fidelity american balanced currency neutral fund · this semi-annual management report of fund...

Semi-Annual Management Report of Fund PerformanceSeptember 30, 2020

Fidelity American Balanced Currency Neutral Fund

Caution Regarding Forward-looking Statements

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

In addition, any statement that may be made concerning future performance, strategies or prospects, and possible future Fund action, is also a forward-looking statement. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about the Fund and economic factors. Accordingly, assumptions concerning future economic and other factors may prove to be incorrect at a future date.

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

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

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Semi-Annual Management Report of Fund Performance as at September 30, 2020Fidelity American Balanced Currency Neutral 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 American Balanced Currency Neutral Fund (Fund) invests substantially all of its assets in securities of Fidelity American Balanced Fund (Underlying Fund).

Fidelity American Balanced Currency Neutral Fund, Series B, returned 18.6%, 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. U.S. equities, as represented by the S&P 500 Index – Hedged CAD, returned 30.3% (in Canadian dollar terms), while U.S. investment-grade bonds, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index – Hedged CAD, returned 3.4% (in Canadian dollar terms) for the same period.

Market Overview:

U.S. equities gained over the review period. A combination of central bank and government stimuli, as well as advances in potential treatments for COVID-19 and optimism about economic recovery supported positive investor sentiment. Gains in mega-cap technology stocks also drove markets. Toward the end of the review period, concerns about stretched valuations in the technology sector, uncertainty surrounding the U.S. presidential elections, and delays in additional government stimulus contributed to some volatility. The U.S. Federal Reserve (Fed) under-took swift measures in an attempt to mitigate the impact of COVID-19 pandemic on the economy and financial markets. Among others, these measures included the reduction of its policy interest rates to a range of 0.00–0.25% in March 2020 from a range of 1.50–1.75% at the beginning of 2020. The Fed confirmed a lower-for-longer interest rate scenario, as the central bank officially moved to an average inflation-targeting framework. The U.S. government also passed a US$2 trillion fiscal stimulus plan in an effort to support the economy.

U.S. fixed-income markets declined over the review period (in Canadian dollar terms). The U.S. Federal Reserve (Fed) expanded its secondary market corporate facility, which allowed it to buy individual short-term corporate bonds in U.S. companies, along with corporate exchange-traded funds (ETFs) that included investment-grade and some high-yield corporate debt. Investor sentiment was lifted by signs of progress in curbing the spread of COVID-19 in both the U.S. and Europe, which led to optimism about swift re-opening of those economies. Toward the end of the review period, uncertainty concerning additional policy support for the U.S. economy contributed to a rise in volatility, and supported demand for safe-haven assets such as Treasury bonds. Furthermore, fears of a second wave of infections and uncertainty concerning the result of the U.S. presidential election also contributed to volatility toward the end of the review period.

Factors affecting performance:

Among equities during the review period, the Underlying Fund’s exposure to U.S. equities through Fidelity Insights Investment Trust and Fidelity American Equity Fund, and investments in global small cap equities through Fidelity Global Intrinsic Value Investment Trust, contributed the most to total returns. No equity asset class materially detracted from the Fund’s total return over the review period.

Among fixed-income asset classes, the Underlying Fund’s investments in U.S. investment-grade bonds, followed by investments in U.S. high-yield bonds, contributed most to total returns. No fixed-income asset class materially detracted from the Underlying Fund’s total return over the review period.

Portfolio Changes:

During the review period, the Underlying Fund’s exposure to U.S. high-yield bonds was increased, as was exposure to global small cap equities, given their attractive risk/reward outlook in the portfolio manager’s view. Conversely, exposure was reduced in the Underlying Fund to U.S. investment-grade bonds as the managers found better opportunities elsewhere.

Derivative Disclosure:

During the period, the Fund engaged in forward contracts, in a manner consistent with its investment objective and strategies, to hedge as completely as possible against the effect of currency fluctuations on the Fund’s investment returns. The use of forward contracts in this manner does not completely eliminate the impact of currency fluctuations on returns. The Fund’s returns will differ from the local currency returns of the Underlying Fund’s investments.

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

Portfolio managers Geoff Stein, David Wolf and David Tulk believe the unprecedented demand shock from COVID-19, paired with unprecedented fiscal and monetary actions, increases the range of potential outcomes. They believe future earnings estimates point to a continued recovery. Corporate fundamentals will be challenged although not universally poor. Due to this uncertainty, the portfolio managers continue to be prudent and diversified within the Fund, and are monitoring the current situation closely.

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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 provides investment advice with respect to the Fund’s investment portfolio and arranges for the 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 $557,000 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 $84,000 for the period ended September 30, 2020.

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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 American Balanced Currency Neutral Fund Series A

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

2020 2020 2019 2018 2017A

The Series’ Net Assets per Security B Net assets, beginning of period C $ 10.77 $ 11.90 $ 11.63 $ 10.76 $ 10.00Increase (decrease) from operations: Total revenue – .34 .13 – –Total expenses (excluding distributions) (.16) (.31) (.30) (.29) (.20)Realized gains (losses) .68 .14 .31 .21 .42Unrealized gains (losses) 1.58 (.76) .14 .52 .25Total increase (decrease) from operationsC 2.10 (.59) .28 .44 .47Distributions: From net investment income (excluding dividends) – – – – –From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsC,D – – – – –Net assets, end of periodC $ 12.75 $ 10.77 $ 11.90 $ 11.63 $ 10.76Ratios and Supplemental Data Net asset value (000s) E $ 5,940 $ 6,938 $ 7,697 $ 7,526 $ 2,054Securities outstandingE 470,049 647,353 646,442 657,990 190,943Management expense ratio F,G 2.59% 2.55% 2.52% 2.53% 2.54%Management expense ratio before waivers or absorptions F,G 2.61% 2.57% 2.54% 2.54% 2.55%Trading expense ratioH .02% .02% .03% .04% .03%Portfolio turnover rateI 15.02% 40.47% 52.95% 16.68% 82.99%Net asset value per security, end of period $ 12.7515 $ 10.7697 $ 11.9062 $ 11.6350 $ 10.7583

