Fidelity Global Growth Portfolio

Transcription

1 Fidelity Global Growth Portfolio Semi-Annual Management Report of Fund Performance

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 Fidelity Global Growth Portfolio 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 Security holders 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 Growth Portfolio (Fund), Series B, returned 3.9% for the six-month period ended, after fees and expenses. The net returns of the other series of this Fund are similar to those of Series B, except for differences attributable to expense structures. The MSCI World Index, broadly representative of developed world equities, returned 1.3% (in Canadian dollar terms), while global investmentgrade bonds, as measured by the Bloomberg Barclays Global Aggregate Bond Index, returned -3.3% (in Canadian dollar terms) for the same period. Market overview: Global equities registered positive returns during the review period, owing to the continued low-interest-rate environment around the world. The U.S. Federal Reserve s decision to adopt a more cautious tone about raising interest rates and growing optimism about U.S. economic growth also supported markets. Canadian markets performed well amid a recovery in commodity prices, especially metals and oil. U.S. equities also gained on the back of positive economic data, strong corporate earnings and optimism regarding the U.S. President-elect s proposed fiscal policies. European markets lagged global markets, with lacklustre economic activity and the expected consequences of the U.K. s decision to leave the European Union heightening investor concerns. Factors affecting performance: The Fund s benchmark returned 8.4% for the period under review. The benchmark consists of 3.% S&P/TSX Capped Composite Index, 55.% MSCI ACWI (All Country World Index) ex Canada Index, 1.% Bloomberg Barclays Global Aggregate Bond Index and 5.% FTSE TMX Canada Universe Bond Index. The Fund underperformed the benchmark after fees and expenses. The Fund s lower-than-benchmark exposures to Canadian, U.S. and international equities detracted from relative performance. Additionally, a higher-than-benchmark exposure to emerging market equities detracted from relative performance. In contrast, a lower-than-benchmark exposure to Canadian and global investment-grade bonds contributed to relative performance. Portfolio changes: At the beginning of the review period, the Fund s asset allocation was approximately as follows: 28.% to Canadian equity funds, 27.5% to U.S. equity funds, 28.1% to global and international equity funds, 1.7% to U.S. fixed-income funds, 14.1% to global fixed-income funds and.6% to cash and others. At the end of the period under review, the Fund s asset allocation was approximately as follows: 3.2% to Canadian equity funds, 29.2% to U.S. equity funds, 26.6% to global and international equity funds, 1.8% to U.S. fixed-income funds, 11.9% to global fixed-income funds and.3% to cash and others. The Fund is one of a suite of eight multi-asset class portfolios designed to offer investors diversified investment options in a single product, with low to medium risk, using a balanced approach. The portfolio managers are responsible for portfolio design, construction and ongoing monitoring and management. The Fund is monitored and actively managed on a daily basis to adhere to its mandate. Derivatives exposure: During the period under review, the Fund engaged in short selling U.S. equity futures. This investment strategy allowed the Fund to effectively reduce its exposure to U.S. equity markets without the need to sell out of strategic positions in underlying funds that have exposure to these markets. At the end of the review period, the Fund did not have any exposure to these short futures positions. During the review period, these exposures did not have a material impact on the Fund s return. Recent Developments The portfolio managers, Geoff Stein and David Wolf, believe the global economic cycle is showing signs of slowing down. In the aftermath of the U.S. election and other political developments, there is a risk that the global economy is entering a period of de-globalization, which could 1

