fidelity global concentrated equity fund regarding forward-looking statements certain portions of...

Semi-Annual Management Report of Fund PerformanceSeptember 30, 2017

Fidelity Global Concentrated Equity 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 state-ments that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects”, “antici-pates”, “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, assump-tions concerning future economic and other factors may prove to be incorrect at a future date.

Forward-looking statements are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied in any forward-looking statements made by the Fund. Any number of important factors could contribute to these digres-sions, including, but not limited to, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unex-pected judicial or regulatory proceedings, and catastrophic events.

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

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Semi-Annual Management Report of Fund Performance as at September 30, 2017Fidelity Global Concentrated Equity 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 proce-dures, proxy voting disclosure record or quarterly portfolio disclosure relating to the investment fund.

Management Discussion of Fund PerformanceResults of Operations

Fidelity Global Concentrated Equity Fund (Fund), Series B, returned 4.3%, after fees and expenses, for the six-month period ended September 30, 2017. The net returns of the other series of this Fund are similar to those of Series B, except for differences attributable to expense structures. The Fund’s benchmark, MSCI ACWI (All Country World Index) Index, returned 2.9% (in Canadian dollar terms).

Market overview:

Global equities, as measured by the MSCI ACWI (All Country World Index) Index, returned 2.9% amid signs of stabilization in Europe and positive economic data in the United States. European markets, as represented by MSCI Europe Index, returned 7.2%, outperforming other global equity markets. Supportive economic data and solid corporate earnings lifted European equities, as did the victory of a centrist candi-date in the French presidential election. Asian equities gained during the review period, with the MSCI AC (All Country) Asia-Pacific Index returning 4.4%. Optimism around global economic growth and improved corporate earnings forecasts in the region boosted sentiment. U.S. markets lagged other global markets, with the S&P 500 Index returning 1.0%. The impact of positive economic data was offset by concerns about geopolitical tensions in the Korean peninsula, the implications of hurricanes Harvey and Irma, and Canadian dollar appreciation rela-tive to the U.S. dollar.

Factors affecting performance:

The Fund outperformed its benchmark, primarily due to exposure to certain stocks in the financials and industrials sectors. Within the financials sector, investments in U.S.-based electronic brokerage company Interactive Brokers Group and Netherlands-based pan-European exchange group Euronext contributed to relative returns. Within the industrials sector, exposure to Sweden-based industrial components and systems firm Indutrade, and France-based aero engines and propulsion systems manufacturer Safran, contributed to relative returns. Among other sectors, holdings in Brazil-based education services provider Kroton Educacional, and China-based utilities provider ENN Energy, contributed to relative returns.

In contrast, exposure to certain stocks in the consumer discretionary sector detracted from relative returns. Within the sector, investments in China-based online retailer Vipshops Holdings, and U.S.-based automotive aftermarket parts retailing firm Advance Auto Parts, detracted from relative returns. Investments in certain stocks in the health care sector also detracted from relative returns. Within this sector, invest-ments in Japan-based manufacturer of precision medical equipment Olympus, Ireland-based specialty pharmaceutical company Allergan, and Israel-based firm Teva Pharmaceutical, all detracted from relative returns. Among other sectors, an investment in U.K.-based bank Barclays, and an investment in Switzerland-based baked foods company Aryzta, detracted from relative returns. At the end of the review period, Teva Pharmaceutical was no longer held in the Fund.

Portfolio changes:

During the review period, the Fund’s exposure to the utilities and telecommunications sectors increased. Within the utilities sector, the Fund initiated position in Cayman Islands-based gas utility ENN Energy Holdings, as the portfolio manager believes the company has stable income streams. Upcoming regulation changes proved to be more business friendly than anticipated, making the ENN Energy Holdings relatively less sensitive to macroeconomic conditions. Within the telecommunication services sector, the Fund initiated a position in Japan-based telecom service provider SoftBank Group. The portfolio manager believes that the company is a high quality business and is attractively valued. The company was also selected for its indirect exposure to high growth information technology companies at a relatively discounted price. In addition, exposure was increased to certain stocks in the consumer staples sector.

In contrast, exposure to the information technology and consumer discretionary sectors decreased. Within the information technology sec-tor, positions in U.S.-based electronic gaming software firm Electronic Arts, and South Korea-based technology hardware & equipment firm Samsung Electronics, were exited. The portfolio manager opted to take profits as stock prices appreciated rapidly during the review period and he believed the valuations became high. Within the consumer discretionary sector, the position in France-based luxury company Kering was exited. The holding was sold after the stock rallied during the review period and the portfolio manager thought its valuation became high. In addition, exposure was reduced to certain stocks in the materials sector.

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Management Discussion of Fund Performance – continued

In terms of country allocation, exposure to China and Mexico increased during the period, while exposure to Sweden and the U.S. declined. The Fund’s geographic allocations are a by-product of the portfolio manager’s bottom-up fundamental stock selection process, reflecting his intention to add value through stock selection, and not macro-level calls.

Recent Developments

Portfolio manager Patrice Quirion continues to take a long-term approach to investing, focusing on companies he believes have sustainable quality. He favours companies that are growing steadily and predictably with as relatively little cyclicality as possible. Patrice is generally cautious about commodity-related firms where there are significant factors outside management’s control. The portfolio manager is focused on seeking global leaders, multinationals and high-quality companies that he believes exhibit attractive risk/return characteristics over the long term. He is also looking for companies that have characteristics similar to those of large leading multinationals, but are global leaders in niche areas. More recently, Patrice has been focused on de-risking the portfolio and is exploring opportunities in the U.S. and Japan.

