Fidelity Global Financial Services Fund · Fidelity Global Financial Services Fund (Fund), Series...

Semi-Annual Management Report of Fund PerformanceSeptember 30, 2019

Fidelity Global Financial Services Fund

Caution Regarding Forward-looking Statements

Certain portions of this report, including, but not limited to, “Results of Operations” and “Recent Developments”, may contain forward-looking statements about the Fund, including its strategy, risks, expected performance and condition. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates” and similar forward-looking expressions or negative versions thereof.

In addition, any statement that may be made concerning future performance, strategies or prospects, and possible future Fund action, is also a forward-looking statement. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about the Fund and economic factors. 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 state-ments made by the Fund. Any number of important factors could contribute to these digressions, 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.

It should be stressed that the above-mentioned list of important factors is not exhaustive. You are encouraged to consider these and other factors carefully before making any investment decisions and you are urged to avoid placing undue reliance on forward-looking statements. Further, you should be aware of the fact that the Fund has no specific intention of updating any forward-looking statements whether as a result of new information, future events or otherwise, prior to the release of the next Management Report of Fund Performance.

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Semi-Annual Management Report of Fund Performance as at September 30, 2019Fidelity Global Financial Services FundThis semi-annual management report of fund performance contains financial highlights but does not contain the complete semi-annual financial statements for the investment fund. You can get a copy of the semi-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.

Securityholders may also contact us using one of these methods to request a copy of the investment fund’s proxy voting policies and procedures, proxy voting disclosure record or quarterly portfolio disclosure relating to the investment fund.

Management Discussion of Fund PerformanceResults of Operations:Fidelity Global Financial Services Fund (Fund), Series B, returned 3.2%, after fees and expenses, for the six-month period ended September 30, 2019. 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 equities, as represented by the MSCI World Index, returned 3.6% (in Canadian dollar terms) for the period under review.

Market overview:

Monetary policy easing and sustained U.S. economic expansion supported global equity markets. Lower interest rates and falling bond yields (interest income from bonds at a given price) resulted in a general preference for higher quality companies, with sustainability of earnings and attractive dividend yields among the key drivers of gains. Furthermore, the falling cost of capital generally supported a sharp rise in share buybacks and lifted earnings per share (as fewer shares remain in issue for the same amount of earnings). However, the rise in global equi-ties was contained due to escalating trade tensions between the U.S. and its leading trade partners, which triggered fears of a global recession. Many analysts also expected that growth in the U.S. economy could be peaking after a ten-year long expansion. Investors also navigated several geopolitical risk events, such as rising tensions in the Middle East, developments related to Brexit, and political turmoil in Italy. European and U.S. equities advanced. While economic indicators weakened, a supportive monetary and fiscal policy framework pushed stock prices higher.

Factors affecting performance:

The Fund’s benchmark, the MSCI ACWI (All Country World Index) Financials and Real Estate Index, returned 3.6% (in Canadian dollar terms) for the review period. The Fund underper-formed its benchmark after fees and expenses; however, before fees and expenses, it outperformed.

The Fund’s exposure to certain stocks in the insurance industry contributed to relative returns, particularly investments in U.S.-based Assurant, Switzerland-based Zurich Insurance Group, and Germany-based Hannover Rück. Across other industries, holdings in France-based payment services provider Ingenico contributed to relative performance.

In contrast, the Fund’s investments in the banking industry detracted from relative performance. In the industry, a holding in India-based Axis Bank detracted from relative returns, as did lower-than-benchmark exposure to U.S.-based Wells Fargo. Among other industries, investments in financial technology company SS&C Technologies, and China-based property investment group China Overseas Land and Investment, made notable detractions from relative performance.

Portfolio changes:

During the review period, the portfolio manager increased exposure to the insurance industry as he believes it offers a good balance of growth and downside protection. In the industry, he initiated a position in specialty insurer Assurant, which provides housing and lifestyle solutions that support and protect major consumer purchases. The company is on track to transform itself into a less capital-intensive business and has significant differentiated growth opportunities, in the portfolio manager’s view. A position was also initiated in Hartford Financial Services Group, which provides a range of insurance products. The portfolio manager believes the company is well placed to deliver strong margins in its commercial business by 2020. Moreover, it completed the acquisition of Navigators Group in May 2019, and its integration and growth plans are progressing well.

