Fidelity Global Fund. Semi-Annual Report. September 30, 2016

Transcription

1 Fidelity Global Fund Semi-Annual Report September 30, 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 Global Fund Schedule of Investments September 30, 2016 (Unaudited) Showing Percentage of Net Assets Attributable to Holders of Redeemable Units (Net Assets) Equities 99.6% Shares Cost (000s) Market Value (000s) Bermuda 0.6% FINANCIALS 0.6% Credicorp Ltd. (United States) 22,000 $ 4,470 $ 4,394 Canada 1.5% ENERGY 1.5% Suncor Energy, Inc. 300,000 10,938 10,926 Cayman Islands 2.4% INFORMATION TECHNOLOGY 1.6% Baidu.com, Inc. sponsored ADR 16,000 4,184 3,822 Tencent Holdings Ltd. 220,000 3,440 8,024 TOTAL INFORMATION TECHNOLOGY 7,624 11,846 MATERIALS 0.0% China Metal Recycling (Holdings) Ltd. 265, REAL ESTATE 0.8% Cheung Kong Property Holdings Ltd. 550,000 4,391 5,308 TOTAL CAYMAN ISLANDS 12,336 17,154 China 1.0% ENERGY 1.0% China Petroleum & Chemical Corp. (H Shares) 7,600,000 7,037 7,361 Denmark 1.5% HEALTH CARE 0.7% GN Store Nord A/S 190,000 4,901 5,363 UTILITIES 0.8% DONG Energy A/S 100,000 4,809 5,443 TOTAL DENMARK 9,710 10,806 France 4.5% CONSUMER DISCRETIONARY 0.6% Renault SA 36,000 3,216 3,881 CONSUMER STAPLES 1.5% Carrefour SA 320,000 11,428 10,878 INDUSTRIALS 1.7% VINCI SA 125,000 9,018 12,558 INFORMATION TECHNOLOGY 0.7% Atos Origin SA 37,413 2,987 5,289 TOTAL FRANCE 26,649 32,606 Germany 0.4% FINANCIALS 0.4% Commerzbank AG 360,000 6,045 3,044 Hong Kong 1.2% REAL ESTATE 1.2% Sun Hung Kai Properties Ltd. 450,000 8,853 8,975 Shares Cost (000s) Market Value (000s) India 1.6% CONSUMER DISCRETIONARY 1.1% Maruti Suzuki India Ltd. 45,000 $ 2,800 $ 4,868 Tata Motors Ltd. 250,000 2,724 2,628 TOTAL CONSUMER DISCRETIONARY 5,524 7,496 UTILITIES 0.5% Power Grid Corp. of India Ltd. 1,100,000 3,885 3,833 TOTAL INDIA 9,409 11,329 Indonesia 0.8% FINANCIALS 0.8% PT Bank Rakyat Indonesia Tbk 4,900,000 5,005 6,032 Ireland 1.6% CONSUMER DISCRETIONARY 0.8% Tyco International Ltd. 90,000 5,511 5,494 MATERIALS 0.8% CRH PLC 135,000 5,329 5,863 TOTAL IRELAND 10,840 11,357 Israel 1.5% INFORMATION TECHNOLOGY 1.5% Check Point Software Technologies Ltd. 105,000 9,114 10,691 Japan 11.1% CONSUMER DISCRETIONARY 2.9% Bridgestone Corp. 90,000 3,561 4,350 Sumitomo Electric Industries Ltd. 240,000 4,671 4,451 Yamaha Motor Co. Ltd. 460,000 13,012 12,193 TOTAL CONSUMER DISCRETIONARY 21,244 20,994 FINANCIALS 2.2% NKSJ Holdings, Inc. 140,000 5,876 5,444 ORIX Corp. 550,000 8,763 10,645 TOTAL FINANCIALS 14,639 16,089 HEALTH CARE 1.1% Nippon Shinyaku Co. Ltd. 63,000 2,930 4,480 Santen Pharmaceutical Co. Ltd. 200,000 2,599 3,875 TOTAL HEALTH CARE 5,529 8,355 INDUSTRIALS 1.4% Japan Airlines Co. Ltd. 80,000 2,547 3,085 Kubota Corp. 350,000 6,508 6,950 TOTAL INDUSTRIALS 9,055 10,035 INFORMATION TECHNOLOGY 0.5% Sumco Corp. 360,000 5,343 3,886 MATERIALS 0.5% Nitto Denko Corp. 45,000 2,814 3,834 TELECOMMUNICATION SERVICES 2.5% KDDI Corp. 440,000 11,158 17,885 TOTAL JAPAN 69,782 81,078 See accompanying notes which are an integral part of the financial statements. Semi-Annual Reportport 2

