Fidelity Canadian Short Term Income Class of the Fidelity Capital Structure Corp.

Transcription

1 Fidelity Canadian Short Term Income Class of the Fidelity Capital Structure Corp. Semi-Annual Management Report of Fund Performance May 31,

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 May 31, Fidelity Canadian Short Term Income Class of the Fidelity Capital Structure Corp. 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 Canadian Short Term Income Class (Fund) invests substantially all of its assets in securities of Fidelity Canadian Money Market Fund (Underlying Fund). Fidelity Canadian Short Term Income Class, Series B, returned.36%, after fees and expenses, for the six-month period ended May 31,. The net returns of the other series of this Fund are similar to those of Series B, except for differences attributable to expense structures. Canadian short-term money market securities, as represented by the FTSE TMX Canada 91 Day T-Bill Index returned.2% for the review period. Market overview: Canadian fixed-income markets registered negative returns during the review period and lagged equity markets. In January, the Bank of Canada increased its target overnight rate by.2%, to 1.2%, citing mounting inflationary pressures and robust economic data as the main reasons for the hike. GDP growth in the first quarter of was weaker than expected, but it is expected to rebound in the second quarter. Additionally, the Canadian unemployment rate fell to.8% in April, and wage growth began to pick up during the period. The annual inflation rate accelerated to 2.3% in March, mainly due to higher gasoline prices, exceeding the Bank of Canada s inflation target of 2.%. As a result, the Bank of Canada believes higher interest rates will be needed to keep inflation in line with its target. Factors affecting performance: During the period, in response to the exceptionally low market interest rates available on short-term fixed-income investments of the kind in which the Underlying Fund invests, Fidelity waived a portion of the management fees it normally would charge for the management of the Fund, in order to ensure that the Fund s investors continued to receive a positive yield. Fidelity expects the need for these fee waivers to be temporary and, depending on market conditions, may cease these waivers at any time without notice. Portfolio changes: At the end of the period under review, the Underlying Fund had an exposure of 49.8% to bankers acceptances and bank obligations, 22.9% to commercial paper, 18.% to cash and 2.% to treasury bills. Portfolio manager Michael Widrig focused on what he believes are higher-quality issuers, while aiming to maintain a higher degree of liquidity in the Underlying Fund. Mr. Widrig also aimed to maintain flexibility in the portfolio amid the market volatility by continuing to be diversified among different securities and issuers. Recent Developments During the review period, Fidelity Canadian Short Term Income Class maintained its $1. unit price. Mr. Widrig continues to seek high-quality issuers and remains focused on maintaining a high degree of liquidity in the Underlying Fund. The money market portfolio management team is monitoring the credit market situation in both Canada and the U.S. closely with the intention of keeping the portfolio stable and secure. Related Party Transactions Manager and Portfolio Adviser The Fund is managed by Fidelity Investments Canada ULC (Fidelity). Fidelity is part of a broader collection 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 $43, for the period ended May 31,. 1

4 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 Canadian Short Term Income Class of the Fidelity Capital Structure Corp. Series A Net assets, beginning of period B $ $ 11.7 $ $ $ $ Total revenue Total expenses (excluding distributions) (.6) (.8) (.8) (.9) (.13) (.13) 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 $ $ $ 11.7 $ $ $ Net asset value (s) D $ 714 $ 1,32 $ 4,213 $ 3,237 $ 4,496 $ 1,24 Securities outstanding D 6,41 87,718 38,41 27,9 383, ,8 Management expense ratio E,F 1.7%.7%.67%.77% 1.9% 1.11% Management expense ratio before waivers or absorptions E,F 1.7% 1.6% 1.%.78% 1.9% 1.11% Trading expense ratio G % % % % % % Portfolio turnover rate H 3.49% 18.8% 291.7% 18.% 92.9% 68.66% Net asset value per security, end of period $ $ $ $ $ $ Fidelity Canadian Short Term Income Class of the Fidelity Capital Structure Corp. Series B Net assets, beginning of period B $ $ 12.9 $ 12.7 $ 12. $ 12. $ 11.9 Total revenue Total expenses (excluding distributions) (.4) (.8) (.8) (.8) (.9) (.9) 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 $ 12.1 $ $ 12.9 $ 12.7 $ 12. $ 12. Net asset value (s) D $ 6,3 $ 7,462 $ 13,384 $ 22,741 $ 23,26 $ 24,9 Securities outstanding D 497, ,8 1,17,34 1,877,72 1,91,77 2,4,219 Management expense ratio E,I.7%.69%.67%.7%.77%.77% Management expense ratio before waivers or absorptions E,I.7%.87%.7%.7%.77%.77% Trading expense ratio G % % % % % % Portfolio turnover rate H 3.49% 18.8% 291.7% 18.% 92.9% 68.66% Net asset value per security, end of period $ $ $ $ $ $

