Fidelity Premium Money Market Private Pool

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1 Fidelity Premium Money Market Private Pool Semi-Annual Report December 31, 2016 Notice to Readers The accompanying interim financial statements have not been reviewed by the external auditor of the Fund. The external auditor will be auditing the annual financial statements of the Fund in accordance with Canadian generally accepted auditing standards.

2 Fidelity Premium Money Market Private Pool Schedule of Investments December 31, 2016 (Unaudited) Showing Percentage of Net Assets Attributable to Holders of Redeemable Securities (Net Assets) Underlying Funds 99.7% Principal Amount (000s) Cost (000s) Value (000s) Fidelity Canadian Money Market Fund Series O $ 2,871 $ 28,707 $ 28,707 TOTAL INVESTMENT PORTFOLIO 99.7% $28,707 28,707 NET OTHER ASSETS (LIABILITIES) 0.3% NET ASSETS 100% $ 28,707 Investment Valuation The following is a summary of the inputs used, as of December 31, 2016 and June 30, 2016, involving the Fund s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. Valuation Inputs at December 31, 2016: Description Total Level 1 Level 2 Level 3 (Amounts in thousands) Investments in Securities: Underlying Funds $28,707 $28,707 $ $ Total Investments in Securities: $28,707 $28,707 $ $ Valuation Inputs at June 30, 2016: Description Total Level 1 Level 2 Level 3 (Amounts in thousands) Investments in Securities: Underlying Funds $25,560 $25,560 $ $ Total Investments in Securities: $25,560 $25,560 $ $ See accompanying notes which are an integral part of the financial statements. Semi-Annual Reportport 2

3 Financial Statements (Unaudited) Statements of Financial Position Amounts in thousands of Canadian Dollars /thousands of securities (except per security amounts) As at December 31, 2016 June 30, 2016 Assets (Note 3) Current assets Investments at fair value through profit or loss (Note 8) $ 28,707 $ 25,560 Receivable for investments sold Distributions receivable Subscriptions receivable 80 28,925 25,638 Liabilities (Note 3) Current liabilities Payable to custodian bank Payable for investments purchased Redemptions payable Distributions payable (Note 5) 5 4 Management and advisory fees payable (Note 4) 11 8 Other payables and accrued expenses (Note 4) Net assets attributable to holders of redeemable securities (Notes 3 and 6) $ 28,707 $ 25,562 Net assets attributable to holders of redeemable securities per Series and per security (Note 6) Series B: ($13,175 / 1,318 securities and $10,696 / 1,070 securities, respectively) $ $ Series D: ($2 / securities and $2 / securities, respectively) $ $ Series F: ($12,237 / 1,224 securities and $12,601 / 1,260 securities, respectively) $ $ Series I: ($3,293 / 329 securities and $2,263 / 226 securities, respectively) $ $ See accompanying notes which are an integral part of the financial statements. 3 Semi-Annual Report

4 Financial Statements (Unaudited) continued Statements of Comprehensive Income Amounts in thousands of Canadian Dollars (except per security amounts) For the six-month periods ended December 31, Investment income (Note 3) Interest $ $ Income distributions from the underlying funds Total investment income (loss) Operating expenses (Note 4) Management fees Other operating expenses Independent Review Committee fees Commissions and other portfolio costs Sales tax 7 5 Total operating expenses Expenses waived (Note 4) (5) (12) Net operating expenses Net increase (decrease) in net assets attributable to holders of redeemable securities from operations $ 31 $ 30 Other information: Increase (decrease) in net assets attributable to holders of redeemable securities from operations per Series (Note 3) Series B $ 9 $ 11 Series D $ $ 1 Series F $ 17 $ 8 Series I $ 5 $ 10 Increase (decrease) in net assets attributable to holders of redeemable securities from operations per Series per security (Note 3) Series B $.0061 $.0086 Series D $.0094 $.0055 Series F $.0174 $.0157 Series I $.0198 $.0226 See accompanying notes which are an integral part of the financial statements. Semi-Annual Reportport 4

