fidelity northstar fund · this semi-annual management report of fund performance contains...

Semi-Annual Management Report of Fund PerformanceSeptember 30, 2020

Fidelity NorthStar® 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.

Semi-Annual Management Report of Fund Performance as at September 30, 2020Fidelity NorthStar® 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 NorthStar® Fund (Fund), Series B, returned 24.5%, after fees and expenses, for the six-month period ended September 30, 2020. The net returns of the other series of this Fund are similar to those of Series B, except for differences attributable to expense structures. Global equity markets, as broadly represented by the MSCI ACWI (All Country World Index) Index, returned 21.0%, in Canadian dollar terms, for the review period.

Market overview:

Global equities received support from fiscal and monetary policy intervention in response to economic disruption caused by the COVID-19 pandemic. Central banks across emerging and developed markets reduced their benchmark interest rates to historic lows. The U.S. Federal Reserve (Fed), European Central Bank (ECB) and Bank of Japan expanded their pandemic emergency purchase programs to keep borrowing costs low. Many governments also announced increased spending, with some reducing corporate taxes and providing direct income support to households and businesses in an attempt to encourage production and consumption. However, fears of a second wave of infections, and volatility due to weakness in the information tech-nology sector and U.S. presidential elections, capped some gains in September. From a regional perspective, equities in Asia-Pacific (ex Japan), emerging markets and the U.S. advanced as stimulus measures took effect and market sentiment improved toward the end of the review period. European equities also gained amid optimism about economic recovery in the region.

Factors affecting performance:

The Fund gained in value over the period under review.

On an absolute basis, holdings in the consumer discretionary and information technology sectors contributed to performance. In the consumer discretionary sector, the Fund’s investments in U.S.-based online used car retailer Carvana, U.S.-based electric vehicle maker Tesla and U.S.-based e-commerce company Amazon contributed to absolute performance. In the information technology sector, the Fund’s holdings in U.S.-based consumer technology company Apple and U.S.-based software and services company Microsoft contributed to absolute performance.

None of the sectors detracted from absolute performance during the review period. At a stock level, exposure to Canada-based integrated oil and gas company Suncor Energy, U.S.-based biopharmaceutical company Gilead Sciences, Japan-based medical equipment manufacturer Fukuda Denshi and China Petroleum and Chemicals detracted from absolute performance.

Portfolio changes:

During the review period, the Fund’s exposure to the energy and financials sectors was increased. In the energy sector, the portfolio managers initiated positions in Suncor Energy and Canadian Natural Resources, owing to their attractive valuations and strong growth prospects. In the financials sector, a position was initiated in U.S.-based bank JPMorgan Chase, owing to its attractive valuations and strong earnings growth potential.

In contrast, exposure to the industrials and health care sectors was decreased. In the industrials sector, positions in Sweden-based bearing and seal manufacturing company SKF and Germany-based multinational conglomerate Siemens were exited, to fund more attractive investment opportunities elsewhere. In the health care sector, a position in Johnson and Johnson was exited; the portfolio manager believed the company’s risk/reward profile looked less attractive than other opportunities.

At the end of the review period, the Fund had its largest absolute exposure to the information technology sector, followed by the consumer discretionary sector, and its lowest absolute exposure to the real estate sector

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

Global markets continue to be volatile with a high degree of uncertainty about the speed and path to economic recovery. Portfolio co-manager Daniel Dupont believes this is a good time to uncover opportunities as an active investor. Mr. Dupont continues to find compelling opportunities in high-quality oil and gas companies, which he believes will offer attractive risk/reward potential over the longer term.

Portfolio co-manager Joel Tillinghast currently views valuations of international markets as more attractive than those of U.S. stocks. He specifically favours Japanese companies, given the country’s breadth of investment opportunities; in his view, many publicly listed small-capitalization companies trade at attractive valuations, have robust balance sheets and are highly cash generative. Mr. Tillinghast avoids making bets based on macroeconomic events, focusing instead on the fundamentals and valuations of companies to drive investment decisions.

Portfolio co-manager Kyle Weaver focuses on companies with strong fundamentals that are attractively valued based on a long-term investment horizon, typically three to seven years. He seeks to take advantage of short-term market inefficiencies and generally focuses on companies that will benefit from long-term secular industry trends.

Management Discussion of Fund Performance – continued

Related Party TransactionsManager and Portfolio Adviser

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

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

Fidelity is the portfolio adviser to the Fund and it provides investment advisory services to the Fund. Fidelity has entered into sub-advisory agreements with a number of entities including Fidelity Management & Research Company LLC and 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 $17,493,000 for the period ended September 30, 2020.

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 $2,173,000 for the period ended September 30, 2020.

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 $11,000 for the period ended September 30, 2020. 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.

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 NorthStar® Fund Series A

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

2020 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 22.85 $ 26.47 $ 28.02 $ 27.70 $ 26.31 $ 26.09Increase (decrease) from operations: Total revenue .35 .91 1.15 .52 .42 .56Total expenses (excluding distributions) (.38) (.73) (.83) (.77) (.74) (.75)Realized gains (losses) 1.26 .70 1.26 .53 1.15 1.52Unrealized gains (losses) 4.54 (3.68) (2.09) .07 .54 (.35)Total increase (decrease) from operationsB 5.77 (2.80) (.51) .35 1.37 .98Distributions: From net investment income (excluding dividends) – (.21) (.52) – – (.13)From dividends – (.01) (.01) – – (.01)From capital gains – – (.54) – – (.87)Return of capital – – – – – –Total distributionsB,C – (.22) (1.07) – – (1.00)Net assets, end of periodB $ 28.41 $ 22.85 $ 26.47 $ 28.02 $ 27.70 $ 26.31Ratios and Supplemental Data Net asset value (000s) D $ 233,311 $ 226,069 $ 448,892 $ 668,118 $ 853,252 $ 856,181Securities outstandingD 8,203,322 9,868,071 16,945,449 23,797,405 30,806,305 32,541,717Management expense ratio E,F 2.52% 2.54% 2.53% 2.52% 2.57% 2.57%Management expense ratio before waivers or absorptions E,F 2.60% 2.61% 2.60% 2.58% 2.60% 2.63%Trading expense ratioG .05% .07% .07% .06% .03% .05%Portfolio turnover rateH,I 23.69% 68.04% 62.86% 53.02% 30.68% 56.44%Net asset value per security, end of period $ 28.4123 $ 22.8482 $ 26.4719 $ 28.0373 $ 27.7004 $ 26.3129

Fidelity NorthStar® Fund Series B

2020 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 23.26 $ 26.94 $ 28.52 $ 28.14 $ 26.67 $ 26.45Increase (decrease) from operations: Total revenue .36 .92 1.17 .53 .43 .57Total expenses (excluding distributions) (.36) (.69) (.78) (.72) (.69) (.69)Realized gains (losses) 1.28 .79 1.27 .60 1.14 1.62Unrealized gains (losses) 4.51 (4.07) (2.06) (.01) .57 (.36)Total increase (decrease) from operationsB 5.79 (3.05) (.40) .40 1.45 1.14Distributions: From net investment income (excluding dividends) – (.26) (.56) – – (.14)From dividends – (.02) (.01) – – (.01)From capital gains – – (.57) – – (.94)Return of capital – – – – – –Total distributionsB,C – (.28) (1.14) – – (1.09)Net assets, end of periodB $ 28.95 $ 23.26 $ 26.94 $ 28.52 $ 28.14 $ 26.67Ratios and Supplemental Data Net asset value (000s) D $ 1,154,985 $ 1,011,954 $ 1,666,547 $ 2,019,566 $ 2,262,784 $ 2,348,073Securities outstandingD 39,872,198 43,470,970 61,802,212 70,682,338 80,395,702 88,054,799Management expense ratio E,F 2.31% 2.33% 2.32% 2.32% 2.34% 2.32%Management expense ratio before waivers or absorptions E,F 2.38% 2.40% 2.39% 2.37% 2.39% 2.40%Trading expense ratioG .05% .07% .07% .06% .03% .05%Portfolio turnover rateH,I 23.69% 68.04% 62.86% 53.02% 30.68% 56.44%Net asset value per security, end of period $ 28.9520 $ 23.2589 $ 26.9459 $ 28.5411 $ 28.1394 $ 26.6685