Fidelity American Balanced Currency Neutral Fund Series B


2020 2020 2019 2018 2017A

The Series’ Net Assets per Security B Net assets, beginning of period C $ 10.84 $ 11.96 $ 11.66 $ 10.76 $ 10.00Increase (decrease) from operations: Total revenue – .34 .13 – –Total expenses (excluding distributions) (.14) (.29) (.27) (.27) (.17)Realized gains (losses) .86 .12 .29 (.03) .02Unrealized gains (losses) 1.31 (.99) .14 .38 .56Total increase (decrease) from operationsC 2.03 (.82) .29 .08 .41Distributions: From net investment income (excluding dividends) – – – – –From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsC,D – – – – –Net assets, end of periodC $ 12.85 $ 10.84 $ 11.96 $ 11.66 $ 10.76Ratios and Supplemental Data Net asset value (000s) E $ 24,731 $ 21,027 $ 26,550 $ 26,965 $ 3,106Securities outstandingE 1,921,339 1,960,134 2,219,483 2,315,900 291,388Management expense ratio F,G 2.37% 2.35% 2.33% 2.33% 2.32%Management expense ratio before waivers or absorptions F,G 2.37% 2.35% 2.33% 2.33% 2.34%Trading expense ratioH .02% .02% .03% .04% .03%Portfolio turnover rateI 15.02% 40.47% 52.95% 16.68% 82.99%Net asset value per security, end of period $ 12.8511 $ 10.8397 $ 11.9583 $ 11.6656 $ 10.7632

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Financial Highlights – continued

Fidelity American Balanced Currency Neutral Fund Series F


2020 2020 2019 2018 2017A

The Series’ Net Assets per Security B Net assets, beginning of period C $ 11.26 $ 12.33 $ 11.90 $ 10.85 $ 10.00Increase (decrease) from operations: Total revenue – .35 .15 – –Total expenses (excluding distributions) (.08) (.15) (.14) (.13) (.09)Realized gains (losses) .64 .08 .30 .20 .03Unrealized gains (losses) 1.95 (1.62) .12 .31 .63Total increase (decrease) from operationsC 2.51 (1.34) .43 .38 .57Distributions: From net investment income (excluding dividends) – (.04) – – –From dividends – (.02) – – –From capital gains – – – – –Return of capital – – – – –Total distributionsC,D – (.06) – – –Net assets, end of periodC $ 13.42 $ 11.26 $ 12.33 $ 11.90 $ 10.85Ratios and Supplemental Data Net asset value (000s) E $ 13,209 $ 18,587 $ 22,030 $ 19,284 $ 3,396Securities outstandingE 984,023 1,670,645 1,785,924 1,638,830 313,061Management expense ratio F,G 1.23% 1.21% 1.20% 1.20% 1.17%Management expense ratio before waivers or absorptions F,G 1.23% 1.21% 1.20% 1.20% 1.19%Trading expense ratioH .02% .02% .03% .04% .03%Portfolio turnover rateI 15.02% 40.47% 52.95% 16.68% 82.99%Net asset value per security, end of period $ 13.4235 $ 11.2617 $ 12.3354 $ 11.8969 $ 10.8538

Fidelity American Balanced Currency Neutral Fund Series F5


2020 2020 2019 2018 2017A

The Series’ Net Assets per Security B Net assets, beginning of period C $ 18.90 $ 21.70 $ 21.92 $ 20.94 $ 20.00Increase (decrease) from operations: Total revenue – .64 .27 – –Total expenses (excluding distributions) (.12) (.25) (.25) (.25) (.17)Realized gains (losses) .85 .20 .93 .60 .01Unrealized gains (losses) 3.37 (2.26) .31 .64 1.63Total increase (decrease) from operationsC 4.10 (1.67) 1.26 .99 1.47Distributions: From net investment income (excluding dividends) – (.06) – – –From dividends – (.03) – – –From capital gains – – – – –Return of capital (.57) (1.03) (1.00) (1.00) (.75)Total distributionsC,D (.57) (1.12) (1.00) (1.00) (.75)Net assets, end of periodC $ 21.94 $ 18.90 $ 21.70 $ 21.92 $ 20.94Ratios and Supplemental Data Net asset value (000s) E $ 1,369 $ 2,319 $ 2,167 $ 2,227 $ 194Securities outstandingE 62,426 122,706 99,836 97,018 9,301Management expense ratio F,G 1.23% 1.21% 1.20% 1.19% 1.15%Management expense ratio before waivers or absorptions F,G 1.23% 1.22% 1.20% 1.19% 1.18%Trading expense ratioH .02% .02% .03% .04% .03%Portfolio turnover rateI 15.02% 40.47% 52.95% 16.68% 82.99%Net asset value per security, end of period $ 21.9415 $ 18.8987 $ 21.7077 $ 21.9244 $ 20.9389

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Fidelity American Balanced Currency Neutral Fund Series F8


