Fidelity Global Asset Allocation Fund

Transcription

1 Fidelity Global Asset Allocation Fund Semi-Annual Report September 30, 2017 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 Asset Allocation Fund Schedule of Investments September 30, 2017 (Unaudited) Showing Percentage of Net Assets Attributable to Securityholders (Net Assets) Equities 65.8% Shares / Units Cost (000s) Market Value (000s) Australia 0.8% CONSUMER DISCRETIONARY 0.3% John Fairfax Holdings Ltd. 1,069,037 $ 1,017 $ 989 INDUSTRIALS 0.2% Sydney Airport unit 123, REAL ESTATE 0.3% Charter Hall Group unit 169, TOTAL AUSTRALIA 2,485 2,742 Canada 1.0% ENERGY 0.5% Suncor Energy, Inc. 33,596 1,222 1,469 FINANCIALS 0.3% Intact Financial Corp. 10, ,064 MATERIALS 0.2% Agnico Eagle Mines Ltd. (Canada) 11, TOTAL CANADA 2,946 3,184 Cayman Islands 0.6% INDUSTRIALS 0.1% SITC International Holdings Co. Ltd. 214, INFORMATION TECHNOLOGY 0.5% Sunny Optical Technology Group Co. Ltd. 90, ,785 TOTAL CAYMAN ISLANDS 860 2,027 Shares / Units Cost (000s) Market Value (000s) Hong Kong 0.4% FINANCIALS 0.4% AIA Group Ltd. 153,800 $ 1,296 $ 1,415 India 0.2% CONSUMER DISCRETIONARY 0.2% Tata Motors Ltd. sponsored ADR 13, Italy 0.5% INDUSTRIALS 0.5% Atlantia SpA 39,914 1,557 1,572 Japan 2.9% CONSUMER DISCRETIONARY 0.4% H2O Retailing Corp. 50,800 1,362 1,130 Izumi Co. Ltd. 3, TOTAL CONSUMER DISCRETIONARY 1,581 1,367 FINANCIALS 1.1% Mitsubishi UFJ Financial Group, Inc. 249,900 2,058 2,025 ORIX Corp. 75,800 1,445 1,525 TOTAL FINANCIALS 3,503 3,550 HEALTH CARE 0.4% Nippon Shinyaku Co. Ltd. 16,200 1,315 1,403 INDUSTRIALS 0.4% Recruit Holdings Co. Ltd. 44, ,189 TELECOMMUNICATION SERVICES 0.6% KDDI Corp. 56,300 1,851 1,852 China 0.6% ENERGY 0.6% China Petroleum & Chemical Corp. (H Shares) 2,222,000 1,923 2,090 France 1.7% CONSUMER STAPLES 0.4% L Oreal SA 4,700 1,296 1,244 FINANCIALS 0.7% AXA SA 57,007 1,638 2,150 INDUSTRIALS 0.6% Edenred SA 59,985 1,892 2,035 TOTAL FRANCE 4,826 5,429 Germany 0.8% HEALTH CARE 0.2% Bayer AG 3, INFORMATION TECHNOLOGY 0.6% United Internet AG 27,131 1,535 2,107 TOTAL GERMANY 2,174 2,781 TOTAL JAPAN 9,004 9,361 Korea (South) 0.5% CONSUMER STAPLES 0.5% CJ CheilJedang Corp. 3,967 1,698 1,532 Netherlands 1.4% HEALTH CARE 1.0% Koninklijke Philips Electronics NV 41,955 1,696 2,160 Mylan N.V. 32,622 1,806 1,277 TOTAL HEALTH CARE 3,502 3,437 MATERIALS 0.4% LyondellBasell Industries NV Class A 9,635 1,039 1,191 TOTAL NETHERLANDS 4,541 4,628 Philippines 0.3% INDUSTRIALS 0.3% LT Group, Inc. 2,380, ,026 South Africa 0.4% CONSUMER DISCRETIONARY 0.4% Naspers Ltd. Class N 4,745 1,035 1,277 See accompanying notes which are an integral part of the financial statements. Semi-Annual Reportport 2