4 Fidelity Global Growth Portfolio Management Discussion of Fund Performance continued mean lower growth and increased inflation. The Fund has been positioned to reduce its exposure to fixed income while increasing its exposure to Canadian and U.S. equities. At the end of the review period, Canadian equity funds accounted for the largest share of the Fund s assets. 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. Fidelity has entered into sub-advisory agreements with a number of entities including FMR Co., Inc., 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 $4,178, for the period ended. 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 $473, for the period ended. 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. 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 Growth Portfolio Series A Six-months ended June 3, Net assets, beginning of period B $ $ $ $ $ $ Total revenue Total expenses (excluding distributions) (.1677) (.3196) (.365) (.2812) (.2453) (.218) Realized gains (losses) Unrealized gains (losses).1995 (.3594) (.925) Total increase (decrease) from operations B (.232) From net investment income (excluding dividends) (.785) (.555) From dividends From capital gains (.587) (.1132) (.217) (.8851) Return of capital Total distributions B,C (.587) (.1917) (.772) (.8851) Net assets, end of period B $ $ $ $ $ $ Net asset value (s) D $ 146,411 $ 137,872 $ 14,962 $ 77,269 $ 38,487 $ 25,1 Securities outstanding D 1,981,169 1,675,17 8,69,322 6,658,375 3,681,579 2,756,635 Management expense ratio E,F 2.49% 2.48% 2.48% 2.5% 2.5% 2.47% Management expense ratio before waivers or absorptions E,F 2.49% 2.49% 2.49% 2.5% 2.5% 2.47% Trading expense ratio G.1%.12%.15%.19%.22%.27% Portfolio turnover rate H 12.65% 25.1% 35.49% 81.55% 1.78% 9.26% Net asset value per security, end of period $ $ $ $ $ $

7 Fidelity Global Growth Portfolio Series B Six-months ended June 3, Net assets, beginning of period B $ $ $ $ $ $ Total revenue Total expenses (excluding distributions) (.1546) (.2947) (.2848) (.2588) (.225) (.1983) Realized gains (losses) Unrealized gains (losses).1831 (.3569) (.767) Total increase (decrease) from operations B From net investment income (excluding dividends) (.97) (.727) From dividends From capital gains (.882) (.136) (.285) (.9228) Return of capital Total distributions B,C (.882) (.2213) (.112) (.9228) Net assets, end of period B $ $ $ $ $ $ Net asset value (s) D $ 256,997 $ 228,52 $ 159,397 $ 97,512 $ 44,94 $ 23,19 Securities outstanding D 19,77,195 17,484,798 12,113,318 8,33,36 4,244,45 2,513,355 Management expense ratio E,I 2.28% 2.28% 2.27% 2.28% 2.28% 2.25% Management expense ratio before waivers or absorptions E,I 2.28% 2.28% 2.28% 2.28% 2.28% 2.25% Trading expense ratio G.1%.12%.15%.19%.22%.27% Portfolio turnover rate H 12.65% 25.1% 35.49% 81.55% 1.78% 9.26% Net asset value per security, end of period $ $ $ $ $ $

8 Financial Highlights continued Fidelity Global Growth Portfolio Series F Six-months ended June 3, Net assets, beginning of period B $ $ $ $ $ $ Total revenue Total expenses (excluding distributions) (.845) (.1573) (.1511) (.1436) (.1243) (.169) Realized gains (losses) Unrealized gains (losses).1777 (.1715) Total increase (decrease) from operations B From net investment income (excluding dividends) (.1651) (.1862) From dividends From capital gains (.2534) (.2377) (.728) (1.129) Return of capital Total distributions B,C (.2534) (.428) (.259) (1.129) Net assets, end of period B $ $ $ $ $ $ Net asset value (s) D $ 31,289 $ 27,689 $ 12,864 $ 4,812 $ 1,296 $ 638 Securities outstanding D 2,25,718 2,, , ,55 115,556 66,16 Management expense ratio E,F 1.17% 1.15% 1.13% 1.19% 1.18% 1.15% Management expense ratio before waivers or absorptions E,F 1.17% 1.17% 1.19% 1.19% 1.18% 1.15% Trading expense ratio G.1%.12%.15%.19%.22%.27% Portfolio turnover rate H 12.65% 25.1% 35.49% 81.55% 1.78% 9.26% Net asset value per security, end of period $ $ $ $ $ $ Fidelity Global Growth Portfolio Series F5 Six-months ended June 3, Net assets, beginning of period B $ $ $ $ $ $ Total revenue Total expenses (excluding distributions) (.112) (.286) (.215) (.243) (.1819) (.1766) Realized gains (losses) Unrealized gains (losses).4554 (.3987) (.1643) Total increase (decrease) from operations B From net investment income (excluding dividends) (.2196) (.261) From dividends From capital gains (.3225) (.3163) (.122) (1.6433) Return of capital (.4355) (.8841) (.894) (.7514) (.78) (.624) Total distributions B,C (.758) (1.42) (1.1726) (2.3947) (.78) (.624) Net assets, end of period B $ $ $ $ $ $ Net asset value (s) D $ 1,76 $ 1,398 $ 399 $ 132 $ 4 $ 51 Securities outstanding D 59,533 77,53 2,912 7, ,417 Management expense ratio E,F 1.18% 1.17% 1.15% 1.19% 1.19% 1.19% Management expense ratio before waivers or absorptions E,F 1.18% 1.19% 1.21% 1.2% 1.19% 1.19% Trading expense ratio G.1%.12%.15%.19%.22%.27% Portfolio turnover rate H 12.65% 25.1% 35.49% 81.55% 1.78% 9.26% Net asset value per security, end of period $ $ $ $ $ $