2020 2020 2019 2018 2017A

The Series’ Net Assets per Security B Net assets, beginning of period C $ 16.78 $ 19.93 $ 20.80 $ 20.48 $ 20.00Increase (decrease) from operations: Total revenue – .61 .32 – –Total expenses (excluding distributions) (.11) (.23) (.23) (.24) (.17)Realized gains (losses) .56 .17 .92 (2.09) (.78)Unrealized gains (losses) 3.29 (2.23) .29 .14 1.44Total increase (decrease) from operationsC 3.74 (1.68) 1.30 (2.19) .49Distributions: From net investment income (excluding dividends) – (.06) – – –From dividends – (.03) – – –From capital gains – – – – –Return of capital (.80) (1.60) (1.60) (1.60) (1.20)Total distributionsC,D (.80) (1.69) (1.60) (1.60) (1.20)Net assets, end of periodC $ 19.17 $ 16.78 $ 19.93 $ 20.80 $ 20.48Ratios and Supplemental Data Net asset value (000s) E $ 420 $ 731 $ 779 $ 281 $ 8Securities outstandingE 21,884 43,587 39,063 13,532 381Management expense ratio F,G 1.22% 1.19% 1.20% 1.22% 1.19%Management expense ratio before waivers or absorptions F,G 1.23% 1.19% 1.20% 1.22% 1.22%Trading expense ratioH .02% .02% .03% .04% .03%Portfolio turnover rateI 15.02% 40.47% 52.95% 16.68% 82.99%Net asset value per security, end of period $ 19.1691 $ 16.7743 $ 19.9329 $ 20.8019 $ 20.4808

Fidelity American Balanced Currency Neutral Fund Series T5


2020 2020 2019 2018 2017A

The Series’ Net Assets per Security B Net assets, beginning of period C $ 17.97 $ 20.87 $ 21.40 $ 20.73 $ 20.00Increase (decrease) from operations: Total revenue – .60 .20 – –Total expenses (excluding distributions) (.25) (.54) (.54) (.55) (.40)Realized gains (losses) (.39) .21 .19 (.35) .52Unrealized gains (losses) 5.11 (2.11) .53 1.35 .54Total increase (decrease) from operationsC 4.47 (1.84) .38 .45 .66Distributions: From net investment income (excluding dividends) – – – – –From dividends – – – – –From capital gains – – – – –Return of capital (.54) (1.02) (1.00) (1.00) (.75)Total distributionsC,D (.54) (1.02) (1.00) (1.00) (.75)Net assets, end of periodC $ 20.72 $ 17.97 $ 20.87 $ 21.40 $ 20.73Ratios and Supplemental Data Net asset value (000s) E $ 29 $ 77 $ 90 $ 420 $ 65Securities outstandingE 1,389 4,318 4,331 18,133 3,136Management expense ratio F,G 2.59% 2.57% 2.56% 2.57% 2.56%Management expense ratio before waivers or absorptions F,G 2.60% 2.58% 2.57% 2.58% 2.58%Trading expense ratioH .02% .02% .03% .04% .03%Portfolio turnover rateI 15.02% 40.47% 52.95% 16.68% 82.99%Net asset value per security, end of period $ 20.7211 $ 17.9727 $ 20.8710 $ 21.4025 $ 20.7344

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Fidelity American Balanced Currency Neutral Fund Series T8


2020 2020 2019 2018 2017A

The Series’ Net Assets per Security B Net assets, beginning of period C $ 15.96 $ 19.18 $ 20.32 $ 20.28 $ 20.00Increase (decrease) from operations: Total revenue – .57 .18 – –Total expenses (excluding distributions) (.21) (.46) (.48) (.51) (.38)Realized gains (losses) 1.25 .51 .11 .83 .66Unrealized gains (losses) 1.91 (1.63) .39 .75 .55Total increase (decrease) from operationsC 2.95 (1.01) .20 1.07 .83Distributions: From net investment income (excluding dividends) – – – – –From dividends – – – – –From capital gains – – – – –Return of capital (.80) (1.60) (1.60) (1.60) (1.20)Total distributionsC,D (.80) (1.60) (1.60) (1.60) (1.20)Net assets, end of periodC $ 18.08 $ 15.96 $ 19.18 $ 20.32 $ 20.28Ratios and Supplemental Data Net asset value (000s) E $ 308 $ 280 $ 205 $ 724 $ 307Securities outstandingE 17,040 17,573 10,728 35,697 15,182Management expense ratio F,G 2.42% 2.42% 2.43% 2.46% 2.46%Management expense ratio before waivers or absorptions F,G 2.44% 2.43% 2.44% 2.47% 2.48%Trading expense ratioH .02% .02% .03% .04% .03%Portfolio turnover rateI 15.02% 40.47% 52.95% 16.68% 82.99%Net asset value per security, end of period $ 18.0827 $ 15.9590 $ 19.1851 $ 20.3237 $ 20.2857

Fidelity American Balanced Currency Neutral Fund Series S5


2020 2020 2019 2018 2017A

The Series’ Net Assets per Security B Net assets, beginning of period C $ 18.12 $ 20.99 $ 21.46 $ 20.75 $ 20.00Increase (decrease) from operations: Total revenue – .59 .23 – –Total expenses (excluding distributions) (.23) (.49) (.48) (.48) (.35)Realized gains (losses) 1.33 .22 .48 .32 .06Unrealized gains (losses) 2.36 (1.89) .45 1.00 1.29Total increase (decrease) from operationsC 3.46 (1.57) .68 .84 1.00Distributions: From net investment income (excluding dividends) – – – – –From dividends – – – – –From capital gains – – – – –Return of capital (.54) (1.02) (1.00) (1.00) (.75)Total distributionsC,D (.54) (1.02) (1.00) (1.00) (.75)Net assets, end of periodC $ 20.92 $ 18.12 $ 20.99 $ 21.46 $ 20.75Ratios and Supplemental Data Net asset value (000s) E $ 1,306 $ 1,353 $ 1,895 $ 2,695 $ 740Securities outstandingE 62,544 74,806 90,342 127,169 35,660Management expense ratio F,G 2.37% 2.35% 2.33% 2.35% 2.34%Management expense ratio before waivers or absorptions F,G 2.37% 2.35% 2.33% 2.35% 2.36%Trading expense ratioH .02% .02% .03% .04% .03%Portfolio turnover rateI 15.02% 40.47% 52.95% 16.68% 82.99%Net asset value per security, end of period $ 20.9182 $ 18.1231 $ 20.9933 $ 21.4674 $ 20.7545

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Fidelity American Balanced Currency Neutral Fund Series S8