At the end of the review period, the Fund had its largest absolute exposure to the industrials sector, followed by the consumer discretionary sector. The Fund diverged the most from benchmark sector weightings by having more exposure to the industrials sector and less exposure to the information technology sector. Geographically, the U.S. accounted for the largest absolute exposure, followed by Japan and the Cayman Islands.

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Related Party Transactions

Manager and Portfolio Adviser

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

Fidelity provides or arranges for the provision of all general management and administrative services required by the Fund in its day–to–day operations, bookkeeping, record–keeping and other administrative services for the Fund.

Fidelity 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 Fidelity (Canada) Asset Management 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 $1,019,000 for the period ended September 30, 2017.

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 based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity administration fees of $146,000 for the period ended September 30, 2017.

Brokerage Commissions

The Fund may place a portion of its portfolio transactions with brokerage firms which are affiliates of Fidelity Investments, including National Financial Services LLC, 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 $1,000 for the period ended September 30, 2017. 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 Concentrated Equity Fund Series A

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

2017 2017 2016 2015 2014 2013The Series’ Net Assets per Security A Net assets, beginning of period B $ 13.51 $ 11.71 $ 11.95 $ 10.03 $ 8.14 $ 7.47Increase (decrease) from operations: Total revenue .14 .24 .28 .21 .19 .19Total expenses (excluding distributions) (.21) (.36) (.36) (.31) (.32) (.19)Realized gains (losses) .50 1.11 1.65 .58 .80 .40Unrealized gains (losses) – 1.41 (1.58) 1.41 .84 .21Total increase (decrease) from operationsB .43 2.40 (.01) 1.89 1.51 .60Distributions: From net investment income (excluding dividends) – (.05) (.04) – – –From dividends – – – – – –From capital gains – (.56) (.23) – – –Return of capital – – – – – –Total distributionsB,C – (.61) (.27) – – –Net assets, end of periodB $ 14.07 $ 13.51 $ 11.71 $ 11.95 $ 10.03 $ 8.13Ratios and Supplemental Data Net asset value (000s) D $ 39,441 $ 20,966 $ 15,837 $ 15,243 $ 11,742 $ 1,224Securities outstandingD 2,808,671 1,563,974 1,351,807 1,276,529 1,174,311 150,345Management expense ratio E,F 2.56% 2.60% 2.62% 2.65% 2.67% 2.63%Management expense ratio before waivers or absorptions E,F 2.61% 2.64% 2.68% 2.68% 2.67% 2.63%Trading expense ratioG .26% .12% .14% .13% .58% .16%Portfolio turnover rateH 22.32% 59.27% 69.27% 53.50% 67.18% 93.00%Net asset value per security, end of period $ 14.0737 $ 13.5070 $ 11.7120 $ 11.9518 $ 10.0252 $ 8.1395

Fidelity Global Concentrated Equity Fund Series B


2017 2017 2016 2015 2014 2013The Series’ Net Assets per Security A Net assets, beginning of period B $ 13.83 $ 11.99 $ 12.23 $ 10.24 $ 8.29 $ 7.59Increase (decrease) from operations: Total revenue .14 .25 .28 .22 .20 .19Total expenses (excluding distributions) (.20) (.33) (.33) (.29) (.29) (.17)Realized gains (losses) .50 1.12 1.69 .60 .97 .43Unrealized gains (losses) (.04) 1.47 (1.64) 1.48 .84 .23Total increase (decrease) from operationsB .40 2.51 .01 2.01 1.72 .67Distributions: From net investment income (excluding dividends) – (.05) (.04) – – –From dividends – – – – – –From capital gains – (.60) (.26) – – –Return of capital – – – – – –Total distributionsB,C – (.65) (.30) – – –Net assets, end of periodB $ 14.42 $ 13.83 $ 11.99 $ 12.23 $ 10.24 $ 8.28Ratios and Supplemental Data Net asset value (000s) D $ 68,407 $ 31,206 $ 21,192 $ 21,678 $ 15,272 $ 2,639Securities outstandingD 4,758,377 2,265,903 1,767,807 1,777,709 1,492,565 318,395Management expense ratio E,F 2.37% 2.40% 2.41% 2.40% 2.40% 2.39%Management expense ratio before waivers or absorptions E,F 2.42% 2.44% 2.46% 2.42% 2.40% 2.39%Trading expense ratioG .26% .12% .14% .13% .58% .16%Portfolio turnover rateH 22.32% 59.27% 69.27% 53.50% 67.18% 93.00%Net asset value per security, end of period $ 14.4253 $ 13.8314 $ 11.9930 $ 12.2380 $ 10.2394 $ 8.2890

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Fidelity Global Concentrated Equity Fund Series F