3 Equities continued Shares Cost (000s) Market Value (000s) Korea (South) 4.0% FINANCIALS 0.9% KB Financial Group, Inc. 150,000 $ 5,759 $ 6,772 INFORMATION TECHNOLOGY 2.4% NAVER Corp. 6,000 4,358 6,340 Samsung Electronics Co. Ltd. 3,000 3,684 5,736 SK Hynix, Inc. 110,000 4,504 5,300 TOTAL INFORMATION TECHNOLOGY 12,546 17,376 UTILITIES 0.7% Korea Electric Power Corp. 75,000 5,055 4,822 TOTAL KOREA (SOUTH) 23,360 28,970 Netherlands 8.3% CONSUMER STAPLES 2.2% Ahold Delhaize NV 540,000 13,196 16,148 FINANCIALS 0.6% ABN AMRO Group NV GDR 170,000 4,347 4,615 HEALTH CARE 0.6% Mylan N.V. 90,000 5,539 4,501 INDUSTRIALS 2.8% Airbus Group NV 105,000 7,287 8,355 Koninklijke Philips Electronics NV 310,000 10,888 12,034 TOTAL INDUSTRIALS 18,175 20,389 INFORMATION TECHNOLOGY 0.6% NXP Semiconductors NV 31,000 2,696 4,149 MATERIALS 1.5% LyondellBasell Industries NV Class A 100,000 11,134 10,582 TOTAL NETHERLANDS 55,087 60,384 Papua New Guinea 0.6% ENERGY 0.6% Oil Search Ltd. ADR 650,000 5,360 4,697 Singapore 0.7% REAL ESTATE 0.7% Mapletree Industrial (REIT) 2,900,000 3,801 4,984 Spain 0.8% HEALTH CARE 0.8% Grifols SA ADR 280,000 5,718 5,867 Switzerland 0.8% MATERIALS 0.8% Lafargeholcim Ltd. (Reg.) 85,000 6,265 6,026 Taiwan 0.6% INFORMATION TECHNOLOGY 0.6% Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 110,000 3,909 4,415 See accompanying notes which are an integral part of the financial statements. Shares Cost (000s) Market Value (000s) United Kingdom 5.3% CONSUMER DISCRETIONARY 0.7% Merlin Entertainments PLC 700,000 $ 4,699 $ 5,233 ENERGY 2.5% Royal Dutch Shell PLC Class B (United Kingdom) 530,000 16,577 18,027 FINANCIALS 1.1% Direct Line Insurance Group PLC 620,000 3,495 3,846 London Stock Exchange Group PLC 90,000 3,463 4,285 TOTAL FINANCIALS 6,958 8,131 HEALTH CARE 0.5% McCarthy & Stone PLC 1,400,000 5,003 3,973 TELECOMMUNICATION SERVICES 0.5% BT Group PLC 520,000 4,304 3,432 TOTAL UNITED KINGDOM 37,541 38,796 United States of America 48.8% CONSUMER DISCRETIONARY 5.7% Comcast Corp. Class A 150,000 9,364 13,055 Lowe s Companies, Inc. 145,000 9,564 13,737 The Walt Disney Co. 45,000 4,741 5,482 Time Warner, Inc. 85,000 8,244 8,878 TOTAL CONSUMER DISCRETIONARY 31,913 41,152 CONSUMER STAPLES 1.3% Molson Coors Brewing Co. Class B 64,000 7,357 9,219 ENERGY 1.4% Halliburton Co. 85,000 4,940 5,005 Marathon Petroleum Corp. 90,000 4,662 4,793 TOTAL ENERGY 9,602 9,798 FINANCIALS 7.5% Ally Financial, Inc. 200,000 5,183 5,109 Citigroup, Inc. 205,000 12,957 12,702 Citizens Financial Group, Inc. 200,000 5,541 6,484 IntercontinentalExchange, Inc. 17,000 4,217 6,008 JPMorgan Chase & Co. 135,000 8,718 11,794 McGraw Hill Financial, Inc. 40,000 4,321 6,642 Morgan Stanley 140,000 5,689 5,889 TOTAL FINANCIALS 46,626 54,628 HEALTH CARE 11.5% Abbott Laboratories 95,000 5,362 5,271 Amgen, Inc. 50,000 10,817 10,942 Biogen, Inc. 18,000 7,489 7,392 Celgene Corp. 35,000 4,932 4,800 Centene Corp. 82,519 6,624 7,249 Cigna Corp. 46,000 8,790 7,865 Dentsply Sirona, Inc. 65,311 3,283 5,092 HCA Holdings, Inc. 105,000 10,324 10,418 HealthSouth Corp. warrants 1/17/17 4, Humana, Inc. 31,000 7,510 7,194 Johnson & Johnson 80,000 9,977 12,398 The Cooper Companies, Inc. 23,000 4,383 5,409 TOTAL HEALTH CARE 79,499 84,044 3 Semi-Annual Report