2020 2020 2019 2018 2017A

The Series’ Net Assets per Security B Net assets, beginning of period C $ 16.05 $ 19.26 $ 20.37 $ 20.30 $ 20.00Increase (decrease) from operations: Total revenue – .55 .25 – –Total expenses (excluding distributions) (.20) (.44) (.45) (.48) (.36)Realized gains (losses) 1.11 .18 .65 .03 .33Unrealized gains (losses) 2.17 (2.27) .11 .84 .71Total increase (decrease) from operationsC 3.08 (1.98) .56 .39 .68Distributions: From net investment income (excluding dividends) – – – – –From dividends – – – – –From capital gains – – – – –Return of capital (.80) (1.60) (1.60) (1.60) (1.20)Total distributionsC,D (.80) (1.60) (1.60) (1.60) (1.20)Net assets, end of periodC $ 18.20 $ 16.05 $ 19.26 $ 20.37 $ 20.30Ratios and Supplemental Data Net asset value (000s) E $ 1,706 $ 1,811 $ 1,634 $ 1,163 $ 312Securities outstandingE 93,819 112,929 84,856 57,096 15,389Management expense ratio F,G 2.32% 2.32% 2.31% 2.33% 2.32%Management expense ratio before waivers or absorptions F,G 2.32% 2.32% 2.31% 2.33% 2.34%Trading expense ratioH .02% .02% .03% .04% .03%Portfolio turnover rateI 15.02% 40.47% 52.95% 16.68% 82.99%Net asset value per security, end of period $ 18.1984 $ 16.0490 $ 19.2661 $ 20.3739 $ 20.3044

Fidelity American Balanced Currency Neutral Fund Series E1


2020 2020 2019 2018 2017A

The Series’ Net Assets per Security B Net assets, beginning of period C $ 10.88 $ 11.99 $ 11.68 $ 10.78 $ 10.00Increase (decrease) from operations: Total revenue – .37 .13 – –Total expenses (excluding distributions) (.14) (.28) (.26) (.26) (.18)Realized gains (losses) .75 .10 .28 (.01) .17Unrealized gains (losses) 1.53 (1.28) .17 .33 .36Total increase (decrease) from operationsC 2.14 (1.09) .32 .06 .35Distributions: From net investment income (excluding dividends) – – – – –From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsC,D – – – – –Net assets, end of periodC $ 12.91 $ 10.88 $ 11.99 $ 11.68 $ 10.78Ratios and Supplemental Data Net asset value (000s) E $ 7,832 $ 8,769 $ 6,177 $ 7,645 $ 1,115Securities outstandingE 606,846 806,036 515,038 638,314 103,454Management expense ratio F,G 2.27% 2.26% 2.22% 2.24% 2.23%Management expense ratio before waivers or absorptions F,G 2.27% 2.26% 2.22% 2.24% 2.24%Trading expense ratioH .02% .02% .03% .04% .03%Portfolio turnover rateI 15.02% 40.47% 52.95% 16.68% 82.99%Net asset value per security, end of period $ 12.9067 $ 10.8830 $ 11.9937 $ 11.6884 $ 10.7758

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Fidelity American Balanced Currency Neutral Fund Series E1T5


2020 2020 2019 2018 2017J

The Series’ Net Assets per Security B Net assets, beginning of period C $ 17.46 $ 20.23 $ 20.71 $ 20.05 $ 20.00Increase (decrease) from operations: Total revenue – .57 .22 – –Total expenses (excluding distributions) (.22) (.46) (.46) (.47) (.10)Realized gains (losses) .98 .23 .48 .37 .51Unrealized gains (losses) 2.87 (1.99) .32 .56 (.11)Total increase (decrease) from operationsC 3.63 (1.65) .56 .46 .30Distributions: From net investment income (excluding dividends) – – – – –From dividends – – – – –From capital gains – – – – –Return of capital (.52) (1.01) (1.00) (1.00) (.25)Total distributionsC,D (.52) (1.01) (1.00) (1.00) (.25)Net assets, end of periodC $ 20.16 $ 17.46 $ 20.23 $ 20.71 $ 20.05Ratios and Supplemental Data Net asset value (000s) E $ 875 $ 1,456 $ 1,941 $ 2,065 $ 462Securities outstandingE 43,406 83,404 95,944 99,688 23,036Management expense ratio F,K 2.29% 2.27% 2.26% 2.27% 2.27%Management expense ratio before waivers or absorptions F,K 2.29% 2.27% 2.27% 2.27% 2.27%Trading expense ratioH .02% .02% .03% .04% .03%Portfolio turnover rateI 15.02% 40.47% 52.95% 16.68% 82.99%Net asset value per security, end of period $ 20.1603 $ 17.4604 $ 20.2368 $ 20.7175 $ 20.0471



2020 2020 2019 2018 2017J

The Series’ Net Assets per Security B Net assets, beginning of period C $ 10.29 $ 11.33 $ 11.02 $ 10.15 $ 10.00Increase (decrease) from operations: Total revenue – .27 .13 – –Total expenses (excluding distributions) (.13) (.25) (.23) (.23) (.05)Realized gains (losses) .53 (.02) .15 (.42) .32Unrealized gains (losses) 1.92 (.48) .28 .72 (.12)Total increase (decrease) from operationsC 2.32 (.48) .33 .07 .15Distributions: From net investment income (excluding dividends) – – – – –From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsC,D – – – – –Net assets, end of periodC $ 12.21 $ 10.29 $ 11.33 $ 11.02 $ 10.15Ratios and Supplemental Data Net asset value (000s) E $ 755 $ 1,568 $ 1,355 $ 2,332 $ 156Securities outstandingE 61,894 152,385 119,573 211,539 15,385Management expense ratio F,K 2.22% 2.18% 2.09% 2.09% 2.15%Management expense ratio before waivers or absorptions F,K 2.22% 2.18% 2.09% 2.09% 2.15%Trading expense ratioH .02% .02% .03% .04% .03%Portfolio turnover rateI 15.02% 40.47% 52.95% 16.68% 82.99%Net asset value per security, end of period $ 12.2054 $ 10.2887 $ 11.3282 $ 11.0240 $ 10.1492