In contrast, the Fund’s exposure to the banking sector was decreased. The portfolio manager reduced the allocations to Wells Fargo and Spain-based Banco Santander to seek better invest-ment opportunities elsewhere.

At the end of the review period, the Fund had its largest absolute allocation to the insurance industry. The Fund diverged most from its benchmark weightings by having a higher allocation to the insurance industry and a lower allocation to the banking industry.

Recent DevelopmentsThough market participants have become more optimistic since the last quarter of 2018 due to a loosening of central bank policy, portfolio manager Sotiris Boutsis has remained committed to investing in what he believes to be quality companies. Given the stage of the market cycle, he is focusing on fee income over margin plays, and certain industries, such as reinsurers, that are less correlated to the business cycle. He also likes others, such as insurance brokers, which he believes have limited balance sheet risk. The Fund allocates more than its benchmark to certain companies, notably Berkshire Hathaway, that potentially offer a strong degree of counter-cyclicality. Mr. Boutsis continues to take advantage of the Fund’s global mandate to invest in regions where there are signs of an upturn in the credit cycle. The portfolio holds trading exchanges that should benefit from increasing trading revenue as more investors look to hedging strategies in response to rising volatility. These trading exchange firms also derive recurring revenue because of licenses for data/index provisioning and are beneficiaries of the structural trend of increasing numbers of formerly over-the-counter (OTC) businesses moving onto exchanges. Industries such as insurance may offer some downside protection, as well as growth opportunities. Reinsurers in particular have lower market sensitivity, and the risks they face appear to have more to do with modelling. They benefit from strong pricing power, return on equity (ROE) growth, and top-line growth in line with GDP. Larger reinsurers have been taking share from smaller rivals, and provide growth across a range of operations. In the banking space, Mr. Boutsis is placing an emphasis on fee income, quality and balance sheet strength. He believes the best quality deposits are generally found at big banks.

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Management Discussion of Fund Performance – continued

The portfolio manager also holds several fintech names involved in IT infrastructure, updating systems and back-office outsourcing. The portfolio also holds a number of payments businesses that could benefit from structural growth in electronic payments, as well as demand for more analysis services. The portfolio manager believes these will continue to be growth areas.

Related Party TransactionsManager and Portfolio Adviser

The Fund is managed by Fidelity Investments Canada ULC (Fidelity). Fidelity is part of a broader collection 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 is the portfolio adviser to the Fund and it provides investment advisory services to the Fund. Fidelity has entered into sub-advisory agreements with a number of entities including FIL Limited to provide investment advice with respect to all or a portion of the investments of the Fund. The sub-advisors arrange for acquisition and disposition of portfolio investments, including all necessary brokerage arrangements.

The Fund pays Fidelity a monthly management and advisory fee for their services, based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity management and advisory fees of $403,000 for the period ended September 30, 2019.

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 commissions and interest charges). The Fund pays an annual rate, which is calculated on a tiered basis, based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity administration fees of $53,000 for the period ended September 30, 2019.

Brokerage Commissions

The Fund may place a portion of its portfolio transactions with brokerage firms which are affiliates of Fidelity, provided it determines that these affiliates’ trade execution abilities and costs are comparable to those of non–affiliated, qualified brokerage firms, on an execution–only basis. Commissions paid to brokerage firms that are affiliates of Fidelity Investments were $0 for the period ended September 30, 2019. Fidelity receives standing instructions from the IRC in respect of policies and procedures governing best execution of transactions with affiliates, which includes brokers affiliated to Fidelity Investments, at least once per year.

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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 Financial Services Fund Series A