5 Fidelity Canadian Short Term Income Class of the Fidelity Capital Structure Corp. Series F Net assets, beginning of period B $ $ $ $ $ $ Total revenue Total expenses (excluding distributions) (.3) (.6) (.6) (.6) (.6) (.6) 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 $ 12.3 $ $ $ $ $ Net asset value (s) D $ 782 $ 1,167 $ 6,88 $ 19,181 $,38 $ 4,18 Securities outstanding D 62,36 93,627 28,189 1,48,38 436,36 327,724 Management expense ratio E,I.%.%.%.2%.3%.2% Management expense ratio before waivers or absorptions E,I.%.1%.%.2%.3%.2% Trading expense ratio G % % % % % % Portfolio turnover rate H 3.49% 18.8% 291.7% 18.% 92.9% 68.66% Net asset value per security, end of period $ $ $ $ $ $ Fidelity Canadian Short Term Income Class of the Fidelity Capital Structure Corp. Series E1 J Net assets, beginning of period B $ 1.3 $ 1.1 $ 1. Total revenue Total expenses (excluding distributions) (.4) (.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 Total distributions B,C Net assets, end of period B $ 1.7 $ 1.3 $ 1.1 Net asset value (s) D $ 1,73 $ 2,221 $ 6,73 Securities outstanding D 173, ,393 62,683 Management expense ratio E,K.72%.68%.67% Management expense ratio before waivers or absorptions E,K.72%.71%.71% Trading expense ratio G % % % Portfolio turnover rate H 3.49% 18.8% 291.7% Net asset value per security, end of period $ 1.66 $ 1.39 $

6 Financial Highlights continued Fidelity Canadian Short Term Income Class of the Fidelity Capital Structure Corp. Series E2 J Net assets, beginning of period B $ 1.3 $ 1.1 $ 1. Total revenue Total expenses (excluding distributions) (.4) (.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 Total distributions B,C Net assets, end of period B $ 1.7 $ 1.3 $ 1.1 Net asset value (s) D $ 3 $ 699 $ 2,749 Securities outstanding D 4,9 69, ,646 Management expense ratio E,K.7%.67%.66% Management expense ratio before waivers or absorptions E,K.7%.71%.71% Trading expense ratio G % % % Portfolio turnover rate H 3.49% 18.8% 291.7% Net asset value per security, end of period $ $ 1.31 $ 1.98 Fidelity Canadian Short Term Income Class of the Fidelity Capital Structure Corp. Series E3 J Net assets, beginning of period B $ 1.4 $ 1.2 $ 1. Total revenue Total expenses (excluding distributions) (.3) (.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 Total distributions B,C Net assets, end of period B $ 1.8 $ 1.4 $ 1.2 Net asset value (s) D $ 996 $ 917 $ 3,34 Securities outstanding D 98,846 91,376 32,841 Management expense ratio E,K.63%.66%.66% Management expense ratio before waivers or absorptions E,K.63%.68%.68% Trading expense ratio G % % % Portfolio turnover rate H 3.49% 18.8% 291.7% Net asset value per security, end of period $ $ $