2017 2017 2016 2015 2014 2013The Series’ Net Assets per Security A Net assets, beginning of period B $ 16.01 $ 13.90 $ 14.19 $ 11.73 $ 9.38 $ 8.48Increase (decrease) from operations: Total revenue .16 .28 .33 .25 .21 .21Total expenses (excluding distributions) (.14) (.22) (.23) (.19) (.20) (.10)Realized gains (losses) .58 1.33 1.98 .72 .54 .48Unrealized gains (losses) (.14) 1.47 (1.85) 1.71 1.51 .24Total increase (decrease) from operationsB .46 2.86 .23 2.49 2.06 .84Distributions: From net investment income (excluding dividends) – (.08) (.08) – – –From dividends – (.01) – – – –From capital gains – (.87) – – – –Return of capital – – – – – –Total distributionsB,C – (.96) (.08) – – –Net assets, end of periodB $ 16.80 $ 16.01 $ 13.90 $ 14.19 $ 11.73 $ 9.38Ratios and Supplemental Data Net asset value (000s) D $ 29,914 $ 11,865 $ 6,558 $ 5,475 $ 3,084 $ 97Securities outstandingD 1,807,884 744,550 471,921 381,496 260,645 10,377Management expense ratio E,I 1.22% 1.24% 1.24% 1.19% 1.16% 1.17%Management expense ratio before waivers or absorptions E,I 1.23% 1.24% 1.24% 1.19% 1.16% 1.17%Trading expense ratioG .26% .12% .14% .13% .58% .16%Portfolio turnover rateH 22.32% 59.27% 69.27% 53.50% 67.18% 93.00%Net asset value per security, end of period $ 16.7942 $ 16.0125 $ 13.8957 $ 14.1883 $ 11.7285 $ 9.3814

Fidelity Global Concentrated Equity Fund Series F5


2017 2017 2016 2015 2014J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 23.80 $ 21.53 $ 22.96 $ 19.93 $ 20.00Increase (decrease) from operations: Total revenue .24 .42 .53 .38 .10Total expenses (excluding distributions) (.20) (.34) (.36) (.33) (.11)Realized gains (losses) .87 2.12 3.06 1.79 .07Unrealized gains (losses) (.01) 3.05 (3.05) 3.73 .04Total increase (decrease) from operationsB .90 5.25 .17 5.57 .09Distributions: From net investment income (excluding dividends) – (.11) (.12) – –From dividends – (.01) (.01) – –From capital gains – (1.31) (.71) – –Return of capital (.50) (.94) (.99) (1.00) (.17)Total distributionsB,C (.50) (2.37) (1.82) (1.00) (.17)Net assets, end of periodB $ 24.46 $ 23.80 $ 21.53 $ 22.96 $ 19.93Ratios and Supplemental Data Net asset value (000s) D $ 1,299 $ 702 $ 76 $ 54 $ 1Securities outstandingD 53,121 29,496 3,545 2,341 50Management expense ratio E,I 1.23% 1.25% 1.25% 1.25% 1.25%Management expense ratio before waivers or absorptions E,I 1.24% 1.25% 1.25% 1.25% 1.25%Trading expense ratioG .26% .12% .14% .13% .58%Portfolio turnover rateH 22.32% 59.27% 69.27% 53.50% 67.18%Net asset value per security, end of period $ 24.4570 $ 23.8007 $ 21.5327 $ 22.9604 $ 19.9275

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Financial Highlights – continued

Fidelity Global Concentrated Equity Fund Series F8


2017 2017 2016 2015 2014J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 21.63 $ 20.18 $ 22.16 $ 19.83 $ 20.00Increase (decrease) from operations: Total revenue .23 .38 .49 .32 .10Total expenses (excluding distributions) (.18) (.31) (.34) (.32) (.11)Realized gains (losses) .80 2.14 2.73 1.67 .05Unrealized gains (losses) .42 2.38 (2.51) 3.04 .06Total increase (decrease) from operationsB 1.27 4.59 .36 4.71 .09Distributions: From net investment income (excluding dividends) – (.10) (.12) – –From dividends – (.01) (.01) – –From capital gains – (1.20) (.67) – –Return of capital (.73) (1.51) (1.58) (1.60) (.27)Total distributionsB,C (.73) (2.82) (2.37) (1.60) (.27)Net assets, end of periodB $ 21.96 $ 21.63 $ 20.18 $ 22.16 $ 19.83Ratios and Supplemental Data Net asset value (000s) D $ 708 $ 291 $ 130 $ 78 $ 1Securities outstandingD 32,218 13,490 6,441 3,560 51Management expense ratio E,I 1.20% 1.24% 1.25% 1.25% 1.25%Management expense ratio before waivers or absorptions E,I 1.22% 1.24% 1.25% 1.25% 1.25%Trading expense ratioG .26% .12% .14% .13% .58%Portfolio turnover rateH 22.32% 59.27% 69.27% 53.50% 67.18%Net asset value per security, end of period $ 21.9602 $ 21.6291 $ 20.1782 $ 22.1619 $ 19.8275

Fidelity Global Concentrated Equity Fund Series O


2017 2017 2016 2015 2014 2013The Series’ Net Assets per Security A Net assets, beginning of period B $ 19.01 $ 16.51 $ 16.87 $ 13.78 $ 10.90 $ 9.74Increase (decrease) from operations: Total revenue .20 .34 .39 .29 .27 .25Total expenses (excluding distributions) (.04) (.04) (.06) (.05) (.07) –Realized gains (losses) .71 1.54 2.41 .96 .24 .57Unrealized gains (losses) (.04) 2.12 (2.12) 2.35 1.36 .34Total increase (decrease) from operationsB .83 3.96 .62 3.56 1.80 1.16Distributions: From net investment income (excluding dividends) – (.11) (.13) – – –From dividends – (.01) (.01) – – –From capital gains – (1.26) (.73) – – –Return of capital – – – – – –Total distributionsB,C – (1.38) (.86) – – –Net assets, end of periodB $ 20.06 $ 19.01 $ 16.51 $ 16.87 $ 13.78 $ 10.90Ratios and Supplemental Data Net asset value (000s) D $ 97,553 $ 44,589 $ 25,525 $ 27,719 $ 8,990 $ 2Securities outstandingD 4,893,821 2,341,801 1,539,506 1,636,856 651,560 166Management expense ratio –% –% –% —% —% —%Management expense ratio before waivers or absorptions —% —% —% —% —% —%Trading expense ratioG .26% .12% .14% .13% .58% .16%Portfolio turnover rateH 22.32% 59.27% 69.27% 53.50% 67.18% 93.00%Net asset value per security, end of period $ 20.0593 $ 19.0088 $ 16.5120 $ 16.8735 $ 13.7848 $ 10.9043

