Fidelity Global Financial Services Fund

Annual Management Report of Fund PerformanceMarch 31, 2021

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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Annual Management Report of Fund Performance as at March 31, 2021Fidelity Global Financial Services FundThis 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.

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 PerformanceInvestment Objective and StrategiesInvestment Objective: Fidelity Global Financial Services Fund (Fund) aims to achieve long-term capital growth by investing primarily in equity securities of companies anywhere in the world that provide financial services.

Strategies: 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 and industry position, as well as economic and market conditions. The portfolio manager considers factors like growth potential, earnings estimates and quality of management. The Fund may invest in small, medium-sized and large companies. It may hold cash and invest in fixed-income securities.

RiskThe risks associated with investing in this 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 financial services companies anywhere in the world, who can handle the volatility of returns generally associated with equity investments, 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 Financial Services Fund, Series B, returned 46.4%, after fees and expenses, for the one-year period ended March 31, 2021. The net returns of the other series of this Fund are similar to those of Series B, except for differences attributable to expense structures. During the review period, global equities, as represented by the MSCI World Index, returned 36.0% (in Canadian dollar terms).

Market Overview

Global equities received support from fiscal and monetary policy intervention in response to economic disruption caused by the COVID-19 pandemic. Central banks across emerging and developed markets reduced their benchmark interest rates to historic lows. The U.S. Federal Reserve, the European Central Bank and the Bank of Japan expanded pandemic emergency purchase programs aimed at keeping borrowing costs low. Toward the end of the review period, value and small-cap equities rallied due to progress on multiple COVID-19 vaccines, economic data that pointed to a recovery and positive earnings expectations. European equities also gained as investors expressed relief following the U.K.’s orderly exit from the EU, after both parties signed the new EU-UK Trade and Cooperation Agreement, which will govern their future trading and security relationship. In emerging markets, investor sentiment was supported by optimism about a recovery in corporate earnings and rising economic activity, particularly in Asia, with China emerging from the most severe impacts of the COVID-19 pandemic at the start of 2021.

Factors affecting performance:

The Fund’s benchmark, the MSCI ACWI (All Country World Index) Financials Index, returned 38.6% (in Canadian dollar terms) for the review period.

The Fund outperformed its benchmark due to certain holdings in the diversified financials and banking industries. In diversified financials, investments in U.S.-based wealth manager Morgan Stanley and in U.S.-based diversified investment services provider Equitable Holdings contributed to relative performance. Both these companies benefited from what appeared to be resilient earnings growth and strong balance sheets. The Fund’s larger-than-benchmark holdings in Switzerland-based wealth management firm Julius Baer contributed to relative performance. Among banks, U.S.-based regional banking firm Western Alliance Bancorp, and U.S.-based specialist banking services provider SVB Financial Group, contributed to relative performance, as did lower-than-benchmark exposure to Hong Kong-based HSBC Holdings. Among other sectors, Argentina-based e-commerce operator MercadoLibre, which has exposure to the “fintech” space, contributed to relative performance. The company has a strong presence in Latin America and should be well positioned to capture secular growth opportunities in the payments and digitization space.

In contrast, the Fund’s exposure to the insurance industry, such as holdings in China-based Ping An Insurance Group, U.S.-based specialist insurance provider Assurant and U.S.-based property & casualty insurance provider Arch Capital Group, detracted from relative performance. Among other sectors, France-based banking firm Société Générale detracted from relative performance.

At the end of the review period, the Fund had no exposure to Société Générale and HSBC Holdings.