9 Fidelity Global Growth Portfolio Series F8 Six-months ended June 3, Net assets, beginning of period B $ $ $ $ $ $ Total revenue Total expenses (excluding distributions) (.817) (.162) (.1668) (.1696) (.1585) (.156) Realized gains (losses) Unrealized gains (losses).17 (.626) (.625) Total increase (decrease) from operations B From net investment income (excluding dividends) (.1733) (.283) From dividends From capital gains (.2449) (.2497) (.816) (1.3343) Return of capital (.5839) (1.1852) (.8859) (.9329) (.972) (.96) Total distributions B,C (.8288) (1.682) (1.1758) (2.2672) (.972) (.96) Net assets, end of period B $ $ $ $ $ $ Net asset value (s) D $ 578 $ 45 $ 347 $ 499 $ 396 $ 325 Securities outstanding D 42,795 29,483 23,73 35,1 28,877 25,578 Management expense ratio E,F 1.16% 1.13% 1.13% 1.19% 1.19% 1.19% Management expense ratio before waivers or absorptions E,F 1.16% 1.16% 1.18% 1.19% 1.19% 1.19% Trading expense ratio G.1%.12%.15%.19%.22%.27% Portfolio turnover rate H 12.65% 25.1% 35.49% 81.55% 1.78% 9.26% Net asset value per security, end of period $ $ $ $ $ $ Fidelity Global Growth Portfolio Series O Six-months ended June 3, Net assets, beginning of period B $ $ $ $ $ $ Total revenue Total expenses (excluding distributions) Realized gains (losses) Unrealized gains (losses).221 (.4194) (.115) Total increase (decrease) from operations B From net investment income (excluding dividends) (.2488) (.394) From dividends From capital gains (.4522) (.3584) (.1211) (1.3683) Return of capital Total distributions B,C (.4522) (.672) (.435) (1.3683) Net assets, end of period B $ $ $ $ $ $ Net asset value (s) D $ 1 $ 1 $ 1 $ 1 $ 6 $ 5 Securities outstanding D Management expense ratio J % % % % % % Management expense ratio before waivers or absorptions J % % % % % % Trading expense ratio G.1%.12%.15%.19%.22%.27% Portfolio turnover rate H 12.65% 25.1% 35.49% 81.55% 1.78% 9.26% Net asset value per security, end of period $ $ $ 14.9 $ $ $