7 Fidelity Canadian Short Term Income Class of the Fidelity Capital Structure Corp. Series E4 J Net assets, beginning of period B $ 1. $ 1.1 $ 1. Total revenue Total expenses (excluding distributions) (.4) (.6) (.) 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 $ 1.8 $ 1. $ 1.1 Net asset value (s) D $ 1 $ 1 $ 914 Securities outstanding D ,249 Management expense ratio E,K.81%.6%.6% Management expense ratio before waivers or absorptions E,K.81%.6%.6% Trading expense ratio G % % % Portfolio turnover rate H 3.49% 18.8% 291.7% Net asset value per security, end of period $ $ 1.42 $ Fidelity Canadian Short Term Income Class of the Fidelity Capital Structure Corp. Series P1 L Net assets, beginning of period B $ 1.7 $ 1.3 $ 1. Total revenue Total expenses (excluding distributions) (.2) (.) (.) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operations B..4.3 From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions B,C Net assets, end of period B $ 1.12 $ 1.7 $ 1.3 Net asset value (s) D $ 683 $ 712 $ 2,334 Securities outstanding D 67,468 7,63 232,71 Management expense ratio E,M.48%.47%.47% Management expense ratio before waivers or absorptions E,M.48%.47%.48% Trading expense ratio G % % % Portfolio turnover rate H 3.49% 18.8% 291.7% Net asset value per security, end of period $ $ $ 1.296

8 Financial Highlights continued Fidelity Canadian Short Term Income Class of the Fidelity Capital Structure Corp. Series P2 L Net assets, beginning of period B $ 1.8 $ 1.3 $ 1. Total revenue Total expenses (excluding distributions) (.2) (.) (.4) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operations B...3 From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions B,C Net assets, end of period B $ 1.13 $ 1.8 $ 1.3 Net asset value (s) D $ 484 $ 36 $ 2,323 Securities outstanding D 47,8 3,36 231,623 Management expense ratio E,M.46%.44%.4% Management expense ratio before waivers or absorptions E,M.46%.4%.4% Trading expense ratio G % % % Portfolio turnover rate H 3.49% 18.8% 291.7% Net asset value per security, end of period $ $ $ Fidelity Canadian Short Term Income Class of the Fidelity Capital Structure Corp. Series P3 L Net assets, beginning of period B $ 1.9 $ 1.4 $ 1. Total revenue Total expenses (excluding distributions) (.2) (.4) (.4) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operations B..4.4 From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions B,C Net assets, end of period B $ 1.14 $ 1.9 $ 1.4 Net asset value (s) D $ 1 $ 1 $ 2,331 Securities outstanding D ,288 Management expense ratio E,M.41%.42%.42% Management expense ratio before waivers or absorptions E,M.41%.42%.42% Trading expense ratio G % % % Portfolio turnover rate H 3.49% 18.8% 291.7% Net asset value per security, end of period $ $ 1.88 $ 1.3 6

9 Fidelity Canadian Short Term Income Class of the Fidelity Capital Structure Corp. Series P4 L Net assets, beginning of period B $ 1.9 $ 1.3 $ 1. Total revenue Total expenses (excluding distributions) (.2) (.3) (.3) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operations B..6.3 From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions B,C Net assets, end of period B $ 1.14 $ 1.9 $ 1.3 Net asset value (s) D $ 1 $ 1 $ 1 Securities outstanding D Management expense ratio E,M.41%.38%.39% Management expense ratio before waivers or absorptions E,M.41%.31%.42% Trading expense ratio G % % % Portfolio turnover rate H 3.49% 18.8% 291.7% Net asset value per security, end of period $ $ 1.84 $

