Fidelity Canadian Balanced Fund · In addition, any statement that may be made concerning future...

Semi-Annual Management Report of Fund PerformanceDecember 31, 2019

Fidelity Canadian Balanced 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 December 31, 2019Fidelity Canadian Balanced 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 Canadian Balanced Fund (Fund), Series B, returned 2.4%, after fees and expenses, for the six-month period ended December 31, 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. During the review period, Canadian equities, as represented by the S&P/TSX Composite Index, returned 5.7%, while Canadian investment grade bonds, as measured by the FTSE Canada Universe Bond Index, returned 0.3% for the period under review.

Market overview:

Expectations for accommodative monetary policy from global central banks drove investor appetite for riskier assets during the period. The U.S. Federal Reserve (Fed) lowered interest rates three times to a range of 1.50%-1.75%, while most global central banks hinted they were open to further easing given the continued uncertainty about a protracted U.S.-China trade war. Expectations that trade negotiations between the U.S. and China have progressed enough to delay the imposition of additional tariffs, and that the two sides may agree to a formal phase one trade deal, further supported stock prices. On the economic front, despite resiliency in the Canadian economy, notably with respect to employment and housing activity, uncertainty about ongoing trade conflicts reinforced the Bank of Canada’s (BoC) decision to keep its benchmark interest rate unchanged.

Canadian fixed-income markets registered positive returns for the review period. At its latest policy meeting, the Bank of Canada (BoC) kept the key interest rate unchanged at 1.75%, acknowledging mounting evidence that the global economy is stabilizing, but on-going U.S.-China trade tensions remain the biggest source of risk. The BoC advised that growth slowed in Canada in the third quarter of 2019 to 1.3%, down markedly from a strong second quarter but in line with market expectations. CPI inflation in Canada remains at target level, consistent with an economy operating near capacity. The Bank continues to expect inflation to track close to the 2% target over the next two years.

Factors affecting performance:

The Fund’s benchmark returned 3.3% during the period under review. The Fund’s blended benchmark consists of 50.0% S&P/TSX Capped Composite Index, 40.0% FTSE Canada Universe Bond Index, and 10.0% ICE BofAML US High Yield Constrained Index.

The Fund underperformed its benchmark after fees and expenses, but outperformed before fees and expenses. Among the Fund’s equity holdings, investments in the health care sector con-tributed to relative returns. In this sector, lack of exposure to medical marijuana producers Canopy Growth Company and Aurora Cannabis, and high-than-benchmark exposure to multinational specialty pharmaceutical company Bausch Health, contributed to relative returns. In addition, exposure to the information technology sector contributed to relative returns. In this sector, exposure to U.S.-based multinational technology company Microsoft, and U.S.-based multinational technology company Apple contributed to relative returns.

In contrast, investments in the materials and energy sectors detracted from relative returns. In the materials sector, investments in specialty packaging company CCL Industries, and supplier, distributor and marketer Methanex, detracted from relative returns. In the energy sector, lower-than-benchmark exposure to oil and gas exploration company Canadian Natural Resources, and lack of exposure to oil and gas transportation company Enbridge, detracted from relative returns. Among other asset classes, investments in Canadian investment grade bonds also contributed to relative performance.

Portfolio changes:

During the review period, equity portfolio manager Darren Lekkerkerker increased the Fund’s exposure to the financials and energy sectors. In the financials sector, the portfolio manager initiated a position in insurance company Sun Life Financial, and increased the allocation to Toronto Dominion Bank, given their attractive valuations in the portfolio manager’s view. In the energy sector, exposure was increased to oil and gas companies TC Energy and Canadian Natural Resources; Darren believes these companies have attractive growth outlooks.

In contrast, exposure was reduced to the consumer staples sector by reducing exposure to grocers Alimentation Couche Tard and Metro, as the portfolio managers found attractive opportuni-ties elsewhere.

Among Canadian investment grade bonds, portfolio managers Catriona Martin and Sri Tella continue to favour corporate bonds over government debt, given their attractive yields relative to government bonds. The portfolio managers aim to maintain liquidity in order to be able to take advantage of buying opportunities.

Recent DevelopmentsThe Fund’s lead portfolio managers, Geoff Stein and David Wolf, seek to maintain a strategic asset allocation in line with the Fund’s blended benchmark.

The Fund’s equity manager, Darren Lekkerkerker, focuses on companies he believes have solid business models and shareholder-oriented management teams, and are trading at rela-tively attractive valuations. Overall, he continues to have a positive view on the market environment as central banks have been lowering their interest rates with no hurry to increase. Unemployment rates are at historical lows. Mr. Lekkerkerker believes both of these trends bode well for consumers. At this point in the cycle, he continues to focus on bottom-up security selection, and aims to be fully invested. He continues to believe there will be growth in earnings and margins, but ultimately emphasizes the importance of being selective and understand-ing what you own.

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Management Discussion of Fund Performance – continued

The Fund’s Canadian investment grade fixed-income portfolio managers Catriona Martin and Sri Tella maintained lower-than-benchmark exposure to government bonds. Among government bonds, the Fund varied most from its benchmark weightings by having less exposure to federal bonds, in favour of a larger-than-benchmark allocation to corporate bonds. In the corporate sector, the Fund diverged most from its benchmark by having a larger investment in financial issuers, particularly bank debt, taking the view that bank issues offered attractive valuations with lower credit risk. The Fund also had larger allocations than the benchmark to industrials, real estate and energy issuers at the end of the review period, as well as a higher-than-bench-mark allocation to asset-backed securities. The Fund also maintained out-of-benchmark exposure to commercial mortgage-backed securities.

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 includ-ing Fidelity Investments Money Management, Inc., FMR Co., Inc., Fidelity (Canada) Asset Management ULC and Fidelity Management & Research (Canada) ULC, 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 $29,673,000 for the period ended December 31, 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 $2,746,000 for the period ended December 31, 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 December 31, 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 Canadian Balanced Fund Series A

Six-months ended December 31, Periods ended June 30,

2019 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 24.09 $ 23.54 $ 22.66 $ 23.15 $ 25.12 $ 24.09Increase (decrease) from operations: Total revenue .33 .69 .64 .67 .68 .70Total expenses (excluding distributions) (.28) (.54) (.53) (.55) (.56) (.58)Realized gains (losses) .58 .73 .50 1.08 2.40 1.89Unrealized gains (losses) (.09) (.05) .63 (.23) (2.71) .47Total increase (decrease) from operationsB .54 .83 1.24 .97 (.19) 2.47Distributions: From net investment income (excluding dividends) (.06) (.16) (.14) (.16) (.16) (.16)From dividends (.06) (.06) (.06) (.08) (.04) (.06)From capital gains (.49) (.26) (.23) (1.16) (1.69) (1.16)Return of capital – – – – – –Total distributionsB,C (.61) (.48) (.43) (1.40) (1.89) (1.37)Net assets, end of periodB $ 24.02 $ 24.09 $ 23.54 $ 22.66 $ 23.15 $ 25.12Ratios and Supplemental Data Net asset value (000s) D $ 330,061 $ 359,044 $ 473,069 $ 643,520 $ 785,811 $ 987,712Securities outstandingD 13,744,441 14,915,898 20,120,612 28,439,729 34,006,325 39,355,699Management expense ratio E,F 2.27% 2.27% 2.27% 2.28% 2.29% 2.32%Management expense ratio before waivers or absorptions E,F 2.30% 2.32% 2.34% 2.34% 2.35% 2.35%Trading expense ratioG .03% .04% .03% .06% .05% .03%Portfolio turnover rateH 26.09% 61.51% 54.67% 71.40% 75.43% 51.31%Net asset value per security, end of period $ 24.0208 $ 24.0892 $ 23.5386 $ 22.6618 $ 23.1490 $ 25.1238