3 Equities continued Shares / Units Cost (000s) Market Value (000s) Spain 0.7% INFORMATION TECHNOLOGY 0.7% Amadeus IT Holding SA Class A 27,016 $ 1,812 $ 2,191 Sweden 0.7% FINANCIALS 0.7% Swedbank AB (A Shares) 63,020 2,166 2,174 Switzerland 1.3% CONSUMER STAPLES 0.6% Nestle SA (Reg. S) 17,689 1,831 1,853 HEALTH CARE 0.7% Roche Holding AG (participation certificate) 7,538 2,448 2,404 TOTAL SWITZERLAND 4,279 4,257 Taiwan 0.4% INFORMATION TECHNOLOGY 0.4% Taiwan Semiconductor Manufacturing Co. Ltd. 166,000 1,041 1,481 Thailand 0.7% CONSUMER STAPLES 0.4% Thai Beverage PCL 1,521,000 1,339 1,259 FINANCIALS 0.3% Kasikornbank PCL (For. Reg.) 127, ,021 TOTAL THAILAND 2,220 2,280 United Kingdom 2.0% CONSUMER STAPLES 0.5% British American Tobacco PLC (United Kingdom) 21,550 1,639 1,683 ENERGY 0.2% John Wood Group PLC 64, FINANCIALS 1.2% Barclays PLC 397,074 1,708 1,285 IG Group Holdings PLC 71, Lloyds Banking Group PLC 1,645,235 2,070 1,866 TOTAL FINANCIALS 4,753 3,920 INFORMATION TECHNOLOGY 0.1% Micro Focus International PLC sponsored ADR 8, TOTAL UNITED KINGDOM 7,445 6,680 United States of America 47.9% CONSUMER DISCRETIONARY 1.3% Lowe s Companies, Inc. 12,490 1,228 1,246 Priceline Group, Inc ,871 2,145 Time Warner, Inc. 6, TOTAL CONSUMER DISCRETIONARY 3,938 4,201 CONSUMER STAPLES 1.3% CVS Health Corp. 8,549 1, Shares / Units Cost (000s) Market Value (000s) Dr. Pepper Snapple Group, Inc. 11,800 $ 1,373 $ 1,303 Walgreens Boots Alliance, Inc. 22,497 2,266 2,168 TOTAL CONSUMER STAPLES 4,664 4,338 ENERGY 0.9% Cimarex Energy Co. 7,543 1,114 1,070 Concho Resources, Inc. 10,859 1,820 1,785 TOTAL ENERGY 2,934 2,855 FINANCIALS 2.6% Citigroup, Inc. 28,248 1,830 2,564 JPMorgan Chase & Co. 21,465 1,826 2,558 Morgan Stanley 37,095 1,492 2,230 PNC Financial Services Group, Inc. 5, TOTAL FINANCIALS 5,844 8,314 HEALTH CARE 2.0% AmerisourceBergen Corp. 18,790 2,228 1,940 Biogen, Inc. 4,452 1,715 1,739 Cigna Corp. 8,586 1,617 2,003 Insulet Corp. 12, TOTAL HEALTH CARE 6,264 6,530 INDUSTRIALS 1.0% AECOM 29,666 1,366 1,363 Caterpillar, Inc. 5, General Electric Co. 29,343 1, TOTAL INDUSTRIALS 2,985 3,065 INFORMATION TECHNOLOGY 4.5% Alphabet, Inc. Class A 1, ,357 Cisco Systems, Inc. 39,243 1,517 1,647 GrubHub, Inc. 21,128 1,263 1,388 Hewlett Packard Enterprise Co. 38, HP, Inc. 51,121 1,616 1,273 Microsoft Corp. 14, ,331 Oracle Corp. 39,888 2,239 2,406 Qualcomm, Inc. 25,558 2,062 1,653 ViaSat, Inc. 18,889 1,668 1,516 VMware, Inc. Class A 10,918 1,318 1,487 TOTAL INFORMATION TECHNOLOGY 13,943 14,769 INVESTMENT COMPANIES 29.9% Consumer Discretionary Select Sector SPDR ETF 30,802 2,901 3,462 Consumer Staples Select Sector SPDR ETF 43,176 2,696 2,908 Energy Select Sector SPDR ETF 41,804 3,869 3,572 Financial Select Sector SPDR ETF 157,867 4,730 5,094 Health Care Select Sector SPDR ETF 47,985 4,288 4,893 Industrial Select Sector SPDR ETF 42,569 2,971 3,771 ishares Europe ETF 134,224 7,357 7,850 ishares MSCI Canada Index ETF 89,948 3,067 3,248 See accompanying notes which are an integral part of the financial statements. 3 Semi-Annual Report

4 Fidelity Global Asset Allocation Fund Schedule of Investments (Unaudited) continued Equities continued Shares / Units Cost (000s) Market Value (000s) United States of America continued INVESTMENT COMPANIES continued ishares MSCI Emerging Markets Index ETF 186,619 $ 9,247 $ 10,434 ishares MSCI EMU Index ETF 215,243 10,552 11,634 ishares MSCI Japan ETF 120,077 7,586 8,347 ishares MSCI Pacific ex Japan Index ETF 78,619 4,335 4,536 ishares MSCI United Kingdom ETF 6, Materials Select Sector SPDR ETF 7, Real Estate Select Sector SPDR ETF 4, SPDR S&P 500 ETF Trust 59,824 16,572 18,753 Technology Select Sector SPDR ETF 99,196 5,201 7,315 Utilities Select Sector SPDR ETF 15, ,008 TOTAL INVESTMENT COMPANIES 87,317 97,859 MATERIALS 0.6% Ecolab, Inc. 4, The Mosaic Co. 48,321 1,655 1,302 TOTAL MATERIALS 2,338 2,055 REAL ESTATE 1.1% American Homes 4 Rent Class A 65,141 1,799 1,765 American Tower Corp. 10,626 1,429 1,812 TOTAL REAL ESTATE 3,228 3,577 TELECOMMUNICATION SERVICES 0.7% Verizon Communications, Inc. 38,482 2,521 2,376 UTILITIES 2.0% DTE Energy Co. 7, Edison International 19,126 1,744 1,842 Exelon Corp. 32,534 1,501 1,529 NextEra Energy, Inc. 12,670 2,013 2,317 TOTAL UTILITIES 6,124 6,631 Short-Term Investments 8.9% Principal Amount (000s) Cost (000s) Market Value (000s) Canada 8.9% Investments in reverse repurchase agreements in a joint trading account at 0.97%, dated 9/29/17 due 10/2/17 (Collateralized by Canadian Government Obligations) # $ 29,102 $ 29,102 $ 29,102 TOTAL INVESTMENT IN SECURITIES 99.1% $304, ,134 NET OTHER ASSETS (LIABILITIES) 0.9% 2,862 NET ASSETS 100% $ 326,996 Presentation Notes Cost amount includes broker commissions and other trading expenses, if any. TOTAL UNITED STATES OF AMERICA 142, ,570 TOTAL EQUITIES 196, ,225 Underlying Funds 24.4% Shares / Units (000s) Fidelity Global Bond Fund Series O 6,959 78,334 79,807 See accompanying notes which are an integral part of the financial statements. Semi-Annual Reportport 4