Portfolio changes:

During the review period, the Fund’s allocation to the banking and diversified financials industries increased. The Fund initiated a position in Western Alliance Bancorp, in the belief that it would deliver attractive earnings growth on sustainable market share gains. A new position was also initiated in Finland-based Nordea Bank which, in the portfolio manager’s view, is seeing good market share trends in mortgages, while small and medium enterprise lending is growing at high single digits, leading to net interest income growth. The portfolio manager also initiated a position in SVB Financial, in the belief that the company offers significant upside for improved top line growth and a robust wealth management platform, given its strong credit quality compared to its peers. In diversified financials, a new position was initiated in U.S.-based automobile finance company Ally Financial, as the portfolio manager believes its strength

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Management Discussion of Fund Performance – continued

in used car pricing, improved credit, accelerated growth in the lending segment and strong deposit growth hold it in good stead. A position in U.S.-based investment banking and brokerage services provider Goldman Sachs was initiated in the belief that the firm will likely be a beneficiary of continued strength in financial markets.

In contrast, the Fund’s exposure to the insurance sector was decreased. The portfolio manager exited the holding in Japan-based insurance provider Tokio Marine Holdings, taking advantage of strong performance over the past year, and reduced exposure to Germany-based insurer Allianz to seek what he believed to be better investment opportunities elsewhere.

At the end of the review period, the Fund had its largest absolute allocations to the banking and diversified financials industries. The Fund diverged most from its benchmark’s weightings by having a larger allocation to the software & services industry (mainly in the payment technology space) and a smaller allocation to the banking industry.

Recent DevelopmentsAs the trajectory of global rates of COVID-19 infection remains uncertain, and the timeframe and speed of governmental easing of social distancing measures and travel restrictions unclear, it is not possible to predict the further impact of the COVID-19 pandemic on global capital markets. The prospectus has been updated to include additional risk factor disclosure regarding the possible risks arising from the COVID-19 pandemic.

Portfolio manager Sotiris Boutsis looks for businesses where earnings potential is underestimated by the market, and where improving fundamentals are not yet reflected in the share price. This typically translates into improving returns and can lead to re-ratings. In market downturns, where there is a widespread sell-off, companies with strong fundamentals tend to bounce back the quickest. His bottom-up stock picking process leverages Fidelity’s global research network so he can cover more stocks, giving him an advantage in identifying what he believes are long-term winners through this public health crisis. Quality can refer to different elements and needs to be considered in connection with valuation. Franchise quality refers to companies capable of generating high returns, ultimately driving cash generation and growth, enabling these businesses to recover from losses or deploy more capital and grow faster. Management quality is crucial, which is why he likes to meet corporate executives to understand how they are navigating their businesses through uncertain times. During periods of stress, asset quality is particularly important for financial companies which are naturally leveraged, as robust assets help insulate companies from shocks while impaired assets can amplify them. High quality companies are not only better placed to survive through turmoil, but they can also capitalize on dislocations using their superior resources and decision-making capabilities.

While his strategy begins with individual companies, the manager takes time to be aware of the macroeconomic environment. He prefers businesses exposed to countries with robust sover-eign balance sheets, sound banking systems, a favourable regulatory backdrop, supportive industry dynamics, and a friendly political environment. The outlook for interest rates and inflation is also important. However, bottom-up stock specific considerations are the main driver behind the composition of the Fund.

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 $638,000 for the period ended March 31, 2021.

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 $85,000 for the period ended March 31, 2021.

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 March 31, 2021. 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

Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 24.90 $ 29.62 $ 31.72 $ 27.73 $ 23.34Increase (decrease) from operations: Total revenue .67 .94 .88 .82 .75Total expenses (excluding distributions) (.87) (.92) (.88) (.87) (.75)Realized gains (losses) 1.74 1.37 .67 2.57 3.41Unrealized gains (losses) 9.87 (3.81) (3.01) 1.34 .93Total increase (decrease) from operationsB 11.41 (2.42) (2.34) 3.86 4.34Distributions: From net investment income (excluding dividends) – (.09) (.01) – –From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C – (.09) (.01) – –Net assets, end of periodB $ 36.36 $ 24.90 $ 29.62 $ 31.72 $ 27.73Ratios and Supplemental Data Net asset value (000s) D $ 3,772 $ 4,389 $ 9,096 $ 16,221 $ 15,280Securities outstandingD 106,947 176,258 306,545 510,808 550,927Management expense ratio E,F 2.55% 2.53% 2.51% 2.53% 2.58%Management expense ratio before waivers or absorptions E,F 2.63% 2.60% 2.58% 2.59% 2.62%Trading expense ratioG .06% .10% .11% .14% .20%Portfolio turnover rateH,I 52.89% 50.68% 59.91% 60.48% 79.95%Net asset value per security, end of period $ 36.3634 $ 24.9013 $ 29.6270 $ 31.7563 $ 27.7355

