Fidelity Tactical High Income Fund

Fidelity Tactical High Income 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.

Fidelity Tactical High Income Fund Schedule of Investments September 30, 2016 (Unaudited) Showing Percentage of Net Assets Attributable to Holders of Redeemable Units (Net Assets) Equities 24.8% Shares Cost Market Value Canada 0.1% ENERGY 0.1% Suncor Energy, Inc. 8,200 $ 296 $ 299 Ireland 0.7% HEALTH CARE 0.7% Allergan PLC 5.50% 1,470 1,635 1,585 Netherlands 0.2% INDUSTRIALS 0.2% PostNL NV 55,700 290 332 Switzerland 1.4% FINANCIALS 1.4% Chubb Ltd. 20,794 3,423 3,428 United Kingdom 0.8% ENERGY 0.1% Ensco PLC Class A 15,220 431 170 HEALTH CARE 0.7% GlaxoSmithKline PLC 10,900 299 305 GlaxoSmithKline PLC sponsored ADR 26,300 1,437 1,488 TOTAL HEALTH CARE 1,736 1,793 TOTAL UNITED KINGDOM 2,167 1,963 United States of America 21.6% CONSUMER DISCRETIONARY 1.0% General Motors Co. 7,300 289 304 Stage Stores, Inc. 26,500 490 195 Target Corp. 21,790 1,941 1,963 TOTAL CONSUMER DISCRETIONARY 2,720 2,462 CONSUMER STAPLES 3.0% B&G Foods, Inc. Class A 72,400 4,377 4,671 Costco Wholesale Corp. 8,800 1,768 1,761 CVS Health Corp. 2,600 330 304 Procter & Gamble Co. 2,900 292 341 TOTAL CONSUMER STAPLES 6,767 7,077 ENERGY 1.1% ConocoPhillips Co. 6,000 355 342 Southwestern Energy Co. Series B 6.25% 24,600 902 1,019 The Williams Companies, Inc. 32,750 1,030 1,320 TOTAL ENERGY 2,287 2,681 FINANCIALS 4.2% Ares Capital Corp. 14,890 290 303 GMAC Capital Trust I Series 2, 8.125% 28,526 934 951 KeyCorp 146,324 2,356 2,336 Regions Financial Corp. 279,200 3,280 3,615 State Street Corp. 3,580 301 327 Wells Fargo & Co. 4,800 306 279 Wells Fargo & Co. 7.50% 1,280 2,083 2,198 TOTAL FINANCIALS 9,550 10,009 Shares Cost Market Value HEALTH CARE 2.7% AbbVie, Inc. 3,900 $ 299 $ 323 Alere, Inc. 3.00% 5,100 2,077 2,277 Anthem, Inc. 5.25% 59,500 3,470 3,393 Johnson & Johnson 2,100 266 325 TOTAL HEALTH CARE 6,112 6,318 INDUSTRIALS 1.8% Caterpillar, Inc. 35,000 3,600 4,076 United Parcel Service, Inc. Class B 2,100 271 301 TOTAL INDUSTRIALS 3,871 4,377 INFORMATION TECHNOLOGY 6.6% Apple, Inc. 54,635 7,538 8,103 Cisco Systems, Inc. 8,190 259 341 First Data Corp. Class A 19,800 278 342 Paychex, Inc. 4,360 250 331 Qualcomm, Inc. 32,750 2,557 2,943 Twitter, Inc. 123,300 2,710 3,729 TOTAL INFORMATION TECHNOLOGY 13,592 15,789 REAL ESTATE 0.1% Sabra Health Care REIT, Inc. 10,000 278 330 TELECOMMUNICATION SERVICES 0.1% Verizon Communications, Inc. 4,510 264 308 UTILITIES 1.0% CenterPoint Energy, Inc. 2.00% ZENS 23,100 1,579 1,737 Exelon Corp. 6,600 273 288 Southern Co. 4,500 263 303 TOTAL UTILITIES 2,115 2,328 TOTAL UNITED STATES OF AMERICA 47,556 51,679 TOTAL EQUITIES 55,367 59,286 Bonds 56.6% Principal Amount Cost Market Value Domestic Bonds 1.8% Air Canada 7.75% 4/15/21 1,075 USD $ 1,479 $ 1,523 Valeant Pharmaceuticals International, Inc. 6.125% 4/15/25 2,475 USD 2,653 2,797 TOTAL DOMESTIC BONDS 4,132 4,320 Foreign Bonds 54.8% 21st Century Fox America, Inc. 7.75% 12/1/45 75 USD 123 145 ADT Corp. 6.25% 10/15/21 2,125 USD 2,833 3,032 Altice SA 7.75% 5/15/22 1,140 USD 1,460 1,597 Anna Merger Sub, Inc. 7.75% 10/1/22 1,370 USD 1,610 1,478 APX Group, Inc.: 6.375% 12/1/19 2,625 USD 3,280 3,508 See accompanying notes which are an integral part of the financial statements. Semi-Annual Reportport 2

