Fidelity Global Small Cap Fund

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Annual Management

Report of Fund

Performance

March 31, 2016

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Caution Regarding Forward-looking Statements

Certain portions of this report, including, but not limited to, “Results of Operations” and “Recent Developments”, may contain forward-looking

statements about the Fund, including its strategy, risks, expected performance and condition. Forward-looking statements include statements

that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects”, “anticipates”,

“intends”, “plans”, “believes”, “estimates” and similar forward-looking expressions or negative versions thereof.

In addition, any statement that may be made concerning future performance, strategies or prospects, and possible future Fund action, is also a

forward-looking statement. Forward-looking statements are based on current expectations and projections about future events and are

inher-ently subject to, among other things, risks, uncertainties and assumptions about the Fund and economic factors. Accordingly, assumptions

concerning future economic and other factors may prove to be incorrect at a future date.

Forward-looking statements are not guarantees of future performance, and actual events and results could differ materially from those

expressed or implied in any forward-looking statements made by the Fund. Any number of important factors could contribute to these

digres-sions, including, but not limited to, general economic, political and market factors in North America and internationally, interest and foreign

exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected

judicial or regulatory proceedings, and catastrophic events.

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Annual Management Report of Fund Performance

as at March 31, 2016

Fidelity Global Small Cap Fund

This annual management report of fund performance contains financial highlights but does not contain the complete annual financial

statements for the investment fund. You can get a copy of the annual financial statements at your request, and at no cost, by calling

1-800-263-4077, by writing to us at Fidelity Investments, 483 Bay St. Suite 300, Toronto ON M5G 2N7 or by visiting our website at www.fidelity.ca

or SEDAR at www.sedar.com.

Security holders may also contact us using one of these methods to request a copy of the investment fund’s proxy voting policies and

proce-dures, proxy voting disclosure record or quarterly portfolio disclosure relating to the investment fund.

Management Discussion of Fund Performance

Investment Objective and Strategies

Investment Objective:

Fidelity Global Small Cap Fund (Fund) aims to achieve long-term capital growth by investing primarily in equity securities of

small-capitaliza-tion companies located anywhere in the world.

Strategies:

The portfolio manager considers small companies to be those similar in size to the companies in the MSCI ACWI (All Country World Index)

Small Cap Index. The portfolio manager generally diversifies the Fund’s investments across different countries and regions. When buying and

selling securities for the Fund, the portfolio manager examines each company’s potential for success in light of its current financial condition,

its industry position and economic and market conditions. The portfolio manager considers factors like growth potential, earnings estimates

and quality of management. The Fund may also invest in medium and large companies anywhere in the world. It may hold cash and invest in

fixed-income securities.

Risk

The risks associated with investing in the Fund remain as discussed in the prospectus. Any changes to the Fund over the period have not

affected the overall level of risk of the Fund. The Fund is suitable for long-term investors who want to gain exposure to global

small-capitaliza-tion companies and can handle the volatility of returns generally associated with equity investments in small companies and who are willing to

accept a medium to high level of risk. The suitability of the investment has not changed from what has been disclosed in the prospectus.

Results of Operations

Fidelity Global Small Cap Fund, Series B, returned -4.8%, after fees and expenses, for the past one-year period ended March 31, 2016. The net

returns of the other series of this Fund are similar to those of Series B, except for differences attributable to expense structures. Global

equi-ties, as broadly measured by the MSCI World Index, returned -1.4%, in Canadian dollar terms, for the review period.

Market overview:

Global equities fell during the period amid concerns about the economic slowdown in China and the implications it would have for global

growth. Asian markets were the worst-performing markets; investors were worried about China’s slowing economy and rising prospects of an

increase in U.S. interest rates. European markets followed global equity markets, registering negative returns during the review period. The

U.S. was among the best-performing markets, registering a positive return supported by strong corporate earnings and positive economic data.