5 Investment Valuation The following is a summary of the inputs used, as of September 30, 2017 and March 31, 2017, 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, 2017: Description Total Level 1 Level 2 Level 3 (Amounts in thousands) Investments in Securities: Equities: Consumer Discretionary $ 8,362 $ 8,362 $ $ Consumer Staples 11,909 7,129 4,780 Energy 7,143 5,053 2,090 Financials 23,608 18,307 5,301 Health Care 14,448 9,210 5,238 Industrials 9,990 9,990 Information Technology 22,681 21,200 1,481 Investment Companies 97,859 97,859 Materials 3,897 3,897 Real Estate 4,469 4,469 Telecommunication Services 4,228 2,376 1,852 Utilities 6,631 6,631 Underlying Funds 79,807 79,807 Short-Term Investments 29,102 29,102 Total Investments in Securities: $324,134 $274,290 $49,844 $ Valuation Inputs at March 31, 2017: Description Total Level 1 Level 2 Level 3 (Amounts in thousands) Investments in Securities: Equities: Consumer Discretionary $ 12,082 $ 9,963 $ 2,119 $ Consumer Staples 10,040 5,691 4,349 Energy 9,803 5,068 4,735 Financials 20,279 12,738 7,541 Health Care 10,727 9,110 1,617 Industrials 11,256 10,013 1,243 Information Technology 23,486 22,137 1,349 Investment Companies 95,987 95,987 Materials 5,901 5,901 Real Estate 4,807 4,807 Telecommunication Services 3,078 1,862 1,216 Utilities 4,970 4,970 Underlying Funds 77,762 77,762 Short-Term Investments 27,589 27,589 Total Investments in Securities: $317,767 $266,009 $51,758 $ The following is a summary of transfers between Level 1 and Level 2 for the periods ended September 30, 2017 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: Transfers Total (000s) Level 1 to Level 2 $ 0 Level 2 to Level 1 $2,905 Transfers Total (000s) Level 1 to Level 2 $3,815 Level 2 to Level 1 $ 0 See accompanying notes which are an integral part of the financial statements. 5 Semi-Annual Report

6 Fidelity Global Asset Allocation Fund Schedule of Investments (Unaudited) continued Other Information # Additional information on each counterparty to the reverse repurchase agreement is as follows: Reverse Repurchase Agreement / Counterparty Value (000s) $29,102,000 due 10/02/17 at 0.97% Bank of Montreal $ 6,402 CIBC World Markets, Inc. 4,947 Royal Bank of Canada 6,985 Scotia Capital, Inc. 6,985 The Toronto-Dominion Bank 3,783 $ 29,102 See accompanying notes which are an integral part of the financial statements. Semi-Annual Reportport 6