Bonds continued Principal Amount Cost Market Value Foreign Bonds continued APX Group, Inc.: continued 7.875% 12/1/22 25 USD $ 35 $ 34 7.875% 12/1/22 25 USD 34 34 Argentine Republic: 6.25% 4/22/19 2,155 USD 2,899 2,998 7% 4/17/17 2,850 USD 3,655 3,821 BJ s Wholesale Club, Inc. Tranche B 1LN, term loan 4.5% 9/26/19 (a) 1,142 USD 1,477 1,501 Charter Communications Operating LLC/Charter Communications Operating Capital Corp.: 4.464% 7/23/22 9 USD 11 13 4.908% 7/23/25 25 USD 33 36 6.484% 10/23/45 12 USD 15 19 Chesapeake Energy Corp. 6.125% 2/15/21 225 USD 261 271 Chicago Gen. Oblig. (Taxable Proj.) Series 2014 B, 6.314% 1/1/44 40 USD 48 53 Chobani LLC Tranche B, term loan 9/30/23 (a)(b) 185 USD 241 243 Coinmach Service Corp. Tranche B, term loan 4.25% 11/14/19 (a) 2,457 USD 3,205 3,207 Constellation Brands, Inc. 4.25% 5/1/23 225 USD 265 313 Corestates Capital III 1.387% 2/15/27 (a) 1,780 USD 2,086 2,032 DCP Midstream LLC 5.35% 3/15/20 150 USD 187 202 Diamond 1 Finance Corp./ Diamond 2 Finance Corp. 7.125% 6/15/24 3,355 USD 4,338 4,841 DISH Network Corp. 3.375% 8/15/26 3,345 USD 4,429 4,805 Dolphin Subsidiary II, Inc. 7.25% 10/15/21 225 USD 275 301 Dynegy, Inc. 7.625% 11/1/24 1,340 USD 1,657 1,726 Ensco PLC: 5.2% 3/15/25 4 USD 5 4 5.75% 10/1/44 4 USD 5 3 Equity One, Inc. 3.75% 11/15/22 200 USD 228 272 FirstEnergy Corp. 7.375% 11/15/31 200 USD 273 341 GE Capital Commercial Mortgage Corp. sequential payer Series 2007 C1 Class A4, 5.543% 12/10/49 259 USD 308 343 Goldman Sachs Group, Inc.: 5.15% 5/22/45 50 USD 66 72 6.75% 10/1/37 150 USD 196 251 HCA Holdings, Inc.: 3.75% 3/15/19 17 USD 21 23 See accompanying notes which are an integral part of the financial statements. Principal Amount Cost Market Value 4.25% 10/15/19 10 USD $ 13 $ 14 6.5% 2/15/20 35 USD 49 51 ILFC E Capital Trust I 4% 12/21/65 (a) 3,965 USD 4,747 4,162 Illinois Gen. Oblig.: Series 2003, 5.1% 6/1/33 75 USD 84 95 Series 2011, 5.877% 3/1/19 5 USD 6 7 JC Penney Corp., Inc.: Tranche B, term loan 5.25% 6/23/23 (a) 1,784 USD 2,301 2,348 5.875% 7/1/23 1,250 USD 1,632 1,708 8.125% 10/1/19 1,340 USD 1,751 1,916 JPMorgan Chase Capital XIII 1.7877% 9/30/34 (a) 2,415 USD 2,682 2,597 JPMorgan Mortgage Trust Series 2005 A3 Class 6A3, 3.0267% 6/25/35 (a) 224 USD 234 289 Landry s Acquisition Co. Tranche B 1LN, term loan 4% 9/19/23 (a) 715 USD 933 942 Landry s Holdings II, Inc. 10.25% 1/1/18 3,330 USD 4,249 4,461 Laureate Education, Inc. Tranche B, term loan 8.1571% 3/17/21 (a) 1,487 USD 1,682 1,939 Lazard Group LLC 4.25% 11/14/20 50 USD 56 70 Liberty Media Corp. 3.5% 1/15/31 3,920 USD 2,635 2,694 Liberty Property LP 4.75% 10/1/20 105 USD 128 150 Merrill Lynch Mortgage Investors Trust Series 2004 A4 Class A3, 2.4608% 8/25/34 (a) 204 USD 222 269 MHGE Parent LLC/MHGE Parent Finance, Inc. 8.5% 8/1/19 pay in kind (a) 3,338 USD 4,220 4,423 Morgan Stanley: 4.875% 11/1/22 150 USD 172 217 5% 11/24/25 50 USD 70 73 Neptune Finco Corp. 10.125% 1/15/23 1,185 USD 1,620 1,792 Omega Healthcare Investors, Inc. 4.5% 4/1/27 91 USD 117 120 Petrobras International Finance Co. Ltd. 5.75% 1/20/20 90 USD 102 122 Petroleos Mexicanos: 3.5% 7/23/20 5 USD 6 7 4.5% 1/23/26 23 USD 28 29 5.5% 6/27/44 33 USD 38 38 5.625% 1/23/46 1,437 USD 1,547 1,645 6.75% 9/21/47 67 USD 88 88 3 Semi-Annual Report

