Fidelity Global Fund. Semi-Annual Management Report of Fund Performance

Transcription

1 Fidelity Global Fund Semi-Annual Management Report of Fund Performance September 3,

2 Caution Regarding Forward-looking Statements Certain portions of this report, including, but not limited to, Results of Operations and Recent Developments, may contain forward-looking statements about the Fund, including its strategy, risks, expected performance and condition. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as expects, anticipates, intends, plans, believes, estimates and similar forward-looking expressions or negative versions thereof. In addition, any statement that may be made concerning future performance, strategies or prospects, and possible future Fund action, is also a forward-looking statement. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about the Fund and economic factors. Accordingly, assumptions concerning future economic and other factors may prove to be incorrect at a future date. Forward-looking statements are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied in any forward-looking statements made by the Fund. Any number of important factors could contribute to these digressions, including, but not limited to, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, and catastrophic events. It should be stressed that the above-mentioned list of important factors is not exhaustive. You are encouraged to consider these and other factors carefully before making any investment decisions and you are urged to avoid placing undue reliance on forward-looking statements. Further, you should be aware of the fact that the Fund has no specific intention of updating any forward-looking statements whether as a result of new information, future events or otherwise, prior to the release of the next Management Report of Fund Performance.

3 Semi-Annual Management Report of Fund Performance as at September 3, Fidelity Global Fund This semi-annual management report of fund performance contains financial highlights but does not contain the complete semi-annual financial statements for the investment fund. You can get a copy of the semi-annual financial statements at your request, and at no cost, by calling , by writing to us at Fidelity Investments, 483 Bay St. Suite 3, Toronto ON M5G 2N7 or by visiting our website at or SEDAR at Securityholders may also contact us using one of these methods to request a copy of the investment fund s proxy voting policies and procedures, proxy voting disclosure record or quarterly portfolio disclosure relating to the investment fund. Management Discussion of Fund Performance Results of Operations Fidelity Global Fund (Fund), Series B, returned 3.7%, after fees and expenses, for the six-month period ended September 3,. The net returns of the other series of this Fund are similar to those of Series B, except for differences attributable to expense structures. During the review period, global equities, as represented by the MSCI ACWI (All Country World Index) Index, returned 2.9% (in Canadian dollar terms). Market overview: Global equities, as measured by the MSCI ACWI (All Country World Index) Index, returned 2.9% amid signs of stabilization in Europe and positive economic data in the U.S. The European markets, as represented by MSCI Europe Index, returned 7.2%, outperforming other global equity markets in Canadian dollar terms. Supportive economic data and solid corporate earnings lifted European equities, as did the victory of a centrist candidate in the French presidential election. Asian equities also gained during the review period. The MSCI AC (All Country) Asia Pacific Index returned 4.4%, as optimism around global economic growth and improved corporate earnings forecasts in the region boosted sentiment. U.S. markets lagged other global markets, with the S&P 5 Index returning 1.%. The impact of positive economic data was offset by concerns about geopolitical tensions in the Korean peninsula and the implications of hurricanes Harvey and Irma. Factors affecting performance: The Fund outperformed its benchmark, the MSCI ACWI (All Country World Index) Index. Exposure to certain stocks in the financials sector contributed to relative performance. Within the sector, investments in Germany-based bank Commerzbank and in U.S.-based bank Citigroup contributed to relative returns. Exposure to the information technology sector also contributed. Within this sector, exposure to U.S.-based software & services firm Paypal, U.S.-based semiconductors & semiconductor equipment firm Lam Research, and to South Korea-based semiconductors & semiconductor equipment firm SK Hynix contributed to relative returns. Among other sectors, investments in Netherlandsbased industrial conglomerate Koninklijke Philips, Denmark-based utilities firm DONG Energy, and Denmark-based health care equipment & services firm GN Store Nordic, all contributed to relative returns. In contrast, exposure to certain stocks in the consumer staples sector detracted from relative performance. Within the sector, investments in Netherlands-based food & staples retailing firm Koninklijke Ahold Delhaize, U.S.-based food, beverage & tobacco firm Molson Coors Brewing, and France-based food & staples retailing firm Carrefour, detracted from relative returns. Exposure to certain stocks in the materials sector also detracted from relative returns such as U.S.-based chemicals firm Mosaic. Among other sectors, an investment in U.S.-based health care operator HCA Healthcare detracted from relative returns. Portfolio changes: During the review period, the Fund s exposure to the financials and information technology sectors increased. Within the financials sector, exposure to U.S.-based bank Citigroup was increased as the portfolio manager remained positive on Citigroup s outlook in the rising interest rate environment of the U.S. Within the information technology sector, a position was initiated in Austria-based chip-maker ams. The portfolio manager believes ams is benefiting from the opportunities and strong positon it is building in optical/3d sensing through its Heptagon and Princeton Optronics acquisition. The Fund also added Nets, a Denmark-based digital payment processing solutions provider. Nets operates in a rapidly consolidating industry with interest from many potential buyers. In contrast, exposure to the health care and real estate sectors decreased. Within the health care sector, exposure to U.S.-based hospital operator HCA Healthcare was reduced. HCA s fundamentals had deteriorated, and the portfolio manager opted to invest in other opportunities with more attractive risk/reward characteristics. In the real estate sector, the Fund sold off its holdings in U.S.-based real estate firm Jones Lang LaSalle. The firm s shares rallied during the review period, and the portfolio manager decided to realize profits on the holdings. At a regional level, exposure to Europe increased during the review period, while exposure to the U.S. decreased. Recent Developments Portfolio manager Jeremy Podger follows a unique investment approach that aims to uncover investment opportunities in one of three areas of opportunity: change, value, or franchise. Firms in the change category offer the potential for a fundamental shift in value, with the catalyst linked to near-term restructuring, merger and acquisition, or spin-off activity. Value companies have the ability to deliver earnings growth in 1

