Fidelity AsiaStar Fund

Transcription

1 Fidelity siastar Fund nnual Management Report of Fund Performance March 31, 2016

2 Caution Regarding Forward-looking Statements Certain portions of this report, including, but not limited to, Results of Operations and Recent Developments, may contain forward-looking statements about the Fund, including its strategy, risks, expected performance and condition. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as expects, anticipates, intends, plans, believes, estimates and similar forward-looking expressions or negative versions thereof. In addition, any statement that may be made concerning future performance, strategies or prospects, and possible future Fund action, is also a forward-looking statement. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about the Fund and economic factors. ccordingly, assumptions concerning future economic and other factors may prove to be incorrect at a future date. Forward-looking statements are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied in any forward-looking statements made by the Fund. ny number of important factors could contribute to these digressions, including, but not limited to, general economic, political and market factors in North merica and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, and catastrophic events. It should be stressed that the above-mentioned list of important factors is not exhaustive. You are encouraged to consider these and other factors carefully before making any investment decisions and you are urged to avoid placing undue reliance on forward-looking statements. Further, you should be aware of the fact that the Fund has no specific intention of updating any forward-looking statements whether as a result of new information, future events or otherwise, prior to the release of the next Management Report of Fund Performance.

3 nnual Management Report of Fund Performance as at March 31, 2016 Fidelity siastar Fund This annual management report of fund performance contains financial highlights but does not contain the complete annual financial statements for the investment fund. You can get a copy of the annual financial statements at your request, and at no cost, by calling , by writing to us at Fidelity Investments, 483 Bay St. Suite 300, Toronto ON M5G 2N7 or by visiting our website at or SEDR at Security holders may also contact us using one of these methods to request a copy of the investment fund s proxy voting policies and procedures, proxy voting disclosure record or quarterly portfolio disclosure relating to the investment fund. Management Discussion of Fund Performance Investment Objective and Strategies Investment Objective: Fidelity siastar Fund (Fund) aims to achieve long-term capital growth by investing primarily in equity securities of companies located in the sia-pacific region and in companies that derive a significant portion of their revenues from that region. Strategies: The portfolio manager examines each company s potential for success in light of its current financial condition, its industry position and economic and market conditions. The portfolio manager considers factors such as the value of the company relative to its market price and its growth and earnings potential. lthough the portfolio manager anticipates investing primarily in companies located in the sia-pacific region, the portfolio manager has the ability to invest in companies anywhere in the world. The portfolio manager may also choose to concentrate the Fund s investment in certain countries in the sia-pacific region, from time to time. The Fund may sometimes have significant exposure to relatively few companies, industries or countries or to one size of company. It may also hold a higher portion of securities that are illiquid than the other funds. It may hold cash and invest in fixed-income securities.. Risk The risks associated with investing in the Fund remain as discussed in the prospectus. ny changes to the Fund over the period have not affected the overall level of risk of the Fund. The Fund is suitable for long-term investors who want to gain exposure to companies in the sia- Pacific region and companies that derive a significant portion of their revenue from that region, can handle the volatility of returns generally associated with equity investments and are able to accept a medium to high level of risk. The suitability of the investment has not changed from what has been disclosed in the prospectus. Results of Operations Fidelity siastar Fund, Series B, returned -6.1%, after fees and expenses, for the one-year period ended March 31, The net returns of the other series of this Fund are similar to those of Series B, except for differences attributable to expense structures. Global equity markets, as broadly represented by the MSCI CWI (ll Country World Index) Index, returned -2.3% (in Canadian dollar terms) during the review period. Market overview: Global equities fell during the period amid concerns about the economic slowdown in China and the implications it would have for global growth. sian markets were the worst-performing markets; investors were worried about China s slowing economy and rising prospects of an increase in U.S. interest rates. European markets followed global equity markets, registering negative returns during the review period. The U.S. was among the best-performing markets, registering a positive return supported by encouraging economic data releases and news of central banks in Europe and China increasing their efforts to boost their weak economies. Canadian equities also declined, due to falling oil prices that drove down the stock prices of energy companies. The Fund underperformed the broad global equity index, primarily due to its holdings in Japan and India. dditionally, the Fund s lack of exposure to the U.S. market, in line with its mandate, detracted from relative performance. Factors affecting performance: The Fund s benchmark, the MSCI C (ll Country) sia Pacific Index, returned -7.8% for the one-year period under review. The Fund outperformed the benchmark, primarily due to its holdings in the materials and health care sectors. In the materials sector, positions in ustralia s mcor and South Korea s LG Chemical contributed to relative performance. In the health care sector, Japan s Ono Pharmaceutical and Hong Kong s Sino Biopharmaceutical made top contributions. In contrast, the Fund s holdings in the consumer staples sector detracted from relative performance, with top detractions made by BGF Retail in South Korea and Kao Corporation of Japan. t the end of the review period, the Fund did not having exposure to these stocks. Portfolio changes: 1

