Fund objective The fund aims achieve long-term capital growth by investing or reinsuring in underlying funds managed by Fidelity or our Fund Partners, which invest in a range of asset classes including UK and overseas equities, bonds, property and cash. Performance as at 31.12.2014 Past performance is not a reliable indicar of future results. Yearly performance Fund Benchmark Annualised performance Fund Benchmark Figures reflect the return on investment after the fund s charges have been deducted. Fund footnote: Perfomance data is calculated on a NAV NAV basis, net of fees. Source: Fidelity. Benchmark footnote: Since Inception 30/09/11: 50% FTSE All Share, 50% FTSE AW Developed ex UK. From 30/09/2011 31/12/2011: 30% FTSE All Share, 30% FTSE AW Developed ex UK, 10% FTSE AW All Emerging Markets, 15% ML Eurosterling over 10 years, 15% of 70% BNY Mellon CAPS Pooled Property Fund Median, 30% FTSE EPRA/NAREIT. From 31/12/2011 30/11/2012: 30% FTSE All Share, 30% FTSE AW Developed ex UK, 10% FTSE AW All Emerging Markets (Mid-day), 15% ML Eurosterling over 10 years, 15% of 70% BNY Mellon CAPS Pooled Property Fund Median, 30% FTSE EPRA/NAREIT.From 30/11/2012 28/02/2013: 27.5% FTSE All Share, 27.5% FTSE AW Developed ex UK, 10% FTSE AW All Emerging Markets (Mid-day), 15% ML Eurosterling over 10 years, 15% of 70% BNY Mellon CAPS Pooled Property Fund Median, 30% FTSE EPRA/NAREIT, 5% of 1 Month LIBOR+3% GBP.From 28/02/2013:30 % FTSE All Share, 25% FTSE AW Developed ex UK, 10% FTSE AW All Emerging Markets (Mid-day), 5% ML Eurosterling over 10 years, 15% of 70% BNY Mellon CAPS Pooled Property Fund Median, 30% FTSE EPRA/NAREIT, 15% of 1 Month LIBOR+3% GBP.From 30/09/2013:28.5 % FTSE All Share, 23.5% FTSE AW Developed ex UK, 10% FTSE AW All Emerging Markets (Mid-day), 5% ML Eurosterling over 10 years, 15% of 70% BNY Mellon CAPS Pooled Property Fund Median, 30% FTSE EPRA/NAREIT, 18% of 1 Month LIBOR+3% GBP. From 30/04/2014:27.5 % FTSE All Share, 2 FTSE AW Developed ex UK, 10% FTSE AW All Emerging Markets (Mid-day), 5% ML Eurosterling over 10 years, 15% of 70% BNY Mellon CAPS Pooled Property Fund Median, 30% FTSE EPRA/NAREIT, 20% of 1 Month LIBOR+3% GBP.From 30/09/2014:22.5 % FTSE All Share, 2 FTSE AW Developed ex UK, 10% FTSE AW All Emerging Markets (Mid-day), 5% ML Eurosterling over 10 years, 15% of 70% BNY Mellon CAPS Pooled Property Fund Median, 30% FTSE EPRA/NAREIT, 20% of 1 Month LIBOR+3% GBP, 5% CPI + 3%. Performance is only available quarterly. Source Fidelity. Risk facrs 1 January 2010 31 December 2010 15.5% 15.3% 1 January 2011 31 December 2011-12.6% 13.7% -6.0% 1 Year 8.2% 8.1% 1 January 2012 31 December 2012 11.5% 3 Years 11.5% 10.8% 1 January 2013 31 December 2013 12.7% 5 Years 8.7% 8.1% 1 January 2014 31 December 2014 8.2% 8.1% Since Launch 5.9% 5.5% The value of your investments may go down as well as up and you may not get back the amount invested. Where a fund invests in more than one underlying fund, the risk facrs reflect the risks applicable each of the underlying funds. Fund facts Benchmark 2 FTSE All Share 2 FTSE All World Developed ex UK 20% 1 Month LIBOR + 3% 15% L&G 70/30 Hybrid Property 10% FTSE AW All Emerging Markets (Midday) 5% BOA ML Eurstlg +10 year 5% Consumer Price Index + 3% Fund Manager Au Asset Allocation Fund size 448m Launch date 30.09.06 Base currency GBP Annual management charge 0.218%** charges 0.038% Total Expense Ratio 0.256% **The charge shown represents a weighted average of AMCs of the underlying funds and any additional charge for the management of this plan specific fund. The exact charge