4 Fidelity Global Fund Schedule of Investments (Unaudited) continued Equities continued Shares Cost (000s) Market Value (000s) United States of America continued INDUSTRIALS 1.6% Union Pacific Corp. 90,000 $ 10,617 $ 11,516 INFORMATION TECHNOLOGY 15.2% Activision Blizzard, Inc. 130,000 2,458 7,556 Alphabet, Inc. Class A 19,000 10,434 20,045 Apple, Inc. 82,000 11,455 12,162 Cognizant Technology Solutions Corp. Class A 80,000 4,929 5,007 ebay, Inc. 150,000 9,012 6,474 Hewlett Packard Enterprise Co. 240,000 4,672 7,163 Lam Research Corp. 80,000 7,529 9,940 Leidos Holdings, Inc. 100,000 5,806 5,678 Microsoft Corp. 145,000 7,855 10,957 NVIDIA Corp. 85,000 2,852 7,641 ON Semiconductor Corp. 440,000 6,599 7,112 PayPal Holdings, Inc. 140,000 7,407 7,525 Teradyne, Inc. 130,000 3,633 3,681 TOTAL INFORMATION TECHNOLOGY 84, ,941 MATERIALS 0.8% The Mosaic Co. 190,000 7,943 6,097 REAL ESTATE 1.3% Jones Lang LaSalle, Inc. 30,000 4,815 4,479 Weyerhaeuser Co. 125,000 4,923 5,238 TOTAL REAL ESTATE 9,738 9,717 TELECOMMUNICATION SERVICES 0.9% T Mobile U.S., Inc. 110,000 3,572 6,742 UTILITIES 1.6% Exelon Corp. 270,000 11,315 11,792 TOTAL UNITED STATES OF AMERICA 302, ,646 TOTAL EQUITIES 634, ,538 TOTAL INVESTMENT PORTFOLIO 99.6% $634, ,538 NET OTHER ASSETS (LIABILITIES) 0.4% 2,760 NET ASSETS 100% $ 728,298 Presentation Notes Cost amount includes broker commissions and other trading expenses, if any. Investment Valuation The following is a summary of the inputs used, as of September 30, 2016 and March 31, 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: September 30, 2016 Description Total Level 1 Level 2 Level 3 (Amounts in thousands) Investments in Securities: Equities: Consumer Discretionary $ 84,250 $ 55,760 $ 28,490 $ Consumer Staples 36,245 36,245 See accompanying notes which are an integral part of the financial statements. Semi-Annual Reportport 4

5 Valuation Inputs at: September 30, 2016 Description Total Level 1 Level 2 Level 3 (Amounts in thousands) Energy $ 50,809 $ 20,724 $ 30,085 $ Financials 103,705 74,812 28,893 Health Care 112, ,748 8,355 Industrials 54,498 11,516 42,982 Information Technology 168, ,307 29,286 Materials 32,402 22,705 9,697 Real Estate 28,984 9,717 19,267 Telecommunication Services 28,059 6,742 21,317 Utilities 25,890 17,235 8,655 Total Investments in Securities: $725,538 $498,511 $227,027 $ Valuation Inputs at: March 31, 2016 Description Total Level 1 Level 2 Level 3 (Amounts in thousands) Investments in Securities: Equities: Consumer Discretionary $ 99,745 $ 96,485 $ 3,260 $ Consumer Staples 25,189 8,269 16,920 Energy 47,057 26,297 20,760 Financials 116, , Health Care 118, ,330 Industrials 62,806 34,296 28,510 Information Technology 169, ,873 10,326 Materials 26,079 26,079 Telecommunication Services 34,391 5,720 28,671 Utilities 14,903 14,903 Total Investments in Securities: $714,508 $605,828 $108,680 $ The following is a summary of transfers between Level 1 and Level 2 for the periods ended September 30, 2016 and March 31, Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: Total Transfers (000s) Level 1 to Level 2 $ 110,315 Level 2 to Level 1 $ 4,219 Total Transfers (000s) Level 1 to Level 2 $ 6,127 Level 2 to Level 1 $ 69,183 See accompanying notes which are an integral part of the financial statements. 5 Semi-Annual Report

6 Financial Statements (Unaudited) Statements of Financial Position Amounts in thousands of Canadian Dollars /thousands of units (except per unit amounts) As at September 30, 2016 March 31, 2016 Assets (Note 3) Current assets Investments at fair value through profit or loss $ 725,538 $ 714,508 Cash 3,999 2,862 Receivable for investments sold 3,881 Other receivables Accrued interest and dividends receivable 1,321 1,736 Receivable on sale of units , ,650 Liabilities (Note 3) Current liabilities Payable for investments purchased 279 2,917 Payable on redemption of units 1,429 1,131 Distributions payable (Note 5) 4 6 Management and advisory fees payable (Note 4) Other payables to affiliates (Note 4) Other payables and accrued expenses (Notes 4 and 5) ,713 5,141 Net assets attributable to holders of redeemable units (Notes 3 and 6) $ 728,298 $ 718,509 Net assets attributable to holders of redeemable units per Series and per unit (Note 6) Series A: ($24,934 / 586 units and $26,315 / 661 units, respectively) $ $ Series B: ($406,541 / 9,334 units and $414,393 / 10,190 units, respectively) $ $ Series F: ($15,124 / 306 units and $11,642 / 254 units, respectively) $ $ Series F5: ($1 / units and $ / units, respectively) $ $ Series F8: ($1 / units and $ / units, respectively) $ $ Series O: ($253,085 / 4,592 units and $249,939 / 4,915 units, respectively) $ $ Series T5: ($172 / 11 units and $227 / 15 units, respectively) $ $ Series T8: ($182 / 17 units and $330 / 32 units, respectively) $ $ Series S5: ($180 / 11 units and $130 / 8 units, respectively) $ $ Series S8: ($866 / 79 units and $1,129 / 106 units, respectively) $ $ See accompanying notes which are an integral part of the financial statements. Semi-Annual Reportport 6

7 Statements of Financial Position continued Amounts in thousands of Canadian Dollars /thousands of units (except per unit amounts) As at September 30, 2016 March 31, 2016 Series E1: ($22,758 / 2,108 units and $11,731 / 1,164 units, respectively) $ $ Series E1T5: ($71 / 3 units and $18 / 1 units, respectively) $ $ Series E2: ($1,822 / 169 units and $525 / 52 units, respectively) $ $ Series E3: ($614 / 57 units and $573 / 57 units, respectively) $ $ Series E4: ($2 / units and $1 / units, respectively) $ $ Series E5: ($1 / units and $1 / units, respectively) $ $ Series P1: ($1,902 / 193 units and $1,554 / 170 units, respectively) $ $ Series P2: ($42 / 4 units and $1 / units, respectively) $ $ See accompanying notes which are an integral part of the financial statements. 7 Semi-Annual Report