Financial Highlights – continued

Fidelity NorthStar® Fund Series F

2020 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 25.81 $ 29.90 $ 31.67 $ 30.89 $ 28.93 $ 28.71Increase (decrease) from operations: Total revenue .40 1.03 1.30 .58 .47 .62Total expenses (excluding distributions) (.23) (.44) (.52) (.44) (.40) (.40)Realized gains (losses) 1.43 .81 1.42 .66 1.33 1.56Unrealized gains (losses) 5.03 (4.27) (2.32) (.01) .55 (.43)Total increase (decrease) from operationsB 6.63 (2.87) (.12) .79 1.95 1.34Distributions: From net investment income (excluding dividends) – (.62) (.80) – – (.20)From dividends – (.04) (.01) – – (.01)From capital gains – – (.81) – – (1.35)Return of capital – – – – – –Total distributionsB,C – (.66) (1.62) – – (1.56)Net assets, end of periodB $ 32.31 $ 25.81 $ 29.90 $ 31.67 $ 30.89 $ 28.93Ratios and Supplemental Data Net asset value (000s) D $ 303,017 $ 266,248 $ 527,711 $ 654,824 $ 694,908 $ 605,418Securities outstandingD 9,375,073 10,300,013 17,637,693 20,668,984 22,504,211 20,994,794Management expense ratio E,F 1.17% 1.20% 1.19% 1.17% 1.17% 1.16%Management expense ratio before waivers or absorptions E,F 1.18% 1.20% 1.19% 1.17% 1.17% 1.18%Trading expense ratioG .05% .07% .07% .06% .03% .05%Portfolio turnover rateH,I 23.69% 68.04% 62.86% 53.02% 30.68% 56.44%Net asset value per security, end of period $ 32.3069 $ 25.8064 $ 29.9010 $ 31.6897 $ 30.8900 $ 28.9345

Fidelity NorthStar® Fund Series F5

2020 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 20.81 $ 25.39 $ 28.39 $ 29.20 $ 28.84 $ 29.86Increase (decrease) from operations: Total revenue .32 .86 1.14 .54 .46 .63Total expenses (excluding distributions) (.18) (.36) (.46) (.40) (.39) (.41)Realized gains (losses) 1.14 .65 1.22 .70 1.27 1.51Unrealized gains (losses) 4.03 (3.61) (1.97) (.07) .56 (.56)Total increase (decrease) from operationsB 5.31 (2.46) (.07) .77 1.90 1.18Distributions: From net investment income (excluding dividends) – (.51) (.69) – – (.20)From dividends – (.03) (.01) – – (.01)From capital gains – – (.70) – – (1.38)Return of capital (.61) (1.23) (1.45) (1.53) (1.53) (1.29)Total distributionsB,C (.61) (1.77) (2.85) (1.53) (1.53) (2.87)Net assets, end of periodB $ 25.42 $ 20.81 $ 25.39 $ 28.39 $ 29.20 $ 28.84Ratios and Supplemental Data Net asset value (000s) D $ 5,713 $ 5,064 $ 10,524 $ 12,884 $ 11,316 $ 10,332Securities outstandingD 224,870 243,454 414,351 454,730 387,768 355,943Management expense ratio E,F 1.17% 1.20% 1.19% 1.17% 1.16% 1.14%Management expense ratio before waivers or absorptions E,F 1.17% 1.20% 1.19% 1.17% 1.17% 1.16%Trading expense ratioG .05% .07% .07% .06% .03% .05%Portfolio turnover rateH,I 23.69% 68.04% 62.86% 53.02% 30.68% 56.44%Net asset value per security, end of period $ 25.4195 $ 20.8151 $ 25.3921 $ 28.4039 $ 29.1986 $ 28.8425

Fidelity NorthStar® Fund Series F8

2020 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 17.75 $ 22.33 $ 25.48 $ 26.63 $ 26.71 $ 28.30Increase (decrease) from operations: Total revenue .27 .76 .99 .48 .42 .59Total expenses (excluding distributions) (.15) (.31) (.41) (.37) (.37) (.39)Realized gains (losses) .96 .56 1.07 .43 1.13 .81Unrealized gains (losses) 3.46 (3.03) (1.66) .13 .55 (.59)Total increase (decrease) from operationsB 4.54 (2.02) (.01) .67 1.73 .43Distributions: From net investment income (excluding dividends) – (.44) (.61) – – (.19)From dividends – (.03) (.01) – – (.01)From capital gains – – (.62) – – (1.27)Return of capital (.84) (1.70) (1.78) (1.81) (1.81) (1.87)Total distributionsB,C (.84) (2.17) (3.02) (1.81) (1.81) (3.34)Net assets, end of periodB $ 21.34 $ 17.75 $ 22.33 $ 25.48 $ 26.63 $ 26.71Ratios and Supplemental Data Net asset value (000s) D $ 1,629 $ 1,586 $ 3,235 $ 3,453 $ 4,665 $ 4,915Securities outstandingD 76,424 89,534 145,968 135,658 175,461 184,275Management expense ratio E,F 1.15% 1.18% 1.19% 1.18% 1.18% 1.18%Management expense ratio before waivers or absorptions E,F 1.16% 1.18% 1.20% 1.18% 1.19% 1.20%Trading expense ratioG .05% .07% .07% .06% .03% .05%Portfolio turnover rateH,I 23.69% 68.04% 62.86% 53.02% 30.68% 56.44%Net asset value per security, end of period $ 21.3385 $ 17.7491 $ 22.3280 $ 25.4913 $ 26.6309 $ 26.7151

Fidelity NorthStar® Fund Series O

2020 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 27.70 $ 32.11 $ 34.04 $ 33.14 $ 30.86 $ 30.64Increase (decrease) from operations: Total revenue .43 1.11 1.40 .63 .50 .66Total expenses (excluding distributions) (.05) (.11) (.18) (.08) (.06) (.06)Realized gains (losses) 1.54 .92 1.53 .66 1.38 1.40Unrealized gains (losses) 5.46 (4.85) (2.49) .03 .64 (.54)Total increase (decrease) from operationsB 7.38 (2.93) .26 1.24 2.46 1.45Distributions: From net investment income (excluding dividends) – (1.04) (1.05) (.33) (.18) (.26)From dividends – (.06) (.01) (.02) (.01) (.01)From capital gains – – (1.07) – – (1.80)Return of capital – – – – – –Total distributionsB,C – (1.10) (2.13) (.35) (.19) (2.07)Net assets, end of periodB $ 34.88 $ 27.70 $ 32.11 $ 34.04 $ 33.14 $ 30.86Ratios and Supplemental Data Net asset value (000s) D $ 2,025,975 $ 1,887,985 $ 3,210,246 $ 4,337,700 $ 5,141,868 $ 4,915,664Securities outstandingD 57,759,836 68,078,499 99,780,375 127,164,242 154,872,844 159,183,567Management expense ratio –% .03% .02% —% —% —%Management expense ratio before waivers or absorptions —% .03% .02% —% —% —%Trading expense ratioG .05% .07% .07% .06% .03% .05%Portfolio turnover rateH,I 23.69% 68.04% 62.86% 53.02% 30.68% 56.44%Net asset value per security, end of period $ 34.8806 $ 27.7007 $ 32.1039 $ 34.0523 $ 33.1424 $ 30.8645

