Fidelity Canadian Balanced Fund Semi-Annual Report December 31, 2015 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 Canadian Balanced Fund Schedule of Investments December 31, 2015 (Unaudited) Showing Percentage of Net Assets Attributable to Holders of Redeemable Units (Net Assets) Equities 47.0% Shares Bailiwick of Jersey 0.0% CONSUMER DISCRETIONARY 0.0% Delphi Automotive PLC 8,425 $ 160 $ 999 Bermuda 1.0% FINANCIALS 1.0% Brookfield Property Partners LP 2,231,500 50,143 71,899 Brazil 0.0% MATERIALS 0.0% Manabi Holding SA 4,745 2,184 387 Canada 28.5% CONSUMER DISCRETIONARY 6.1% Dollarama, Inc. 695,000 41,541 55,558 Gildan Activewear, Inc. 3,667,076 86,329 144,263 Restaurant Brands International, Inc. 4,241,611 182,468 219,508 Uni Select, Inc. 307,000 20,103 21,033 TOTAL CONSUMER DISCRETIONARY 330,441 440,362 CONSUMER STAPLES 2.5% Alimentation Couche Tard, Inc. Class B (sub. vtg.) 1,732,400 55,622 105,520 Loblaw Companies Ltd. 1,164,300 68,151 76,075 TOTAL CONSUMER STAPLES 123,773 181,595 ENERGY 4.1% ARC Resources Ltd. 1,717,100 35,076 28,676 Canadian Natural Resources Ltd. 1,296,900 38,098 39,192 Enbridge, Inc. 1,626,000 87,181 74,796 Keyera Corp. 1,225,000 50,011 49,319 Raging River Exploration, Inc. 4,913,200 42,601 41,123 Spartan Energy Corp. 6,985,000 25,052 16,485 Vermilion Energy, Inc. 1,285,800 69,978 48,359 TOTAL ENERGY 347,997 297,950 FINANCIALS 5.2% Brookfield Asset Management, Inc. Class A 4,856,250 184,306 211,975 Royal Bank of Canada 437,000 32,693 32,404 The Toronto Dominion Bank 2,432,300 90,027 131,928 TOTAL FINANCIALS 307,026 376,307 INDUSTRIALS 2.5% Canadian Pacific Railway Ltd. 903,600 141,482 159,693 Stantec, Inc. 648,330 17,357 22,251 TOTAL INDUSTRIALS 158,839 181,944 INFORMATION TECHNOLOGY 1.1% Constellation Software, Inc. 139,100 78,475 80,244 MATERIALS 5.8% Canfor Corp. 568,000 14,866 11,468 CCL Industries, Inc. Class B 266,900 20,355 59,884 Intertape Polymer Group, Inc. 2,615,000 32,940 48,874 Shares Methanex Corp. 2,336,800 $ 101,339 $ 106,792 Silver Wheaton Corp. 2,329,800 49,781 40,073 Stella Jones, Inc. 1,110,600 40,927 58,318 Tahoe Resources, Inc. 2,726,505 43,639 32,636 West Fraser Timber Co. Ltd. 818,300 29,876 42,985 Winpak Ltd. 474,700 19,794 21,627 TOTAL MATERIALS 353,517 422,657 TELECOMMUNICATION SERVICES 1.2% Rogers Communications, Inc. Class B (non vtg.) 1,861,300 98,428 88,821 TOTAL CANADA 1,798,496 2,069,880 Ireland 1.3% HEALTH CARE 1.3% Allergan PLC 5.50% 3,200 3,976 4,561 Medtronic PLC 878,400 78,104 93,492 TOTAL HEALTH CARE 82,080 98,053 Israel 0.9% HEALTH CARE 0.9% Teva Pharmaceutical Industries Ltd. 2,050 2,734 2,886 Teva Pharmaceutical Industries Ltd. sponsored ADR 652,100 52,383 59,228 TOTAL HEALTH CARE 55,117 62,114 Netherlands 0.1% INFORMATION TECHNOLOGY 0.0% NXP Semiconductors NV 17,886 2,068 2,085 MATERIALS 0.1% LyondellBasell Industries NV Class A 17,783 307 2,138 TOTAL NETHERLANDS 2,375 4,223 South Africa 0.0% MATERIALS 0.0% AngloGold Ashanti Ltd. sponsored ADR 24,609 324 242 United States of America 15.2% CONSUMER DISCRETIONARY 1.7% AutoZone, Inc. 72,100 66,365 74,016 Chassix Holdings, Inc. 10,140 303 399 Cumulus Media, Inc. Class A 224,000 1,164 102 Extended Stay America, Inc. unit 70,000 1,663 1,540 General Motors Co. 56,571 2,042 2,662 General Motors Co.: warrants 7/10/16 2,753 81 93 warrants 7/10/19 2,753 59 62 Houghton Mifflin Harcourt Co. warrants 6/22/19 (a) 532 231 9 Semi-Annual Reportport 2
Equities continued Shares United States of America continued CONSUMER DISCRETIONARY continued Starbucks Corp. 220,000 $ 18,348 $ 18,274 Vista Outdoor, Inc. 450,242 22,269 27,730 TOTAL CONSUMER DISCRETIONARY 112,525 124,887 CONSUMER STAPLES 2.7% CVS Health Corp. 847,400 66,347 114,640 Kroger Co. 773,400 36,960 44,765 Reynolds American, Inc. 585,000 36,583 37,357 TOTAL CONSUMER STAPLES 139,890 196,762 ENERGY 0.0% Southwestern Energy Co. Series B 6.25% 20,500 1,226 526 The Williams Companies, Inc. 12,500 643 445 TOTAL ENERGY 1,869 971 FINANCIALS 3.1% American Tower Corp. 5.50% 4,700 589 657 Citigroup, Inc. 859,310 46,355 61,532 GMAC Capital Trust I Series 2, 8.125% 117,329 2,872 4,117 Moody s Corp. 722,000 82,950 100,243 Motors Liquidation Co. GUC Trust 9,236 0 186 Wells Fargo & Co. 700,000 51,766 52,653 Wells Fargo & Co. 5.85% 89,455 2,329 3,233 TOTAL FINANCIALS 186,861 222,621 HEALTH CARE 2.6% Cardinal Health, Inc. 109,900 10,550 13,575 Charles River Laboratories International, Inc. 368,686 36,945 41,011 Legend Acquisition, Inc. 1,520 25 32 Legend Acquisition, Inc.: Class A warrants 10,459 0 0 Class B warrants 13,792 0 0 The Cooper Companies, Inc. 262,410 45,335 48,728 Thermo Fisher Scientific, Inc. 440,880 54,469 86,535 TOTAL HEALTH CARE 147,324 189,881 INDUSTRIALS 2.1% Snap On, Inc. 375,110 38,216 88,979 Spirit Airlines, Inc. 1,174,369 34,659 64,755 WP Rocket Holdings, Inc. (a) 3,029,986 811 252 TOTAL INDUSTRIALS 73,686 153,986 INFORMATION TECHNOLOGY 2.1% Alphabet, Inc. Class C 78,600 75,096 82,535 Cypress Semiconductor Corp. 2,366 17 32 Visa, Inc. Class A 653,800 69,243 70,157 TOTAL INFORMATION TECHNOLOGY 144,356 152,724 INVESTMENT COMPANIES 0.4% SPDR Gold Trust ETF 205,900 28,883 28,906 MATERIALS 0.5% The Dow Chemical Co. 470,000 35,986 33,479 Shares TELECOMMUNICATION SERVICES 0.0% Broadview Networks Holdings, Inc. 71,338 $ 965 $ 143 UTILITIES 0.0% NRG Yield, Inc. Class C 57,400 1,566 1,172 TOTAL UNITED STATES OF AMERICA 873,911 1,105,532 TOTAL EQUITIES 2,864,790 3,413,329 Bonds 46.9% Domestic Bonds 35.7% 1011778 BC ULC/ New Red Finance, Inc. 4.625% 1/15/22 560 USD $ 672 $ 777 Aeroports de Montreal: 3.919% 9/26/42 $ 1,230 $ 1,169 1,257 5.17% 9/17/35 5,500 5,332 6,607 Alberta Province: 1.25% 6/1/20 26,570 26,358 26,450 3.45% 12/1/43 17,910 16,633 18,420 Algonquin Power Co. 4.65% 2/15/22 1,000 999 1,051 Alimentation Couche Tard, Inc.: 3.6% 6/2/25 4,120 4,120 4,153 4.214% 8/21/20 2,490 2,553 2,686 Alliance Pipeline LP: 4.928% 12/16/19 880 880 946 5.546% 12/31/23 1,658 1,791 1,805 6.765% 12/31/25 179 179 207 Allied Properties (REIT) 3.748% 5/13/20 1,070 1,070 1,072 AltaGas Income Trust 5.49% 3/27/17 4,580 4,628 4,778 AltaGas Ltd.: 3.72% 9/28/21 2,800 2,799 2,894 3.84% 1/15/25 1,685 1,685 1,686 4.55% 1/17/19 5,800 5,800 6,171 AltaLink Investments LP: 3.265% 6/5/20 3,800 3,800 3,947 3.674% 6/5/19 11,150 11,150 11,702 5.207% 12/16/16 4,620 4,620 4,772 AltaLink LP: 4.054% 11/21/44 (Reg. S) 5,000 5,139 5,011 4.09% 6/30/45 3,150 3,150 3,155 Aon Finance NS 1 ULC 4.76% 3/8/18 14,470 14,750 15,289 Bank of Montreal: 2.1% 10/6/20 6,520 6,519 6,561 2.24% 12/11/17 16,880 16,845 17,172 2.43% 3/4/19 6,600 6,747 6,766 3.12% 9/19/24 (b) 6,830 6,830 6,880 3 Semi-Annual Report
Fidelity Canadian Balanced Fund Schedule of Investments (Unaudited) continued Bonds continued Domestic Bonds continued Bank of Montreal: continued 3.21% 9/13/18 $ 4,870 $ 4,870 $ 5,091 3.34% 12/8/25 (Reg. S) (b) 5,500 5,498 5,532 5.1% 4/21/21 (b) 320 337 324 6.17% 3/28/23 (b) 2,000 2,229 2,188 Bank of Nova Scotia: 1.33% 5/1/18 2,300 2,299 2,292 2.09% 9/9/20 3,160 3,160 3,163 2.13% 6/15/20 7,060 7,058 7,102 2.37% 1/11/18 5,770 5,768 5,880 2.4% 10/28/19 6,450 6,449 6,582 2.462% 3/14/19 2,000 2,000 2,048 2.58% 3/30/27 (b) 6,260 6,258 5,918 2.75% 8/13/18 11,050 11,112 11,394 2.873% 6/4/21 6,580 6,580 6,804 2.898% 8/3/22 (b) 8,460 8,679 8,613 3.367% 12/8/25 (Reg. S) (b) 4,610 4,610 4,634 6.65% 1/22/21 (b) 3,950 4,046 3,960 Bauer Performance Sports Ltd. Tranche B, term loan 4.5% 4/15/21 (b) 389 USD 427 521 Baytex Energy Corp. 5.625% 6/1/24 310 USD 336 287 Bell Canada: 3.25% 6/17/20 3,800 3,797 3,952 3.35% 3/22/23 5,220 5,142 5,322 3.54% 6/12/20 2,410 2,410 2,535 4.4% 3/16/18 9,970 9,996 10,537 4.88% 4/26/18 4,275 4,301 4,570 4.95% 5/19/21 3,150 3,138 3,524 6.17% 2/26/37 7,600 7,344 8,938 6.55% 5/1/29 450 469 538 7% 9/24/27 859 808 1,072 7.3% 2/23/32 2,015 2,361 2,560 BMO Subordinated Notes Trust 5.75% 9/26/22 (b) 2,910 3,179 3,105 BMW Canada Auto Trust Series 2015 1: Class A2, 1.521% 7/20/17 3,640 3,640 3,646 Class A3, 1.634% 2/20/20 7,920 7,920 7,905 BMW Canada, Inc. 2.33% 5/23/18 4,420 4,419 4,485 Bow Centre Street LP 3.797% 6/13/23 7,780 7,780 7,841 BP LP 3.244% 1/9/20 6,820 6,820 7,092 Broadcast Centre Trust 7.53% 5/1/27 974 1,021 1,293 Brookfield Residential Properties, Inc./ Brookfield Residential U.S. Corp. 6.125% 7/1/22 415 USD $ 424 $ 531 Brookfield Residential Properties, Inc. 6.5% 12/15/20 365 USD 360 487 Calloway (REIT): 3.385% 12/1/17 $ 2,480 $ 2,480 2,545 3.749% 2/11/21 4,000 4,065 4,179 3.985% 5/30/23 6,000 6,011 6,218 4.05% 7/27/20 2,900 2,903 3,075 Cameco Corp.: 4.19% 6/24/24 5,060 5,058 5,194 5.67% 9/2/19 5,050 5,088 5,598 Canada Housing Trust No. 1: 1.25% 12/15/20 1,730 1,726 1,728 1.95% 6/15/19 40,170 41,121 41,493 2% 12/15/19 19,100 19,143 19,770 2.25% 12/15/25 5,540 5,523 5,635 2.35% 9/15/23 41,720 41,062 43,554 2.4% 12/15/22 12,550 12,500 13,183 2.65% 3/15/22 25,590 26,398 27,327 2.9% 6/15/24 12,000 12,781 12,973 Canada Post Corp. 4.36% 7/16/40 8,410 8,908 10,775 Canadian Commercial Mortgage Origination Trust Series 2015 3 Class A, 2.186% 6/12/20 4,045 4,045 4,052 Canadian Government: Real Return Bond 1.25% 12/1/47 19,300 22,778 23,268 1.5% 6/1/26 5,866 5,827 5,848 1.75% 3/1/19 43,000 44,551 44,622 2.25% 6/1/25 34,700 36,869 37,302 2.75% 12/1/48 11,200 12,243 12,708 3.5% 12/1/45 10,449 13,050 13,554 4% 6/1/41 23,050 29,704 31,314 5% 6/1/37 22,210 31,790 33,134 5.75% 6/1/33 14,970 20,610 23,149 Canadian Imperial Bank of Commerce: 1.85% 7/14/20 4,300 4,292 4,288 2.22% 3/7/18 6,330 6,338 6,436 3% 10/28/24 (b) 9,290 9,288 9,292 Canadian Natural Resources Ltd.: 2.89% 8/14/20 5,500 5,500 5,469 3.05% 6/19/19 3,430 3,428 3,482 Capital Desjardins, Inc. 5.541% 6/1/21 (b) 445 475 453 Semi-Annual Reportport 4
Bonds continued Domestic Bonds continued Caterpillar Financial Services Ltd. 1.75% 6/3/19 $ 1,890 $ 1,890 $ 1,884 CBC Monetization Trust 4.688% 5/15/27 2,041 2,041 2,408 Centre Hospitalier de l Universite de Montreal 4.448% 10/1/49 3,825 3,825 4,247 Centre Street Trust (REIT): 3.69% 6/14/21 4,140 4,140 4,239 3.693% 6/14/22 3,084 3,084 3,181 Choice Properties LP: 3% 9/20/19 930 933 958 3.6% 4/20/20 2,480 2,534 2,610 3.6% 9/20/21 1,160 1,167 1,214 3.6% 9/20/22 2,400 2,359 2,488 Choice Properties REIT: 2.297% 9/14/20 3,740 3,740 3,721 3.554% 7/5/18 4,670 4,670 4,860 4.055% 11/24/25 800 800 823 CI Financial Corp. 2.645% 12/7/20 9,168 9,168 9,237 CIT Canada Equipment Receivables Trust Series 2012 1 Class A2, 2.114% 12/20/16 158 158 158 City of Montreal: 3% 9/1/25 7,000 7,043 7,082 3.5% 9/1/23 5,320 5,174 5,685 4.25% 12/1/32 3,550 3,570 3,892 4.5% 12/1/21 5,210 5,442 5,883 City of Toronto: 3.5% 12/6/21 13,255 13,316 14,448 4.7% 6/10/41 2,600 2,589 3,067 4.95% 6/27/18 5,090 5,264 5,569 5.342% 7/18/27 2,694 2,841 3,180 CMLS Issuer Corp.: sequential payer Series 2014 1 Class A1, 2.659% 12/12/47 5,627 5,627 5,699 Series 2014 1 Class X, 1.0785% 12/12/47 (b)(c) 45,001 2,387 2,441 CNH Capital Canada Receivables Trust: Series 2013 2 Class A2, 1.941% 10/15/19 592 595 595 Series 2014 1 Class A2, 1.804% 10/15/20 5,362 5,365 5,380 Series 2015 1 Class A2, 1.353% 3/15/21 7,345 7,339 7,312 Column Canada Issuer Corp.: sequential payer Series 2006 WEM: Class A1, 4.591% 1/15/22 $ 24 $ 25 $ 24 Class A2, 4.934% 1/15/22 7,640 7,417 7,769 Series 2006 WEM: Class AX, 0.5433% 1/15/22 (b)(c) 119,156 428 275 Class B, 5.003% 1/15/22 1,615 1,554 1,642 Class H, 5.395% 1/15/22 2,600 2,445 2,647 Cominar (REIT) 4.164% 6/1/22 2,800 2,800 2,766 Concordia University 6.55% 9/2/42 5,520 6,762 7,865 CPPIB Capital, Inc. 1.4% 6/4/20 6,430 6,418 6,437 CT (REIT) 2.852% 6/9/22 2,373 2,373 2,369 CU, Inc. 3.964% 7/27/45 1,880 1,880 1,854 Daimler Canada Finance, Inc. 1.42% 10/2/18 2,450 2,450 2,421 Dream Office (REIT): 3.424% 6/13/18 3,350 3,354 3,374 4.074% 1/21/20 4,000 4,021 4,101 Durham District School Board 6.75% 11/19/19 2,180 2,500 2,611 Durham Regional Municipality 5.05% 1/25/20 1,180 1,175 1,347 Enbridge Gas Distribution, Inc. 3.31% 9/11/25 2,731 2,730 2,759 Enbridge Income Fund Holdings, Inc.: 3.94% 1/13/23 3,000 2,999 3,025 4% 12/20/18 1,400 1,400 1,464 4.1% 2/22/19 3,910 3,902 4,071 4.85% 11/12/20 4,400 4,396 4,768 4.85% 2/22/22 8,670 8,659 9,276 Enbridge Pipelines, Inc.: 4.49% 11/12/19 1,780 1,937 1,928 4.55% 9/29/45 2,131 2,118 2,080 Enbridge, Inc.: 4.24% 8/27/42 560 579 455 4.26% 2/1/21 5,060 5,263 5,270 4.77% 9/2/19 1,900 1,899 2,015 5% 8/9/16 1,400 1,420 1,426 5.12% 9/28/40 3,145 3,083 2,938 ENMAX Corp. 6.15% 6/19/18 6,197 6,312 6,814 5 Semi-Annual Report