Fidelity Canadian Balanced Fund Series B


2019 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 24.09 $ 23.54 $ 22.66 $ 23.15 $ 25.13 $ 24.10Increase (decrease) from operations: Total revenue .33 .69 .64 .67 .68 .70Total expenses (excluding distributions) (.26) (.49) (.48) (.50) (.50) (.53)Realized gains (losses) .59 .75 .52 1.07 2.39 1.87Unrealized gains (losses) (.09) .10 .65 (.26) (2.68) .42Total increase (decrease) from operationsB .57 1.05 1.33 .98 (.11) 2.46Distributions: From net investment income (excluding dividends) (.06) (.19) (.17) (.19) (.20) (.19)From dividends (.07) (.07) (.07) (.09) (.04) (.06)From capital gains (.51) (.27) (.24) (1.17) (1.70) (1.17)Return of capital – – – – – –Total distributionsB,C (.64) (.53) (.48) (1.45) (1.94) (1.43)Net assets, end of periodB $ 24.02 $ 24.09 $ 23.54 $ 22.66 $ 23.15 $ 25.13Ratios and Supplemental Data Net asset value (000s) D $ 2,135,159 $ 2,181,886 $ 2,370,434 $ 2,561,678 $ 2,643,672 $ 2,914,096Securities outstandingD 88,872,007 90,729,475 100,811,257 113,225,708 114,410,853 116,111,639Management expense ratio E,F 2.06% 2.06% 2.06% 2.07% 2.07% 2.10%Management expense ratio before waivers or absorptions E,F 2.09% 2.10% 2.11% 2.11% 2.11% 2.11%Trading expense ratioG .03% .04% .03% .06% .05% .03%Portfolio turnover rateH 26.09% 61.51% 54.67% 71.40% 75.43% 51.31%Net asset value per security, end of period $ 24.0242 $ 24.0926 $ 23.5422 $ 22.6649 $ 23.1530 $ 25.1285

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Financial Highlights – continued

Fidelity Canadian Balanced Fund Series F


2019 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 24.09 $ 23.54 $ 22.66 $ 23.15 $ 25.14 $ 24.11Increase (decrease) from operations: Total revenue .33 .69 .65 .67 .69 .70Total expenses (excluding distributions) (.12) (.22) (.22) (.23) (.23) (.24)Realized gains (losses) .59 .76 .53 1.07 2.34 1.83Unrealized gains (losses) (.09) .16 .65 (.38) (2.35) .34Total increase (decrease) from operationsB .71 1.39 1.61 1.13 .45 2.63Distributions: From net investment income (excluding dividends) (.11) (.37) (.34) (.36) (.38) (.39)From dividends (.11) (.11) (.11) (.13) (.06) (.10)From capital gains (.57) (.32) (.29) (1.24) (1.78) (1.24)Return of capital – – – – – –Total distributionsB,C (.79) (.80) (.74) (1.73) (2.22) (1.72)Net assets, end of periodB $ 24.02 $ 24.09 $ 23.54 $ 22.66 $ 23.15 $ 25.14Ratios and Supplemental Data Net asset value (000s) D $ 309,014 $ 298,237 $ 277,801 $ 252,692 $ 185,426 $ 128,941Securities outstandingD 12,867,907 12,421,309 11,863,304 11,193,324 8,046,444 5,167,603Management expense ratio E,I .92% .92% .92% .92% .92% .93%Management expense ratio before waivers or absorptions E,I .92% .92% .93% .93% .93% .95%Trading expense ratioG .03% .04% .03% .06% .05% .03%Portfolio turnover rateH 26.09% 61.51% 54.67% 71.40% 75.43% 51.31%Net asset value per security, end of period $ 24.0182 $ 24.0867 $ 23.5399 $ 22.6625 $ 23.1539 $ 25.1359

Fidelity Canadian Balanced Fund Series F5


2019 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 14.44 $ 14.59 $ 14.52 $ 15.32 $ 17.21 $ 17.04Increase (decrease) from operations: Total revenue .19 .42 .41 .44 .46 .48Total expenses (excluding distributions) (.07) (.14) (.14) (.15) (.15) (.16)Realized gains (losses) .35 .49 .34 .70 1.63 1.24Unrealized gains (losses) (.05) .16 .45 (.20) (1.68) .18Total increase (decrease) from operationsB .42 .93 1.06 .79 .26 1.74Distributions: From net investment income (excluding dividends) (.06) (.18) (.17) (.19) (.22) (.23)From dividends (.06) (.06) (.07) (.07) (.04) (.07)From capital gains (.33) (.19) (.18) (.81) (1.20) (.87)Return of capital (.28) (.52) (.53) (.55) (.58) (.60)Total distributionsB,C (.73) (.95) (.95) (1.62) (2.04) (1.76)Net assets, end of periodB $ 14.13 $ 14.44 $ 14.59 $ 14.52 $ 15.32 $ 17.21Ratios and Supplemental Data Net asset value (000s) D $ 20,883 $ 20,237 $ 12,699 $ 8,974 $ 8,498 $ 5,395Securities outstandingD 1,478,536 1,401,961 870,403 618,291 555,050 318,893Management expense ratio E,I .93% .93% .92% .91% .89% .90%Management expense ratio before waivers or absorptions E,I .93% .93% .93% .92% .91% .92%Trading expense ratioG .03% .04% .03% .06% .05% .03%Portfolio turnover rateH 26.09% 61.51% 54.67% 71.40% 75.43% 51.31%Net asset value per security, end of period $ 14.1278 $ 14.4381 $ 14.5924 $ 14.5208 $ 15.3203 $ 17.2091

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Fidelity Canadian Balanced Fund Series F8


2019 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.81 $ 12.36 $ 12.73 $ 13.91 $ 16.14 $ 16.47Increase (decrease) from operations: Total revenue .16 .35 .35 .39 .43 .46Total expenses (excluding distributions) (.06) (.11) (.12) (.13) (.14) (.16)Realized gains (losses) .29 .38 .29 .62 1.40 1.21Unrealized gains (losses) (.05) .05 .36 (.23) (1.22) .29Total increase (decrease) from operationsB .34 .67 .88 .65 .47 1.81Distributions: From net investment income (excluding dividends) (.05) (.19) (.18) (.21) (.23) (.26)From dividends (.05) (.06) (.06) (.08) (.04) (.06)From capital gains (.27) (.16) (.16) (.72) (1.11) (.83)Return of capital (.43) (.80) (.85) (.90) (.98) (1.02)Total distributionsB,C (.80) (1.21) (1.25) (1.91) (2.36) (2.17)Net assets, end of periodB $ 11.35 $ 11.81 $ 12.36 $ 12.73 $ 13.91 $ 16.14Ratios and Supplemental Data Net asset value (000s) D $ 9,185 $ 9,457 $ 9,842 $ 9,239 $ 5,876 $ 3,236Securities outstandingD 809,973 801,658 797,266 726,895 423,471 201,888Management expense ratio E,I .92% .92% .92% .92% .90% .91%Management expense ratio before waivers or absorptions E,I .93% .93% .93% .92% .92% .93%Trading expense ratioG .03% .04% .03% .06% .05% .03%Portfolio turnover rateH 26.09% 61.51% 54.67% 71.40% 75.43% 51.31%Net asset value per security, end of period $ 11.3475 $ 11.8073 $ 12.3587 $ 12.7344 $ 13.9075 $ 16.1387

Fidelity Canadian Balanced Fund Series O


2019 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 24.04 $ 23.50 $ 22.63 $ 23.12 $ 25.11 $ 24.09Increase (decrease) from operations: Total revenue .33 .69 .64 .67 .68 .70Total expenses (excluding distributions) – (.01) (.01) (.02) (.02) (.01)Realized gains (losses) .59 .75 .52 1.08 2.37 1.88Unrealized gains (losses) (.10) .09 .66 (.28) (2.57) .45Total increase (decrease) from operationsB .82 1.52 1.81 1.45 .48 3.01Distributions: From net investment income (excluding dividends) (.14) (.52) (.48) (.49) (.53) (.54)From dividends (.14) (.14) (.15) (.16) (.08) (.12)From capital gains (.62) (.36) (.33) (1.29) (1.83) (1.29)Return of capital – – – – – –Total distributionsB,C (.90) (1.02) (.96) (1.94) (2.44) (1.96)Net assets, end of periodB $ 23.97 $ 24.04 $ 23.50 $ 22.63 $ 23.12 $ 25.11Ratios and Supplemental Data Net asset value (000s) D $ 2,789,179 $ 2,783,252 $ 2,902,020 $ 3,087,588 $ 3,089,648 $ 3,193,608Securities outstandingD 116,238,665 116,552,657 124,276,970 137,356,180 134,536,199 127,928,007Management expense ratio –% –% –% —% —% —%Management expense ratio before waivers or absorptions —% —% —% —% —% —%Trading expense ratioG .03% .04% .03% .06% .05% .03%Portfolio turnover rateH 26.09% 61.51% 54.67% 71.40% 75.43% 51.31%Net asset value per security, end of period $ 23.9737 $ 24.0423 $ 23.5014 $ 22.6277 $ 23.1240 $ 25.1073