Six-months ended September 30, Periods ended March 31,

2019 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 29.62 $ 31.72 $ 27.73 $ 23.34 $ 24.26 $ 19.98Increase (decrease) from operations: Total revenue .64 .88 .82 .75 .57 .49Total expenses (excluding distributions) (.48) (.88) (.87) (.75) (.71) (.62)Realized gains (losses) .37 .67 2.57 3.41 1.10 2.27Unrealized gains (losses) .50 (3.01) 1.34 .93 (1.88) 2.10Total increase (decrease) from operationsB 1.03 (2.34) 3.86 4.34 (.92) 4.24Distributions: From net investment income (excluding dividends) – (.01) – – – –From dividends – – – – – –From capital gains – – – – – –Return of capital – – – – – –Total distributionsB,C – (.01) – – – –Net assets, end of periodB $ 30.55 $ 29.62 $ 31.72 $ 27.73 $ 23.34 $ 24.26Ratios and Supplemental Data Net asset value (000s) D $ 7,343 $ 9,096 $ 16,221 $ 15,280 $ 14,779 $ 14,974Securities outstandingD 238,762 306,545 510,808 550,927 633,346 616,977Management expense ratio E,F 2.53% 2.51% 2.53% 2.58% 2.61% 2.66%Management expense ratio before waivers or absorptions E,F 2.60% 2.58% 2.59% 2.62% 2.68% 2.70%Trading expense ratioG .12% .11% .14% .20% .04% .12%Portfolio turnover rateH,I 27.77% 59.91% 60.48% 79.95% 30.19% 54.44%Net asset value per security, end of period $ 30.5529 $ 29.6270 $ 31.7563 $ 27.7355 $ 23.3400 $ 24.2554

Fidelity Global Financial Services Fund Series B


2019 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 30.18 $ 32.32 $ 28.24 $ 23.72 $ 24.59 $ 20.21Increase (decrease) from operations: Total revenue .64 .87 .83 .77 .58 .50Total expenses (excluding distributions) (.45) (.83) (.83) (.71) (.67) (.58)Realized gains (losses) .36 .76 2.68 3.44 1.11 2.30Unrealized gains (losses) .48 (2.94) 1.32 .88 (2.03) 1.99Total increase (decrease) from operationsB 1.03 (2.14) 4.00 4.38 (1.01) 4.21Distributions: From net investment income (excluding dividends) – (.06) (.03) – – –From dividends – (.01) (.01) – – –From capital gains – – – – – –Return of capital – – – – – –Total distributionsB,C – (.07) (.04) – – –Net assets, end of periodB $ 31.17 $ 30.18 $ 32.32 $ 28.24 $ 23.72 $ 24.59Ratios and Supplemental Data Net asset value (000s) D $ 23,930 $ 26,395 $ 31,036 $ 25,164 $ 22,588 $ 23,897Securities outstandingD 767,054 873,054 960,013 890,801 952,614 972,246Management expense ratio E,F 2.33% 2.33% 2.34% 2.38% 2.39% 2.44%Management expense ratio before waivers or absorptions E,F 2.39% 2.40% 2.40% 2.41% 2.45% 2.46%Trading expense ratioG .12% .11% .14% .20% .04% .12%Portfolio turnover rateH,I 27.77% 59.91% 60.48% 79.95% 30.19% 54.44%Net asset value per security, end of period $ 31.1674 $ 30.1904 $ 32.3567 $ 28.2429 $ 23.7164 $ 24.5902

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Financial Highlights – continued

Fidelity Global Financial Services Fund Series F


2019 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 33.33 $ 35.71 $ 31.20 $ 26.11 $ 26.76 $ 21.75Increase (decrease) from operations: Total revenue .71 .96 .92 .85 .61 .54Total expenses (excluding distributions) (.31) (.54) (.54) (.48) (.41) (.37)Realized gains (losses) .39 .90 3.00 4.01 1.17 2.51Unrealized gains (losses) .60 (3.30) 1.28 1.00 (2.53) 2.75Total increase (decrease) from operationsB 1.39 (1.98) 4.66 5.38 (1.16) 5.43Distributions: From net investment income (excluding dividends) – (.39) (.35) (.15) – –From dividends – (.05) (.10) (.09) – –From capital gains – – – – – –Return of capital – – – – – –Total distributionsB,C – (.44) (.45) (.24) – –Net assets, end of periodB $ 34.61 $ 33.33 $ 35.71 $ 31.20 $ 26.11 $ 26.76Ratios and Supplemental Data Net asset value (000s) D $ 5,838 $ 6,355 $ 7,146 $ 5,664 $ 3,336 $ 2,532Securities outstandingD 168,668 190,248 200,199 181,521 127,754 94,619Management expense ratio E,F 1.19% 1.19% 1.21% 1.24% 1.23% 1.27%Management expense ratio before waivers or absorptions E,F 1.22% 1.22% 1.23% 1.26% 1.30% 1.31%Trading expense ratioG .12% .11% .14% .20% .04% .12%Portfolio turnover rateH,I 27.77% 59.91% 60.48% 79.95% 30.19% 54.44%Net asset value per security, end of period $ 34.6138 $ 33.3376 $ 35.7413 $ 31.2025 $ 26.1090 $ 26.7651