Fidelity Tactical High Income Fund Schedule of Investments (Unaudited) continued Bonds continued Principal Amount Cost Market Value Foreign Bonds continued PetSmart, Inc. Tranche B, term loan 4.25% 3/11/22 (a) 1,580 USD $ 2,094 $ 2,075 Prime Securities Services Borrower LLC/Prime Finance, Inc. 9.25% 5/15/23 1,985 USD 2,605 2,839 Reynolds Consumer Products Holdings, Inc. Tranche B, term loan 4.5% 12/1/18 (a) 520 USD 683 681 Reynolds Group Issuer, Inc./ Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA 5.125% 7/15/23 1,200 USD 1,553 1,626 Royal Bank of Scotland Group PLC 6% 12/19/23 200 USD 244 274 Scorpio Tankers, Inc. 2.375% 7/1/19 2,100 USD 2,219 2,189 Southwestern Energy Co. 4.1% 3/15/22 1,430 USD 1,452 1,703 Sprint Communications, Inc.: 7% 3/1/20 140 USD 175 197 7% 3/1/20 (Reg. S) 60 USD 71 84 SunTrust Capital III 1.5003% 3/15/28 (a) 2,735 USD 3,038 3,012 The Williams Companies, Inc. 5.75% 6/24/44 80 USD 69 108 Time Warner Cable, Inc.: 5.875% 11/15/40 57 USD 71 83 6.55% 5/1/37 10 USD 12 16 Tops Holding LLC/Tops Markets II Corp. 8% 6/15/22 3,895 USD 4,971 4,599 Twitter, Inc. 1% 9/15/21 4,335 USD 5,016 5,385 U.S. Treasury Bonds: 2.25% 8/15/46 60 USD 79 78 3% 11/15/45 2,535 USD 3,843 3,807 U.S. Treasury Inflation Indexed Bonds 1.375% 2/15/44 46 USD 58 73 U.S. Treasury Inflation Indexed Notes: 0.125% 7/15/24 101 USD 116 135 0.25% 1/15/25 51 USD 62 68 0.625% 1/15/26 304 USD 409 420 U.S. Treasury Notes: 0.875% 8/15/17 200 USD 219 263 1% 5/15/18 1,239 USD 1,501 1,632 1.125% 1/15/19 127 USD 171 168 1.125% 8/31/21 4,700 USD 6,167 6,160 1.625% 5/31/23 5,351 USD 7,051 7,123 1.625% 2/15/26 2,244 USD 2,909 2,951 1.75% 12/31/20 638 USD 894 859 Principal Amount Cost Market Value Valeant Pharmaceuticals International, Inc. Tranche B, term loan 5.5% 4/1/22 (a) 3,266 USD $ 4,153 $ 4,296 Vector Group Ltd. 7.75% 2/15/21 3,170 USD 4,263 4,386 Verizon Communications, Inc. 5.012% 8/21/54 84 USD 91 122 Wachovia Bank Commercial Mortgage Trust sequential payer Series 2007 C33 Class A4, 6.1562% 2/15/51 (a) 85 USD 101 113 Weatherford International Ltd. 4.5% 4/15/22 3,340 USD 3,660 3,703 Williams Partners LP 3.35% 8/15/22 150 USD 163 195 TOTAL FOREIGN BONDS 127,154 131,208 TOTAL BONDS 131,286 135,528 Preferred Securities 5.8% United States of America 5.8% FINANCIALS 1.9% JPMorgan Chase & Co. 7.9% (a)(c) 1,635 USD 2,291 2,275 Wells Fargo & Co. 7.98% (a)(c) 1,745 USD 2,487 2,401 4,778 4,676 INDUSTRIALS 3.9% General Electric Co. 5% (a)(c) 6,543 USD 9,126 9,246 TOTAL UNITED STATES OF AMERICA 13,904 13,922 TOTAL PREFERRED SECURITIES 13,904 13,922 Short-Term Investments 0.1% Canada 0.1% Investments in reverse repurchase agreements in a joint trading account at 0.47%, dated 9/30/16 due 10/3/16 (Collateralized by Canadian Government Obligations) # 125 125 125 TOTAL INVESTMENT PORTFOLIO 87.3% $200,682 208,861 NET OTHER ASSETS (LIABILITIES) 12.7% 30,464 NET ASSETS 100% $239,325 Currency Abbreviations USD U.S. dollar See accompanying notes which are an integral part of the financial statements. Semi-Annual Reportport 4

Presentation Notes Cost amount includes broker commissions and other trading expenses, if any. Principal Amount is stated in Canadian dollars unless otherwise noted. Legend (a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. (b) The coupon rate will be determined upon settlement of the loan after period end. (c) Security is perpetual in nature with no stated maturity date. 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 $ 2,462 $ 2,462 $ $ Consumer Staples 7,077 7,077 Energy 3,150 3,150 Financials 13,437 13,437 Health Care 9,696 7,114 2,582 Industrials 4,709 4,709 Information Technology 15,789 15,789 Real Estate 330 330 Telecommunication Services 308 308 Utilities 2,328 591 1,737 Bonds 135,528 135,528 Preferred Securities 13,922 13,922 Short-Term Investments 125 125 Total Investments in Securities: $208,861 $54,967 $153,894 $ Valuation Inputs at March 31, 2016: Description Total Level 1 Level 2 Level 3 (Amounts in thousands) Investments in Securities: Equities: Consumer Discretionary $ 1,080 $ 1,080 $ $ Consumer Staples 8,405 8,405 Energy 7,249 7,249 Financials 13,441 13,441 Health Care 11,182 10,859 323 Industrials 1,060 1,060 Information Technology 16,413 16,413 Materials 1,551 1,551 Telecommunication Services 4,894 4,894 Utilities 8,924 3,325 5,599 Bonds 135,909 135,909 Preferred Securities 14,983 14,983 Short-Term Investments 238 238 Total Investments in Securities: $225,329 $68,277 $157,052 $ See accompanying notes which are an integral part of the financial statements. 5 Semi-Annual Report

Fidelity Tactical High Income 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 $125,000 due 10/03/16 at 0.47% Bank of Montreal $ 23 Royal Bank of Canada 36 Scotia Capital, Inc. 43 The Toronto-Dominion Bank 23 $ 125 See accompanying notes which are an integral part of the financial statements. Semi-Annual Reportport 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 (Note 8) $ 208,861 $ 225,329 Cash 36,276 1,312 Receivable for investments sold 4,565 3,194 Other receivables 3 1 Accrued interest and dividends receivable 1,968 2,331 Receivable on sale of units 671 394 252,344 232,561 Liabilities (Note 3) Current liabilities Payable for investments purchased 11,967 4,181 Payable on redemption of units 626 652 Distributions payable (Note 5) 139 131 Management and advisory fees payable (Note 4) 204 211 Other payables to affiliates (Note 4) 28 29 Other payables and accrued expenses (Notes 4 and 5) 55 56 13,019 5,260 Net assets attributable to holders of redeemable units (Notes 3 and 6) $ 239,325 $ 227,301 Net assets attributable to holders of redeemable units per Series and per unit (Note 6) Series A: ($36,578 / 3,090 units and $37,318 / 3,420 units, respectively) $ 11.8385 $ 10.9112 Series B: ($52,246 / 4,411 units and $57,218 / 5,242 units, respectively) $ 11.8437 $ 10.9157 Series F: ($38,054 / 3,214 units and $37,349 / 3,422 units, respectively) $ 11.8406 $ 10.9153 Series F5: ($1,895 / 83 units and $2,181 / 103 units, respectively) $ 22.8042 $ 21.1681 Series F8: ($1,412 / 66 units and $1,015 / 51 units, respectively) $ 21.2465 $ 20.0191 Series O: ($71,028 / 6,000 units and $63,870 / 5,852 units, respectively) $ 11.8392 $ 10.9132 Series T5: ($3,166 / 143 units and $3,120 / 151 units, respectively) $ 22.1067 $ 20.6695 Series T8: ($4,501 / 219 units and $3,574 / 183 units, respectively) $ 20.5854 $ 19.5446 Series S5: ($3,262 / 147 units and $3,518 / 169 units, respectively) $ 22.2570 $ 20.7764 Series S8: ($3,169 / 153 units and $2,684 / 137 units, respectively) $ 20.7282 $ 19.6428 See accompanying notes which are an integral part of the financial statements. 7 Semi-Annual Report