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Fidelity Canadian Balanced Fund Series T5


2019 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.18 $ 11.45 $ 11.55 $ 12.33 $ 14.01 $ 14.03Increase (decrease) from operations: Total revenue .15 .33 .32 .35 .37 .40Total expenses (excluding distributions) (.13) (.26) (.27) (.29) (.31) (.34)Realized gains (losses) .27 .35 .24 .56 1.31 1.08Unrealized gains (losses) (.04) (.09) .33 (.10) (1.50) .26Total increase (decrease) from operationsB .25 .33 .62 .52 (.12) 1.41Distributions: From net investment income (excluding dividends) (.03) (.07) (.07) (.08) (.09) (.09)From dividends (.03) (.03) (.03) (.04) (.02) (.03)From capital gains (.22) (.13) (.11) (.61) (.92) (.66)Return of capital (.27) (.52) (.53) (.54) (.59) (.61)Total distributionsB,C (.55) (.75) (.74) (1.27) (1.62) (1.40)Net assets, end of periodB $ 10.88 $ 11.18 $ 11.45 $ 11.55 $ 12.33 $ 14.01Ratios and Supplemental Data Net asset value (000s) D $ 7,108 $ 8,350 $ 11,877 $ 15,458 $ 20,380 $ 27,248Securities outstandingD 653,836 747,416 1,038,064 1,339,680 1,654,403 1,969,840Management expense ratio E,F 2.30% 2.30% 2.30% 2.31% 2.31% 2.34%Management expense ratio before waivers or absorptions E,F 2.33% 2.34% 2.37% 2.37% 2.37% 2.36%Trading expense ratioG .03% .04% .03% .06% .05% .03%Portfolio turnover rateH 26.09% 61.51% 54.67% 71.40% 75.43% 51.31%Net asset value per security, end of period $ 10.8788 $ 11.1788 $ 11.4536 $ 11.5459 $ 12.3301 $ 14.0102

Fidelity Canadian Balanced Fund Series T8


2019 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 7.17 $ 7.59 $ 7.92 $ 8.77 $ 10.30 $ 10.63Increase (decrease) from operations: Total revenue .10 .21 .22 .25 .27 .30Total expenses (excluding distributions) (.08) (.17) (.18) (.20) (.22) (.25)Realized gains (losses) .17 .23 .16 .39 .95 .81Unrealized gains (losses) (.03) (.04) .22 (.06) (1.07) .21Total increase (decrease) from operationsB .16 .23 .42 .38 (.07) 1.07Distributions: From net investment income (excluding dividends) (.02) (.05) (.05) (.06) (.06) (.07)From dividends (.02) (.02) (.02) (.03) (.01) (.02)From capital gains (.14) (.08) (.08) (.42) (.67) (.50)Return of capital (.29) (.58) (.62) (.68) (.73) (.78)Total distributionsB,C (.47) (.73) (.77) (1.19) (1.48) (1.36)Net assets, end of periodB $ 6.86 $ 7.17 $ 7.59 $ 7.92 $ 8.77 $ 10.30Ratios and Supplemental Data Net asset value (000s) D $ 6,333 $ 7,202 $ 11,531 $ 16,135 $ 23,053 $ 32,209Securities outstandingD 926,544 1,007,478 1,523,400 2,042,683 2,639,024 3,126,303Management expense ratio E,F 2.30% 2.29% 2.29% 2.29% 2.29% 2.32%Management expense ratio before waivers or absorptions E,F 2.32% 2.34% 2.36% 2.36% 2.35% 2.35%Trading expense ratioG .03% .04% .03% .06% .05% .03%Portfolio turnover rateH 26.09% 61.51% 54.67% 71.40% 75.43% 51.31%Net asset value per security, end of period $ 6.8555 $ 7.1660 $ 7.5876 $ 7.9196 $ 8.7687 $ 10.3010

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Fidelity Canadian Balanced Fund Series S5


2019 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.43 $ 11.69 $ 11.75 $ 12.53 $ 14.20 $ 14.20Increase (decrease) from operations: Total revenue .15 .33 .33 .36 .38 .40Total expenses (excluding distributions) (.12) (.24) (.25) (.26) (.28) (.31)Realized gains (losses) .28 .36 .26 .57 1.35 1.08Unrealized gains (losses) (.04) .05 .33 (.14) (1.59) .27Total increase (decrease) from operationsB .27 .50 .67 .53 (.14) 1.45Distributions: From net investment income (excluding dividends) (.03) (.09) (.09) (.10) (.11) (.11)From dividends (.03) (.03) (.03) (.05) (.02) (.04)From capital gains (.24) (.13) (.12) (.62) (.95) (.68)Return of capital (.27) (.51) (.51) (.52) (.57) (.59)Total distributionsB,C (.57) (.76) (.75) (1.29) (1.65) (1.42)Net assets, end of periodB $ 11.14 $ 11.43 $ 11.69 $ 11.75 $ 12.53 $ 14.20Ratios and Supplemental Data Net asset value (000s) D $ 32,165 $ 32,496 $ 36,564 $ 39,281 $ 41,546 $ 51,081Securities outstandingD 2,893,248 2,844,954 3,131,848 3,344,244 3,319,994 3,594,346Management expense ratio E,F 2.07% 2.07% 2.08% 2.08% 2.08% 2.10%Management expense ratio before waivers or absorptions E,F 2.10% 2.11% 2.12% 2.12% 2.11% 2.11%Trading expense ratioG .03% .04% .03% .06% .05% .03%Portfolio turnover rateH 26.09% 61.51% 54.67% 71.40% 75.43% 51.31%Net asset value per security, end of period $ 11.1362 $ 11.4323 $ 11.6860 $ 11.7544 $ 12.5271 $ 14.2054

Fidelity Canadian Balanced Fund Series S8


2019 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 7.36 $ 7.78 $ 8.10 $ 8.95 $ 10.50 $ 10.82Increase (decrease) from operations: Total revenue .10 .22 .22 .25 .28 .30Total expenses (excluding distributions) (.08) (.16) (.17) (.18) (.20) (.23)Realized gains (losses) .18 .24 .18 .40 .96 .81Unrealized gains (losses) (.03) .02 .23 (.10) (1.07) .19Total increase (decrease) from operationsB .17 .32 .46 .37 (.03) 1.08Distributions: From net investment income (excluding dividends) (.02) (.06) (.06) (.07) (.08) (.08)From dividends (.02) (.02) (.02) (.03) (.02) (.03)From capital gains (.15) (.09) (.08) (.44) (.69) (.51)Return of capital (.30) (.58) (.62) (.67) (.73) (.77)Total distributionsB,C (.49) (.75) (.78) (1.21) (1.51) (1.39)Net assets, end of periodB $ 7.05 $ 7.36 $ 7.78 $ 8.10 $ 8.95 $ 10.50Ratios and Supplemental Data Net asset value (000s) D $ 91,231 $ 96,540 $ 107,624 $ 123,437 $ 135,405 $ 154,644Securities outstandingD 12,964,031 13,135,225 13,863,148 15,262,895 15,151,541 14,745,937Management expense ratio E,F 2.06% 2.06% 2.06% 2.07% 2.07% 2.09%Management expense ratio before waivers or absorptions E,F 2.09% 2.09% 2.11% 2.11% 2.10% 2.11%Trading expense ratioG .03% .04% .03% .06% .05% .03%Portfolio turnover rateH 26.09% 61.51% 54.67% 71.40% 75.43% 51.31%Net asset value per security, end of period $ 7.0520 $ 7.3651 $ 7.7821 $ 8.1048 $ 8.9536 $ 10.4976