7 Financial Statements (Unaudited) Statements of Financial Position Amounts in thousands of Canadian Dollars (except per security amounts) As at September 30, 2017 March 31, 2017 Current assets (Note 3) Investments at fair value through profit or loss (Note 8) $ 324,134 $ 317,767 Cash 895 2,059 Receivable for investments sold 3, Accrued interest and dividends receivable Subscriptions receivable , ,624 Current liabilities (Note 3) Payable for investments purchased 2, Redemptions payable Distributions payable (Note 5) Management and advisory fees payable (Note 4) Other payables to affiliates (Note 4) Other payables and accrued expenses (Notes 4 and 5) ,156 2,073 Net assets attributable to securityholders (Notes 3 and 6) $ 326,996 $ 319,551 Net assets attributable to securityholders per Series and per security (Note 6) Series A: ($35,776 and $36,599, respectively) $ $ Series B: ($166,044 and $163,546, respectively) $ $ Series F: ($17,409 and $17,532, respectively) $ $ Series F5: ($320 and $156, respectively) $ $ Series F8: ($361 and $354, respectively) $ $ Series O: ($67,311 and $68,196, respectively) $ $ Series T5: ($1,694 and $1,513, respectively) $ $ Series T8: ($1,309 and $1,361, respectively) $ 6.20 $ 6.43 Series S5: ($2,783 and $3,765, respectively) $ $ Series S8: ($3,407 and $3,486, respectively) $ 6.28 $ 6.50 Series E1: ($19,841 and $15,829, respectively) $ $ Series E1T5: ($793 and $348, respectively) $ $ Series E2: ($3,260 and $2,416, respectively) $ $ Series E2T5: ($21 and $1, respectively) $ $ Series E3: ($845 and $797, respectively) $ $ Series E4: ($32 and $31, respectively) $ $ Series P1: ($3,882 and $3,284, respectively) $ $ Series P1T5: ($337 and $17, respectively) $ $ Series P2: ($1,510 and $261, respectively) $ $ Series P3: ($1 and $59, respectively) $ $ Series P4: ($60 and $-, 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 security amounts) For the six-month periods ended September 30, (Note 1) Investment income (Note 3) Interest $ 88 $ 68 Dividends 2,732 2,957 Security lending 9 Income distributions from Fidelity managed underlying funds 664 1,912 Net gain (loss) on investments Net realized gain (loss) on investments 7,006 1,363 Change in net unrealized appreciation (depreciation) on investments (3,216) 11,103 3,790 12,466 Net gain (loss) on foreign currencies Net realized gain (loss) on foreign currency transactions (217) (169) Change in net unrealized appreciation (depreciation) on other net assets in foreign currencies 7 52 (210) (117) Total investment income (loss) 7,073 17,286 Operating expenses (Note 4) Management and advisory fees 2,282 2,322 Administration fees Independent Review Committee fees Commissions and other portfolio costs Foreign taxes withheld (Note 5) Sales tax Total operating expenses 3,319 3,447 Expenses waived (Note 4) (66) (92) Net operating expenses 3,253 3,355 Net increase (decrease) in net assets attributable to securityholders from operations $ 3,820 $ 13,931 Increase (decrease) in net assets attributable to securityholders from operations per Series (Note 3) Series A $ 312 $ 1,597 Series B $ 1,559 $ 6,837 Series F $ 238 $ 874 Series F5 $ (1) $ 13 Series F8 $ 5 $ 15 Series O $ 1,418 $ 3,645 Series T5 $ 12 $ 79 Series T8 $ 12 $ 55 Series S5 $ 24 $ 158 Series S8 $ 34 $ 146 Series E1 $ 108 $ 386 Series E1T5 $ 15 $ 3 Series E2 $ 8 $ 47 Series E2T5 $ $ Series E3 $ 5 $ (3) Series E4 $ 1 $ 2 Series P1 $ 86 $ 69 Series P1T5 $ (4) $ Series P2 $ (13) $ 3 Series P3 $ $ 5 Series P4 $ 1 $ 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 security amounts) For the six-month periods ended September 30, (Note 1) Increase (decrease) in net assets attributable to securityholders from operations per Series per security (Notes 3 and 6) Series A $.22 $.92 Series B $.25 $.96 Series F $.37 $ 1.12 Series F5 $ (.14) $.69 Series F8 $.24 $.73 Series O $.57 $ 1.31 Series T5 $.11 $.56 Series T8 $.05 $.25 Series S5 $.12 $.58 Series S8 $.07 $.26 Series E1 $.06 $.41 Series E1T5 $.31 $.52 Series E2 $.03 $.57 Series E2T5 $.73 $ Series E3 $.08 $ (1.00) Series E4 $.12 $.55 Series P1 $.26 $.47 Series P1T5 $ (.56) $.18 Series P2 $ (.11) $.33 Series P3 $.03 $.58 Series P4 $.15 $ 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 Securityholders Amounts in thousands of Canadian Dollars For the six-month period ended September 30, 2017 (Note 1) Total Series A Series B Series F Series F5 Series F8 Net assets attributable to securityholders, beginning of period $ 319,551 $ 36,599 $ 163,546 $ 17,532 $ 156 $ 354 Increase (decrease) in net assets attributable to securityholders from operations 3, , (1) 5 Distributions to securityholders (Note 5) Management fee reduction (5) (1) (4) Return of capital (381) (7) (16) (386) (1) (4) (7) (16) Security transactions (Note 6) Proceeds from sale of securities 45,883 4,708 19,531 3, Reinvestment of distributions Amounts paid upon redemption of securities (41,986) (5,843) (18,592) (3,863) (334) (101) 4,011 (1,134) 943 (361) Net assets attributable to securityholders, end of period $ 326,996 $ 35,776 $ 166,044 $ 17,409 $ 320 $ 361 For the six-month period ended September 30, 2017 (Note 1) Series O Series T5 Series T8 Series S5 Series S8 Net assets attributable to securityholders, beginning of period $ 68,196 $ 1,513 $ 1,361 $ 3,765 $ 3,486 Increase (decrease) in net assets attributable to securityholders from operations 1, Distributions to securityholders (Note 5) Management fee reduction Return of capital (42) (60) (71) (152) (42) (60) (71) (152) Security transactions (Note 6) Proceeds from sale of securities 5, Reinvestment of distributions Amounts paid upon redemption of securities (7,873) (50) (52) (1,242) (259) (2,303) 211 (4) (935) 39 Net assets attributable to securityholders, end of period $ 67,311 $ 1,694 $ 1,309 $ 2,783 $ 3,407 For the six-month period ended September 30, 2017 (Note 1) Series E1 Series E1T5 Series E2 Series E2T5 Series E3 Net assets attributable to securityholders, beginning of period $ 15,829 $ 348 $ 2,416 $ 1 $ 797 Increase (decrease) in net assets attributable to securityholders from operations Distributions to securityholders (Note 5) Management fee reduction Return of capital (27) (27) Security transactions (Note 6) Proceeds from sale of securities 5,618 1,033 1, Reinvestment of distributions 12 Amounts paid upon redemption of securities (1,714) (588) (372) (62) 3, Net assets attributable to securityholders, end of period $ 19,841 $ 793 $ 3,260 $ 21 $ 845 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 Securityholders continued For the six-month period ended September 30, 2017 (Note 1) Series E4 Series P1 Series P1T5 Series P2 Series P3 Net assets attributable to securityholders, beginning of period $ 31 $ 3,284 $ 17 $ 261 $ 59 Increase (decrease) in net assets attributable to securityholders from operations 1 86 (4) (13) Distributions to securityholders (Note 5) Management fee reduction Return of capital (6) (6) Security transactions (Note 6) Proceeds from sale of securities 1, ,266 Reinvestment of distributions 1 Amounts paid upon redemption of securities (979) (4) (58) ,262 (58) Net assets attributable to securityholders, end of period $ 32 $ 3,882 $ 337 $ 1,510 $ 1 For the six-month period ended September 30, 2017 (Note 1) Series P4 Net assets attributable to securityholders, beginning of period $ Increase (decrease) in net assets attributable to securityholders from operations 1 Distributions to securityholders (Note 5) Management fee reduction Return of capital Security transactions (Note 6) Proceeds from sale of securities 59 Reinvestment of distributions Amounts paid upon redemption of securities 59 Net assets attributable to securityholders, end of period $ 60 For the six-month period ended September 30, 2016 (Note 1) Total Series A Series B Series F Series F5 Series F8 Net assets attributable to securityholders, beginning of period $ 330,702 $ 43,192 $ 175,841 $ 20,618 $ 310 $ 339 Increase (decrease) in net assets attributable to securityholders from operations 13,931 1,597 6, Distributions to securityholders (Note 5) Management fee reduction (4) (4) Return of capital (405) (9) (14) (409) (4) (9) (14) Security transactions (Note 6) Proceeds from sale of securities 34,694 3,074 10,662 3, Reinvestment of distributions Amounts paid upon redemption of securities (47,761) (6,414) (24,502) (5,932) (110) (30) (12,942) (3,340) (13,837) (2,743) (15) (28) Net assets attributable to securityholders, end of period $ 331,282 $ 41,449 $ 168,837 $ 18,749 $ 299 $ 312 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 Securityholders continued For the six-month period ended September 30, 2016 (Note 1) Series O Series T5 Series T8 Series S5 Series S8 Net assets attributable to securityholders, beginning of period $ 70,123 $ 1,861 $ 1,445 $ 3,732 $ 3,850 Increase (decrease) in net assets attributable to securityholders from operations 3, Distributions to securityholders (Note 5) Management fee reduction Return of capital (51) (62) (103) (162) (51) (62) (103) (162) Security transactions (Note 6) Proceeds from sale of securities 5, Reinvestment of distributions Amounts paid upon redemption of securities (7,673) (234) (59) (523) (207) (1,943) (58) 15 (159) (118) Net assets attributable to securityholders, end of period $ 71,825 $ 1,831 $ 1,453 $ 3,628 $ 3,716 For the six-month period ended September 30, 2016 (Note 1) Series E1 Series E1T5 Series E2 Series E2T5 Series E3 Net assets attributable to securityholders, beginning of period $ 7,468 $ 84 $ 432 $ $ 39 Increase (decrease) in net assets attributable to securityholders from operations (3) Distributions to securityholders (Note 5) Management fee reduction Return of capital (4) (4) Security transactions (Note 6) Proceeds from sale of securities 7, , Reinvestment of distributions 2 Amounts paid upon redemption of securities (1,924) (1) (12) (37) 6, , Net assets attributable to securityholders, end of period $ 13,854 $ 416 $ 2,038 $ $ 767 For the six-month period ended September 30, 2016 (Note 1) Series E4 Series P1 Series P1T5 Series P2 Series P3 Net assets attributable to securityholders, beginning of period $ $ 1,234 $ $ 134 $ Increase (decrease) in net assets attributable to securityholders from operations Distributions to securityholders (Note 5) Management fee reduction Return of capital Security transactions (Note 6) Proceeds from sale of securities Reinvestment of distributions Amounts paid upon redemption of securities (10) (18) (75) (45) 76 Net assets attributable to securityholders, end of period $ 30 $ 1,887 $ 18 $ 92 $ 81 See accompanying notes which are an integral part of the financial statements. Semi-Annual Reportport 12