10 Financial Highlights continued Fidelity Global Growth Portfolio Series T5 Six-months ended June 3, Net assets, beginning of period B $ $ $ $ $ $ Total revenue Total expenses (excluding distributions) (.2136) (.4288) (.4321) (.41) (.3772) (.348) Realized gains (losses) Unrealized gains (losses).2542 (.7385) (1.1221) Total increase (decrease) from operations B.6125 (.462) (1.931) From net investment income (excluding dividends) (.114) (.765) From dividends From capital gains (.773) (.1461) (.3) (1.2788) Return of capital (.4131) (.8318) (.7574) (.6998) (.678) (.624) Total distributions B,C (.494) (1.793) (.8639) (1.9786) (.678) (.624) Net assets, end of period B $ $ $ $ $ $ Net asset value (s) D $ 1,285 $ 1,219 $ 1,44 $ 737 $ 164 $ 77 Securities outstanding D 76,37 72,951 79,31 44,751 1,576 5,483 Management expense ratio E,F 2.47% 2.5% 2.5% 2.55% 2.52% 2.48% Management expense ratio before waivers or absorptions E,F 2.48% 2.51% 2.52% 2.52% 2.52% 2.48% Trading expense ratio G.1%.12%.15%.19%.22%.27% Portfolio turnover rate H 12.65% 25.1% 35.49% 81.55% 1.78% 9.26% Net asset value per security, end of period $ $ $ $ $ $ Fidelity Global Growth Portfolio Series T8 Six-months ended June 3, Net assets, beginning of period B $ $ $ $ $ $ Total revenue Total expenses (excluding distributions) (.1659) (.3358) (.3391) (.3261) (.35) (.2953) Realized gains (losses) Unrealized gains (losses).2913 (.4566) (.2789) Total increase (decrease) from operations B (.1862) From net investment income (excluding dividends) (.781) (.56) From dividends From capital gains (.491) (.1124) (.219) (1.374) Return of capital (.5474) (1.121) (.848) (.8721) (.93) (.948) Total distributions B,C (.5965) (1.2926) (.9187) (1.995) (.93) (.948) Net assets, end of period B $ $ $ $ $ $ Net asset value (s) D $ 977 $ 1,192 $ 1,232 $ 1,611 $ 1,982 $ 1,818 Securities outstanding D 77,872 94,44 88, , , ,725 Management expense ratio E,F 2.54% 2.54% 2.53% 2.54% 2.51% 2.47% Management expense ratio before waivers or absorptions E,F 2.54% 2.55% 2.55% 2.55% 2.51% 2.47% Trading expense ratio G.1%.12%.15%.19%.22%.27% Portfolio turnover rate H 12.65% 25.1% 35.49% 81.55% 1.78% 9.26% Net asset value per security, end of period $ $ $ $ $ $

11 Fidelity Global Growth Portfolio Series S5 Six-months ended June 3, Net assets, beginning of period B $ $ $ $ $ $ Total revenue Total expenses (excluding distributions) (.1977) (.3897) (.3926) (.3719) (.3435) (.3198) Realized gains (losses) Unrealized gains (losses).2651 (.4829) (.1799) Total increase (decrease) from operations B (.286) From net investment income (excluding dividends) (.1227) (.146) From dividends From capital gains (.1155) (.1768) (.49) (1.343) Return of capital (.4165) (.84) (.7669) (.714) (.684) (.624) Total distributions B,C (.532) (1.1395) (.9124) (2.57) (.684) (.624) Net assets, end of period B $ $ $ $ $ $ Net asset value (s) D $ 662 $ 734 $ 511 $ 366 $ 154 $ 145 Securities outstanding D 38,867 43,434 28,565 21,97 9,846 1,181 Management expense ratio E,F 2.26% 2.25% 2.25% 2.27% 2.28% 2.26% Management expense ratio before waivers or absorptions E,F 2.26% 2.26% 2.26% 2.27% 2.28% 2.26% Trading expense ratio G.1%.12%.15%.19%.22%.27% Portfolio turnover rate H 12.65% 25.1% 35.49% 81.55% 1.78% 9.26% Net asset value per security, end of period $ $ $ $ $ $ Fidelity Global Growth Portfolio Series S8 Six-months ended June 3, Net assets, beginning of period B $ $ $ $ $ $ Total revenue Total expenses (excluding distributions) (.1519) (.386) (.3146) (.343) (.2878) (.2753) Realized gains (losses) Unrealized gains (losses).2141 (.5141) (.7694) Total increase (decrease) from operations B (.6795) From net investment income (excluding dividends) (.929) (.831) From dividends From capital gains (.86) (.1338) (.325) (1.842) Return of capital (.5544) (1.1175) (.849) (.8827) (.936) (.948) Total distributions B,C (.635) (1.3442) (.9646) (1.9669) (.936) (.948) Net assets, end of period B $ $ $ $ $ $ Net asset value (s) D $ 2,581 $ 2,64 $ 2,184 $ 1,41 $ 491 $ 368 Securities outstanding D 23,98 22, ,7 14,933 38,194 3,541 Management expense ratio E,F 2.3% 2.3% 2.27% 2.28% 2.3% 2.25% Management expense ratio before waivers or absorptions E,F 2.3% 2.3% 2.28% 2.28% 2.3% 2.25% Trading expense ratio G.1%.12%.15%.19%.22%.27% Portfolio turnover rate H 12.65% 25.1% 35.49% 81.55% 1.78% 9.26% Net asset value per security, end of period $ $ $ $ $ $