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Fidelity Canadian Balanced Fund Series E1


2019 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.00 $ 10.75 $ 10.35 $ 10.57 $ 10.00Increase (decrease) from operations: Total revenue .15 .31 .30 .31 .13Total expenses (excluding distributions) (.12) (.22) (.22) (.22) (.09)Realized gains (losses) .27 .35 .24 .49 .27Unrealized gains (losses) (.04) .10 .31 (.21) .38Total increase (decrease) from operationsB .26 .54 .63 .37 .70Distributions: From net investment income (excluding dividends) (.03) (.09) (.08) (.09) (.05)From dividends (.03) (.03) (.03) (.04) –From capital gains (.23) (.12) (.11) (.54) –Return of capital – – – – –Total distributionsB,C (.29) (.24) (.22) (.67) (.05)Net assets, end of periodB $ 10.97 $ 11.00 $ 10.75 $ 10.35 $ 10.57Ratios and Supplemental Data Net asset value (000s) D $ 524,984 $ 489,162 $ 369,479 $ 344,533 $ 219,710Securities outstandingD 47,851,271 44,494,579 34,401,271 33,374,271 20,854,432Management expense ratio E,K 2.04% 2.04% 2.04% 2.04% 2.06%Management expense ratio before waivers or absorptions E,K 2.07% 2.07% 2.08% 2.08% 2.09%Trading expense ratioG .03% .04% .03% .06% .05%Portfolio turnover rateH 26.09% 61.51% 54.67% 71.40% 75.43%Net asset value per security, end of period $ 10.9707 $ 11.0019 $ 10.7505 $ 10.3498 $ 10.5724

Fidelity Canadian Balanced Fund Series E1T5


2019 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 19.00 $ 19.42 $ 19.52 $ 20.80 $ 20.00Increase (decrease) from operations: Total revenue .25 .56 .55 .59 .27Total expenses (excluding distributions) (.20) (.39) (.40) (.43) (.17)Realized gains (losses) .46 .61 .44 .94 .52Unrealized gains (losses) (.06) .18 .57 (.46) .81Total increase (decrease) from operationsB .45 .96 1.16 .64 1.43Distributions: From net investment income (excluding dividends) (.05) (.15) (.15) (.17) (.10)From dividends (.05) (.06) (.06) (.08) –From capital gains (.39) (.22) (.20) (1.03) –Return of capital (.44) (.83) (.84) (.86) (.34)Total distributionsB,C (.93) (1.26) (1.25) (2.14) (.43)Net assets, end of periodB $ 18.51 $ 19.00 $ 19.42 $ 19.52 $ 20.80Ratios and Supplemental Data Net asset value (000s) D $ 14,890 $ 15,091 $ 12,618 $ 11,891 $ 5,588Securities outstandingD 803,708 794,978 650,281 609,528 269,066Management expense ratio E,K 2.05% 2.05% 2.04% 2.05% 2.06%Management expense ratio before waivers or absorptions E,K 2.08% 2.08% 2.09% 2.09% 2.09%Trading expense ratioG .03% .04% .03% .06% .05%Portfolio turnover rateH 26.09% 61.51% 54.67% 71.40% 75.43%Net asset value per security, end of period $ 18.5125 $ 19.0018 $ 19.4176 $ 19.5251 $ 20.8011

9



2019 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.00 $ 10.75 $ 10.35 $ 10.57 $ 10.00Increase (decrease) from operations: Total revenue .15 .31 .30 .31 .14Total expenses (excluding distributions) (.11) (.22) (.21) (.22) (.08)Realized gains (losses) .27 .34 .24 .49 .27Unrealized gains (losses) (.05) .09 .30 (.24) .37Total increase (decrease) from operationsB .26 .52 .63 .34 .69Distributions: From net investment income (excluding dividends) (.03) (.09) (.08) (.09) (.05)From dividends (.03) (.03) (.03) (.04) –From capital gains (.23) (.13) (.11) (.54) –Return of capital – – – – –Total distributionsB,C (.29) (.25) (.22) (.67) (.05)Net assets, end of periodB $ 10.97 $ 11.00 $ 10.75 $ 10.35 $ 10.57Ratios and Supplemental Data Net asset value (000s) D $ 59,735 $ 53,583 $ 48,761 $ 44,666 $ 22,371Securities outstandingD 5,513,598 4,892,985 4,552,490 4,286,464 2,121,495Management expense ratio E,K 2.01% 2.01% 2.01% 2.01% 2.02%Management expense ratio before waivers or absorptions E,K 2.04% 2.05% 2.05% 2.05% 2.05%Trading expense ratioG .03% .04% .03% .06% .05%Portfolio turnover rateH 26.09% 61.51% 54.67% 71.40% 75.43%Net asset value per security, end of period $ 10.9687 $ 11.0002 $ 10.7491 $ 10.3489 $ 10.5721



2019 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 19.01 $ 19.43 $ 19.54 $ 20.81 $ 20.00Increase (decrease) from operations: Total revenue .25 .56 .53 .60 .27Total expenses (excluding distributions) (.20) (.39) (.41) (.42) (.16)Realized gains (losses) .47 .67 .66 .97 .53Unrealized gains (losses) (.08) .81 .40 .26 .79Total increase (decrease) from operationsB .44 1.65 1.18 1.41 1.42Distributions: From net investment income (excluding dividends) (.05) (.15) (.15) (.17) (.11)From dividends (.05) (.06) (.06) (.08) –From capital gains (.39) (.22) (.20) (1.04) –Return of capital (.44) (.84) (.84) (.85) (.32)Total distributionsB,C (.93) (1.27) (1.25) (2.14) (.43)Net assets, end of periodB $ 18.52 $ 19.01 $ 19.43 $ 19.54 $ 20.81Ratios and Supplemental Data Net asset value (000s) D $ 631 $ 608 $ 252 $ 359 $ 2,793Securities outstandingD 34,078 31,952 12,944 18,371 134,221Management expense ratio E,K 2.07% 2.06% 2.05% 1.95% 1.92%Management expense ratio before waivers or absorptions E,K 2.10% 2.10% 2.10% 1.98% 1.95%Trading expense ratioG .03% .04% .03% .06% .05%Portfolio turnover rateH 26.09% 61.51% 54.67% 71.40% 75.43%Net asset value per security, end of period $ 18.5241 $ 19.0148 $ 19.4311 $ 19.5402 $ 20.8105

10




2019 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.00 $ 10.75 $ 10.35 $ 10.57 $ 10.00Increase (decrease) from operations: Total revenue .15 .31 .29 .31 .14Total expenses (excluding distributions) (.11) (.22) (.22) (.22) (.08)Realized gains (losses) .27 .34 .34 .33 .25Unrealized gains (losses) (.05) .07 .23 (.20) .38Total increase (decrease) from operationsB .26 .50 .64 .22 .68Distributions: From net investment income (excluding dividends) (.03) (.09) (.08) (.09) (.06)From dividends (.03) (.03) (.03) (.04) –From capital gains (.23) (.13) (.11) (.54) –Return of capital – – – – –Total distributionsB,C (.29) (.25) (.22) (.67) (.06)Net assets, end of periodB $ 10.97 $ 11.00 $ 10.75 $ 10.35 $ 10.57Ratios and Supplemental Data Net asset value (000s) D $ 8,573 $ 8,159 $ 6,557 $ 6,824 $ 1,652Securities outstandingD 781,590 743,614 611,381 644,065 156,754Management expense ratio E,K 2.02% 2.02% 2.02% 2.03% 1.93%Management expense ratio before waivers or absorptions E,K 2.04% 2.05% 2.07% 2.07% 1.96%Trading expense ratioG .03% .04% .03% .06% .05%Portfolio turnover rateH 26.09% 61.51% 54.67% 71.40% 75.43%Net asset value per security, end of period $ 10.9687 $ 10.9999 $ 10.7490 $ 10.3484 $ 10.5710