8 Financial Statements (Unaudited) continued Statements of Comprehensive Income Amounts in thousands of Canadian Dollars (except per unit amounts) For the six-month periods ended September 30, Investment income (Note 3) Interest $ $ 7 Dividends 9,340 21,838 Net gain (loss) on Investments Net realized gain (loss) on investments 6,587 35,911 Change in net unrealized appreciation (depreciation) on investments 42,781 (71,566) 49,368 (35,655) Net gain (loss) on Foreign Currencies Net realized gain (loss) on foreign currency transactions Change in net unrealized appreciation (depreciation) on other net assets in foreign currencies 43 (24) Total investment income (loss) 58,926 (13,321) Operating expenses (Note 4) Management and advisory fees 4,237 4,725 Administration fees Independent Review Committee fees Commissions and other portfolio costs Other operating expenses 11 Sales tax Foreign taxes withheld (Note 5) 1, Total operating expenses 6,897 7,376 Expenses waived (Note 4) (104) (66) Net operating expenses 6,793 7,310 Net increase (decrease) in net assets attributable to holders of redeemable units from operations $ 52,133 $ (20,631) Other information: Increase (decrease) in net assets attributable to holders of redeemable units from operations per Series (Note 3) Series A $ 1,670 $ (933) Series B $ 27,896 $ (13,712) Series F $ 1,073 $ (339) Series F5 $ $ Series F8 $ $ Series O $ 20,073 $ (5,577) Series T5 $ 11 $ (6) Series T8 $ 21 $ (20) Series S5 $ 12 $ (3) Series S8 $ 60 $ (41) Series E1 $ 1,093 $ Series E1T5 $ 2 $ Series E2 $ 54 $ Series E3 $ 41 $ Series E4 $ $ Series E5 $ $ Series P1 $ 126 $ Series P2 $ 1 $ Increase (decrease) in net assets attributable to holders of redeemable units from operations per Series per unit (Note 3) Series A $ $ (1.2257) Series B $ $ (1.2288) See accompanying notes which are an integral part of the financial statements. Semi-Annual Reportport 8

9 Statements of Comprehensive Income continued Amounts in thousands of Canadian Dollars (except per unit amounts) For the six-month periods ended September 30, Series F $ $ (1.3776) Series F5 $.2800 $ Series F8 $.2800 $ Series O $ $ (.9926) Series T5 $ $ (.5006) Series T8 $.6500 $ (.9825) Series S5 $ $ (.2451) Series S8 $.6334 $ (.3995) Series E1 $.7760 $ Series E1T5 $ $ Series E2 $.7194 $ Series E3 $.7352 $ Series E4 $.8320 $ Series E5 $.7300 $ Series P1 $.7119 $ Series P2 $ $ For certain Series the period shown is from the commencement of sale of units to period end. See Note 1 for the commencement dates for newly offered Series. See accompanying notes which are an integral part of the financial statements. 9 Semi-Annual Report

10 Financial Statements (Unaudited) continued Statements of Changes in Net Assets Attributable to Holders of Redeemable Units Amounts in thousands of Canadian Dollars For the six-month period ended September 30, 2016 Fund Series A Series B Series F Series F5 Series F8 Net assets attributable to holders of redeemable units, beginning of period $ 718,509 $ 26,315 $ 414,393 $ 11,642 $ $ Distributions to holders of redeemable units (Note 5) Return of capital (60) Management fee reduction (11) (11) (71) (11) Redeemable unit transactions (Note 6) Proceeds from sale of redeemable units 33, ,930 3, Reinvestment of distributions Amounts paid upon redemption of redeemable units (76,289) (4,012) (41,677) (1,357) (42,273) (3,051) (35,737) 2, Increase (decrease) in net assets attributable to holders of redeemable units from operations 52,133 1,670 27,896 1,073 Net increase (decrease) in net assets attributable to holders of redeemable units 9,789 (1,381) (7,852) 3, Net assets attributable to holders of redeemable units, end of period $ 728,298 $ 24,934 $ 406,541 $ 15,124 $ 1 $ 1 For certain Series the period shown is from the commencement of sale of units to period end. See Note 1 for the commencement dates for newly offered Series. Amounts in thousands of Canadian Dollars For the six-month period ended September 30, 2016 Series O Series T5 Series T8 Series S5 Series S8 Net assets attributable to holders of redeemable units, beginning of period $ 249,939 $ 227 $ 330 $ 130 $ 1,129 Distributions to holders of redeemable units (Note 5) Return of capital (4) (12) (4) (39) Redeemable unit transactions (Note 6) Proceeds from sale of redeemable units 9, Reinvestment of distributions Amounts paid upon redemption of redeemable units (25,937) (63) (158) (49) (340) (16,927) (62) (157) 42 (284) Increase (decrease) in net assets attributable to holders of redeemable units from operations 20, Net increase (decrease) in net assets attributable to holders of redeemable units 3,146 (55) (148) 50 (263) Net assets attributable to holders of redeemable units, end of period $ 253,085 $ 172 $ 182 $ 180 $ 866 For certain Series the period shown is from the commencement of sale of units to period end. See Note 1 for the commencement dates for newly offered Series. See accompanying notes which are an integral part of the financial statements. Semi-Annual Reportport 10