Financial Statements (Unaudited) continued 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: ($13,030 / 1,225 units and $8,269 / 844 units, respectively) $ 10.6342 $ 9.8023 Series E1T5: ($482 / 23 units and $458 / 23 units, respectively) $ 20.9335 $ 19.5443 Series E2: ($2,377 / 224 units and $563 / 57 units, respectively) $ 10.6315 $ 9.8020 Series E3: ($86 / 8 units and $78 / 8 units, respectively) $ 10.6350 $ 9.8023 Series E4: ($1 / units and $35 / 4 units, respectively) $ 10.6400 $ 9.8020 Series E5: ($5 / units and $- / units, respectively) $ 10.7809 $ Series P1: ($5,251 / 534 units and $4,139 / 456 units, respectively) $ 9.8390 $ 9.0691 Series P1T5: ($198 / 10 units and $251 / 14 units, respectively) $ 19.4205 $ 18.0233 Series P2: ($2,206 / 224 units and $1,420 / 157 units, respectively) $ 9.8457 $ 9.0756 Series P2T5: ($211 / 11 units and $90 / 5 units, respectively) $ 19.4454 $ 18.0319 Series P3: ($1 / units and $1 / units, respectively) $ 9.8431 $ 9.0709 Series P4: ($1 / units and $149 / 16 units, respectively) $ 9.8412 $ 9.0708 Series P5: ($165 / 17 units and $1 / units, respectively) $ 9.8408 $ 9.0709 See accompanying notes which are an integral part of the financial statements. Semi-Annual Reportport 8

Statements of Comprehensive Income Amounts in thousands of Canadian Dollars (except per unit amounts) For the six-month periods ended September 30, 2016 2015 Investment income (Note 3) Interest $ 3,953 $ 2,716 Dividends 1,941 3,253 Net gain (loss) on Investments Net realized gain (loss) on investments 6,928 9,349 Change in net unrealized appreciation (depreciation) on investments 11,764 (10,782) 18,692 (1,433) Net gain (loss) on Foreign Currencies Net realized gain (loss) on foreign currency transactions (31) 554 Change in net unrealized appreciation (depreciation) on other net assets in foreign currencies 287 27 256 581 Total investment income (loss) 24,842 5,117 Operating expenses (Note 4) Management and advisory fees 1,228 1,262 Administration fees 168 180 Independent Review Committee fees Commissions and other portfolio costs 96 60 Sales tax 164 171 Foreign taxes withheld (Note 5) 233 361 Total operating expenses 1,889 2,034 Expenses waived (Note 4) (1) (20) Net operating expenses 1,888 2,014 Net increase (decrease) in net assets attributable to holders of redeemable units from operations $ 22,954 $ 3,103 Other information: Increase (decrease) in net assets attributable to holders of redeemable units from operations per Series (Note 3) Series A $ 3,383 $ 538 Series B $ 5,388 $ 1,064 Series F $ 3,732 $ 476 Series F5 $ 205 $ (11) Series F8 $ 157 $ 22 Series O $ 7,238 $ 834 Series T5 $ 289 $ 33 Series T8 $ 394 $ 52 Series S5 $ 318 $ 61 Series S8 $ 288 $ 34 Series E1 $ 767 $ Series E1T5 $ 37 $ Series E2 $ 100 $ Series E3 $ 8 $ Series E4 $ $ Series E5 $ $ Series P1 $ 413 $ Series P1T5 $ 22 $ Series P2 $ 189 $ Series P2T5 $ 10 $ Series P3 $ $ Series P4 $ 1 $ See accompanying notes which are an integral part of the financial statements. 9 Semi-Annual Report

Financial Statements (Unaudited) continued Statements of Comprehensive Income continued Amounts in thousands of Canadian Dollars (except per unit amounts) For the six-month periods ended September 30, 2016 2015 Series P5 $ 15 $ Increase (decrease) in net assets attributable to holders of redeemable units from operations per Series per unit (Note 3) Series A $ 1.0494 $.1584 Series B $ 1.0633 $.1791 Series F $ 1.1206 $.1253 Series F5 $ 2.1874 $ (.0774) Series F8 $ 2.1737 $.4564 Series O $ 1.2012 $.3371 Series T5 $ 1.9603 $.2446 Series T8 $ 1.8826 $.2952 Series S5 $ 1.9992 $.3538 Series S8 $ 1.9210 $.4766 Series E1 $.9155 $ Series E1T5 $ 1.8696 $ Series E2 $.9914 $ Series E3 $.9645 $ Series E4 $ (1.1980) $ Series E5 $.8588 $ Series P1 $.9425 $ Series P1T5 $ 1.8813 $ Series P2 $.9861 $ Series P2T5 $ 1.8720 $ Series P3 $.9461 $ Series P4 $.4221 $ Series P5 $ 1.1258 $ 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