Fidelity NorthStar® Fund Series T5

2020 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 15.00 $ 18.30 $ 20.48 $ 21.38 $ 21.43 $ 22.18Increase (decrease) from operations: Total revenue .22 .64 .82 .39 .34 .47Total expenses (excluding distributions) (.24) (.49) (.59) (.57) (.58) (.62)Realized gains (losses) .82 .36 .89 .38 .92 1.10Unrealized gains (losses) 3.09 (2.24) (1.52) .02 .39 (.37)Total increase (decrease) from operationsB 3.89 (1.73) (.40) .22 1.07 .58Distributions: From net investment income (excluding dividends) – (.14) (.37) – – (.11)From dividends – (.01) (.01) – – –From capital gains – – (.38) – – (.72)Return of capital (.44) (.89) (1.08) (1.14) (1.14) (.97)Total distributionsB,C (.44) (1.04) (1.84) (1.14) (1.14) (1.80)Net assets, end of periodB $ 18.18 $ 15.00 $ 18.30 $ 20.48 $ 21.38 $ 21.43Ratios and Supplemental Data Net asset value (000s) D $ 1,398 $ 1,692 $ 5,384 $ 8,320 $ 11,475 $ 11,649Securities outstandingD 77,021 112,976 294,435 405,935 532,813 544,267Management expense ratio E,F 2.51% 2.53% 2.51% 2.50% 2.55% 2.54%Management expense ratio before waivers or absorptions E,F 2.58% 2.61% 2.59% 2.56% 2.58% 2.60%Trading expense ratioG .05% .07% .07% .06% .03% .05%Portfolio turnover rateH,I 23.69% 68.04% 62.86% 53.02% 30.68% 56.44%Net asset value per security, end of period $ 18.1831 $ 14.9979 $ 18.3055 $ 20.4955 $ 21.3782 $ 21.4265

Fidelity NorthStar® Fund Series T8

2020 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.70 $ 13.58 $ 15.58 $ 16.58 $ 16.91 $ 17.93Increase (decrease) from operations: Total revenue .16 .46 .61 .30 .26 .38Total expenses (excluding distributions) (.17) (.36) (.44) (.44) (.46) (.49)Realized gains (losses) .58 .29 .70 .27 .73 .77Unrealized gains (losses) 2.10 (1.68) (1.15) .01 .32 (.24)Total increase (decrease) from operationsB 2.67 (1.29) (.28) .14 .85 .42Distributions: From net investment income (excluding dividends) – (.10) (.28) – – (.08)From dividends – (.01) – – – –From capital gains – – (.28) – – (.57)Return of capital (.56) (1.13) (1.17) (1.19) (1.19) (1.21)Total distributionsB,C (.56) (1.24) (1.73) (1.19) (1.19) (1.88)Net assets, end of periodB $ 12.72 $ 10.70 $ 13.58 $ 15.58 $ 16.58 $ 16.91Ratios and Supplemental Data Net asset value (000s) D $ 1,933 $ 1,905 $ 4,907 $ 9,382 $ 13,696 $ 14,000Securities outstandingD 153,346 178,785 360,891 601,946 831,505 804,762Management expense ratio E,F 2.49% 2.51% 2.51% 2.49% 2.54% 2.55%Management expense ratio before waivers or absorptions E,F 2.56% 2.58% 2.58% 2.55% 2.57% 2.60%Trading expense ratioG .05% .07% .07% .06% .03% .05%Portfolio turnover rateH,I 23.69% 68.04% 62.86% 53.02% 30.68% 56.44%Net asset value per security, end of period $ 12.7174 $ 10.7040 $ 13.5805 $ 15.5903 $ 16.5761 $ 16.9071

Fidelity NorthStar® Fund Series S5

2020 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 15.29 $ 18.65 $ 20.87 $ 21.74 $ 21.73 $ 22.50Increase (decrease) from operations: Total revenue .24 .62 .84 .40 .34 .48Total expenses (excluding distributions) (.23) (.46) (.55) (.53) (.54) (.56)Realized gains (losses) .83 .56 .90 .45 .89 1.22Unrealized gains (losses) 2.90 (2.86) (1.48) .01 .52 (.38)Total increase (decrease) from operationsB 3.74 (2.14) (.29) .33 1.21 .76Distributions: From net investment income (excluding dividends) – (.18) (.40) – – (.11)From dividends – (.01) (.01) – – –From capital gains – – (.41) – – (.78)Return of capital (.45) (.91) (1.09) (1.16) (1.16) (.98)Total distributionsB,C (.45) (1.10) (1.91) (1.16) (1.16) (1.88)Net assets, end of periodB $ 18.56 $ 15.29 $ 18.65 $ 20.87 $ 21.74 $ 21.73Ratios and Supplemental Data Net asset value (000s) D $ 6,524 $ 5,500 $ 7,996 $ 9,421 $ 9,833 $ 10,015Securities outstandingD 351,274 360,430 428,174 451,813 452,950 465,305Management expense ratio E,F 2.31% 2.33% 2.31% 2.30% 2.34% 2.33%Management expense ratio before waivers or absorptions E,F 2.37% 2.40% 2.38% 2.36% 2.38% 2.40%Trading expense ratioG .05% .07% .07% .06% .03% .05%Portfolio turnover rateH,I 23.69% 68.04% 62.86% 53.02% 30.68% 56.44%Net asset value per security, end of period $ 18.5568 $ 15.2876 $ 18.6557 $ 20.8863 $ 21.7387 $ 21.7352

Fidelity NorthStar® Fund Series S8

2020 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.99 $ 13.92 $ 15.96 $ 16.93 $ 17.22 $ 18.27Increase (decrease) from operations: Total revenue .17 .46 .63 .31 .27 .38Total expenses (excluding distributions) (.17) (.35) (.43) (.42) (.43) (.47)Realized gains (losses) .60 .41 .68 .33 .71 1.07Unrealized gains (losses) 2.07 (2.06) (1.09) .01 .34 (.23)Total increase (decrease) from operationsB 2.67 (1.54) (.21) .23 .89 .75Distributions: From net investment income (excluding dividends) – (.13) (.30) – – (.09)From dividends – (.01) – – – –From capital gains – – (.30) – – (.62)Return of capital (.57) (1.15) (1.18) (1.20) (1.20) (1.23)Total distributionsB,C (.57) (1.29) (1.78) (1.20) (1.20) (1.95)Net assets, end of periodB $ 13.08 $ 10.99 $ 13.92 $ 15.96 $ 16.93 $ 17.22Ratios and Supplemental Data Net asset value (000s) D $ 8,586 $ 7,332 $ 11,332 $ 13,903 $ 17,321 $ 18,713Securities outstandingD 658,040 669,364 816,086 872,805 1,019,940 1,087,137Management expense ratio E,F 2.33% 2.34% 2.33% 2.32% 2.34% 2.33%Management expense ratio before waivers or absorptions E,F 2.39% 2.41% 2.39% 2.37% 2.39% 2.40%Trading expense ratioG .05% .07% .07% .06% .03% .05%Portfolio turnover rateH,I 23.69% 68.04% 62.86% 53.02% 30.68% 56.44%Net asset value per security, end of period $ 13.0824 $ 10.9910 $ 13.9237 $ 15.9649 $ 16.9297 $ 17.2241