5 Statements of Changes in Net Assets Attributable to Holders of Redeemable Securities Amounts in thousands of Canadian Dollars For the six-month period ended December 31, 2016 Total Series B Series D Series F Series I Net assets attributable to holders of redeemable securities, beginning of period $ 25,562 $ 10,696 $ 2 $ 12,601 $ 2,263 Distributions to holders of redeemable securities (Note 5) From net investment income (24) (6) (17) (1) Management fee reduction (8) (2) (2) (4) (32) (8) (19) (5) Redeemable security transactions (Note 6) Proceeds from sale of redeemable securities 37,500 17,329 15,816 4,355 Reinvestment of distributions Amounts paid upon redemption of redeemable securities (34,388) (14,859) (16,198) (3,331) 3,146 2,478 (362) 1,030 Increase (decrease) in net assets attributable to holders of redeemable securities from operations Net increase (decrease) in net assets attributable to holders of redeemable securities 3,145 2,479 (364) 1,030 Net assets attributable to holders of redeemable securities, end of period $ 28,707 $ 13,175 $ 2 $ 12,237 $ 3,293 Amounts in thousands of Canadian Dollars For the six-month period ended December 31, 2015 Total Series B Series D Series F Series I Net assets attributable to holders of redeemable securities, beginning of period $ 22,463 $ 13,395 $ 1,028 $ 3,446 $ 4,594 Distributions to holders of redeemable securities (Note 5) From net investment income (17) (7) (1) (7) (2) Management fee reduction (13) (3) (2) (8) (30) (10) (1) (9) (10) Redeemable security transactions (Note 6) Proceeds from sale of redeemable securities 30,511 14,542 11,629 4,340 Reinvestment of distributions Amounts paid upon redemption of redeemable securities (30,417) (17,362) (1,027) (7,424) (4,604) 118 (2,812) (1,026) 4,212 (256) Increase (decrease) in net assets attributable to holders of redeemable securities from operations Net increase (decrease) in net assets attributable to holders of redeemable securities 118 (2,811) (1,026) 4,211 (256) Net assets attributable to holders of redeemable securities, end of period $ 22,581 $ 10,584 $ 2 $ 7,657 $ 4,338 See accompanying notes which are an integral part of the financial statements. 5 Semi-Annual Report

6 Financial Statements (Unaudited) continued Statements of Cash Flows Amounts in thousands of Canadian Dollars For the six-month periods ended December 31, Cash, beginning of period $ $ Cash flows from (used in) operating activities: Purchases of investments (21,442) (19,493) Proceeds from sale and maturity of investments 18,241 18,623 Cash receipts from interest income (4) Cash receipts from other investment income Cash paid for operating expenses (62) (54) Net cash from (used in) operating activities (3,170) (846) Cash flows from (used in) financing activities: Distributions to holders of redeemable securities net of reinvestments 3 (1) Proceeds from sales of securities 37,420 31,271 Amounts paid upon redemption of securities (34,253) (30,424) Net cash from (used in) financing activities 3, Net change in cash Cash, end of period $ $ See accompanying notes which are an integral part of the financial statements. Semi-Annual Reportport 6