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Fidelity Global Concentrated Equity Fund Series T5


2017 2017 2016 2015 2014J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 23.36 $ 21.15 $ 22.56 $ 19.88 $ 20.00Increase (decrease) from operations: Total revenue .26 .43 .51 .41 .09Total expenses (excluding distributions) (.38) (.64) (.68) (.62) (.18)Realized gains (losses) 1.01 1.87 3.07 1.43 .08Unrealized gains (losses) (.01) 2.94 (2.86) 3.95 .75Total increase (decrease) from operationsB .88 4.60 .04 5.17 .75Distributions: From net investment income (excluding dividends) – (.08) (.07) – –From dividends – (.01) – – –From capital gains – (.97) (.41) – –Return of capital (.51) (.96) (.99) (1.00) (.17)Total distributionsB,C (.51) (2.02) (1.47) (1.00) (.17)Net assets, end of periodB $ 23.82 $ 23.36 $ 21.15 $ 22.56 $ 19.88Ratios and Supplemental Data Net asset value (000s) D $ 246 $ 254 $ 60 $ 63 $ 25Securities outstandingD 10,335 10,891 2,837 2,775 1,234Management expense ratio E,F 2.62% 2.65% 2.67% 2.70% 2.74%Management expense ratio before waivers or absorptions E,F 2.66% 2.68% 2.73% 2.74% 2.74%Trading expense ratioG .26% .12% .14% .13% .58%Portfolio turnover rateH 22.32% 59.27% 69.27% 53.50% 67.18%Net asset value per security, end of period $ 23.8179 $ 23.3570 $ 21.1506 $ 22.5644 $ 19.8750

Fidelity Global Concentrated Equity Fund Series T8


2017 2017 2016 2015 2014J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 21.17 $ 19.79 $ 21.77 $ 19.78 $ 20.00Increase (decrease) from operations: Total revenue .22 .41 .49 .38 .09Total expenses (excluding distributions) (.32) (.58) (.64) (.60) (.18)Realized gains (losses) .80 1.66 2.96 1.36 .07Unrealized gains (losses) .24 2.40 (2.58) 2.75 .46Total increase (decrease) from operationsB .94 3.89 .22 3.89 .45Distributions: From net investment income (excluding dividends) – (.08) (.07) – –From dividends – (.01) – – –From capital gains – (.89) (.39) – –Return of capital (.75) (1.54) (1.59) (1.60) (.27)Total distributionsB,C (.75) (2.52) (2.05) (1.60) (.27)Net assets, end of periodB $ 21.31 $ 21.17 $ 19.79 $ 21.77 $ 19.78Ratios and Supplemental Data Net asset value (000s) D $ 1,479 $ 587 $ 642 $ 921 $ 337Securities outstandingD 69,521 27,771 32,458 42,329 17,048Management expense ratio E,F 2.57% 2.62% 2.65% 2.69% 2.74%Management expense ratio before waivers or absorptions E,F 2.62% 2.66% 2.71% 2.72% 2.74%Trading expense ratioG .26% .12% .14% .13% .58%Portfolio turnover rateH 22.32% 59.27% 69.27% 53.50% 67.18%Net asset value per security, end of period $ 21.3111 $ 21.1682 $ 19.7929 $ 21.7692 $ 19.7768

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Fidelity Global Concentrated Equity Fund Series S5


2017 2017 2016 2015 2014J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 23.41 $ 21.20 $ 22.61 $ 19.88 $ 20.00Increase (decrease) from operations: Total revenue .19 .40 .52 .42 .12Total expenses (excluding distributions) (.33) (.59) (.63) (.59) (.19)Realized gains (losses) .75 1.67 3.07 1.95 .07Unrealized gains (losses) (1.35) 2.91 (2.85) 4.74 .06Total increase (decrease) from operationsB (.74) 4.39 .11 6.52 .05Distributions: From net investment income (excluding dividends) – (.09) (.08) – –From dividends – (.01) – – –From capital gains – (1.02) (.46) – –Return of capital (.51) (.96) (.99) (1.00) (.17)Total distributionsB,C (.51) (2.08) (1.53) (1.00) (.17)Net assets, end of periodB $ 23.90 $ 23.41 $ 21.20 $ 22.61 $ 19.88Ratios and Supplemental Data Net asset value (000s) D $ 137 $ 84 $ 38 $ 38 $ 1Securities outstandingD 5,722 3,608 1,777 1,683 50Management expense ratio E,F 2.41% 2.45% 2.43% 2.44% 2.49%Management expense ratio before waivers or absorptions E,F 2.46% 2.49% 2.48% 2.48% 2.49%Trading expense ratioG .26% .12% .14% .13% .58%Portfolio turnover rateH 22.32% 59.27% 69.27% 53.50% 67.18%Net asset value per security, end of period $ 23.9042 $ 23.4118 $ 21.1985 $ 22.6162 $ 19.8773