will vary over time depending on the actual proportions invested in the underlying funds. The charges are reflected in the quoted unit/share price for the fund and are not deducted directly from your account. A full explanation of fund charges can be found in your scheme literature. SEDOL number B1D6498 ISIN number GB00B1D64987 Fund management style Active Fund specific risk facrs (see overleaf) 2: Derivative exposure 3: Efficient portfolio management 4: Emerging markets 6: Exchange rate 8: High yield bonds 10: Income eroding capital growth 11: Liquidity 13: Property funds 14: Secr specific funds 16: Solvency of depositary 17: Solvency of issuers 18: Volatility This fund is specific this scheme and therefore will be different from funds with a similar or identical name that are made available other schemes. Fund breakdown as at 31.12.2014 1 2 3 4 5 6 7 8 9 10 BlackRock World (Ex-UK) Equity Index Fund BlackRock UK Equity Index Fund L&G 70:30 Hybrid Property Fund M&G Total Return Credit Investment Fund L&G World Emerging Markets Index Fund Fidelity Institutional UK Long Corporate Bond Fund Henderson Diversified Alternatives Fund Newn Global Dynamic Bond Fund Alliance Trust Dynamic Bond Fund Kames Capital Absolute Return Bond Fund (Class B) 23.1% 22.1% 15.6% 9.9% 9.8% 5.0% 4.0% 2.9% Source: Fidelity, BlackRock, Kames, L&G, M&G, Newn, Henderson and Alliance month end resulting in the fund being slightly in debit or credit.
BlackRock World (Ex-UK) Equity Index Fund 100.6% -0.6% BLACKROCK AQUILA US EQUITY INDEX 1 BLACKROCK AQUILA EUROPEAN EQUITY IDX 1 BLACKROCK AQUILA JAPANESE EQUITY IDX 1 BLACKROCK AQUILA PACIFIC RIM EQ IDX 1 BLACKROCK AQUILA CANADIAN EQUITY 1 BLACKROCK ASF MKT WTD STERLING CCY FLEX TEVA PHARMACEUTICAL INDUSTRIES LTD UNDRLY BLACKROCK AQUILA CANADIAN EQ 1PEN 61.4% 17.9% 9.4% 7.2% 3.8% 0.5% 0.2% 0.1% Where derivative instruments are held they are generally represented in the appropriate asset or secr categories. When an other category is shown, it may include some derivative types such as volatility index futures and tal return swaps. BlackRock UK Equity Index Fund Industry breakdown as at 31.12.2014 Consumer Discretionary 20.6% Financials 19.7% Consumer Staples 12.6% Industrials 1 Energy 11.4% Materials 10.9% Health Care 7.9% Telecommunication Services 2.4% Information Technology Where derivative instruments are held they are generally represented in the appropriate asset or secr categories. When an other category is shown, it may include some derivative types such as volatility index futures and tal return swaps. ROYAL DUTCH SHELL PLC CLASS B BRITISH AMERICAN TOBACCO PLC HSBC HOLDINGS PLC ASTRAZENECA PLC WOLSELEY PLC REED ELSEVIER PLC RIO TINTO PLC IMPERIAL TOBACCO GROUP PLC NEXT PLC CAPITAL & COUNTIES PROPERTIES PLC 6.7% 6.0% 5.7% 4.1% 4.1% 3.2% 2.7% 2.3% L&G 70:30 Hybrid Property Fund North American Sck 56.1% Asia ex-japan Sck 16.5% Japan Sck 1 European Sck Mid Cap 5.0% U.K. Sck Large Growth 2.1% European Sck Large Cap European Sck Small Cap U.K. Sck Mid Growth Sck 0.9% U.K. Sck Small Growth 0.8% are represented in the appropriate asset or secr categories. SIMON PROPERTY GROUP INC MITSUBISHI ESTATE CO LTD PUBLIC STORAGE MITSUI FUDOSAN CO LTD EQUITY RESIDENTIAL UNIBAIL-RODAMCO SE HEALTH CARE REIT, INC. SUN HUNG KAI PROPERTIES LTD AVALONBAY COMMUNITIES INC PROLOGIS INC 4.6% 2.2% 2.1% 2.1% Top holdings are those securities in which the largest percentage of the fund's tal assets are invested. Holdings in different securities issued by the same company and exposures achieved by derivatives are aggregated.