7 Notes to Financial Statements (Unaudited) For the period ended December 31, 2016 (Unaudited) (Amounts in thousands of Canadian dollars/thousands of securities (except per security amounts)) 1. Formation of the Fund Fidelity Premium Money Market Private Pool (Fund) is a unit trust formed under the laws of Ontario and governed by a Declaration of Trust dated October 31, 2008 (Inception Date), as amended thereafter from time to time. The Fund is authorized to issue an unlimited number of securities. Fidelity Investments Canada ULC (Fidelity), as manager and trustee of the Fund, is responsible for the day-to-day operations and provides all general management and administrative services. The investment advisor is responsible for the investment management of the Fund s portfolio. On December 31, 2015, the investment advisor changed from FIAM LLC (formerly Pyramis Global Advisors, LLC) to Fidelity. The registered office of the Fund is located at 483 Bay Street, Suite 300, Toronto, Ontario, M5G 2N7. The Fund invests substantially all of its assets in Fidelity Canadian Money Market Fund- Series O (Underlying Fund). Currently, Fidelity mutual funds are offered in the following Series: Series A, Series B, Series C, Series D, Series F, Series F5, Series F8, Series I, Series I5, Series I8, Series O, Series T5, Series T8, Series S5, Series S8, Series E1, Series E1T5, Series E2, Series E2T5, Series E3, Series E3T5, Series E4, Series E4T5, Series E5, Series E5T5, Series P1, Series P1T5, Series P2, Series P2T5, Series P3, Series P3T5, Series P4, Series P4T5, Series P5 and Series P5T5. Series A, Series C, Series T5 and Series T8 securities are available to all investors in a deferred sales charge (DSC) option. Series A, Series T5 and Series T8 securities will be converted to lower management and advisory fee Series B, Series S5 and Series S8 securities, respectively, one year after completion of their redemption schedule. Series T5 and Series T8 securities have substantially all the same attributes as the Series A securities with the exception that Series T5 and Series T8 securities distribute an amount comprised of net income and/or return of capital monthly, if available. Series B, Series D, Series S5 and Series S8 securities are available to all investors in an initial sales charge (ISC) option. Series S5 and Series S8 securities have substantially all the same attributes as the Series B securities with the exception that Series S5 and Series S8 securities distribute an amount comprised of net income and/or return of capital monthly, if available. Series C and Series D securities are available to investors who have enrolled in the rebalancing service. Series F, Series F5 and Series F8 securities are usually only available to investors who have fee based accounts with dealers who have signed an eligibility agreement with Fidelity. Series F5 and Series F8 securities have substantially all the same attributes as the Series F securities with the exception that Series F5 and Series F8 securities distribute an amount comprised of net income and/or return of capital monthly, if available. Series E1, Series E1T5, Series E2, Series E2T5, Series E3, Series E3T5, Series E4, Series E4T5, Series E5 and Series E5T5 securities are available only to investors who initially hold Series B and/or Series S5 securities and then become eligible to hold certain Series E securities. Series E1, Series E1T5, Series E2, Series E2T5, Series E3, Series E3T5, Series E4, Series E4T5, Series E5 and Series E5T5 securities have lower combined management and administration fees than Series B or Series S5 securities. Series E1T5, Series E2T5, Series E3T5, Series E4T5 and Series E5T5 securities have the same attributes as the other Series E securities with the exception that Series E1T5, Series E2T5, Series E3T5, Series E4T5 and Series E5T5 securities distribute an amount comprised of net income and/or return of capital monthly, if available. Series P1, Series P1T5, Series P2, Series P2T5, Series P3, Series P3T5, Series P4, Series P4T5, Series P5 and Series P5T5 securities are available only to investors who initially hold Series F and/or Series F5 securities and then become eligible to hold certain Series P securities. Series P1, Series P1T5, Series P2, Series P2T5, Series P3, Series P3T5, Series P4, Series P4T5, Series P5 and Series P5T5 securities have lower combined management and administration fees than Series F or Series F5 securities. Series P1T5, Series P2T5, Series P3T5, Series P4T5 and Series P5T5 securities have the same attributes as the other Series P securities with the exception that Series P1T5, Series P2T5, Series P3T5, Series P4T5 and Series P5T5 securities distribute an amount comprised of net income and/or return of capital monthly, if available. Series O securities are only available to selected investors who have been approved by Fidelity and have entered into a Series O Account Agreement with Fidelity. Series I, Series I5 and Series I8 securities are available to all investors who have entered into a Series I Agreement with Fidelity and are available to all investors in an initial sales charge (ISC) option. Series I5 and Series I8 securities have substantially all the same attributes as the Series I securities with the exception that Series I5 and Series I8 securities distribute an amount comprised of net income and/or return of capital monthly, if available. The Fund offers Series B, Series D, Series F and Series I securities. The Fund meets the definition of an investment entity and its purpose is to provide investment management services to its securityholders by investing its net assets for capital growth and/or investment income and by measuring its investment performance on a fair value basis. Refer to the Financial Instruments Risk note below for the Fund s investment objective. 2. Basis of Preparation Statement of Compliance - These interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as published by the International Accounting Standards Board (IASB) and as applicable to the preparation of interim financial statements, including IAS 34 Interim Financial Reporting. The accounting policies set out below have been applied consistently unless otherwise stated. The policies applied in these interim financial statements are based on IFRS issued as of February 7, 2017, which is the date on which the interim financial statements were authorized for issue by Fidelity s board of directors. Any subsequent changes to IFRS that are given effect in the Fund s annual financial statements for the period ending June 30, 2017 could result in restatement of these interim financial statements. 7 Semi-Annual Report