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 $ 227,301 $ 37,318 $ 57,218 $ 37,349 $ 2,181 $ 1,015 Distributions to holders of redeemable units (Note 5) From net investment income (3,785) (389) (681) (663) (36) (26) Return of capital (353) (14) (33) Management fee reduction (15) (3) (12) (4,153) (389) (684) (675) (50) (59) Redeemable unit transactions (Note 6) Proceeds from sale of redeemable units 41,954 2,803 8,461 4,868 66 716 Reinvestment of distributions 3,382 348 611 479 7 16 Amounts paid upon redemption of redeemable units (52,113) (6,885) (18,748) (7,699) (514) (433) (6,777) (3,734) (9,676) (2,352) (441) 299 Increase (decrease) in net assets attributable to holders of redeemable units from operations 22,954 3,383 5,388 3,732 205 157 Net increase (decrease) in net assets attributable to holders of redeemable units 12,024 (740) (4,972) 705 (286) 397 Net assets attributable to holders of redeemable units, end of period $ 239,325 $ 36,578 $ 52,246 $ 38,054 $ 1,895 $ 1,412 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 $ 63,870 $ 3,120 $ 3,574 $ 3,518 $ 2,684 Distributions to holders of redeemable units (Note 5) From net investment income (1,581) (34) (45) (42) (38) Return of capital (45) (126) (43) (85) (1,581) (79) (171) (85) (123) Redeemable unit transactions (Note 6) Proceeds from sale of redeemable units 12,108 74 953 80 557 Reinvestment of distributions 1,583 21 20 13 90 Amounts paid upon redemption of redeemable units (12,190) (259) (269) (582) (327) 1,501 (164) 704 (489) 320 Increase (decrease) in net assets attributable to holders of redeemable units from operations 7,238 289 394 318 288 Net increase (decrease) in net assets attributable to holders of redeemable units 7,158 46 927 (256) 485 Net assets attributable to holders of redeemable units, end of period $ 71,028 $ 3,166 $ 4,501 $ 3,262 $ 3,169 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. 11 Semi-Annual Report

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, 2016 Series E1 Series E1T5 Series E2 Series E3 Series E4 Net assets attributable to holders of redeemable units, beginning of period $ 8,269 $ 458 $ 563 $ 78 $ 35 Distributions to holders of redeemable units (Note 5) From net investment income (108) (5) (17) (1) Return of capital (5) (108) (10) (17) (1) Redeemable unit transactions (Note 6) Proceeds from sale of redeemable units 6,648 86 2,069 1 Reinvestment of distributions 95 3 15 1 Amounts paid upon redemption of redeemable units (2,641) (92) (353) (35) 4,102 (3) 1,731 1 (34) Increase (decrease) in net assets attributable to holders of redeemable units from operations 767 37 100 8 Net increase (decrease) in net assets attributable to holders of redeemable units 4,761 24 1,814 8 (34) Net assets attributable to holders of redeemable units, end of period $ 13,030 $ 482 $ 2,377 $ 86 $ 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 E5 Series P1 Series P1T5 Series P2 Series P2T5 Net assets attributable to holders of redeemable units, beginning of period $ $ 4,139 $ 251 $ 1,420 $ 90 Distributions to holders of redeemable units (Note 5) From net investment income (76) (4) (34) (2) Return of capital (1) (1) (76) (5) (34) (3) Redeemable unit transactions (Note 6) Proceeds from sale of redeemable units 5 1,481 715 114 Reinvestment of distributions 61 16 Amounts paid upon redemption of redeemable units (767) (70) (100) 5 775 (70) 631 114 Increase (decrease) in net assets attributable to holders of redeemable units from operations 413 22 189 10 Net increase (decrease) in net assets attributable to holders of redeemable units 5 1,112 (53) 786 121 Net assets attributable to holders of redeemable units, end of period $ 5 $ 5,251 $ 198 $ 2,206 $ 211 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 12

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 P3 Series P4 Series P5 Net assets attributable to holders of redeemable units, beginning of period $ 1 $ 149 $ 1 Distributions to holders of redeemable units (Note 5) From net investment income (1) (2) (1) (2) Redeemable unit transactions (Note 6) Proceeds from sale of redeemable units 149 Reinvestment of distributions 1 2 Amounts paid upon redemption of redeemable units (149) (148) 151 Increase (decrease) in net assets attributable to holders of redeemable units from operations 1 15 Net increase (decrease) in net assets attributable to holders of redeemable units (148) 164 Net assets attributable to holders of redeemable units, end of period $ 1 $ 1 $ 165 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 Series F5 Series F8 Net assets attributable to holders of redeemable units, beginning of period $ 196,599 $ 37,257 $ 66,205 $ 49,471 $ 4,544 $ 875 Distributions to holders of redeemable units (Note 5) From net investment income (3,425) (524) (992) (873) (55) (24) Return of capital (219) (11) (19) Management fee reduction (18) (4) (14) (3,662) (524) (996) (887) (66) (43) Redeemable unit transactions (Note 6) Proceeds from sale of redeemable units 68,724 9,858 22,165 12,648 1,676 517 Reinvestment of distributions 2,922 456 879 705 17 6 Amounts paid upon redemption of redeemable units (52,197) (6,274) (16,356) (20,340) (3,218) (56) 19,449 4,040 6,688 (6,987) (1,525) 467 Increase (decrease) in net assets attributable to holders of redeemable units from operations 3,103 538 1,064 476 (11) 22 Net increase (decrease) in net assets attributable to holders of redeemable units 18,890 4,054 6,756 (7,398) (1,602) 446 Net assets attributable to holders of redeemable units, end of period $ 215,489 $ 41,311 $ 72,961 $ 42,073 $ 2,942 $ 1,321 See accompanying notes which are an integral part of the financial statements. 13 Semi-Annual Report