Fidelity NorthStar® Fund Series E1

2020 2020 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 8.49 $ 9.83 $ 10.41 $ 10.26 $ 9.72 $ 10.00Increase (decrease) from operations: Total revenue .13 .34 .43 .19 .16 .03Total expenses (excluding distributions) (.13) (.25) (.28) (.26) (.25) (.04)Realized gains (losses) .47 .31 .46 .24 .50 (.21)Unrealized gains (losses) 1.62 (1.59) (.76) (.03) .17 .08Total increase (decrease) from operationsB 2.09 (1.19) (.15) .14 .58 (.13)Distributions: From net investment income (excluding dividends) – (.10) (.21) – – –From dividends – (.01) – – – –From capital gains – – (.21) – – –Return of capital – – – – – –Total distributionsB,C – (.11) (.42) – – –Net assets, end of periodB $ 10.57 $ 8.49 $ 9.83 $ 10.41 $ 10.26 $ 9.72Ratios and Supplemental Data Net asset value (000s) D $ 271,876 $ 222,251 $ 265,051 $ 302,531 $ 281,541 $ 150,349Securities outstandingD 25,708,751 26,149,597 26,864,635 29,020,030 27,413,880 15,454,216Management expense ratio E,K 2.26% 2.28% 2.27% 2.26% 2.29% 2.29%Management expense ratio before waivers or absorptions E,K 2.33% 2.35% 2.34% 2.31% 2.33% 2.35%Trading expense ratioG .05% .07% .07% .06% .03% .05%Portfolio turnover rateH,I 23.69% 68.04% 62.86% 53.02% 30.68% 56.44%Net asset value per security, end of period $ 10.5714 $ 8.4898 $ 9.8351 $ 10.4177 $ 10.2649 $ 9.7221

Fidelity NorthStar® Fund Series E1T5

2020 2020 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 13.56 $ 16.55 $ 18.52 $ 19.28 $ 19.27 $ 20.00Increase (decrease) from operations: Total revenue .21 .55 .74 .35 .31 .05Total expenses (excluding distributions) (.20) (.41) (.49) (.48) (.48) (.08)Realized gains (losses) .74 .52 .81 .36 1.25 .09Unrealized gains (losses) 2.59 (2.59) (1.25) .02 .11 (.27)Total increase (decrease) from operationsB 3.34 (1.93) (.19) .25 1.19 (.20)Distributions: From net investment income (excluding dividends) – (.16) (.36) – – –From dividends – (.01) (.01) – – –From capital gains – – (.36) – – –Return of capital (.40) (.81) (.97) (1.03) (1.03) (.17)Total distributionsB,C (.40) (.98) (1.70) (1.03) (1.03) (.17)Net assets, end of periodB $ 16.47 $ 13.56 $ 16.55 $ 18.52 $ 19.28 $ 19.27Ratios and Supplemental Data Net asset value (000s) D $ 2,100 $ 1,796 $ 1,934 $ 2,150 $ 3,025 $ 327Securities outstandingD 127,648 132,543 116,930 116,151 157,134 17,007Management expense ratio E,K 2.28% 2.29% 2.27% 2.28% 2.31% 2.32%Management expense ratio before waivers or absorptions E,K 2.35% 2.36% 2.34% 2.33% 2.34% 2.38%Trading expense ratioG .05% .07% .07% .06% .03% .05%Portfolio turnover rateH,I 23.69% 68.04% 62.86% 53.02% 30.68% 56.44%Net asset value per security, end of period $ 16.4665 $ 13.5644 $ 16.5525 $ 18.5291 $ 19.2846 $ 19.2719

2020 2020 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 8.50 $ 9.85 $ 10.43 $ 10.28 $ 9.72 $ 10.00Increase (decrease) from operations: Total revenue .13 .34 .43 .20 .16 .03Total expenses (excluding distributions) (.12) (.24) (.27) (.25) (.24) (.04)Realized gains (losses) .47 .30 .46 .24 .53 (.19)Unrealized gains (losses) 1.59 (1.63) (.76) (.04) .16 .03Total increase (decrease) from operationsB 2.07 (1.23) (.14) .15 .61 (.17)Distributions: From net investment income (excluding dividends) – (.11) (.21) – – –From dividends – (.01) – – – –From capital gains – – (.22) – – –Return of capital – – – – – –Total distributionsB,C – (.12) (.43) – – –Net assets, end of periodB $ 10.59 $ 8.50 $ 9.85 $ 10.43 $ 10.28 $ 9.72Ratios and Supplemental Data Net asset value (000s) D $ 36,804 $ 29,089 $ 42,898 $ 49,982 $ 44,262 $ 17,425Securities outstandingD 3,466,946 3,424,638 4,386,063 4,785,073 4,306,597 1,801,963Management expense ratio E,K 2.17% 2.19% 2.19% 2.17% 2.20% 2.21%Management expense ratio before waivers or absorptions E,K 2.24% 2.26% 2.25% 2.23% 2.24% 2.28%Trading expense ratioG .05% .07% .07% .06% .03% .05%Portfolio turnover rateH,I 23.69% 68.04% 62.86% 53.02% 30.68% 56.44%Net asset value per security, end of period $ 10.5940 $ 8.5047 $ 9.8535 $ 10.4376 $ 10.2764 $ 9.7240

2020 2020 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 13.61 $ 16.60 $ 18.57 $ 19.31 $ 19.28 $ 20.00Increase (decrease) from operations: Total revenue .20 .53 .70 .39 .33 .05Total expenses (excluding distributions) (.19) (.38) (.46) (.46) (.46) (.07)Realized gains (losses) .76 .76 .78 1.03 1.01 (.44)Unrealized gains (losses) 2.87 (3.66) (.96) (1.48) .81 .23Total increase (decrease) from operationsB 3.64 (2.75) .06 (.52) 1.69 (.24)Distributions: From net investment income (excluding dividends) – (.20) (.37) – – –From dividends – (.01) (.01) – – –From capital gains – – (.37) – – –Return of capital (.40) (.81) (.97) (1.03) (1.03) (.17)Total distributionsB,C (.40) (1.02) (1.72) (1.03) (1.03) (.17)Net assets, end of periodB $ 16.54 $ 13.61 $ 16.60 $ 18.57 $ 19.31 $ 19.28Ratios and Supplemental Data Net asset value (000s) D $ 195 $ 307 $ 225 $ 206 $ 45 $ 26Securities outstandingD 11,764 22,587 13,541 11,120 2,333 1,334Management expense ratio E,K 2.09% 2.09% 2.14% 2.16% 2.18% 2.14%Management expense ratio before waivers or absorptions E,K 2.16% 2.15% 2.20% 2.22% 2.22% 2.19%Trading expense ratioG .05% .07% .07% .06% .03% .05%Portfolio turnover rateH,I 23.69% 68.04% 62.86% 53.02% 30.68% 56.44%Net asset value per security, end of period $ 16.5367 $ 13.6076 $ 16.6046 $ 18.5804 $ 19.3082 $ 19.2779