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Fidelity American Balanced Currency Neutral Fund Series E2T5


2020 2020 2019 2018 2017J

The Series’ Net Assets per Security B Net assets, beginning of period C $ 17.58 $ 20.34 $ 20.77 $ 20.05 $ 20.00Increase (decrease) from operations: Total revenue – .02 .22 – –Total expenses (excluding distributions) (.22) (.44) (.43) (.44) (.10)Realized gains (losses) 2.44 .19 .54 (3.17) .45Unrealized gains (losses) .49 (1.58) .24 6.55 (.05)Total increase (decrease) from operationsC 2.71 (1.81) .57 2.94 .30Distributions: From net investment income (excluding dividends) – – – – –From dividends – – – – –From capital gains – – – – –Return of capital (.53) (1.01) (1.00) (1.00) (.25)Total distributionsC,D (.53) (1.01) (1.00) (1.00) (.25)Net assets, end of periodC $ 20.31 $ 17.58 $ 20.34 $ 20.77 $ 20.05Ratios and Supplemental Data Net asset value (000s) E $ 57 $ 1 $ 1 $ 1 $ 187Securities outstandingE 2,785 59 56 53 9,331Management expense ratio F,K 2.21% 2.11% 2.05% 2.18% 2.19%Management expense ratio before waivers or absorptions F,K 2.21% 2.11% 2.05% 2.18% 2.19%Trading expense ratioH .02% .02% .03% .04% .03%Portfolio turnover rateI 15.02% 40.47% 52.95% 16.68% 82.99%Net asset value per security, end of period $ 20.3133 $ 17.5821 $ 20.3416 $ 20.7730 $ 20.0526



2020 2020 2019 2018 2017J

The Series’ Net Assets per Security B Net assets, beginning of period C $ 10.31 $ 11.35 $ 11.04 $ 10.16 $ 10.00Increase (decrease) from operations: Total revenue – .42 .11 – –Total expenses (excluding distributions) (.12) (.25) (.23) (.22) (.04)Realized gains (losses) .51 .51 .20 .53 .14Unrealized gains (losses) 1.78 .52 .26 .08 .25Total increase (decrease) from operationsC 2.17 1.20 .34 .39 .35Distributions: From net investment income (excluding dividends) – – – – –From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsC,D – – – – –Net assets, end of periodC $ 12.23 $ 10.31 $ 11.35 $ 11.04 $ 10.16Ratios and Supplemental Data Net asset value (000s) E $ 12 $ 17 $ 721 $ 1,150 $ 1Securities outstandingE 958 1,692 63,545 104,136 100Management expense ratio F,K 2.17% 2.16% 2.03% 2.02% 2.12%Management expense ratio before waivers or absorptions F,K 2.17% 2.16% 2.03% 2.02% 2.13%Trading expense ratioH .02% .02% .03% .04% .03%Portfolio turnover rateI 15.02% 40.47% 52.95% 16.68% 82.99%Net asset value per security, end of period $ 12.2308 $ 10.3078 $ 11.3517 $ 11.0419 $ 10.1582

10



Six-months ended September 30,

Periods ended March 31,

2020 2020L

The Series’ Net Assets per Security B Net assets, beginning of period C $ 8.33 $ 10.00Increase (decrease) from operations: Total revenue – –Total expenses (excluding distributions) (.09) (.03)Realized gains (losses) (.61) (.25)Unrealized gains (losses) 3.64 (1.39)Total increase (decrease) from operationsC 2.94 (1.67)Distributions: From net investment income (excluding dividends) – –From dividends – –From capital gains – –Return of capital – –Total distributionsC,D – –Net assets, end of periodC $ 9.89 $ 8.33Ratios and Supplemental Data Net asset value (000s) E $ 1 $ 649Securities outstandingE 100 77,915Management expense ratio M,N 2.11% 2.10%Management expense ratio before waivers or absorptions M,N 2.11% 2.10%Trading expense ratioH .02% .02%Portfolio turnover rateI 15.02% 40.47%Net asset value per security, end of period $ 9.8870 $ 8.3253

Fidelity American Balanced Currency Neutral Fund Series P1


2020 2020 2019 2018 2017A

The Series’ Net Assets per Security B Net assets, beginning of period C $ 11.31 $ 12.38 $ 11.93 $ 10.87 $ 10.00Increase (decrease) from operations: Total revenue – .32 .13 – –Total expenses (excluding distributions) (.07) (.14) (.13) (.13) (.09)Realized gains (losses) .67 .07 .38 (.03) .50Unrealized gains (losses) 1.93 (1.40) .17 .58 .55Total increase (decrease) from operationsC 2.53 (1.15) .55 .42 .96Distributions: From net investment income (excluding dividends) – (.05) – – –From dividends – (.03) – – –From capital gains – – – – –Return of capital – – – – –Total distributionsC,D – (.08) – – –Net assets, end of periodC $ 13.49 $ 11.31 $ 12.38 $ 11.93 $ 10.87Ratios and Supplemental Data Net asset value (000s) E $ 8,205 $ 10,155 $ 10,816 $ 8,996 $ 1,387Securities outstandingE 608,335 882,621 873,411 754,227 127,565Management expense ratio F,G 1.13% 1.11% 1.07% 1.07% 1.07%Management expense ratio before waivers or absorptions F,G 1.14% 1.11% 1.07% 1.07% 1.07%Trading expense ratioH .02% .02% .03% .04% .03%Portfolio turnover rateI 15.02% 40.47% 52.95% 16.68% 82.99%Net asset value per security, end of period $ 13.4877 $ 11.3064 $ 12.3829 $ 11.9277 $ 10.8710