4 Fidelity Global Fund Management Discussion of Fund Performance continued excess of market expectations, potentially also leading to re-rating, while franchise businesses are typically firms with a dominant industry position, strong growth, cash flow and pricing power. At the moment, Jeremy believes the U.S. market continues to offer opportunities, especially in growth companies, though is less attractive from a valuations perspective. He believes the earnings outlook in continental Europe is positive, although defensive stocks are still relatively highly valued. Jeremy is cautious about the U.K. as Brexit uncertainty may weigh on the economy. Overall, he remains optimistic on equities given their relative attractiveness compared to bonds, decent merger and acquisition flows, and a possible resurgence in new corporate share issues. As at September 3,, the Fund had its largest absolute exposure to the information technology sector, followed by the financials sector. The Fund diverged most from benchmark sector weightings by having more exposure to the information technology sector and less exposure to the consumer staples sector. 2

5 Related Party Transactions Manager and Portfolio Adviser The Fund is managed by Fidelity Investments Canada ULC (Fidelity). Fidelity is part of a broader group of companies collectively known as Fidelity Investments. Fidelity provides or arranges for the provision of all general management and administrative services required by the Fund in its day to day operations, bookkeeping, record keeping and other administrative services for the Fund. Fidelity is the portfolio adviser to the Fund and it provides investment advisory services to the Fund. Fidelity has entered into sub-advisory agreements with a number of entities including FIL Limited to provide investment advice with respect to all or a portion of the investments of the Fund. The sub-advisors arrange for acquisition and disposition of portfolio investments, including all necessary brokerage arrangements. The Fund pays Fidelity a monthly management and advisory fee for their services, based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity management and advisory fees of $4,618, for the period ended September 3,. Administration Fee Fidelity charges the Fund a fixed administration fee in place of certain variable expenses. Fidelity, in turn, pays all of the operating expenses of the Fund, other than certain specified fund costs (e.g. the fees and expenses of the Independent Review Committee, taxes, brokerage commissions and interest charges). The Fund pays an annual rate, which is calculated on a tiered basis, based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity administration fees of $619, for the period ended September 3,. Brokerage Commissions The Fund may place a portion of its portfolio transactions with brokerage firms which are affiliates of Fidelity Investments, including National Financial Services LLC, provided it determines that these affiliates trade execution abilities and costs are comparable to those of non affiliated, qualified brokerage firms, on an execution only basis. Commissions paid to brokerage firms that are affiliates of Fidelity Investments were $ for the period ended September 3,. Fidelity receives standing instructions from the IRC in respect of policies and procedures governing best execution of transactions with affiliates, which includes brokers affiliated to Fidelity Investments, at least once per year. 3