Factors affecting performance:

The Fund’s benchmark, the MSCI ACWI (All Country World Index) Small Cap Index, returned -2.5% (in Canadian dollar terms) for the one-year

period under review. Before fees and expenses, the Fund performed in line with the benchmark. However, after fees and expenses, the Fund

underperformed the benchmark.

The Fund’s investments in the energy sector, specifically in Japanese oil and gas company San-Ai Oil, contributed to relative performance. In

addition, exposure to health care contributed to performance, specifically positions in Bruker, which manufactures scientific instruments, and

Swedish Orphan Biovitrum, a specialty health care company. Other notable contributions to performance during the review period came from

industrials company Regus and information technology company Constellation Software.

In contrast, the Fund’s investments in the financials and industrials sectors detracted from relative performance. Specifically, its investment

in U.S.-based real estate firm Jones Lang LaSalle and Howard Hughes Corporation detracted. In industrials, exposure to Japanese

transporta-tion company, Kintetsu World Express detracted from relative performance. Other holdings that detracted from relative performance included

biopharmaceutical firm Medivation, packing company Nampak and oil and natural gas exploration & production company Whiting Petroleum.

The Fund did not have any exposure to Whiting Petroleum at the end of the review period.

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Fidelity Global Small Cap Fund

Management Discussion of Fund Performance – continued

During the period under review, portfolio manager Rob Feldman increased the Fund’s exposure to the consumer staples sector. In particular,

the portfolio manager initiated positions in several food companies, based on a combination of quality and valuation. The manager believes that

these companies may offer more consistent returns, because the businesses tend to be less economically sensitive. In contrast, the Fund’s

expo-sure to information technology and industrials companies was decreased. The Fund eliminated its expoexpo-sure to PTC and reduced its expoexpo-sure to

Constellation Software after the stocks outperformed the broader sector and their valuations accordingly became less attractive. Exposure to

semiconductor companies was also reduced after the manager grew more cautious on the industry’s earnings outlook. In industrials, exposure to

transportation companies, such as Alaska Air Group, was reduced, due to the cyclical nature of the industry and concerns that fundamentals had

weakened.

In terms of country allocation, exposure to Hong Kong was increased during the period, while exposure to the U.S. was reduced. This was a result

of the portfolio manager’s bottom-up stock-selection process rather than top-down macro calls.

Recent Developments

Mr. Feldman remains optimistic about the potential of small-cap stocks to provide diversification and attractive returns. He believes that the

valuations of small-cap securities are more attractive than those of large-cap securities. Mr. Feldman believes that the global small-cap segment

is inefficient and under-researched; as a result, with sufficient research resources, he believes it is possible to find attractively priced stocks in

all parts of the market cycle. In addition, he believes that small-cap companies are more exposed to local markets and local factors, and so may

be insulated, to some degree, from broader market forces.

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Related Party Transactions

Manager and Portfolio Adviser

The Fund is managed by Fidelity Investments Canada ULC (Fidelity). Fidelity is part of a broader group of companies collectively known as

Fidelity Investments.

Fidelity provides or arranges for the provision of all general management and administrative services required by the Fund in its day–to–day

operations, bookkeeping, record–keeping and other administrative services for the Fund.

Fidelity provides investment advice to the Fund. Fidelity has entered into a sub-advisory agreement with Fidelity Institutional Asset

Management Trust Company, an affiliate of Fidelity, to provide investment advice with respect to all or a portion of the investments of the Fund.

Fidelity provides investment advice with respect to the Fund’s investment portfolio and arranges for the acquisition and disposition of portfolio

investments, including all necessary brokerage arrangements.

The Fund pays Fidelity a monthly management and advisory fee for their services, based on the net asset value of each Series, calculated daily

and payable monthly. The Fund paid Fidelity management and advisory fees of $182,000 for the period ended March 31, 2016.

Administration Fee

Fidelity charges the Fund a fixed administration fee in place of certain variable expenses. Fidelity, in turn, pays all of the operating expenses of

the Fund, other than certain specified fund costs (e.g. the fees and expenses of the Independent Review Committee, taxes, brokerage

commis-sions and interest charges). The Fund pays an annual rate, which is calculated on a tiered basis, based on the net asset value of each Series,

calculated daily and payable monthly. The Fund paid Fidelity administration fees of $30,000 for the period ended March 31, 2016.