4 Fidelity siastar Fund Management Discussion of Fund Performance continued During the review period, the portfolio manager, Eileen Dibb, increased exposure to the consumer staples and health care sectors. In the consumer staples sector, the portfolio manager initiated positions in select food, beverage and tobacco companies, such as Japan Tobacco and Korea Tobacco & Ginseng Corporation, which fit her investment criteria of multi-year structural growth prospects and attractive valuations. In the health care sector, exposure was increased to Ono Pharmaceutical, owing to improved prospects for its key drug. In contrast, exposure was reduced to the industrials sector, by selling positions in IHI Corporation, due to a deteriorating growth outlook for the company. The portfolio manager also sold a position in KEPCO Plant Service and Engineering, because the increased costs for its overseas business are expected to weigh on its financial performance. The portfolio manager also reduced exposure to the information technology sector, by decreasing position in Murata Manufacturing; a slowdown in demand for smartphones is expected to weigh on the company s performance. She also exited a position in Lenovo Group, where declining earnings, along with its management s inability to address margin decline, is expected to weigh on performance. The country exposures of the Fund are a result of the portfolio manager s bottom-up stock picking. Recent Developments Portfolio manager Eileen Dibb remains positive about sian markets and continues to find attractive investment opportunities in the region. She suggests that while China s economy is still growing (albeit at a slower pace), it is now faced with the task of reducing excess capacity in key areas of the market, such as steel production and infrastructure development, and this is causing some headwinds. s a result, exporters to China such as Indonesia, Thailand, Singapore, Malaysia and Hong Kong have come under pressure and will likely continue to as demand from China slows. In addition, commodity price weakness and the slowdown in global growth have also dimmed the outlook for many countries in this region. Regardless, Ms. Dibb s focus on picking best-in-class companies driven by strong fundamentals and prospects for long-term secular growth enables her to navigate through market volatility. Moving forward, she is positive on the outlook of the region, despite near-term headwinds. Her focus on bottom-up stock selection should allow her to find opportunities in the region, especially where income growth and consumption levels are rising. t the end of the review period, the Fund had its largest absolute exposure to the consumer discretionary sector. The Fund deviated the most from the benchmark weightings by having a larger exposure to the health care sector and a lower exposure to the financials sector. In terms of country exposures, the Fund had a larger-than-benchmark exposure to Hong Kong and a smaller-than-benchmark exposure to ustralia. 2

5 Related Party Transactions Manager and Portfolio dviser The Fund is managed by Fidelity Investments Canada ULC (Fidelity). Fidelity is part of a broader group of companies collectively known as Fidelity Investments. Fidelity provides or arranges for the provision of all general management and administrative services required by the Fund in its day to day operations, bookkeeping, record keeping and other administrative services for the Fund. Fidelity provides investment advice to the Fund. Fidelity has entered into a sub-advisory agreement with Fidelity Institutional sset Management Trust Company, an affiliate of Fidelity, to provide investment advice with respect to all or a portion of the investments of the Fund. Fidelity provides investment advice with respect to the Fund s investment portfolio and arranges for the acquisition and disposition of portfolio investments, including all necessary brokerage arrangements. The Fund pays Fidelity a monthly management and advisory fee for their services, based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity management and advisory fees of $1,256,000 for the period ended March 31, dministration Fee Fidelity charges the Fund a fixed administration fee in place of certain variable expenses. Fidelity, in turn, pays all of the operating expenses of the Fund, other than certain specified fund costs (e.g. the fees and expenses of the Independent Review Committee, taxes, brokerage commissions and interest charges). The Fund pays an annual rate, which is calculated on a tiered basis, based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity administration fees of $205,000 for the period ended March 31, Brokerage Commissions The Fund may place a portion of its portfolio transactions with brokerage firms which are affiliates of Fidelity, including National Financial Services LLC, provided it determines that these affiliates trade execution abilities and costs are comparable to those of non affiliated, qualified brokerage firms, on an execution only basis. Commissions paid to brokerage firms that are affiliates of Fidelity were $0 for the period ended March 31, Fidelity receives standing instructions from the IRC in respect of policies and procedures governing best execution of transactions with affiliates, which includes brokers affiliated to Fidelity, at least once per year. 3