6 Financial Highlights The following tables show selected key financial information about the Fund and are intended to help you understand the Fund s financial performance for the period end of the years shown. This information is derived from the Fund s audited annual and/or unaudited semi-annual financial statements. Please see the front page for information about how you can obtain the Fund s annual or semi-annual financial statements. Fidelity Global Fund Series A September 3, Periods ended March 31, Net assets, beginning of period B $ $ $ 4.58 $ $ $ 24.7 Total revenue Total expenses (excluding distributions) (.68) (1.22) (1.15) (1.8) (.93) (.64) Realized gains (losses) Unrealized gains (losses) (.9) 6.16 (4.1) (4.33) Total increase (decrease) from operations B (.68) From net investment income (excluding dividends) (.2) (.3) From dividends (.3) From capital gains Return of capital Total distributions B,C (.2) (.3) (.3) Net assets, end of period B $ $ $ $ 4.58 $ $ Net asset value (s) D $ 26,357 $ 24,946 $ 26,299 $ 31,959 $ 33,87 $ 36,963 Securities outstanding D 536, , , ,793 1,12,583 1,387,27 Management expense ratio E,F 2.52% 2.55% 2.58% 2.62% 2.64% 2.62% Management expense ratio before waivers or absorptions E,F 2.57% 2.59% 2.63% 2.65% 2.64% 2.62% Trading expense ratio G.4%.7%.3%.22%.2%.19% Portfolio turnover rate H 13.46% 28.91% 44.84% 19.39% 59.% 57.15% Net asset value per security, end of period $ $ $ $ $ $ Fidelity Global Fund Series B September 3, Periods ended March 31, Net assets, beginning of period B $ 48.6 $ 4.67 $ $ $ $ Total revenue Total expenses (excluding distributions) (.65) (1.16) (1.9) (1.3) (.88) (.6) Realized gains (losses) Unrealized gains (losses) (4.26) (4.21) Total increase (decrease) from operations B (.68) From net investment income (excluding dividends) (.11) (.1) From dividends (.1) (.8) From capital gains Return of capital Total distributions B,C (.11) (.1) (.8) Net assets, end of period B $ 5.39 $ 48.6 $ 4.67 $ $ $ Net asset value (s) D $ 411,768 $ 421,187 $ 414,532 $ 472,481 $ 438,586 $ 399,361 Securities outstanding D 8,177,975 8,659,13 1,19,328 11,384,991 12,82,292 14,698,724 Management expense ratio E,F 2.33% 2.35% 2.38% 2.4% 2.41% 2.4% Management expense ratio before waivers or absorptions E,F 2.37% 2.39% 2.42% 2.42% 2.41% 2.4% Trading expense ratio G.4%.7%.3%.22%.2%.19% Portfolio turnover rate H 13.46% 28.91% 44.84% 19.39% 59.% 57.15% Net asset value per security, end of period $ 5.39 $ $ $ $ $

7 Fidelity Global Fund Series F September 3, Periods ended March 31, Net assets, beginning of period B $ $ $ $ $ 3.35 $ Total revenue Total expenses (excluding distributions) (.42) (.75) (.68) (.68) (.56) (.34) Realized gains (losses) Unrealized gains (losses) (.4) 7.55 (4.9) (4.39) Total increase (decrease) from operations B (.35) From net investment income (excluding dividends) (.72) (.54) (.8) From dividends (.4) (.2) (.43) From capital gains Return of capital Total distributions B,C (.72) (.58) (.1) (.43) Net assets, end of period B $ $ $ $ $ $ 3.33 Net asset value (s) D $ 19,329 $ 17,925 $ 11,642 $ 1,949 $ 8,22 $ 5,517 Securities outstanding D 334, ,41 253, ,84 28, ,84 Management expense ratio E,I 1.19% 1.2% 1.22% 1.22% 1.22% 1.21% Management expense ratio before waivers or absorptions E,I 1.2% 1.21% 1.22% 1.22% 1.22% 1.21% Trading expense ratio G.4%.7%.3%.22%.2%.19% Portfolio turnover rate H 13.46% 28.91% 44.84% 19.39% 59.% 57.15% Net asset value per security, end of period $ $ $ $ $ $ Fidelity Global Fund Series F5 September 3, Periods ended March 31, J Net assets, beginning of period B $ $ 2. Total revenue Total expenses (excluding distributions) (.17) (.18) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) From dividends From capital gains Return of capital (.5) (.58) Total distributions B,C (.5) (.58) Net assets, end of period B $ $ Net asset value (s) D $ 51 $ 26 Securities outstanding D 2,251 1,181 Management expense ratio E,K 1.21% 1.22% Management expense ratio before waivers or absorptions E,K 1.22% 1.22% Trading expense ratio G.4%.7% Portfolio turnover rate H 13.46% 28.91% Net asset value per security, end of period $ $