Brokerage Commissions

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Financial Highlights

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund’s financial performance for the period end of the years shown. This information is derived from the Fund’s audited annual and/or unaudited semi-annual financial statements. Please see the front page for information about how you can obtain the Fund’s annual or semi-annual financial statements.

Fidelity Global Small Cap Fund Series A

Periods ended March 31, 2016 2015 2014 2013 2012A

The Series’ Net Assets per UnitB

Net assets, beginning of period C _{$ 16.0939} _{$ 13.9133} _{$ 11.0830} _{$ 9.5028} _{$ 10.0000}

Increase (decrease) from operations:

Total revenue .2568 .2113 .1875 .1775 .1436

Total expenses (excluding distributions) (.4501) (.4008) (.3594) (.2565) (.2429)

Realized gains (losses) 2.0335 1.3491 1.0457 (.1833) (.2301)

Unrealized gains (losses) (2.5418) .6936 2.0075 1.9741 (.1311)

Total increase (decrease) from operationsC _(.7016) _1.8532 _2.8813 _1.7118 _(.4605)

Distributions:

From net investment income (excluding dividends) – – – – –

From dividends – – – – –

From capital gains – – – – –

Return of capital – – – – –

Total distributionsC,D _– _– _– _– _–

Net assets, end of periodC _{$ 15.2978} _{$ 16.0939} _{$ 13.9133} _{$ 11.0730} _{$ 9.5028}

Ratios and Supplemental Data

Net asset value (000s) E _{$ 3,738} _{$ 5,506} _{$ 6,271} _{$ 3,840} _{$ 2,553}

Units outstandingE _244,421 _342,393 _450,749 _346,497 _268,295

Management expense ratio F _2.58% _2.64% _2.68% _2.69% _2.70%

Management expense ratio before waivers or absorptions F _2.64% _2.67% _2.68% _2.69% _2.70%

Trading expense ratioG _.05% _.07% _.10% _.12% _.26%

Portfolio turnover rateH _27% _22% _36% _46% _41%

Net asset value per unit, end of period $ 15.2974 $ 16.0932 $ 13.9132 $ 11.0830 $ 9.5139

A _{For the period March 25, 2011 (inception date) to March 31, 2012.}

B _{This information is derived from the Fund’s audited annual and/or unaudited interim financial statements. Periods beginning on or after January 1, 2013 follow International Financial Reporting Standards (IFRS) and periods prior to January 1,}

2013 follow Canadian Generally Accepted Accounting Principles (Canadian GAAP). The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value calculated for fund pricing purposes. An explanation of these differences can be found in the notes to financial statements.

C _{Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of units outstanding over the financial period. This table is not}

intended to be a reconciliation of beginning to ending net assets per unit.

D _{Distributions were paid in cash or reinvested in additional units of the Fund, or both, and excludes distributions of management fee reductions to unitholders. Distributions are presented based on management’s best estimate of the tax character.} E _{This information is provided as at period end of the year shown.}

F _{Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset values during the period,}

including the Fund’s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. Effective November 1, 2014, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated.

G _{The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund’s pro-rata share of estimated trading costs}

incurred in any underlying investment fund, if applicable.

H _{The Fund’s portfolio turnover rate indicates how actively the Fund’s portfolio adviser manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course}

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Fidelity Global Small Cap Fund Series B

Total revenue .2559 .2141 .1885 .1774 .1438

Unrealized gains (losses) (2.7493) .6355 1.9344 1.9529 (.0947)

Total increase (decrease) from operationsC _(.8337) _1.8418 _2.8902 _1.7071 _(.4117)

Distributions:

Net asset value (000s) E _{$ 4,051} _{$ 5,741} _{$ 6,935} _{$ 4,232} _{$ 2,980}

A _{For the period March 25, 2011(inception date) to March 31, 2012.}

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Financial Highlights – continued

