Fidelity Strategic Income Currency Neutral Fund
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1 Fidelity Strategic Income Currency Neutral 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 Strategic Income Currency Neutral 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 MG 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 Strategic Income Currency Neutral Fund (Fund) invests substantially all of its assets in units of its underlying fund, Fidelity Strategic Income Fund (Underlying Fund). Fidelity Strategic Income Currency Neutral Fund, Series B, returned 2.%, 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. Global investment grade bonds, as represented by the Bloomberg Barclays Global Aggregate Bond Index Hedged CAD, returned 1.% in Canadian dollar terms during the same period. Market overview: Positive returns in global investment grade bonds were dampened slightly when yields rose after the U.S. Federal Reserve (Fed) increased interest rates in June from 1.% to 1.2% the second rate increase by the Fed in. Expectations that central banks globally would begin raising interest rates, or at least end quantitative easing policies in the near future, increased following the Fed s decision to raise interest rates in the United States. In Europe, markets became more optimistic as election results in France brought discussion of more integration in the region than had been expected this year, leading to strong performance for European bonds. Meanwhile, U.K. government bonds (Gilts) rallied in the first half of the period amid expectations that concerns over Brexit could force policymakers to offer continued support to the economy. This positive momentum was reversed in the second half of the review period, and Gilts posted negative returns as the Bank of England signaled that it could raise interest rates in November. Factors affecting performance: The Fund s benchmark returned 2.9% in Canadian dollar terms for the period under review. The Fund s benchmark is composed of 2.% Bloomberg Barclays Global Aggregate Bond Index Hedged CAD, 1.% Bloomberg Barclays U.S. Government Bond Index Hedged CAD, 4.% The BofA Merrill Lynch US High Yield Constrained Index Hedged CAD, 1.% J.P. Morgan Emerging Markets Bond Index Global Diversified Index Hedged CAD, and.% S&P/LSTA Leveraged Loan Index Hedged CAD. The Fund underperformed its benchmark after fees and expenses; however, before fees and expenses it outperformed. The Underlying Fund s exposure to global investment grade bonds contributed to relative performance. In contrast, the Underlying Fund s allocation to floating rate bonds detracted from relative performance. Derivative disclosure: During the period under review, the Fund engaged in forward contracts, in a manner consistent with its investment objective and strategies, to hedge as completely as possible against the effect of currency fluctuations on the Fund s investment returns. The use of forward contracts in this manner does not completely eliminate the impact of currency fluctuations on returns. Hedging is done for developed market currencies like the U.S. dollar, Japanese yen, euro and British pound, most of which appreciated against the Canadian dollar during the review period. The Fund does not hedge against emerging market currencies, which can be difficult and costly to hedge and present additional risks to the Fund. During the period under review, the Underlying Fund engaged in interest rate swaps in a manner consistent with its investment objective and strategies. The interest rate swaps positions were used to execute investment strategies that allowed the Underlying Fund to effectively change its exposure to interest rate volatility without the need to buy in or sell out of strategic positions. In general, the swaps tended to be more liquid and less expensive than purchasing direct fixed income securities. However security selection continued to be the primary driver of performance, and these derivatives had no material impact on performance. Portfolio changes: The portfolio managers increased the Underlying Fund s exposure to global investment grade securities during the review period. In contrast, they lowered the Underlying Fund s exposure to floating rate and U.S. high-yield fixed-income. These changes were made to reduce risk and bring the Fund closer to its neutral asset mix. 1