12 Financial Highlights continued Fidelity Global Growth Portfolio Series E1 Six-months ended June 3, K Net assets, beginning of period B $ $ 1. Total revenue.2184 (.799) Total expenses (excluding distributions) (.1192) (.894) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) From dividends From capital gains (.787) Return of capital Total distributions B,C (.787) Net assets, end of period B $ $ Net asset value (s) D $ 26,181 $ 16,365 Securities outstanding D 2,437,48 1,571,7 Management expense ratio E,L 2.2% 2.2% Management expense ratio before waivers or absorptions E,L 2.2% 2.2% Trading expense ratio G.1%.12% Portfolio turnover rate H 12.65% 25.1% Net asset value per security, end of period $ $ Fidelity Global Growth Portfolio Series E1T5 Six-months ended June 3, K Net assets, beginning of period B $ $ 2. Total revenue.3175 (.1624) Total expenses (excluding distributions) (.2188) (.1666) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) From dividends From capital gains (.1753) Return of capital (.515) (.4185) Total distributions B,C (.6768) (.4185) Net assets, end of period B $ $ Net asset value (s) D $ 15 $ 14 Securities outstanding D 5,125 5,81 Management expense ratio E,L 2.7% 2.1% Management expense ratio before waivers or absorptions E,L 2.7% 2.1% Trading expense ratio G.1%.12% Portfolio turnover rate H 12.65% 25.1% Net asset value per security, end of period $ $

13 Fidelity Global Growth Portfolio Series E2 Six-months ended June 3, K Net assets, beginning of period B $ $ 1. Total revenue.3171 (.795) Total expenses (excluding distributions) (.1157) (.874) Realized gains (losses) Unrealized gains (losses) (.612).6732 Total increase (decrease) from operations B From net investment income (excluding dividends) From dividends From capital gains (.855) Return of capital Total distributions B,C (.855) Net assets, end of period B $ $ Net asset value (s) D $ 3,419 $ 1,316 Securities outstanding D 318, ,24 Management expense ratio E,L 2.14% 2.13% Management expense ratio before waivers or absorptions E,L 2.14% 2.14% Trading expense ratio G.1%.12% Portfolio turnover rate H 12.65% 25.1% Net asset value per security, end of period $ $ Fidelity Global Growth Portfolio Series E3 Six-months ended June 3, K Net assets, beginning of period B $ $ 1. Total revenue.369 (.81) Total expenses (excluding distributions) (.1146) (.852) Realized gains (losses) Unrealized gains (losses) (.361).599 Total increase (decrease) from operations B From net investment income (excluding dividends) From dividends From capital gains (.87) Return of capital Total distributions B,C (.87) Net assets, end of period B $ $ Net asset value (s) D $ 265 $ 36 Securities outstanding D 24,713 3,472 Management expense ratio E,L 2.12% 2.12% Management expense ratio before waivers or absorptions E,L 2.12% 2.12% Trading expense ratio G.1%.12% Portfolio turnover rate H 12.65% 25.1% Net asset value per security, end of period $ $