8 Notes to Financial Statements (Unaudited) continued (Amounts in thousands of Canadian dollars/thousands of securities (except per security amounts)) Functional and Presentation Currency These financial statements are presented in Canadian dollars, which is the Fund s functional currency. 3. Summary of Significant Accounting Policies Basis of Measurement These financial statements have been prepared on the historical cost basis except for investments which are measured at fair value in the Statements of Financial Position. Use of Estimates and Judgments Under IFRS, management is required to make certain estimates and judgments at the date of the financial statements. The principal financial statement components subject to significant accounting estimates and judgments include: Fair value measurements The Fund may invest in financial instruments that are not quoted in an active market. Where applicable, these instruments are categorized in Level 2 and Level 3 of the fair value hierarchy explained below. When current market prices or quotations are not readily available or reliable, valuation techniques will be applied in good faith and in accordance with procedures adopted by the manager. Factors used in determining fair value may include, but are not limited to, broker quotes from reputable pricing sources, market or security specific events, changes in interest rates and credit quality. Fair value models use observable data, to the extent practical; however, the manager is required from time to time to make estimates and assumptions that are based on the best information available at that particular time. Changes in these estimates could impact the fair values of the financial instruments, and the impact could be material. The aggregate fair value of investments measured by valuation techniques as at December 31, 2016 and June 30, 2016, is included at the end of the Fund s Schedule of Investments. Classification and measurement of financial instruments The Fund has made significant judgments when determining the classification and measurement of its financial instruments under IAS 39, Financial Instruments Recognition and Measurement (IAS 39). These judgments centre upon the determination that certain investments are held-for-trading and that the fair value measurement option can be applied to those that are not due to factors including performance evaluation and management of the Fund on a fair value basis. Presentation of financial instruments The Fund has made significant judgments when determining the classification of its redeemable securities as financial liabilities in accordance with IAS 32 Financial Instruments Presentation (IAS 32). These judgments centre upon the determination that the Fund s redeemable securities do not have identical features and their entitlements include a contractual obligation to distribute any net income and net realized capital gains at least annually in cash (at the request of the securityholder). Therefore, the ongoing redemption feature is not the securities only contractual obligation. Determination of Relationship with Underlying Funds The Fund has made significant judgments when determining the nature of its relationship with any Underlying Fund in accordance with IFRS 10 Consolidated financial statements (IFRS 10) and IAS 28 Investment in associates and joint ventures (IAS 28). These judgments centre upon identifying the Fund s ability to control or significantly influence any Underlying Fund. In both determinations, the Fund looks at the relevant activities of any Underlying Fund such as voting rights, participation in policy choices and material cash flows such as subscription and redemption proceeds. The Fund has determined that it does not have the ability to control nor exercise significant influence on any Underlying Fund due to the Fund s inability to exercise its voting rights and direct or participate in the financial and operating policy decisions of any Underlying Fund. Investment Valuation Investments are designated at their fair value through profit or loss in accordance with IAS 39 and are carried at their fair value. The Fund categorizes the inputs to valuation techniques used to fair value its investments into a disclosure hierarchy consisting of three levels as shown below: Level 1 quoted prices in active markets for identical investments Level 2 other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.) Level 3 unobservable inputs (including the Fund s own assumptions based on the best information available) Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. There were no significant transfers between Level 1 and Level 2 during the periods. The aggregate value of investments by input level, as at December 31, 2016 and June 30, 2016, as well as a roll forward of Level 3 securities, where applicable, is included at the end of the Fund s Schedule of Investments. Valuation techniques used to value the Fund s investments by major category are as follows: Investment in any Underlying Fund is valued at its closing net asset value per security (NAVPS) each business day and is categorized as Level 1 in the hierarchy. Cash Cash is comprised of cash on deposit and may include cash equivalents which are short-term debt instruments with terms to maturity of less than 90 days at acquisition which are held for the purpose of meeting short-term cash commitments. Foreign currencies are comprised of cash amounts denominated in currencies other than Canadian dollars, which are on deposit with the custodian to facilitate the settlement of Semi-Annual Reportport 8

9 foreign denominated security transactions. Cash is carried at amortized cost which approximates its fair value. The Fund did not hold any cash equivalents as at December 31, 2016 and June 30, Impairment of Financial Assets At each reporting date, the Fund assesses whether there is objective evidence that a financial asset carried at amortized cost is impaired. If such impairment exists, the Fund recognizes the difference between the amortized cost of the financial assets and the present value of the estimated future cash flows, discounted using the instrument s original effective interest rate as an impairment loss on the Statements of Comprehensive Income. Such impairment losses are reversed in subsequent periods in the Statements of Comprehensive Income if the conditions that lead to the initial recognition of the loss diminish or cease to exist. Other Assets and Liabilities Other assets and liabilities may include amounts due to or from the custodian, affiliates or other counterparties for accrued income, investment transactions, Fund s security transactions, accrued expenses and other unsettled transactions at period end. These amounts are classified as loans and receivables or financial liabilities and are carried at amortized cost, which approximates fair value due to their short-term nature. Classification of redeemable securities issued by the Fund In accordance with IAS 32, the Fund s redeemable securities entitlements include a contractual obligation to distribute any net income and net realized capital gains at least annually in cash (at the request of the securityholder) and, therefore, the ongoing redemption feature is not the securities only contractual obligation. In addition, each series of redeemable securities are equally subordinated to each other, but have differing features as outlined in the notes below. Therefore, the Fund s redeemable securities do not meet the criteria for classification as equity and have been classified as financial liabilities on the Statements of Financial Position. The Fund s obligation for net assets attributable to holders of redeemable securities is recorded at the redemption amount. As at December 31, 2016 and June 30, 2016, the Fund s net asset value per Series per security may differ by less than $0.01 from its net assets attributable to holders of redeemable securities per Series per securities calculated in accordance with IFRS as a result of normal reporting period end procedures to close off the books and records. Investment Transactions, Income Recognition and Transaction Costs Regular way purchases and sales of financial assets are recognized at their trade date. The cost of investments is determined on an average cost basis, excluding commissions and other portfolio transaction costs. Income from investments is recognized on an accrual basis. Interest income is accrued as earned. Distributions from any Underlying Fund, if any, are recognized on the ex-dividend date by the Fund in the same form that they were distributed. Net realized gains and losses from the sale of investments and change in net unrealized appreciation (depreciation) on investments are calculated with reference to average cost of the related investment securities which exclude transaction costs and may include proceeds received from litigation. Transaction costs, such as brokerage commissions, incurred in the purchase and sale of securities by the Fund are recognized as Commissions and other portfolio costs in the Statements of Comprehensive Income. Foreign Currency Translation Securities and other assets and liabilities denominated in a foreign currency are translated into Canadian dollars at the period-end exchange rates. Purchases and sales of securities, income and expenses denominated in foreign currencies are translated into Canadian dollars at the exchange rate on the date of the respective transaction. The effects of exchange rate fluctuations on investments are included in the Net realized gain (loss) and change in net unrealized appreciation (depreciation) on investments and exchange rate fluctuations on other foreign currency transactions are included in the Net realized gain (loss) on foreign currency transactions and Change in net unrealized appreciation (depreciation) on other net assets in foreign currencies in the Statements of Comprehensive Income. Valuation of Series Separate net assets attributable to holders of redeemable securities is calculated for each Series of securities in the Fund. The net assets attributable to holders of redeemable securities of a Series is computed by calculating the Series proportionate share of the assets and liabilities of the Fund common to all Series, adjusted for the assets and liabilities of the Fund attributable only to that Series. Expenses directly attributable to a Series are charged to that Series. Investment income and operating expenses are allocated proportionately to each Series based upon the relative net assets attributable to holders of redeemable securities of each Series, except for items that can be specifically attributed to one or more Series. Per Security from Operations - The increase (decrease) in net assets attributable to holders of redeemable securities resulting from operations per security in the Statements of Comprehensive Income represent the increase (decrease) in net assets attributable to holders of redeemable securities resulting from operations for each Series of the Fund, divided by the weighted average securities outstanding for each Series of the Fund during the period as follows: Weighted Average Securities Period ended December 31, 2016 Series B 1,158 Series D Series F 1,089 Series I Semi-Annual Report