Fidelity Global Financial Services Fund Series O


2019 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 36.28 $ 38.87 $ 33.98 $ 28.44 $ 29.02 $ 23.28Increase (decrease) from operations: Total revenue .78 1.06 1.01 .96 .66 .58Total expenses (excluding distributions) (.11) (.15) (.14) (.14) (.08) (.08)Realized gains (losses) .44 .92 3.17 4.31 1.27 2.70Unrealized gains (losses) .55 (3.68) 1.44 .81 (3.34) 2.47Total increase (decrease) from operationsB 1.66 (1.85) 5.48 5.94 (1.49) 5.68Distributions: From net investment income (excluding dividends) – (.79) (.75) (.42) (.04) –From dividends – (.10) (.22) (.25) (.20) –From capital gains – – – – – –Return of capital – – – – – –Total distributionsB,C – (.89) (.97) (.67) (.24) –Net assets, end of periodB $ 37.89 $ 36.28 $ 38.87 $ 33.98 $ 28.44 $ 29.02Ratios and Supplemental Data Net asset value (000s) D $ 8,662 $ 9,633 $ 12,392 $ 11,379 $ 6,745 $ 6,651Securities outstandingD 228,251 263,957 317,959 334,321 236,717 229,883Management expense ratio –% –% –% —% —% —%Management expense ratio before waivers or absorptions —% —% —% —% —% —%Trading expense ratioG .12% .11% .14% .20% .04% .12%Portfolio turnover rateH,I 27.77% 59.91% 60.48% 79.95% 30.19% 54.44%Net asset value per security, end of period $ 37.8937 $ 36.2779 $ 38.9031 $ 33.9793 $ 28.4407 $ 29.0187

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Fidelity Global Financial Services Fund Series E1


2019 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.94 $ 13.85 $ 12.11 $ 10.16 $ 10.00Increase (decrease) from operations: Total revenue .27 .38 .35 .33 .05Total expenses (excluding distributions) (.19) (.35) (.35) (.31) (.05)Realized gains (losses) .15 .30 1.14 1.78 .06Unrealized gains (losses) .14 (1.25) .58 .29 .45Total increase (decrease) from operationsB .37 (.92) 1.72 2.09 .51Distributions: From net investment income (excluding dividends) – (.04) (.02) – –From dividends – – (.01) – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C – (.04) (.03) – –Net assets, end of periodB $ 13.36 $ 12.94 $ 13.85 $ 12.11 $ 10.16Ratios and Supplemental Data Net asset value (000s) D $ 4,638 $ 4,411 $ 5,448 $ 3,377 $ 1,133Securities outstandingD 347,070 340,964 392,945 278,880 111,171Management expense ratio E,K 2.27% 2.25% 2.26% 2.31% 2.32%Management expense ratio before waivers or absorptions E,K 2.34% 2.31% 2.32% 2.34% 2.37%Trading expense ratioG .12% .11% .14% .20% .04%Portfolio turnover rateH,I 27.77% 59.91% 60.48% 79.95% 30.19%Net asset value per security, end of period $ 13.3622 $ 12.9381 $ 13.8676 $ 12.1074 $ 10.1593



2019 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.95 $ 13.87 $ 12.11 $ 10.16 $ 10.00Increase (decrease) from operations: Total revenue .27 .38 .34 .33 .04Total expenses (excluding distributions) (.18) (.34) (.35) (.31) (.04)Realized gains (losses) .15 .33 1.50 1.90 .06Unrealized gains (losses) .20 (1.30) (.17) (.09) .47Total increase (decrease) from operationsB .44 (.93) 1.32 1.83 .53Distributions: From net investment income (excluding dividends) – (.05) (.03) – –From dividends – (.01) (.01) – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C – (.06) (.04) – –Net assets, end of periodB $ 13.38 $ 12.95 $ 13.87 $ 12.11 $ 10.16Ratios and Supplemental Data Net asset value (000s) D $ 743 $ 719 $ 1,001 $ 191 $ 69Securities outstandingD 55,549 55,488 72,074 15,790 6,754Management expense ratio E,K 2.18% 2.14% 2.17% 2.24% 2.24%Management expense ratio before waivers or absorptions E,K 2.24% 2.21% 2.23% 2.27% 2.29%Trading expense ratioG .12% .11% .14% .20% .04%Portfolio turnover rateH,I 27.77% 59.91% 60.48% 79.95% 30.19%Net asset value per security, end of period $ 13.3793 $ 12.9501 $ 13.8820 $ 12.1142 $ 10.1619