Fidelity Global Concentrated Equity Fund Series S8


2017 2017 2016 2015 2014J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 21.24 $ 19.85 $ 21.83 $ 19.78 $ 20.00Increase (decrease) from operations: Total revenue .20 .40 .50 .39 .13Total expenses (excluding distributions) (.30) (.54) (.59) (.56) (.19)Realized gains (losses) .70 1.71 2.69 1.38 .06Unrealized gains (losses) (.27) 2.30 (2.51) 5.02 .72Total increase (decrease) from operationsB .33 3.87 .09 6.22 .73Distributions: From net investment income (excluding dividends) – (.08) (.08) – –From dividends – (.01) – – –From capital gains – (.94) (.44) – –Return of capital (.74) (1.54) (1.59) (1.60) (.27)Total distributionsB,C (.74) (2.57) (2.10) (1.60) (.27)Net assets, end of periodB $ 21.41 $ 21.24 $ 19.85 $ 21.83 $ 19.78Ratios and Supplemental Data Net asset value (000s) D $ 1,795 $ 450 $ 276 $ 182 $ 6Securities outstandingD 84,077 21,245 13,960 8,341 287Management expense ratio E,F 2.37% 2.42% 2.42% 2.43% 2.50%Management expense ratio before waivers or absorptions E,F 2.42% 2.46% 2.46% 2.46% 2.50%Trading expense ratioG .26% .12% .14% .13% .58%Portfolio turnover rateH 22.32% 59.27% 69.27% 53.50% 67.18%Net asset value per security, end of period $ 21.4105 $ 21.2394 $ 19.8494 $ 21.8348 $ 19.7808

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Fidelity Global Concentrated Equity Fund Series E1


2017 2017 2016K

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.85 $ 10.27 $ 10.00Increase (decrease) from operations: Total revenue .12 .21 .05Total expenses (excluding distributions) (.17) (.28) (.04)Realized gains (losses) .43 1.07 .06Unrealized gains (losses) .02 1.34 .62Total increase (decrease) from operationsB .40 2.34 .69Distributions: From net investment income (excluding dividends) – (.05) –From dividends – – –From capital gains – (.52) –Return of capital – – –Total distributionsB,C – (.57) –Net assets, end of periodB $ 12.36 $ 11.85 $ 10.27Ratios and Supplemental Data Net asset value (000s) D $ 15,858 $ 6,506 $ 1,669Securities outstandingD 1,284,301 549,224 162,457Management expense ratio E,L 2.28% 2.31% 2.30%Management expense ratio before waivers or absorptions E,L 2.32% 2.34% 2.35%Trading expense ratioG .26% .12% .14%Portfolio turnover rateH 22.32% 59.27% 69.27%Net asset value per security, end of period $ 12.3625 $ 11.8482 $ 10.2745

Fidelity Global Concentrated Equity Fund Series E1T5

Six-months ended September 30,

2017M

The Series’ Net Assets per Security A

Net assets, beginning of period B $ 20.00Increase (decrease) from operations:Total revenue .02Total expenses (excluding distributions) (.01)Realized gains (losses) .06Unrealized gains (losses) .31Total increase (decrease) from operationsB .38Distributions:From net investment income (excluding dividends) –From dividends –From capital gains –Return of capital (.08)Total distributionsB,C (.08)Net assets, end of periodB $ 20.29Ratios and Supplemental DataNet asset value (000s) D $ 285Securities outstandingD 14,030Management expense ratio E,N 2.27%Management expense ratio before waivers or absorptions E,N 2.34%Trading expense ratioG .26%Portfolio turnover rateH 22.32%Net asset value per security, end of period $ 20.2939

10




2017 2017 2016K

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.85 $ 10.28 $ 10.00Increase (decrease) from operations: Total revenue .12 .21 .05Total expenses (excluding distributions) (.16) (.28) (.04)Realized gains (losses) .40 1.12 .07Unrealized gains (losses) (.07) 1.29 .64Total increase (decrease) from operationsB .29 2.34 .72Distributions: From net investment income (excluding dividends) – (.05) –From dividends – – –From capital gains – (.53) –Return of capital – – –Total distributionsB,C – (.58) –Net assets, end of periodB $ 12.37 $ 11.85 $ 10.28Ratios and Supplemental Data Net asset value (000s) D $ 2,646 $ 833 $ 72Securities outstandingD 215,975 71,431 7,044Management expense ratio E,L 2.17% 2.21% 2.24%Management expense ratio before waivers or absorptions E,L 2.22% 2.24% 2.29%Trading expense ratioG .26% .12% .14%Portfolio turnover rateH 22.32% 59.27% 69.27%Net asset value per security, end of period $ 12.3705 $ 11.8503 $ 10.2756

Fidelity Global Concentrated Equity Fund Series E2T5


2017M


Net assets, beginning of period B $ 20.00Increase (decrease) from operations:Total revenue .02Total expenses (excluding distributions) (.01)Realized gains (losses) .06Unrealized gains (losses) .31Total increase (decrease) from operationsB .38Distributions:From net investment income (excluding dividends) –From dividends –From capital gains –Return of capital (.08)Total distributionsB,C (.08)Net assets, end of periodB $ 20.29Ratios and Supplemental DataNet asset value (000s) D $ 74Securities outstandingD 3,670Management expense ratio E,N 2.18%Management expense ratio before waivers or absorptions E,N 2.25%Trading expense ratioG .26%Portfolio turnover rateH 22.32%Net asset value per security, end of period $ 20.2941