Fidelity Global Financial Services Fund Series B

Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 25.38 $ 30.18 $ 32.32 $ 28.24 $ 23.72Increase (decrease) from operations: Total revenue .68 .91 .87 .83 .77Total expenses (excluding distributions) (.83) (.87) (.83) (.83) (.71)Realized gains (losses) 2.07 1.46 .76 2.68 3.44Unrealized gains (losses) 9.85 (5.44) (2.94) 1.32 .88Total increase (decrease) from operationsB 11.77 (3.94) (2.14) 4.00 4.38Distributions: From net investment income (excluding dividends) – (.16) (.06) (.03) –From dividends – – (.01) (.01) –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C – (.16) (.07) (.04) –Net assets, end of periodB $ 37.14 $ 25.38 $ 30.18 $ 32.32 $ 28.24Ratios and Supplemental Data Net asset value (000s) D $ 24,878 $ 17,975 $ 26,395 $ 31,036 $ 25,164Securities outstandingD 670,338 708,296 873,054 960,013 890,801Management expense ratio E,F 2.33% 2.33% 2.33% 2.34% 2.38%Management expense ratio before waivers or absorptions E,F 2.40% 2.39% 2.40% 2.40% 2.41%Trading expense ratioG .06% .10% .11% .14% .20%Portfolio turnover rateH,I 52.89% 50.68% 59.91% 60.48% 79.95%Net asset value per security, end of period $ 37.1449 $ 25.3794 $ 30.1904 $ 32.3567 $ 28.2429

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Financial Highlights – continued

Fidelity Global Financial Services Fund Series F

Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 28.02 $ 33.33 $ 35.71 $ 31.20 $ 26.11Increase (decrease) from operations: Total revenue .75 1.01 .96 .92 .85Total expenses (excluding distributions) (.53) (.57) (.54) (.54) (.48)Realized gains (losses) 2.41 1.59 .90 3.00 4.01Unrealized gains (losses) 10.73 (6.02) (3.30) 1.28 1.00Total increase (decrease) from operationsB 13.36 (3.99) (1.98) 4.66 5.38Distributions: From net investment income (excluding dividends) – (.61) (.39) (.35) (.15)From dividends – – (.05) (.10) (.09)From capital gains – – – – –Return of capital – – – – –Total distributionsB,C – (.61) (.44) (.45) (.24)Net assets, end of periodB $ 41.47 $ 28.02 $ 33.33 $ 35.71 $ 31.20Ratios and Supplemental Data Net asset value (000s) D $ 7,223 $ 4,246 $ 6,355 $ 7,146 $ 5,664Securities outstandingD 174,721 151,539 190,248 200,199 181,521Management expense ratio E,F 1.20% 1.19% 1.19% 1.21% 1.24%Management expense ratio before waivers or absorptions E,F 1.23% 1.22% 1.22% 1.23% 1.26%Trading expense ratioG .06% .10% .11% .14% .20%Portfolio turnover rateH,I 52.89% 50.68% 59.91% 60.48% 79.95%Net asset value per security, end of period $ 41.4767 $ 28.0197 $ 33.3376 $ 35.7413 $ 31.2025