4 Fidelity Strategic Income Currency Neutral Fund Management Discussion of Fund Performance continued The Underlying Fund had its highest absolute exposure to U.S. high-yield bonds, followed by global investment grade debt. Recent Developments On July 2,, Adam Kramer took over as co-portfolio manager from Joanna Bewick. Portfolio managers Ford O Neil and Adam Kramer have reduced the Fund s exposure to high yield and floating rate bonds as spreads have tightened and future return expectations are lower amid low market volatility. Ford and Adam believe that these conditions are not beneficial for large asset allocation positions. Instead, they believe that the economic back drop remains supportive of security selection and expect that to remain the main driver of returns. The portfolio managers remain positive about the overall global macroeconomic environment: fundamental characteristics remain solid and the U.S. is in late economic cycle. The portfolio managers continue to seek an optimal balance between investment and non-investment grade bonds that best positions the Fund to take advantage of asset allocation opportunities. Effective July 1,, the management fee on the Strategic Income Currency Neutral Fund was reduced by basis points across all series. 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 provides investment advice with respect to the Fund s investment portfolio and arranges for the 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 $26, 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 $46, for the period ended September 3,. 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 Strategic Income Currency Neutral Fund Series A September 3, Periods ended March 31, A The Series per Security B Net assets, beginning of period C $ 1.22 $ 1. Total revenue Total expenses (excluding distributions) (.1) (.1) Realized gains (losses).4 (.9) Unrealized gains (losses) (.33).7 Total increase (decrease) from operations C.24.2 From net investment income (excluding dividends) (.12) (.27) From dividends From capital gains Return of capital Total distributions C,D (.12) (.27) Net assets, end of period C $ 1.34 $ 1.22 Net asset value (s) E $ 7,347 $ 6,89 Securities outstanding E 721, ,231 Management expense ratio F,G 1.9% 1.92% Management expense ratio before waivers or absorptions F,G 1.96% 1.98% Trading expense ratio H % % Portfolio turnover rate I 19.13% 27.7% Net asset value per security, end of period $ $ Fidelity Strategic Income Currency Neutral Fund Series B September 3, Periods ended March 31, A The Series per Security B Net assets, beginning of period C $ 1.22 $ 1. Total revenue Total expenses (excluding distributions) (.8) (.12) Realized gains (losses).1 (.6) Unrealized gains (losses) (.4).12 Total increase (decrease) from operations C.2.3 From net investment income (excluding dividends) (.14) (.29) From dividends From capital gains Return of capital Total distributions C,D (.14) (.29) Net assets, end of period C $ 1.34 $ 1.22 Net asset value (s) E $ 9,14 $,97 Securities outstanding E 876,963 79,461 Management expense ratio F,G 1.8% 1.61% Management expense ratio before waivers or absorptions F,G 1.61% 1.64% Trading expense ratio H % % Portfolio turnover rate I 19.13% 27.7% Net asset value per security, end of period $ $
7 Fidelity Strategic Income Currency Neutral Fund Series F September 3, Periods ended March 31, A The Series per Security B Net assets, beginning of period C $ 1.22 $ 1. Total revenue Total expenses (excluding distributions) (.) (.8) Realized gains (losses).43 (.8) Unrealized gains (losses) (.31).7 Total increase (decrease) from operations C From net investment income (excluding dividends) (.17) (.34) From dividends From capital gains Return of capital Total distributions C,D (.17) (.34) Net assets, end of period C $ 1.34 $ 1.22 Net asset value (s) E $ 27,82 $ 2,663 Securities outstanding E 2,71,969 2,3,388 Management expense ratio F,G.99% 1.1% Management expense ratio before waivers or absorptions F,G 1.1% 1.4% Trading expense ratio H % % Portfolio turnover rate I 19.13% 27.7% Net asset value per security, end of period $ $ Fidelity Strategic Income Currency Neutral Fund Series E1 September 3, Periods ended March 31, A The Series per Security B Net assets, beginning of period C $ 1.22 $ 1. Total revenue Total expenses (excluding distributions) (.8) (.11) Realized gains (losses).43 (.1) Unrealized gains (losses) (.31) (.6) Total increase (decrease) from operations C From net investment income (excluding dividends) (.14) (.3) From dividends From capital gains Return of capital Total distributions C,D (.14) (.3) Net assets, end of period C $ 1.34 $ 1.22 Net asset value (s) E $ 2,19 $ 1,463 Securities outstanding E 29, ,78 Management expense ratio F,G 1.48% 1.% Management expense ratio before waivers or absorptions F,G 1.1% 1.3% Trading expense ratio H % % Portfolio turnover rate I 19.13% 27.7% Net asset value per security, end of period $ $ 1.219