6 Financial Highlights The following tables show selected key financial information about the Fund and are intended to help you understand the Fund s financial performance for the period end of the years shown. This information is derived from the Fund s audited annual and/or unaudited semi-annual financial statements. Please see the front page for information about how you can obtain the Fund s annual or semi-annual financial statements. Fidelity siastar Fund Series Periods ended March 31, The Series Net ssets per Unit Net assets, beginning of period B $ $ $ $ $ Increase (decrease) from operations: Total revenue Total expenses (excluding distributions) (.4731) (.4398) (.4310) (.2822) (.2881) Realized gains (losses) (.7177) Unrealized gains (losses) (2.2941) (.6972) Total increase (decrease) from operations B (1.0424) (1.4558) Distributions: From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions B,C Net assets, end of period B $ $ $ $ $ Ratios and Supplemental Data Net asset value (000s) D $ 10,933 $ 16,556 $ 20,855 $ 34,845 $ 45,669 Units outstanding D 700, ,797 1,548,597 2,872,826 4,113,412 Management expense ratio E 2.58% 2.63% 2.67% 2.62% 2.60% Management expense ratio before waivers or absorptions E 2.65% 2.67% 2.67% 2.62% 2.60% Trading expense ratio F.13%.25%.51%.57%.58% Portfolio turnover rate G 56% 64% 107% 127% 123% Net asset value per unit, end of period $ $ $ $ $ This information is derived from the Fund s audited annual and/or unaudited interim financial statements. Periods beginning on or after January 1, 2013 follow International Financial Reporting Standards (IFRS) and periods prior to January 1, 2013 follow Canadian Generally ccepted ccounting Principles (Canadian GP). The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value calculated for fund pricing purposes. n explanation of these differences can be found in the notes to financial statements. B Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of units outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per unit. C Distributions were paid in cash or reinvested in additional units of the Fund, or both, and excludes distributions of management fee reductions to unitholders. Distributions are presented based on management s best estimate of the tax character. D This information is provided as at period end of the year shown. E Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset values during the period, including the Fund s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. Effective November 1, 2014, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. F The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund s pro-rata share of estimated trading costs incurred in any underlying investment fund, if applicable. G The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser manages its portfolio investments. portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher the Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. 4

7 Fidelity siastar Fund Series B Periods ended March 31, The Series Net ssets per Unit Net assets, beginning of period B $ $ $ $ $ Increase (decrease) from operations: Total revenue Total expenses (excluding distributions) (.4460) (.4144) (.4034) (.2601) (.2647) Realized gains (losses) (.7171) Unrealized gains (losses) (2.3415) (.0291).5372 (.6618) Total increase (decrease) from operations B (1.0672) (1.3950) Distributions: From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions B,C Net assets, end of period B $ $ $ $ $ Ratios and Supplemental Data Net asset value (000s) D $ 42,584 $ 53,478 $ 49,909 $ 44,644 $ 49,638 Units outstanding D 2,695,844 3,175,070 3,672,129 3,656,564 4,451,386 Management expense ratio E 2.38% 2.42% 2.44% 2.42% 2.40% Management expense ratio before waivers or absorptions E 2.43% 2.44% 2.44% 2.42% 2.40% Trading expense ratio F.13%.25%.51%.57%.58% Portfolio turnover rate G 56% 64% 107% 127% 123% Net asset value per unit, end of period $ $ $ $ $ This information is derived from the Fund s audited annual and/or unaudited interim financial statements. Periods beginning on or after January 1, 2013 follow International Financial Reporting Standards (IFRS) and periods prior to January 1, 2013 follow Canadian Generally ccepted ccounting Principles (Canadian GP). The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value calculated for fund pricing purposes. n explanation of these differences can be found in the notes to financial statements. B Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of units outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per unit. C Distributions were paid in cash or reinvested in additional units of the Fund, or both, and excludes distributions of management fee reductions to unitholders. Distributions are presented based on management s best estimate of the tax character. D This information is provided as at period end of the year shown. E Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset values during the period, including the Fund s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. Effective November 1, 2014, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. F The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund s pro-rata share of estimated trading costs incurred in any underlying investment fund, if applicable. G The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser manages its portfolio investments. portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher the Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. 5