11 Statements of Changes in Net Assets Attributable to Holders of Redeemable Units continued Amounts in thousands of Canadian Dollars For the six-month period ended September 30, 2016 Series E1 Series E1T5 Series E2 Series E3 Series E4 Net assets attributable to holders of redeemable units, beginning of period $ 11,731 $ 18 $ 525 $ 573 $ 1 Distributions to holders of redeemable units (Note 5) Return of capital (1) Redeemable unit transactions (Note 6) Proceeds from sale of redeemable units 12, , Amounts paid upon redemption of redeemable units (2,302) (16) (125) (1) 9, ,243 1 Increase (decrease) in net assets attributable to holders of redeemable units from operations 1, Net increase (decrease) in net assets attributable to holders of redeemable units 11, , Net assets attributable to holders of redeemable units, end of period $ 22,758 $ 71 $ 1,822 $ 614 $ 2 For certain Series the period shown is from the commencement of sale of units to period end. See Note 1 for the commencement dates for newly offered Series. Amounts in thousands of Canadian Dollars For the six-month period ended September 30, 2016 Series E5 Series P1 Series P2 Net assets attributable to holders of redeemable units, beginning of period $ 1 $ 1,554 $ 1 Distributions to holders of redeemable units (Note 5) Redeemable unit transactions (Note 6) Proceeds from sale of redeemable units Amounts paid upon redemption of redeemable units (252) Increase (decrease) in net assets attributable to holders of redeemable units from operations Net increase (decrease) in net assets attributable to holders of redeemable units Net assets attributable to holders of redeemable units, end of period $ 1 $ 1,902 $ 42 For certain Series the period shown is from the commencement of sale of units to period end. See Note 1 for the commencement dates for newly offered Series. Amounts in thousands of Canadian Dollars For the six-month period ended September 30, 2015 Fund Series A Series B Series F Net assets attributable to holders of redeemable units, beginning of period $ 809,856 $ 31,968 $ 472,225 $ 10,949 Distributions to holders of redeemable units (Note 5) Return of capital (59) Management fee reduction (9) (9) (68) (9) Redeemable unit transactions (Note 6) Proceeds from sale of redeemable units 43,143 2,048 9,055 2,110 Reinvestment of distributions 34 9 Amounts paid upon redemption of redeemable units (66,134) (4,175) (28,095) (809) (22,957) (2,127) (19,031) 1,301 Increase (decrease) in net assets attributable to holders of redeemable units from operations (20,631) (933) (13,712) (339) Net increase (decrease) in net assets attributable to holders of redeemable units (43,656) (3,060) (32,752) 962 Net assets attributable to holders of redeemable units, end of period $ 766,200 $ 28,908 $ 439,473 $ 11,911 See accompanying notes which are an integral part of the financial statements. 11 Semi-Annual Report

12 Financial Statements (Unaudited) continued Statements of Changes in Net Assets Attributable to Holders of Redeemable Units continued Amounts in thousands of Canadian Dollars For the six-month period ended September 30, 2015 Series O Series T5 Series T8 Series S5 Series S8 Net assets attributable to holders of redeemable units, beginning of period $ 292,919 $ 209 $ 189 $ 265 $ 1,132 Distributions to holders of redeemable units (Note 5) Return of capital (5) (9) (6) (39) Redeemable unit transactions (Note 6) Proceeds from sale of redeemable units 29,612 (2) Reinvestment of distributions Amounts paid upon redemption of redeemable units (32,819) (1) (116) (119) (3,207) (2) 146 (41) 4 Increase (decrease) in net assets attributable to holders of redeemable units from operations (5,577) (6) (20) (3) (41) Net increase (decrease) in net assets attributable to holders of redeemable units (8,784) (13) 117 (50) (76) Net assets attributable to holders of redeemable units, end of period $ 284,135 $ 196 $ 306 $ 215 $ 1,056 See accompanying notes which are an integral part of the financial statements. Semi-Annual Reportport 12

13 Statements of Cash Flows Amounts in thousands of Canadian Dollars For the six-month periods ended September 30, Cash, beginning of period $ 2,862 $ 6,929 Cash flows from (used in) operating activities: Purchases of investments (130,607) (174,451) Proceeds from sale and maturity of investments 170, ,211 Cash receipts from dividend income 8,688 21,359 Cash receipts from interest income - 7 Cash paid for operating expenses (5,811) (6,633) Net cash from (used in) operating activities 42,671 60,493 Cash flows from (used in) financing activities: Distributions to holders of redeemable units net of reinvestments (36) (34) Proceeds from sales of units 34,462 43,267 Amounts paid upon redemption of units (75,991) (66,224) Net cash from (used in) financing activities (41,565) (22,991) Net change in cash 1,106 37,502 Foreign exchange gain (loss) on cash 31 (45) Cash, end of period $ 3,999 $ 44,386 See accompanying notes which are an integral part of the financial statements. 13 Semi-Annual Report