13 Statements of Changes in Net Assets Attributable to Securityholders continued For the six-month period ended September 30, 2016 (Note 1) Series P4 Net assets attributable to securityholders, beginning of period $ Increase (decrease) in net assets attributable to securityholders from operations Distributions to securityholders (Note 5) Management fee reduction Return of capital Security transactions (Note 6) Proceeds from sale of securities Reinvestment of distributions Amounts paid upon redemption of securities Net assets attributable to securityholders, end of period $ See accompanying notes which are an integral part of the financial statements. 13 Semi-Annual Report

14 Financial Statements (Unaudited) continued Statements of Cash Flows Amounts in thousands of Canadian Dollars For the six-month periods ended September 30, (Note 1) Cash flows from (used in) operating activities: Purchases of investments and derivatives $ (69,175) $ (75,201) Proceeds from sale and maturity of investments and derivatives 65,556 85,925 Cash receipts from dividend income 2,550 2,397 Cash receipts from interest income Cash receipts from other investment income 9 Cash paid for operating expenses (2,934) (2,994) Net cash from (used in) operating activities (3,922) 10,190 Cash flows from (used in) financing activities: Distributions to securityholders net of reinvestments (269) (285) Proceeds from sales of securities 31,005 34,984 Amounts paid upon redemption of securities (27,979) (48,062) Net cash from (used in) financing activities 2,757 (13,363) Net change in cash (1,165) (3,173) Foreign exchange gain (loss) on cash 1 41 Cash, beginning of period 2,059 3,986 Cash, end of period $ 895 $ 854 See accompanying notes which are an integral part of the financial statements. Semi-Annual Reportport 14

15 Notes to Financial Statements (Unaudited) For the period ended September 30, 2017 (Amounts in thousands of Canadian dollars/thousands of securities (except per security amounts)) 1. Formation of the Fund Fidelity Global Asset Allocation Fund (Fund) is an open end mutual fund trust formed under the laws of Ontario and governed by a Master Declaration of Trust dated January 14, 1993 (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 dayto-day operations and provides all general management and administrative services. Fidelity, as the investment advisor, is responsible for the investment management of the Fund s portfolio. The registered office of the Fund is located at 483 Bay Street, Suite 300, Toronto, Ontario, M5G 2N7. The Fund invests a portion of its assets in Fidelity Global Bond Fund and external Exchange Traded Funds (ETFs) (Underlying Funds). Currently, Fidelity mutual funds are offered in the following Series: 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 B, Series D, Series S5 and Series S8 securities are available to all investors in an initial sales charge (ISC) option. 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 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 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 O securities are only available to other funds and accounts managed or advised by Fidelity and are not available for public purchase. 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. In addition, Series F5, Series F8, Series I5, Series I8, Series T5, Series T8, Series S5, Series S8, Series E1T5, Series E2T5, Series E3T5, Series E4T5, Series E5T5, 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. 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 E2T5, Series E3, Series E4, Series P1, Series P1T5, Series P2, Series P3 and Series P4 securities. The Fund commenced the offering of Series E4 and Series P3 securities on May 13, The Fund commenced the offering of Series P1T5 securities on September 16, The Fund commenced the offering of Series E2T5 securities on January 26, 2017 and commenced the offering of Series P4 securities on July 14, 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 November 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 March 31, 2018 could result in restatement of these interim financial statements. Functional and Presentation Currency These financial statements are presented in Canadian dollars, which is the Fund s functional currency. Comparative Figures - Per security comparative figures have been conformed to the current rounding presentation of two decimal places. In addition, certain comparative figures in the Statements of Cash Flows have been revised to appropriately reflect the following non-cash items. Amounts related to Proceeds from sales of securities and Amounts paid upon redemption of securities have been revised to exclude noncash subscriptions and redemptions arising from switches between series within the Fund. There is no net impact on cash flows from financing activities. 15 Semi-Annual Report