8 Financial Highlights continued Fidelity Global Fund Series F8 September 3, Periods ended March 31, J Net assets, beginning of period B $ $ 2. Total revenue Total expenses (excluding distributions) (.17) (.2) Realized gains (losses).7.55 Unrealized gains (losses). 2.8 Total increase (decrease) from operations B From net investment income (excluding dividends) From dividends From capital gains Return of capital (.8) (.93) Total distributions B,C (.8) (.93) Net assets, end of period B $ $ Net asset value (s) D $ 1 $ 1 Securities outstanding D Management expense ratio E,K 1.41% 1.3% Management expense ratio before waivers or absorptions E,K 1.41% 1.3% Trading expense ratio G.4%.7% Portfolio turnover rate H 13.46% 28.91% Net asset value per security, end of period $ $ Fidelity Global Fund Series O September 3, Periods ended March 31, Net assets, beginning of period B $ $ 5.85 $ 51.9 $ $ $ Total revenue Total expenses (excluding distributions) (.9) (.19) (.11) (.21) (.14) Realized gains (losses) Unrealized gains (losses) (5.49) (5.18) Total increase (decrease) from operations B From net investment income (excluding dividends) (.62) (1.5) (1.1) (.48) From dividends (.2) (.8) (.13) (.87) From capital gains Return of capital Total distributions B,C (.64) (1.5) (1.18) (.6) (.87) Net assets, end of period B $ $ $ 5.85 $ 51.9 $ $ Net asset value (s) D $ 286,393 $ 269,437 $ 249,784 $ 292,964 $ 255,545 $ 232,228 Securities outstanding D 4,442,598 4,38,934 4,914,798 5,643,422 5,977,345 6,895,896 Management expense ratio L %.3% % % % % Management expense ratio before waivers or absorptions L %.3% % % % % Trading expense ratio G.4%.7%.3%.22%.2%.19% Portfolio turnover rate H 13.46% 28.91% 44.84% 19.39% 59.% 57.15% Net asset value per security, end of period $ $ $ $ $ $

9 Fidelity Global Fund Series T5 September 3, Periods ended March 31, Net assets, beginning of period B $ $ $ $ 14.6 $ 11.7 $ Total revenue Total expenses (excluding distributions) (.25) (.46) (.45) (.44) (.47) (.28) Realized gains (losses) Unrealized gains (losses) 2.28 (1.68) (1.72) Total increase (decrease) from operations B (.37) From net investment income (excluding dividends) (.1) (.2) From dividends (.2) From capital gains Return of capital (.36) (.73) (.73) (.61) (.58) (.58) Total distributions B,C (.36) (.73) (.74) (.63) (.58) (.6) Net assets, end of period B $ $ $ $ $ 14.6 $ 11.7 Net asset value (s) D $ 22 $ 198 $ 227 $ 29 $ 161 $ 125 Securities outstanding D 11,368 11,332 14,79 12,82 11,438 1,682 Management expense ratio E,F 2.53% 2.54% 2.56% 2.58% 2.56% 2.55% Management expense ratio before waivers or absorptions E,F 2.58% 2.58% 2.62% 2.61% 2.56% 2.55% Trading expense ratio G.4%.7%.3%.22%.2%.19% Portfolio turnover rate H 13.46% 28.91% 44.84% 19.39% 59.% 57.15% Net asset value per security, end of period $ $ $ $ $ $ Fidelity Global Fund Series T8 September 3, Periods ended March 31, Net assets, beginning of period B $ $ 1.35 $ $ 1.18 $ 8.87 $ 9.6 Total revenue Total expenses (excluding distributions) (.17) (.3) (.32) (.32) (.4) (.22) Realized gains (losses) Unrealized gains (losses) (.1) 1.42 (1.45) (1.44) Total increase (decrease) from operations B (.62) From net investment income (excluding dividends) From dividends (.1) From capital gains Return of capital (.42) (.84) (.84) (.84) (.84) (.84) Total distributions B,C (.42) (.84) (.84) (.84) (.84) (.85) Net assets, end of period B $ $ $ 1.35 $ $ 1.18 $ 8.86 Net asset value (s) D $ 32 $ 253 $ 33 $ 188 $ 351 $ 41 Securities outstanding D 26,556 22,2 31,922 16,557 34,52 46,196 Management expense ratio E,F 2.58% 2.56% 2.64% 2.71% 2.71% 2.6% Management expense ratio before waivers or absorptions E,F 2.63% 2.6% 2.7% 2.73% 2.71% 2.6% Trading expense ratio G.4%.7%.3%.22%.2%.19% Portfolio turnover rate H 13.46% 28.91% 44.84% 19.39% 59.% 57.15% Net asset value per security, end of period $ $ $ $ $ $