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2019 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.97 $ 13.89 $ 12.14 $ 10.16 $ 10.00Increase (decrease) from operations: Total revenue .27 .46 .36 .39 .04Total expenses (excluding distributions) (.17) (.34) (.32) (.32) (.04)Realized gains (losses) .15 .22 1.03 1.85 –Unrealized gains (losses) .19 (1.99) .41 (.03) .16Total increase (decrease) from operationsB .44 (1.65) 1.48 1.89 .16Distributions: From net investment income (excluding dividends) – (.05) (.03) – –From dividends – (.01) (.01) – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C – (.06) (.04) – –Net assets, end of periodB $ 13.41 $ 12.97 $ 13.89 $ 12.14 $ 10.16Ratios and Supplemental Data Net asset value (000s) D $ 76 $ 74 $ 208 $ 315 $ 1Securities outstandingD 5,685 5,685 14,985 25,903 100Management expense ratio E,K 1.99% 2.10% 2.15% 2.18% 2.06%Management expense ratio before waivers or absorptions E,K 2.05% 2.17% 2.20% 2.21% 2.47%Trading expense ratioG .12% .11% .14% .20% .04%Portfolio turnover rateH,I 27.77% 59.91% 60.48% 79.95% 30.19%Net asset value per security, end of period $ 13.4135 $ 12.9711 $ 13.9091 $ 12.1426 $ 10.1635



2019 2019 2018 2017L

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.05 $ 11.83 $ 10.33 $ 10.00Increase (decrease) from operations: Total revenue .23 .31 .41 .07Total expenses (excluding distributions) (.15) (.28) (.29) (.06)Realized gains (losses) .13 .27 .83 .34Unrealized gains (losses) .16 (1.03) .92 (.02)Total increase (decrease) from operationsB .37 (.73) 1.87 .33Distributions: From net investment income (excluding dividends) – (.04) (.03) –From dividends – (.01) (.01) –From capital gains – – – –Return of capital – – – –Total distributionsB,C – (.05) (.04) –Net assets, end of periodB $ 11.42 $ 11.05 $ 11.83 $ 10.33Ratios and Supplemental Data Net asset value (000s) D $ 23 $ 22 $ 24 $ 191Securities outstandingD 2,010 2,010 2,000 18,477Management expense ratio E,M 2.11% 2.11% 2.13% 2.13%Management expense ratio before waivers or absorptions E,M 2.18% 2.18% 2.16% 2.15%Trading expense ratioG .12% .11% .14% .20%Portfolio turnover rateH,I 27.77% 59.91% 60.48% 79.95%Net asset value per security, end of period $ 11.4172 $ 11.0473 $ 11.8407 $ 10.3352

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Fidelity Global Financial Services Fund Series P1


2019 2019 2018 2017 2016N

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.55 $ 12.37 $ 10.81 $ 9.04 $ 10.00Increase (decrease) from operations: Total revenue .24 .33 .29 .34 .06Total expenses (excluding distributions) (.10) (.17) (.17) (.17) (.05)Realized gains (losses) .12 .25 1.01 1.73 .15Unrealized gains (losses) .21 (1.14) .66 .21 (.94)Total increase (decrease) from operationsB .47 (.73) 1.79 2.11 (.78)Distributions: From net investment income (excluding dividends) – (.15) (.13) (.06) –From dividends – (.02) (.04) (.03) –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C – (.17) (.17) (.09) –Net assets, end of periodB $ 12.00 $ 11.55 $ 12.37 $ 10.81 $ 9.04Ratios and Supplemental Data Net asset value (000s) D $ 1,694 $ 1,689 $ 3,096 $ 1,125 $ 58Securities outstandingD 141,164 146,281 250,053 104,090 6,424Management expense ratio E,O 1.07% 1.07% 1.08% 1.12% 1.13%Management expense ratio before waivers or absorptions E,O 1.11% 1.10% 1.11% 1.13% 1.18%Trading expense ratioG .12% .11% .14% .20% .04%Portfolio turnover rateH,I 27.77% 59.91% 60.48% 79.95% 30.19%Net asset value per security, end of period $ 11.9980 $ 11.5487 $ 12.3813 $ 10.8089 $ 9.0433