Statements of Cash Flows Amounts in thousands of Canadian Dollars For the six-month periods ended September 30, 2016 2015 Cash, beginning of period $ 1,312 $ 4,396 Cash flows from (used in) operating activities: Purchases of investments (230,209) (245,688) Proceeds from sale and maturity of investments 272,138 235,981 Cash receipts from dividend income 1,756 2,934 Cash receipts from interest income 4,008 2,426 Cash paid for operating expenses (1,669) (1,654) Net cash from (used in) operating activities 46,024 (6,001) Cash flows from (used in) financing activities: Distributions to holders of redeemable units net of reinvestments (763) (673) Proceeds from sales of units 41,678 69,092 Amounts paid upon redemption of units (52,139) (51,664) Net cash from (used in) financing activities (11,224) 16,755 Net change in cash 34,800 10,754 Foreign exchange gain (loss) on cash 164 (14) Cash, end of period $ 36,276 $ 15,136 See accompanying notes which are an integral part of the financial statements. 15 Semi-Annual Report

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 Tactical High Income Fund (Fund) is an open end mutual fund trust formed under the laws of Ontario and governed by a Master Declaration of Trust dated May 15, 2014 (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, Series P1T5, Series P2, Series P2T5, Series P3, Series P4 and Series P5 units. The Fund commenced the offering of Series P1, Series P1T5, Series P2, Series P2T5, Series P3, Series P4 and Series P5 units on December 4, 2015. The Fund commenced the offering of Series E1, Series E1T5, Series E2, Series E3 and Series E4 units on February 5, 2016. The Fund commenced the offering of Series E5 units on May 13, 2016. 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 16

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. The Fund invests a significant portion of its assets in below investment grade securities held directly or indirectly, as applicable. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions. 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. There were no significant transfers between Level 1 and Level 2 during the periods. 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. 17 Semi-Annual Report

Notes to Financial Statements (Unaudited) continued (Amounts in thousands of Canadian dollars/thousands of units (except per unit amounts)) Debt securities, including restricted securities, are valued based on prices received from independent pricing services or from dealers who make markets in such securities. Pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type, prepayment speed assumptions, attributes of the collateral as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy, but may be categorized as Level 3. 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. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. 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, 2016 and March 31, 2016. 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 and includes coupon interest and accretion of discount and amortization of premium on debt securities using the effective interest rate. This is the rate that exactly discounts the estimated future cash receipts through the expected life of the relevant debt securities, to their net carrying amounts. The principal value on inflation-indexed securities is periodically adjusted to the rate of inflation and interest is accrued based on the principal value. The adjustments to principal due to inflation are reflected as increases or decreases to interest income even though the principal is not received until maturity. 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 Semi-Annual Reportport 18

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. 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: September 30, 2016 Collateral Description Interest Rate (%) Maturity Date % of Collateral Collateral Value as a % of CAD Cash Invested Canadian Treasury Bond 0.5 4.25 2/1/2018 12/1/2047 100.0 100.0 102.6 March 31, 2016 Collateral Description Interest Rate (%) Maturity Date % of Collateral Collateral Value as a % of CAD Cash Invested Canadian Treasury Bond 0.25 5.75 6/1/2016 12/1/2041 100.0 100.0 102.1 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 3,224 Series B 5,068 Series F 3,328 Series F5 94 Series F8 72 Series O 6,031 Series T5 148 Series T8 208 Series S5 159 Series S8 150 Series E1 839 Series E1T5 20 Series E2 100 Series E3 8 Series E4 Series E5 Series P1 438 Series P1T5 12 Series P2 190 19 Semi-Annual Report

Notes to Financial Statements (Unaudited) continued (Amounts in thousands of Canadian dollars/thousands of units (except per unit amounts)) Weighted Average Units Series P2T5 5 Series P3 Series P4 4 Series P5 13 Period ended September 30, 2015 Series A 3,396 Series B 5,941 Series F 3,794 Series F5 141 Series F8 50 Series O 2,473 Series T5 134 Series T8 174 Series S5 174 Series S8 72 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 Fidelity Investments Money Management, Inc. and FMR Co., Inc., to provide investment advice with respect to all or a portion of the investments of the Fund. The sub-advisors arrange for acquisition and disposition of portfolio investments, including all necessary brokerage arrangements. The Fund pays Fidelity a monthly management and advisory fee for their services and the provision of key management personnel to the Fund, based on the net asset value of each Series, calculated daily and payable monthly. Fidelity may reduce the management and advisory fee or fund expenses for certain investors by reducing the management and advisory fee it charges to the Fund or reducing the amount charged to the Fund for certain expenses and having the Fund pay out the amount of the reduction to the investors as a distribution. These distributions are disclosed as Management fee reduction in the Statements of Changes in Net Assets Attributable to Holders of Redeemable 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: Semi-Annual Reportport 20

Annual Management and Advisory Fee Rate (%) Series A 1.900 Series B 1.750 Series F 0.750 Series F5 0.750 Series F8 0.750 Series T5 1.900 Series T8 1.900 Series S5 1.750 Series S8 1.750 Series E1 1.725 Series E1T5 1.725 Series E2 1.700 Series E3 1.675 Series E4 1.650 Series E5 1.625 Series P1 0.725 Series P1T5 0.725 Series P2 0.700 Series P2T5 0.700 Series P3 0.675 Series P4 0.650 Series P5 0.625 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 0.255 0.245 0.235 Series B 0.205 0.195 0.185 Series F 0.205 0.195 0.185 Series F5 0.205 0.195 0.185 Series F8 0.205 0.195 0.185 Series T5 0.255 0.245 0.235 Series T8 0.255 0.245 0.235 Series S5 0.205 0.195 0.085 Series S8 0.205 0.195 0.085 Series E1 0.155 0.145 0.135 Series E1T5 0.155 0.145 0.135 Series E2 0.105 0.095 0.085 Series E3 0.105 0.095 0.085 Series E4 0.105 0.095 0.085 Series E5 0.105 0.095 0.085 Series P1 0.155 0.145 0.135 Series P1T5 0.155 0.145 0.135 Series P2 0.105 0.095 0.085 Series P2T5 0.105 0.095 0.085 Series P3 0.105 0.095 0.085 Series P4 0.105 0.095 0.085 Series P5 0.105 0.095 0.085 21 Semi-Annual Report