8 Financial Highlights continued Fidelity siastar Fund Series F Periods ended March 31, The Series Net ssets per Unit Net assets, beginning of period B $ $ $ $ $ Increase (decrease) from operations: Total revenue Total expenses (excluding distributions) (.2731) (.2605) (.2621) (.1432) (.1438) Realized gains (losses) (.7248) Unrealized gains (losses) (2.7988) (.6562) Total increase (decrease) from operations B (1.1562) (1.2678) Distributions: From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions B,C Net assets, end of period B $ $ $ $ $ Ratios and Supplemental Data Net asset value (000s) D $ 4,643 $ 6,350 $ 5,124 $ 6,266 $ 6,739 Units outstanding D 273, , , , ,245 Management expense ratio E 1.22% 1.26% 1.30% 1.29% 1.28% Management expense ratio before waivers or absorptions E 1.28% 1.29% 1.30% 1.29% 1.28% Trading expense ratio F.13%.25%.51%.57%.58% Portfolio turnover rate G 56% 64% 107% 127% 123% Net asset value per unit, end of period $ $ $ $ $ This information is derived from the Fund s audited annual and/or unaudited interim financial statements. Periods beginning on or after January 1, 2013 follow International Financial Reporting Standards (IFRS) and periods prior to January 1, 2013 follow Canadian Generally ccepted ccounting Principles (Canadian GP). The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value calculated for fund pricing purposes. n explanation of these differences can be found in the notes to financial statements. B Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of units outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per unit. C Distributions were paid in cash or reinvested in additional units of the Fund, or both, and excludes distributions of management fee reductions to unitholders. Distributions are presented based on management s best estimate of the tax character. D This information is provided as at period end of the year shown. E Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset values during the period, including the Fund s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. Effective November 1, 2014, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. F The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund s pro-rata share of estimated trading costs incurred in any underlying investment fund, if applicable. G The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser manages its portfolio investments. portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher the Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. 6

9 Fidelity siastar Fund Series O Periods ended March 31, The Series Net ssets per Unit Net assets, beginning of period B $ $ $ $ $ Increase (decrease) from operations: Total revenue Total expenses (excluding distributions) (.0647) (.0765) (.0871) Realized gains (losses) (.7826) Unrealized gains (losses) (2.5575) (.0089).5487 (.8050) Total increase (decrease) from operations B (.7176) (1.3288) Distributions: From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions B,C Net assets, end of period B $ $ $ $ $ Ratios and Supplemental Data Net asset value (000s) D $ 5,224 $ 6,117 $ 5,845 $ 5,856 $ 7,206 Units outstanding D 284, , , , ,344 Management expense ratio E % % % % % Management expense ratio before waivers or absorptions E % % % % % Trading expense ratio F.13%.25%.51%.57%.58% Portfolio turnover rate G 56% 64% 107% 127% 123% Net asset value per unit, end of period $ $ $ $ $ This information is derived from the Fund s audited annual and/or unaudited interim financial statements. Periods beginning on or after January 1, 2013 follow International Financial Reporting Standards (IFRS) and periods prior to January 1, 2013 follow Canadian Generally ccepted ccounting Principles (Canadian GP). The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value calculated for fund pricing purposes. n explanation of these differences can be found in the notes to financial statements. B Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of units outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per unit. C Distributions were paid in cash or reinvested in additional units of the Fund, or both. Distributions are presented based on management s best estimate of the tax character. D This information is provided as at period end of the year shown. E No fees are charged to the Series, but investors may be charged a negotiated management fee. F The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund s pro-rata share of estimated trading costs incurred in any underlying investment fund, if applicable. G The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser manages its portfolio investments. portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher the Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. 7

10 Financial Highlights continued Fidelity siastar Fund Series E1 Periods ended March 31, 2016 The Series Net ssets per Unit B Net assets, beginning of period C $ Increase (decrease) from operations: Total revenue.0686 Total expenses (excluding distributions) (.0424) Realized gains (losses) (.0408) Unrealized gains (losses).4296 Total increase (decrease) from operations C.4150 Distributions: From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions C,D Net assets, end of period C $ Ratios and Supplemental Data Net asset value (000s) E $ 3,370 Units outstanding E 337,150 Management expense ratio F 2.30% Management expense ratio before waivers or absorptions F 2.34% Trading expense ratio G.13% Portfolio turnover rate H 56% Net asset value per unit, end of period $ For the period February 5, 2016 (commencement of sale of units) to March 31, B This information is derived from the Fund s audited annual and/or unaudited interim financial statements. The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value calculated for fund pricing purposes. n explanation of these differences can be found in the notes to financial statements. C Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of units outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per unit. D Distributions were paid in cash or reinvested in additional units of the Fund, or both, and excludes distributions of management fee reductions to unitholders. Distributions are presented based on management s best estimate of the tax character. E This information is provided as at period end of the year shown. F Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset values during the period, including the Fund s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. Effective February 9, 2016, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. G The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund s pro-rata share of estimated trading costs incurred in any underlying investment fund, if applicable. H The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser manages its portfolio investments. portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher the Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. 8