11



2017 2017 2016K

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.85 $ 10.28 $ 10.00Increase (decrease) from operations: Total revenue .15 .20 .04Total expenses (excluding distributions) (.17) (.27) (.04)Realized gains (losses) .58 .94 –Unrealized gains (losses) .18 1.78 .24Total increase (decrease) from operationsB .74 2.65 .25Distributions: From net investment income (excluding dividends) – (.05) –From dividends – – –From capital gains – (.54) –Return of capital – – –Total distributionsB,C – (.59) –Net assets, end of periodB $ 12.37 $ 11.85 $ 10.28Ratios and Supplemental Data Net asset value (000s) D $ 206 $ 217 $ 4Securities outstandingD 16,675 18,303 355Management expense ratio E,L 2.19% 2.20% 2.22%Management expense ratio before waivers or absorptions E,L 2.23% 2.24% 2.31%Trading expense ratioG .26% .12% .14%Portfolio turnover rateH 22.32% 59.27% 69.27%Net asset value per security, end of period $ 12.3682 $ 11.8486 $ 10.2753



Periods ended March 31,

2017 2017O

The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.72 $ 10.00Increase (decrease) from operations: Total revenue .06 .10Total expenses (excluding distributions) (.12) (.13)Realized gains (losses) .08 .61Unrealized gains (losses) .14 .69Total increase (decrease) from operationsB .16 1.27Distributions: From net investment income (excluding dividends) – (.04)From dividends – –From capital gains – (.50)Return of capital – –Total distributionsB,C – (.54)Net assets, end of periodB $ 11.20 $ 10.72Ratios and Supplemental Data Net asset value (000s) D $ 133 $ 1Securities outstandingD 11,861 105Management expense ratio E,P 2.09% 1.94%Management expense ratio before waivers or absorptions E,P 2.16% 2.28%Trading expense ratioG .26% .12%Portfolio turnover rateH 22.32% 59.27%Net asset value per security, end of period $ 11.2003 $ 10.7231

12


Fidelity Global Concentrated Equity Fund Series P1


2017 2017 2016Q

The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.56 $ 9.17 $ 10.00Increase (decrease) from operations: Total revenue .10 .18 .09Total expenses (excluding distributions) (.08) (.14) (.04)Realized gains (losses) .34 1.25 .20Unrealized gains (losses) (.02) 1.24 (.46)Total increase (decrease) from operationsB .34 2.53 (.22)Distributions: From net investment income (excluding dividends) – (.05) (.05)From dividends – – –From capital gains – (.58) (.30)Return of capital – – –Total distributionsB,C – (.63) (.35)Net assets, end of periodB $ 11.08 $ 10.56 $ 9.17Ratios and Supplemental Data Net asset value (000s) D $ 9,586 $ 2,797 $ 589Securities outstandingD 878,700 267,362 64,258Management expense ratio E,R 1.13% 1.14% 1.16%Management expense ratio before waivers or absorptions E,R 1.15% 1.14% 1.16%Trading expense ratioG .26% .12% .14%Portfolio turnover rateH 22.32% 59.27% 69.27%Net asset value per security, end of period $ 11.0768 $ 10.5567 $ 9.1662

Fidelity Global Concentrated Equity Fund Series P1T5


Periods ended March 31,

2017 2017S

The Series’ Net Assets per Security A Net assets, beginning of period B $ 21.03 $ 20.00Increase (decrease) from operations: Total revenue .22 .08Total expenses (excluding distributions) (.17) (.06)Realized gains (losses) .85 .38Unrealized gains (losses) (.09) .96Total increase (decrease) from operationsB .81 1.36Distributions: From net investment income (excluding dividends) – –From dividends – –From capital gains – –Return of capital (.51) (.25)Total distributionsB,C (.51) (.25)Net assets, end of periodB $ 21.55 $ 21.03Ratios and Supplemental Data Net asset value (000s) D $ 231 $ 207Securities outstandingD 10,738 9,834Management expense ratio E,T 1.11% 1.13%Management expense ratio before waivers or absorptions E,T 1.12% 1.13%Trading expense ratioG .26% .12%Portfolio turnover rateH 22.32% 59.27%Net asset value per security, end of period $ 21.5506 $ 21.0248

13



2017 2017 2016Q

The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.57 $ 9.17 $ 10.00Increase (decrease) from operations: Total revenue .10 .19 .08Total expenses (excluding distributions) (.08) (.13) (.04)Realized gains (losses) .31 .98 .21Unrealized gains (losses) .09 1.29 (.42)Total increase (decrease) from operationsB .42 2.33 (.17)Distributions: From net investment income (excluding dividends) – (.05) (.05)From dividends – – –From capital gains – (.59) (.30)Return of capital – – –Total distributionsB,C – (.64) (.35)Net assets, end of periodB $ 11.10 $ 10.57 $ 9.17Ratios and Supplemental Data Net asset value (000s) D $ 3,749 $ 872 $ 88Securities outstandingD 337,838 82,502 9,631Management expense ratio E,R 1.05% 1.08% 1.08%Management expense ratio before waivers or absorptions E,R 1.07% 1.08% 1.08%Trading expense ratioG .26% .12% .14%Portfolio turnover rateH 22.32% 59.27% 69.27%Net asset value per security, end of period $ 11.0960 $ 10.5698 $ 9.1692