Notes to Financial Statements (Unaudited) continued (Amounts in thousands of Canadian dollars/thousands of units (except per unit amounts)) 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 (some or all Series administration fees may not have changed): Tier 1 (%) Tier 2 (%) Tier 3 (%) Series A 0.255 0.245 0.235 Series B 0.205 0.195 0.185 Series F 0.205 0.205 0.205 Series F5 0.205 0.205 0.205 Series F8 0.205 0.205 0.205 Series T5 0.255 0.245 0.235 Series T8 0.255 0.245 0.235 Series S5 0.205 0.195 0.185 Independent Review Committee Fees - The IRC, as required under National Instrument 81-107, 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. 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 $96 (September 30, 2015: $60), of which $- (September 30, 2015: $2) 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 $5 (September 30, 2015: $47) 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 $42 (September 30, 2015: $60). 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, Series E1T5, Series P1T5 and Series P2T5, 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. Semi-Annual Reportport 22

Capital losses may be carried forward indefinitely to reduce future realized capital gains. As at the last taxation year-end, the Fund had no capital losses available to be carried forward. Non capital losses may be carried forward for up to 20 tax years to reduce future taxable income, but expire in December of the year noted. As at the last taxation year-end, the Fund had no non capital losses available to be carried forward. 6. Capital Risk Management 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 3,420 249 31 (610) 3,090 Series B 5,242 748 54 (1,633) 4,411 Series F 3,422 428 42 (678) 3,214 Series F5 103 3 (23) 83 Series F8 51 35 1 (21) 66 Series O 5,852 1,096 139 (1,087) 6,000 Series T5 151 3 1 (12) 143 Series T8 183 48 1 (13) 219 Series S5 169 4 1 (27) 147 Series S8 137 28 4 (16) 153 Series E1 844 633 9 (261) 1,225 Series E1T5 23 4 (4) 23 Series E2 57 198 2 (33) 224 Series E3 8 8 Series E4 4 (4) Series E5 Series P1 456 155 7 (84) 534 Series P1T5 14 (4) 10 Series P2 157 76 2 (11) 224 Series P2T5 5 6 11 Series P3 Series P4 16 (16) Series P5 17 17 Period ended September 30, 2015 Series A 3,192 844 39 (539) 3,536 Series B 5,669 1,888 75 (1,390) 6,242 Series F 4,235 1,077 60 (1,773) 3,599 Series F5 199 74 1 (145) 129 Series F8 39 24 (3) 60 Series O 2,229 1,688 68 (377) 3,608 Series T5 139 10 1 (12) 138 Series T8 165 26 1 (15) 177 Series S5 189 13 1 (30) 173 Series S8 52 47 1 (11) 89 23 Semi-Annual Report

Notes to Financial Statements (Unaudited) continued (Amounts in thousands of Canadian dollars/thousands of units (except per unit amounts)) Affiliated Ownership - As at September 30, 2016, Fidelity and its affiliates held approximately 30% of the Fund. As at March 31, 2016, Fidelity and its affiliates held approximately 28% 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. Risk, as defined by Fidelity, is the mismatch of certain risk factors, such as the market capitalization, beta, common factors such as size, priceearnings ratio, price-to-book ratio and industry exposures, between a portfolio and its benchmark. Such mismatches may result in divergence of returns relative to the benchmark. Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. A beta of 1 indicates that the security s price will move with the market. A beta of less than 1 means that the security will be less volatile than the market. A beta of greater than 1 indicates that the security s price will be more volatile than the market. For example, if a stock s beta is 1.2, it s theoretically 20% more volatile than the market. Fidelity s objective is to provide consistent value-added return over the benchmark. Unsystematic risk is mitigated primarily through investments in a diverse portfolio of securities across many sectors, styles or regions of the market. Fidelity s qualitative fundamental security selection is also well diversified across many analysts. Rather than relying on a single valuation process or quantitative model that implicitly assumes that past value-added returns of some sectors or styles will persist into the future, Fidelity s analysts select securities based on their own unique valuation processes. The Fund aims to provide income and capital growth. It invests primarily in a mix of income-producing securities which may be located anywhere in the world. Income-producing securities may include, but are not limited to, equity securities, common and preferred shares, convertible securities, investment grade fixed income securities, higher yielding, lower quality fixed income securities, floating rate debt instruments and asset-backed securities and mortgage-backed securities. The Fund can invest in these securities either directly or indirectly through investments in underlying funds. The Fund does not have a specific benchmark. Portfolio risk is monitored daily and reviewed monthly by an investment compliance group. In addition, there is a formal quarterly review of each fund. The investment compliance group, portfolio managers and the senior analysts attend a quarterly portfolio review. Portfolios within each strategy are reviewed relative to each other and to their benchmark. Active industry and security allocations are analyzed. Credit Risk - Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Fund. The Fund s own credit risk in the case of financial liabilities and a counterparty s credit risk in the case of financial assets are considered, where applicable, in determining the fair value of financial assets and financial liabilities. The Fund may be exposed to indirect credit risk through its investments in any Underlying Fund.The fair value of debt securities includes consideration of the credit worthiness of the debt issuer. In addition, as part of its cash management, the Fund limits its direct exposure to credit loss by placing its cash with high credit quality financial institutions. The carrying amount of investments and other assets represents the maximum credit risk exposure as at September 30, 2016 and March 31, 2016. The following table summarizes the credit risk that is relevant for the Fund based on its investment objective. Quality Diversification % of Fund s Net Assets as at 9/30/16 % of Fund s Net Assets as at 3/31/2016 AAA 10.1 3.7 AA 0.1 0.0 A 4.9 3.6 BBB 4.7 7.7 BB and Below 41.7 48.9 Not Rated 0.9 2.5 Equities 24.8 32.6 Short-Term Investments and Net Other Assets 12.8 1.0 We have used ratings from Moody s Investors Service, Inc. Where Moody s ratings are not available, we have used S&P ratings. All ratings are as of the date indicated and do not reflect subsequent changes. 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. Semi-Annual Reportport 24