10 Notes to Financial Statements (Unaudited) continued (Amounts in thousands of Canadian dollars/thousands of securities (except per security amounts)) Weighted Average Securities Period ended December 31, 2015 Series B 1,172 Series D 94 Series F 590 Series I 432 Statements of Cash Flows In accordance with IFRS, the Fund s Statements of Cash Flows excludes non-cash transactions from its operating and financing activities. Recent Accounting Pronouncements The final version of IFRS 9, Financial Instruments, was issued by the IASB in July 2014 and will replace IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 introduces a model for classification and measurement, a single, forward-looking expected loss impairment model and a substantially reformed approach to hedge accounting. The new single, principle based approach for determining the classification of financial assets is driven by cash flow characteristics and the business model in which an asset is held. The new model also results in a single impairment model being applied to all financial instruments, which will require more timely recognition of expected credit losses. It also includes changes in respect of an entity s own credit risk in measuring liabilities elected to be measured at fair value, so that gains caused by the deterioration of an entity s own credit risk on such liabilities are no longer recognised in profit or loss. IFRS 9 is effective for annual periods beginning on or after January 1, 2018, however is available for early adoption. In addition, the entity s own credit risk changes can be early applied in isolation without otherwise changing the accounting for financial instruments. The Fund is in the process of assessing the impact of IFRS 9 and does not plan to adopt the new standard early. 4. Expenses and Other Related Party Transactions Management and Advisory Fees Fidelity serves as the manager and investment advisor of the Fund. Fidelity is part of a broader group of companies collectively known as Fidelity Investments. Fidelity has entered into sub-advisory agreements with a number of entities including Fidelity Investments Money Management, 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 and the provision of key management personnel to the Fund, based on the net asset value of each Series, calculated daily and payable monthly. Fidelity may reduce the management and advisory fee or fund expenses for certain investors by reducing the management and advisory fee it charges to the Fund or reducing the amount charged to the Fund for certain expenses and having the Fund pay out the amount of the reduction to the investors as a distribution. These distributions are disclosed as Management fee reduction in the Statements of Changes in Net Assets Attributable to Holders of Redeemable Securities. To avoid duplication of fees, Series O securities of any Underlying Fund are not subject to management and advisory fees. The annual management and advisory fee rates for each Series were as follows: Annual Management and Advisory Fee Rate (%) Series B Series D Series F Series I Independent Review Committee Fees - The Independent Review Committee (IRC), as required under National Instrument , reviews conflict of interest matters referred to it by the manager and provides recommendations or approves actions, as appropriate, that are in the best interest of the funds. There are currently four members of the IRC who are independent of Fidelity and its affiliates. IRC members are compensated by way of an annual retainer fee and a per meeting attendance fee, as well as reimbursed for expenses associated with IRC duties. These costs are allocated among the individual funds proportionately by assets. Sales Tax - Certain provinces have harmonized their Provincial Sales Tax (PST) with the federal Goods and Services Tax (GST). The Harmonized Sales Tax (HST) combines the GST rate of 5% with the PST rate of certain provinces. The Provincial GST/HST liability or refund is calculated using the residency of securityholders and the value of their interests in the Fund as at specific times, rather than the physical location of the Fund. The effective GST/HST rate charged to each Series of the Fund is based on the securityholders proportionate investments by province, using each province s HST rate or GST rate in the case of non-participating provinces. All amounts are included in the Statements of Comprehensive Income as Sales tax. Semi-Annual Reportport 10