11

Fidelity American Balanced Currency Neutral Fund Series P1T5


2020 2020 2019 2018 2017J

The Series’ Net Assets per Security B Net assets, beginning of period C $ 18.10 $ 20.82 $ 21.03 $ 20.10 $ 20.00Increase (decrease) from operations: Total revenue – .60 .23 – –Total expenses (excluding distributions) (.11) (.23) (.22) (.22) (.05)Realized gains (losses) 1.12 .19 1.19 .60 .45Unrealized gains (losses) 2.73 (1.78) .20 (.26) (.05)Total increase (decrease) from operationsC 3.74 (1.22) 1.40 .12 .35Distributions: From net investment income (excluding dividends) – (.08) – – –From dividends – (.04) – – –From capital gains – – – – –Return of capital (.54) (1.02) (1.00) (1.00) (.25)Total distributionsC,D (.54) (1.14) (1.00) (1.00) (.25)Net assets, end of periodC $ 21.02 $ 18.10 $ 20.82 $ 21.03 $ 20.10Ratios and Supplemental Data Net asset value (000s) E $ 1,219 $ 1,507 $ 2,364 $ 1,673 $ 181Securities outstandingE 57,982 83,314 113,612 84,318 9,014Management expense ratio F,K 1.12% 1.10% 1.06% 1.06% 1.08%Management expense ratio before waivers or absorptions F,K 1.13% 1.10% 1.06% 1.06% 1.08%Trading expense ratioH .02% .02% .03% .04% .03%Portfolio turnover rateI 15.02% 40.47% 52.95% 16.68% 82.99%Net asset value per security, end of period $ 21.0224 $ 18.0971 $ 20.8185 $ 21.0354 $ 20.1023



2020 2020 2019 2018 2017J

The Series’ Net Assets per Security B Net assets, beginning of period C $ 10.60 $ 11.61 $ 11.18 $ 10.18 $ 10.00Increase (decrease) from operations: Total revenue – .28 .10 – –Total expenses (excluding distributions) (.06) (.12) (.11) (.11) (.02)Realized gains (losses) .67 .15 .50 (.13) .22Unrealized gains (losses) 1.68 (.81) .22 .67 (.02)Total increase (decrease) from operationsC 2.29 (.50) .71 .43 .18Distributions: From net investment income (excluding dividends) – (.05) – – –From dividends – (.03) – – –From capital gains – – – – –Return of capital – – – – –Total distributionsC,D – (.08) – – –Net assets, end of periodC $ 12.65 $ 10.60 $ 11.61 $ 11.18 $ 10.18Ratios and Supplemental Data Net asset value (000s) E $ 1,330 $ 1,776 $ 3,629 $ 3,688 $ 963Securities outstandingE 105,101 167,590 312,611 329,959 94,567Management expense ratio F,K 1.00% 1.01% 1.00% 1.01% 1.00%Management expense ratio before waivers or absorptions F,K 1.00% 1.01% 1.00% 1.01% 1.00%Trading expense ratioH .02% .02% .03% .04% .03%Portfolio turnover rateI 15.02% 40.47% 52.95% 16.68% 82.99%Net asset value per security, end of period $ 12.6509 $ 10.5999 $ 11.6098 $ 11.1771 $ 10.1786

12




2020 2020 2019 2018 2017J

The Series’ Net Assets per Security B Net assets, beginning of period C $ 18.11 $ 20.83 $ 21.04 $ 20.10 $ 20.00Increase (decrease) from operations: Total revenue – .63 .24 – –Total expenses (excluding distributions) (.10) (.22) (.22) (.22) (.05)Realized gains (losses) .71 .18 .46 .80 .44Unrealized gains (losses) 3.48 (2.26) .28 1.12 (.04)Total increase (decrease) from operationsC 4.09 (1.67) .76 1.70 .35Distributions: From net investment income (excluding dividends) – (.09) – – –From dividends – (.05) – – –From capital gains – – – – –Return of capital (.54) (1.02) (1.00) (1.00) (.25)Total distributionsC,D (.54) (1.16) (1.00) (1.00) (.25)Net assets, end of periodC $ 21.04 $ 18.11 $ 20.83 $ 21.04 $ 20.10Ratios and Supplemental Data Net asset value (000s) E $ 760 $ 1,762 $ 1,815 $ 1,788 $ 750Securities outstandingE 36,145 97,301 87,139 84,975 37,295Management expense ratio F,K 1.06% 1.04% 1.04% 1.04% 1.03%Management expense ratio before waivers or absorptions F,K 1.06% 1.05% 1.04% 1.04% 1.03%Trading expense ratioH .02% .02% .03% .04% .03%Portfolio turnover rateI 15.02% 40.47% 52.95% 16.68% 82.99%Net asset value per security, end of period $ 21.0390 $ 18.1061 $ 20.8272 $ 21.0400 $ 20.1041



2020 2020 2019 2018 2017J

The Series’ Net Assets per Security B Net assets, beginning of period C $ 10.60 $ 11.62 $ 11.18 $ 10.18 $ 10.00Increase (decrease) from operations: Total revenue – .22 .10 – –Total expenses (excluding distributions) (.06) (.12) (.11) (.11) (.02)Realized gains (losses) .20 .15 .72 .49 .23Unrealized gains (losses) 2.37 .25 .30 .66 (.03)Total increase (decrease) from operationsC 2.51 .50 1.01 1.04 .18Distributions: From net investment income (excluding dividends) – (.06) – – –From dividends – (.03) – – –From capital gains – – – – –Return of capital – – – – –Total distributionsC,D – (.09) – – –Net assets, end of periodC $ 12.65 $ 10.60 $ 11.62 $ 11.18 $ 10.18Ratios and Supplemental Data Net asset value (000s) E $ 156 $ 286 $ 2,143 $ 1,858 $ 1,622Securities outstandingE 12,345 30,361 184,490 166,234 159,340Management expense ratio F,K 1.03% .98% .96% .97% .97%Management expense ratio before waivers or absorptions F,K 1.04% .98% .96% .97% .97%Trading expense ratioH .02% .02% .03% .04% .03%Portfolio turnover rateI 15.02% 40.47% 52.95% 16.68% 82.99%Net asset value per security, end of period $ 12.6514 $ 10.6022 $ 11.6167 $ 11.1794 $ 10.1792