11 Fidelity siastar Fund Series E2 Periods ended March 31, 2016 The Series Net ssets per Unit B Net assets, beginning of period C $ Increase (decrease) from operations: Total revenue.0664 Total expenses (excluding distributions) (.0408) Realized gains (losses) (.0417) Unrealized gains (losses).4452 Total increase (decrease) from operations C.4291 Distributions: From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions C,D Net assets, end of period C $ Ratios and Supplemental Data Net asset value (000s) E $ 668 Units outstanding E 66,853 Management expense ratio F 2.22% Management expense ratio before waivers or absorptions F 2.27% Trading expense ratio G.13% Portfolio turnover rate H 56% Net asset value per unit, end of period $ For the period February 5, 2016 (commencement of sale of units) to March 31, B This information is derived from the Fund s audited annual and/or unaudited interim financial statements. The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value calculated for fund pricing purposes. n explanation of these differences can be found in the notes to financial statements. C Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of units outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per unit. D Distributions were paid in cash or reinvested in additional units of the Fund, or both, and excludes distributions of management fee reductions to unitholders. Distributions are presented based on management s best estimate of the tax character. E This information is provided as at period end of the year shown. F Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset values during the period, including the Fund s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. Effective February 9, 2016, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. G The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund s pro-rata share of estimated trading costs incurred in any underlying investment fund, if applicable. H The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser manages its portfolio investments. portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher the Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. 9

12 Financial Highlights continued Fidelity siastar Fund Series E3 Periods ended March 31, 2016 The Series Net ssets per Unit B Net assets, beginning of period C $ Increase (decrease) from operations: Total revenue.0645 Total expenses (excluding distributions) (.0403) Realized gains (losses) (.0339) Unrealized gains (losses).4016 Total increase (decrease) from operations C.3919 Distributions: From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions C,D Net assets, end of period C $ Ratios and Supplemental Data Net asset value (000s) E $ 7 Units outstanding E 713 Management expense ratio F 2.18% Management expense ratio before waivers or absorptions F 2.25% Trading expense ratio G.13% Portfolio turnover rate H 56% Net asset value per unit, end of period $ For the period February 5, 2016 (commencement of sale of units) to March 31, B This information is derived from the Fund s audited annual and/or unaudited interim financial statements. The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value calculated for fund pricing purposes. n explanation of these differences can be found in the notes to financial statements. C Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of units outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per unit. D Distributions were paid in cash or reinvested in additional units of the Fund, or both, and excludes distributions of management fee reductions to unitholders. Distributions are presented based on management s best estimate of the tax character. E This information is provided as at period end of the year shown. F Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset values during the period, including the Fund s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. Effective February 9, 2016, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. G The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund s pro-rata share of estimated trading costs incurred in any underlying investment fund, if applicable. H The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser manages its portfolio investments. portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher the Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. 10

13 Fidelity siastar Fund Series E4 Periods ended March 31, 2016 The Series Net ssets per Unit B Net assets, beginning of period C $ Increase (decrease) from operations: Total revenue.0600 Total expenses (excluding distributions) (.0400) Realized gains (losses) (.0100) Unrealized gains (losses) (.0100) Total increase (decrease) from operations C Distributions: From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions C,D Net assets, end of period C $ Ratios and Supplemental Data Net asset value (000s) E $ 1 Units outstanding E 100 Management expense ratio F 2.09% Management expense ratio before waivers or absorptions F 2.51% Trading expense ratio G.13% Portfolio turnover rate H 56% Net asset value per unit, end of period $ For the period February 5, 2016 (commencement of sale of units) to March 31, B This information is derived from the Fund s audited annual and/or unaudited interim financial statements. The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value calculated for fund pricing purposes. n explanation of these differences can be found in the notes to financial statements. C Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of units outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per unit. D Distributions were paid in cash or reinvested in additional units of the Fund, or both, and excludes distributions of management fee reductions to unitholders. Distributions are presented based on management s best estimate of the tax character. E This information is provided as at period end of the year shown. F Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset values during the period, including the Fund s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. Effective February 9, 2016, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. G The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund s pro-rata share of estimated trading costs incurred in any underlying investment fund, if applicable. H The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser manages its portfolio investments. portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher the Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. 11