8 Financial Highlights continued Fidelity Strategic Income Currency Neutral Fund Series E2 September 3, Periods ended March 31, J The Series per Security B Net assets, beginning of period C $ 1. $ 1. Total revenue.21.8 Total expenses (excluding distributions) (.7) (.3) Realized gains (losses) Unrealized gains (losses) (.93) (.4) Total increase (decrease) from operations C.23.1 From net investment income (excluding dividends) (.14) (.7) From dividends From capital gains Return of capital Total distributions C,D (.14) (.7) Net assets, end of period C $ 1.17 $ 1. Net asset value (s) E $ 821 $ 31 Securities outstanding E 8,776 3,984 Management expense ratio F,K 1.44% 1.46% Management expense ratio before waivers or absorptions F,K 1.47% 1.49% Trading expense ratio H % % Portfolio turnover rate I 19.13% 27.7% Net asset value per security, end of period $ $ 1.13 Fidelity Strategic Income Currency Neutral Fund Series E3 September 3, Periods ended March 31, J The Series per Security B Net assets, beginning of period C $ 1. $ 1. Total revenue.26.1 Total expenses (excluding distributions) (.7) (.2) Realized gains (losses).83.9 Unrealized gains (losses) (.87) (.4) Total increase (decrease) from operations C.1.13 From net investment income (excluding dividends) (.1) (.8) From dividends From capital gains Return of capital Total distributions C,D (.1) (.8) Net assets, end of period C $ 1.17 $ 1. Net asset value (s) E $ 87 $ 1 Securities outstanding E 8,8 11 Management expense ratio F,K 1.33% 1.23% Management expense ratio before waivers or absorptions F,K 1.37% 1.23% Trading expense ratio H % % Portfolio turnover rate I 19.13% 27.7% Net asset value per security, end of period $ $
9 Fidelity Strategic Income Currency Neutral Fund Series P1 September 3, Periods ended March 31, A The Series per Security B Net assets, beginning of period C $ 1.22 $ 1. Total revenue Total expenses (excluding distributions) (.) (.7) Realized gains (losses).41 (.13) Unrealized gains (losses) (.28).3 Total increase (decrease) from operations C.3.27 From net investment income (excluding dividends) (.18) (.34) From dividends From capital gains Return of capital Total distributions C,D (.18) (.34) Net assets, end of period C $ 1.34 $ 1.22 Net asset value (s) E $ 9,1 $ 7,4 Securities outstanding E 871,82 739,863 Management expense ratio F,G.88%.9% Management expense ratio before waivers or absorptions F,G.9%.92% Trading expense ratio H % % Portfolio turnover rate I 19.13% 27.7% Net asset value per security, end of period $ $ Fidelity Strategic Income Currency Neutral Fund Series P2 September 3, Periods ended March 31, J The Series per Security B Net assets, beginning of period C $ 1. $ 1. Total revenue.22.9 Total expenses (excluding distributions) (.4) (.2) Realized gains (losses)..9 Unrealized gains (losses) (.4) (.3) Total increase (decrease) from operations C From net investment income (excluding dividends) (.18) (.9) From dividends From capital gains Return of capital Total distributions C,D (.18) (.9) Net assets, end of period C $ 1.17 $ 1. Net asset value (s) E $ 3,112 $ 3,149 Securities outstanding E 36, ,897 Management expense ratio F,K.82%.8% Management expense ratio before waivers or absorptions F,K.83%.86% Trading expense ratio H % % Portfolio turnover rate I 19.13% 27.7% Net asset value per security, end of period $ $ 1. 7
10 Financial Highlights continued Fidelity Strategic Income Currency Neutral Fund Series P3 September 3, Periods ended March 31, L The Series per Security B Net assets, beginning of period C $ 1.4 $ 1. Total revenue.21.1 Total expenses (excluding distributions) (.4) (.1) Realized gains (losses).48.8 Unrealized gains (losses) (.36) (.4) Total increase (decrease) from operations C From net investment income (excluding dividends) (.18) (.9) From dividends From capital gains Return of capital Total distributions C,D (.18) (.9) Net assets, end of period C $ 1.1 $ 1.4 Net asset value (s) E $ 191 $ 2,328 Securities outstanding E 18, ,9 Management expense ratio F,M.73%.74% Management expense ratio before waivers or absorptions F,M.74%.7% Trading expense ratio H % % Portfolio turnover rate I 19.13% 27.7% Net asset value per security, end of period $ $ Fidelity Strategic Income Currency Neutral Fund Series P4 September 3, N The Series per Security B Net assets, beginning of period C $ 1. Total revenue.1 Total expenses (excluding distributions) (.1) Realized gains (losses).26 Unrealized gains (losses) (.24) Total increase (decrease) from operations C.11 From net investment income (excluding dividends) (.9) From dividends From capital gains Return of capital Total distributions C,D (.9) Net assets, end of period C $ 1.3 Net asset value (s) E $ 3,333 Securities outstanding E 333,68 Management expense ratio F,O.67% Management expense ratio before waivers or absorptions F,O.68% Trading expense ratio H % Portfolio turnover rate I 19.13% Net asset value per security, end of period $
11 Fidelity Strategic Income Currency Neutral Fund Series P September 3, N The Series per Security B Net assets, beginning of period C $ 1. Total revenue.1 Total expenses (excluding distributions) (.1) Realized gains (losses).26 Unrealized gains (losses) (.23) Total increase (decrease) from operations C.12 From net investment income (excluding dividends) (.9) From dividends From capital gains Return of capital Total distributions C,D (.9) Net assets, end of period C $ 1.3 Net asset value (s) E $ 4,16 Securities outstanding E 416,428 Management expense ratio F,O.64% Management expense ratio before waivers or absorptions F,O.66% Trading expense ratio H % Portfolio turnover rate I 19.13% Net asset value per security, end of period $