Fidelity Global Financial Services Fund Series O

Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 30.49 $ 36.28 $ 38.87 $ 33.98 $ 28.44Increase (decrease) from operations: Total revenue .84 1.11 1.06 1.01 .96Total expenses (excluding distributions) (.13) (.17) (.15) (.14) (.14)Realized gains (losses) 2.51 1.74 .92 3.17 4.31Unrealized gains (losses) 11.47 (6.23) (3.68) 1.44 .81Total increase (decrease) from operationsB 14.69 (3.55) (1.85) 5.48 5.94Distributions: From net investment income (excluding dividends) (.31) (1.16) (.79) (.75) (.42)From dividends – – (.10) (.22) (.25)From capital gains – – – – –Return of capital – – – – –Total distributionsB,C (.31) (1.16) (.89) (.97) (.67)Net assets, end of periodB $ 45.33 $ 30.49 $ 36.28 $ 38.87 $ 33.98Ratios and Supplemental Data Net asset value (000s) D $ 9,601 $ 6,591 $ 9,633 $ 12,392 $ 11,379Securities outstandingD 211,848 215,577 263,957 317,959 334,321Management expense ratio –% –% –% —% —%Management expense ratio before waivers or absorptions —% —% —% —% —%Trading expense ratioG .06% .10% .11% .14% .20%Portfolio turnover rateH,I 52.89% 50.68% 59.91% 60.48% 79.95%Net asset value per security, end of period $ 45.3258 $ 30.4873 $ 36.2779 $ 38.9031 $ 33.9793

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Fidelity Global Financial Services Fund Series E1

Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.88 $ 12.94 $ 13.85 $ 12.11 $ 10.16Increase (decrease) from operations: Total revenue .29 .39 .38 .35 .33Total expenses (excluding distributions) (.35) (.37) (.35) (.35) (.31)Realized gains (losses) .92 .63 .30 1.14 1.78Unrealized gains (losses) 4.16 (2.53) (1.25) .58 .29Total increase (decrease) from operationsB 5.02 (1.88) (.92) 1.72 2.09Distributions: From net investment income (excluding dividends) – (.08) (.04) (.02) –From dividends – – – (.01) –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C – (.08) (.04) (.03) –Net assets, end of periodB $ 15.93 $ 10.88 $ 12.94 $ 13.85 $ 12.11Ratios and Supplemental Data Net asset value (000s) D $ 6,066 $ 3,650 $ 4,411 $ 5,448 $ 3,377Securities outstandingD 380,756 335,502 340,964 392,945 278,880Management expense ratio E,J 2.27% 2.27% 2.25% 2.26% 2.31%Management expense ratio before waivers or absorptions E,J 2.34% 2.34% 2.31% 2.32% 2.34%Trading expense ratioG .06% .10% .11% .14% .20%Portfolio turnover rateH,I 52.89% 50.68% 59.91% 60.48% 79.95%Net asset value per security, end of period $ 15.9312 $ 10.8793 $ 12.9381 $ 13.8676 $ 12.1074


Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.89 $ 12.95 $ 13.87 $ 12.11 $ 10.16Increase (decrease) from operations: Total revenue .29 .39 .38 .34 .33Total expenses (excluding distributions) (.34) (.35) (.34) (.35) (.31)Realized gains (losses) .98 .62 .33 1.50 1.90Unrealized gains (losses) 4.20 (2.53) (1.30) (.17) (.09)Total increase (decrease) from operationsB 5.13 (1.87) (.93) 1.32 1.83Distributions: From net investment income (excluding dividends) – (.09) (.05) (.03) –From dividends – – (.01) (.01) –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C – (.09) (.06) (.04) –Net assets, end of periodB $ 15.96 $ 10.89 $ 12.95 $ 13.87 $ 12.11Ratios and Supplemental Data Net asset value (000s) D $ 1,176 $ 578 $ 719 $ 1,001 $ 191Securities outstandingD 73,726 53,106 55,488 72,074 15,790Management expense ratio E,J 2.18% 2.18% 2.14% 2.17% 2.24%Management expense ratio before waivers or absorptions E,J 2.25% 2.24% 2.21% 2.23% 2.27%Trading expense ratioG .06% .10% .11% .14% .20%Portfolio turnover rateH,I 52.89% 50.68% 59.91% 60.48% 79.95%Net asset value per security, end of period $ 15.9561 $ 10.8860 $ 12.9501 $ 13.8820 $ 12.1142