Fidelity Canadian Balanced Fund Schedule of Investments (Unaudited) continued Bonds continued Domestic Bonds continued Farm Credit Canada 4.55% 4/12/21 $ 9,390 $ 9,420 $ 10,871 Finning International, Inc. 3.232% 7/3/20 2,750 2,800 2,853 First Capital Realty, Inc.: 3.9% 10/30/23 2,600 2,592 2,688 4.43% 1/31/22 5,590 5,604 6,037 4.5% 3/1/21 5,760 5,873 6,236 4.79% 8/30/24 520 522 567 5.48% 7/30/19 2,140 2,141 2,380 5.6% 4/30/20 1,500 1,524 1,689 5.85% 1/31/17 1,584 1,589 1,654 Ford Auto Securitization Trust: Series 2014 R2 Class A3, 1.972% 3/15/19 8,780 8,809 8,863 Series 2015 R4: Class A2, 1.671% 8/15/19 4,070 4,070 4,074 Class A3, 2% 11/15/20 3,740 3,740 3,776 Ford Credit Canada Ltd.: 2.45% 5/7/20 7,673 7,673 7,571 2.923% 9/16/20 1,870 1,870 1,874 2.939% 2/19/19 6,793 6,820 6,884 3.7% 8/2/18 5,618 5,697 5,806 Ford Floorplan Auto Securities Trust 2.063% 6/15/18 3,980 3,980 3,995 FortisAlberta, Inc.: 4.27% 9/22/45 820 819 858 4.54% 10/18/41 2,200 2,401 2,354 5.37% 10/30/39 800 899 954 5.85% 4/15/38 2,200 2,327 2,753 FortisBC, Inc.: 5% 11/24/50 1,150 1,148 1,330 6.1% 6/2/39 620 660 803 Garda World Security Corp.: 7.25% 11/15/21 280 USD 322 333 7.25% 11/15/21 110 USD 115 131 GE Capital Canada Funding Co.: 2.42% 5/31/18 4,400 4,400 4,496 4.4% 2/8/18 11,015 10,998 11,692 General Motors Financial of Canada Ltd.: 3.08% 5/22/20 4,530 4,528 4,524 3.25% 5/30/17 3,470 3,470 3,516 George Weston Ltd. 3.78% 10/25/16 1,400 1,400 1,426 Gibson Energy, Inc. 6.75% 7/15/21 85 USD 99 113 Great West Lifeco, Inc. 5.998% 11/16/39 4,920 4,960 6,178 Greater Toronto Airports Authority: 4.53% 12/2/41 $ 4,200 $ 4,343 $ 4,730 4.85% 6/1/17 3,320 3,369 3,486 6.98% 10/15/32 3,560 4,771 5,055 H&R (REIT) 4.45% 3/2/20 8,550 8,887 9,050 HCN Canadian Holdings 1 LP 3.35% 11/25/20 2,040 2,035 2,079 HSBC Bank of Canada: 2.078% 11/26/18 7,980 7,980 8,024 2.449% 1/29/21 4,130 4,130 4,143 4.8% 4/10/22 (b) 15,125 15,579 15,645 4.94% 3/16/21 (b) 3,010 3,149 3,029 IGM Financial, Inc.: 6% 12/10/40 3,000 3,046 3,749 7.35% 4/8/19 9,360 9,928 10,941 Institutional Mortgage Securities Canada, Inc.: sequential payer: Series 2011 1 Class A2, 4.697% 2/12/44 9,000 9,240 10,140 Series 2012 2 Class A1, 2.551% 7/12/45 3,795 3,795 3,861 Series 2011 1: Class B, 5.259% 2/12/44 925 925 1,041 Class C, 5.276% 2/12/44 (b) 1,850 1,783 2,065 Series 2013 3 Class A2, 2.607% 12/12/19 5,640 5,640 5,745 Series 2013 4 Class A1, 2.837% 4/12/23 5,827 5,827 5,985 Series 2014 5 Class X, 1.7503% 7/12/47 (b)(c) 33,079 1,595 1,620 Series 2015 1 Class A1, 1.936% 9/12/24 3,036 3,035 2,968 Series 2015 6: Class A2, 2.778% 3/12/25 4,120 4,120 3,926 Class X, 1.4862% 1/12/35 (b) 52,886 4,085 4,018 Intact Financial Corp.: 4.7% 8/18/21 3,510 3,508 3,871 5.16% 6/16/42 11,960 12,114 13,064 6.4% 11/23/39 2,840 2,825 3,602 Inter Pipeline Ltd.: 3.448% 7/20/20 2,460 2,460 2,560 3.776% 5/30/22 3,000 3,000 3,115 3.839% 7/30/18 4,030 4,030 4,218 Semi-Annual Reportport 6
Bonds continued Domestic Bonds continued Inter Pipeline Ltd.: continued 4.637% 5/30/44 $ 3,630 $ 3,630 $ 3,456 4.967% 2/2/21 1,325 1,325 1,467 Investors Group, Inc. 6.65% 12/13/27 615 690 787 John Deere Canada Funding, Inc. 2.05% 9/17/20 (Reg. S) 3,200 3,198 3,211 Labrador Island Link Funding Trust 3.76% 6/1/33 4,950 5,034 5,695 Lions Gate Entertainment Corp. 5.25% 8/1/18 1,335 USD 1,384 1,903 Loblaw Companies Ltd.: 6.15% 1/29/35 5,912 5,784 7,016 7% 6/7/40 5,670 5,998 7,293 Manitoba Province: 2.45% 6/2/25 5,130 5,204 5,131 2.85% 9/5/46 5,310 5,285 4,775 3.35% 3/5/43 4,510 4,488 4,482 4.1% 3/5/41 11,240 10,647 12,610 4.4% 3/5/42 1,080 1,079 1,271 7.75% 12/22/25 20,120 23,759 29,215 Manufacturers Life Insurance Co.: 3.181% 11/22/27 (Reg. S) (b) 2,610 2,610 2,642 4.21% 11/18/21 (b) 7,300 7,630 7,465 Maritimes & Northeast Pipeline LP 4.34% 11/30/19 624 624 644 MBARC Credit Canada, Inc.: Series 2014 A Class A2, 1.703% 11/15/16 2,484 2,484 2,485 Series 2015 A Class A3, 1.549% 2/18/20 4,780 4,780 4,779 McGill University 6.15% 9/22/42 3,725 4,321 5,220 McGill University Health Centre 5.36% 12/31/43 7,477 8,048 9,387 Merrill Lynch Financial Asset, Inc.: sequential payer: Series 2002 BC2P Class A, 6.673% 5/7/21 299 299 329 Series 2006 CA18 Class A3, 4.826% 3/12/39 1,897 1,998 1,901 Series 2002 CAN8 Class X1, 1.302% 11/12/34 (b)(c) 605 9 14 Series 2003 CA10 Class XC1, 1.3238% 6/12/35 (b)(c) $ 389 $ 0 $ 2 Series 2004 CA14 Class XC1, 0.286% 10/12/36 (b)(c) 472 0 0 Series 2006 B Class A2, 4.684% 10/12/39 (b) 2,924 3,035 2,962 Series 2007 CA23 Class A3, 5.487% 5/12/44 9,900 11,005 10,431 Metro, Inc.: 5.03% 12/1/44 3,850 3,848 3,885 5.97% 10/15/35 3,778 4,314 4,285 Municipal Finance Authority of British Columbia: 5.1% 11/20/18 3,850 3,836 4,293 5.35% 12/2/24 3,500 3,482 4,336 Muskrat Falls 3.63% 6/1/29 4,670 4,741 5,281 National Bank of Canada: 1.742% 3/3/20 3,260 3,260 3,235 2.404% 10/28/19 4,030 4,030 4,111 NAV Canada 7.56% 3/1/27 1,302 1,574 1,678 New Brunswick Province: 3.55% 6/3/43 21,770 21,281 22,041 4.65% 9/26/35 10,040 9,709 11,856 4.8% 9/26/39 1,600 1,571 1,945 4.8% 6/3/41 2,340 2,393 2,861 New Gold, Inc.: 6.25% 11/15/22 350 USD 350 385 7% 4/15/20 200 USD 198 249 Newfoundland & Labrador Hydro 3.6% 12/1/45 4,360 4,327 4,434 Newfoundland Province: 4.5% 4/17/37 2,290 2,300 2,649 6.5% 10/17/29 45 45 62 6.55% 10/17/30 1,000 1,043 1,399 North West Redwater Partnership/NWR Finanancing Co. Ltd.: 2.1% 2/23/22 6,200 6,188 6,070 3.7% 2/23/43 5,300 5,281 4,877 Northwest Territories Power Corp. 5.16% 9/13/40 3,216 3,216 3,783 Nova Gas Transmission Ltd. 8.875% 5/27/26 1,000 1,217 1,421 Nova Scotia Province: 4.5% 6/1/37 3,145 3,026 3,698 4.9% 6/1/35 3,550 3,577 4,368 5.8% 6/1/33 2,930 3,256 3,937 7 Semi-Annual Report
Fidelity Canadian Balanced Fund Schedule of Investments (Unaudited) continued Bonds continued Domestic Bonds continued Nova Scotia Province: continued 6.6% 12/1/31 $ 1,560 $ 1,688 $ 2,239 Omers Realty Corp. 3.04% 12/5/17 8,945 8,945 9,119 Ontario Infrastructure Project Corp. 4.7% 6/1/37 1,400 1,341 1,654 Ontario Province: 2.6% 6/2/25 31,000 31,796 31,684 2.85% 6/2/23 42,520 44,621 44,966 2.9% 12/2/46 2,000 1,916 1,879 3.15% 6/2/22 41,000 43,948 44,304 3.45% 6/2/45 4,300 4,465 4,492 3.5% 6/2/24 18,820 19,488 20,705 3.5% 6/2/43 1,080 1,138 1,134 4% 6/2/21 18,880 20,585 21,247 4.2% 6/2/20 44,900 48,416 50,385 4.65% 6/2/41 14,480 17,366 18,028 4.7% 6/2/37 3,000 3,795 3,700 5.6% 6/2/35 4,800 6,701 6,518 5.85% 3/8/33 13,800 19,461 18,935 Ontario School Boards Financing Corp.: 4.789% 8/8/30 1,836 1,886 2,092 5.07% 4/18/31 5,844 5,858 6,787 5.376% 6/25/32 2,049 2,049 2,437 5.483% 11/26/29 6,626 7,451 7,907 5.7% 10/11/17 3,630 3,813 3,926 OPB Finance Trust 1.88% 2/24/22 1,650 1,649 1,630 Peel Regional Municipality: 4.25% 12/2/33 5,180 5,159 5,791 5.1% 6/29/40 9,010 9,482 11,254 Pembina Pipeline Corp.: 3.54% 2/3/25 1,210 1,209 1,169 4.24% 6/15/27 1,600 1,600 1,584 4.75% 4/30/43 2,400 2,320 2,180 4.81% 3/25/44 4,440 4,436 4,073 Power Corp. of Canada 7.57% 4/22/19 2,255 2,340 2,632 Prince Edward Island Province: 2.35% 8/25/25 8,300 8,287 8,153 3.65% 6/27/42 8,720 8,884 8,989 3.7% 9/2/20 5,640 5,610 6,196 4.25% 9/24/19 2,300 2,297 2,551 4.6% 5/19/41 3,000 3,047 3,578 4.65% 11/19/37 5,010 4,929 5,977 5.6% 2/21/34 1,065 1,061 1,401 6.1% 7/29/27 3,050 3,364 4,056 6.25% 1/29/32 1,380 1,416 1,907 Province of British Columbia: 2.8% 6/18/48 6,100 5,662 5,720 2.85% 6/18/25 $ 26,500 $ 27,756 $ 27,897 3.2% 6/18/44 7,500 7,590 7,631 Province of Quebec: 2.75% 9/1/25 14,000 14,142 14,431 3.5% 12/1/45 6,780 6,263 7,099 4.25% 12/1/21 25,295 27,950 28,931 4.25% 12/1/43 11,080 10,883 13,073 5% 12/1/38 11,260 12,466 14,425 5% 12/1/41 31,370 37,678 40,848 5.35% 6/1/25 13,720 14,132 17,061 5.75% 12/1/36 4,500 6,374 6,223 6.25% 6/1/32 11,304 14,109 15,996 PSP Capital, Inc. 3.29% 4/4/24 3,530 3,528 3,808 Queens University 6.1% 11/19/32 560 559 741 Real Estate Asset Liquidity Trust: sequential payer: Series 2006 3 Class A1, 4.449% 12/12/38 126 118 127 Series 2007 2 Class A1, 5.195% 3/12/46 1,009 1,019 1,040 Series 2005 2 Class XC1, 0.2856% 10/12/20 (b)(c) 852 0 0 Series 2006 2 Class XC1, 0.6321% 9/12/38 (b)(c) 20,311 87 67 Series 2015 1: Class A2, 3.239% 5/12/50 5,069 5,069 5,010 Class X, 0.7978% 5/12/50 (b)(c) 39,869 1,718 1,720 Regional Municipality of York: 4% 6/30/21 6,920 7,130 7,696 4.5% 6/30/20 2,410 2,693 2,716 Reliance LP 4.574% 3/15/17 7,970 7,970 8,149 RioCan (REIT): 3.287% 2/12/24 4,660 4,651 4,584 3.62% 6/1/20 1,120 1,134 1,174 3.716% 12/13/21 7,630 7,643 7,956 3.725% 4/18/23 4,010 4,015 4,117 3.746% 5/30/22 3,500 3,703 3,634 3.85% 6/28/19 3,530 3,676 3,717 Rogers Communications, Inc.: 3% 6/6/17 1,700 1,705 1,730 4% 3/13/24 2,520 2,513 2,631 4.7% 9/29/20 2,120 2,119 2,332 5.34% 3/22/21 7,020 7,190 7,941 6.11% 8/25/40 7,680 7,673 8,804 6.68% 11/4/39 5,270 5,315 6,446 Semi-Annual Reportport 8
Bonds continued Domestic Bonds continued Royal Bank of Canada: 1.92% 7/17/20 $ 6,290 $ 6,290 $ 6,286 2.26% 3/12/18 11,750 11,797 11,959 2.364% 9/21/17 10,240 10,234 10,420 2.48% 6/4/25 (b) 3,051 3,050 2,975 2.82% 7/12/18 15,380 15,422 15,876 2.89% 10/11/18 14,160 14,372 14,679 3.04% 7/17/24 (b) 19,100 19,097 19,200 3.45% 9/29/26 (b) 7,820 7,817 7,830 Royal Office Finance LP Series A, 5.209% 11/12/32 4,907 5,069 6,035 Saskatchewan Province: 2.75% 12/2/46 17,690 16,945 15,887 6.35% 1/25/30 4,285 4,958 5,994 SCG Hotel Issuer, Inc. Series 2013 CWP Class A2, 3.442% 10/12/18 5,208 5,208 5,390 Schooner Trust: Series 2005 3 Class B, 0.6815% 4/12/20 (b)(c) 211 0 0 Series 2006 5 Class XC, 0.4077% 2/12/21 (b)(c) 77,793 6 11 Series 2007 8 Class XC, 0.0425% 6/12/22 (b)(c) 126,770 83 76 SEC LP/Arci Ltd. 5.188% 8/29/33 8,767 8,808 9,488 Shaw Communications, Inc.: 4.35% 1/31/24 3,840 3,839 4,013 5.5% 12/7/20 6,180 6,920 6,917 5.65% 10/1/19 4,790 5,264 5,314 6.75% 11/9/39 6,595 6,880 7,494 Simcoe County District School Board of Ed. 6.8% 6/19/26 1,600 1,870 2,160 Simon Fraser University 5.613% 6/10/43 560 560 743 Sobeys, Inc.: 4.7% 8/8/23 5,970 5,970 6,471 6.64% 6/7/40 5,290 5,455 6,221 SP LP/SP1 LP 3.21% 6/15/19 4,631 4,631 4,777 Sun Life Financial, Inc. 2.77% 5/13/24 (b) 2,850 2,849 2,890 Suncor Energy, Inc.: 3.1% 11/26/21 1,070 1,099 1,095 5.39% 3/26/37 1,630 1,837 1,802 5.8% 5/22/18 8,187 8,188 8,947 Teine Energy Ltd. 6.875% 9/30/22 2,620 USD 2,957 2,918 TELUS Corp.: 3.2% 4/5/21 $ 3,530 $ 3,521 $ 3,639 3.35% 3/15/23 4,730 4,724 4,817 3.35% 4/1/24 825 778 826 3.75% 1/17/25 5,350 5,338 5,467 4.4% 4/1/43 7,590 7,406 6,942 4.4% 1/29/46 5,150 5,149 4,672 4.85% 4/5/44 1,200 1,201 1,171 5.05% 7/23/20 1,790 1,957 1,999 Teranet Holdings LP 3.646% 11/18/22 1,700 1,700 1,731 Terasen Gas Vancouver Island, Inc.: 5.2% 12/6/40 4,400 4,387 5,224 6.05% 2/15/38 2,730 2,728 3,502 Terasen Gas, Inc. 5.9% 2/26/35 725 721 912 The Hospital for Sick Children 5.217% 12/16/49 6,540 6,540 8,160 The Toronto Dominion Bank: 1.693% 4/2/20 4,080 4,080 4,060 2.447% 4/2/19 (Reg. S) 1,780 1,788 1,825 2.692% 6/24/25 (b) 9,330 9,330 9,198 2.982% 9/30/25 (b) 5,240 5,218 5,217 The University of British Columbia 4.817% 7/26/35 1,577 1,634 1,848 Toronto Hospital 5.64% 12/8/22 1,045 1,057 1,192 Toyota Credit Canada, Inc. 2.25% 5/23/19 6,320 6,309 6,430 TransCanada PipeLines Ltd.: 3.65% 11/15/21 1,500 1,536 1,594 7.31% 1/15/27 215 204 278 7.34% 7/18/28 (b) 300 294 387 Union Gas Ltd.: 3.19% 9/17/25 580 580 588 4.2% 6/2/44 520 511 528 5.35% 4/27/18 2,330 2,327 2,529 University of Ontario Institute of Technology 6.351% 10/15/34 1,888 1,888 2,215 University of Ottawa 6.28% 4/15/43 500 499 728 University of Toronto Governing Council: 4.251% 12/7/51 11,380 11,554 12,183 4.493% 12/13/46 1,313 1,481 1,484 6.78% 7/18/31 4,190 4,969 5,840 University of Western Ontario 4.798% 5/24/47 2,050 2,061 2,410 9 Semi-Annual Report