11 Other Operating Expenses - Fidelity is responsible for the payment of all expenses relating to the operation of the Fund except for brokerage commissions, IRC fees, interest charges, taxes and other certain fund costs as outlined in the Fund s simplified prospectus. Each Series, is responsible for its proportionate share of common fund costs in addition to expenses that it alone incurs. Expenses Waived - Fidelity may absorb or waive certain expenses at its sole discretion. Fidelity can terminate the absorption or waiver at any time. The manager of the Fund waived a portion of its management fee. The expenses absorbed or waived during the periods are disclosed as Expenses waived in the Statements of Comprehensive Income, if applicable. 5. Taxation and Distributions The Fund qualifies as a unit trust under the provisions of the Income Tax Act (Canada). For tax purposes, the Fund has a December year end. In each tax year, the Fund declares and credits as due and payable sufficient net investment income to securityholders such that the Fund will not be subject to income taxes. As a result, the Fund does not record income taxes under IAS 12 Income Taxes (IAS 12) and accordingly does not recognize the deferred tax benefit associated with tax loss carry forwards and other taxable temporary differences. Distributions are taxable in securityholders hands. At the end of each tax year, the character of the distributions is determined for tax purposes. Under the terms of the Declaration of Trust, the trustee may capitalize any distribution amount without any increase in the number of securities outstanding. Distributions, if any, are declared separately for each Series. Capital losses may be carried forward indefinitely to reduce future realized capital gains. As at the last taxation year-end, the Fund had no capital losses available to be carried forward. Non capital losses may be carried forward for up to 20 tax years to reduce future taxable income, but expire in December of the year noted. As at the last taxation year-end, the Fund had no non capital losses available to be carried forward. 6. Capital Risk Management Securities issued and outstanding are considered to be the capital of the Fund. The capital of each series of the Fund is divided into an unlimited number of securities of equal value, with no par value. All securities in a series of the Fund rank equally with respect to distributions. A securityholder of the Fund is entitled to one vote for each one dollar in value of securities owned. Fractional securities are proportionately entitled to these rights. The Fund generally has no restrictions or specific capital requirements on the subscriptions and redemptions of securities other than minimum subscription requirements; although, on rare occasions, Fidelity may temporarily suspend securityholders right to redeem securities and postpone paying sale proceeds. The relevant movements attributable to securityholders are shown in the Statements of Changes in Net Assets Attributable to Holders of Redeemable Securities. In accordance with the objectives and the risk management policies outlined in the Financial Instruments Risk notes, the Fund endeavors to invest the subscriptions received in appropriate investments while maintaining sufficient liquidity to meet redemptions. Such liquidity is managed by investing the majority of assets in investments that can be readily disposed and via the Fund s ability to borrow up to 5% of its net asset value. Security Transactions - Security transactions for each Series were as follows: Securities Outstanding, Beginning of Period Issued Reinvested Redeemed Securities Outstanding, End of Period Period ended December 31, 2016 Series B 1,070 1,733 1 (1,486) 1,318 Series D Series F 1,260 1,582 2 (1,620) 1,224 Series I (333) 329 Period ended December 31, 2015 Series B 1,340 1,454 1 (1,735) 1,060 Series D 103 (103) Series F 345 1,161 1 (742) 765 Series I (460) 434 Affiliated Ownership - As at December 31, 2016, Fidelity and its affiliates held less than 1% of the Fund. As at June 30, 2016, Fidelity and its affiliates held less than 1% of the Fund. 11 Semi-Annual Report