13



2020 2020 2019 2018 2017J

The Series’ Net Assets per Security B Net assets, beginning of period C $ 18.14 $ 20.86 $ 21.06 $ 20.11 $ 20.00Increase (decrease) from operations: Total revenue – .66 .01 – –Total expenses (excluding distributions) (.10) (.22) (.20) (.20) (.04)Realized gains (losses) (2.59) .33 .60 1.26 .45Unrealized gains (losses) 8.60 (2.39) 2.26 .69 (.05)Total increase (decrease) from operationsC 5.91 (1.62) 2.67 1.75 .36Distributions: From net investment income (excluding dividends) – (.09) – – –From dividends – (.05) – – –From capital gains – – – – –Return of capital (.54) (1.02) (1.00) (1.00) (.25)Total distributionsC,D (.54) (1.16) (1.00) (1.00) (.25)Net assets, end of periodC $ 21.09 $ 18.14 $ 20.86 $ 21.06 $ 20.11Ratios and Supplemental Data Net asset value (000s) E $ 1 $ 233 $ 145 $ 319 $ 300Securities outstandingE 60 12,862 6,958 15,149 14,909Management expense ratio F,K 1.03% 1.03% .95% .95% .97%Management expense ratio before waivers or absorptions F,K 1.03% 1.04% .95% .95% .97%Trading expense ratioH .02% .02% .03% .04% .03%Portfolio turnover rateI 15.02% 40.47% 52.95% 16.68% 82.99%Net asset value per security, end of period $ 21.0886 $ 18.1415 $ 20.8643 $ 21.0612 $ 20.1072




2020 2020L

The Series’ Net Assets per Security B Net assets, beginning of period C $ 8.34 $ 10.00Increase (decrease) from operations: Total revenue – .01Total expenses (excluding distributions) (.04) (.01)Realized gains (losses) .67 (.25)Unrealized gains (losses) .99 (1.41)Total increase (decrease) from operationsC 1.62 (1.66)Distributions: From net investment income (excluding dividends) – –From dividends – –From capital gains – –Return of capital – –Total distributionsC,D – –Net assets, end of periodC $ 9.96 $ 8.34Ratios and Supplemental Data Net asset value (000s) E $ 1 $ 1Securities outstandingE 100 100Management expense ratio M,N .89% .89%Management expense ratio before waivers or absorptions M,N .89% .89%Trading expense ratioH .02% .02%Portfolio turnover rateI 15.02% 40.47%Net asset value per security, end of period $ 9.9631 $ 8.3430

14





2020 2020L

The Series’ Net Assets per Security B Net assets, beginning of period C $ 8.34 $ 10.00Increase (decrease) from operations: Total revenue – –Total expenses (excluding distributions) (.04) (.01)Realized gains (losses) (.89) (.25)Unrealized gains (losses) 3.21 (1.40)Total increase (decrease) from operationsC 2.28 (1.66)Distributions: From net investment income (excluding dividends) – –From dividends – –From capital gains – –Return of capital – –Total distributionsC,D – –Net assets, end of periodC $ 9.96 $ 8.34Ratios and Supplemental Data Net asset value (000s) E $ 1 $ 177Securities outstandingE 100 21,238Management expense ratio M,N .92% .91%Management expense ratio before waivers or absorptions M,N .92% .91%Trading expense ratioH .02% .02%Portfolio turnover rateI 15.02% 40.47%Net asset value per security, end of period $ 9.9647 $ 8.3429

15

Financial Highlights FootnotesA For the period April 22, 2016 (inception date) to March 31, 2017.B 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.

C 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.

D 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.

E This information is provided as at period end of the year shown.F 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: .01%, 2020: – %, 2019: – %, 2018: – %, 2017: – % ).G Effective June 30, 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.H 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.I 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.

J For the period January 6, 2017 (commencement of sale of securities) to March 31, 2017.K 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.L For the period January 24, 2020 (commencement of sale of securities) to March 31, 2020.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: .01%, 2020: – % ).N Effective January 28, 2020, 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 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% 50.31% 49.69%

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% 25.06% 74.94%

Series T8 2.000% 25.00% 75.00%

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 P3T5 0.775% — 100.00%

Series P4 0.725% — 100.00%

Series P5 0.675% — 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.

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.

Average annual total returns take the Portfolio’s cumulative return, located on the Fidelity.com web site, and show you what would have happened if the Portfolio had performed at a constant rate each year. During periods of reimbursement by Fidelity, a Portfolio’s total return will be greater than it would be had the reimbursement not occurred.

Year-by-Year ReturnsThe following bar chart shows the Fund’s annual performance for each of the years shown, and illustrates how the Fund’s performance was changed from year to year. In percentage terms, the bar chart shows how much an investment made on the first day of each financial year would have grown or decreased by the last day of each financial year. For each Series in the Year-by-Year Returns table below, the most recent returns stated are for the current six month period.