Fidelity Canadian Balanced Fund Schedule of Investments (Unaudited) continued Bonds continued Domestic Bonds continued University of Windsor 5.37% 6/29/46 $ 2,120 $ 2,120 $ 2,641 Valeant Pharmaceuticals International, Inc.: 5.375% 3/15/20 2,935 USD 3,702 3,817 5.5% 3/1/23 845 USD 1,011 1,029 5.625% 12/1/21 460 USD 481 586 5.875% 5/15/23 3,885 USD 4,958 4,798 6.125% 4/15/25 1,535 USD 1,963 1,896 6.75% 8/15/18 1,945 USD 2,037 2,667 7.5% 7/15/21 1,585 USD 1,715 2,188 Ventas Canada Finance Ltd.: 3.3% 2/1/22 2,590 2,590 2,639 4.125% 9/30/24 (Reg. S) 7,610 7,580 7,909 Veresen, Inc.: 3.06% 6/13/19 5,487 5,438 5,447 3.95% 3/14/17 3,030 3,029 3,077 4% 11/22/18 2,300 2,294 2,360 VW Credit Canada, Inc.: 2.2% 10/11/16 3,800 3,797 3,784 2.9% 6/1/17 3,290 3,290 3,291 Wells Fargo Financial Canada Corp.: 2.944% 7/25/19 5,810 5,810 6,053 3.04% 1/29/21 3,000 2,999 3,133 3.46% 1/24/23 2,600 2,600 2,754 West Edmonton Mall Property, Inc. 4.056% 2/13/24 10,049 10,049 10,586 Westcoast Energy, Inc.: 3.28% 1/15/16 3,400 3,400 3,402 3.883% 10/28/21 1,430 1,441 1,516 5.6% 1/16/19 8,535 8,536 9,373 8.85% 7/21/25 140 152 197 Winnipeg Airport Authority, Inc. 5.205% 9/28/40 1,046 1,046 1,192 WTH Car Rental ULC: Series 2014: 2.542% 8/20/19 5,720 5,720 5,786 3.323% 8/20/19 1,140 1,140 1,142 1.912% 7/20/20 3,740 3,740 3,676 York Region District School Board: 5.3% 6/3/25 1,146 1,170 1,330 6.55% 4/12/23 5,380 6,033 6,890 York University: 4.458% 2/26/54 3,000 3,000 3,345 6.48% 3/7/42 4,635 5,614 6,676 Yukon Development Corp. 5% 6/29/40 5,580 5,542 6,873 TOTAL DOMESTIC BONDS 2,464,050 2,587,123 Foreign Bonds 11.2% 24 Hour Holdings III LLC 8% 6/1/22 275 USD $ 300 $ 309 Acadia Healthcare Co., Inc. 5.625% 2/15/23 325 USD 404 425 Access Midstream Partners LP/ACMP Finance Corp. 4.875% 5/15/23 980 USD 965 1,099 Activision Blizzard, Inc.: 5.625% 9/15/21 1,085 USD 1,120 1,573 6.125% 9/15/23 320 USD 330 469 ADT Corp. 6.25% 10/15/21 640 USD 659 925 AerCap Ireland Capital Ltd./AerCap Global Aviation Trust: 3.75% 5/15/19 1,140 USD 1,234 1,575 5% 10/1/21 840 USD 929 1,197 Aircastle Ltd. 4.625% 12/15/18 535 USD 569 757 Albertson s LLC Tranche B 5LN, term loan 12/21/22 (b)(d) 1,300 USD 1,755 1,786 Alcatel Lucent U.S.A., Inc.: 4.625% 7/1/17 220 USD 233 312 6.75% 11/15/20 682 USD 715 994 Alere, Inc. 6.375% 7/1/23 300 USD 368 388 Alliant Holdings Co. Issuer, Inc. / Wayne Merger Sub, LLC 8.25% 8/1/23 2,225 USD 2,870 2,894 Ally Financial, Inc.: 5.75% 11/20/25 505 USD 666 708 7.5% 9/15/20 2,216 USD 2,224 3,469 8% 12/31/18 7,445 USD 7,425 11,280 8% 11/1/31 6,465 USD 6,598 10,332 Alpha Natural Resources, Inc. 9.75% 4/15/18 (e) 595 USD 614 2 Altice Financing SA: 6.5% 1/15/22 295 USD 314 404 6.625% 2/15/23 1,250 USD 1,588 1,708 7.875% 12/15/19 245 USD 243 353 Altice Finco SA: 8.125% 1/15/24 200 USD 213 268 9.875% 12/15/20 340 USD 337 501 Altice SA: 5.375% 7/15/23 1,130 USD 1,405 1,567 7.625% 2/15/25 2,195 USD 2,769 2,620 7.75% 5/15/22 4,650 USD 5,289 5,807 7.75% 7/15/25 790 USD 965 1,000 7.75% 7/15/25 710 USD 883 899 AMAG Pharmaceuticals, Inc. 7.875% 9/1/23 555 USD 709 676 Semi-Annual Reportport 10
Bonds continued Foreign Bonds continued AMC Entertainment, Inc. 5.75% 6/15/25 1,115 USD $ 1,383 $ 1,551 AMC Networks, Inc. 7.75% 7/15/21 160 USD 156 232 American Energy Marcellus LLC: Tranche 2LN, term loan 8.5% 8/4/21 (b) 645 USD 677 16 Tranche B 1LN, term loan 5.25% 8/4/20 (b) 900 USD 955 327 American Energy Permian Basin LLC/ AEPB Finance Corp.: 6.8341% 8/1/19 (b) 725 USD 767 374 7.125% 11/1/20 580 USD 602 302 7.375% 11/1/21 790 USD 807 426 American Renal Holdings, Inc.: Tranche 2LN, term loan 8.5% 2/20/20 (b) 1,258 USD 1,240 1,679 Tranche B 1LN, term loan 4.5% 8/20/19 (b) 1,120 USD 1,115 1,518 American Tire Distributors, Inc. 10.25% 3/1/22 1,075 USD 1,398 1,361 Anna Merger Sub, Inc. 7.75% 10/1/22 975 USD 1,077 1,191 Antero Resources Corp.: 5.125% 12/1/22 4,000 USD 4,381 4,206 5.625% 6/1/23 605 USD 756 653 APX Group, Inc.: 6.375% 12/1/19 2,955 USD 3,021 3,915 8.75% 12/1/20 4,585 USD 4,927 5,155 Ardagh Finance Holdings SA 8.625% 6/15/19 pay in kind (b) 494 USD 544 671 Ardagh Packaging Finance PLC 9.125% 10/15/20 825 USD 841 1,176 Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.: 6.25% 1/31/19 375 USD 419 498 6.75% 1/31/21 430 USD 481 571 7% 11/15/20 72 USD 71 98 9.125% 10/15/20 400 USD 395 567 Arizona Chem U.S., Inc. Tranche B 1LN, term loan 4.5236% 6/12/21 (b) 73 USD 79 100 Audatex North America, Inc. 6% 6/15/21 2,285 USD 2,423 3,185 Bank of America Corp.: 1.438% 6/1/16 (b) $ 1,985 $ 1,963 1,982 3.228% 6/22/22 4,750 4,750 4,858 Bayview Commercial Asset Trust Series 2006 CD1X: Class B1, 2.054% 7/25/23 (b) $ 255 $ 255 $ 253 Class B2, 2.804% 7/25/23 (b) 330 330 327 Class M6, 1.554% 7/25/23 (b) 190 190 188 Beazer Homes U.S.A., Inc. 7.25% 2/1/23 445 USD 446 542 Blue Coat Systems, Inc. 8.375% 6/1/23 3,425 USD 4,398 4,763 Blue Cube Spinco, Inc.: 9.75% 10/15/23 755 USD 1,005 1,127 10% 10/15/25 405 USD 539 616 Blueline Rent Finance Corp./Volvo 7% 2/1/19 260 USD 284 324 Bluescope Steel Ltd./ Bluescope Steel Finance 7.125% 5/1/18 135 USD 136 179 BMC Software Finance, Inc.: Tranche B, term loan 5% 9/10/20 (b) 2,104 USD 2,453 2,389 8.125% 7/15/21 1,640 USD 1,735 1,509 BMC Software, Inc. 7.25% 6/1/18 170 USD 199 194 Boxer Parent Co., Inc. 9% 10/15/19 pay in kind (b) 920 USD 995 789 BP Capital Markets PLC: 2.744% 2/24/17 (Reg. S) 5,200 5,200 5,275 3.497% 11/9/20 3,760 3,760 3,983 Broadview Networks Holdings, Inc. 10.5% 11/15/17 1,098 USD 878 1,412 C&S Group Enterprises LLC 5.375% 7/15/22 1,725 USD 1,967 2,148 Cable One, Inc. 5.75% 6/15/22 425 USD 529 585 Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance, Inc. 9.375% 5/1/22 1,120 USD 1,227 1,271 Caesars Growth Properties Holdings, LLC Tranche 1LN, term loan 6.25% 5/8/21 (b) 1,644 USD 1,756 1,990 California Resources Corp.: 5% 1/15/20 83 USD 92 41 5.5% 9/15/21 517 USD 560 225 6% 11/15/24 258 USD 289 109 8% 12/15/22 (Reg. S) 2,296 USD 2,054 1,672 11 Semi-Annual Report
Fidelity Canadian Balanced Fund Schedule of Investments (Unaudited) continued Bonds continued Foreign Bonds continued Calpine Corp.: 5.375% 1/15/23 795 USD $ 849 $ 987 5.75% 1/15/25 340 USD 363 416 6% 1/15/22 635 USD 648 907 7.875% 1/15/23 813 USD 810 1,198 Carrizo Oil & Gas, Inc.: 6.25% 4/15/23 435 USD 543 488 7.5% 9/15/20 2,870 USD 3,238 3,470 CBRE Group, Inc.: 5% 3/15/23 1,877 USD 2,001 2,610 5.25% 3/15/25 805 USD 916 1,128 CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp.: 5.25% 2/15/22 150 USD 164 212 5.625% 2/15/24 160 USD 175 227 CCO Holdings LLC/CCO Holdings Capital Corp.: 5.125% 2/15/23 920 USD 906 1,275 5.25% 3/15/21 1,730 USD 1,886 2,487 5.75% 9/1/23 975 USD 1,127 1,383 5.75% 1/15/24 2,300 USD 2,360 3,270 5.875% 5/1/27 1,615 USD 1,987 2,224 6.5% 4/30/21 2,115 USD 2,014 3,044 CCOH Safari LLC 5.75% 2/15/26 550 USD 724 763 CDW LLC/CDW Finance Corp. 6% 8/15/22 900 USD 981 1,314 CEMEX Finance LLC 6% 4/1/24 625 USD 697 742 Central Garden & Pet Co. 6.125% 11/15/23 1,840 USD 2,421 2,571 Cenveo Corp. 6% 8/1/19 390 USD 422 380 Cequel Communications Escrow I LLC/Cequel Communications Escrow Capital Corp. 6.375% 9/15/20 190 USD 186 257 Cequel Communications Holdings I LLC/Cequel Capital Corp. 5.125% 12/15/21 1,805 USD 1,825 2,248 Chassix, Inc. term loan 12% 7/29/19 87 USD 105 119 Chesapeake Energy Corp. 8% 12/15/22 (Reg. S) 582 USD 388 395 Chesapeake Midstream Partners LP/CHKM Finance Corp. 6.125% 7/15/22 965 USD 991 1,263 Choice Hotels International, Inc. 5.75% 7/1/22 235 USD 241 348 Chukchansi Economic Development Authority 10.25% 5/30/20 (Reg. S) (b) 198 USD $ 170 $ 159 Cinemark U.S.A., Inc.: 4.875% 6/1/23 695 USD 714 938 5.125% 12/15/22 205 USD 204 282 7.375% 6/15/21 330 USD 320 481 CIT Group, Inc.: 5% 8/15/22 1,340 USD 1,344 1,904 5% 8/1/23 745 USD 757 1,046 5.25% 3/15/18 1,870 USD 1,857 2,672 5.375% 5/15/20 1,685 USD 1,661 2,442 5.5% 2/15/19 1,530 USD 1,529 2,212 Citgo Holding, Inc.: Tranche B, term loan 9.5% 5/12/18 (b) 298 USD 355 408 10.75% 2/15/20 1,105 USD 1,319 1,483 Citigroup, Inc.: 3.39% 11/18/21 $ 5,640 $ 5,639 5,808 4.09% 6/9/25 5,600 5,598 5,670 4.65% 10/11/22 (b) 2,430 2,378 2,536 Clean Harbors, Inc. 5.125% 6/1/21 430 USD 427 602 Clear Channel Communications, Inc. 5.5% 12/15/16 1,545 USD 1,608 1,892 Clear Channel International BV 8.75% 12/15/20 890 USD 1,211 1,225 Clear Channel Worldwide Holdings, Inc. Series A: 6.5% 11/15/22 435 USD 427 581 7.625% 3/15/20 335 USD 332 422 Clearwater Paper Corp. 4.5% 2/1/23 530 USD 522 689 Clearwire Communications LLC/ Clearwire Finance, Inc. 14.75% 12/1/16 1,730 USD 1,771 2,645 Cliffs Natural Resources, Inc. 8.25% 3/31/20 670 USD 789 707 Columbus International, Inc. 7.375% 3/30/21 3,140 USD 3,555 4,301 Communications Sales & Leasing, Inc. 6% 4/15/23 290 USD 353 379 Concho Resources, Inc. 5.5% 10/1/22 320 USD 410 403 Consolidated Container Co. LLC/Consolidated Container Capital, Inc. 10.125% 7/15/20 1,090 USD 1,201 1,237 Continental Airlines, Inc.: pass thru trust certificates 9.798% 4/1/21 314 USD 361 476 6.125% 4/29/18 240 USD 236 339 Semi-Annual Reportport 12