Fidelity Global Concentrated Equity Fund Series P2T5


2017U


Net assets, beginning of period B $ 20.00Increase (decrease) from operations:Total revenue .05Total expenses (excluding distributions) (.05)Realized gains (losses) .08Unrealized gains (losses) .32Total increase (decrease) from operationsB .40Distributions:From net investment income (excluding dividends) –From dividends –From capital gains –Return of capital (.25)Total distributionsB,C (.25)Net assets, end of periodB $ 20.00Ratios and Supplemental DataNet asset value (000s) D $ 215Securities outstandingD 10,769Management expense ratio E,V 1.04%Management expense ratio before waivers or absorptions E,V 1.06%Trading expense ratioG .26%Portfolio turnover rateH 22.32%Net asset value per security, end of period $ 20.0023

14




2017 2017 2016Q

The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.57 $ 9.18 $ 10.00Increase (decrease) from operations: Total revenue .11 .17 .08Total expenses (excluding distributions) (.08) (.13) (.03)Realized gains (losses) .41 1.01 (.02)Unrealized gains (losses) .20 1.34 .16Total increase (decrease) from operationsB .64 2.39 .19Distributions: From net investment income (excluding dividends) – (.05) (.05)From dividends – – –From capital gains – (.60) (.30)Return of capital – – –Total distributionsB,C – (.65) (.35)Net assets, end of periodB $ 11.10 $ 10.57 $ 9.18Ratios and Supplemental Data Net asset value (000s) D $ 738 $ 409 $ 10Securities outstandingD 66,488 38,682 1,103Management expense ratio E,R 1.00% 1.02% .96%Management expense ratio before waivers or absorptions E,R 1.01% 1.02% .96%Trading expense ratioG .26% .12% .14%Portfolio turnover rateH 22.32% 59.27% 69.27%Net asset value per security, end of period $ 11.1026 $ 10.5736 $ 9.1750



2017W


Net assets, beginning of period B $ 10.00Increase (decrease) from operations:Total revenue .13Total expenses (excluding distributions) (.08)Realized gains (losses) .58Unrealized gains (losses) (.44)Total increase (decrease) from operationsB .19Distributions:From net investment income (excluding dividends) –From dividends –From capital gains –Return of capital –Total distributionsB,C –Net assets, end of periodB $ 10.29Ratios and Supplemental DataNet asset value (000s) D $ 1Securities outstandingD 100Management expense ratio E,X .93%Management expense ratio before waivers or absorptions E,X .95%Trading expense ratioG .26%Portfolio turnover rateH 22.32%Net asset value per security, end of period $ 10.2938

15

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

1, 2013 follow Canadian Generally Accepted Accounting Principles (Canadian GAAP). The net assets attributable to 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 January 15, 2014 (commencement of sale of securities) to March 31, 2014.K For the period February 5, 2016 (commencement of sale of securities) to March 31, 2016.L 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.M For the period September 22, 2017 (commencement of sale of securities) to September 30, 2017.N Effective September 26, 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.O For the period September 16, 2016 (commencement of sale of securities) to March 31, 2017.P 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.Q For the period December 4, 2015 (commencement of sale of securities) to March 31, 2016.R 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.S For the period January 6, 2017 (commencement of sale of securities) to March 31, 2017.T 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.U For the period July 14, 2017 (commencement of sale of securities) to September 30, 2017.V Effective July 18, 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.W For the period April 21, 2017 (commencement of sale of securities) to September 30, 2017.X Effective April 25, 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.

16

Management and Advisory Fees

Fidelity serves as manager and investment advisor of the Fund. The Fund pays Fidelity a monthly management and advisory fee for their services, based on the net asset value of each Series, calculated daily and payable monthly. Fidelity uses these management fees to pay for sales and trailing commissions to registered dealers on the distribution of the Fund 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% 126.76% -26.76%Series B 1.850% 54.05% 45.95%Series F 0.850% — 100.00%Series F5 0.850% — 100.00%Series F8 0.850% — 100.00%Series T5 2.000% 103.60% -3.60%Series T8 2.000% 120.90% -20.90%Series S5 1.850% 54.05% 45.95%Series S8 1.850% 54.05% 45.95%Series E1 1.825% 54.79% 45.21%Series E1T5 1.825% 54.79% 45.21%Series E2 1.800% 55.56% 44.44%Series E2T5 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 P1T5 0.825% — 100.00%Series P2 0.800% — 100.00%Series P2T5 0.800% — 100.00%Series P3 0.775% — 100.00%Series P4 0.725% — 100.00%

17


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.

Year-by-Year Returns

The following bar chart shows the Fund’s annual performance for each of the years shown, and illustrates how the Fund’s performance was changed from year to year. In percentage terms, the bar chart shows how much an investment made on the first day of each financial year would have grown or decreased by the last day of each financial year. 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

302010

0-10-20-30

2017

4.2

2017

20.9

2016

0.2

2015

19.2

2014

23.1

2013

9.1

2012

-2.0

2011

7.2

2010

20.8

2009

-29.1

2008

-22.5

Fiscal Years

(%)

Series B

302010

0-10-20-30

2017

4.3

2017

21.1

2016

0.4

2015

19.5

2014

23.4

2013

9.3

2012

-1.7

2011

7.5

2010

21.1

2009

-28.9

2008

-22.3

Fiscal Years

(%)

Series F

302010

0-10-20-30

2017

4.9

2017

22.5

2016

1.5

2015

21.0

2014

24.9

2013

10.6

2012

-0.6

2011

8.8

2010

22.4

2009

-28.2

2008

-21.5

Fiscal Years

(%)

