACC Shares (SGD) SR-MINCOME (G) Shares (SGD)

to 31.10.2019 1.69% 1.69%

to 31.10.2018 1.69% 1.70%




Fidelity

Funds Soft Commissions

18

The Investment Manager of the 8 sub-funds of Fidelity Funds that are included under the CPF Investment Scheme is FIL Fund Management Limited (FFML). FFML may, from time to time, delegate its investment management functions to a company within the Fidelity organisation ("sub-managers"). FFML and/or any sub-manager may effect transactions by or through the agency of another person with whom the Investment Manager and/or any sub-manager have an arrangement under which that party will from time to time provide to or procure for the Investment Manager and/or any sub-manager goods, services or other benefits (such as research and advisory services). The nature of which is such that their provision can reasonably be expected to benefit Fidelity Funds as a whole and may contribute to an improvement in the performance of Fidelity Funds or of the Investment Manager and/or any sub-manager in providing services to Fidelity Funds and for which a direct payment is not always made but instead the Investment Manager and/or any sub-manager undertake to place business with that party. For the avoidance of doubt, such goods and services do not include travel, accommodation, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employee salaries or direct money payments. The Investment Manager and/or any sub-manager shall not retain the benefit of any cash commission rebate (being repayment of a cash commission made by a broker or dealer to the Investment Manager and/or any sub-manager) paid or payable from any such broker or dealer in respect of any business placed with such broker or dealer by the Investment Manager and/or any sub-manager for or on behalf Fidelity Funds. Any such cash commission rebate from any such broker or dealer will be held by the Investment Manager and/or any sub-manager for the account of Fidelity Funds. For the avoidance of doubt, no such fees are currently being charged. With respect to the 8 sub-funds of Fidelity Funds that are included under the CPF Investment Scheme, a broker or dealer with whom the Investment Manager and/or any sub-manager has an arrangement as described above may execute trades for other collective investment schemes managed by the Investment Manager and/or any sub-manager. The Investment Manager confirms that the trades were executed in accordance with the Investment Manager's best execution policy and there was no churning of trades.

SG17/165-G

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Semi-Annual Report and Accounts...Fidelity Funds Contents This report is supplemental to, and should...

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