Bonds continued Foreign Bonds continued Covanta Holding Corp.: 6.375% 10/1/22 510 USD $ 505 $ 702 7.25% 12/1/20 285 USD 291 408 Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 6.125% 3/1/22 505 USD 520 486 Crown Castle International Corp. 4.875% 4/15/22 1,945 USD 2,135 2,792 CSC Holdings LLC Tranche B, term loan 5% 10/9/22 (b) 2,745 USD 3,601 3,788 CTR Partnership LP/ CareTrust Capital Corp. 5.875% 6/1/21 110 USD 120 154 Cumulus Media Holdings, Inc. Tranch B 1LN, term loan 4.25% 12/23/20 (b) 1,805 USD 1,903 1,882 CyrusOne LP/CyrusOne Finance Corp. 6.375% 11/15/22 510 USD 506 727 DaVita HealthCare Partners, Inc.: 5% 5/1/25 1,105 USD 1,380 1,475 5.125% 7/15/24 1,360 USD 1,483 1,882 Denbury Resources, Inc. 4.625% 7/15/23 1,535 USD 1,524 684 Diamondback Energy, Inc. 7.625% 10/1/21 525 USD 542 734 Digicel Group Ltd.: 6% 4/15/21 1,610 USD 1,629 1,877 7.125% 4/1/22 975 USD 1,096 1,012 8.25% 9/30/20 2,820 USD 2,949 3,219 DigitalGlobe, Inc. 5.25% 2/1/21 1,190 USD 1,338 1,383 DISH DBS Corp.: 5.875% 7/15/22 1,610 USD 1,631 2,077 6.75% 6/1/21 1,575 USD 1,484 2,196 Drillships Ocean Ventures, Inc. Tranche B, term loan 5.5% 7/25/21 (b) 1,413 USD 1,536 914 DTZ U.S. Borrower LLC Tranche 2LN, term loan 9.25% 11/4/22 (b) 290 USD 317 395 Dynegy, Inc.: 6.75% 11/1/19 580 USD 651 754 7.375% 11/1/22 2,380 USD 2,907 2,865 7.625% 11/1/24 2,275 USD 2,705 2,691 Eileme 2 AB 11.625% 1/31/20 995 USD 987 1,459 Emdeon, Inc. 6% 2/15/21 545 USD 719 701 Endo Finance LLC 5.375% 1/15/23 165 USD 199 224 Endo Finance LLC/Endo Ltd./Endo Finco, Inc.: 6% 7/15/23 2,175 USD $ 2,725 $ 2,994 6% 2/1/25 2,010 USD 2,457 2,740 Energy Future Holdings Corp. Tranche 1LN, term loan 4.25% 6/19/16 (b) 4,991 USD 5,418 6,873 Energy Future Intermediate Holding Co. LLC/Energy Future Intermediate Holding Finance, Inc.: 11% 10/1/21 (e) 3,385 USD 3,684 4,953 12.25% 3/1/22 (e) 7,458 USD 7,923 10,991 Ensemble S Merger Sub, Inc. 9% 9/30/23 1,100 USD 1,408 1,471 Entegris, Inc. 6% 4/1/22 195 USD 218 273 EP Energy LLC/Everest Acquisition Finance, Inc.: 6.375% 6/15/23 790 USD 966 547 7.75% 9/1/22 1,255 USD 1,386 886 9.375% 5/1/20 5,230 USD 5,686 4,613 ESAL GmbH 6.25% 2/5/23 1,930 USD 1,887 2,357 Everi Payments, Inc. 10% 1/15/22 270 USD 299 329 Evolution Escrow Issuer LLC 7.5% 3/15/22 1,175 USD 1,297 943 Exterran Partners LP/ EXLP Finance Corp. 6% 10/1/22 695 USD 756 784 FairPoint Communications, Inc. 8.75% 8/15/19 730 USD 835 995 FelCor Lodging LP 6% 6/1/25 295 USD 354 414 First Data Corp. Tranche B, term loan 3.9175% 3/24/18 (b) 1,615 USD 1,519 2,203 Forum Energy Technologies, Inc. 6.25% 10/1/21 730 USD 780 838 Frontier Communications Corp.: 8.875% 9/15/20 360 USD 477 504 10.5% 9/15/22 590 USD 782 813 FTI Consulting, Inc. 6% 11/15/22 870 USD 871 1,261 Gates Global LLC / Gates Global Co. 6% 7/15/22 680 USD 738 677 GCI, Inc. 6.875% 4/15/25 645 USD 805 913 General Motors Acceptance Corp. 8% 11/1/31 2,996 USD 2,925 4,871 13 Semi-Annual Report
Fidelity Canadian Balanced Fund Schedule of Investments (Unaudited) continued Bonds continued Foreign Bonds continued Global Partners LP/GLP Finance Corp.: 6.25% 7/15/22 165 USD $ 179 $ 183 7% 6/15/23 675 USD 846 766 Golden Nugget Escrow, Inc. 8.5% 12/1/21 385 USD 403 535 Goldman Sachs Group, Inc.: 3.375% 2/1/18 $ 9,430 $ 9,524 9,764 5% 5/3/18 5,450 5,441 5,856 Gulfmark Offshore, Inc. 6.375% 3/15/22 755 USD 778 562 Halcon Resources Corp. 8.625% 2/1/20 270 USD 332 258 HCA Holdings, Inc.: 4.75% 5/1/23 1,565 USD 1,544 2,144 5% 3/15/24 940 USD 1,042 1,297 5.375% 2/1/25 1,350 USD 1,672 1,845 5.875% 3/15/22 3,275 USD 3,258 4,781 5.875% 5/1/23 1,475 USD 1,455 2,092 5.875% 2/15/26 705 USD 943 979 6.25% 2/15/21 825 USD 821 1,207 6.5% 2/15/20 3,130 USD 2,951 4,719 7.5% 2/15/22 3,230 USD 3,046 4,950 HD Supply, Inc. 5.25% 12/15/21 1,095 USD 1,243 1,545 HealthSouth Corp.: 5.75% 11/1/24 1,135 USD 1,219 1,498 5.75% 9/15/25 125 USD 162 161 Hertz Corp.: 5.875% 10/15/20 350 USD 344 499 6.25% 10/15/22 465 USD 457 666 Hilcorp Energy I LP/ Hilcorp Finance Co.: 5% 12/1/24 600 USD 632 689 5.75% 10/1/25 1,610 USD 1,964 1,938 7.625% 4/15/21 335 USD 427 445 Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 5.625% 10/15/21 1,825 USD 2,034 2,617 HMAN Finance Sub Corp. 6.375% 7/15/22 275 USD 298 316 Hockey Merger Sub 2, Inc. 7.875% 10/1/21 935 USD 963 1,164 Horizon Pharmaceuticals, Inc. Tranche B, term loan 4.5% 5/7/21 (b) 160 USD 192 207 Hornbeck Offshore Services, Inc.: 5% 3/1/21 10 USD 10 9 5.875% 4/1/20 685 USD 729 654 Howard Hughes Corp. 6.875% 10/1/21 950 USD 979 1,341 Hughes Satellite Systems Corp. 6.5% 6/15/19 1,755 USD $ 1,712 $ 2,617 Icahn Enterprises LP/Icahn Enterprises Finance Corp.: 4.875% 3/15/19 1,290 USD 1,394 1,769 5.875% 2/1/22 1,500 USD 1,663 2,029 6% 8/1/20 1,260 USD 1,381 1,758 Infor U.S., Inc. Tranche B 5LN, term loan 3.75% 6/3/20 (b) 351 USD 368 455 Intelsat Jackson Holdings SA: 5.5% 8/1/23 2,590 USD 2,790 2,813 6.625% 12/15/22 (Reg. S) 2,240 USD 2,290 1,976 Intelsat Luxembourg SA: 7.75% 6/1/21 2,735 USD 2,848 1,769 8.125% 6/1/23 610 USD 648 382 InterGen NV 7% 6/30/23 2,725 USD 2,826 2,988 International Lease Finance Corp.: 3.875% 4/15/18 2,435 USD 2,510 3,395 5.875% 8/15/22 3,195 USD 3,669 4,708 6.25% 5/15/19 2,580 USD 2,500 3,824 7.125% 9/1/18 1,285 USD 1,343 1,963 8.25% 12/15/20 2,140 USD 2,268 3,502 8.625% 1/15/22 6,530 USD 7,398 10,933 JBS Investments GmbH: 7.25% 4/3/24 580 USD 641 732 7.75% 10/28/20 1,615 USD 1,677 2,145 JBS U.S.A. LLC/JBS U.S.A. Finance, Inc.: 5.75% 6/15/25 510 USD 622 614 5.875% 7/15/24 735 USD 799 920 JC Penney Corp., Inc.: 5.65% 6/1/20 730 USD 670 808 5.75% 2/15/18 215 USD 205 273 7.4% 4/1/37 235 USD 201 215 8.125% 10/1/19 1,170 USD 1,279 1,465 JLL/Delta Dutch Pledgeco BV 8.75% 5/1/20 pay in kind (b) 350 USD 421 467 JMC Steel Group, Inc. 8.25% 3/15/18 3,080 USD 3,347 2,837 JPMorgan Chase & Co.: 2.92% 9/19/17 $ 8,180 $ 8,180 8,387 5.058% 2/22/21 (b) 8,390 8,422 8,422 Jurassic Holdings III, Inc. 6.875% 2/15/21 (Reg. S) 670 USD 734 556 Kennedy Wilson, Inc. 5.875% 4/1/24 425 USD 473 567 Korea Gas Corp. 4.58% 5/12/16 5,350 5,349 5,404 Semi-Annual Reportport 14
Bonds continued Foreign Bonds continued KRCX North Holdings LLC: 3.855% 8/4/20 $ 4,740 $ 4,926 $ 4,992 5.99% 4/13/18 4,156 4,480 4,518 Kronos, Inc. Tranche 2LN, term loan 9.75% 4/30/20 (b) 2,845 USD 3,020 3,904 L Brands, Inc. 6.875% 11/1/35 760 USD 1,008 1,081 Lamar Media Corp.: 5.375% 1/15/24 355 USD 382 506 5.875% 2/1/22 305 USD 306 443 Landry s Acquisition Co. 9.375% 5/1/20 515 USD 513 750 Landry s Holdings II, Inc. 10.25% 1/1/18 520 USD 508 718 Landry s Restaurants, Inc. Tranche B, term loan 4% 4/24/18 (b) 1,376 USD 1,381 1,891 Laredo Petroleum, Inc. 6.25% 3/15/23 785 USD 975 945 Laureate Education, Inc.: Tranche B, term loan 5% 6/16/18 (b) 3,556 USD 3,840 4,059 9.25% 9/1/19 (b) 3,330 USD 3,561 2,857 LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 200 USD 201 274 Level 3 Communications, Inc. 5.75% 12/1/22 715 USD 808 1,012 Level 3 Financing, Inc.: 6.125% 1/15/21 795 USD 834 1,139 7% 6/1/20 890 USD 894 1,287 LINN Energy LLC/LINN Energy Finance Corp.: 6.5% 5/15/19 880 USD 863 213 6.5% 9/15/21 280 USD 72 52 7.75% 2/1/21 5 USD 1 1 LKQ Corp. 4.75% 5/15/23 140 USD 141 182 Lloyds Bank PLC 10.125% 12/16/21 (b) 3,285 3,273 3,528 LSB Industries, Inc. 7.75% 8/1/19 240 USD 247 276 Lucent Technologies, Inc.: 6.45% 3/15/29 1,665 USD 1,433 2,333 6.5% 1/15/28 2,132 USD 1,944 2,965 Lynx I Corp. 5.375% 4/15/21 396 USD 395 566 Lynx II Corp. 6.375% 4/15/23 250 USD 249 351 McGraw Hill Global Education Holdings LLC/McGraw Hill Global Education Finance 9.75% 4/1/21 (b) 6,797 USD 7,715 9,969 McGraw Hill School Education Tranche B, term loan 6.25% 12/18/19 (b) 2,019 USD $ 2,121 $ 2,752 Metropolitan Life Global Funding I: 2.682% 4/16/19 (Reg S.) $ 5,760 $ 5,760 5,909 3.027% 6/11/20 1,120 1,175 1,161 MGM Mirage, Inc.: 6% 3/15/23 900 USD 1,018 1,236 8.625% 2/1/19 1,500 USD 1,529 2,299 MHGE Parent LLC / MHGE Parent Finance, Inc. 8.5% 8/1/19 pay in kind (b) 1,810 USD 1,929 2,479 Micron Technology, Inc.: 5.25% 1/15/24 1,065 USD 1,311 1,297 5.5% 2/1/25 714 USD 914 860 5.875% 2/15/22 485 USD 537 653 Minerva Luxembourg SA 7.75% 1/31/23 3,030 USD 3,736 3,941 Molina Healthcare, Inc. 5.375% 11/15/22 715 USD 942 989 Momentive Performance Materials, Inc. 3.88% 10/24/21 670 USD 652 640 Morgan Stanley 3.125% 8/5/21 5,050 5,034 5,193 MPM Escrow LLC/MPM Finance Escrow Corp. 8.875% 10/15/20 (e) 495 USD 0 0 MPT Operating Partnership LP/MPT Finance Corp. 6.875% 5/1/21 1,280 USD 1,224 1,838 MSCI, Inc.: 5.25% 11/15/24 420 USD 478 590 5.75% 8/15/25 410 USD 533 581 Murray Energy Corp. 11.25% 4/15/21 2,166 USD 2,259 547 NAI Entertainment Holdings LLC/NAI Entertainment Finance Corp. 5% 8/1/18 480 USD 494 674 National CineMedia LLC: 6% 4/15/22 1,540 USD 1,529 2,211 7.875% 7/15/21 660 USD 640 950 National Grid Electricity Transmission PLC: 2.73% 9/20/17 6,905 6,958 7,060 2.9% 11/26/19 4,155 4,155 4,351 Navient Corp.: 5% 10/26/20 480 USD 550 583 5.875% 10/25/24 1,020 USD 1,182 1,129 15 Semi-Annual Report
Fidelity Canadian Balanced Fund Schedule of Investments (Unaudited) continued Bonds continued Foreign Bonds continued Navios Maritime Acquisition Corp./ Navios Acquisition Finance U.S., Inc. 8.125% 11/15/21 360 USD $ 377 $ 435 Navios Maritime Holdings, Inc.: 7.375% 1/15/22 1,735 USD 1,816 1,200 8.125% 2/15/19 375 USD 368 223 Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc. 7.25% 5/1/22 370 USD 404 335 Neptune Finco Corp.: 6.625% 10/15/25 615 USD 819 885 10.125% 1/15/23 3,040 USD 4,048 4,385 10.875% 10/15/25 1,885 USD 2,520 2,732 NES Rentals Holdings, Inc. 7.875% 5/1/18 200 USD 203 252 Nielsen Finance LLC/ Nielsen Finance Co. 5% 4/15/22 370 USD 398 506 Nortek, Inc. 8.5% 4/15/21 530 USD 543 761 NRG Energy, Inc. 6.625% 3/15/23 1,520 USD 1,486 1,825 NSG Holdings II, LLC 7.75% 12/15/25 2,434 USD 2,539 3,638 Numericable Group SA: 4.875% 5/15/19 2,320 USD 2,572 3,182 6% 5/15/22 4,740 USD 5,294 6,362 6.25% 5/15/24 350 USD 386 467 Numericable LLC Tranche B 6LN, term loan 4.75% 2/10/23 (b) 2,600 USD 3,356 3,450 Oasis Petroleum, Inc. 6.875% 3/15/22 285 USD 331 252 Omega Healthcare Investors, Inc. 5.875% 3/15/24 1,865 USD 1,854 2,671 Outfront Media Capital LLC / Corp. 5.625% 2/15/24 180 USD 233 255 Owens Illinois, Inc. 7.8% 5/15/18 170 USD 210 260 Pacific Drilling SA Tranche B, term loan 4.5% 6/3/18 (b) 305 USD 317 180 Pacific Drilling V Ltd. 7.25% 12/1/17 1,380 USD 1,454 983 Paris Las Vegas Holding LLC/Harrah s Las Vegas LLC/Flamingo Las Vegas Holdings, Inc. 11% 10/1/21 2,195 USD 2,618 2,756 PBF Holding Co. LLC/ PBF Finance Corp. 7% 11/15/23 1,085 USD 1,444 1,464 Peabody Energy Corp.: 6.25% 11/15/21 955 USD $ 942 $ 182 10% 3/15/22 655 USD 801 172 Pinnacle Merger Sub, Inc. 9.5% 10/1/23 279 USD 285 420 Platform Specialty Products Corp.: 6.5% 2/1/22 1,310 USD 1,526 1,568 10.375% 5/1/21 200 USD 261 276 Playa Resorts Holding BV 8% 8/15/20 210 USD 261 295 PolyOne Corp. 5.25% 3/15/23 780 USD 781 1,052 Post Holdings, Inc.: 6.75% 12/1/21 795 USD 911 1,122 7.75% 3/15/24 525 USD 681 761 8% 7/15/25 260 USD 337 381 PPL Energy Supply LLC 6.5% 6/1/25 525 USD 630 479 Prestige Brands, Inc.: 5.375% 12/15/21 940 USD 1,001 1,249 8.125% 2/1/20 125 USD 126 179 Prince Mineral Holding Corp. 11.5% 12/15/19 235 USD 230 234 Qorvo, Inc.: 6.75% 12/1/23 795 USD 1,059 1,122 7% 12/1/25 1,395 USD 1,858 1,988 Quintiles Transnational Corp. 4.875% 5/15/23 510 USD 614 709 Rackspace Hosting, Inc. 6.5% 1/15/24 675 USD 898 901 Range Resources Corp. 4.875% 5/15/25 1,080 USD 1,309 1,136 RCN Telecom Services LLC/RCN Capital Corp. 8.5% 8/15/20 1,440 USD 1,696 2,012 Realogy Corp. Credit Linked Deposit 4.4463% 10/10/16 (b) 103 USD 103 141 Realogy Group LLC/ Realogy Co. Issuer Corp. 4.5% 4/15/19 2,510 USD 2,827 3,569 Realogy Group LLC/ Sunshine Group Florida Ltd. 3.375% 5/1/16 1,155 USD 1,185 1,603 Renaissance Learning, Inc.: Tranche 1LN, term loan 4.5% 4/9/21 (b) 305 USD 334 402 Tranche 2LN, term loan 8% 4/9/22 (b) 265 USD 290 343 Revlon Consumer Products Corp.: term loan 4% 8/19/19 (b) 608 USD 630 835 Semi-Annual Reportport 16