Series F5

30

20

10

0

-10

2017

4.9

2017

22.5

2016

1.5

2015

20.9

2014

0.5

Fiscal Years

(%)

Commencement of Operations is January 15, 2014

Series F8

30

20

10

0

-10

2017

4.9

2017

22.5

2016

1.5

2015

20.9

2014

0.5

Fiscal Years

(%)


Series O

302010

0-10-20-30

2017

5.5

2017

24.1

2016

2.8

2015

22.4

2014

26.3

2013

11.9

2012

0.6

2011

10.0

2010

24.0

2009

-27.2

2008

-20.4

Fiscal Years

(%)

18


Past Performance – continued

Series T5

30

20

10

0

-10

2017

4.2

2017

20.8

2016

0.1

2015

19.2

2014

0.2

Fiscal Years

(%)


Series T8

30

20

10

0

-10

2017

4.2

2017

20.9

2016

0.1

2015

19.2

2014

0.2

Fiscal Years

(%)


Series S5

30

20

10

0

-10

2017

4.3

2017

21.1

2016

0.3

2015

19.4

2014

0.2

Fiscal Years

(%)


Series S8

30

20

10

0

-10

2017

4.3

2017

21.1

2016

0.3

2015

19.5

2014

0.2

Fiscal Years

(%)


Series E1

30

20

10

0

-10

2017

4.3

2017

21.2

2016

2.7

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series E1T5

5

0

-5

-10

2017

1.9

Fiscal Years

(%)

Commencement of Operations is September 22, 2017

Series E2

30

20

10

0

-10

2017

4.4

2017

21.4

2016

2.8

Fiscal Years

(%)


Series E2T5

5

0

-5

-10

2017

1.9

Fiscal Years

(%)


19

Series E3

30

20

10

0

-10

2017

4.4

2017

21.4

2016

2.8

Fiscal Years

(%)


Series E4

20

10

0

-10

2017

4.5

2017

13.1

Fiscal Years

(%)


Series P1

30

20

10

0

-10

2017

4.9

2017

22.6

2016

-5.0

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P1T5

10

5

0

-5

-10

2017

4.9

2017

6.4

Fiscal Years

(%)


Series P2

30

20

10

0

-10

2017

5.0

2017

22.8

2016

-4.9

Fiscal Years

(%)


Series P2T5

5

0

-5

-10

2017

1.3

Fiscal Years

(%)

Commencement of Operations is July 14, 2017

Series P3

30

20

10

0

-10

2017

5.0

2017

22.8

2016

-4.9

Fiscal Years

(%)


Series P4

5

0

-5

-10

2017

2.9

Fiscal Years

(%)

Commencement of Operations is April 21, 2017

20


Summary of Investment Portfolio as at September 30, 2017Sector Mix

% of Fund’s Net Assets

as at 9/30/17


as at 3/31/17

Industrials 26.2 27.2Consumer Discretionary 20.6 22.7Financials 12.9 10.0Health Care 12.1 10.5Information Technology 9.3 15.2Consumer Staples 7.8 6.3Utilities 2.3 0.0Telecommunication Services 2.0 0.0Others (Individually Less Than 1%) 0.0 1.6Cash and Cash Equivalents 9.5 6.0Net Other Assets (Liabilities) (2.7) 0.5

Geographic Mix


as at 9/30/17


as at 3/31/17

United States of America 31.2 31.7Japan 9.0 7.5Cayman Islands 7.2 5.2United Kingdom 5.5 6.6France 5.0 5.1Switzerland 4.8 5.0Germany 4.6 5.0Netherlands 3.3 1.9Bermuda 3.1 3.9Ireland 2.5 1.8Luxembourg 2.3 2.4Australia 2.1 2.5Bailiwick of Jersey 2.0 1.9Mexico 1.9 0.0Brazil 1.9 0.0Korea (South) 1.8 3.1Canada 1.7 2.0Sweden 1.6 3.4Others (Individually Less Than 1%) 1.7 4.5Cash and Cash Equivalents 9.5 6.0Net Other Assets (Liabilities) (2.7) 0.5

Top Issuers


1. Cash and Cash Equivalents 9.52. Alphabet, Inc. 3.03. Vipshop Holdings Ltd. 2.84. Samsonite International SA 2.35. ENN Energy Holdings Ltd. 2.36. AECOM 2.17. G8 Education Ltd. 2.18. Bridgestone Corp. 2.19. Wolseley PLC 2.010. SAP SE 2.011. The Weir Group PLC 2.012. AmerisourceBergen Corp. 2.013. Meggitt PLC 2.014. Brenntag AG 2.015. Allison Transmission Holdings, Inc. 2.016. SoftBank Corp. 2.017. Cerner Corp. 2.018. Jacobs Engineering Group, Inc. 2.019. TD Ameritrade Holding Corp. 2.020. Promotora y Operadora de Infraestructura

S.A.B. de CV 1.921. Interactive Brokers Group, Inc. 1.922. Olympus Corp. 1.923. United Technologies Corp. 1.924. Welcia Holdings Co. Ltd. 1.9

25. Koninklijke Philips Electronics NV 1.958.5

Total Fund Net Assets $276,269,000

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 or Fidelity U.S. Money Market Fund will be able to maintain its net asset value at a constant amount. The breakdown of Fund investments is presented to illustrate the way in which a Fund may invest, and may not be representative of a Fund’s current or future investments. A Fund’s investments may change at any time.

1.822454.130 FICL-GO-MRFPS-1117

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

62.107328E

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

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