16 Notes to Financial Statements (Unaudited) continued (Amounts in thousands of Canadian dollars/thousands of securities (except per security amounts)) Amounts related to Cash receipts from other investment income and Purchases of investments and derivatives have been revised to exclude non-cash distributions from Fidelity managed underlying funds that have been reinvested into additional securities of those funds. There is no net impact on cash flows from operating activities. 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, 2017 and March 31, 2017, 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 an 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 an Underlying Fund. In both determinations, the Fund looks at the relevant activities of an 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 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. 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, 2017 and March 31, 2017, is included at the end of the Fund s Schedule of Investments. The aggregate value of investments by input level, as at September 30, 2017 and March 31, 2017, 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 equity securities and Exchange-traded funds (ETFs) 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 Semi-Annual Reportport 16

17 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, 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 equity 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.etfs for which market quotations are readily available, are valued at last reported 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. Fidelity managed Underlying Funds are valued at their closing net asset value per security (NAVPS) each business day and are categorized as Level 1 in the hierarchy. Short-term securities for which quotations are not readily available are valued at amortized cost, which approximates fair value and are categorized as Level 2 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 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, 2017 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, 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 securityholders is recorded at the redemption amount. As at September 30, 2017 and March 31, 2017, the Fund s net asset value per Series per security may differ by less than $0.01 from its net assets attributable to securityholders 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. Net realized gains and losses from the sale of investments (which may include proceeds received from litigation) and change in net unrealized appreciation (depreciation) on investments are calculated with reference to average cost of the related investment securities. Interest income is accrued as earned. Dividend income, including income received from ETFs, 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 ex-dividend date is known to Fidelity. Distributions received from investment trusts, including Fidelity managed Underlying Funds, are recorded as income, capital gains or a return of capital based on the best information available. 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. Transaction costs, such as brokerage commissions, incurred in the purchase and sale of investment 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 17 Semi-Annual Report

18 Notes to Financial Statements (Unaudited) continued (Amounts in thousands of Canadian dollars/thousands of securities (except per security amounts)) 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. Reverse Repurchase Agreements Uninvested cash balances may be transferred into one or more joint trading accounts where these balances are invested in reverse repurchase transactions. In reverse repurchase transactions, U.S. or Canadian Government securities are purchased from a counterparty who agrees to repurchase the securities at a higher price at a specified future date. The difference in price is reported as interest income. Credit risk arises from the potential for a counterparty to default on its obligation to repurchase the security. The risk is managed by the use of counterparties acceptable to Fidelity and by the receipt of the securities as collateral. The value of the collateral must be at least 102% of the daily fair value of the cash invested. Any reverse repurchase agreements open at period end are included in the Schedule of Investments. The following tables summarize the securities pledged to the Fund as collateral: Collateral Value September 30, 2017 Collateral Description Interest Rate (%) Maturity Date % of Collateral as a % of CAD Cash Invested Canada Housing Trust /15/2019 6/15/ Canadian Treasury Bonds /1/ /1/ Canadian Treasury Bills n/a 5/3/2018 8/23/ March 31, 2017 Collateral Description Interest Rate (%) Maturity Date % of Collateral Collateral Value as a % of CAD Cash Invested Canada Housing Trust /15/2017 6/15/ Canadian Treasury Bonds /1/2018 6/1/ Securities Lending The Fund lends portfolio securities from time to time in order to earn additional income. The Fund has entered into a securities lending program with its custodian, State Street Trust Company of Canada (SSB). The aggregate market value of all securities loaned under securities lending transactions or sold in repurchase transactions cannot exceed 50% of the net asset value of the Fund. SSB is entitled to receive payments out of the gross amount generated from the securities lending transactions of the Fund and bear all operational costs directly related to securities lending as well as the cost of borrower default indemnification. The following tables reconcile the gross amount of income generated from the Fund s securities lending transactions to what is retained by the Fund and reported under Security lending in the Statements of Comprehensive Income. Total Income Earned ($) Fund Income Earned ($) SSB Income Earned ($) Fund % of Total Income Earned SSB % of Total Income Earned Period ended September 30, September 30, The Fund receives collateral (in the form of obligations of, or guaranteed by, the Government of Canada, or a province thereof, or by the United States government or its agencies) against the loaned securities and maintains collateral in an amount of at least 105% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined daily at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. There were no security loans outstanding as at September 30, 2017 and March 31, Valuation of Series Separate net assets attributable to securityholders is calculated for each Series of securities of the Fund. The net assets attributable to securityholders 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 securityholders 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 securityholders resulting from operations per security in the Statements of Comprehensive Income represent the operational increase (decrease) for each Series of the Fund, divided by the relevant weighted average securities outstanding during the period. Refer to the Security Transactions Note for the Fund s weighted average securities outstanding. 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 and derivatives or Proceeds from sale and maturity of Semi-Annual Reportport 18