14 Financial Highlights continued Fidelity Global Growth Portfolio Series E4 Six-months ended June 3, M Net assets, beginning of period B $ $ 1. Total revenue.1627 (.251) Total expenses (excluding distributions) (.197) (.256) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) From dividends From capital gains (.923) Return of capital Total distributions B,C (.923) Net assets, end of period B $ $ Net asset value (s) D $ 37 $ 35 Securities outstanding D 3,52 3,472 Management expense ratio E,N 2.6% 2.6% Management expense ratio before waivers or absorptions E,N 2.6% 2.6% Trading expense ratio G.1%.12% Portfolio turnover rate H 12.65% 25.1% Net asset value per security, end of period $ $ Fidelity Global Growth Portfolio Series P1 Six-months ended June 3, O Net assets, beginning of period B $ $ 1. Total revenue.2273 (.83) Total expenses (excluding distributions) (.549) (.581) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) (.1155) From dividends From capital gains (.1856) (.1663) Return of capital Total distributions B,C (.1856) (.2818) Net assets, end of period B $ $ Net asset value (s) D $ 11,442 $ 5,568 Securities outstanding D 1,155, ,144 Management expense ratio E,P 1.8% 1.9% Management expense ratio before waivers or absorptions E,P 1.8% 1.9% Trading expense ratio G.1%.12% Portfolio turnover rate H 12.65% 25.1% Net asset value per security, end of period $ $

15 Fidelity Global Growth Portfolio Series P1T5 Six-months ended Q Net assets, beginning of period B $ 2. Total revenue.4353 Total expenses (excluding distributions) (.64) Realized gains (losses).1728 Unrealized gains (losses) (.3988) Total increase (decrease) from operations B.1489 From net investment income (excluding dividends) From dividends From capital gains (.3666) Return of capital (.3114) Total distributions B,C (.678) Net assets, end of period B $ Net asset value (s) D $ 762 Securities outstanding D 39,251 Management expense ratio E,R 1.7% Management expense ratio before waivers or absorptions E,R 1.7% Trading expense ratio G.1% Portfolio turnover rate H 12.65% Net asset value per security, end of period $ Fidelity Global Growth Portfolio Series P2 Six-months ended June 3, O Net assets, beginning of period B $ $ 1. Total revenue.257 (.693) Total expenses (excluding distributions) (.511) (.534) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) (.1155) From dividends From capital gains (.1938) (.1664) Return of capital Total distributions B,C (.1938) (.2819) Net assets, end of period B $ $ Net asset value (s) D $ 1,564 $ 952 Securities outstanding D 157,425 98,483 Management expense ratio E,P 1.% 1.% Management expense ratio before waivers or absorptions E,P 1.1% 1.% Trading expense ratio G.1%.12% Portfolio turnover rate H 12.65% 25.1% Net asset value per security, end of period $ $

16 Financial Highlights continued Fidelity Global Growth Portfolio Series P3 Six-months ended June 3, O Net assets, beginning of period B $ $ 1. Total revenue Total expenses (excluding distributions) (.497) (.52) Realized gains (losses) Unrealized gains (losses).571 (.5593) Total increase (decrease) from operations B.3924 (.1291) From net investment income (excluding dividends) (.1155) From dividends From capital gains (.1966) (.1664) Return of capital Total distributions B,C (.1966) (.2819) Net assets, end of period B $ $ Net asset value (s) D $ 388 $ 23 Securities outstanding D 39,28 23,751 Management expense ratio E,P.98%.97% Management expense ratio before waivers or absorptions E,P.98%.98% Trading expense ratio G.1%.12% Portfolio turnover rate H 12.65% 25.1% Net asset value per security, end of period $ $

17 Financial Highlights Footnotes A 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 holders of redeemable securities 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. B 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. C 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 unitholders. Distributions are presented based on management s best estimate of the tax character. D This information is provided as at period end of the year shown. E 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. F 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. G 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. H 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. I 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 No fees are charged to the Series, but investors may be charged a negotiated management fee. K For the period February 5, (commencement of sale of securities) to June 3,. L Effective February 9,, 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. M For the period May 13, (commencement of sale of securities) to June 3,. N Effective May 17,, 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 December 4, 215 (commencement of sale of securities) to June 3,. P 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. Q For the period September 16, (commencement of sale of securities) to. R Effective September 2,, 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.% 57.87% 42.13% Series B 1.85% 54.5% 45.95% Series F.85% 1.% Series F5.85% 1.% Series F8.85% 1.% Series T5 2.% 27.9% 72.91% Series T8 2.% 27.44% 72.56% 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 E % 56.34% 43.66% Series E % 57.97% 42.3% Series P1.825% 1.% Series P1T5.825% 1.% Series P2.8% 1.% Series P3.775% 1.% 16