14 Financial Highlights continued Fidelity siastar Fund Series P1 Periods ended March 31, 2016 The Series Net ssets per Unit B Net assets, beginning of period C $ Increase (decrease) from operations: Total revenue.0769 Total expenses (excluding distributions) (.0486) Realized gains (losses).1512 Unrealized gains (losses) (.7024) Total increase (decrease) from operations C (.5229) Distributions: From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions C,D Net assets, end of period C $ Ratios and Supplemental Data Net asset value (000s) E $ 387 Units outstanding E 41,265 Management expense ratio F 1.18% Management expense ratio before waivers or absorptions F 1.22% Trading expense ratio G.13% Portfolio turnover rate H 56% Net asset value per unit, end of period $ For the period December 4, 2015 (commencement of sale of units) to March 31, B This information is derived from the Fund s audited annual and/or unaudited interim financial statements. The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value calculated for fund pricing purposes. n explanation of these differences can be found in the notes to financial statements. C Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of units outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per unit. D Distributions were paid in cash or reinvested in additional units of the Fund, or both, and excludes distributions of management fee reductions to unitholders. Distributions are presented based on management s best estimate of the tax character. E This information is provided as at period end of the year shown. F Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset values during the period, including the Fund s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. Effective December 8, 2015, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. G The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund s pro-rata share of estimated trading costs incurred in any underlying investment fund, if applicable. H The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser manages its portfolio investments. portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher the Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. 12

15 Fidelity siastar Fund Series P2 Periods ended March 31, 2016 The Series Net ssets per Unit B Net assets, beginning of period C $ Increase (decrease) from operations: Total revenue.0700 Total expenses (excluding distributions) (.0200) Realized gains (losses).1500 Unrealized gains (losses) (.8200) Total increase (decrease) from operations C (.6200) Distributions: From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions C,D Net assets, end of period C $ Ratios and Supplemental Data Net asset value (000s) E $ 1 Units outstanding E 100 Management expense ratio F.86% Management expense ratio before waivers or absorptions F 1.04% Trading expense ratio G.13% Portfolio turnover rate H 56% Net asset value per unit, end of period $ For the period December 4, 2015 (commencement of sale of units) to March 31, B This information is derived from the Fund s audited annual and/or unaudited interim financial statements. The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value calculated for fund pricing purposes. n explanation of these differences can be found in the notes to financial statements. C Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of units outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per unit. D Distributions were paid in cash or reinvested in additional units of the Fund, or both, and excludes distributions of management fee reductions to unitholders. Distributions are presented based on management s best estimate of the tax character. E This information is provided as at period end of the year shown. F Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset values during the period, including the Fund s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. Effective December 8, 2015, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. G The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund s pro-rata share of estimated trading costs incurred in any underlying investment fund, if applicable. H The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser manages its portfolio investments. portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher the Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. 13

16 Financial Highlights continued Fidelity siastar Fund Series P3 Periods ended March 31, 2016 The Series Net ssets per Unit B Net assets, beginning of period C $ Increase (decrease) from operations: Total revenue.0700 Total expenses (excluding distributions) (.0300) Realized gains (losses).1500 Unrealized gains (losses) (.8100) Total increase (decrease) from operations C (.6200) Distributions: From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions C,D Net assets, end of period C $ Ratios and Supplemental Data Net asset value (000s) E $ 1 Units outstanding E 100 Management expense ratio F.86% Management expense ratio before waivers or absorptions F.86% Trading expense ratio G.13% Portfolio turnover rate H 56% Net asset value per unit, end of period $ For the period December 4, 2015 (commencement of sale of units) to March 31, B This information is derived from the Fund s audited annual and/or unaudited interim financial statements. The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value calculated for fund pricing purposes. n explanation of these differences can be found in the notes to financial statements. C Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of units outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per unit. D Distributions were paid in cash or reinvested in additional units of the Fund, or both, and excludes distributions of management fee reductions to unitholders. Distributions are presented based on management s best estimate of the tax character. E This information is provided as at period end of the year shown. F Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset values during the period, including the Fund s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. Effective December 8, 2015, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. G The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund s pro-rata share of estimated trading costs incurred in any underlying investment fund, if applicable. H The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser manages its portfolio investments. portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher the Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. 14