14 Notes to Financial Statements (Unaudited) For the period ended September 30, 2016 (Unaudited) (Amounts in thousands of Canadian dollars/thousands of units (except per unit amounts)) 1. Formation of the Fund Fidelity Global Fund (Fund) is an open end mutual fund trust formed under the laws of Ontario and governed by a Master Declaration of Trust dated November 30, 1987 (Inception Date), as amended thereafter from time to time. The Fund is authorized to issue an unlimited number of units. 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. 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 units are available to all investors in a deferred sales charge (DSC) option. Series A, Series T5 and Series T8 units will be converted to lower management and advisory fee Series B, Series S5 and Series S8 units, respectively, one year after completion of their redemption schedule. Series T5 and Series T8 units have substantially all the same attributes as the Series A units with the exception that Series T5 and Series T8 units distribute an amount comprised of net income and/or return of capital monthly, if available. Series B, Series D, Series S5 and Series S8 units are available to all investors in an initial sales charge (ISC) option. Series S5 and Series S8 units have substantially all the same attributes as the Series B units with the exception that Series S5 and Series S8 units distribute an amount comprised of net income and/or return of capital monthly, if available. Series C and Series D units are available to investors who have enrolled in the rebalancing service. Series F, Series F5 and Series F8 units 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 units have substantially all the same attributes as the Series F units with the exception that Series F5 and Series F8 units 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 units are available only to investors who initially hold Series B and/or Series S5 units and then become eligible to hold certain Series E units. Series E1, Series E1T5, Series E2, Series E2T5, Series E3, Series E3T5, Series E4, Series E4T5, Series E5 and Series E5T5 units have lower combined management and administration fees than Series B or Series S5 units. Series E1T5, Series E2T5, Series E3T5, Series E4T5 and Series E5T5 units have the same attributes as the other Series E units with the exception that Series E1T5, Series E2T5, Series E3T5, Series E4T5 and Series E5T5 units 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 units are available only to investors who initially hold Series F and/or Series F5 units and then become eligible to hold certain Series P units. Series P1, Series P1T5, Series P2, Series P2T5, Series P3, Series P3T5, Series P4, Series P4T5, Series P5 and Series P5T5 units have lower combined management and administration fees than Series F or Series F5 units. Series P1T5, Series P2T5, Series P3T5, Series P4T5 and Series P5T5 units have the same attributes as the other Series P units with the exception that Series P1T5, Series P2T5, Series P3T5, Series P4T5 and Series P5T5 units distribute an amount comprised of net income and/or return of capital monthly, if available. Series O units 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 units 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 units have substantially all the same attributes as the Series I units with the exception that Series I5 and Series I8 units distribute an amount comprised of net income and/or return of capital monthly, if available. The Fund offers Series A, Series B, Series F, Series F5, Series F8, Series O, Series T5, Series T8, Series S5, Series S8, Series E1, Series E1T5, Series E2, Series E3, Series E4, Series E5, Series P1 and Series P2 units. The Fund commenced the offering of Series P1 and Series P2 units on December 4, The Fund commenced the offering of Series E1, Series E1T5, Series E2, Series E3, Series E4, Series E5 units on February 5, The Fund commenced the offering of Series F5 and Series F8 units on September 16, The Fund meets the definition of an investment entity and its purpose is to provide investment management services to its unitholders 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 November 8, 2016, 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 March 31, 2017 could result in restatement of these interim financial statements. Semi-Annual Reportport 14

15 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 September 30, 2016 and March 31, 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 units as financial liabilities in accordance with IAS 32 Financial Instruments Presentation (IAS 32). These judgments centre upon the determination that the Fund s redeemable units 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 unitholder). Therefore, the ongoing redemption feature is not the units only contractual obligation. 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. Information on transfers between Level 1 and Level 2 for the period ended September 30, 2016 and March 31, 2016, is included at the end of the Fund s Schedule of Investments. The aggregate value of investments by input level, as at September 30, 2016 and March 31, 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: Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last sales price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event that the last sales price or official closing price is not readily available, or is outside the bid-ask spread, the point within the bid ask spread that is most representative of fair value based on specific facts and circumstances will be used. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 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 15 Semi-Annual Report

16 Notes to Financial Statements (Unaudited) continued (Amounts in thousands of Canadian dollars/thousands of units (except per unit amounts)) 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 September 30, 2016 and March 31, 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, unit 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 shortterm nature. Classification of redeemable units issued by the Fund In accordance with IAS 32, the Fund s redeemable units 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 unitholder) and, therefore, the ongoing redemption feature is not the units only contractual obligation. In addition, each series of redeemable units are equally subordinated to each other, but have differing features as outlined in the notes below. Therefore, the Fund s redeemable units 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 units is recorded at the redemption amount. As at September 30, 2016 and March 31, 2016, the Fund s net asset value per Series per unit may differ by less than $0.01 from its net assets attributable to holders of redeemable units per Series per unit 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. However, for presentation purposes, the Schedule of Investments includes broker commissions and other trading expenses. Income from investments is recognized on an accrual basis. Interest income is accrued as earned. Dividend income is recognized on the ex dividend date except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Distributions received from investment trusts are recorded as income, capital gains or a return of capital based on the best information available to the manager. Due to the nature of these investments, actual allocations could vary from this information. Distributions from investment trusts treated as a return of capital reduce the average cost of the underlying investment trust. 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 taxes are estimated based on the Fund s understanding of the tax rules and actual rates that exist in the foreign markets in which it invests. Investment income is recorded gross of foreign taxes withheld. 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 units is calculated for each Series of units in the Fund. The net assets attributable to holders of redeemable units 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 units of each Series, except for items that can be specifically attributed to one or more Series. Per Unit from Operations - The increase (decrease) in net assets attributable to holders of redeemable units resulting from operations per unit in the Statements of Comprehensive Income represent the increase (decrease) in net assets attributable to holders of redeemable units resulting from operations for each Series of the Fund, divided by the weighted average units outstanding for each Series of the Fund during the period as follows: Weighted Average Units Period ended September 30, 2016 Series A 621 Semi-Annual Reportport 16