M&G Total Return Credit Investment Fund 73.2% European Bond 44.2% 5.9% U.K. Corporate Bond Interm/Long Term 5.8% 2.4% 2.3% U.K. Corporate Bond Short Term 1.0% Emerging Markets Bond 0.6% Convertible 0.4% U.K. Index Linked Bond 0.3% Source: M&G are generally represented in the appropriate asset or secr categories. When an other category is shown, it may include some derivative types such as volatility index futures and tal return swaps. GERMANY (FEDERAL REPUBLIC OF) 1.72615% F/C US 10YR NOTE (CBT)MAR15 EURO INV BANK(2018-05-25) INVITATION HOMES TR 2014-SFR3 FRN(2031-12-18) INVITATION HOMES TR 2014-SFR3 FRN(2031-12-18) NED WATERSCHAPSBK FRN(2018-04-09) BK NED GEMEENTEN FRN(2018-04-03) DEUTSCHE PFAND AG FRN(2017-09-29) SANTOS FIN 8.25%(2070-09-22) ATON GROU 3.875% 11/08/18/EUR/(2018-08-11) 2.7% 0.8% 0.8% Source: M&G L&G World Emerging Markets Index Fund Asia ex-japan Sck 63.2% Emerging Market Sck 24.2% European Sck Large Cap 4.2% European Sck Mid Cap 2.9% Preferred Sck 2.8% Sck 2.2% 0.3% European Sck Small Cap 0.2% Where derivative instruments are held they are generally represented in the appropriate asset or secr categories. When an other category is shown, it may include some derivative types such as volatility index futures and tal return swaps. TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD TENCENT HOLDINGS LTD CHINA MOBILE LTD CHINA CONSTRUCTION BANK CORP H SHARES HOUSING DEVELOPMENT FINANCE CORP LTD INDUSTRIAL AND COMMERCIAL BANK OF CHINA LTD H NASPERS LTD CLASS N RELIANCE INDUSTRIES LTD BANK OF CHINA LTD. H SHARES ITAU UNIBANCO HOLDING S.A. 3.1% 1.6% 1.4% 1.3% 1.3% 1.1% Fidelity Institutional UK Long Corporate Bond Fund Asset Allocation (% TNA) as at 31.12.2014 (excluding derivatives) Treasury 2.51 Index Linked 0.00 Investment Grade - Sovs Supras & Agencies 6.52 Investment Grade - Financials 29.83 Investment Grade - Non-Financials 33.77 Investment Grade - ABS 12.90 Investment Grade - Emerging Markets 4.30 High Yield 4.48 Index Credit Default Swaps 0.00 1.87 Interest Rate Derivatives FX / Derivative P&L 0.00 3.01 0.82 Source: Fidelity Index Linked includes non-government index linked bonds. Sovs Supras & Agencies are bonds issued by institutions. ABS (Asset-backed Securities) are backed by specific assets. Index Credit Default swaps can be used increase or decrease the credit quality of the fund. Top long exposures by issuer (% TNA) as at 31.12.2014 ELECTRICITE DE FRANCE HSBC HOLDINGS PLC LLOYDS TSB BANK PLC GE CAPITAL UK FUNDING EUROPEAN INVESTMENT BANK UNITED KINGDOM OF GREAT BRITAIN HEATHROW FINANCE PLC BRITISH BROADCASTING COR RESEAU FERRE DE FRANCE TESCO PROPERTY FIN 3 PLC 4.77 4.55 4.42 3.61 3.04 2.51 2.40 2.37 2.03 2.02 Source: Fidelity Long positions are created through purchases of bonds or derivatives. Invesrs benefit if these long positions rise in value. Credit derivatives relating any specific issuer are included, but derivatives relating government bonds and bond indices are excluded. Reference in this document specific securities should not be considered as a recommendation buy or sell these securities, but is included for the purposes of
Henderson Diversified Alternatives Fund RENEWABLES INFRASTRUCTURE GRP BH GLOBAL GBP ORD INDEX TRACKER FUNDS PANTHEON INTERNATIONAL ORD PLC DCG IRIS LTD. ORD CHENAVARI CAPITAL SOLUTIONS HARBOURVEST GLOBAL PRIV EQUITY ORD BLUECREST ALLBLUE GBP ORD GRAPHITE ENTERPRISE TRUST ORD GREENCOAT UK WIND 5.7% 5.4% 5.3% 4.3% 4.1% 3.2% 3.1% 3.1% 3.0% Source: Henderson Newn Global Dynamic Bond Fund European Bond 25.5% 2 18.1% Emerging Markets Bond 6.3% 6.2% U.K. Corporate Bond Interm/Long Term 6.0% U.K. Corporate Bond Short Term U.K. Index Linked Bond U.K. Gilt Bond Interm/Long Term U.K. Gilt Bond Short Term Source: Newn are generally represented in the appropriate asset or secr categories. When an other category is shown, it may include some derivative types such as volatility index futures and tal return swaps. US TREASURY BILL(2015-03-19) UK I/L GILT 1.25 11/22/2017 US TREASURY TIP US TREASURY TIP US TREASURY NOTE 1.625%(2022-08-15) BRAZIL FEDERATIVE REP(2018-01-01) US