Other than outlined above, there were no significant concentrations of credit risk to counterparties as at September 30, 2016 and March 31, 2016. 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. Asset Mix % of Fund s Net Assets as at 9/30/16 % of Fund s Net Assets as at 3/31/16 Foreign Bonds 54.8 57.4 Foreign Equities 24.7 31.2 Foreign Preferred Securities 5.8 6.6 Canadian Bonds 1.8 2.4 Canadian Equities 0.1 1.4 Cash and Short-Term Investments 15.3 0.7 Net Other Assets (Liabilities) (2.5) 0.3 Sector Mix % of Fund s Net Assets as at 9/30/16 % of Fund s Net Assets as at 3/31/16 Financials 7.5 10.9 Information Technology 6.6 7.2 Industrials 5.9 2.0 Health Care 4.1 5.0 Consumer Staples 3.0 3.6 Energy 1.3 3.2 Consumer Discretionary 1.0 0.0 Utilities 1.0 3.9 Telecommunication Services 0.0 2.2 Others (Individually Less Than 1%) 0.2 1.2 Foreign Bonds 54.8 57.4 Canadian Bonds 1.8 2.4 Cash and Short-Term Investments 15.3 0.7 Net Other Assets (Liabilities) (2.5) 0.3 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 75.3 82.9 Argentina 2.9 1.4 Canada 1.9 3.8 Bermuda 1.5 0.0 Switzerland 1.4 0.0 Luxembourg 0.0 2.3 Marshall Islands 0.0 2.1 Brazil 0.0 1.9 Mexico 0.0 1.6 Israel 0.0 1.0 Others (Individually Less Than 1%) 4.2 2.0 Cash and Short-Term Investments 15.3 0.7 Net Other Assets (Liabilities) (2.5) 0.3 25 Semi-Annual Report

Notes to Financial Statements (Unaudited) continued (Amounts in thousands of Canadian dollars/thousands of units (except per unit amounts)) 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 $10,443 (March 31, 2016: $11,258). 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 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 invests directly and/or indirectly in high yield fixed income securities, which may be more or less sensitive to changes in market interest rates, depending upon the securities coupon rates, terms to maturity and other factors. However, the volatility associated with these high yield securities is not a result of interest rate risk; in fact, the interest rate risk of these securities tends to be lower than the investment grade bonds, which generally pay lower coupon rates and/or offer lower yields. High yield securities typically are issued by companies that tend to be less creditworthy than investment grade bond issuers. As such, they carry greater default risk than investment grade bonds and accordingly offer higher coupon payments to compensate investors for this additional risk. The following table summarizes the Fund s investments at period end categorized by the earlier of contractual interest rate reset or maturity dates. Maturity Diversification % of Fund s Net Assets as at 9/30/16 % of Fund s Net Assets as at 3/31/16 Years 0 1 3.7 0.1 1 3 5.8 8.3 3 5 12.6 11.0 Over 5 34.6 40.5 As at September 30, 2016 and March 31, 2016, had prevailing interest rates raised or lowered by 25 basis points, with all other variables remaining constant, net assets attributable to holders of redeemable units would have decreased or increased by approximately $1,132 (March 31, 2016: $1,278). In practice, the actual trading results may differ from this sensitivity analysis and the difference could be material. Due to significant exposure to floating rate fixed income securities, changes in prevailing interest rates may affect the Fund s income. As at September 30, 2016 and March 31, 2016, had prevailing interest rates raised or lowered by 25 basis points, with all other variables remaining Semi-Annual Reportport 26

constant, interest income would have increased or decreased by approximately $46 (March 31, 2016: $84). In practice, the actual interest payments may differ from this sensitivity analysis and the difference could be material. Currency Risk - Currency risk arises from financial instruments that are denominated in a currency other than Canadian dollar, which is the Fund s functional currency. The tables below indicate the currencies to which the Fund has significant exposure as at period end, on the trading monetary, non-monetary assets and liabilities as well as the underlying principal amount of forward foreign currency contracts. Currency As at September 30, 2016 U.S. dollar As at March 31, 2016 U.S. dollar Monetary Instruments ($) Non- Monetary Instruments ($) Forward FX Contracts ($) Net Exposure ($) As a % of net assets 166,339 72,276 238,615 99.7 138,518 85,302 223,820 98.5 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. The Schedule of Investments identifies all bonds denominated in foreign currencies. Bonds from other countries are presumed to be denominated in Canadian dollars unless otherwise noted. As at September 30, 2016 and March 31, 2016, had the Canadian dollar strengthened or weakened by 5% in relation to all currencies, with all other variables held constant, net assets attributable to holders of redeemable units would have decreased or increased by approximately $11,963 (March 31, 2016: $11,222). In practice, the actual trading results may differ from this sensitivity analysis and the difference could be material. 27 Semi-Annual Report

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 www.fidelity.ca or call Fidelity Client Services at 1-800-263-4077 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. 62.111158E 1.9860515.102 FICL-MA-SANN-1116