Bonds continued Foreign Bonds continued Revlon Consumer Products Corp.: continued 5.75% 2/15/21 630 USD $ 628 $ 843 Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/ Reynolds Group Issuer (Luxembourg) SA: 5.75% 10/15/20 2,735 USD 2,656 3,849 6.875% 2/15/21 3,900 USD 3,755 5,558 8.25% 2/15/21 (b) 560 USD 556 746 Rice Energy, Inc.: 6.25% 5/1/22 1,760 USD 2,092 1,753 7.25% 5/1/23 480 USD 597 485 Rite Aid Corp.: 6.75% 6/15/21 1,060 USD 1,083 1,536 6.875% 12/15/28 (b) 1,935 USD 1,881 2,999 7.7% 2/15/27 1,725 USD 1,794 2,781 9.25% 3/15/20 795 USD 792 1,163 RJS Power Holdings LLC 5.125% 7/15/19 1,155 USD 1,232 1,199 Rose Rock Midstream LP/ Rose Rock Finance Corp. 5.625% 7/15/22 340 USD 362 334 Royal Bank of Scotland Group PLC: 5.125% 5/28/24 3,395 USD 3,693 4,761 6% 12/19/23 2,540 USD 2,833 3,785 RSP Permian, Inc. 6.625% 10/1/22 285 USD 315 363 Ryerson, Inc./Joseph T Ryerson & Son, Inc.: 9% 10/15/17 650 USD 647 693 11.25% 10/15/18 428 USD 429 441 Sabine Pass Liquefaction LLC: 5.625% 4/15/23 1,385 USD 1,525 1,682 5.625% 3/1/25 3,415 USD 4,213 3,999 5.75% 5/15/24 1,655 USD 1,900 1,992 Sable International Finance Ltd. 6.875% 8/1/22 1,235 USD 1,615 1,649 Sabra Health Care LP/ Sabra Capital Corp. 5.5% 2/1/21 355 USD 384 507 Sabre GLBL, Inc. 5.25% 11/15/23 1,030 USD 1,355 1,409 SBA Communications Corp.: 4.875% 7/15/22 2,195 USD 2,365 2,992 5.625% 10/1/19 1,100 USD 1,074 1,589 Schaeffler Finance BV: 4.25% 5/15/21 945 USD 1,015 1,298 4.75% 5/15/21 1,715 USD 1,843 2,385 Schaeffler Holding Finance BV: 6.25% 11/15/19 pay in kind (b) 745 USD $ 843 $ 1,082 6.75% 11/15/22 pay in kind (b) 250 USD 288 370 Scientific Games Corp.: 7% 1/1/22 750 USD 846 991 10% 12/1/22 1,875 USD 2,020 1,842 Sealed Air Corp. 6.5% 12/1/20 615 USD 616 938 SemGroup Corp. 7.5% 6/15/21 1,610 USD 1,825 1,994 Sensata Technologies BV 4.875% 10/15/23 1,555 USD 1,684 2,092 Service Corp. International 5.375% 1/15/22 270 USD 275 389 Shale Inland Holdings LLC/Shale Inland Finance Corp. 8.75% 11/15/19 505 USD 569 447 Shea Homes Ltd. Partnershp/Corp.: 5.875% 4/1/23 210 USD 268 298 6.125% 4/1/25 210 USD 268 299 Signode Industrial Group Lux SA/Signode Industrial Group U.S., Inc. 6.375% 5/1/22 320 USD 351 376 Sirius XM Radio, Inc. 5.75% 8/1/21 1,440 USD 1,477 2,052 SLM Corp.: 4.875% 6/17/19 1,485 USD 1,581 1,890 5.5% 1/15/19 1,200 USD 1,221 1,553 5.5% 1/25/23 2,280 USD 2,550 2,547 6.125% 3/25/24 2,645 USD 3,018 2,983 7.25% 1/25/22 65 USD 84 84 8% 3/25/20 130 USD 144 178 8.45% 6/15/18 1,660 USD 1,852 2,418 SM Energy Co. 5.625% 6/1/25 320 USD 388 292 Sonic Automotive, Inc.: 5% 5/15/23 105 USD 106 138 7% 7/15/22 535 USD 546 783 Spectrum Brands Holdings, Inc.: 5.75% 7/15/25 685 USD 822 972 6.375% 11/15/20 200 USD 199 294 Sprint Capital Corp.: 6.9% 5/1/19 3,085 USD 2,730 3,479 8.75% 3/15/32 715 USD 839 742 Sprint Communications, Inc.: 6% 12/1/16 745 USD 784 1,029 6% 11/15/22 5,280 USD 5,343 5,151 9% 11/15/18 3,700 USD 3,761 5,388 17 Semi-Annual Report
Fidelity Canadian Balanced Fund Schedule of Investments (Unaudited) continued Bonds continued Foreign Bonds continued Sprint Corp.: 7.125% 6/15/24 2,220 USD $ 2,465 $ 2,216 7.875% 9/15/23 1,620 USD 1,719 1,683 Station Casinos LLC Tranche B, term loan 4.25% 3/1/20 (b) 893 USD 902 1,208 Summit Midstream Holdings LLC: 5.5% 8/15/22 460 USD 490 471 7.5% 7/1/21 265 USD 271 308 Sunoco LP / Sunoco Finance Corp. 6.375% 4/1/23 460 USD 580 598 Sydney Airport Finance Co. Property Ltd. 4.602% 7/27/18 $ 9,570 $ 9,647 10,212 T Mobile U.S.A., Inc.: 5.25% 9/1/18 530 USD 547 748 6% 3/1/23 1,400 USD 1,524 1,961 6.25% 4/1/21 1,100 USD 1,132 1,568 6.464% 4/28/19 240 USD 252 342 6.5% 1/15/24 1,203 USD 1,361 1,698 6.5% 1/15/26 1,020 USD 1,336 1,425 6.542% 4/28/20 835 USD 866 1,204 6.625% 4/1/23 1,635 USD 1,713 2,308 6.633% 4/28/21 750 USD 778 1,077 6.731% 4/28/22 555 USD 570 801 6.836% 4/28/23 160 USD 163 229 Targa Resources Corp. term loan 5.75% 2/27/22 (b) 207 USD 253 276 Targa Resources Partners LP/Targa Resources Partners Finance Corp.: 5% 1/15/18 2,210 USD 2,644 2,829 6.375% 8/1/22 330 USD 331 394 6.75% 3/15/24 3,000 USD 3,975 3,539 6.875% 2/1/21 715 USD 703 895 TD Banknorth, N.A. 4.644% 9/20/22 (b) 4,352 4,378 4,534 Team Health, Inc. 7.25% 12/15/23 980 USD 1,305 1,403 Teekay Corp. 8.5% 1/15/20 65 USD 71 61 Tenaska Alabama Partners LP 7% 6/30/21 234 USD 279 333 Tenet Healthcare Corp.: 4.375% 10/1/21 2,125 USD 2,162 2,837 4.5% 4/1/21 585 USD 581 789 5% 3/1/19 350 USD 384 447 6% 10/1/20 640 USD 662 932 6.25% 11/1/18 1,280 USD 1,301 1,864 6.75% 6/15/23 1,120 USD 1,383 1,437 8% 8/1/20 1,485 USD 1,520 2,060 8.125% 4/1/22 2,575 USD 2,695 3,554 Tenneco, Inc. 6.875% 12/15/20 880 USD $ 889 $ 1,260 TerraForm Power Operating LLC: 5.875% 2/1/23 2,045 USD 2,471 2,342 6.125% 6/15/25 205 USD 261 228 The Brickman Group, Ltd. Tranche B 1LN, term loan 4% 12/18/20 (b) 2,246 USD 2,415 3,003 The Chemours Company LLC: 6.625% 5/15/23 945 USD 1,141 915 7% 5/15/25 240 USD 290 227 The Williams Companies, Inc.: 7.875% 9/1/21 170 USD 190 212 8.75% 3/15/32 22 USD 25 23 TMS International Corp. 7.625% 10/15/21 140 USD 144 150 Tops Holding LLC / Tops Markets II Corp. 8% 6/15/22 1,350 USD 1,709 1,840 TRAC Intermodal LLC/ TRAC Intermodal Corp. 11% 8/15/19 277 USD 279 416 TransDigm, Inc.: 6% 7/15/22 620 USD 676 839 6.5% 5/15/25 1,110 USD 1,337 1,488 Transocean, Inc.: 6% 3/15/18 985 USD 1,166 1,213 6.875% 12/15/21 2,025 USD 2,150 1,811 Tronox Finance LLC 6.375% 8/15/20 830 USD 776 691 TXU Corp.: 5.55% 11/15/14 (e) 41 USD 33 47 6.5% 11/15/24 (e) 1,560 USD 817 1,770 6.55% 11/15/34 (e) 5,290 USD 2,849 6,002 U.S. Coatings Acquisition, Inc./Flash Dutch 2 BV 7.375% 5/1/21 330 USD 325 481 U.S. Renal Care, Inc.: Tranche 2LN, term loan 11/17/23 (b)(d) 905 USD 1,181 1,229 Tranche B 1LN, term loan 11/17/22 (b)(d) 2,260 USD 2,978 3,096 Ultrapetrol (Bahamas) Ltd. 8.875% 6/15/21 410 USD 422 57 Unit Corp. 6.625% 5/15/21 2,730 USD 2,746 2,720 United Rentals North America, Inc.: 4.625% 7/15/23 580 USD 737 801 5.5% 7/15/25 465 USD 591 624 Unitymedia Hessen GmbH & Co. KG/ Unitymedia NRW GmbH 5.5% 1/15/23 780 USD 775 1,077 Semi-Annual Reportport 18
Bonds continued Foreign Bonds continued UPCB Finance IV Ltd. 5.375% 1/15/25 1,885 USD $ 2,298 $ 2,458 UPCB Finance VI Ltd. 6.875% 1/15/22 653 USD 654 955 USG Corp.: 5.875% 11/1/21 145 USD 151 209 6.3% 11/15/16 95 USD 95 136 7.875% 3/30/20 525 USD 519 761 9.75% 1/15/18 (b) 565 USD 589 874 Valeant Pharmaceuticals International, Inc. 6.75% 8/15/21 120 USD 129 160 VeriSign, Inc. 4.625% 5/1/23 665 USD 679 891 Virgin Media Finance PLC 6% 10/15/24 1,980 USD 2,534 2,733 VPI Escrow Corp. 6.375% 10/15/20 850 USD 830 1,135 W. R. Grace & Co. Conn.: 5.125% 10/1/21 475 USD 525 664 5.625% 10/1/24 190 USD 210 266 Walter Energy, Inc.: 9.5% 10/15/19 (e) 615 USD 652 217 12% 4/1/20 pay in kind (b)(e) 484 USD 546 0 Wash Multifamily Acquisition, Inc. Tranche B 1LN, term loan 4.25% 5/14/22 (b) 104 USD 126 141 Waterford Gaming LLC/ Waterford Gaming Finance Corp. 8.625% 3/31/15 (e) 53 USD 53 0 WaveDivision Escrow LLC/WaveDivision Escrow Corp. 8.125% 9/1/20 505 USD 654 668 Weekley Homes LLC/ Weekley Finance Corp. 6% 2/1/23 290 USD 292 377 Wells Fargo & Co. 3.874% 5/21/25 $ 5,393 $ 5,393 5,577 Western Refining Logistics LP/WNRL Finance Co. 7.5% 2/15/23 280 USD 351 370 Western Refining, Inc. 6.25% 4/1/21 305 USD 313 405 Whiting Petroleum Corp. 5.75% 3/15/21 315 USD 331 318 William Lyon Homes, Inc.: 7% 8/15/22 995 USD 1,098 1,380 8.5% 11/15/20 750 USD 774 1,097 Wind Acquisition Finance SA 4.75% 7/15/20 900 USD 967 1,233 Woodside Homes Co. LLC/Woodside Homes Finance, Inc. 6.75% 12/15/21 750 USD $ 770 $ 892 WPX Energy, Inc.: 7.5% 8/1/20 530 USD 688 594 8.25% 8/1/23 795 USD 1,032 880 Wynn Macau Ltd. 5.25% 10/15/21 200 USD 230 244 Zayo Group LLC/ Zayo Capital, Inc. 6% 4/1/23 1,170 USD 1,466 1,530 ZF North America Capital, Inc. 4.5% 4/29/22 1,590 USD 1,921 2,151 Ziggo Bond Finance BV 5.875% 1/15/25 540 USD 645 693 TOTAL FOREIGN BONDS 710,143 814,608 TOTAL BONDS 3,174,193 3,401,731 Preferred Securities 1.1% Canada 0.7% FINANCIALS 0.7% Manulife Financial Capital Trust II 7.405% 12/31/2108 (b) 2,030 2,030 2,395 NBC Asset Trust: 7.235% (b)(f) 1,520 1,535 1,697 7.447% (b)(f) 1,200 1,436 1,418 RBC Capital Trust 6.821% (b)(f) 2,002 2,336 2,224 Scotiabank Tier I Trust 7.802% 6/30/2108 (b) 6,150 6,920 7,204 TD Capital Trust III 7.243% (b)(f) 3,588 3,755 4,087 TD Capital Trust IV: 6.631% 6/30/2108 (b) 5,860 5,995 6,871 9.523% 6/30/2108 (b) 1,830 1,830 2,230 The Toronto Dominion Bank: 4.779% 12/14/2105 (b) 8,020 8,217 8,248 5.763% 12/18/2106 (b) 11,789 12,154 12,629 46,208 49,003 United Kingdom 0.1% FINANCIALS 0.1% Barclays Bank PLC 7.625% 11/21/22 3,030 USD 3,531 4,810 Royal Bank of Scotland Group PLC: 7.5% (b)(f) 1,055 USD 1,391 1,521 8% (b)(f) 460 USD 607 673 5,529 7,004 United States of America 0.3% FINANCIALS 0.3% Bank of America Corp.: 5.2% (b)(f) 910 USD 933 1,178 19 Semi-Annual Report
Fidelity Canadian Balanced Fund Schedule of Investments (Unaudited) continued Preferred Securities continued Market Value United States of America continued FINANCIALS continued Bank of America Corp.: continued 6.1% (b)(f) 800 USD $ 1,016 $ 1,141 Citigroup, Inc. 5.35% (b)(f) 6,375 USD 6,541 8,418 Goldman Sachs Group, Inc. 5.375% (b)(f) 2,310 USD 2,814 3,200 JPMorgan Chase & Co. 5.15% (b)(f) 3,230 USD 3,210 4,261 Wells Fargo & Co. 5.875% (b)(f) 530 USD 634 774 15,148 18,972 TOTAL PREFERRED SECURITIES 66,885 74,979 Short-Term Investments 4.1% Canada 4.1% Investments in reverse repurchase agreements in a joint trading account at 0.47%, dated 12/31/15 due 1/4/16 (Collateralized by Canadian Government Obligations) # 299,579 299,579 299,579 TOTAL INVESTMENT PORTFOLIO 99.1% $6,405,447 7,189,618 NET OTHER ASSETS (LIABILITIES) 0.9% 68,816 NET ASSETS 100% $ 7,258,434 Currency Abbreviations USD U.S. dollar Presentation Notes amount includes broker commissions and other trading expenses, if any. is stated in Canadian dollars unless otherwise noted. Legend (a) Private and/or restricted. (b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. (c) Security represents right to receive monthly interest payments on an underlying pool of mortgages or assets. shown is the outstanding par amount of the pool as of the end of the period. (d) The coupon rate will be determined upon settlement of the loan after period end. (e) Non-income producing Security is in default. (f) Security is perpetual in nature with no stated maturity date. Semi-Annual Reportport 20
Investment Valuation The following is a summary of the inputs used, as of December 31, 2015 and June 30, 2015, involving the Fund s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. Valuation Inputs at December 31, 2015: Description Total Level 1 Level 2 Level 3 (s in thousands) Investments in Securities: Equities: Consumer Discretionary $ 566,248 $ 565,840 $ 9 $ 399 Consumer Staples 378,357 378,357 Energy 298,921 298,921 Financials 670,827 670,827 Health Care 350,048 350,016 32 Industrials 335,930 335,678 252 Information Technology 235,053 235,053 Investment Companies 28,906 28,906 Materials 458,903 458,516 387 Telecommunication Services 88,964 88,964 Utilities 1,172 1,172 Bonds 3,401,731 3,401,471 260 Preferred Securities 74,979 74,979 Short-Term Investments 299,579 299,579 Total Investments in Securities: $7,189,618 $3,412,250 $3,776,038 $1,330 Valuation Inputs at June 30, 2015: Description Total Level 1 Level 2 Level 3 (s in thousands) Investments in Securities: Equities: Consumer Discretionary $ 753,831 $ 753,821 $ 10 $ Consumer Staples 376,610 376,610 Energy 203,393 203,393 Financials 631,481 628,885 2,596 Health Care 908,233 908,205 28 Industrials 435,494 434,257 1,237 Information Technology 2,571 2,571 Materials 464,425 463,042 1,383 Telecommunication Services 138 138 Utilities 1,569 1,569 Bonds 3,482,063 3,481,417 646 Preferred Securities 81,625 81,625 Short-Term Investments 129,479 129,479 Total Investments in Securities: $7,470,912 $3,772,491 $3,695,127 $3,294 The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: (s in thousands) Investments in Securities: Beginning Balance $ 3,294 Net Realized Gain (Loss) on Investment Securities 942 Net Unrealized Gain (Loss) on Investment Securities (55) of Purchases 2,591 Proceeds of Sales (5,446) Amortization/Accretion 4 Transfers into Level 3 Transfers out of Level 3 Ending Balance $ 1,330 The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2015 $ (1,872) 21 Semi-Annual Report