TREASURY NOTE 0.875%(2017-02-28) UNITED KINGDOM (GOVERNMENT OF) 3.5%(2049-12-29) UNITED KINGDOM (GOVERNMENT OF) 8.75%(2017-08-25) CANADA GOVT 1%(2015-11-01) 2.6% 2.2% Source: Newn Alliance Trust Dynamic Bond Fund 35.9% European Bond 19.8% U.K. Corporate Bond Interm/Long Term 16.4% 14.1% U.K. Index Linked Bond 3.7% U.K. Gilt Bond Short Term 2.6% Convertible 2.4% Bond -0.5% Source: Alliance Trust are generally represented in the appropriate asset or secr categories. When an other category is shown, it may include some derivative types such as volatility index futures and tal return swaps. UNITED KINGDOM (GOVERNMENT OF) 4.75%(2015-09-07) UNITED KINGDOM (GOVERNMENT OF) 2.75%(2015-01-22) UK I/L GILT 2.5 07/26/2016 NEW ZEALAND(GOVT) 3% US TREASURY TIP UNITED KINGDOM (GOVERNMENT OF) 8%(2015-12-07) ITALY(REP OF) 2.55% EURO BUND FUTURE MAR15 ITALY(REP OF) 2.35% JAPAN(GOVT OF) 0.1% 12.3% 10.0% 4.4% 3.4% 3.3% 3.2% 2.6% Source: Alliance Trust
Kames Capital Absolute Return Bond Fund (Class B) 55.6% European Bond 23.5% U.K. Corporate Bond Short Term 12.3% 8.9% U.K. Corporate Bond Interm/Long Term 6.0% 3.3% 1.1% Bond -10.6% Source: Kames are generally represented in the appropriate asset or secr categories. When an other category is shown, it may include some derivative types such as volatility index futures and tal return swaps. SPAIN(KINGDOM OF) 2.75%(2024-10-31) CANADA GOVT 3.5%(2045-12-01) AUSTRALIA(CMNWLTH) 3.75%(2037-04-21) JP MORGAN CHASE & 6.125%(2017-05-30) CRH FIN UK 8.25%(2015-04-24) PRUDENTIAL 1.25%(2015-11-16) CITIGROUP 5.5%(2015-11-18) FCE BK 5.125%(2015-11-16) ANGLIAN WATER SVCS 5.25%(2015-10-30) LONDON STOCK EXCH FRN(2016-07-07) 4.4% 3.3% Source: Kames
Risk facrs explained 1. Concentrated portfolio. The fund may invest in a relatively smaller number of scks. This sck concentration may carry more risk than funds spread across a larger number of companies. 2. Derivative exposure. The fund invests in derivatives as part of its investment strategy, over and above their use for efficient portfolio management. Invesrs should be aware that the use of these instruments can, under certain circumstances, increase the volatility and risk profile of the Fund beyond that expected of a fund that only invests in equities. The fund may also be exposed the risk that the company issuing the derivative may not honour their obligations which in turn could lead losses arising. 3. Efficient portfolio management. The fund may use other investment instruments apart from / or in place of the actual underlying securities. This is done in order manage the fund in a more efficient fashion. Examples of these other instruments could be options, derivatives or warrants. The process of using these instruments in the fund is referred as efficient portfolio management. These instruments can be used effectively take a position (or reduce an existing position) in a share or index, allowing positions be altered more quickly and cost effectively than dealing directly in the underlying investment, but are not generally used try and magnify returns. However, invesrs should be aware that the use of these instruments can, under certain circumstances, increase volatility and risk beyond that expected of a fund that only invests in conventional equities. 4. Emerging markets. The fund invests in emerging markets. There is an increased chance of political and economic instability with less reliable cusdy, dealing and settlement arrangements. The market(s) can be less liquid. If a fund investing in markets is affected by currency exchange rates, the investment could either increase or decrease. These investments, therefore, carry more risk. 5. Ethical restrictions. The fund is unable invest in certain secrs and companies due the ethical criteria used select investments for the fund. 6. Exchange rate. The fund may invest in securities denominated in currencies that are different the fund currency. The value of investments and any income from them may, therefore, decrease or increase as a result of changes in exchange rates between currencies. 