17 Weighted Average Units Series B 9,834 Series F 290 Series O 4,778 Series T5 12 Series T8 30 Series F5 Series F8 Series S5 11 Series S8 94 Series E1 1,409 Series E1T5 2 Series E2 74 Series E3 Series E4 Series E5 Series P1 177 Series P2 1 Period ended September 30, 2015 Series A 761 Series B 11,158 Series F 246 Series O 5,620 Series T5 13 Series T8 20 Series S5 16 Series S8 96 Statements of Cash Flows When preparing the Statements of Cash Flows, the Fund nets the rollover activity of its short-term investments, and includes only the net cash flow impact in Purchases of investments or Proceeds from sale and maturity of investments, as applicable. Additionally, 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 has not yet determined when it will adopt the new standard. 4. Expenses and Other Related Party Transactions Management and Advisory Fees Fidelity serves as the manager and investment advisor of the Fund. Fidelity has entered into sub-advisory agreements with a number of entities including FIAM LLC and Fidelity (Canada) Asset Management ULC, 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 Units. No management and advisory fees are charged with respect to the Series O units, but investors will be charged a negotiated management fee. The annual management and advisory fee rates for each Series were as follows: 17 Semi-Annual Report

18 Notes to Financial Statements (Unaudited) continued (Amounts in thousands of Canadian dollars/thousands of units (except per unit amounts)) Annual Management and Advisory Fee Rate (%) Series A Series B Series F Series F Series F Series T Series T Series S Series S Series E Series E1T Series E Series E Series E Series E Series P Series P Administration Fee Fidelity charges the Fund a fixed administration fee in place of certain variable expenses and the provision of key management personnel to the Fund. Fidelity, in turn, pays all of the operating expenses of the Fund, other than certain specified fund costs, including the fees and expenses of the Independent Review Committee (IRC), taxes, brokerage commissions and interest charges. The administration fee is in addition to the management and advisory fee. No administration fees are charged with respect to the Series O units. The annual rate of the administration fee will fall under one of three tiers, depending on the net asset value of the Fund: Under $100 Million (Tier 1), $100 Million to $1 Billion (Tier 2) and Over $1 Billion (Tier 3). The administration fee is calculated as a fixed annual percentage, accrued daily and payable monthly, of the net asset value of each Series as follows: Tier 1 (%) Tier 2 (%) Tier 3 (%) Series A Series B Series F Series F Series F Series T Series T Series S Series S Series E Series E1T Series E Series E Series E Series E Series P Series P Prior to October 29, 2015, the administration fee was calculated as a fixed annual percentage of the net asset value of each Series as follows: Tier 1 (%) Tier 2 (%) Tier 3 (%) Series A Series B Series F Series T Series T Series S Series S Semi-Annual Reportport 18

19 Independent Review Committee Fees - The 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. No IRC fees are charged with respect to the Series O units. 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 HST liability or refund is calculated using the residency of unitholders 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 unitholders 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. Other Operating Expenses - Other operating expenses represents fund costs attributable to the Fund that are not otherwise covered by the management and advisory fee or fixed administration fee as outlined in the Fund s simplified prospectus, and are not otherwise disclosed separately on the Statements of Comprehensive Income. Each series, other than series O, is responsible for its proportionate share of common fund costs in addition to expenses that it alone incurs. Series O is responsible for its share of certain fund costs as outlined in the simplified prospectus. 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 administration fee. The expenses absorbed or waived during the periods are disclosed as Expenses waived in the Statements of Comprehensive Income, if applicable. Commissions and Other Portfolio Costs - Commissions and other portfolio costs paid for security transactions during the period were $319 (September 30, 2015: $323), of which $- (September 30, 2015: $-) were paid to brokerage firms that are affiliates of Fidelity. The Fund may execute certain portfolio trades with brokers who reimbursed a portion of their commissions to the Fund. Reimbursement estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known. Commissions reimbursed under this arrangement were $3 (September 30, 2015: $-) and are included in Commissions and other portfolio costs in the Statements of Comprehensive Income. In addition, a portion of commissions may be paid for research. The total of such payments was $62 (September 30, 2015: $47). Amounts paid for research provided to the Fund by executing brokers are estimates made by Fidelity. Fidelity has established procedures to assist them in making a good faith determination that the Fund received a reasonable benefit considering the value of research goods and services and the amount of brokerage commissions paid. 5. Taxation and Distributions The Fund qualifies as a mutual fund 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 and net realized capital gains to unitholders 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. The Fund is subject to foreign withholding taxes imposed by certain countries on investment income. Withholding taxes are accrued for in conjunction with the accrual for the related investment income and are included in Foreign taxes withheld on the Statements of Comprehensive Income and Other payables and accrued expenses on the Statements of Financial Position Distributions are taxable in unitholders 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 units outstanding. For Series F5, Series F8, Series T5, Series T8, Series S5, Series S8 and Series E1T5, the Fund will make monthly distributions of an amount that will generally be comprised of a return of capital and/or net investment income, if available. 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 $1,146,907 of 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. 19 Semi-Annual Report