10 Financial Highlights continued Fidelity Global Fund Series S5 September 3, Periods ended March 31, Net assets, beginning of period B $ $ $ $ $ $ Total revenue Total expenses (excluding distributions) (.23) (.43) (.43) (.42) (.45) (.27) Realized gains (losses) Unrealized gains (losses) (.3) 2.42 (1.47) (1.79) Total increase (decrease) from operations B From net investment income (excluding dividends) (.4) (.4) From dividends (.3) From capital gains Return of capital (.37) (.73) (.74) (.62) (.58) (.58) Total distributions B,C (.37) (.73) (.78) (.66) (.58) (.61) Net assets, end of period B $ 18.8 $ $ $ $ $ Net asset value (s) D $ 185 $ 214 $ 129 $ 265 $ 195 $ 216 Securities outstanding D 1,243 12,48 8,325 15,977 13,711 18,218 Management expense ratio E,F 2.28% 2.35% 2.38% 2.39% 2.41% 2.43% Management expense ratio before waivers or absorptions E,F 2.32% 2.38% 2.42% 2.41% 2.41% 2.43% Trading expense ratio G.4%.7%.3%.22%.2%.19% Portfolio turnover rate H 13.46% 28.91% 44.84% 19.39% 59.% 57.15% Net asset value per security, end of period $ $ $ $ $ $ Fidelity Global Fund Series S8 September 3, Periods ended March 31, Net assets, beginning of period B $ $ 1.66 $ $ 1.46 $ 9.7 $ 9.26 Total revenue Total expenses (excluding distributions) (.16) (.3) (.3) (.31) (.38) (.21) Realized gains (losses) Unrealized gains (losses) (.6) 1.48 (1.3) (1.16) Total increase (decrease) from operations B (.35) From net investment income (excluding dividends) (.2) (.2) From dividends (.3) From capital gains Return of capital (.42) (.85) (.85) (.85) (.85) (.85) Total distributions B,C (.42) (.85) (.87) (.88) (.85) (.88) Net assets, end of period B $ 11.8 $ $ 1.66 $ $ 1.46 $ 9.6 Net asset value (s) D $ 1,567 $ 1,58 $ 1,125 $ 1,128 $ 851 $ 639 Securities outstanding D 133,785 9,112 15,922 96,627 82,7 7,517 Management expense ratio E,F 2.37% 2.39% 2.42% 2.45% 2.46% 2.42% Management expense ratio before waivers or absorptions E,F 2.42% 2.43% 2.47% 2.47% 2.46% 2.42% Trading expense ratio G.4%.7%.3%.22%.2%.19% Portfolio turnover rate H 13.46% 28.91% 44.84% 19.39% 59.% 57.15% Net asset value per security, end of period $ $ $ $ $ $

11 Fidelity Global Fund Series E1 September 3, Periods ended March 31, 216 M Net assets, beginning of period B $ 12.5 $ 1.8 $ 1. Total revenue Total expenses (excluding distributions) (.16) (.29) (.4) Realized gains (losses) Unrealized gains (losses) (.1) Total increase (decrease) from operations B From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions B,C Net assets, end of period B $ 12.5 $ 12.5 $ 1.8 Net asset value (s) D $ 37,674 $ 31,659 $ 11,813 Securities outstanding D 3,12,99 2,627,442 1,164,356 Management expense ratio E,N 2.26% 2.29% 2.3% Management expense ratio before waivers or absorptions E,N 2.31% 2.32% 2.34% Trading expense ratio G.4%.7%.3% Portfolio turnover rate H 13.46% 28.91% 44.84% Net asset value per security, end of period $ $ $ Fidelity Global Fund Series E1T5 September 3, Periods ended March 31, 216 M Net assets, beginning of period B $ $ $ 2. Total revenue Total expenses (excluding distributions) (.27) (.51) (.7) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) From dividends From capital gains Return of capital (.47) (.94) (.16) Total distributions B,C (.47) (.94) (.16) Net assets, end of period B $ $ $ Net asset value (s) D $ 189 $ 25 $ 18 Securities outstanding D 8,11 1, Management expense ratio E,N 2.11% 2.16% 2.22% Management expense ratio before waivers or absorptions E,N 2.17% 2.19% 2.26% Trading expense ratio G.4%.7%.3% Portfolio turnover rate H 13.46% 28.91% 44.84% Net asset value per security, end of period $ $ $

12 Financial Highlights continued Fidelity Global Fund Series E2 September 3, Periods ended March 31, 216 M Net assets, beginning of period B $ 12.6 $ 1.8 $ 1. Total revenue Total expenses (excluding distributions) (.15) (.28) (.4) Realized gains (losses) Unrealized gains (losses) (.5) Total increase (decrease) from operations B From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions B,C Net assets, end of period B $ $ 12.6 $ 1.8 Net asset value (s) D $ 3,21 $ 1,813 $ 525 Securities outstanding D 255,649 15,316 52,128 Management expense ratio E,N 2.16% 2.18% 2.2% Management expense ratio before waivers or absorptions E,N 2.21% 2.21% 2.24% Trading expense ratio G.4%.7%.3% Portfolio turnover rate H 13.46% 28.91% 44.84% Net asset value per security, end of period $ $ $ Fidelity Global Fund Series E2T5 September 3, Periods ended March 31, O Net assets, beginning of period B $ 21. $ 2. Total revenue Total expenses (excluding distributions) (.25) (.11) Realized gains (losses) Unrealized gains (losses).97 Total increase (decrease) from operations B From net investment income (excluding dividends) From dividends From capital gains Return of capital (.5) (.25) Total distributions B,C (.5) (.25) Net assets, end of period B $ 21.3 $ 21. Net asset value (s) D $ 54 $ 54 Securities outstanding D 2,55 2,549 Management expense ratio E,P 2.5% 2.11% Management expense ratio before waivers or absorptions E,P 2.9% 2.13% Trading expense ratio G.4%.7% Portfolio turnover rate H 13.46% 28.91% Net asset value per security, end of period $ $