12 Notes to Financial Statements (Unaudited) continued (Amounts in thousands of Canadian dollars/thousands of securities (except per security amounts)) 7. Financial Instruments Risk The Fund s activities expose it to a variety of financial instruments risks: credit risk, liquidity risk, other price risk, interest rate risk and currency risk. Fidelity seeks to minimize potential adverse effects of these performance risks by employing professional, experienced portfolio advisors, by daily monitoring of positions and market events, and by diversifying the investment portfolio within the constraints of the investment mandate. Risk, as defined by Fidelity, is the mismatch of certain risk factors, such as the market capitalization, beta, common factors such as size, priceearnings ratio, price-to-book ratio and industry exposures, between a portfolio and its benchmark. Such mismatches may result in divergence of returns relative to the benchmark. Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. A beta of 1 indicates that the security s price will move with the market. A beta of less than 1 means that the security will be less volatile than the market. A beta of greater than 1 indicates that the security s price will be more volatile than the market. For example, if a stock s beta is 1.2, it s theoretically 20% more volatile than the market. Fidelity s objective is to provide consistent value-added return over the benchmark. Unsystematic risk is mitigated primarily through investments in a diverse portfolio of securities across many sectors, styles or regions of the market. Fidelity s qualitative fundamental security selection is also well diversified across many analysts. Rather than relying on a single valuation process or quantitative model that implicitly assumes that past value-added returns of some sectors or styles will persist into the future, Fidelity s analysts select securities based on their own unique valuation processes. The Fund aims to achieve a high level of current income while seeking to protect capital and to maintain liquidity. It seeks a similar return to its Underlying Fund, Fidelity Canadian Money Market Fund, by investing substantially all of its assets in securities of that fund. The Underlying Fund aims to achieve a high level of current income while seeking to protect capital and maintain liquidity by investing primarily in Canadian dollardenominated money market instruments. Portfolio risk is monitored daily and reviewed monthly by an investment compliance group. In addition, there is a formal quarterly review of each fund. The investment compliance group, portfolio managers and the senior analysts attend a quarterly portfolio review. Portfolios within each strategy are reviewed relative to each other and to their benchmark. Active industry and security allocations are analyzed. Credit Risk - Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Fund. The Fund s own credit risk in the case of financial liabilities and a counterparty s credit risk in the case of financial assets are considered, where applicable, in determining the fair value of financial assets and financial liabilities. The Fund may be exposed to indirect credit risk through its investments in any Underlying Fund. The fair value of debt securities includes consideration of the credit worthiness of the debt issuer. In addition, as part of its cash management, the Fund limits its direct exposure to credit loss by placing its cash with high credit quality financial institutions. The carrying amount of investments and other assets represents the maximum credit risk exposure as at December 31, 2016 and June 30, Credit risk is low for the Fund because the Underlying Fund invests in securities that are either government guaranteed or have strong credit ratings. The following table summarizes the Fund s credit ratings as at December 31, 2016 and June 30, 2016: % of Fund s Investments 12/31/16 % of Fund s Investments 6/30/16 Dominion Bond Rating Service (DBRS) Ratings R-1H R-1M R-1L Not Rated Where DBRS Ratings are not available, we have used Moody s ratings. Other than outlined above, there were no significant concentrations of credit risk to counterparties as at December 31, 2016 and June 30, Concentration Risk - Fidelity analyzes credit concentration based on the counterparty of the financial assets that the Fund holds. The Fund invests primarily in highly rated money market instruments and has lower risk than other Fidelity funds since it invests in securities that are either government guaranteed or have strong credit ratings. The Fund is not managed for industry or geographic exposure. Asset Mix % of Fund s Net Assets as at 12/31/16 % of Fund s Net Assets as at 6/30/16 Bankers Acceptances and Bank Obligations Commercial Paper Government Agencies and Obligations Semi-Annual Reportport 12