Fidelity Global Small Cap Fund Series F

Total revenue .2578 .2301 .1966 .1941 .1410

Realized gains (losses) 2.1993 1.5099 1.1123 .0184 (.2618)

Unrealized gains (losses) (3.3629) 1.1428 2.4296 2.4925 .1322

Total increase (decrease) from operationsC _(1.1425) _2.6776 _3.5580 _2.5824 _(.0998)

Distributions:

Net asset value (000s) E _{$ 409} _{$ 728} _{$ 586} _{$ 35} _{$ 10}

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Fidelity Global Small Cap Fund Series O

Total revenue .2761 .2362 .2019 .1810 .1480

Total expenses (excluding distributions) (.0377) (.0343) (.0285) – –

Unrealized gains (losses) (3.1879) .8487 2.3008 2.2528 .3908

Total increase (decrease) from operationsC _(.7623) _2.5382 _3.6097 _2.2589 _.2537

Distributions:

Net asset value (000s) E _{$ 2,846} _{$ 2,346} _{$ 2,434} _{$ 887} _{$ 690}

Management expense ratio F _–% _–% _–% _—% _—%

Management expense ratio before waivers or absorptions F _—% _—% _—% _—% _—%

D _{Distributions were paid in cash or reinvested in additional units of the Fund, or both. Distributions are presented based on management’s best estimate of the tax character.} E _{This information is provided as at period end of the year shown.}

F _{No fees are charged to the Series, but investors may be charged a negotiated management fee.}

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Financial Highlights – continued

Fidelity Global Small Cap Fund Series E1

Periods ended March 31, 2016A

Net assets, beginning of period C _{$ 10.0000}

Total revenue .0371

Total expenses (excluding distributions) (.0413)

Realized gains (losses) .0079

Unrealized gains (losses) .9457

Total increase (decrease) from operationsC _.9494

Distributions:

From net investment income (excluding dividends) –

From dividends –

From capital gains –

Return of capital –

Total distributionsC,D _–

Net assets, end of periodC _{$ 10.5082}

Net asset value (000s) E _{$ 575}

Units outstandingE _42,962

Management expense ratio F _2.31%

Management expense ratio before waivers or absorptions F _2.35%

Trading expense ratioG _.05%

Portfolio turnover rateH _27%

Net asset value per unit, end of period $ 10.5130

A _{For the period February 5, 2016 (commencement of sale of units) to March 31, 2016.}

B _{This information is derived from the Fund’s audited annual and/or unaudited interim financial statements. The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value}

calculated for fund pricing purposes. An explanation of these differences can be found in the notes to financial statements.

including the Fund’s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. Effective February 9, 2016, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated.

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Fidelity Global Small Cap Fund Series E2

Total revenue .0380

Distributions:

From dividends –

A _{For the period February 5, 2016 (commencement of sale of units) to March 31, 2016.}

including the Fund’s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. Effective February 9, 2016, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated.

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Financial Highlights – continued

Fidelity Global Small Cap Fund Series P1

Total revenue .0577

Distributions:

From dividends –

A _{For the period December 4, 2015 (commencement of sale of units) to March 31, 2016.}

including the Fund’s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. Effective December 8, 2015, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated.

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Fidelity Global Small Cap Fund Series P2

Total revenue .0400

Unrealized gains (losses) (1.0700)

Total increase (decrease) from operationsC _(.9000)

Distributions:

From dividends –

Units outstandingE ₁₀₀

Management expense ratio F _.90%

Management expense ratio before waivers or absorptions F _.90%

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Financial Highlights – continued

Fidelity Global Small Cap Fund Series P3

Total revenue .0400

Unrealized gains (losses) (1.0700)

Total increase (decrease) from operationsC _(.9000)

Distributions:

From dividends –

Units outstandingE ₁₀₀

Management expense ratio F _.90%

Management expense ratio before waivers or absorptions F _.90%

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Management and Advisory Fees

Fidelity serves as manager and investment advisor of the Fund. The Fund pays Fidelity a monthly management and advisory fee for their

services, based on the net asset value of each Series, calculated daily and payable monthly. Fidelity uses these management fees to pay for

sales and trailing commissions to registered dealers on the distribution of the Fund units, as well as for the general investment management

expenses. Dealer compensation represents cash commissions paid by Fidelity to registered dealers during the period and includes upfront

deferred sales charge and trailing commissions. This amount may, in certain circumstances, exceed 100% of the fees earned by Fidelity during

the period. For new Classes/Funds or Series the amounts presented may not be indicative of longer term operating periods.