2019 2019 2018 2017L

The Series’ Net Assets per Security A Net assets, beginning of period B $ 18.17 $ 18.54 $ 18.62 $ 20.00Increase (decrease) from operations: Total revenue .24 .53 .52 .44Total expenses (excluding distributions) (.17) (.34) (.35) (.29)Realized gains (losses) .44 .58 .43 .66Unrealized gains (losses) (.03) .10 .53 (.31)Total increase (decrease) from operationsB .48 .87 1.13 .50Distributions: From net investment income (excluding dividends) (.05) (.17) (.16) (.18)From dividends (.05) (.06) (.06) (.08)From capital gains (.38) (.22) (.20) (.99)Return of capital (.41) (.77) (.78) (.63)Total distributionsB,C (.89) (1.22) (1.20) (1.88)Net assets, end of periodB $ 17.71 $ 18.17 $ 18.54 $ 18.62Ratios and Supplemental Data Net asset value (000s) D $ 551 $ 818 $ 831 $ 811Securities outstandingD 31,110 44,996 44,814 43,580Management expense ratio E,M 1.87% 1.87% 1.87% 1.88%Management expense ratio before waivers or absorptions E,M 1.90% 1.90% 1.91% 1.92%Trading expense ratioG .03% .04% .03% .06%Portfolio turnover rateH 26.09% 61.51% 54.67% 71.40%Net asset value per security, end of period $ 17.7136 $ 18.1723 $ 18.5427 $ 18.6205

11



2019 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.00 $ 10.75 $ 10.35 $ 10.57 $ 10.00Increase (decrease) from operations: Total revenue .15 .32 .29 .31 .18Total expenses (excluding distributions) (.11) (.21) (.20) (.20) (.08)Realized gains (losses) .27 .35 1.00 (.43) .23Unrealized gains (losses) (.10) .15 (.46) .73 .42Total increase (decrease) from operationsB .21 .61 .63 .41 .76Distributions: From net investment income (excluding dividends) (.03) (.10) (.09) (.10) (.05)From dividends (.03) (.03) (.03) (.04) –From capital gains (.23) (.13) (.11) (.54) –Return of capital – – – – –Total distributionsB,C (.29) (.26) (.23) (.68) (.05)Net assets, end of periodB $ 10.97 $ 11.00 $ 10.75 $ 10.35 $ 10.57Ratios and Supplemental Data Net asset value (000s) D $ 2,439 $ 2,802 $ 804 $ 779 $ 558Securities outstandingD 222,359 255,263 74,942 75,461 52,924Management expense ratio E,K 1.95% 1.92% 1.86% 1.85% 2.00%Management expense ratio before waivers or absorptions E,K 1.97% 1.95% 1.90% 1.88% 2.03%Trading expense ratioG .03% .04% .03% .06% .05%Portfolio turnover rateH 26.09% 61.51% 54.67% 71.40% 75.43%Net asset value per security, end of period $ 10.9702 $ 11.0015 $ 10.7495 $ 10.3493 $ 10.5723



2019 2019 2018 2017L

The Series’ Net Assets per Security A Net assets, beginning of period B $ 18.19 $ 18.56 $ 18.63 $ 20.00Increase (decrease) from operations: Total revenue .24 .53 .52 .44Total expenses (excluding distributions) (.17) (.33) (.34) (.28)Realized gains (losses) .44 .58 .46 .63Unrealized gains (losses) (.08) .10 .49 (.28)Total increase (decrease) from operationsB .43 .88 1.13 .51Distributions: From net investment income (excluding dividends) (.05) (.17) (.17) (.19)From dividends (.06) (.06) (.06) (.08)From capital gains (.38) (.22) (.20) (1.00)Return of capital (.41) (.76) (.77) (.63)Total distributionsB,C (.90) (1.21) (1.20) (1.90)Net assets, end of periodB $ 17.74 $ 18.19 $ 18.56 $ 18.63Ratios and Supplemental Data Net asset value (000s) D $ 1,619 $ 1,353 $ 1,356 $ 1,342Securities outstandingD 91,269 74,384 73,079 72,026Management expense ratio E,M 1.82% 1.82% 1.82% 1.83%Management expense ratio before waivers or absorptions E,M 1.84% 1.85% 1.86% 1.86%Trading expense ratioG .03% .04% .03% .06%Portfolio turnover rateH 26.09% 61.51% 54.67% 71.40%Net asset value per security, end of period $ 17.7381 $ 18.1940 $ 18.5560 $ 18.6256

12




2019 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.02 $ 10.77 $ 10.36 $ 10.57 $ 10.00Increase (decrease) from operations: Total revenue .15 .32 .31 .33 .14Total expenses (excluding distributions) (.10) (.18) (.19) (.20) (.08)Realized gains (losses) .27 .35 4.44 (3.85) .29Unrealized gains (losses) (.05) .05 (3.91) 4.18 .29Total increase (decrease) from operationsB .27 .54 .65 .46 .64Distributions: From net investment income (excluding dividends) (.03) (.11) (.10) (.10) (.06)From dividends (.03) (.04) (.03) (.04) –From capital gains (.24) (.13) (.12) (.54) –Return of capital – – – – –Total distributionsB,C (.30) (.28) (.25) (.68) (.06)Net assets, end of periodB $ 10.99 $ 11.02 $ 10.77 $ 10.36 $ 10.57Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1 $ 1 $ 1 $ 1Securities outstandingD 116 113 110 107 101Management expense ratio E,K 1.81% 1.75% 1.81% 1.87% 1.83%Management expense ratio before waivers or absorptions E,K 1.81% 1.75% 1.81% 1.87% 1.83%Trading expense ratioG .03% .04% .03% .06% .05%Portfolio turnover rateH 26.09% 61.51% 54.67% 71.40% 75.43%Net asset value per security, end of period $ 10.9891 $ 11.0218 $ 10.7687 $ 10.3551 $ 10.5722

Fidelity Canadian Balanced Fund Series P1


2019 2019 2018 2017 2016N

The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.84 $ 9.61 $ 9.26 $ 9.46 $ 10.00Increase (decrease) from operations: Total revenue .13 .28 .27 .27 .16Total expenses (excluding distributions) (.05) (.09) (.09) (.09) (.05)Realized gains (losses) .24 .31 .23 .44 .39Unrealized gains (losses) (.03) .09 .29 (.23) –Total increase (decrease) from operationsB .29 .59 .70 .39 .51Distributions: From net investment income (excluding dividends) (.04) (.15) (.14) (.15) (.13)From dividends (.04) (.05) (.05) (.05) (.01)From capital gains (.23) (.13) (.12) (.51) (.73)Return of capital – – – – –Total distributionsB,C (.31) (.33) (.31) (.71) (.86)Net assets, end of periodB $ 9.81 $ 9.84 $ 9.61 $ 9.26 $ 9.46Ratios and Supplemental Data Net asset value (000s) D $ 118,536 $ 103,812 $ 78,155 $ 52,436 $ 17,368Securities outstandingD 12,082,851 10,601,378 8,172,379 5,718,721 1,843,012Management expense ratio E,O .89% .89% .90% .90% .90%Management expense ratio before waivers or absorptions E,O .89% .90% .90% .90% .90%Trading expense ratioG .03% .04% .03% .06% .05%Portfolio turnover rateH 26.09% 61.51% 54.67% 71.40% 75.43%Net asset value per security, end of period $ 9.8085 $ 9.8364 $ 9.6132 $ 9.2551 $ 9.4572

13

Fidelity Canadian Balanced Fund Series P1T5


2019 2019 2018 2017 2016N

The Series’ Net Assets per Security A Net assets, beginning of period B $ 17.51 $ 17.69 $ 17.60 $ 18.56 $ 20.00Increase (decrease) from operations: Total revenue .24 .51 .49 .53 .33Total expenses (excluding distributions) (.08) (.16) (.16) (.18) (.10)Realized gains (losses) .43 .59 .40 .89 .71Unrealized gains (losses) (.09) .26 .57 (.37) .32Total increase (decrease) from operationsB .50 1.20 1.30 .87 1.26Distributions: From net investment income (excluding dividends) (.07) (.22) (.21) (.23) (.21)From dividends (.07) (.07) (.08) (.09) (.03)From capital gains (.41) (.24) (.22) (.98) (1.45)Return of capital (.34) (.63) (.64) (.66) (.38)Total distributionsB,C (.89) (1.16) (1.15) (1.96) (2.06)Net assets, end of periodB $ 17.13 $ 17.51 $ 17.69 $ 17.60 $ 18.56Ratios and Supplemental Data Net asset value (000s) D $ 9,661 $ 8,081 $ 4,230 $ 3,027 $ 3,014Securities outstandingD 564,055 461,721 239,263 172,133 162,449Management expense ratio E,O .90% .90% .89% .88% .89%Management expense ratio before waivers or absorptions E,O .90% .90% .89% .89% .90%Trading expense ratioG .03% .04% .03% .06% .05%Portfolio turnover rateH 26.09% 61.51% 54.67% 71.40% 75.43%Net asset value per security, end of period $ 17.1337 $ 17.5087 $ 17.6863 $ 17.5967 $ 18.5638