10 Financial Highlights continued 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 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. 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 securityholders. 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 management 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. Effective October 1, 21 through November 3, 21, the manager waived a portion of its administrative fees. Effective December 1, 21, Fidelity no longer charges the Fund an administrative fee. 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, 21, the manager of the Fund has waived a portion of its management 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. Effective October 1, 21 through November 3, 21, the manager waived a portion of its administrative fees. Effective December 1, 21, Fidelity no longer charges the Fund an administrative fee. J For the period February, (commencement of sale of securities) to November 3,. K Effective February 9,, the manager of the Fund has waived a portion of its management 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 December 4, 21 (commencement of sale of securities) to November 3,. M Effective December 12, 21, the manager of the Fund has waived a portion of its management 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. 8

11 Management and Advisory Fees Fidelity serves as manager of the Fund. The Fund pays Fidelity a monthly management fee for its 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 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.9% 28.32% 71.68% Series B.67% 37.31% 62.69% Series F.4% 1.% Series E1.64% 38.76% 61.24% Series E2.62% 4.32% 9.68% Series E3.9% 42.2% 7.98% Series E4.7% 43.86% 6.14% Series P1.42% 1.% Series P2.4% 1.% Series P3.37% 1.% Series P4.3% 1.% 9

12 Fidelity Canadian Short Term Income Class of the Fidelity Capital Structure Corp. 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. The performance data shown for the period occurring prior to the commencement of operations of a series P or E is that of the corresponding series F or F (for series P) or B or S (for series E). Series F, F, B and S have higher combined management and administration fees than the applicable series P and E. Had a series P or E existed since the commencement of operations of series F, F, B or S, the returns of the applicable series P or E would have been higher. 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 Yearby-Year Returns table below, the most recent returns stated are for the current six month period. Series A Series E Series B Commencement of Operations is February, Series E Series F Commencement of Operations is February, Series E Commencement of Operations is February, 1

13 Series E4 Series P Commencement of Operations is February, Commencement of Operations is December 4, 21 Series P Commencement of Operations is December 4, 21 Series P Commencement of Operations is December 4, 21 Series P Commencement of Operations is December 4, 21 11

14 Fidelity Canadian Short Term Income Class of the Fidelity Capital Structure Corp. Summary of Investment Portfolio as at May 31, Asset Mix % of Fund s Net Assets as at /31/18 % of Fund s Net Assets as at 11/3/17 Bankers Acceptances and Bank Obligations Commercial Paper Reverse Repurchase Agreements Medium-Term Notes Government Agencies and Obligations Net Other Assets (Liabilities) (.1) (.1) Quality Diversification Dominion Bond Rating Service (DBRS) Ratings % of Fund s Net Assets as at /31/18 % of Fund s Net Assets as at 11/3/17 R1-H R-1L R-1M NR Where DBRS Ratings are not available, we have used Moody s ratings. Maturity Diversification Days % of Fund s Net Assets as at /31/18 % of Fund s Net Assets as at 11/3/ Top Issuers % of Fund s Net Assets 1. Reverse Repurchase Agreements BNP Paribas Canada Branch Storm King Funding OMERS Finance Trust 8.7. Sumitomo Mitsui Banking Corp Mizuho Bank Ltd. Canada Branch Bank of Tokyo-Mitsubishi UFJ Ltd The Toronto-Dominion Bank Ontario Teachers Finance Trust.3 1. Bank of Nova Scotia Canadian Imperial Bank of Commerce Royal Bank of Canada JPMorgan Chase Bank NA Toronto National Bank of Canada Ontario Province Treasury Bill Bank of Montreal HSBC Bank of Canada.7 Total Fund Net Assets $12,13, 1.1 Where applicable, the information in the above tables includes the Fund s pro-rata share of the investment in any Fidelity managed underlying fund. 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 12

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16 Fidelity Capital Structure Corp. 47 2nd Street S.W., Suite 82 Calgary, Alberta T2P 2Y3 Manager and Registrar Fidelity Investments Canada ULC 483 Bay Street, Suite 3 Toronto, Ontario MG 2N7 Custodian State Street Trust Company of Canada 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, Fidelity U.S. Money Market Fund or Fidelity U.S. Money Market Investment Trust 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-CST-CS-MRFPS-718