Management

Fees CompensationDealer

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Fidelity Global Small Cap Fund

Past Performance

The performance information shown assumes that all distributions made by the Fund in the periods shown were reinvested in additional

securi-ties of the Fund. The performance information does not take into account sales, redemption, distribution or other optional charges that would

have reduced returns or performance. How the Fund has performed in the past does not necessarily indicate how it will perform in the future.

Year-by-Year Returns

The following bar chart shows the Fund’s annual performance for each of the years shown, and illustrates how the Fund’s performance was

changed from year to year. In percentage terms, the bar chart shows how much an investment made on the first day of each financial year would

have grown or decreased by the last day of each financial year.

Series A

30 20 10 0 -10 2016 -4.9 2015 15.7 2014 25.5 2013 16.5 2012A -4.9 Fiscal Years Percentage (%)

A_{Since the Commencement of Operations, from April 4, 2011 to March 31, 2012.}

Series B

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Series O

Series E1

10 5 0 -5 -10 2016A 5.1 Fiscal Years Percentage (%)

A_{Since the Commencement of Operations, from February 5, 2016 to March 31, 2016.}

Series E2

10 5 0 -5 -10 2016A 5.2 Fiscal Years Percentage (%)

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Fidelity Global Small Cap Fund

Past Performance – continued

Series P1

0 -5 -10 2016A -9.1 Fiscal Years Percentage (%)

A_{Since the Commencement of Operations, from December 4, 2015 to March 31, 2016.}

Series P2

0 -5 -10 2016A -9.0 Fiscal Years Percentage (%)

A_{Since the Commencement of Operations, from December 4, 2015 to March 31, 2016.}

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Average Annual Total Returns

Past 1 year Past 3 years Since Inception

Fidelity Global Small Cap Fund – Series E1

n/a

5.1%

Fidelity Global Small Cap Fund – Series E2

n/a

5.2%

Fidelity Global Small Cap Fund – Series P1

n/a

(9.1)%

Fidelity Global Small Cap Fund – Series P2

n/a

(9.0)%

Fidelity Global Small Cap Fund – Series P3

n/a

(9.0)%

MSCI ACWI (All Country World Index) Small Cap Index

(2.5)%

14.9%

11.5%

MSCI World Index

(1.4)%

15.8%

12.7%

The period used for the since inception MSCI ACWI (All Country World Index) Small Cap Index and MSCI World Index returns are based on

Series B which has been in existence the longest compared to all Series with less than 10 years of operations.

Fidelity Global Small Cap Fund, Series B, underperformed the broad global equity markets, as represented by the MSCI World Index, for the

one-year review period.

Global equities, as broadly measured by the MSCI World Index, returned -1.4%, in Canadian dollar terms, for the review period. Global equities

fell during the period amid concerns about the economic slowdown in China and the implications it would have for global growth. Asian markets

were the worst-performing markets; investors were worried about China’s slowing economy and rising prospects of an increase in U.S. interest

rates. European markets followed global equity markets, registering negative returns during the review period. The U.S. was among the

best-performing markets, registering a positive return supported by strong corporate earnings and positive economic data.

The Fund’s benchmark, the MSCI ACWI (All Country World Index) Small Cap Index, returned -2.5% (in Canadian dollar terms) for the one-year

period under review. Before fees and expenses, the Fund performed in line with the benchmark. However, after fees and expenses, the Fund

underperformed the benchmark.