Fidelity Canadian Balanced Fund Schedule of Investments (Unaudited) continued Investments in Securities: Beginning Balance $ 6,419 Net Realized Gain (Loss) on Investment Securities (2,042) Net Unrealized Gain (Loss) on Investment Securities (1,345) of Purchases 252 Proceeds of Sales (111) Amortization/Accretion 5 Transfers into Level 3 117 Transfers out of Level 3 (1) Ending Balance $ 3,294 The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2015 $ (2,235) The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on Investments on the Fund s Statements of Comprehensive Income. Other Information # Additional information on each counterparty to the reverse repurchase agreement is as follows: Reverse Repurchase Agreement / Counterparty Value $299,579,000 due 1/04/16 at 0.47% Bank of Montreal $ 66,165 Royal Bank of Canada 99,248 Scotia Capital, Inc. 110,275 The Toronto-Dominion Bank 23,891 $ 299,579 Semi-Annual Reportport 22
Financial Statements (Unaudited) Statements of Financial Position s in thousands of Canadian Dollars /thousands of units (except per unit amounts) As at December 31, 2015 June 30, 2015 Assets (Note 3) Current assets Investments at fair value through profit or loss $ 7,189,618 $ 7,470,912 Cash 79,365 33,264 Receivable for investments sold 58,595 60,963 Other receivables 26 Accrued interest and dividends receivable 34,197 31,168 Receivable on sale of units 9,466 7,728 7,371,267 7,604,035 Liabilities (Note 3) Current liabilities Payable for investments purchased 93,494 62,985 Payable on redemption of units 10,826 9,417 Distributions payable (Note 5) 1,076 1,426 Management and advisory fees payable (Note 4) 5,922 6,038 Other payables to affiliates (Note 4) 714 737 Other payables and accrued expenses (Notes 4 and 5) 801 839 112,833 81,442 Net assets attributable to holders of redeemable units (Notes 3 and 6) $ 7,258,434 $ 7,522,593 Net assets attributable to holders of redeemable units per Series and per unit (Note 6) Series A: ($871,252 / 38,505 units and $988,735 / 39,356 units, respectively) $ 22.6272 $ 25.1230 Series B: ($2,844,625 / 125,698 units and $2,917,611 / 116,112 units, respectively) $ 22.6306 $ 25.1276 Series F: ($155,814 / 6,885 units and $129,894 / 5,168 units, respectively) $ 22.6326 $ 25.1361 Series F5: ($7,687 / 506 units and $5,488 / 319 units, respectively) $ 15.1937 $ 17.2106 Series F8: ($4,045 / 288 units and $3,258 / 202 units, respectively) $ 14.0256 $ 16.1390 Series O: ($3,120,945 / 138,059 units and $3,211,956 / 127,928 units, respectively) $ 22.6058 $ 25.1075 Series T5: ($24,460 / 1,985 units and $27,600 / 1,970 units, respectively) $ 12.3217 $ 14.0110 Series T8: ($26,528 / 2,976 units and $32,203 / 3,126 units, respectively) $ 8.9149 $ 10.3006 Series S5: ($48,819 / 3,905 units and $51,057 / 3,594 units, respectively) $ 12.5013 $ 14.2048 23 Semi-Annual Report
Financial Statements (Unaudited) continued Statements of Financial Position continued s in thousands of Canadian Dollars /thousands of units (except per unit amounts) As at December 31, 2015 June 30, 2015 Series S8: ($141,480 / 15,562 units and $154,791 / 14,746 units, respectively) $ 9.0912 $ 10.4972 Series P1: ($9,463 / 1,024 units and $- / units, respectively) $ 9.2430 $ Series P1T5: ($1,551 / 84 units and $- / units, respectively) $ 18.4093 $ Series P2: ($1,763 / 191 units and $- / units, respectively) $ 9.2436 $ Series P3: ($1 / units and $- / units, respectively) $ 9.2454 $ Series P4: ($1 / units and $- / units, respectively) $ 9.2454 $ Semi-Annual Reportport 24
Statements of Comprehensive Income s in thousands of Canadian Dollars (except per unit amounts) For the six-month periods ended December 31, 2015 2014 Investment income (Note 3) Interest $ 71,727 $ 64,480 Dividends 29,376 31,585 Security lending 33 1,601 Net gain (loss) on Investments Net realized gain (loss) on investments 449,608 296,882 Change in net unrealized appreciation (depreciation) on investments (667,784) (38,416) (218,176) 258,466 Net gain (loss) on Foreign Currencies Net realized gain (loss) on foreign currency transactions (1,886) 310 Change in net unrealized appreciation (depreciation) on other net assets in foreign currencies 206 421 (1,680) 731 Total investment income (loss) (118,720) 356,863 Operating expenses (Note 4) Management and advisory fees 36,216 35,181 Administration fees 4,408 4,305 Independent Review Committee fees 3 7 Commissions and other portfolio costs 1,048 1,293 Legal fees 2 Sales tax 4,633 4,520 Foreign taxes withheld (Note 5) 1,016 530 Total operating expenses 47,326 45,836 Expenses waived (Note 4) (848) (373) Net operating expenses 46,478 45,463 Net increase (decrease) in net assets attributable to holders of redeemable units from operations $ (165,198) $ 311,400 Other information: Increase (decrease) in net assets attributable to holders of redeemable units from operations per Series (Note 3) Series A $ (25,827) $ 41,788 Series B $ (77,883) $ 104,249 Series F $ (3,183) $ 3,470 Series F5 $ (115) $ 103 Series F8 $ (57) $ 72 Series O $ (51,376) $ 151,074 Series T5 $ (711) $ 1,305 Series T8 $ (776) $ 1,672 Series S5 $ (1,378) $ 1,849 Series S8 $ (4,014) $ 5,818 Series P1 $ 91 $ Series P1T5 $ 16 $ Series P2 $ 15 $ Series P3 $ $ Series P4 $ $ Increase (decrease) in net assets attributable to holders of redeemable units from operations per Series per unit (Note 3) Series A $ (.6820) $.9366 Series B $ (.6621) $.9723 Series F $ (.5307) $ 1.1273 25 Semi-Annual Report
Financial Statements (Unaudited) continued Statements of Comprehensive Income continued s in thousands of Canadian Dollars (except per unit amounts) For the six-month periods ended December 31, 2015 2014 Series F5 $ (.2735) $.8139 Series F8 $ (.2520) $.7716 Series O $ (.3996) $ 1.2332 Series T5 $ (.3736) $.5382 Series T8 $ (.2661) $.4066 Series S5 $ (.3755) $.5731 Series S8 $ (.2726) $.4332 Series P1 $.1328 $ Series P1T5 $.2757 $ Series P2 $.1221 $ Series P3 $.0096 $ Series P4 $.0096 $ 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. Semi-Annual Reportport 26
Statements of Changes in Net Assets Attributable to Holders of Redeemable Units s in thousands of Canadian Dollars For the six-month period ended December 31, 2015 Fund Series A Series B Series F Series F5 Series F8 Net assets attributable to holders of redeemable units, beginning of period $ 7,522,593 $ 988,735 $ 2,917,611 $ 129,894 $ 5,488 $ 3,258 Distributions to holders of redeemable units (Note 5) From net investment income (55,819) (4,215) (15,173) (1,259) (53) (30) From net realized gain (523,224) (61,115) (198,824) (11,251) (495) (293) Return of capital (8,969) (143) (128) Management fee reduction (90) (6) (71) (8) (588,102) (65,336) (214,068) (12,518) (691) (451) Redeemable unit transactions (Note 6) Proceeds from sale of redeemable units 489,642 65,325 242,377 60,108 6,675 1,974 Reinvestment of distributions 568,148 62,849 207,539 8,251 538 346 s paid upon redemption of redeemable units (568,649) (154,494) (230,951) (26,738) (4,208) (1,025) 489,141 (26,320) 218,965 41,621 3,005 1,295 Increase (decrease) in net assets attributable to holders of redeemable units from operations (165,198) (25,827) (77,883) (3,183) (115) (57) Net increase (decrease) in net assets attributable to holders of redeemable units (264,159) (117,483) (72,986) 25,920 2,199 787 Net assets attributable to holders of redeemable units, end of period $ 7,258,434 $ 871,252 $ 2,844,625 $ 155,814 $ 7,687 $ 4,045 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. s in thousands of Canadian Dollars For the six-month period ended December 31, 2015 Series O Series T5 Series T8 Series S5 Series S8 Net assets attributable to holders of redeemable units, beginning of period $ 3,211,956 $ 27,600 $ 32,203 $ 51,057 $ 154,791 Distributions to holders of redeemable units (Note 5) From net investment income (33,764) (116) (128) (263) (769) From net realized gain (233,433) (1,704) (1,850) (3,424) (9,952) Return of capital (610) (1,132) (1,168) (5,782) Management fee reduction (2) (3) (267,197) (2,430) (3,110) (4,857) (16,506) Redeemable unit transactions (Note 6) Proceeds from sale of redeemable units 82,844 2,007 2,282 5,516 7,545 Reinvestment of distributions 267,197 1,940 2,344 3,887 12,490 s paid upon redemption of redeemable units (122,479) (3,946) (6,415) (5,406) (12,826) 227,562 1 (1,789) 3,997 7,209 Increase (decrease) in net assets attributable to holders of redeemable units from operations (51,376) (711) (776) (1,378) (4,014) Net increase (decrease) in net assets attributable to holders of redeemable units (91,011) (3,140) (5,675) (2,238) (13,311) Net assets attributable to holders of redeemable units, end of period $ 3,120,945 $ 24,460 $ 26,528 $ 48,819 $ 141,480 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. 27 Semi-Annual Report
Financial Statements (Unaudited) continued Statements of Changes in Net Assets Attributable to Holders of Redeemable Units continued s in thousands of Canadian Dollars For the six-month period ended December 31, 2015 Series P1 Series P1T5 Series P2 Series P3 Series P4 Net assets attributable to holders of redeemable units, beginning of period $ $ $ $ $ Distributions to holders of redeemable units (Note 5) From net investment income (36) (6) (7) From net realized gain (654) (108) (121) Return of capital (6) (690) (120) (128) Redeemable unit transactions (Note 6) Proceeds from sale of redeemable units 9,684 1,542 1,761 1 1 Reinvestment of distributions 537 114 116 s paid upon redemption of redeemable units (159) (1) (1) 10,062 1,655 1,876 1 1 Increase (decrease) in net assets attributable to holders of redeemable units from operations 91 16 15 Net increase (decrease) in net assets attributable to holders of redeemable units 9,463 1,551 1,763 1 1 Net assets attributable to holders of redeemable units, end of period $ 9,463 $ 1,551 $ 1,763 $ 1 $ 1 For certain Series the period shown is from the commencement of sale of units to period end. See Note 1 for the commencement dates for newly offered Series. s in thousands of Canadian Dollars For the six-month period ended December 31, 2014 Fund Series A Series B Series F Series F5 Series F8 Net assets attributable to holders of redeemable units, beginning of period $ 6,968,540 $ 1,104,874 $ 2,574,882 $ 65,693 $ 1,425 $ 1,080 Distributions to holders of redeemable units (Note 5) From net investment income (57,395) (5,479) (15,167) (707) (22) (16) From net realized gain (349,511) (49,702) (124,914) (4,282) (129) (111) Return of capital (9,107) (44) (60) Management fee reduction (55) (2) (46) (3) (416,068) (55,183) (140,127) (4,992) (195) (187) Redeemable unit transactions (Note 6) Proceeds from sale of redeemable units 366,278 61,052 179,517 25,301 1,236 1,257 Reinvestment of distributions 401,232 52,727 135,831 3,660 144 138 s paid upon redemption of redeemable units (476,207) (141,362) (191,504) (5,511) (41) (26) 291,303 (27,583) 123,844 23,450 1,339 1,369 Increase (decrease) in net assets attributable to holders of redeemable units from operations 311,400 41,788 104,249 3,470 103 72 Net increase (decrease) in net assets attributable to holders of redeemable units 186,635 (40,978) 87,966 21,928 1,247 1,254 Net assets attributable to holders of redeemable units, end of period $ 7,155,175 $ 1,063,896 $ 2,662,848 $ 87,621 $ 2,672 $ 2,334 Semi-Annual Reportport 28