2020 2020 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 8.51 $ 9.86 $ 10.44 $ 10.28 $ 9.72 $ 10.00Increase (decrease) from operations: Total revenue .14 .34 .43 .19 .16 .03Total expenses (excluding distributions) (.12) (.23) (.27) (.25) (.24) (.03)Realized gains (losses) .46 .24 .46 .20 .49 (.19)Unrealized gains (losses) 1.60 (1.27) (.74) .12 .14 (.03)Total increase (decrease) from operationsB 2.08 (.92) (.12) .26 .55 (.22)Distributions: From net investment income (excluding dividends) – (.11) (.22) – – –From dividends – (.01) – – – –From capital gains – – (.22) – – –Return of capital – – – – – –Total distributionsB,C – (.12) (.44) – – –Net assets, end of periodB $ 10.60 $ 8.51 $ 9.86 $ 10.44 $ 10.28 $ 9.72Ratios and Supplemental Data Net asset value (000s) D $ 6,312 $ 4,511 $ 7,400 $ 9,357 $ 6,115 $ 3,097Securities outstandingD 595,204 529,975 776,545 895,920 596,754 318,458Management expense ratio E,K 2.13% 2.14% 2.13% 2.16% 2.19% 2.19%Management expense ratio before waivers or absorptions E,K 2.19% 2.21% 2.20% 2.21% 2.23% 2.26%Trading expense ratioG .05% .07% .07% .06% .03% .05%Portfolio turnover rateH,I 23.69% 68.04% 62.86% 53.02% 30.68% 56.44%Net asset value per security, end of period $ 10.6040 $ 8.5113 $ 9.8608 $ 10.4438 $ 10.2775 $ 9.7245

2020 2020 2019 2018 2017L

The Series’ Net Assets per Security A Net assets, beginning of period B $ 14.15 $ 17.27 $ 19.30 $ 20.04 $ 20.00Increase (decrease) from operations: Total revenue .22 .36 .75 .36 .18Total expenses (excluding distributions) (.15) (.40) (.46) (.44) (.25)Realized gains (losses) – 1.37 .61 .21 1.05Unrealized gains (losses) 3.39 (10.20) (1.08) (.08) .48Total increase (decrease) from operationsB 3.46 (8.87) (.18) .05 1.46Distributions: From net investment income (excluding dividends) – (.19) (.40) – –From dividends – (.01) (.01) – –From capital gains – – (.41) – –Return of capital (.42) (.84) (1.01) (1.07) (.62)Total distributionsB,C (.42) (1.04) (1.83) (1.07) (.62)Net assets, end of periodB $ 17.21 $ 14.15 $ 17.27 $ 19.30 $ 20.04Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1 $ 1 $ 1 $ 41Securities outstandingD 66 64 60 54 2,055Management expense ratio M,N 1.96% 2.17% 1.91% 2.04% 2.08%Management expense ratio before waivers or absorptions M,N 2.25% 2.24% 2.20% 2.09% 2.11%Trading expense ratioG .05% .07% .07% .06% .03%Portfolio turnover rateH,I 23.69% 68.04% 62.86% 53.02% 30.68%Net asset value per security, end of period $ 17.2092 $ 14.1542 $ 17.2664 $ 19.3102 $ 20.0428

2020 2020 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 8.53 $ 9.88 $ 10.46 $ 10.29 $ 9.72 $ 10.00Increase (decrease) from operations: Total revenue .12 .34 .45 .18 .17 .03Total expenses (excluding distributions) (.12) (.23) (.26) (.23) (.23) (.04)Realized gains (losses) .46 .50 .42 .08 .58 (.30)Unrealized gains (losses) 1.88 (3.00) (.83) .53 .38 .88Total increase (decrease) from operationsB 2.34 (2.39) (.22) .56 .90 .56Distributions: From net investment income (excluding dividends) – (.12) (.22) – – –From dividends – (.01) – – – –From capital gains – – (.23) – – –Return of capital – – – – – –Total distributionsB,C – (.13) (.45) – – –Net assets, end of periodB $ 10.63 $ 8.53 $ 9.88 $ 10.46 $ 10.29 $ 9.72Ratios and Supplemental Data Net asset value (000s) D $ 1,841 $ 2,783 $ 1,597 $ 2,328 $ 4,795 $ 26Securities outstandingD 173,245 326,441 165,099 222,533 465,969 2,681Management expense ratio E,K 2.03% 2.05% 2.03% 2.05% 2.09% 2.12%Management expense ratio before waivers or absorptions E,K 2.10% 2.11% 2.09% 2.11% 2.13% 2.18%Trading expense ratioG .05% .07% .07% .06% .03% .05%Portfolio turnover rateH,I 23.69% 68.04% 62.86% 53.02% 30.68% 56.44%Net asset value per security, end of period $ 10.6271 $ 8.5256 $ 9.8772 $ 10.4619 $ 10.2902 $ 9.7243

2020 2020 2019 2018O

The Series’ Net Assets per Security A Net assets, beginning of period B $ 14.79 $ 18.04 $ 20.10 $ 20.00Increase (decrease) from operations: Total revenue .23 .59 .80 .19Total expenses (excluding distributions) (.16) (.42) (.50) (.31)Realized gains (losses) .81 .59 .85 (.42)Unrealized gains (losses) 2.72 (2.95) (1.37) .49Total increase (decrease) from operationsB 3.60 (2.19) (.22) (.05)Distributions: From net investment income (excluding dividends) – (.21) (.41) –From dividends – (.01) (.01) –From capital gains – – (.42) –Return of capital (.44) (.88) (.97) (.75)Total distributionsB,C (.44) (1.10) (1.81) (.75)Net assets, end of periodB $ 17.99 $ 14.79 $ 18.04 $ 20.10Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1 $ 1 $ 1Securities outstandingD 63 61 57 52Management expense ratio P,Q 1.93% 2.06% 2.03% 2.06%Management expense ratio before waivers or absorptions P,Q 2.22% 2.23% 2.30% 2.20%Trading expense ratioG .05% .07% .07% .06%Portfolio turnover rateH,I 23.69% 68.04% 62.86% 53.02%Net asset value per security, end of period $ 17.9889 $ 14.7927 $ 18.0459 $ 20.1148

2020 2020 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 8.54 $ 9.90 $ 10.48 $ 10.30 $ 9.73 $ 10.00Increase (decrease) from operations: Total revenue .14 .33 .43 .19 .15 .02Total expenses (excluding distributions) (.12) (.23) (.26) (.23) (.22) (.03)Realized gains (losses) .47 .33 .46 .20 .74 (.22)Unrealized gains (losses) 1.59 (1.66) (.74) (.19) .21 (.05)Total increase (decrease) from operationsB 2.08 (1.23) (.11) (.03) .88 (.27)Distributions: From net investment income (excluding dividends) – (.12) (.22) – – –From dividends – (.01) – – – –From capital gains – – (.22) – – –Return of capital – – – – – –Total distributionsB,C – (.13) (.44) – – –Net assets, end of periodB $ 10.65 $ 8.54 $ 9.90 $ 10.48 $ 10.30 $ 9.73Ratios and Supplemental Data Net asset value (000s) D $ 5,050 $ 3,756 $ 4,726 $ 4,784 $ 4,821 $ 66Securities outstandingD 474,316 439,609 477,387 456,398 465,609 6,740Management expense ratio E,K 2.08% 2.09% 2.08% 1.95% 1.97% 2.09%Management expense ratio before waivers or absorptions E,K 2.14% 2.16% 2.15% 2.01% 2.00% 2.15%Trading expense ratioG .05% .07% .07% .06% .03% .05%Portfolio turnover rateH,I 23.69% 68.04% 62.86% 53.02% 30.68% 56.44%Net asset value per security, end of period $ 10.6476 $ 8.5439 $ 9.8987 $ 10.4824 $ 10.2971 $ 9.7262