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Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.90 $ 12.97 $ 13.89 $ 12.14 $ 10.16Increase (decrease) from operations: Total revenue .29 .38 .46 .36 .39Total expenses (excluding distributions) (.32) (.33) (.34) (.32) (.32)Realized gains (losses) .71 .64 .22 1.03 1.85Unrealized gains (losses) 4.22 (2.67) (1.99) .41 (.03)Total increase (decrease) from operationsB 4.90 (1.98) (1.65) 1.48 1.89Distributions: From net investment income (excluding dividends) – (.12) (.05) (.03) –From dividends – – (.01) (.01) –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C – (.12) (.06) (.04) –Net assets, end of periodB $ 15.99 $ 10.90 $ 12.97 $ 13.89 $ 12.14Ratios and Supplemental Data Net asset value (000s) D $ 43 $ 63 $ 74 $ 208 $ 315Securities outstandingD 2,667 5,743 5,685 14,985 25,903Management expense ratio E,J 2.11% 2.02% 2.10% 2.15% 2.18%Management expense ratio before waivers or absorptionsE,J 2.18% 2.08% 2.17% 2.20% 2.21%Trading expense ratioG .06% .10% .11% .14% .20%Portfolio turnover rateH,I 52.89% 50.68% 59.91% 60.48% 79.95%Net asset value per security, end of period $ 15.9887 $ 10.9004 $ 12.9711 $ 13.9091 $ 12.1426


Periods ended March 31, 2021 2020 2019 2018 2017K

The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.29 $ 11.05 $ 11.83 $ 10.33 $ 10.00Increase (decrease) from operations: Total revenue .28 .33 .31 .41 .07Total expenses (excluding distributions) (.30) (.29) (.28) (.29) (.06)Realized gains (losses) 1.26 .54 .27 .83 .34Unrealized gains (losses) 4.13 (2.27) (1.03) .92 (.02)Total increase (decrease) from operationsB 5.37 (1.69) (.73) 1.87 .33Distributions: From net investment income (excluding dividends) – (.08) (.04) (.03) –From dividends – – (.01) (.01) –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C – (.08) (.05) (.04) –Net assets, end of periodB $ 13.63 $ 9.29 $ 11.05 $ 11.83 $ 10.33Ratios and Supplemental Data Net asset value (000s) D $ 51 $ 19 $ 22 $ 24 $ 191Securities outstandingD 3,710 2,023 2,010 2,000 18,477Management expense ratio E,L 2.09% 2.11% 2.11% 2.13% 2.13%Management expense ratio before waivers or absorptions E,L 2.16% 2.18% 2.18% 2.16% 2.15%Trading expense ratioG .06% .10% .11% .14% .20%Portfolio turnover rateH,I 52.89% 50.68% 59.91% 60.48% 79.95%Net asset value per security, end of period $ 13.6314 $ 9.2863 $ 11.0473 $ 11.8407 $ 10.3352

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Fidelity Global Financial Services Fund Series P1

Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.71 $ 11.55 $ 12.37 $ 10.81 $ 9.04Increase (decrease) from operations: Total revenue .26 .34 .33 .29 .34Total expenses (excluding distributions) (.17) (.18) (.17) (.17) (.17)Realized gains (losses) .84 .57 .25 1.01 1.73Unrealized gains (losses) 3.83 (2.37) (1.14) .66 .21Total increase (decrease) from operationsB 4.76 (1.64) (.73) 1.79 2.11Distributions: From net investment income (excluding dividends) – (.23) (.15) (.13) (.06)From dividends – – (.02) (.04) (.03)From capital gains – – – – –Return of capital – – – – –Total distributionsB,C – (.23) (.17) (.17) (.09)Net assets, end of periodB $ 14.38 $ 9.71 $ 11.55 $ 12.37 $ 10.81Ratios and Supplemental Data Net asset value (000s) D $ 1,964 $ 1,121 $ 1,689 $ 3,096 $ 1,125Securities outstandingD 139,782 115,818 146,281 250,053 104,090Management expense ratio E,M 1.09% 1.08% 1.07% 1.08% 1.12%Management expense ratio before waivers or absorptions E,M 1.12% 1.11% 1.10% 1.11% 1.13%Trading expense ratioG .06% .10% .11% .14% .20%Portfolio turnover rateH,I 52.89% 50.68% 59.91% 60.48% 79.95%Net asset value per security, end of period $ 14.3808 $ 9.7066 $ 11.5487 $ 12.3813 $ 10.8089


Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.72 $ 11.56 $ 12.38 $ 10.82 $ 9.05Increase (decrease) from operations: Total revenue .28 .35 .33 .35 .29Total expenses (excluding distributions) (.16) (.17) (.17) (.18) (.12)Realized gains (losses) .83 .54 .36 1.63 1.37Unrealized gains (losses) 3.80 .15 (1.05) (1.31) .35Total increase (decrease) from operationsB 4.75 .87 (.53) .49 1.89Distributions: From net investment income (excluding dividends) – (.24) (.15) (.14) (.08)From dividends – – (.02) (.04) (.04)From capital gains – – – – –Return of capital – – – – –Total distributionsB,C – (.24) (.17) (.18) (.12)Net assets, end of periodB $ 14.41 $ 9.72 $ 11.56 $ 12.38 $ 10.82Ratios and Supplemental Data Net asset value (000s) D $ 269 $ 173 $ 701 $ 318 $ 1Securities outstandingD 16,164 17,844 60,643 25,686 101Management expense ratio E,M .99% .99% 1.04% 1.05% .84%Management expense ratio before waivers or absorptions E,M 1.03% 1.03% 1.08% 1.08% .89%Trading expense ratioG .06% .10% .11% .14% .20%Portfolio turnover rateH,I 52.89% 50.68% 59.91% 60.48% 79.95%Net asset value per security, end of period $ 14.4140 $ 9.7183 $ 11.5623 $ 12.3925 $ 10.8178

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Periods ended March 31, 2021 2020 2019N

The Series’ Net Assets per Security A Net assets, beginning of period B $ 7.90 $ 9.39 $ 10.00Increase (decrease) from operations: Total revenue .21 .27 .25Total expenses (excluding distributions) (.13) (.12) (.11)Realized gains (losses) .65 .47 .26Unrealized gains (losses) 3.09 (1.95) (.84)Total increase (decrease) from operationsB 3.82 (1.33) (.44)Distributions: From net investment income (excluding dividends) – (.21) (.14)From dividends – – (.02)From capital gains – – –Return of capital – – –Total distributionsB,C – (.21) (.16)Net assets, end of periodB $ 11.72 $ 7.90 $ 9.39Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1 $ 1Securities outstandingD 104 104 102Management expense ratio E,O .87% .82% .86%Management expense ratio before waivers or absorptions E,O .87% .82% .86%Trading expense ratioG .06% .10% .11%Portfolio turnover rateH,I 52.89% 50.68% 59.91%Net asset value per security, end of period $ 11.7246 $ 7.8953 $ 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 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.K For the period January 6, 2017 (commencement of sale of securities) to March 31, 2017.L 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.M 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.N For the period April 20, 2018 (commencement of sale of securities) to March 31, 2019.O 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% 32.32% 67.68%

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.