13 Fidelity Global Fund Series E3 September 3, Periods ended March 31, 216 M Net assets, beginning of period B $ 12.9 $ 1.8 $ 1. Total revenue Total expenses (excluding distributions) (.14) (.25) (.4) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions B,C Net assets, end of period B $ $ 12.9 $ 1.8 Net asset value (s) D $ 2,35 $ 32 $ 573 Securities outstanding D 183,488 2,658 56,818 Management expense ratio E,N 1.99% 2.2% 2.8% Management expense ratio before waivers or absorptions E,N 2.4% 2.6% 2.12% Trading expense ratio G.4%.7%.3% Portfolio turnover rate H 13.46% 28.91% 44.84% Net asset value per security, end of period $ $ $ 1.79 Fidelity Global Fund Series E4 September 3, Periods ended March 31, 216 M Net assets, beginning of period B $ 12.8 $ 1.8 $ 1. Total revenue Total expenses (excluding distributions) (.15) (.3) (.2) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions B,C Net assets, end of period B $ $ 12.8 $ 1.8 Net asset value (s) D $ 781 $ 752 $ 1 Securities outstanding D 62,286 62,286 1 Management expense ratio E,N 2.11% 2.14% 2.4% Management expense ratio before waivers or absorptions E,N 2.16% 2.16% 2.42% Trading expense ratio G.4%.7%.3% Portfolio turnover rate H 13.46% 28.91% 44.84% Net asset value per security, end of period $ $ $

14 Financial Highlights continued Fidelity Global Fund Series E5 September 3, Periods ended March 31, 216 M Net assets, beginning of period B $ 12.9 $ 1.8 $ 1. Total revenue Total expenses (excluding distributions) (.16) (.25) (.2) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions B,C Net assets, end of period B $ $ 12.9 $ 1.8 Net asset value (s) D $ 1 $ 1 $ 1 Securities outstanding D Management expense ratio E,N 2.11% 1.95% 2.3% Management expense ratio before waivers or absorptions E,N 2.32% 2.31% 2.4% Trading expense ratio G.4%.7%.3% Portfolio turnover rate H 13.46% 28.91% 44.84% Net asset value per security, end of period $ $ $ Fidelity Global Fund Series P1 September 3, Periods ended March 31, 216 Q Net assets, beginning of period B $ 11.5 $ 9.13 $ 1. Total revenue Total expenses (excluding distributions) (.8) (.14) (.4) Realized gains (losses) Unrealized gains (losses) (.57) Total increase (decrease) from operations B (.48) From net investment income (excluding dividends) (.14) From dividends From capital gains Return of capital Total distributions B,C (.14) Net assets, end of period B $ $ 11.5 $ 9.13 Net asset value (s) D $ 5,64 $ 3,36 $ 1,554 Securities outstanding D 485,959 34,7 17,217 Management expense ratio E,R 1.8% 1.1% 1.12% Management expense ratio before waivers or absorptions E,R 1.9% 1.1% 1.12% Trading expense ratio G.4%.7%.3% Portfolio turnover rate H 13.46% 28.91% 44.84% Net asset value per security, end of period $ $ $

15 Fidelity Global Fund Series P2 September 3, Periods ended March 31, 216 Q Net assets, beginning of period B $ 11.6 $ 9.14 $ 1. Total revenue Total expenses (excluding distributions) (.8) (.14) (.3) Realized gains (losses) Unrealized gains (losses) (.15) 1.47 (.8) Total increase (decrease) from operations B (.72) From net investment income (excluding dividends) (.14) From dividends From capital gains Return of capital Total distributions B,C (.14) Net assets, end of period B $ $ 11.6 $ 9.14 Net asset value (s) D $ 35 $ 75 $ 1 Securities outstanding D 26,46 6, Management expense ratio E,R 1.5% 1.6%.91% Management expense ratio before waivers or absorptions E,R 1.6% 1.6%.91% Trading expense ratio G.4%.7%.3% Portfolio turnover rate H 13.46% 28.91% 44.84% Net asset value per security, end of period $ $ $ Fidelity Global Fund Series P3 September 3, Periods ended March 31, S Net assets, beginning of period B $ 1.54 $ 1. Total revenue.19.5 Total expenses (excluding distributions) (.7) (.2) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions B,C Net assets, end of period B $ 11. $ 1.54 Net asset value (s) D $ 51 $ 117 Securities outstanding D 45,537 11,62 Management expense ratio E,T 1.% 1.1% Management expense ratio before waivers or absorptions E,T 1.1% 1.1% Trading expense ratio G.4%.7% Portfolio turnover rate H 13.46% 28.91% Net asset value per security, end of period $ 11.2 $