Fidelity NorthStar® Fund Series P1

2020 2020 2019 2018 2017 2016R

The Series’ Net Assets per Security A Net assets, beginning of period B $ 8.41 $ 9.74 $ 10.32 $ 10.06 $ 9.42 $ 10.00Increase (decrease) from operations: Total revenue .13 .34 .42 .19 .15 .04Total expenses (excluding distributions) (.07) (.14) (.17) (.14) (.13) (.04)Realized gains (losses) .47 .28 .46 .23 .56 (.20)Unrealized gains (losses) 1.61 (1.50) (.74) (.01) .20 (.13)Total increase (decrease) from operationsB 2.14 (1.02) (.03) .27 .78 (.33)Distributions: From net investment income (excluding dividends) – (.21) (.26) – – (.06)From dividends – (.01) – – – –From capital gains – – (.27) – – (.44)Return of capital – – – – – –Total distributionsB,C – (.22) (.53) – – (.51)Net assets, end of periodB $ 10.53 $ 8.41 $ 9.74 $ 10.32 $ 10.06 $ 9.42Ratios and Supplemental Data Net asset value (000s) D $ 92,975 $ 79,564 $ 115,649 $ 136,778 $ 114,921 $ 34,820Securities outstandingD 8,829,664 9,441,158 11,838,897 13,284,485 11,461,766 3,726,471Management expense ratio E,S 1.12% 1.14% 1.13% 1.12% 1.12% 1.12%Management expense ratio before waivers or absorptions E,S 1.12% 1.15% 1.14% 1.12% 1.12% 1.13%Trading expense ratioG .05% .07% .07% .06% .03% .05%Portfolio turnover rateH,I 23.69% 68.04% 62.86% 53.02% 30.68% 56.44%Net asset value per security, end of period $ 10.5273 $ 8.4070 $ 9.7412 $ 10.3248 $ 10.0589 $ 9.4154

Fidelity NorthStar® Fund Series P1T5

2020 2020 2019 2018 2017 2016R

The Series’ Net Assets per Security A Net assets, beginning of period B $ 13.40 $ 16.34 $ 18.27 $ 18.77 $ 18.53 $ 20.00Increase (decrease) from operations: Total revenue .21 .58 .74 .35 .29 .08Total expenses (excluding distributions) (.11) (.23) (.29) (.25) (.24) (.08)Realized gains (losses) .73 .40 .80 .41 1.08 (.39)Unrealized gains (losses) 2.66 (2.41) (1.34) (.02) .32 (.17)Total increase (decrease) from operationsB 3.49 (1.66) (.09) .49 1.45 (.55)Distributions: From net investment income (excluding dividends) – (.34) (.45) – – (.13)From dividends – (.02) (.01) – – (.01)From capital gains – – (.46) – – (.88)Return of capital (.39) (.79) (.93) (.99) (.99) (.31)Total distributionsB,C (.39) (1.15) (1.85) (.99) (.99) (1.33)Net assets, end of periodB $ 16.36 $ 13.40 $ 16.34 $ 18.27 $ 18.77 $ 18.53Ratios and Supplemental Data Net asset value (000s) D $ 1,198 $ 1,143 $ 2,540 $ 2,588 $ 1,947 $ 613Securities outstandingD 73,204 85,402 155,597 141,765 103,829 36,446Management expense ratio E,S 1.11% 1.15% 1.14% 1.10% 1.10% 1.08%Management expense ratio before waivers or absorptions E,S 1.12% 1.15% 1.14% 1.11% 1.10% 1.09%Trading expense ratioG .05% .07% .07% .06% .03% .05%Portfolio turnover rateH,I 23.69% 68.04% 62.86% 53.02% 30.68% 56.44%Net asset value per security, end of period $ 16.3638 $ 13.3954 $ 16.3396 $ 18.2766 $ 18.7735 $ 18.5293

2020 2020 2019 2018 2017 2016R

The Series’ Net Assets per Security A Net assets, beginning of period B $ 8.42 $ 9.76 $ 10.34 $ 10.07 $ 9.42 $ 10.00Increase (decrease) from operations: Total revenue .13 .34 .42 .19 .15 .04Total expenses (excluding distributions) (.07) (.13) (.16) (.13) (.12) (.04)Realized gains (losses) .47 .29 .46 .23 .62 (.23)Unrealized gains (losses) 1.60 (1.54) (.76) (.06) .16 (.16)Total increase (decrease) from operationsB 2.13 (1.04) (.04) .23 .81 (.38)Distributions: From net investment income (excluding dividends) – (.22) (.27) – – (.06)From dividends – (.01) – – – –From capital gains – – (.27) – – (.44)Return of capital – – – – – –Total distributionsB,C – (.23) (.54) – – (.51)Net assets, end of periodB $ 10.55 $ 8.42 $ 9.76 $ 10.34 $ 10.07 $ 9.42Ratios and Supplemental Data Net asset value (000s) D $ 14,654 $ 12,499 $ 19,953 $ 21,444 $ 19,955 $ 2,083Securities outstandingD 1,383,574 1,483,566 2,037,872 2,026,457 1,983,919 229,864Management expense ratio E,S 1.03% 1.06% 1.06% 1.05% 1.04% 1.06%Management expense ratio before waivers or absorptions E,S 1.04% 1.06% 1.06% 1.05% 1.05% 1.06%Trading expense ratioG .05% .07% .07% .06% .03% .05%Portfolio turnover rateH,I 23.69% 68.04% 62.86% 53.02% 30.68% 56.44%Net asset value per security, end of period $ 10.5538 $ 8.4244 $ 9.7603 $ 10.3456 $ 10.0716 $ 9.4197

2020 2020 2019 2018 2017L

The Series’ Net Assets per Security A Net assets, beginning of period B $ 14.39 $ 17.55 $ 19.63 $ 20.16 $ 20.00Increase (decrease) from operations: Total revenue .22 .59 .77 .38 .17Total expenses (excluding distributions) (.11) (.23) (.29) (.26) (.13)Realized gains (losses) .78 .54 .90 .71 .79Unrealized gains (losses) 2.85 (2.85) (1.18) (.28) .15Total increase (decrease) from operationsB 3.74 (1.95) .20 .55 .98Distributions: From net investment income (excluding dividends) – (.37) (.49) – –From dividends – (.02) (.01) – –From capital gains – – (.50) – –Return of capital (.42) (.85) (1.00) (1.06) (.62)Total distributionsB,C (.42) (1.24) (2.00) (1.06) (.62)Net assets, end of periodB $ 17.59 $ 14.39 $ 17.55 $ 19.63 $ 20.16Ratios and Supplemental Data Net asset value (000s) D $ 383 $ 306 $ 396 $ 220 $ 300Securities outstandingD 21,779 21,249 22,576 11,210 14,886Management expense ratio M,N 1.01% 1.08% 1.08% 1.05% 1.05%Management expense ratio before waivers or absorptions M,N 1.01% 1.08% 1.08% 1.06% 1.06%Trading expense ratioG .05% .07% .07% .06% .03%Portfolio turnover rateH,I 23.69% 68.04% 62.86% 53.02% 30.68%Net asset value per security, end of period $ 17.5887 $ 14.3903 $ 17.5544 $ 19.6364 $ 20.1619