17 Management and dvisory Fees Fidelity serves as manager and investment advisor of the Fund. The Fund pays Fidelity a monthly management and advisory fee for their services, based on the net asset value of each Series, calculated daily and payable monthly. Fidelity uses these management fees to pay for sales and trailing commissions to registered dealers on the distribution of the Fund units, as well as for the general investment management expenses. Dealer compensation represents cash commissions paid by Fidelity to registered dealers during the period and includes upfront deferred sales charge and trailing commissions. This amount may, in certain circumstances, exceed 100% of the fees earned by Fidelity during the period. For new Classes/Funds or Series the amounts presented may not be indicative of longer term operating periods. Management Fees Dealer Compensation Investment management, administration and other Series 2.000% 33.75% 66.25% Series B 1.850% 54.05% 44.95% Series F 0.850% % Series E % 54.79% 45.21% Series E % 55.56% 44.44% Series E % 56.34% 43.66% Series E % 57.97% 42.03% Series P % % Series P % % Series P % % 15

18 Fidelity siastar Fund Past Performance The performance information shown assumes that all distributions made by the Fund in the periods shown were reinvested in additional securities of the Fund. The performance information does not take into account sales, redemption, distribution or other optional charges that would have reduced returns or performance. How the Fund has performed in the past does not necessarily indicate how it will perform in the future. Year-by-Year Returns The following bar chart shows the Fund s annual performance for each of the years shown, and illustrates how the Fund s performance was changed from year to year. In percentage terms, the bar chart shows how much an investment made on the first day of each financial year would have grown or decreased by the last day of each financial year. Series Fiscal Years Percentage (%) Since the Commencement of Operations, from May 4, 2006 to March 31, Series B Fiscal Years Percentage (%) Since the Commencement of Operations, from May 4, 2006 to March 31, Series F Fiscal Years Percentage (%) Since the Commencement of Operations, from May 4, 2006 to March 31,

19 Series O Fiscal Years Percentage (%) Since the Commencement of Operations, from Mary 4, 2006 to March 31, Series E1 Fiscal Years Percentage (%) Since the Commencement of Operations, from February 5, 2016 to March 31, Series E2 Fiscal Years Percentage (%) Since the Commencement of Operations, from February 5, 2016 to March 31,

20 Fidelity siastar Fund Past Performance continued Series E3 Fiscal Years Percentage (%) Since the Commencement of Operations, from February 5, 2016 to March 31, Series E4 Fiscal Years Percentage (%) Since the Commencement of Operations, from February 5, 2016 to March 31, Series P1 Fiscal Years Percentage (%) Since the Commencement of Operations, from December 4, 2015 to March 31,

21 Series P2 Fiscal Years Percentage (%) Since the Commencement of Operations, from December 4, 2015 to March 31, Series P3 Fiscal Years Percentage (%) Since the Commencement of Operations, from December 4, 2015 to March 31, nnual Compound Returns This table shows the Fund s historical annual compound total returns for the periods indicated, compared with a broad-based benchmark, the MSCI CWI (ll Country World Index) Index, and the Fund s benchmark, the MSCI C (ll Country) sia Pacific Index. verage nnual Total Returns Past 1 year Past 3 years Past 5 years Since Inception Fidelity siastar Fund - Series (6.3)% 8.6% 4.7% 4.8% Fidelity siastar Fund - Series B (6.1)% 8.9% 4.9% 5.0% Fidelity siastar Fund - Series F (5.0)% 10.2% 6.1% 6.2% Fidelity siastar Fund - Series O (3.9)% 11.5% 7.4% 7.6% Fidelity siastar Fund - Series E1 n/a n/a n/a 0.0% Fidelity siastar Fund - Series E2 n/a n/a n/a 0.0% Fidelity siastar Fund - Series E3 n/a n/a n/a 0.0% Fidelity siastar Fund - Series E4 n/a n/a n/a 0.0% Fidelity siastar Fund - Series P1 n/a n/a n/a (6.2)% Fidelity siastar Fund - Series P2 n/a n/a n/a (6.2)% Fidelity siastar Fund - Series P3 n/a n/a n/a (6.2)% MSCI C (ll Country) sia Pacific Index (7.8)% 9.2% 7.5% 6.2% MSCI CWI (ll Country World Index) Index (2.3)% 14.4% 11.4% 5.3% The period used for the since inception MSCI C (ll Country) sia Pacific Index and MSCI CWI (ll Country World Index) Index returns are based on Series which has been in existence the longest compared to all Series with less than 10 years of operations. Fidelity siastar Fund, Series B, underperformed the broad global equity markets, as represented by the MSCI CWI (ll Country World Index) Index, for the past one-year period. Market overview: Global equities fell during the period amid concerns about the economic slowdown in China and the implications it would have for global growth. sian markets were the worst-performing markets; investors were worried about China s slowing economy and rising prospects of an increase 19