The Fund’s investments in the energy sector, specifically in Japanese oil and gas company San-Ai Oil, contributed to relative performance. In

addition, exposure to health care contributed to performance, specifically positions in Bruker, which manufactures scientific instruments, and

Swedish Orphan Biovitrum, a specialty health care company. Other notable contributions to performance during the review period came from

industrials company Regus and information technology company Constellation Software.

In contrast, the Fund’s investments in the financials and industrials sectors detracted from relative performance. Specifically, its investment in

U.S.-based real estate firm Jones Lang LaSalle and Howard Hughes Corporation detracted. In industrials, exposure to a Japanese

transporta-tion company detracted from relative performance. Other holdings that detracted from relative performance included biopharmaceutical firm

Medivation, packing company Nampak and oil and natural gas exploration & production company Whiting Petroleum. The Fund did not have any

exposure to Whiting Petroleum at the end of the review period.

The MSCI ACWI (All Country World Index) Small Cap Index is an unmanaged, free float-adjusted, market capitalization-weighted index

com-posed of stocks of companies located in countries throughout the world. It is designed to measure small-capitalization equity market

perfor-mance in global developed and emerging markets. The MSCI World Index is a market capitalization-weighted index composed of companies’

representative of the market structure of developed market countries in North America, Europe and the Asia-Pacific region.

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Fidelity Global Small Cap Fund

Summary of Investment Portfolio as at March 31, 2016

Sector Mix

% of Fund’s Net Assets Financials 23.4 Industrials 16.0 Information Technology 14.7 Consumer Discretionary 14.3 Health Care 11.0 Consumer Staples 6.2 Materials 5.7 Energy 3.9 Utilities 2.9 Telecommunication Services 2.6

Cash and Cash Equivalents 0.5

Net Other Assets (Liabilities) (1.2)

Market Capitalization

% of Net Assets Large 1.0 Mid 64.8 Small 33.3

Market Capitalization is a measure of the size of a company. It is calculated by mul-tiplying the current share price by the number of outstanding common shares of the company. The Fund defines small cap as less than $2 billion, mid cap as between $2 billion and $10 billion, and large cap as over $10 billion in capitalization.

Geographic Mix

% of Fund’s Net Assets

United States of America 52.3

Japan 10.1 United Kingdom 6.0 Australia 2.7 Spain 2.2 Canada 2.0 Ireland 1.7 Hong Kong 1.7 Bailiwick of Jersey 1.6 Bermuda 1.5 Finland 1.5 Netherlands 1.4 Turkey 1.4 Luxembourg 1.4 France 1.3 Israel 1.3 Korea (South) 1.2 Austria 1.1 Cayman Islands 1.1 South Africa 1.1

Others (Individually Less Than 1%) 6.1

Cash and Cash Equivalents 0.5

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Top 25 Issuers

% of Fund’s Net Assets 1. United Drug PLC 1.7 2. CVB Financial Corp. 1.6 3. Regus PLC 1.6 4. Air Methods Corp. 1.5 5. AmSurg Corp. 1.5

6. Takara Leben Co. Ltd. 1.5

7. Boston Private Financial Holdings, Inc. 1.5

8. Cramo Oyj 1.5

9. FirstMerit Corp. 1.4

10. Grand City Properties SA 1.4

11. Interactive Brokers Group, Inc. 1.3

12. Jones Lang LaSalle, Inc. 1.3

13. Melia Hotels International Sa 1.3

% of Fund’s Net Assets

14. Bruker Corp. 1.3

15. Cogent Communications Group, Inc. 1.3

16. Cavium, Inc. 1.2

17. Monolithic Power Systems, Inc. 1.2

18. Burlington Stores, Inc. 1.2

19. Techtronic Industries Co. Ltd. 1.2

20. Progress Software Corp. 1.2

21. Seobu T&D 1.2

22. Team, Inc. 1.2

23. CalAtlantic Group, Inc. 1.2

24. San-Ai Oil Co. Ltd. 1.1

25. Diamondback Energy, Inc. 1.1

33.5

Total Fund Net Assets $11,583,236

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