2020 2020 2019 2018 2017 2016R

The Series’ Net Assets per Security A Net assets, beginning of period B $ 8.43 $ 9.77 $ 10.35 $ 10.08 $ 9.42 $ 10.00Increase (decrease) from operations: Total revenue .13 .33 .44 .18 .15 .05Total expenses (excluding distributions) (.06) (.13) (.15) (.12) (.11) (.04)Realized gains (losses) .47 .29 .47 .14 .57 (.34)Unrealized gains (losses) 1.61 (1.46) (.88) .20 .21 (.10)Total increase (decrease) from operationsB 2.15 (.97) (.12) .40 .82 (.42)Distributions: From net investment income (excluding dividends) – (.22) (.27) (.01) – (.06)From dividends – (.01) – – – –From capital gains – – (.28) – – (.44)Return of capital – – – – – –Total distributionsB,C – (.23) (.55) (.01) – (.51)Net assets, end of periodB $ 10.57 $ 8.43 $ 9.77 $ 10.35 $ 10.08 $ 9.42Ratios and Supplemental Data Net asset value (000s) D $ 3,824 $ 3,880 $ 5,236 $ 6,239 $ 9,745 $ 2,372Securities outstandingD 361,744 459,939 535,988 602,386 969,312 251,717Management expense ratio E,S .98% 1.01% .99% .96% .96% .95%Management expense ratio before waivers or absorptions E,S .99% 1.02% 1.00% .96% .96% .95%Trading expense ratioG .05% .07% .07% .06% .03% .05%Portfolio turnover rateH,I 23.69% 68.04% 62.86% 53.02% 30.68% 56.44%Net asset value per security, end of period $ 10.5693 $ 8.4347 $ 9.7705 $ 10.3570 $ 10.0817 $ 9.4213

2020 2020 2019 2018O

The Series’ Net Assets per Security A Net assets, beginning of period B $ 14.88 $ 18.15 $ 20.23 $ 20.00Increase (decrease) from operations: Total revenue .23 .60 .54 .25Total expenses (excluding distributions) (.12) (.23) (.24) (.16)Realized gains (losses) .82 .63 .01 .31Unrealized gains (losses) 2.81 (3.21) 2.73 .62Total increase (decrease) from operationsB 3.74 (2.21) 3.04 1.02Distributions: From net investment income (excluding dividends) – (.40) (.53) (.04)From dividends – (.02) (.01) –From capital gains – – (.54) –Return of capital (.43) (.88) (.96) (.75)Total distributionsB,C (.43) (1.30) (2.04) (.79)Net assets, end of periodB $ 18.19 $ 14.88 $ 18.15 $ 20.23Ratios and Supplemental Data Net asset value (000s) D $ 94 $ 77 $ 83 $ 1Securities outstandingD 5,157 5,156 4,588 52Management expense ratio P,Q 1.01% 1.02% 1.00% .80%Management expense ratio before waivers or absorptions P,Q 1.02% 1.03% 1.00% .80%Trading expense ratioG .05% .07% .07% .06%Portfolio turnover rateH,I 23.69% 68.04% 62.86% 53.02%Net asset value per security, end of period $ 18.1890 $ 14.8812 $ 18.1531 $ 20.2393

2020 2020 2019 2018 2017 2016R

The Series’ Net Assets per Security A Net assets, beginning of period B $ 8.44 $ 9.78 $ 10.36 $ 10.09 $ 9.42 $ 10.00Increase (decrease) from operations: Total revenue .13 .35 .42 .21 .15 .06Total expenses (excluding distributions) (.06) (.12) (.14) (.12) (.11) (.04)Realized gains (losses) .46 .31 .48 .48 .83 (.55)Unrealized gains (losses) 1.71 (2.07) (.82) (.51) .35 (.63)Total increase (decrease) from operationsB 2.24 (1.53) (.06) .06 1.22 (1.16)Distributions: From net investment income (excluding dividends) – (.23) (.27) (.01) – (.06)From dividends – (.01) – – – –From capital gains – – (.28) – – (.44)Return of capital – – – – – –Total distributionsB,C – (.24) (.55) (.01) – (.51)Net assets, end of periodB $ 10.58 $ 8.44 $ 9.78 $ 10.36 $ 10.09 $ 9.42Ratios and Supplemental Data Net asset value (000s) D $ 967 $ 1,012 $ 1,551 $ 1,846 $ 731 $ 335Securities outstandingD 91,483 119,953 155,357 178,079 72,458 35,570Management expense ratio E,S .90% .93% .91% .90% .91% .93%Management expense ratio before waivers or absorptions E,S .90% .93% .91% .91% .92% .94%Trading expense ratioG .05% .07% .07% .06% .03% .05%Portfolio turnover rateH,I 23.69% 68.04% 62.86% 53.02% 30.68% 56.44%Net asset value per security, end of period $ 10.5754 $ 8.4367 $ 9.7756 $ 10.3632 $ 10.0853 $ 9.4232

2020 2020 2019 2018O

The Series’ Net Assets per Security A Net assets, beginning of period B $ 14.91 $ 18.18 $ 20.26 $ 20.00Increase (decrease) from operations: Total revenue .24 .60 .81 .18Total expenses (excluding distributions) (.08) (.20) (.26) (.15)Realized gains (losses) .83 .60 .91 (.51)Unrealized gains (losses) 2.77 (3.02) (1.42) (.41)Total increase (decrease) from operationsB 3.76 (2.02) .04 (.89)Distributions: From net investment income (excluding dividends) – (.43) (.53) (.02)From dividends – (.03) (.01) –From capital gains – – (.54) –Return of capital (.43) (.88) (.97) (.75)Total distributionsB,C (.43) (1.34) (2.05) (.77)Net assets, end of periodB $ 18.24 $ 14.91 $ 18.18 $ 20.26Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1 $ 1 $ 1Securities outstandingD 64 63 58 52Management expense ratio P,Q .76% .83% .81% .92%Management expense ratio before waivers or absorptions P,Q .76% .83% .81% .93%Trading expense ratioG .05% .07% .07% .06%Portfolio turnover rateH,I 23.69% 68.04% 62.86% 53.02%Net asset value per security, end of period $ 18.2452 $ 14.9105 $ 18.1814 $ 20.2665

2020 2020 2019 2018 2017 2016R

The Series’ Net Assets per Security A Net assets, beginning of period B $ 8.44 $ 9.78 $ 10.36 $ 10.09 $ 9.42 $ 10.00Increase (decrease) from operations: Total revenue .14 .33 .39 .20 .19 .04Total expenses (excluding distributions) (.06) (.11) (.14) (.11) (.11) (.02)Realized gains (losses) .48 .26 .43 .26 .59 (.06)Unrealized gains (losses) 1.40 (1.30) (.58) (.78) .39 (.05)Total increase (decrease) from operationsB 1.96 (.82) .10 (.43) 1.06 (.09)Distributions: From net investment income (excluding dividends) – (.23) (.28) (.01) – (.06)From dividends – (.01) – – – –From capital gains – – (.28) – – (.44)Return of capital – – – – – –Total distributionsB,C – (.24) (.56) (.01) – (.51)Net assets, end of periodB $ 10.58 $ 8.44 $ 9.78 $ 10.36 $ 10.09 $ 9.42Ratios and Supplemental Data Net asset value (000s) D $ 305 $ 84 $ 135 $ 281 $ 2,346 $ 1Securities outstandingD 28,786 10,003 13,769 27,121 232,443 105Management expense ratio E,S .87% .89% .88% .89% .89% .82%Management expense ratio before waivers or absorptions E,S .87% .90% .89% .89% .90% .82%Trading expense ratioG .05% .07% .07% .06% .03% .05%Portfolio turnover rateH,I 23.69% 68.04% 62.86% 53.02% 30.68% 56.44%Net asset value per security, end of period $ 10.5819 $ 8.4404 $ 9.7803 $ 10.3683 $ 10.0924 $ 9.4249

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, (2020: – %, 2020: .03%, 2019: .02%, 2018: – %, 2017: – %, 2016: – % ).F Effective January 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.G The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund’s pro-rata share of estimated

trading costs incurred in any underlying investment fund, if applicable.H The Fund’s portfolio turnover rate indicates how actively the Fund’s portfolio adviser manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its

portfolio once in the course of the year. The higher the Fund’s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. For periods greater than six months, but less than a full fiscal year, the portfolio turnover rate is annualized.