19 investments and derivatives, 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 recognized 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. Fidelity 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 FIL Limited 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 Securityholders. No management and advisory fees are charged with respect to the Series O securities, but investors will be charged a negotiated management fee. To avoid duplication of fees, Series O securities of any Fidelity managed 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 A Series B Series F.850 Series F5.850 Series F8.850 Series T Series T Series S Series S Series E Annual Management and Advisory Fee Rate (%) Series E1T Series E Series E2T Series E Series E Series P1.825 Series P1T5.825 Series P2.800 Series P3.775 Series P4.725 Administration Fee Fidelity charges the Fund a fixed administration fee in place of certain variable and administrative expenses, including the provision of key administrative 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, taxes, brokerage commissions and interest charges. To avoid duplication of fees, Series O securities of any Fidelity managed Underlying Fund are not subject to the Administration fee. The administration fee is in addition to the management and advisory fee. No administration fees are charged with respect to the Series O securities. 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 Tier 1 (%) Tier 2 (%) Tier 3 (%) Series F Series T Series T Series S Semi-Annual Report

20 Notes to Financial Statements (Unaudited) continued (Amounts in thousands of Canadian dollars/thousands of securities (except per security amounts)) Tier 1 (%) Tier 2 (%) Tier 3 (%) Series S Series E Series E1T Series E Series E2T Series E Tier 1 (%) Tier 2 (%) Tier 3 (%) Series E Series P Series P1T Series P Series P Series P Prior to November 1, 2016, the administration fee was calculated as a fixed annual percentage of the net asset value of each Series as follows (some or all Series administration fees may not have changed): Tier 1 (%) Tier 2 (%) Tier 3 (%) Series A Series B Series F Series F Series F Series T Series T Series S Series S Tier 1 (%) Tier 2 (%) Tier 3 (%) Series E Series E1T Series E Series E Series E Series P Series P1T Series P Series P 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. No IRC fees are charged with respect to the Series O securities. 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. Other 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 and can terminate the absorption or waiver at any time. Fidelity waived a portion of its administration fee which is disclosed as Expenses waived in the Statements of Comprehensive Income. Commissions and Other Portfolio Costs - Commissions and other portfolio costs paid for security transactions during the period were $73 (September 30, 2016: $76), of which $- (September 30, 2016: $-) were paid to brokerage firms that are affiliates of Fidelity Investments. 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 $- (September 30, 2016: $29) 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 $- (September 30, 2016: $21). 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 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 Semi-Annual Reportport 20

21 Income Taxes (IAS 12) and accordingly does not recognize the deferred tax benefit associated with tax loss carry forwards and other taxable temporary differences. Foreign withholding taxes are imposed by certain countries on investment income and are estimated based on the tax rules and actual rates that exist in the foreign markets. Investment income is recorded gross of foreign taxes withheld. Foreign 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 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 $267,273 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 Securityholders. 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 and weighted average securities for each Series were as follows: Securities Outstanding, Beginning of Period Issued Reinvested Redeemed Securities Outstanding, End of Period Weighted Average Securities Period ended September 30, 2017 Series A 1, (225) 1,388 1,397 Series B 6, (709) 6,380 6,277 Series F (144) Series F (18) Series F (6) Series O 2, (288) 2,458 2,503 Series T (4) Series T (8) Series S (87) Series S (40) Series E1 1, (158) 1,834 1,702 Series E1T (29) Series E (34) Series E2T5 1 1 Series E (6) Series E Series P (92) Series P1T Series P Series P3 5 (5) 3 Series P Period ended September 30, 2016 Series A 1, (266) 1,673 1,743 Series B 7, (1,002) 6,748 7, Semi-Annual Report

22 Notes to Financial Statements (Unaudited) continued (Amounts in thousands of Canadian dollars/thousands of securities (except per security amounts)) Securities Outstanding, Beginning of Period Issued Reinvested Redeemed Securities Outstanding, End of Period Weighted Average Securities Series F (236) Series F (6) Series F8 21 (2) Series O 2, (301) 2,727 2,778 Series T (17) Series T (9) Series S (37) Series S (32) Series E (191) 1, Series E1T Series E (1) Series E (4) 74 3 Series E4 4 (1) 3 4 Series P (1) Series P1T Series P (8) 9 9 Series P Affiliated Ownership - As at September 30, 2017, Fidelity and its affiliates held less than 1% of the Fund. As at March 31, 2017, Fidelity and its affiliates held less than 1% 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. Derivative financial instruments may be used to moderate certain risk exposures. The Fund aims to achieve high total investment return by investing primarily in a mix of equity securities, fixed income securities and money market instruments from around the world. The Fund uses an asset allocation approach. The Fund s benchmark is a blended index consisting of 65.0% MSCI ACWI (All Country World Index) Index, 30.0% Bloomberg Barclays Global Aggregate Bond Index and 5.0% FTSE TMX Canada 91Day T-Bill 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, both indirect and direct, are considered, where applicable, in determining the fair value of financial assets and financial liabilities. 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, 2017 and March 31, Credit risk is low for the Fund because it has exposure to securities that are either government guaranteed or have strong credit ratings. Refer to the Quality Diversification tables in the Summary of Investment Portfolio of the Fund s Semi-Annual Management Report of Fund Performance as at September 30, 2017, which summarize the credit risk that is relevant for the Fund. Collateralized reverse repurchase agreements may result in credit exposure in the event that the counterparty to the transaction is unable to fulfill its contractual obligations. The risk is managed by the receipt of the underlying securities as collateral and use of counterparties whose credit worthiness is considered sufficient based on Fidelity s independent review. Other than outlined above, there were no significant concentrations of credit risk to counterparties as at September 30, 2017 and March 31, Concentration Risk - The Fund may be exposed to risk based on the concentration levels of its financial instruments in various sectors, geographic regions, asset weightings and market capitalization, as applicable. Fidelity analyzes and monitors these concentration risks regularly. Refer to the Derivative Exposure, Geographic Mix, Sector Mix and Asset Mix tables in the Summary of Investment Portfolio of the Fund s Semi-Annual Management Report of Fund Performance as at September 30, 2017, which summarize the investment concentration risks that are relevant for the Fund. Semi-Annual Reportport 22