22 Fidelity siastar Fund Past Performance continued in U.S. interest rates. European markets followed global equity markets, registering negative returns during the review period. The U.S. was among the best-performing markets, registering a positive return, supported by encouraging economic data releases and news of central banks in Europe and China increasing their efforts to boost their weak economies. Canadian equities also declined, due to falling oil prices that drove down the stock prices of energy companies. The Fund underperformed the broad global equity index, primarily due to its holdings in Japan and India. dditionally, the Fund s lack of exposure to the U.S. market, in line with its mandate, detracted from relative performance. Factors affecting performance: The Fund s benchmark, the MSCI C (ll Country) sia Pacific Index, returned -7.8% for the one-year period under review. The Fund outperformed the benchmark, primarily due to its holdings in the materials and health care sectors. In the materials sector, positions in ustralia s mcor and South Korea s LG Chemical contributed to relative performance. In the health care sector, Japan s Ono Pharmaceutical and Hong Kong s Sino Biopharmaceutical made top contributions. In contrast, the Fund s holdings in the consumer staples sector detracted from relative performance, with top detractions made by BGF Retail in South Korea and Kao Corporation of Japan. t the end of the review period, the Fund did not having exposure to these stocks. The MSCI CWI (ll Country World Index) Index is an unmanaged, free float-adjusted, market capitalization-weighted index composed of stocks of companies located in countries throughout the world. It is designed to measure equity market performance in global developed and emerging markets. The MSCI C (ll Country) sia Pacific Index is a free float-adjusted, market capitalization-weighted index that is designed to measure the equity market performance of the developed and emerging markets in the sia-pacific region. Effective December 21, 2009 the Fund added a fund-specific benchmark, the MSCI C (ll Country) sia Pacific Index. Previously the Fund was not managed to a specific benchmark. Each Series will have different returns due to differences in management fees and expenses. 20

23 Fidelity siastar Fund Summary of Investment Portfolio as at March 31, 2016 Sector Mix as of March 31, 2016 % of Fund s Net ssets Consumer Discretionary 19.6 Financials 19.0 Health Care 14.9 Information Technology 14.5 Consumer Staples 8.2 Industrials 6.8 Telecommunication Services 5.9 Materials 5.7 Utilities 3.0 Cash and Cash Equivalents 2.0 Net Other ssets (Liabilities) 0.4 Geographic Mix as of March 31, 2016 % of Fund s Net ssets Japan 41.9 Cayman Islands 9.7 Korea (South) 8.6 ustralia 7.2 Hong Kong 7.0 Taiwan 4.5 India 4.5 China 4.4 New Zealand 2.8 Philippines 2.3 Thailand 1.3 Indonesia 1.2 Bermuda 1.0 Others (Individually Less Than 1%) 1.2 Cash and Cash Equivalents 2.0 Net Other ssets (Liabilities) 0.4 Top 25 Issuers % of Fund s Net ssets 1. Taiwan Semiconductor Manufacturing Co. Ltd Tencent Holdings Ltd Techtronic Industries Co. Ltd stellas Pharma, Inc HDFC Bank Ltd KDDI Corp Shenzhou International Group Holdings Ltd Cash and Cash Equivalents Japan Tobacco, Inc ORIX Corp Toyota Motor Corp I Group Ltd Nippon Telegraph & Telephone Corp Korea Electric Power Corp KT&G Corp mcor Ltd LG Chemical Ltd CSL Ltd PICC Property & Casualty Co. Ltd Ono Pharmaceutical Co. Ltd Mitsubishi UFJ Financial Group, Inc Sony Corp Sino Biopharmaceutical Ltd LG Household & Health Care Ltd Nufarm Finance (NZ) Ltd. 1.2 Total Fund Net ssets $67,810, The summary of investment portfolio may change due to ongoing portfolio transactions of the investment fund. The most recent annual report, semi-annual report, quarterly report, fund facts document or simplified prospectus for the investment fund and/or underlying fund is available at no cost, by calling , by writing to us at Fidelity Investments Canada ULC, 483 Bay St. Suite 300, Toronto ON M5G 2N7 or by visiting our web site at or SEDR at 21

24 Fidelity Investments Canada ULC 483 Bay Street, Suite 300 Toronto, Ontario M5G 2N7 Manager, Transfer gent and Registrar Fidelity Investments Canada ULC 483 Bay Street, Suite 300 Toronto, Ontario M5G 2N7 Custodian State Street Trust Company of Canada Toronto, Ontario Portfolio dviser Fidelity Investments Canada ULC 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. s 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. Fund s investments may change at any time. Fidelity Investments is a registered trademark of FMR LLC E FICL-SF-MRFP-0616