2019 2019 2018 2017 2016N

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.56 $ 12.38 $ 10.82 $ 9.05 $ 10.00Increase (decrease) from operations: Total revenue .24 .33 .35 .29 .06Total expenses (excluding distributions) (.09) (.17) (.18) (.12) (.03)Realized gains (losses) .12 .36 1.63 1.37 .15Unrealized gains (losses) .16 (1.05) (1.31) .35 (1.13)Total increase (decrease) from operationsB .43 (.53) .49 1.89 (.95)Distributions: From net investment income (excluding dividends) – (.15) (.14) (.08) –From dividends – (.02) (.04) (.04) –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C – (.17) (.18) (.12) –Net assets, end of periodB $ 12.02 $ 11.56 $ 12.38 $ 10.82 $ 9.05Ratios and Supplemental Data Net asset value (000s) D $ 728 $ 701 $ 318 $ 1 $ 1Securities outstandingD 60,592 60,643 25,686 101 100Management expense ratio E,O 1.00% 1.04% 1.05% .84% .89%Management expense ratio before waivers or absorptions E,O 1.03% 1.08% 1.08% .89% 1.02%Trading expense ratioG .12% .11% .14% .20% .04%Portfolio turnover rateH,I 27.77% 59.91% 60.48% 79.95% 30.19%Net asset value per security, end of period $ 12.0171 $ 11.5623 $ 12.3925 $ 10.8178 $ 9.0505

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Six-months ended September 30,

Periods ended March 31,

2019 2019P

The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.39 $ 10.00Increase (decrease) from operations: Total revenue .20 .25Total expenses (excluding distributions) (.07) (.11)Realized gains (losses) .11 .26Unrealized gains (losses) .13 (.84)Total increase (decrease) from operationsB .37 (.44)Distributions: From net investment income (excluding dividends) – (.14)From dividends – (.02)From capital gains – –Return of capital – –Total distributionsB,C – (.16)Net assets, end of periodB $ 9.77 $ 9.39Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1Securities outstandingD 102 102Management expense ratio E,Q .84% .86%Management expense ratio before waivers or absorptions E,Q .84% .86%Trading expense ratioG .12% .11%Portfolio turnover rateH,I 27.77% 59.91%Net asset value per security, end of period $ 9.7707 $ 9.3943

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Financial Highlights FootnotesA This information is derived from the Fund’s audited annual and/or unaudited interim financial statements. The net assets attributable to securityholders per security 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. For reporting periods ending after January 1, 2017 per security comparative figures (except for net asset value per security, end of period) have been conformed to the current rounding presentation of two decimal places. As a result, reporting periods ending prior to January 1, 2017 may not foot due to this rounding change.

B Net assets and distributions are based on the actual number of securities outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of securities outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per security.

C Distributions were paid in cash or reinvested in additional securities of the Fund, or both, and excludes any applicable distributions of management fee reduction to securityholders. Distributions are presented based on management’s best estimate of the tax character.

D This information is provided as at period end of the year shown.E Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset

values during the period, including the Fund’s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable.F 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 of the year. The higher the Fund’s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. For periods greater than six months, but less than a full fiscal year, the portfolio turnover rate is annualized.

I Prior period amounts may have been adjusted.J For the period February 5, 2016 (commencement of sale of securities) to March 31, 2016.K 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.L For the period January 6, 2017 (commencement of sale of securities) to March 31, 2017.M Effective January 10, 2017, 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.N For the period December 4, 2015 (commencement of sale of securities) to March 31, 2016.O 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.P For the period April 20, 2018 (commencement of sale of securities) to March 31, 2019.Q Effective April 24, 2018, 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.

10

Management and Advisory FeesFidelity 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 securities, 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 Funds or Series the amounts presented may not be indicative of longer term operating periods.

Management Fees

Dealer Compensation

Investment management, administration

and other

Series A 2.000% 27.56% 72.44%

Series B 1.850% 54.05% 45.95%

Series F 0.850% — 100.00%

Series E1 1.825% 54.79% 45.21%

Series E2 1.800% 55.56% 44.44%

Series E3 1.775% 56.34% 43.66%

Series E4 1.725% 57.97% 42.03%

Series P1 0.825% — 100.00%

Series P2 0.800% — 100.00%

Series P3 0.775% — 100.00%

11


Past PerformanceThe performance information shown assumes that all distributions made by the Fund in the periods shown were reinvested in additional securities of the Fund. The performance information does not take into account sales, redemption, distribution or other optional charges that would have reduced returns or performance. How the Fund has performed in the past does not necessarily indicate how it will perform in the future.