I Prior period amounts may have been adjusted.J For the period February 5, 2016 (commencement of sale of securities) to March 31, 2016.K Effective February 9, 2016, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at

any time, at its sole discretion. It is not known when such waivers will be terminated.L For the period September 16, 2016 (commencement of sale of securities) to March 31, 2017.M 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, (2020: – %, 2020: .03%, 2019: .02%, 2018: – %, 2017: – % ).N 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.O For the period July 14, 2017 (commencement of sale of securities) to March 31, 2018.P 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, (2020: – %, 2020: .03%, 2019: .02%, 2018: – %).Q 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.R For the period December 4, 2015 (commencement of sale of securities) to March 31, 2016.S 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.

Management and Advisory FeesFidelity serves as manager and investment advisor of the Fund. The Fund pays Fidelity a monthly management and advisory fee for their services, based on the net asset value of each Series, calculated daily and payable monthly. Fidelity uses these management fees to pay for sales and trailing commissions to registered dealers on the distribution of the Fund securities, as well as for the general investment management expenses. Dealer compensation represents cash commissions paid by Fidelity to registered dealers during the period and includes upfront deferred sales charge and trailing commissions. This amount may, in certain circumstances, exceed 100% of the fees earned by Fidelity during the period. For new Funds or Series the amounts presented may not be indicative of longer term operating periods.

Management Fees

Dealer Compensation

Investment management, administration

and other

Series A 2.000% 26.19% 73.81%

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% 23.56% 76.44%

Series T8 2.000% 15.13% 84.87%

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 E3T5 1.775% 56.34% 43.66%

Series E4 1.725% 57.97% 42.03%

Series E4T5 1.725% 57.97% 42.03%

Series E5 1.675% 59.70% 40.30%

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 P3T5 0.775% — 100.00%

Series P4 0.725% — 100.00%

Series P4T5 0.725% — 100.00%

Series P5 0.675% — 100.00%

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

40302010

0-10-20

Fiscal Years

Series B

40302010

0-10-20

Fiscal Years

Series F

40302010

0-10-20

Fiscal Years

Series F5

40302010

0-10-20

Fiscal Years

Commencement of Operations is April 17, 2013

Series F8

40302010

0-10-20

Fiscal Years

Commencement of Operations is April 17, 2013

Series O

40302010

0-10-20

Fiscal Years

Past Performance – continued

Series T5

40302010

0-10-20

Fiscal Years

Series T8

40302010

0-10-20

Fiscal Years

Series S5

40302010

0-10-20

Fiscal Years

Series S8

40302010

0-10-20

Fiscal Years

Series E1

40302010

0-10-20

Fiscal Years

Commencement of Operations is February 5, 2016

Series E1T5

40302010

0-10-20

Fiscal Years

Series E2

40302010

0-10-20

Fiscal Years

Series E2T5

40302010

0-10-20

Fiscal Years

Series E3

40302010

0-10-20

Fiscal Years

Series E3T5

40302010

0-10-20

Fiscal Years

Commencement of Operations is September 16, 2016

Series E4

40302010

0-10-20

Fiscal Years

Series E4T5

40302010

0-10-20

Fiscal Years

Commencement of Operations is July 14, 2017

Series E5

40302010

0-10-20

Fiscal Years

Series P1

40302010

0-10-20

Fiscal Years

Commencement of Operations is December 4, 2015

Series P1T5

40302010

0-10-20

Fiscal Years

Series P2

40302010

0-10-20

Fiscal Years

Past Performance – continued

Series P2T5

40302010

0-10-20

Fiscal Years

Commencement of Operations is September 16, 2016

Series P3

40302010

0-10-20

Fiscal Years

Series P3T5

40302010

0-10-20

Fiscal Years

Series P4

40302010

0-10-20

Fiscal Years

Series P4T5

40302010

0-10-20

Fiscal Years

Series P5

40302010

0-10-20

Fiscal Years

Summary of Investment Portfolio as at September 30, 2020Sector Mix

% of Fund’s Net Assets as at

9/30/20

3/31/20

Information Technology 19.3 18.4

Consumer Discretionary 17.1 17.1

Consumer Staples 12.2 12.5

Health Care 11.8 13.1

Industrials 10.9 13.6

Communication Services 8.2 8.5

Financials 5.6 4.8

Energy 4.0 2.7

Materials 2.8 2.3

Utilities 1.7 1.5

Others (Individually Less Than 1%) 0.6 0.5

Cash and Cash Equivalents 5.6 3.9

Net Other Assets (Liabilities) 0.2 1.1

Geographic Mix

9/30/20

3/31/20

United States of America 32.5 33.2

Japan 19.2 18.8

Korea (South) 11.1 10.4

Cayman Islands 4.0 3.8

United Kingdom 3.5 4.1

Canada 3.0 1.5

France 2.8 3.0

Taiwan 2.7 2.8

Netherlands 2.2 2.0

China 1.7 2.1

India 1.5 1.2

Greece 1.3 1.2

Others (Individually Less Than 1%) 8.7 10.9

Cash and Cash Equivalents 5.6 3.9

Net Other Assets (Liabilities) 0.2 1.1

Top Issuers

% of Fund’s Net Assets

1. Fidelity U.S. Money Market Investment Trust – Series O 5.3

2. Ottogi Corp. 3.8

3. Imperial Brands PLC 2.3

4. Microsoft Corp. 2.1

5. Seria Co. Ltd. 1.7

6. Itochu Corp. 1.7

7. Amazon.com, Inc. 1.6

8. Simplo Technology Co. Ltd. 1.4

9. Anthem, Inc. 1.3

10. Gilead Sciences, Inc. 1.2

11. Suncor Energy, Inc. 1.2

12. Jumbo SA 1.1

13. Alphabet, Inc. 1.1

14. Apple, Inc. 1.1

15. Hyundai Mobis 1.1

16. Db Insurance Co. Ltd. 1.0

17. Haitian International Holdings Ltd. 1.0

18. Wells Fargo & Co. 1.0

19. Fukuda Denshi Co. Ltd. 0.9

20. JPMorgan Chase & Co. 0.9

21. Future Corp. 0.9

22. Bell-Park Co. Ltd. 0.9

23. Kingboard Chemical Holdings Ltd. 0.9

24. Facebook, Inc. 0.9

25. Tesla, Inc. 0.8

Total Fund Net Assets $4,169,144,000

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

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

Fidelity’s mutual funds are sold by registered Investment Professionals. Each Fund has a simplified prospectus, which contains important information on the Fund, including its investment objective, purchase options, and applicable charges. Please obtain a copy of the prospectus, read it carefully, and consult your Investment Professional before investing. As with any investment, there are risks to investing in mutual funds. There is no assurance that any Fund will achieve its investment objective, and its net asset value, yield, and investment return will fluctuate from time to time with market conditions. Investors may experience a gain or loss when they sell their securities in any Fidelity Fund. Fidelity Global Funds may be more volatile than other Fidelity Funds as they concentrate investments in one sector and in fewer issuers; no single Fund is intended to be a complete diversified investment program. Past performance is no assurance or indicator of future returns. There is no assurance that either Fidelity Canadian Money Market Fund, Fidelity Canadian Money Market Investment Trust, Fidelity U.S. Money Market Fund or Fidelity U.S. Money Market Investment Trust will be able to maintain its net asset value at a constant amount. The breakdown of Fund investments is presented to illustrate the way in which a Fund may invest, and may not be representative of a Fund’s current or future investments. A Fund’s investments may change at any time.

1.822464.115 FICL-NS-MRFPS-1120

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

62.107332E

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

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