Series A

5040302010

0-10-20

2021

46.0

2020

-15.7

2019

-6.7

2018

14.5

2017

18.8

2016

-3.8

2015

21.4

2014

22.0

2013

21.7

2012

-4.4

Fiscal Years

(%)

Series B

5040302010

0-10-20

2021

46.4

2020

-15.5

2019

-6.5

2018

14.7

2017

19.1

2016

-3.6

2015

21.6

2014

22.3

2013

21.9

2012

-4.2

Fiscal Years

(%)

Series F

5040302010

0-10-20

2021

48.0

2020

-14.6

2019

-5.4

2018

16.0

2017

20.4

2016

-2.5

2015

23.1

2014

23.7

2013

23.4

2012

-3.1

Fiscal Years

(%)

Series O

5040302010

0-10-20

2021

49.8

2020

-13.5

2019

-4.3

2018

17.4

2017

21.9

2016

-1.2

2015

24.6

2014

25.4

2013

24.9

2012

-1.9

Fiscal Years

(%)

Series E1

5040302010

0-10-20

2021

46.4

2020

-15.5

2019

-6.4

2018

14.8

2017

19.2

2016

-3.5

2015

21.6

2014

22.3

2013

21.9

2012

-4.2

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series E2

5040302010

0-10-20

2021

46.6

2020

-15.4

2019

-6.3

2018

14.9

2017

19.2

2016

-3.5

2015

21.6

2014

22.3

2013

21.9

2012

-4.2

Fiscal Years

(%)


12


Past Performance – continued

Series E3

5040302010

0-10-20

2021

46.7

2020

-15.3

2019

-6.3

2018

14.9

2017

19.5

2016

-3.5

2015

21.6

2014

22.3

2013

21.9

2012

-4.2

Fiscal Years

(%)


Series E4

5040302010

0-10-20

2021

46.8

2020

-15.4

2019

-6.3

2018

15.0

2017

19.2

2016

-3.6

2015

21.6

2014

22.3

2013

21.9

2012

-4.2

Fiscal Years

(%)

Commencement of Operations is January 6, 2017

Series P1

5040302010

0-10-20

2021

48.2

2020

-14.5

2019

-5.3

2018

16.1

2017

20.6

2016

-2.4

2015

23.1

2014

23.7

2013

23.4

2012

-3.1

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P2

5040302010

0-10-20

2021

48.3

2020

-14.4

2019

-5.3

2018

16.2

2017

20.9

2016

-2.3

2015

23.1

2014

23.7

2013

23.4

2012

-3.1

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P3

5040302010

0-10-20

2021

48.5

2020

-14.3

2019

-5.1

2018

16.0

2017

20.4

2016

-2.5

2015

23.1

2014

23.7

2013

23.4

2012

-3.1

Fiscal Years

(%)

Commencement of Operations is April 20, 2018

Annual Compound ReturnsThis table shows the Fund’s historical annual compound total returns for the periods indicated, compared with a broad-based index, the MSCI World Index, and the Fund’s benchmark, as described below.

13

Average Annual Total ReturnsPast 1 year

Past 3 years

Past 5 years

Past 10 years

Series A 46.0% 4.7% 9.3% 10.0%Series B 46.4% 5.0% 9.6% 10.2%Series F 48.0% 6.1% 10.8% 11.5%Series O 49.8% 7.4% 12.2% 12.9%Series E1 46.4% 5.0% 9.6% 10.3%Series E2 46.6% 5.1% 9.7% 10.3%Series E3 46.7% 5.2% 9.8% 10.4%Series E4 46.8% 5.2% 9.8% 10.3%Series P1 48.2% 6.3% 10.9% 11.6%Series P2 48.3% 6.3% 11.1% 11.6%Series P3 48.5% 6.5% 11.0% 11.6%MSCI ACWI (All Country World Index) Financials Index Blend 38.6% 3.2% 9.2% 9.1%MSCI World Index 36.0% 11.9% 12.7% 12.7%

A discussion of Fund performance can be found in the Results of Operations section of this report.