The performance data shown for the period occurring prior to the commencement of operations of a series P or E is that of the corresponding series F or F5 (for series P) or B or S5 (for series E). Series F, F5, B and S5 have higher combined management and administration fees than the applicable series P and E. Had a series P or E existed since the commencement of operations of series F, F5, B or S5, the returns of the applicable series P or E would have been higher.

Year-by-Year ReturnsThe 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. For each Series in the Year-by-Year Returns table below, the most recent returns stated are for the current six month period.

Series A

40

30

20

10

0

-10

2019

3.1

2019

-6.7

2018

14.5

2017

18.8

2016

-3.8

2015

21.4

2014

22.0

2013

21.7

2012

-4.4

2011

1.0

2010

31.5

Fiscal Years

(%)

Series B

40

30

20

10

0

-10

2019

3.2

2019

-6.5

2018

14.7

2017

19.1

2016

-3.6

2015

21.6

2014

22.3

2013

21.9

2012

-4.2

2011

1.2

2010

31.8

Fiscal Years

(%)

Series F

40

30

20

10

0

-10

2019

3.8

2019

-5.4

2018

16.0

2017

20.4

2016

-2.5

2015

23.1

2014

23.7

2013

23.4

2012

-3.1

2011

2.4

2010

33.2

Fiscal Years

(%)

Series O

40

30

20

10

0

-10

2019

4.5

2019

-4.3

2018

17.4

2017

21.9

2016

-1.2

2015

24.6

2014

25.4

2013

24.9

2012

-1.9

2011

3.7

2010

34.9

Fiscal Years

(%)

Series E1

40

30

20

10

0

-10

2019

3.3

2019

-6.4

2018

14.8

2017

19.2

2016

-3.5

2015

21.6

2014

22.3

2013

21.9

2012

-4.2

2011

1.2

2010

31.8

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series E2

40

30

20

10

0

-10

2019

3.3

2019

-6.3

2018

14.9

2017

19.2

2016

-3.5

2015

21.6

2014

22.3

2013

21.9

2012

-4.2

2011

1.2

2010

31.8

Fiscal Years

(%)


12


Past Performance – continued

Series E3

40

30

20

10

0

-10

2019

3.4

2019

-6.3

2018

14.9

2017

19.5

2016

-3.5

2015

21.6

2014

22.3

2013

21.9

2012

-4.2

2011

1.2

2010

31.8

Fiscal Years

(%)


Series E4

40

30

20

10

0

-10

2019

3.3

2019

-6.3

2018

15.0

2017

19.2

2016

-3.6

2015

21.6

2014

22.3

2013

21.9

2012

-4.2

2011

1.2

2010

31.8

Fiscal Years

(%)

Commencement of Operations is January 6, 2017

Series P1

40

30

20

10

0

-10

2019

3.9

2019

-5.3

2018

16.1

2017

20.6

2016

-2.4

2015

23.1

2014

23.7

2013

23.4

2012

-3.1

2011

2.4

2010

33.2

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P2

40

30

20

10

0

-10

2019

3.9

2019

-5.3

2018

16.2

2017

20.9

2016

-2.3

2015

23.1

2014

23.7

2013

23.4

2012

-3.1

2011

2.4

2010

33.2

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P3

40

30

20

10

0

-10

2019

4.0

2019

-5.1

2018

16.0

2017

20.4

2016

-2.5

2015

23.1

2014

23.7

2013

23.4

2012

-3.1

2011

2.4

2010

33.2

Fiscal Years

(%)

Commencement of Operations is April 20, 2018

13


Summary of Investment Portfolio as at September 30, 2019Sector Mix

% of Fund’s Net Assets as at

9/30/19


3/31/19

Insurance 37.5 24.5

Banks 33.2 47.4

Capital Markets 10.8 9.3

Diversified Financial Services 5.9 8.1

IT Services 4.2 4.0

Software 1.8 2.3

Electronic Equipment & Components 1.4 1.0

Equity Real Estate Investment Trusts (Reits) 1.4 0.0

Real Estate Management & Development 1.1 1.4

Internet & Direct Marketing Retail 1.0 0.0

Others (Individually Less Than 1%) 0.0 0.6

Cash and Cash Equivalents 1.8 2.4

Net Other Assets (Liabilities) (0.1) (1.0)