Statements of Changes in Net Assets Attributable to Holders of Redeemable Units continued s in thousands of Canadian Dollars For the six-month period ended December 31, 2014 Series O Series T5 Series T8 Series S5 Series S8 Net assets attributable to holders of redeemable units, beginning of period $ 2,950,375 $ 36,674 $ 47,384 $ 44,283 $ 141,870 Distributions to holders of redeemable units (Note 5) From net investment income (34,514) (165) (210) (271) (844) From net realized gain (157,856) (1,486) (1,876) (2,244) (6,911) Return of capital (781) (1,657) (1,047) (5,518) Management fee reduction (1) (3) (192,370) (2,432) (3,743) (3,563) (13,276) Redeemable unittransactions (Note 6) Proceeds from sale of redeemable units 75,697 2,037 2,511 6,438 11,232 Reinvestment of distributions 192,369 1,826 2,526 2,681 9,330 s paid upon redemption of redeemable units (107,589) (7,600) (10,381) (3,810) (8,383) 160,477 (3,737) (5,344) 5,309 12,179 Increase (decrease) in net assets attributable to holders of redeemable units from operations 151,074 1,305 1,672 1,849 5,818 Net increase (decrease) in net assets attributable to holders of redeemable units 119,181 (4,864) (7,415) 3,595 4,721 Net assets attributable to holders of redeemable units, end of period $ 3,069,556 $ 31,810 $ 39,969 $ 47,878 $ 146,591 29 Semi-Annual Report
Financial Statements (Unaudited) continued Statements of Cash Flows s in thousands of Canadian Dollars For the six-month periods ended December 31, 2015 2014 Cash, beginning of period $ 33,264 $ 24,702 Cash flows from (used in) operating activities: Purchases of investments (2,248,144) (2,042,488) Proceeds from sale and maturity of investments 2,342,558 2,112,406 Cash receipts from dividend income 27,261 33,355 Cash receipts from interest income 69,796 68,283 Cash receipts from other investment income 33 1,601 Cash paid for operating expenses (45,665) (45,400) Net cash from (used in) operating activities 145,839 127,757 Cash flows from (used in) financing activities: Distributions to holders of redeemable units net of reinvestments (20,300) (16,169) Proceeds from sales of units 487,900 360,747 s paid upon redemption of units (567,240) (479,427) Net cash from (used in) financing activities (99,640) (134,849) Net change in cash 46,199 (7,092) Foreign exchange gain (loss) on cash (98) 314 Cash, end of period $ 79,365 $ 17,924 Semi-Annual Reportport 30
Notes to Financial Statements (Unaudited) For the period ended December 31, 2015 (Unaudited) (s in thousands of Canadian dollars except per unit amounts) 1. Formation of the Fund Fidelity Canadian Balanced Fund (Fund) is an open end mutual fund trust formed under the laws of Ontario and governed by a Master Declaration of Trust dated September 18, 1998 (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. FIAM LLC (FIAM) (formerly Pyramis Global Advisors, LLC), an affiliate of Fidelity, is responsible for the investment management of the Fund s portfolio. The registered office of the Fund is located at 483 Bay Street, Suite 300, Toronto, Ontario, M5G 2N7. The Fund offers Series A, Series B, Series F, Series F5, Series F8, Series O, Series T5, Series T8, Series S5, Series S8, Series P1, Series P1T5, Series P2, Series P3 and Series P4 units. The Fund commenced the offering of Series P1, Series P1T5, Series P2, Series P3 and Series P4 units on December 4, 2015. Series A, Series T5 and Series T8 units are available to all investors in a deferred sales charge (DSC) option and 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 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 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 P1, Series P1T5, Series P2, Series P3 and Series P4 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 P3 and Series P4 units have lower combined management and administration fees than Series F and Series F5 units. Series P1T5 has the same attributes as the other Series P units with the exception that Series P1T5 distributes 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. 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. Effective at the close of business on December 31, 2015, the investment advisor was changed from FIAM to Fidelity and, as such, all investment management services previously provided by FIAM will be provided by Fidelity. 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 and outstanding as of February 9, 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 June 30, 2016, could result in restatement of these interim financial statements, including the transition adjustments recognized on transition to IFRS. 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 31 Semi-Annual Report
Notes to Financial Statements (Unaudited) continued (s in thousands of Canadian dollars except per unit amounts) is required from time to time to make estimates and assumptions that are based on the best information available at that particular time. Changes in these estimates could impact the fair values of the financial instruments, and the impact could be material. The aggregate fair value of investments measured by valuation techniques as at December 31, 2015 and June 30, 2015, is included at the end of the Fund s Schedule of Investments. Classification and measurement of financial instrument 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 December 31, 2015 and June 30, 2015, as well as a roll forward of Level 3 securities, where applicable, is included at the end of the Fund s Schedule of Investments. The Fund did not hold any significant positions of Level 3 investments at the beginning of or end of the period. 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. 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 December 31, 2015 and June 30, 2015. 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 Semi-Annual Reportport 32
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 December 31, 2015 and June 30, 2015, 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 s 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. 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. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. Foreign Currency Translation Securities and other assets and liabilities denominated in a foreign currency are translated into Canadian dollars at the period-end exchange rates. Purchases and sales of securities, income and expenses denominated in foreign currencies are translated into Canadian dollars at the exchange rate on the date of the respective transaction. The effects of exchange rate fluctuations on investments are included in the Net realized gain (loss) and change in net unrealized appreciation (depreciation) on investments and exchange rate fluctuations on other foreign currency transactions are included in the Net realized gain (loss) on foreign currency transactions and Change in net unrealized appreciation (depreciation) on other net assets in foreign currencies in the Statements of Comprehensive Income. Reverse Repurchase Agreements Uninvested cash balances may be transferred into one or more joint trading accounts where these balances are invested in reverse repurchase transactions. In reverse repurchase transactions, U.S. or Canadian Government securities are purchased from a counterparty who agrees to repurchase the securities at a higher price at a specified future date. The difference in price is reported as interest income. Credit risk arises from the potential for a counterparty to default on its obligation to repurchase the security. The risk is managed by the use of counterparties acceptable to Fidelity and by the receipt of the securities as collateral. The value of the collateral must be at least 102% of the daily fair value of the cash invested. Any reverse repurchase agreements open at period end are included in the Schedule of Investments. The following tables summarize the securities pledged to the Fund as collateral: Collateral Description Interest Rate Maturity Date % of Collateral Collateral Value as a % of Cash Invested Canada Housing Trust 1.85% 2.75% 06/15/2016 12/15/2016 22.1% Canadian Treasury Bond 1.25% 5.75% 06/01/2029 12/01/2047 77.9% 100.0% 102.0% 33 Semi-Annual Report
Notes to Financial Statements (Unaudited) continued (s in thousands of Canadian dollars except per unit amounts) Collateral Description Interest Rate Maturity Date % of Collateral Collateral Value as a % of Cash Invested Canada Housing Trust 1.32% 1.47% 09/15/2016 03/15/2017 19.3% Canadian Treasury Bond 1.00% 5.75% 11/01/2016 12/01/2064 68.1% Canadian Treasury Bill n/a 09/10/2015 10/08/2015 12.6% 100.0% 102.1% Securities Lending The Fund lends portfolio securities from time to time in order to earn additional income. The Fund has entered into a securities lending program with its custodian, State Street Trust Company of Canada. The aggregate market value of all securities loaned under securities lending transactions or sold in repurchase transactions cannot exceed 50% of the net asset value of the Fund. The Fund receives collateral (in the form of obligations of, or guaranteed by, the Government of Canada, or a province thereof, or by the United States government or its agencies) against the loaned securities and maintains collateral in an amount of at least 105% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined daily at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. There were no security loans outstanding as at December 31, 2015 and June 30, 2015. 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 December 31, 2015 Series A 37,871 Series B 117,628 Series F 5,996 Series F5 418 Series F8 226 Series O 128,591 Series T5 1,903 Series T8 2,915 Series S5 3,676 Series S8 14,724 Series P1 688 Series P1T5 57 Series P2 124 Series P3 Series P4 Period ended December 31, 2014 Series A 44,618 Series B 107,219 Series F 3,077 Series F5 126 Series F8 96 Series O 122,510 Series T5 2,427 Semi-Annual Reportport 34
Weighted Average Units Series T8 4,113 Series S5 3,227 Series S8 13,421 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 recognized in profit or loss. IFRS 9 is effective for annual periods beginning on or after January 1, 2018, however is available for early adoption. In addition, the entity s own credit risk changes can be early applied in isolation without otherwise changing the accounting for financial instruments. 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 of the Fund and FIAM serves as investment advisor of the Fund. FIAM has entered into sub-advisory agreements with Fidelity Investments Money Management, Inc., FMR Co., Inc., Fidelity Institutional Asset Management Trust Company and Fidelity (Canada) Asset Management ULC, affiliates of Fidelity, to provide investment advice with respect to all or a portion of the investments of the Fund. The Fund pays Fidelity and FIAM 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: Annual Management and Advisory Fee Rate (%) Series A 1.850 Series B 1.700 Series F 0.700 Series F5 0.700 Series F8 0.700 Series T5 1.850 Series T8 1.850 Series S5 1.700 Series S8 1.700 Series P1 0.700 Series P1T5 0.700 Series P2 0.675 Series P3 0.675 Series P4 0.650 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 35 Semi-Annual Report