Series A

20

10

0

-10

2020

18.4

2020

-9.5

2019

2.3

2018

8.1

2017

7.6

Fiscal Years

(%)

Commencement of Operations is June 28, 2016

Series B

20

10

0

-10

2020

18.6

2020

-9.4

2019

2.5

2018

8.4

2017

7.6

Fiscal Years

(%)


Series F

20

10

0

-10

2020

19.2

2020

-8.3

2019

3.7

2018

9.6

2017

8.5

Fiscal Years

(%)


Series F5

20

10

0

-10

2020

19.2

2020

-8.3

2019

3.7

2018

9.6

2017

8.6

Fiscal Years

(%)


Series F8

20

10

0

-10

2020

19.2

2020

-8.3

2019

3.7

2018

9.6

2017

8.6

Fiscal Years

(%)


Series T5

20

10

0

-10

2020

18.4

2020

-9.5

2019

2.3

2018

8.1

2017

7.5

Fiscal Years

(%)


18


Past Performance – continued

Series T8

20

10

0

-10

2020

18.5

2020

-9.4

2019

2.4

2018

8.2

2017

7.6

Fiscal Years

(%)


Series S5

20

10

0

-10

2020

18.5

2020

-9.3

2019

2.5

2018

8.3

2017

7.6

Fiscal Years

(%)


Series S8

20

10

0

-10

2020

18.6

2020

-9.3

2019

2.5

2018

8.4

2017

7.7

Fiscal Years

(%)


Series E1

20

10

0

-10

2020

18.6

2020

-9.3

2019

2.6

2018

8.5

2017

7.8

Fiscal Years

(%)


Series E1T5

20

10

0

-10

2020

18.6

2020

-9.3

2019

2.6

2018

8.4

2017

7.7

Fiscal Years

(%)

Commencement of Operations is January 6, 2017

Series E2

20

10

0

-10

2020

18.6

2020

-9.2

2019

2.8

2018

8.6

2017

7.7

Fiscal Years

(%)


Series E2T5

20

10

0

-10

2020

18.6

2020

-9.1

2019

2.8

2018

8.7

2017

7.7

Fiscal Years

(%)


Series E3

20

10

0

-10

2020

18.7

2020

-9.2

2019

2.8

2018

8.7

2017

7.8

Fiscal Years

(%)


19

Series E4

20

10

0

-10

2020

18.8

2020

-9.3

2019

2.5

2018

8.4

2017

7.6

Fiscal Years

(%)


Series P1

20

10

0

-10

2020

19.3

2020

-8.2

2019

3.8

2018

9.7

2017

8.7

Fiscal Years

(%)


Series P1T5

20

10

0

-10

2020

19.3

2020

-8.2

2019

3.8

2018

9.7

2017

8.7

Fiscal Years

(%)


Series P2

20

10

0

-10

2020

19.3

2020

-8.1

2019

3.9

2018

9.8

2017

8.6

Fiscal Years

(%)


Series P2T5

20

10

0

-10

2020

19.3

2020

-8.1

2019

3.8

2018

9.8

2017

8.7

Fiscal Years

(%)


Series P3

20

10

0

-10

2020

19.3

2020

-8.1

2019

3.9

2018

9.8

2017

8.6

Fiscal Years

(%)


Series P3T5

20

10

0

-10

2020

19.4

2020

-8.1

2019

3.9

2018

9.8

2017

8.7

Fiscal Years

(%)


Series P4

20

10

0

-10

2020

19.4

2020

-8.2

2019

3.7

2018

9.6

2017

8.5

Fiscal Years

(%)


20


Past Performance – continued

Series P5

20

10

0

-10

2020

19.4

2020

-8.2

2019

3.7

2018

9.6

2017

8.5

Fiscal Years

(%)


21


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

% of Fund’s Net Assets as at

9/30/20


3/31/20

Foreign Equities 60.0 61.3

Foreign Bonds 29.5 34.3

Exchange Traded Funds 2.6 2.5

Canadian Equities 1.1 0.5

Canadian Bonds 0.3 0.3

Foreign Preferred Securities 0.2 0.1

Cash and Cash Equivalents 8.7 8.2

Net Other Assets (Liabilities) (2.4) (7.2)

Geographic Mix


9/30/20


3/31/20

United States of America 70.4 75.9

Japan 8.2 8.1

United Kingdom 2.5 2.8

Canada 1.4 0.8

Cayman Islands 1.3 0.9

Korea (South) 1.1 1.1

Ireland 1.0 1.4

Netherlands 1.0 0.8

Others (Individually Less Than 1%) 6.8 7.2

Cash and Cash Equivalents 8.7 8.2

Net Other Assets (Liabilities) (2.4) (7.2)

Derivative Exposure


9/30/20


3/31/20

Forward Foreign Currency Contracts (2.1) (4.2)

Forward Foreign Currency Contracts percentage is calculated by dividing the net unrealized gain/loss of all contracts held by total net assets.

Maturity Diversification

Years


9/30/20


3/31/20

0 – 1 9.7 8.7

1 – 3 3.7 4.1

3 – 5 4.8 4.7

Over 5 19.9 21.3

Quality Diversification


9/30/20


3/31/20

AAA 6.9 14.1

AA 0.2 0.2

A 2.3 2.5

BBB 11.0 10.9

BB and Below 7.5 5.7

Not Rated 2.1 1.3

Equities 63.7 64.3

Short-Term Investments and Net Other Assets 6.3 1.0

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

Top Issuers

% of Fund’s Net Assets

1. Fidelity Global Intrinsic Value Investment Trust – Series O 33.1

2. Fidelity U.S. Bond Multi-Asset Base Fund – Series O 23.5

3. Fidelity Insights Investment Trust – Series O 17.8

4. Fidelity American Equity Fund – Series O 16.4

5. Fidelity American High Yield Fund – Series O 4.8

6. iShares COMEX Gold Trust ETF 2.67. Fidelity High Income Commercial Real Estate Multi-Asset Base

Fund – Series O 2.4

8. Fidelity U.S. Money Market Investment Trust – Series O 1.19. Fidelity Floating Rate High Income Multi-Asset Base Fund –

Series O 0.5

102.2

Total Fund Net Assets $70,239,000

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 Fund uses derivatives to try to minimize the exposure to currency fluctuations between foreign currencies in developed markets and the Canadian dollar. Any exposure to emerging market currencies cannot be hedged as an economic market for hedging these currencies does not exist.

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.

1.9872497.104 FICL-HGEB-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

62.872497E

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

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