7. Geared investments. The fund focuses on geared investments. Funds which focus on geared investments such as warrants or options carry a higher degree of risk than other equity investments because of the risk of the underlying investments. It is possible that the fund may suffer sudden and large falls in value so that the short fall on cancellation, or the loss of the realisation on the investment could be very high and could even equal the amount invested, in which case you would get nothing back. 8. High yield bonds. The fund invests in high yield bonds. High yield bonds carry a greater risk of default than investment grade bonds, and economic conditions and interest rate movements will have a greater effect on their price. Income levels may not be achieved and the income provided may vary. 9. Specialist. The fund is specifically aimed at sophisticated invesrs and is particularly high risk, because it concentrates on a region that may be exposed unusual political or economic risks. You should only invest if you are comfortable with the specific risks pertaining the fund in question. 10. Income eroding capital growth. The fund focuses on income which may reduce the prospect of capital growth. Any income generated cannot generally be withdrawn from a pension account until retirement and will be reinvested in the fund. 11. Liquidity. The fund can suffer from partial or tal illiquidity, which may lead considerable price fluctuations and the inability redeem your investment. This could affect you, for example, when you are close retirement. 12. Performance charges. The fund makes charges that depend on the fund's performance. 13. Property funds. The fund invests directly in physical property and there may be delays in completing your instruction sell. This could affect you, for example when you are close retirement, as it may be difficult sell the units you hold in such funds. Any decision invest in physical property should be carefully considered in line with your planned retirement goals. The value of physical property is generally a matter of a valuer s opinion rather than fact. Property transaction costs are high (typically around 5% due legal costs, valuations and stamp duty). 14. Secr specific funds. The fund invests in specific secrs. Funds which invest in specific secrs may carry more risk than those spread across a number of different secrs. They may assume higher risk, as markets/secrs can be more volatile. In particular, gold, technology funds and other focused funds can suffer as the underlying scks can be more volatile and less liquid. 15. Smaller companies. The fund invests in smaller companies. Smaller companies shares can be more volatile and less liquid than larger company shares, so smaller companies funds can carry more risk. 16. Solvency of depositary. The value of the fund may be affected if any of the institutions with which cash is deposited becomes insolvent or experiences other financial difficulties. 17. Solvency of issuers. The fund invests in bonds and there is a risk that the issuer may default, resulting in a loss the portfolio. 18. Volatility. Investments in the fund tend be volatile and invesrs should expect an above-average price increase or decrease. This Fact Sheet should be read in conjunction with the Guide for Members. This fund is part of the long-term pension business of FIL Life Insurance Limited. Contributions will be allocated funds of FIL Life Insurance Limited (FIL Life). Through these funds, FIL Life invests in underlying Fidelity unit trusts and open-ended investment company (OEIC) funds managed by FIL Investment Services (UK) Limited, authorised and regulated by the Financial Conduct Authority. FIL Life Insurance Limited (FIL Life) may also invest in funds managed by non-fidelity fund managers or be reinsured by non-fidelity life insurance companies. Issued by FIL Life Insurance Limited. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England and Wales No. 3406905. Registered offices at: Oakhill House,130 Tonbridge Road, Hildenborough, Kent, England TN11 9DZ. DCSSO2208