Notes to Financial Statements (Unaudited) continued (s in thousands of Canadian dollars except per unit amounts) 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 0.265 0.255 0.245 Series B 0.215 0.205 0.195 Series F 0.155 0.145 0.135 Series F5 0.155 0.145 0.135 Series F8 0.155 0.145 0.135 Series T5 0.265 0.255 0.245 Series T8 0.265 0.255 0.245 Series S5 0.215 0.205 0.195 Series S8 0.215 0.205 0.195 Series P1 0.130 0.120 0.110 Series P1T5 0.130 0.120 0.110 Series P2 0.130 0.120 0.110 Series P3 0.105 0.095 0.085 Series P4 0.080 0.070 0.060 Prior to October 29, 2015, the administration fee was calculated as a fixed annual percentage of the net asset value of each Series as follows: Tier 1 (%) Tier 2 (%) Tier 3 (%) Series A 0.267 0.257 0.247 Series B 0.217 0.207 0.197 Series F 0.155 0.155 0.155 Series F5 0.155 0.155 0.155 Series F8 0.155 0.155 0.155 Series T5 0.267 0.257 0.247 Series T8 0.267 0.257 0.247 Series S5 0.217 0.207 0.197 Series S8 0.217 0.207 0.197 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 s - Commissions and other portfolio costs paid for security transactions during the period were $1,048 (December 31, 2014: $1,293), of which $- (December 31, 2014: $-) 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. Commissions reimbursed under this arrangement were $87 (December 31, 2014: $1) 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 $365 (December 31, 2014: $297). s paid for research provided to the Fund by executing brokers are estimates made by Fidelity. FIAM 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. Semi-Annual Reportport 36
5. Taxation and Distributions The Fund qualifies as a mutual fund trust under the provisions of the Income Tax Act (Canada). For tax purposes, the Fund has a December year end. In each tax year, the Fund declares and credits as due and payable sufficient net investment income and net realized capital gains to unitholders such that the Fund will not be subject to income taxes. As a result, the Fund does not record income taxes under IAS 12 Income Taxes (IAS 12) and accordingly does not recognize the deferred tax benefit associated with tax loss carry forwards and other taxable temporary differences. The Fund is subject to foreign withholding taxes imposed by certain countries on investment income. Withholding taxes are accrued for in conjunction with the accrual for the related investment income and are included in Foreign taxes withheld on the Statements of Comprehensive Income and Other payables and accrued expenses on the Statements of Financial Position. Distributions are taxable in unitholders hands. At the end of each tax year, the character of the distributions is determined for tax purposes. Under the terms of the Declaration of Trust, the trustee may capitalize any distribution amount without any increase in the number of units outstanding. For Series F5, Series F8, Series T5, Series T8, Series S5, Series S8 and Series P1T5, the Fund will make monthly distributions of an amount that will generally be comprised of a return of capital and/or net investment income, if available. Distributions, if any, are declared separately for each Series. Capital losses may be carried forward indefinitely to reduce future realized capital gains. As at the last taxation year-end, the Fund had 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 December 31, 2015 Series A 39,356 2,638 2,782 (6,271) 38,505 Series B 116,112 9,806 9,181 (9,401) 125,698 Series F 5,168 2,450 364 (1,097) 6,885 Series F5 319 410 35 (258) 506 Series F8 202 129 24 (67) 288 Series O 127,928 3,343 11,793 (5,005) 138,059 Series T5 1,970 147 156 (288) 1,985 Series T8 3,126 229 258 (637) 2,976 Series S5 3,594 397 309 (395) 3,905 Series S8 14,746 733 1,350 (1,267) 15,562 Series P1 982 58 (16) 1,024 Series P1T5 78 6 84 Series P2 178 13 191 Series P3 Series P4 37 Semi-Annual Report
Notes to Financial Statements (Unaudited) continued (s in thousands of Canadian dollars except per unit amounts) Period ended December 31, 2014 Series A 45,858 2,500 2,253 (5,792) 44,819 Series B 106,850 7,348 5,800 (7,840) 112,158 Series F 2,725 1,033 156 (225) 3,689 Series F5 84 71 9 (2) 162 Series F8 66 76 9 (2) 149 Series O 122,495 3,084 8,198 (4,395) 129,382 Series T5 2,614 144 136 (539) 2,355 Series T8 4,456 236 250 (977) 3,965 Series S5 3,118 452 197 (267) 3,500 Series S8 13,118 1,039 908 (777) 14,288 Affiliated Ownership - As at December 31, 2015 and June 30, 2015, Fidelity and its affiliates held approximately 15% 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. FIAM seeks to minimize potential adverse effects of these performance risks by employing professional, experienced portfolio advisors, by daily monitoring of positions and market events, and by diversifying the investment portfolio within the constraints of the investment mandate. The Fund may use derivative financial instruments to moderate certain risk exposures. Risk, as defined by FIAM, 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. FIAM 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. FIAM 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, FIAM s analysts select securities based on their own unique valuation processes. The Fund aims to achieve high total investment return. The Fund uses a balanced approach. It invests primarily in a mix of Canadian equity securities, investment grade bonds, high yield securities and money market instruments. The Fund s benchmark is a blended index made up of: 50.0% S&P/TSX Capped Composite Index; 40.0% FTSE TMX Canada Universe Bond Index; and 10.0% The BofA Merrill Lynch US High Yield Constrained Index Portfolio risk is monitored daily and reviewed monthly by an investment compliance group. In addition, there is a formal quarterly review of each fund. The investment compliance group, portfolio managers and the senior analysts attend a quarterly portfolio review. Portfolios within each strategy are reviewed relative to each other and to their benchmark. Active industry and security allocations are analyzed. Credit Risk - Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Fund. The Fund s own credit risk in the case of financial liabilities and a counterparty s credit risk in the case of financial assets are considered, where applicable, in determining the fair value of financial assets and financial liabilities. The Fund may be exposed to indirect credit risk through its investments in any Underlying Fund. The fair value of debt securities includes consideration of the credit worthiness of the debt issuer. In addition, as part of its cash management, the Fund limits its direct exposure to credit loss by placing its cash with high credit quality financial institutions. The carrying amount of investments and other assets represents the maximum credit risk exposure as at December 31, 2015 and June 30, 2015. Credit risk arising on Canadian debt securities held directly or indirectly, as applicable, is mitigated by investing primarily in rated instruments or instruments issued by rated counterparties with credit ratings of at least BB or better as determined by Moody s Investor Services, Inc. or S&P at the date of purchase. The following table summarizes the credit risk that is relevant for the Fund based on its investment objective. Quality Diversification Semi-Annual Reportport 38
% of Fund s Net Assets as at 12/31/15 % of Fund s Net Assets as at 6/30/15 AAA 9.5 9.8 AA 12.9 11.8 A 5.0 5.4 BBB 8.5 8.8 BB and Below 8.9 8.2 Not Rated 3.2 3.4 Equities 47.0 50.2 Short-Term Investments and Net Other Assets 5.0 2.4 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. Other than outlined above, there were no significant concentrations of credit risk to counterparties as at December 31, 2015 and June 30, 2015. Concentration Risk - FIAM 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 12/31/15 % of Fund s Net Assets as at 6/30/15 Canadian Bonds 35.7 35.4 Canadian Equities 28.5 32.9 Foreign Equities 18.5 17.3 Foreign Bonds 11.2 10.9 Canadian Preferred Securities 0.7 0.8 Foreign Preferred Securities 0.4 0.3 Cash and Short-Term Investments 5.2 1.7 Net Other Assets (Liabilities) (0.2) 0.7 Sector Mix % of Fund s Net Assets as at 12/31/15 % of Fund s Net Assets as at 6/30/15 Financials 10.4 9.5 Consumer Discretionary 7.8 10.0 Materials 6.4 6.1 Consumer Staples 5.2 5.0 Health Care 4.8 12.1 Industrials 4.6 5.8 Energy 4.1 2.7 Information Technology 3.2 0.1 Telecommunication Services 1.2 0.0 Others (Individually Less Than 1%) 0.4 0.0 Canadian Bonds 35.7 35.4 Foreign Bonds 11.2 10.9 Cash and Short-Term Investments 5.2 1.7 Net Other Assets (Liabilities) (0.2) 0.7 Geographic Mix 39 Semi-Annual Report
Notes to Financial Statements (Unaudited) continued (s in thousands of Canadian dollars except per unit amounts) % of Fund s Net Assets as at 12/31/15 % of Fund s Net Assets as at 6/30/15 Canada 64.9 69.1 United States of America 24.7 22.4 Ireland 1.3 2.1 Bermuda 1.1 1.0 Others (Individually Less Than 1%) 3.0 3.0 Cash and Short-Term Investments 5.2 1.7 Net Other Assets (Liabilities) (0.2) 0.7 FIAM 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 Schedule of Investments as at their respective period ends. The liquidity position of the Fund is monitored on a daily basis. As at December 31, 2015 and June 30, 2015, 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 December 31, 2015 and June 30, 2015, 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 $355,886 (June 30, 2015: $317,514). 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 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 12/31/15 % of Fund s Net Assets as at 6/30/15 Years 0 1 4.7 2.8 1 3 5.4 5.6 3 5 10.0 9.5 Over 5 30.9 30.1 Semi-Annual Reportport 40
As at December 31, 2015 and June 30, 2015, 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 $64,123 (June 30, 2015: $65,027). In practice, the actual trading results may differ from this sensitivity analysis and the difference could be material. Currency Risk - Currency risk arises from financial instruments that are denominated in a currency other than Canadian dollar, which is the Fund s functional currency. The tables below indicate the currencies to which the Fund has significant exposure as at period end, on the trading monetary, non-monetary assets and liabilities as well as the underlying principal amount of forward foreign currency contracts. Currency As at December 31, 2015 U.S. dollar As at June 30, 2015 U.S. dollar Monetary Instruments ($) Non-Monetary Instruments ($) Forward FX Contracts ($) Net Exposure ($) As a % of net assets 761,947 1,297,139 2,059,086 28.4 753,764 1.268,500 2,022,264 26.9 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 December 31, 2015 and June 30, 2015, 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 $102,974 (June 30, 2015: $101,113). In practice, the actual trading results may differ from this sensitivity analysis and the difference could be material. 41 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. 62.107094E 1.753299.115 FICL-CBAL-SANN-0216