2019 2019 2018 2017 2016N

The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.84 $ 9.61 $ 9.25 $ 9.46 $ 10.00Increase (decrease) from operations: Total revenue .13 .28 .26 .27 .16Total expenses (excluding distributions) (.05) (.09) (.09) (.09) (.05)Realized gains (losses) .25 .31 .22 .44 .40Unrealized gains (losses) (.04) .08 .27 (.28) (.02)Total increase (decrease) from operationsB .29 .58 .66 .34 .49Distributions: From net investment income (excluding dividends) (.04) (.15) (.14) (.15) (.13)From dividends (.04) (.05) (.05) (.05) (.01)From capital gains (.23) (.13) (.12) (.51) (.73)Return of capital – – – – –Total distributionsB,C (.31) (.33) (.31) (.71) (.87)Net assets, end of periodB $ 9.81 $ 9.84 $ 9.61 $ 9.25 $ 9.46Ratios and Supplemental Data Net asset value (000s) D $ 19,010 $ 14,715 $ 12,370 $ 9,852 $ 2,543Securities outstandingD 1,938,107 1,501,825 1,300,654 1,069,036 270,067Management expense ratio E,O .87% .87% .87% .87% .88%Management expense ratio before waivers or absorptions E,O .87% .87% .88% .88% .89%Trading expense ratioG .03% .04% .03% .06% .05%Portfolio turnover rateH 26.09% 61.51% 54.67% 71.40% 75.43%Net asset value per security, end of period $ 9.8078 $ 9.8360 $ 9.6125 $ 9.2547 $ 9.4562

14




2019 2019 2018 2017L

The Series’ Net Assets per Security A Net assets, beginning of period B $ 18.66 $ 18.85 $ 18.74 $ 20.00Increase (decrease) from operations: Total revenue .25 .54 .53 .43Total expenses (excluding distributions) (.08) (.16) (.16) (.14)Realized gains (losses) .48 .62 .44 .67Unrealized gains (losses) (.12) (.03) .46 (.39)Total increase (decrease) from operationsB .53 .97 1.27 .57Distributions: From net investment income (excluding dividends) (.07) (.24) (.22) (.24)From dividends (.08) (.08) (.09) (.09)From capital gains (.44) (.25) (.24) (1.04)Return of capital (.37) (.67) (.68) (.54)Total distributionsB,C (.96) (1.24) (1.23) (1.91)Net assets, end of periodB $ 18.27 $ 18.66 $ 18.85 $ 18.74Ratios and Supplemental Data Net asset value (000s) D $ 1,165 $ 1,092 $ 970 $ 933Securities outstandingD 63,902 58,641 51,593 49,849Management expense ratio E,M .86% .85% .84% .84%Management expense ratio before waivers or absorptions E,M .86% .85% .85% .85%Trading expense ratioG .03% .04% .03% .06%Portfolio turnover rateH 26.09% 61.51% 54.67% 71.40%Net asset value per security, end of period $ 18.2655 $ 18.6617 $ 18.8480 $ 18.7438



2019 2019 2018 2017 2016N

The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.85 $ 9.62 $ 9.26 $ 9.46 $ 10.00Increase (decrease) from operations: Total revenue .13 .28 .26 .27 .17Total expenses (excluding distributions) (.04) (.08) (.08) (.09) (.05)Realized gains (losses) .24 .33 .25 .43 .43Unrealized gains (losses) (.03) .30 .21 (.49) (.21)Total increase (decrease) from operationsB .30 .83 .64 .12 .33Distributions: From net investment income (excluding dividends) (.04) (.16) (.15) (.15) (.13)From dividends (.04) (.05) (.05) (.05) (.01)From capital gains (.23) (.13) (.12) (.51) (.73)Return of capital – – – – –Total distributionsB,C (.31) (.34) (.32) (.71) (.87)Net assets, end of periodB $ 9.82 $ 9.85 $ 9.62 $ 9.26 $ 9.46Ratios and Supplemental Data Net asset value (000s) D $ 3,648 $ 3,166 $ 1,681 $ 1,008 $ 1Securities outstandingD 371,603 323,285 175,584 109,338 109Management expense ratio E,O .84% .84% .85% .87% .83%Management expense ratio before waivers or absorptions E,O .84% .84% .86% .87% .83%Trading expense ratioG .03% .04% .03% .06% .05%Portfolio turnover rateH 26.09% 61.51% 54.67% 71.40% 75.43%Net asset value per security, end of period $ 9.8170 $ 9.8462 $ 9.6233 $ 9.2649 $ 9.4643

15



2019 2019 2018 2017L

The Series’ Net Assets per Security A Net assets, beginning of period B $ 18.72 $ 18.87 $ 18.75 $ 20.00Increase (decrease) from operations: Total revenue .25 .56 .58 .48Total expenses (excluding distributions) (.06) (.13) (.14) (.13)Realized gains (losses) .47 .59 1.49 .90Unrealized gains (losses) (.10) .13 (.58) (.99)Total increase (decrease) from operationsB .56 1.15 1.35 .26Distributions: From net investment income (excluding dividends) (.08) (.24) (.22) (.24)From dividends (.08) (.08) (.09) (.09)From capital gains (.44) (.26) (.24) (1.05)Return of capital (.37) (.67) (.68) (.54)Total distributionsB,C (.97) (1.25) (1.23) (1.92)Net assets, end of periodB $ 18.33 $ 18.72 $ 18.87 $ 18.75Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1 $ 1 $ 1Securities outstandingD 66 63 59 55Management expense ratio E,M .69% .74% .78% .80%Management expense ratio before waivers or absorptions E,M .69% .74% .78% .80%Trading expense ratioG .03% .04% .03% .06%Portfolio turnover rateH 26.09% 61.51% 54.67% 71.40%Net asset value per security, end of period $ 18.3284 $ 18.7173 $ 18.8715 $ 18.7606



2019 2019 2018 2017 2016N

The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.85 $ 9.62 $ 9.27 $ 9.47 $ 10.00Increase (decrease) from operations: Total revenue .13 .28 .27 .28 .16Total expenses (excluding distributions) (.04) (.08) (.08) (.08) (.04)Realized gains (losses) .24 .30 .31 .35 .43Unrealized gains (losses) (.03) .28 .10 (.13) .35Total increase (decrease) from operationsB .30 .78 .60 .42 .89Distributions: From net investment income (excluding dividends) (.04) (.16) (.15) (.15) (.13)From dividends (.05) (.05) (.05) (.05) (.01)From capital gains (.23) (.13) (.12) (.51) (.73)Return of capital – – – – –Total distributionsB,C (.32) (.34) (.32) (.71) (.87)Net assets, end of periodB $ 9.82 $ 9.85 $ 9.62 $ 9.27 $ 9.47Ratios and Supplemental Data Net asset value (000s) D $ 737 $ 909 $ 689 $ 764 $ 404Securities outstandingD 75,020 92,544 71,694 82,624 42,636Management expense ratio E,O .80% .80% .80% .80% .81%Management expense ratio before waivers or absorptions E,O .80% .80% .80% .80% .81%Trading expense ratioG .03% .04% .03% .06% .05%Portfolio turnover rateH 26.09% 61.51% 54.67% 71.40% 75.43%Net asset value per security, end of period $ 9.8186 $ 9.8467 $ 9.6230 $ 9.2659 $ 9.4676