19 Fidelity Global Growth Portfolio 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 Commencement of Operations is April 18, 27 Series B Commencement of Operations is April 18, 27 Series F Commencement of Operations is April 18, 27 17

20 Fidelity Global Growth Portfolio Past Performance continued Series F Commencement of Operations is April 18, 27 Series F Commencement of Operations is April 18, 27 Series O Commencement of Operations is April 18, 27 18

21 Series T Commencement of Operations is April 18, 27 Series T Commencement of Operations is April 18, 27 Series S Commencement of Operations is April 18, 27 19

22 Fidelity Global Growth Portfolio Past Performance continued Series S Commencement of Operations is April 18, 27 Series E Commencement of Operations is February 5, Series E1T Commencement of Operations is February 5, 2

23 Series E Commencement of Operations is February 5, Series E Commencement of Operations is February 5, Series E Commencement of Operations is May 13, 21

24 Fidelity Global Growth Portfolio Past Performance continued Series P Commencement of Operations is December 4, 215 Series P1T Commencement of Operations is September 16, Series P Commencement of Operations is December 4,

25 Series P Commencement of Operations is December 4,

26 Fidelity Global Growth Portfolio Summary of Investment Portfolio as at Asset Mix as of % of Fund s Net Assets Foreign Equities 55.8 Canadian Equities 22.5 Foreign Bonds 12.6 Exchange Traded Funds 2.4 Canadian Bonds.7 Foreign Preferred Securities.5 Canadian Preferred Securities. Cash and Cash Equivalents 2.8 Net Other Assets (Liabilities) 2.7 Geographic Mix as of % of Fund s Net Assets United States of America 38.3 Canada 23.2 United Kingdom 3.1 Japan 3.1 Switzerland 2.3 Germany 2.2 Ireland 1.7 Cayman Islands 1.2 India 1.2 Korea (South) 1.1 South Africa 1.1 Sweden 1. Others (Individually Less Than 1%) 12.6 Exchange Traded Funds 2.4 Cash and Cash Equivalents 2.8 Net Other Assets (Liabilities) 2.7 Quality Diversification as of % of Fund s Net Assets AAA 5.2 AA.4 A 1.9 BBB 1.9 BB and Below 4.1 Not Rated.4 Equities 8.6 Short-Term Investments and Net Other Assets 5.5 We have used ratings from Moody s Investors Service, Inc. Where Moody s ratings are not available, we have used S&P ratings. All ratings are as of the date indicated and do not reflect subsequent changes. Maturity Diversification as of Years % of Fund s Net Assets Over

27 Top Issuers % of Fund s Net Assets 1. Fidelity International Growth Investment Trust Series O Fidelity U.S. Focused Stock Fund Series O Fidelity U.S. All Cap Fund Series O Fidelity Global Bond Fund Series O Fidelity Emerging Markets Fund Series O Fidelity True North Fund Series O Fidelity Canadian Disciplined Equity Fund Series O Fidelity Canadian Large Cap Fund Series O Fidelity Canadian Growth Company Fund Series O Fidelity Canadian Opportunities Fund Series O Fidelity Global High Yield Investment Trust Series O 1.5 % of Fund s Net Assets 12. Energy Select Sector SPDR ETF Fidelity Global Real Estate Fund Series O Fidelity U.S. Bond Investment Trust Series O Market Vectors Gold Miners ETF Fidelity Convertible Securities Investment Trust Series O Fidelity Small Cap America Fund Series O Fidelity Frontier Emerging Markets Fund Series O Cash and Cash Equivalents.3 2. Fidelity International Disciplined Equity Currency Neutral Fund Series O. 21. Fidelity Canadian Bond Fund Series O. 22. Fidelity Global Bond Currency Neutral Fund Series O. 23. Fidelity Japan Fund Series O. Total Fund Net Assets $486,569, The information in certain of the above tables includes the Fund s pro-rata share of the investment in the Fidelity Underlying Funds. 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

28 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 FMR LLC E FICL-GG-MRFPS-217