23 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 its 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 investments. 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 is monitored on a daily basis. As at September 30, 2017 and March 31, 2017, 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 financial instruments present a risk of loss of capital. This risk is moderated 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 except for possible losses from options written and futures contracts which can be unlimited. Investments and derivatives, if applicable, are susceptible to other price risk arising from uncertainties about future prices of the instruments. In determining a Fund s impact from exposure to other price risk, a beta may be used when applicable. Beta, a measure of the volatility of a security or a portfolio in comparison to the market as a whole, is derived from comparing 36 months of returns between the benchmark and a Fund. As such, beta inherently includes effects reflected in interest rate and currency risks. A beta of 1 indicates the security s price will move with the market. A beta of less than 1 means the security will be less volatile than the market. A beta of greater than 1 indicates 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. Beta may not be representative of future beta. If the benchmark had increased or decreased by 5% on September 30, 2017 and March 31, 2017, with all other variables held constant, the net assets attributable to securityholders of the Fund would have increased or decreased by approximately $16,855(March 31, 2017: $16,842). 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 directly or indirectly 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 may be invested in short-term investments at market interest rates. Refer to the Maturity Diversification tables in the Summary of Investment Portfolio of the Fund s Semi-Annual Management Report of Fund Performance as at September 30, 2017, which summarize the Fund s exposure to interest-bearing financial instruments at period end categorized by the earlier of contractual interest rate reset or maturity dates. The fixed income investment strategy adheres to independent quantitative understanding of all benchmark and portfolio risk and return characteristics with an explicit understanding of all active exposures relative to the investment benchmark. Interest rate anticipation is not a significant component of the fixed income investment strategy. The Fund s exposure to interest-bearing financial instruments is such that a 25 basis point fluctuation in the prevailing levels of market interest rates would not subject the Fund to significant amounts of interest rate risk. 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 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. Foreign exchange exposure relating to non-monetary assets and liabilities is considered to be a component of other price risk, not foreign currency risk. Management monitors the exposure on all foreign currency denominated assets and liabilities, and enters into forward foreign currency contracts to manage the Fund s exposure to foreign exchange movements (such as the U.S. dollar, the Euro or the Yen). Generally, the use of forward contracts to hedge currency fluctuations as completely as possible will not result in the impact of currency fluctuations being eliminated altogether. Furthermore, during times of extreme market stress or volatility, the Fund may not be able to prevent losses from exposure to foreign currencies. The tables below indicate the currencies to which the Fund s financial instruments have significant exposure as at period end. 23 Semi-Annual Report

24 Notes to Financial Statements (Unaudited) continued (Amounts in thousands of Canadian dollars/thousands of securities (except per security amounts)) Net Exposure ($) As a % of net assets Currency As at September 30, 2017 U.S. dollar 38, European Monetary Unit 20, Japenese yen 13, British pound 3, Other foreign currencies 4, Net Exposure ($) As a % of net assets Currency As at March 31, 2017 U.S. dollar 35, European Monetary Unit 18, Japanese yen 13, British pound 4, Other foreign currencies 4, As at September 30, 2017 and March 31, 2017, had the Canadian dollar strengthened or weakened by 5% in relation to all currencies, with all other variables held constant, net assets attributable to securityholders would have decreased or increased by approximately $4,026 (March 31, 2017: $3,828). In practice, the actual trading results may differ from this sensitivity analysis and the difference could be material. The sensitivity analysis for March 31, 2017 has been amended to exclude non-monetary items which were originally included in error. 8. Investment in Structured Entities The Fund s investment in a Fidelity managed 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, its purpose is to provide investment management services to its securityholders by investing its net assets for capital growth and/or investment income. The Fund does not control nor significantly influence an Underlying Fund, as defined by IFRS 10 and IAS 28, due to the Fund s inability to exercise its voting rights and direct or participate in the financial and operating policy decisions. 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. However, the Fund does not have any obligation or intention to provide financial support to an Underlying Fund. In addition, the Fund may receive a distribution of income and/or capital gains from an Underlying Fund as described above in the Investment Transactions, Income Recognition and Transaction Costs note. The following tables present additional information that is relevant to the Fund s investment in structured entities. Total Net Assets Fair Value of September 30, 2017 ($) Investment ($) Fidelity Global Bond Fund 4,023,039 79,809 Total Net Assets Fair Value of March 31, 2017 ($) Investment ($) Fidelity Global Bond Fund 3,795,593 77,762 Underlying Fund names presented in the tables reflect names in effect as at the dates shown. The Fund invests in ETFs which may be considered structured entities. As of September 30, 2017, the carrying value and maximum exposure to losses of such ETF holdings included in the Statements of Financial Position is $97,859 (March 31, 2017: $95,987). The change in fair value of these ETF holdings is included in the Statements of Comprehensive Income in Change in net unrealized appreciation (depreciation) on investments. The ownership percentage of any ETF was less than 1%. Semi-Annual Reportport 24

25 25 Semi-Annual Report

26 Semi-Annual Reportport 26

27 27 Semi-Annual Report

28 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 Fidelity Investments Canada ULC E FICL-GAA-SANN-1117