16 Financial Highlights continued Fidelity Global Fund Series P4 September 3, U Net assets, beginning of period B $ 1. Total revenue.4 Total expenses (excluding distributions) (.2) Realized gains (losses).11 Unrealized gains (losses).13 Total increase (decrease) from operations B.26 From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions B,C Net assets, end of period B $ 1.26 Net asset value (s) D $ 244 Securities outstanding D 23,81 Management expense ratio E,V.93% Management expense ratio before waivers or absorptions E,V.95% Trading expense ratio G.4% Portfolio turnover rate H 13.46% Net asset value per security, end of period $

17 Financial Highlights Footnotes A B C D E F G H I This information is derived from the Fund s audited annual and/or unaudited interim financial statements. Periods beginning on or after January 1, 213 follow International Financial Reporting Standards (IFRS) and periods prior to January 1, 213 follow Canadian Generally Accepted Accounting Principles (Canadian GAAP). The net assets attributable to securityholders per security presented in the financial statements may differ from the net asset value calculated for fund pricing purposes. An explanation of these differences can be found in the notes to financial statements. For reporting periods ending after January 1, per security comparative figures (except for net asset value per security, end of period) have been conformed to the current rounding presentation of two decimal places. As a result, reporting periods ending prior to January 1, may not foot due to this rounding change. Net assets and distributions are based on the actual number of securities outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of securities outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per security. Distributions were paid in cash or reinvested in additional securities of the Fund, or both, and excludes any applicable distributions of management fee reduction to securityholders. Distributions are presented based on management s best estimate of the tax character. This information is provided as at period end of the year shown. Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset values during the period, including the Fund s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. Effective November 1, 214, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund s pro-rata share of estimated trading costs incurred in any underlying investment fund, if applicable. The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser manages its portfolio investments. A portfolio turnover rate of 1% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher the Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. For periods greater than six months, but less than a full fiscal year, the portfolio turnover rate is annualized. Effective October 1, 215, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. J For the period September 16, 216 (commencement of sale of securities) to March 31,. K Effective September 2, 216, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. L Included in the management expense ratio above are tax related costs (: %, :.3%, 216: %, 215: %, 214: %, 213: %). M For the period February 5, 216 (commencement of sale of securities) to March 31, 216. N Effective February 9, 216, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. O For the period January 6, (commencement of sale of securities) to March 31,. P Effective January 1,, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. Q For the period December 4, 215 (commencement of sale of securities) to March 31, 216. R Effective December 8, 215, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. S For the period January 26, (commencement of sale of securities) to March 31,. T Effective January 3,, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. U For the period July 14, (commencement of sale of securities) to September 3,. V Effective July 18,, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. 15

18 Management and Advisory Fees Fidelity serves as manager and investment advisor of the Fund. The Fund pays Fidelity a monthly management and advisory fee for their services, based on the net asset value of each Series, calculated daily and payable monthly. Fidelity uses these management fees to pay for sales and trailing commissions to registered dealers on the distribution of the Fund securities, as well as for the general investment management expenses. Dealer compensation represents cash commissions paid by Fidelity to registered dealers during the period and includes upfront deferred sales charge and trailing commissions. This amount may, in certain circumstances, exceed 1% of the fees earned by Fidelity during the period. For new Funds or Series the amounts presented may not be indicative of longer term operating periods. Management Fees Dealer Compensation Investment management, administration and other Series A 2.% 43.% 57.% Series B 1.85% 54.5% 45.95% Series F.85% 1.% Series F5.85% 1.% Series F8.85% 1.% Series T5 2.% 25.% 75.% Series T8 2.% 9.98% 9.2% Series S5 1.85% 54.5% 45.95% Series S8 1.85% 54.5% 45.95% Series E % 54.79% 45.21% Series E1T % 54.79% 45.21% Series E2 1.8% 55.56% 44.44% Series E2T5 1.8% 55.56% 44.44% Series E % 56.34% 43.66% Series E % 57.97% 42.3% Series E5 1.7% 58.82% 41.18% Series P1.825% 1.% Series P2.8% 1.% Series P3.775% 1.% Series P4.725% 1.% 16