20 Notes to Financial Statements (Unaudited) continued (Amounts in thousands of Canadian dollars/thousands of units (except per unit amounts)) 6. Capital Risk Management Units 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 units of equal value, with no par value. All units in a series of the Fund rank equally with respect to distributions. A unitholder of the Fund is entitled to one vote for each one dollar in value of units owned. Fractional units are proportionately entitled to these rights. The Fund generally has no restrictions or specific capital requirements on the subscriptions and redemptions of units other than minimum subscription requirements; although, on rare occasions, Fidelity may temporarily suspend unitholders right to redeem units and postpone paying sale proceeds. The relevant movements attributable to unitholders are shown in the Statements of Changes in Net Assets Attributable to Holders of Redeemable Units. 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. Unit Transactions - Unit transactions for each Series were as follows: Units Outstanding, Beginning of Period Issued Reinvested Redeemed Units Outstanding, End of Period Period ended September 30, 2016 Series A (99) 586 Series B 10, (1,000) 9,334 Series F (29) 306 Series O 4, (498) 4,592 Series T5 15 (4) 11 Series T8 32 (15) 17 Series F5 Series F8 Series S5 8 6 (3) 11 Series S (32) 79 Series E1 1,164 1,165 (221) 2,108 Series E1T5 1 3 (1) 3 Series E (12) 169 Series E Series E4 Series E5 Series P (28) 193 Series P2 4 4 Period ended September 30, 2015 Series A (101) 736 Series B 11, (667) 10,931 Series F (17) 261 Series O 5, (619) 5,581 Series T Series T Series S (7) 14 Series S (10) 97 Affiliated Ownership - As at September 30, 2016, Fidelity and its affiliates held approximately 2% of the Fund. As at March 31, 2016, Fidelity and its affiliates held approximately 2% of the Fund. 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. The Fund may use derivative financial instruments to moderate certain risk exposures. 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 Semi-Annual Reportport 20

21 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 long-term capital growth by investing primarily in equity securities of companies anywhere in the world. The Fund s benchmark is the MSCI ACWI (All Country World Index) Index. 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. 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 September 30, 2016 and March 31, Other than outlined above, there were no significant concentrations of credit risk to counterparties as at September 30, 2016 and March 31, Concentration Risk - Fidelity analyzes credit concentration based on the counterparty, industry and/or geographical location of the financial assets that the Fund holds. The following tables summarize the investment concentration risks that are relevant for the Fund based on its investment objective. Sector Mix % of Fund s Net Assets as at 9/30/16 % of Fund s Net Assets as at 3/31/16 Information Technology Health Care Financials Consumer Discretionary Industrials Energy Consumer Staples Materials Real Estate Telecommunication Services Utilities Cash and Short-Term Investments Net Other Assets (Liabilities) (0.1) 0.2 Prior period industry classifications reflect the categories in place as of the date indicated and have not been adjusted to reflect current industry classifications. Geographic Mix % of Fund s Net Assets as at 9/30/16 % of Fund s Net Assets as at 3/31/16 United States of America Japan Netherlands United Kingdom France Korea (South) Semi-Annual Report

22 Notes to Financial Statements (Unaudited) continued (Amounts in thousands of Canadian dollars/thousands of units (except per unit amounts)) % of Fund s Net Assets as at 9/30/16 % of Fund s Net Assets as at 3/31/16 Cayman Islands Ireland India Canada Denmark Israel Hong Kong China Others (Individually Less Than 1%) Cash and Short-Term Investments Net Other Assets (Liabilities) (0.1) 0.2 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 units. Redeemable units are redeemed on demand at the unitholder s option based on the Fund s net asset value per unit (NAVPU) at the time of redemption. 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 Fund may, from time to time, invest in securities that are not traded in an active market and may be illiquid. Private and/or restricted securities held, if any, are identified in the Fund s Schedule of Investments as at their respective period ends. The liquidity position of the Fund is monitored on a daily basis. As at September 30, 2016 and March 31, 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 moderates 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 investments are susceptible to other price risk arising from uncertainties about future prices of the instruments. If the benchmark had increased or decreased by 5% on September 30, 2016 and March 31, 2016, with all other variables held constant, the net assets attributable to holders of redeemable units of the Fund would have increased or decreased by approximately $40,267(March 31, 2016: $37,869). This change is estimated using the Fund s beta which is calculated based on the historical correlation between the return of the Fund as compared to the return of the benchmark. In practice, the actual trading results may differ from this sensitivity analysis and the difference could be material. Interest Rate Risk - Interest rate risk arises on interest-bearing financial instruments held in the investment portfolio such as bonds. The Fund is 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 majority of the Fund s financial assets and liabilities are non-interest bearing. As a result, the Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Currency Risk - Currency risk arises from financial instruments that are denominated in a currency other than Canadian dollar, which is the Fund s functional currency. The Fund is 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 nonmonetary assets and liabilities to be a component of other price risk, not foreign currency risk. As a result, the Fund is not subject to significant amounts of risk due to fluctuations in exchange rates. Semi-Annual Reportport 22

23 23 Semi-Annual Report

24 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 units 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-IP-SANN-1116