Geographic Mix


9/30/19


3/31/19

United States of America 44.5 45.5

France 8.0 5.4

Germany 6.3 6.1

United Kingdom 5.9 7.5

Switzerland 4.6 1.5

Japan 4.1 4.3

Hong Kong 4.1 4.3

India 3.3 3.0

Bermuda 3.2 0.6

China 3.2 4.3

Australia 1.8 1.6

Brazil 1.5 1.5

Netherlands 1.3 2.3

Italy 1.3 1.0

Indonesia 1.1 0.9

Cayman Islands 1.0 0.0

Others (Individually Less Than 1%) 3.1 8.8

Cash and Cash Equivalents 1.8 2.4

Net Other Assets (Liabilities) (0.1) (1.0)

Top Issuers

% of Fund’s Net Assets

1. JPMorgan Chase & Co. 6.1

2. Allianz SE 3.4

3. AXA SA 3.3

4. Citigroup, Inc. 3.1

5. AIA Group Ltd. 3.0

6. Zurich Ins Group Ltd. 2.9

7. Bank of America Corp. 2.5

8. Berkshire Hathaway, Inc. 2.5

9. Assurant, Inc. 2.4

10. Wells Fargo & Co. 2.4

11. Intercontinental Exchange, Inc. 2.0

12. Hartford Financial Services Group, Inc. 2.0

13. Morgan Stanley 2.0

14. Ping An Insurance Group Co. of China Ltd. 1.9

15. Australia & New Zealand Banking Group Ltd. 1.8

16. Beazley PLC 1.8

17. SS&C Technologies Holdings, Inc. 1.8

18. Willis Group Holdings PLC 1.8

19. Fidelity U.S. Money Market Investment Trust – Series O 1.7

20. NKSJ Holdings, Inc. 1.7

21. Julius Baer Group Ltd. 1.7

22. Voya Financial, Inc. 1.7

23. Hannover Reuck SE 1.6

24. Tokio Marine Holdings, Inc. 1.6

25. BNP Paribas SA 1.6

58.3

Total Fund Net Assets $53,592,000

Where applicable, the information in the above tables includes the Fund’s pro-rata share of the investment in any Fidelity managed underlying fund.

The summary of investment portfolio may change due to ongoing portfolio transactions of the investment fund. The most recent annual report, semi-annual report, quarterly report, fund facts document or simplified prospectus for the investment fund and/or underlying fund is available at no cost, by calling 1-800-263-4077, by writing to us at Fidelity Investments Canada ULC, 483 Bay St. Suite 300, Toronto ON M5G 2N7 or by visiting our web site at www.fidelity.ca or SEDAR at www.sedar.com.

Fidelity’s mutual funds are sold by registered Investment Professionals. Each Fund has a simplified prospectus, which contains important information on the Fund, including its investment objective, purchase options, and applicable charges. Please obtain a copy of the prospectus, read it carefully, and consult your Investment Professional before investing. As with any investment, there are risks to investing in mutual funds. There is no assurance that any Fund will achieve its investment objective, and its net asset value, yield, and investment return will fluctuate from time to time with market conditions. Investors may experience a gain or loss when they sell their securities in any Fidelity Fund. Fidelity Global Funds may be more volatile than other Fidelity Funds as they concentrate investments in one sector and in fewer issuers; no single Fund is intended to be a complete diversified investment program. Past performance is no assurance or indicator of future returns. There is no assurance that either Fidelity Canadian Money Market Fund, Fidelity Canadian Money Market Investment Trust, Fidelity U.S. Money Market Fund or Fidelity U.S. Money Market Investment Trust 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.

1.822445.114 FICL-FFS-MRFPS-1119

Fidelity Investments Canada ULC483 Bay Street, Suite 300Toronto, Ontario M5G 2N7

Manager, Transfer Agent and RegistrarFidelity Investments Canada ULC483 Bay Street, Suite 300Toronto, Ontario M5G 2N7

CustodianState Street Trust Company of CanadaToronto, Ontario

Portfolio AdviserFidelity Investments Canada ULCToronto, Ontario

Visit us online atwww.fidelity.caor call Fidelity Client Servicesat 1-800-263-4077

62.107247E

®Fidelity Investments is a registered trademark of Fidelity Investments Canada ULC.

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