19 Fidelity Global Fund Past Performance The performance information shown assumes that all distributions made by the Fund in the periods shown were reinvested in additional securities of the Fund. The performance information does not take into account sales, redemption, distribution or other optional charges that would have reduced returns or performance. How the Fund has performed in the past does not necessarily indicate how it will perform in the future. Year-by-Year Returns The following bar chart shows the Fund s annual performance for each of the years shown, and illustrates how the Fund s performance was changed from year to year. In percentage terms, the bar chart shows how much an investment made on the first day of each financial year would have grown or decreased by the last day of each financial year. For each Series in the Year-by-Year Returns table below, the most recent returns stated are for the current six month period. Series A Series F Series B Commencement of Operations is September 16, Series F Series F -1 Commencement of Operations is September 16, Series O

20 Fidelity Global Fund Past Performance continued Series T5 Series E Series T8 Commencement of Operations is February 5, Series E1T Series S5-1 Commencement of Operations is February 5, Series E Series S Commencement of Operations is February 5, Series E2T Commencement of Operations is January 6, 18

21 Series E3 Series P Commencement of Operations is February 5, 216 Commencement of Operations is December 4, 215 Series E4 Series P Commencement of Operations is February 5, 216 Commencement of Operations is January 26, Series E5 Series P Commencement of Operations is February 5, 216 Commencement of Operations is July 14, Series P Commencement of Operations is December 4,

22 Fidelity Global Fund Summary of Investment Portfolio as at September 3, Sector Mix % of Fund s Net Assets as at 9/3/17 % of Fund s Net Assets as at 3/31/17 Information Technology Financials Health Care Consumer Discretionary Energy Industrials Materials Consumer Staples Utilities Real Estate Telecommunication Services Cash and Cash Equivalents Net Other Assets (Liabilities) (.3). Geographic Mix % of Fund s Net Assets as at 9/3/17 % of Fund s Net Assets as at 3/31/17 United States of America Japan Netherlands United Kingdom France Germany Denmark Korea (South) Ireland Switzerland Israel Thailand Taiwan Hong Kong Cayman Islands 1..9 Others (Individually Less Than 1%) Cash and Cash Equivalents Net Other Assets (Liabilities) (.3). Top Issuers % of Fund s Net Assets 1. Royal Dutch Shell PLC Alphabet, Inc Citigroup, Inc Exelon Corp JPMorgan Chase & Co Cash and Cash Equivalents VINCI SA Microsoft Corp Lowe s Companies, Inc Union Pacific Corp KDDI Corp Airbus Group NV Koninklijke Philips Electronics NV LyondellBasell Industries NV Koninklijke Ahold Delhaize NV Johnson & Johnson Apple, Inc Check Point Software Technologies Ltd Comcast Corp ORIX Corp ON Semiconductor Corp Bridgestone Corp Leidos Hldgs, Inc Molson Coors Brewing Co Taiwan Semiconductor Manufacturing Co. Ltd. 1.1 Total Fund Net Assets $797,544, 4.6 The summary of investment portfolio may change due to ongoing portfolio transactions of the investment fund. The most recent annual report, semi-annual report, quarterly report, fund facts document or simplified prospectus for the investment fund and/or underlying fund is available at no cost, by calling , by writing to us at Fidelity Investments Canada ULC, 483 Bay St. Suite 3, Toronto ON M5G 2N7 or by visiting our web site at or SEDAR at 2

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24 Fidelity Investments Canada ULC 483 Bay Street, Suite 3 Toronto, Ontario M5G 2N7 Manager, Transfer Agent and Registrar Fidelity Investments Canada ULC 483 Bay Street, Suite 3 Toronto, Ontario M5G 2N7 Custodian State Street Trust Company of Canada Toronto, Ontario Portfolio Adviser Fidelity Investments Canada ULC Toronto, Ontario Visit us online at or call Fidelity Client Services at Fidelity s mutual funds are sold by registered Investment Professionals. Each Fund has a simplified prospectus, which contains important information on the Fund, including its investment objective, purchase options, and applicable charges. Please obtain a copy of the prospectus, read it carefully, and consult your Investment Professional before investing. As with any investment, there are risks to investing in mutual funds. There is no assurance that any Fund will achieve its investment objective, and its net asset value, yield, and investment return will fluctuate from time to time with market conditions. Investors may experience a gain or loss when they sell their securities in any Fidelity Fund. Fidelity Global Funds may be more volatile than other Fidelity Funds as they concentrate investments in one sector and in fewer issuers; no single Fund is intended to be a complete diversified investment program. Past performance is no assurance or indicator of future returns. There is no assurance that either Fidelity Canadian Money Market Fund or Fidelity U.S. Money Market Fund will be able to maintain its net asset value at a constant amount. The breakdown of Fund investments is presented to illustrate the way in which a Fund may invest, and may not be representative of a Fund s current or future investments. A Fund s investments may change at any time. Fidelity Investments is a registered trademark of Fidelity Investments Canada ULC E FICL-IP-MRFPS-1117