Effective September 1, 2017, the Fund changed its benchmark to the MSCI ACWI (All Country World Index) Financials Index from the MSCI ACWI (All Country World Index) Financials and Real Estate Index Blend. Prior to September 1, 2016, the Fund’s benchmark was the MSCI ACWI (All Country World Index) Financials Index, which included real estate as a subsector. At September 1, 2016, real estate became a separate industry category as per the Global Industry Classification Standard (GICS®) and was removed as a component of the MSCI ACWI (All Country World Index) Financials Index. Fidelity elected to keep real estate as a component of the Fund’s benchmark, meaning from September 1, 2016, to August 31, 2017, the Fund was benchmarked against a custom benchmark, the MSCI ACWI (All Country World Index) Financials and Real Estate Index Blend. On September 1, 2017, the Fund reverted to using the MSCI ACWI (All Country World Index) Financials Index as its benchmark, which is now a pure financials index. The change was implemented to create greater alignment to the clients and peers – representing a move that reflects industry standards. There will be no change in investment philosophy and process.

The MSCI ACWI (All Country World Index) Financials Index captures large- and mid-cap representation across 23 developed markets and 23 emerging-market countries. All securities in the Index are classified in the financials sector as per GICS®. 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.

Each series of the Fund will have varying returns due to differences in management fees and expenses.

14


Summary of Investment Portfolio as at March 31, 2021Sector Mix

% of Fund’s Net Assets as at

3/31/21


3/31/20

Banks 37.5 24.3

Capital Markets 20.1 15.0

Insurance 18.9 28.8

IT Services 5.9 8.1

Diversified Financial Services 5.3 6.1

Consumer Finance 4.4 0.0

Internet & Direct Marketing Retail 2.9 2.7

Software 1.4 1.9

Interactive Media & Services 1.1 2.2

Others (Individually Less Than 1%) 1.2 4.8

Cash and Cash Equivalents 1.0 6.0

Net Other Assets (Liabilities) 0.3 0.1

Geographic Mix


3/31/21


3/31/20

United States of America 54.6 46.9

United Kingdom 5.8 4.8

France 3.8 6.8

Switzerland 3.6 3.3

Bermuda 3.5 1.7

India 3.0 2.3

Cayman Islands 2.6 2.8

Germany 2.6 5.9

Italy 2.4 1.3

China 2.4 3.1

Netherlands 2.3 0.8

Hong Kong 2.1 4.5

Korea (South) 2.0 0.0

Finland 2.0 0.0

Indonesia 1.2 0.8

Sweden 1.2 1.0

Cyprus 1.2 0.0

Mexico 1.0 0.6

Others (Individually Less Than 1%) 1.4 7.3

Cash and Cash Equivalents 1.0 6.0

Net Other Assets (Liabilities) 0.3 0.1

Top Issuers

% of Fund’s Net Assets

1. JPMorgan Chase & Co. 6.5

2. Bank of America Corp. 4.8

3. Morgan Stanley 3.7

4. Charles Schwab Corp. 3.1

5. Wells Fargo & Co. 2.6

6. AIA Group Ltd. 2.1

7. Western Alliance Bancorporation 2.1

8. Ally Financial, Inc. 2.1

9. KB Financial Group, Inc. 2.0

10. Nordea Bank ABP 2.0

11. Goldman Sachs Group, Inc. 1.9

12. OneMain Hldgs, Inc. 1.9

13. Voya Financial, Inc. 1.8

14. Ping An Insurance Group Co. of China Ltd. 1.7

15. Berkshire Hathaway, Inc. 1.7

16. Julius Baer Group Ltd. 1.7

17. SVB Financial Group 1.6

18. Equitable Holdings, Inc. 1.6

19. Alibaba Group Holding Ltd. 1.6

20. Axis Bank Ltd. 1.6

21. AXA SA 1.5

22. UniCredit SpA 1.4

23. Athene Holding Ltd. 1.4

24. Arch Capital Group Ltd. 1.4

25. Allianz SE 1.4

55.2

Total Fund Net Assets $55,216,000

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

All tables within the Summary of Investment Portfolio section, except the Top Issuers table, contain audited annual information.

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.

1.830269.115 FICL-FFS-MRFPA-0621

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

62.107241E

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

Fidelity Global Financial Services Fund

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