13 % of Fund s Net Assets as at 12/31/16 % of Fund s Net Assets as at 6/30/16 Medium-Term Notes Reverse Repurchase Agreements Net Other Assets (Liabilities) Fidelity regularly monitors the relative weights of individual securities, sectors, countries, and also monitors the market capitalization and trading liquidity of each holding. Liquidity Risk - Liquidity risk is defined as the risk that the Fund may not be able to settle or meet its obligations on time or at a reasonable price. The Fund is exposed to daily cash redemptions of redeemable securities. Redeemable securities are redeemed on demand at the securityholder s option based on the Fund s NAVPS at the time of redemption. The Fund may be exposed to indirect liquidity risk through its investment in any Underlying Fund. In accordance with securities regulations, investment funds must maintain at least 90% of assets in liquid investments; investments that are traded in an active market and can be readily disposed of. In addition, the Fund aims to retain sufficient cash and short-term investments to maintain liquidity, and has the ability to borrow up to 5% of its net asset value from the custodian for the purpose of funding redemptions. The liquidity position of the Fund and any Underlying Fund is monitored on a daily basis. As at December 31, 2016 and June 30, 2016, the Fund did not have financial liabilities with maturities greater than 3 months. Other Price Risk - Other price risk is the risk that the value of financial instruments will fluctuate as a result of changes in market prices (other than those arising from interest rate risk or currency risk on monetary instruments), whether caused by factors specific to an individual investment, its issuer, or other factors affecting all instruments traded in a market or market segment. All securities present a risk of loss of capital. The Fund and any Underlying Fund moderate this risk through a careful selection of securities and other financial instruments within the parameters of the investment strategy. The maximum risk resulting from financial instruments is equivalent to their fair value. The Fund s and any Underlying Fund s investments are susceptible to other price risk arising from uncertainties about future prices of the instruments. The Underlying Fund is not subject to significant other price risk since the financial instruments tend to be short-term debt instruments. Interest Rate Risk - Interest rate risk arises on interest-bearing financial instruments held in the investment portfolio such as bonds. The Fund and any Underlying Fund are exposed to the risk that the fair value or the future cash flows of interest-bearing financial instruments will fluctuate due to changes in the prevailing levels of market interest rates. Any excess cash and cash equivalents are invested in short-term investments at market interest rates. The Fund has minimal sensitivity to change in interest rates since the securities tend to be short-term in nature. The following table summarizes the Fund s pro-rata portion of any Underlying Fund s investments at period end categorized by the earlier of contractual interest rate reset or maturity dates. Maturity Diversification % of Fund s Net Assets as at 12/31/16 % of Fund s Net Assets as at 6/30/16 Days > Currency Risk - Currency risk arises from financial instruments that are denominated in a currency other than Canadian dollar, which is the Fund s and any Underlying Fund s functional currency. The Fund and any Underlying Fund are exposed to the risk that the value of financial instruments denominated in other currencies will fluctuate due to changes in exchange rates. Currency risk is not considered to arise from financial instruments that are non-monetary items such as equity investments, or forward foreign exchange contracts related to such non-monetary items. The Fund considers the foreign exchange exposure relating to non-monetary assets and liabilities to be a component of other price risk, not foreign currency risk. As at December 31, 2016 and June 30, 2016, the majority of the Fund s and any Underlying Fund s monetary assets and liabilities are denominated in Canadian dollars. As a result, the Fund is not subject to significant amounts of risk due to fluctuations in exchange rates. 13 Semi-Annual Report

14 Notes to Financial Statements (Unaudited) continued (Amounts in thousands of Canadian dollars/thousands of securities (except per security amounts)) 8. Investment in Structured Entities The Fund s investment in any Underlying Fund represents an interest in a structured entity. A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements such as those agreements executed by a Fund with its manager and portfolio advisor. An Underlying Fund is financed through the issuance of its redeemable trust securities. In addition, the purpose of any Underlying Fund is to provide investment management services to its securityholders by investing its net assets for capital growth and/or investment income. The Fund has assessed its ability to control or significantly influence any Underlying Fund in accordance with IFRS 10 and IAS 28. The Fund has determined that it does not have the ability to control nor exercise significant influence on an Underlying Fund due to the Fund s inability to exercise its voting rights and direct or participate in the financial and operating policy decisions of an Underlying Fund. The maximum risk of loss in an investment in an Underlying Fund is equal to its fair value and carrying value which is outlined in the tables below and included in Investments on the Statements of Financial Position. There is no difference between the maximum risk of loss and the carrying amounts of the assets and liabilities of an Underlying Fund that relate to the Fund s interests. There are additional risks associated with an investment in an Underlying Fund. Refer to the Financial Instruments Risk note for further discussion. In the normal course of operations to fulfil its investment objective, the Fund will, from time to time, subscribe for additional securities issued by an Underlying Fund or redeem in whole or in part its investment in an Underlying Fund. In addition, the Fund may receive a distribution of income from an Underlying Fund as described above in the Investment Transactions, Income Recognition and Transaction Costs note. The Fund does not have any obligation or intention to provide financial support to an Underlying Fund. The following tables present additional information that is relevant to the Fund s investment in structured entities. Underlying Fund names presented in the tables reflect names in effect as at the dates shown: Total Net Assets Fair Value of December 31, 2016 ($) Investment ($) Fidelity Canadian Money Market Fund Series O 1,885,052 28,707 Total Net Assets Fair Value of June 30, 2016 ($) Investment ($) Fidelity Canadian Money Market Fund Series O 1,612,740 25,560 Semi-Annual Reportport 14

15 15 Semi-Annual Report

16 Fidelity Investments Canada ULC 483 Bay Street, Suite 300 Toronto, Ontario M5G 2N7 Manager, Transfer Agent and Registrar Fidelity Investments Canada ULC 483 Bay Street, Suite 300 Toronto, Ontario M5G 2N7 Portfolio Adviser Fidelity Investments Canada ULC Toronto, Ontario Custodian State Street Trust Company of Canada Toronto, Ontario Auditor PricewaterhouseCoopers LLP 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-PMMP-SANN-0217

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