12 Financial Highlights continued Financial Highlights Footnotes A For the period April 22, 216 (inception date) to March 31,. B C D E F G H I This information is derived from the Fund s audited annual and/or unaudited interim financial statements. 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 June 3, 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. 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. J For the period January 6, (commencement of sale of securities) to March 31,. K 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. L For the period January 26, (commencement of sale of securities) to March 31,. M 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. N For the period July 14, (commencement of sale of securities) to September 3,. O 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. 1
13 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 1.4% 29.9% 7.41% Series B 1.2% 41.67% 8.33% Series F.7% 1.% Series E1 1.12% 44.44%.6% Series E2 1.7% 46.1% 3.49% Series E3 1.% 47.62% 2.38% Series P1.62% 1.% Series P2.7% 1.% Series P3.% 1.% Series P4.2% 1.% Series P.% 1.% 11
14 Fidelity Strategic Income Currency Neutral 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 E Commencement of Operations is June 28, 216 Commencement of Operations is June 28, 216 Series B Series E Commencement of Operations is June 28, 216 Commencement of Operations is January 6, Series F Series E Commencement of Operations is June 28, 216 Commencement of Operations is January 6, 12
15 Series P1 Series P Commencement of Operations is June 28, 216 Commencement of Operations is July 14, Series P Commencement of Operations is January 6, Series P Commencement of Operations is January 26, Series P Commencement of Operations is July 14, 13
16 Fidelity Strategic Income Currency Neutral Fund Summary of Investment Portfolio as at September 3, Asset Mix as at 9/3/17 as at 3/31/17 Foreign Bonds Foreign Preferred Securities Canadian Bonds Foreign Equities Canadian Equities.. Cash and Cash Equivalents Net Other Assets (Liabilities) (1.3) 3.7 Derivative Exposure % of Fund s as at 9/3/17 as at 3/31/17 Futures Contracts 1.4. Swaps..8 Forward Foreign Currency Contracts.4 (.4) Futures Contracts percentage is calculated by dividing the sum of the underlying face amount at value by total net assets. Swaps percentage is calculated by dividing the sum of the notional and unrealized gain/loss by total net assets. Forward Foreign Currency Contracts percentage is calculated by dividing the net unrealized gain/loss of all contracts held by total net assets. Geographic Mix Quality Diversification as at 9/3/17 as at 3/31/17 AAA AA.6.6 A BBB BB and Below Not Rated Equities Short-Term Investments and Net Other Assets 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 September 3, Years as at 9/3/17 as at 3/31/ Over as at 9/3/17 as at 3/31/17 United States of America United Kingdom Netherlands Canada Luxembourg Japan Argentina Mexico France Germany Ireland Others (Individually Less Than 1%) Cash and Cash Equivalents Net Other Assets (Liabilities) (1.3)
17 Top Issuers 1. Fidelity American High Yield Fund Series O Fidelity Global Bond Fund Series O Fidelity Emerging Markets Debt Investment Trust Series O U.S. Treasury Obligations * 9.6. Fidelity Floating Rate High Income Investment Trust Series O.8 6. Ginnie Mae guaranteed REMIC pass-thru certificates * Freddie Mac *.7 8. Cash and Cash Equivalents.6 9. Israeli State *.4 1. Fannie Mae * Freddie Mac Multi-family * Ukraine Government * Navient Student Loan Trust * Ginnie Mae *. 1. Freddie Mac Multi-family Structured passthru certificates *. 16. Tennessee Valley Authority *. 17. Goal Capital Funding Trust *. 18. Jordanian Kingdom *. 19. Illinois Student Assistance Commission Student Loan Rev. *. * Bond Issuer 1. Total Fund $68,34, Where applicable, the information in the above tables includes the Fund s pro-rata share of the investment in any Fidelity Underlying Fund. The Fund uses derivatives to try to minimize the exposure to currency fluctuations between foreign currencies in developed markets and the Canadian dollar. 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 MG 2N7 or by visiting our web site at or SEDAR at 1
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20 Fidelity Investments Canada ULC 483 Bay Street, Suite 3 Toronto, Ontario MG 2N7 Manager, Transfer Agent and Registrar Fidelity Investments Canada ULC 483 Bay Street, Suite 3 Toronto, Ontario MG 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-HSI-MRFPS-1117
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