16




2019 2019 2018 2017L

The Series’ Net Assets per Security A Net assets, beginning of period B $ 18.71 $ 18.87 $ 18.75 $ 20.00Increase (decrease) from operations: Total revenue .25 .56 .54 .45Total expenses (excluding distributions) (.06) (.13) (.14) (.13)Realized gains (losses) .47 .59 2.61 (1.66)Unrealized gains (losses) (.10) .13 (1.66) 2.00Total increase (decrease) from operationsB .56 1.15 1.35 .66Distributions: From net investment income (excluding dividends) (.08) (.24) (.22) (.24)From dividends (.08) (.08) (.09) (.09)From capital gains (.44) (.26) (.24) (1.04)Return of capital (.37) (.67) (.68) (.54)Total distributionsB,C (.97) (1.25) (1.23) (1.91)Net assets, end of periodB $ 18.32 $ 18.71 $ 18.87 $ 18.75Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1 $ 1 $ 1Securities outstandingD 66 63 59 55Management expense ratio E,M .69% .74% .78% .80%Management expense ratio before waivers or absorptions E,M .69% .74% .78% .80%Trading expense ratioG .03% .04% .03% .06%Portfolio turnover rateH 26.09% 61.51% 54.67% 71.40%Net asset value per security, end of period $ 18.3236 $ 18.7123 $ 18.8693 $ 18.7581



2019 2019 2018 2017 2016P

The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.59 $ 10.35 $ 9.97 $ 10.19 $ 10.00Increase (decrease) from operations: Total revenue .14 .30 .27 .30 .05Total expenses (excluding distributions) (.04) (.08) (.08) (.08) (.01)Realized gains (losses) .26 .33 .16 .48 .05Unrealized gains (losses) (.04) .06 .53 (.15) .15Total increase (decrease) from operationsB .32 .61 .88 .55 .24Distributions: From net investment income (excluding dividends) (.05) (.18) (.16) (.17) (.06)From dividends (.05) (.05) (.05) (.06) –From capital gains (.25) (.14) (.13) (.55) –Return of capital – – – – –Total distributionsB,C (.35) (.37) (.34) (.78) (.06)Net assets, end of periodB $ 10.56 $ 10.59 $ 10.35 $ 9.97 $ 10.19Ratios and Supplemental Data Net asset value (000s) D $ 445 $ 446 $ 436 $ 4,243 $ 4,047Securities outstandingD 42,106 42,102 42,098 427,722 399,382Management expense ratio E,Q .74% .75% .75% .75% .75%Management expense ratio before waivers or absorptions E,Q .74% .75% .76% .76% .76%Trading expense ratioG .03% .04% .03% .06% .05%Portfolio turnover rateH 26.09% 61.51% 54.67% 71.40% 75.43%Net asset value per security, end of period $ 10.5639 $ 10.5943 $ 10.3542 $ 9.9706 $ 10.1876

17



2019 2019 2018 2017L

The Series’ Net Assets per Security A Net assets, beginning of period B $ 18.73 $ 18.88 $ 18.75 $ 20.00Increase (decrease) from operations: Total revenue .25 .92 .49 .44Total expenses (excluding distributions) (.06) (.13) (.15) (.12)Realized gains (losses) .47 (.44) .26 .68Unrealized gains (losses) (.10) .80 1.09 (.33)Total increase (decrease) from operationsB .56 1.15 1.69 .67Distributions: From net investment income (excluding dividends) (.08) (.24) (.22) (.24)From dividends (.08) (.08) (.09) (.09)From capital gains (.44) (.26) (.24) (1.05)Return of capital (.37) (.67) (.68) (.54)Total distributionsB,C (.97) (1.25) (1.23) (1.92)Net assets, end of periodB $ 18.33 $ 18.73 $ 18.88 $ 18.75Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1 $ 1 $ 1,310Securities outstandingD 66 63 59 69,873Management expense ratio E,M .69% .75% .75% .75%Management expense ratio before waivers or absorptions E,M .69% .75% .76% .76%Trading expense ratioG .03% .04% .03% .06%Portfolio turnover rateH 26.09% 61.51% 54.67% 71.40%Net asset value per security, end of period $ 18.3336 $ 18.7244 $ 18.8797 $ 18.7519

18


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 Effective October 1, 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.

J For the period February 5, 2016 (commencement of sale of securities) to June 30, 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 September 16, 2016 (commencement of sale of securities) to June 30, 2017.M Effective September 20, 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.N For the period December 4, 2015 (commencement of sale of securities) to June 30, 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 May 13, 2016 (commencement of sale of securities) to June 30, 2016.Q Effective May 17, 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.

19

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 1.850% 39.16% 60.84%

Series B 1.700% 58.82% 41.18%

Series F 0.700% — 100.00%

Series F5 0.700% — 100.00%

Series F8 0.700% — 100.00%

Series T5 1.850% 32.48% 67.52%

Series T8 1.850% 45.76% 54.24%

Series S5 1.700% 58.82% 41.18%

Series S8 1.700% 58.82% 41.18%

Series E1 1.700% 58.82% 41.18%

Series E1T5 1.700% 58.82% 41.18%

Series E2 1.675% 59.70% 40.30%

Series E2T5 1.675% 59.70% 40.30%

Series E3 1.675% 59.70% 40.30%

Series E3T5 1.675% 59.70% 40.30%

Series E4 1.650% 60.61% 39.39%

Series E4T5 1.650% 60.61% 39.39%

Series E5 1.600% 62.50% 37.50%

Series P1 0.700% — 100.00%

Series P1T5 0.700% — 100.00%

Series P2 0.675% — 100.00%

Series P2T5 0.675% — 100.00%

Series P3 0.675% — 100.00%

Series P3T5 0.675% — 100.00%

Series P4 0.650% — 100.00%

Series P4T5 0.650% — 100.00%

Series P5 0.600% — 100.00%

Series P5T5 0.600% — 100.00%

20


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

20

15

10

5

0

-5

2019

2.2

2019

4.6

2018

5.8

2017

4.0

2016

-0.1

2015

10.4

2014

16.9

2013

6.9

2012

-0.8

2011

14.2

2010

9.1

Fiscal Years

(%)

Series B

20

15

10

5

0

-5

2019

2.4

2019

4.8

2018

6.0

2017

4.2

2016

0.1

2015

10.6

2014

17.2

2013

7.1

2012

-0.6

2011

14.4

2010

9.4

Fiscal Years

(%)

Series F

20

10

0

-10

2019

3.0

2019

6.0

2018

7.3

2017

5.5

2016

1.3

2015

11.9

2014

18.6

2013

8.3

2012

0.5

2011

15.7

2010

10.6

Fiscal Years

(%)

Series F5

20

10

0

-10

2019

2.9

2019

6.0

2018

7.3

2017

5.5

2016

1.3

2015

12.0

2014

18.6

2013

1.7

Fiscal Years

(%)

Commencement of Operations is April 17, 2013

Series F8

20

10

0

-10

2019

2.9

2019

6.0

2018

7.3

2017

5.5

2016

1.3

2015

12.0

2014

18.6

2013

1.7

Fiscal Years

(%)

Commencement of Operations is April 17, 2013

Series O

20

10

0

-10

2019

3.4

2019

7.0

2018

8.3

2017

6.4

2016

2.2

2015

13.0

2014

19.7

2013

9.4

2012

1.4

2011

16.8

2010

11.6

Fiscal Years

(%)

21

Series T5

20

15

10

5

0

-5

2019

2.2

2019

4.5

2018

5.8

2017

4.0

2016

-0.1

2015

10.4

2014

16.9

2013

6.9

2012

-0.8

2011

14.2

2010

9.1

Fiscal Years

(%)

Series T8

20

15

10

5

0

-5

2019

2.2

2019

4.5

2018

5.8

2017

4.0

2016

-0.1

2015

10.4

2014

16.9

2013

6.9

2012

-0.9

2011

14.2

2010

9.1

Fiscal Years

(%)

Series S5

20

15

10

5

0

-5

2019

2.3

2019

4.8

2018

6.0

2017

4.2

2016

0.1

2015

10.6

2014

17.2

2013

7.1

2012

-0.6

2011

14.5

2010

9.4

Fiscal Years

(%)

Series S8

20

15

10

5

0

-5

2019

2.4

2019

4.8

2018

6.0

2017

4.3

2016

0.1

2015

10.6

2014

17.2

2013

7.1

2012

-0.6

2011

14.5

2010

9.4

Fiscal Years

(%)

Series E1

20

15

10

5

0

-5

2019

2.4

2019

4.8

2018

6.1

2017

4.3

2016

0.1

2015

10.6

2014

17.2

2013

7.1

2012

-0.6

2011

14.4

2010

9.4

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series E1T5

20

15

10

5

0

-5

2019

2.4

2019

4.8

2018

6.1

2017

4.3

2016

0.1

2015

10.6

2014

17.2

2013

7.1

2012

-0.6

2011

14.5

2010

9.4

Fiscal Years

(%)


Series E2

20

15

10

5

0

-5

2019

2.4

2019

4.8

2018

6.1

2017

4.3

2016

0.1

2015

10.6

2014

17.2

2013

7.1

2012

-0.6

2011

14.4

2010

9.4

Fiscal Years

(%)


Series E2T5

20

15

10

5

0

-5

2019

2.3

2019

4.8

2018

6.1

2017

4.3

2016

0.2

2015

10.6

2014

17.2

2013

7.1

2012

-0.6

2011

14.5

2010

9.4

Fiscal Years

(%)


22


Past Performance – continued

Series E3

20

15

10

5

0

-5

2019

2.4

2019

4.8

2018

6.1

2017

4.3

2016

0.1

2015

10.6

2014

17.2

2013

7.1

2012

-0.6

2011

14.4

2010

9.4

Fiscal Years

(%)


Series E3T5

20

15

10

5

0

-5

2019

2.5

2019

5.0

2018

6.2

2017

4.4

2016

0.1

2015

10.6

2014

17.2

2013

7.1

2012

-0.6

2011

14.5

2010

9.4

Fiscal Years

(%)

Commencement of Operations is September 16, 2016

Series E4

20

15

10

5

0

-5

2019

2.4

2019

5.0

2018

6.3

2017

4.5

2016

0.1

2015

10.6

2014

17.2

2013

7.1

2012

-0.6

2011

14.4

2010

9.4

Fiscal Years

(%)


Series E4T5

20

15

10

5

0

-5

2019

2.5

2019

5.0

2018

6.3

2017

4.4

2016

0.1

2015

10.6

2014

17.2

2013

7.1

2012

-0.6

2011

14.5

2010

9.4

Fiscal Years

(%)


Series E5

20

15

10

5

0

-5

2019

2.5

2019

5.1

2018

6.4

2017

4.5

2016

0.2

2015

10.6

2014

17.2

2013

7.1

2012

-0.6

2011

14.4

2010

9.4

Fiscal Years

(%)


Series P1

20

10

0

-10

2019

3.0

2019

6.0

2018

7.3

2017

5.5

2016

1.3

2015

11.9

2014

18.6

2013

8.3

2012

0.5

2011

15.7

2010

10.6

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P1T5

20

10

0

-10

2019

3.0

2019

6.0

2018

7.3

2017

5.5

2016

1.3

2015

12.0

2014

18.6

2013

1.7

Fiscal Years

(%)


Series P2

20

10

0

-10

2019

3.0

2019

6.0

2018

7.3

2017

5.5

2016

1.3

2015

11.9

2014

18.6

2013

8.3

2012

0.5

2011

15.7

2010

10.6

Fiscal Years

(%)


23

Series P2T5

20

10

0

-10

2019

3.0

2019

6.1

2018

7.3

2017

5.5

2016

1.3

2015

12.0

2014

18.6

2013

1.7

Fiscal Years

(%)


Series P3

20

10

0

-10

2019

3.0

2019

6.1

2018

7.3

2017

5.5

2016

1.4

2015

11.9

2014

18.6

2013

8.3

2012

0.5

2011

15.7

2010

10.6

Fiscal Years

(%)


Series P3T5

20

10

0

-10

2019

3.1

2019

6.3

2018

7.4

2017

5.6

2016

1.3

2015

12.0

2014

18.6

2013

1.7

Fiscal Years

(%)


Series P4

20

10

0

-10

2019

3.0

2019

6.1

2018

7.4

2017

5.6

2016

1.4

2015

11.9

2014

18.6

2013

8.3

2012

0.5

2011

15.7

2010

10.6

Fiscal Years

(%)


Series P4T5

20

10

0

-10

2019

3.1

2019

6.2

2018

7.4

2017

5.6

2016

1.3

2015

12.0

2014

18.6

2013

1.7

Fiscal Years

(%)


Series P5

20

10

0

-10

2019

3.0

2019

6.2

2018

7.4

2017

5.6

2016

1.3

2015

11.9

2014

18.6

2013

8.3

2012

0.5

2011

15.7

2010

10.6

Fiscal Years

(%)

Commencement of Operations is May 13, 2016

Series P5T5

20

10

0

-10

2019

3.1

2019

6.2

2018

7.5

2017

5.6

2016

1.3

2015

12.0

2014

18.6

2013

1.7

Fiscal Years

(%)


24


Summary of Investment Portfolio as at December 31, 2019Asset Mix

% of Fund’s Net Assets as at

12/31/19


6/30/19

Canadian Equities 43.9 42.6

Canadian Bonds 37.6 38.1

Foreign Bonds 10.2 10.1

Foreign Equities 6.4 7.1

Foreign Preferred Securities 0.5 0.4

Canadian Preferred Securities 0.2 0.3

Cash and Cash Equivalents 1.0 1.3

Net Other Assets (Liabilities) 0.2 0.1

Sector Mix


12/31/19


6/30/19

Financials 13.8 10.1

Industrials 9.3 9.4

Information Technology 7.4 8.1

Energy 6.5 5.8

Materials 5.1 6.4

Health Care 2.9 2.9

Consumer Discretionary 2.6 3.4

Real Estate 1.2 1.1

Consumer Staples 1.1 2.6

Others (Individually Less Than 1%) 1.1 0.6

Canadian Bonds 37.6 38.1

Foreign Bonds 10.2 10.1



Geographic Mix


12/31/19


6/30/19

Canada 81.7 81.0

United States of America 14.7 15.5

Others (Individually Less Than 1%) 2.4 2.1



Maturity Diversification

Years


12/31/19


6/30/19

0 – 1 1.6 2.3

1 – 3 7.1 7.6

3 – 5 8.8 9.0

Over 5 31.3 30.6

Quality Diversification


12/31/19


6/30/19

AAA 7.9 7.5

AA 12.8 13.8

A 5.0 5.2

BBB 9.7 10.0

BB and Below 8.9 8.3

Not Rated 4.2 4.1

Equities 50.3 49.7

Short-Term Investments and Net Other Assets 1.2 1.4

We have used ratings from Moody’s Investors Service, Inc. Where Moody’s® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Top Issuers

% of Fund’s Net Assets

1. Ontario Province * 4.4

2. Canadian Pacific Railway Ltd. 3.9

3. The Toronto-Dominion Bank 3.8

4. Royal Bank of Canada 3.4

5. Brookfield Asset Management, Inc. 2.9

6. Canadian Government * 2.6

7. Suncor Energy, Inc. 2.4

8. Province of Quebec * 2.3

9. Canada Housing Trust No. 1 * 2.3

10. Constellation Software, Inc. 2.0

11. Restaurant Brands International, Inc. 2.0

12. Sun Life Financial, Inc. 1.9

13. Thomson Reuters Corp. 1.8

14. TC Energy Corp. 1.5

15. Shopify, Inc. 1.4

16. Valeant Pharmaceuticals International, Inc. 1.3

17. Air Canada 1.3

18. Canadian Natural Resources Ltd. 1.3

19. Barrick Gold Corp. 1.2

20. Alberta Province * 1.2

21. Alimentation Couche-Tard, Inc. 1.1

22. Parkland Fuel Corp. 1.1

23. Waste Connection, Inc. 1.0

24. Bank of Montreal * 1.0

25. Microsoft Corp. 0.9

50.0

* Bond Issuer

Total Fund Net Assets $6,495,447,000

25

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.

1.825831.114 FICL-CBAL-MRFPS-0220

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

62.107122E

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

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