Fidelity Funds. Simplified Prospectus dated October 27, 2017

Transcription

1 Simplified Prspectus dated Octber 27, 2017 Fidelity Funds Equity Funds Canadian Equity Funds Fidelity Canadian Disciplined Equity Fund A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P3T5, P4, P5, S5, S8, T5, T8 units Fidelity Canadian Grwth Cmpany Fund A, B, E1, E2, E3, E4, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P4, P5, S5, S8, T5, T8 units Fidelity Canadian Large Cap Fund A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P3T5, P4, P5, S5, S8, T5, T8 units Fidelity Canadian Opprtunities Fund A, B, E1, E1T5, E2, E3, E4, E5, F, F5, F8, O, P1, P1T5, P2, P3, S5, S8, T5, T8 units Fidelity Dividend Fund A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P4, P5, S5, S8, T5, T8 units Fidelity Greater Canada Fund A, B, E1, E1T5, E2, E2T5, E3, E4, F, F5, F8, O, P1, P1T5, P2, P3, S5, S8, T5, T8 units Fidelity Dividend Plus Fund A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P4, P5, S5, S8, T5, T8 units Fidelity Special Situatins Fund A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P4, P5, S5, S8, T5, T8 units Fidelity True Nrth Fund A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P4, P5, S5, S8, T5, T8 units Fidelity Canadian Fcused Equity Investment O units Trust Fidelity Dividend Investment Trust O units Nrth American Equity Funds Fidelity Nrth American Equity Investment Trust O units U.S. Equity Funds Fidelity American Disciplined Equity Fund A, B, E1, E1T5, E2, E3, E4, F, F5, F8, O, P1, P2, P3, S5, S8, T5, T8 units Fidelity American Disciplined Equity Currency O units Neutral Fund Fidelity American Equity Fund A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P3T5, P4, P5, S5, S8, T5, T8 units Fidelity U.S. Fcused Stck Fund A, B, E1, E1T5, E2, E2T5, E3, E4, F, O, P1, P2, P3, P4, S5, S8, T5, T8 units Fidelity Small Cap America Fund A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P4, P5, S5, S8, T5, T8 units Fidelity U.S. Dividend Fund A, B, E1, E1T5, E2, E2T5, E3, E3T5, E4, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P3T5, P4, P5, S5, S8, T5, T8 units Fidelity U.S. Dividend Currency Neutral Fund A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, P1, P1T5, P2, P2T5, P3, P4, P5, S5, S8, T5, T8 units Fidelity U.S. Dividend Investment Trust O units Fidelity U.S. Dividend Registered Fund A, B, E1, E2, E3, F, P1, P2, P3 units N securities regulatry authrity has expressed an pinin abut these units. It s an ffence t claim therwise. The Funds and the securities f the Funds ffered under this simplified prspectus are nt registered with the United States Securities and Exchange Cmmissin and they are sld in the United States nly in reliance n exemptins frm registratin.

2 Fidelity U.S. All Cap Fund A, B, E1, E1T5, E2, E3, E4, F, F5, F8, O, P1, P1T5, P2, P3, S5, S8, T5, T8 units Fidelity Event Driven Opprtunities Fund A, B, E1, E2, E3, E4, F, F5, F8, O, P1, P1T5, P2, P3, P4, P5, S5, S8, T5, T8 units Glbal and Internatinal Equity Funds Fidelity AsiaStar Fund A, B, E1, E2, E3, E4, F, O, P1, P2, P3 units Fidelity China Fund A, B, E1, E2, E3, E4, F, F5, F8, O, P1, P1T5, P2, P3, S5, S8, T5, T8 units Fidelity Emerging Markets Fund A, B, E1, E2, E3, E4, F, O, P1, P2, P3 units Fidelity Eurpe Fund A, B, E1, E2, E3, E4, F, O, P1, P2, P3 units Fidelity Far East Fund A, B, E1, E2, E3, E4, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P3T5, P4, S5, S8, T5, T8 units Fidelity Glbal Fund A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, O, P1, P2, P3, P4, S5, S8, T5, T8 units Fidelity Glbal Disciplined Equity Fund A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, O, P1, P2, P3, P4, S5, S8, T5, T8 units Fidelity Glbal Disciplined Equity Currency O units Neutral Fund Fidelity Glbal Dividend Fund A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, O, P1, P1T5, P2, P3, P4, P5, S5, S8, T5, T8 units Fidelity Glbal Large Cap Fund A, B, E1, E1T5, E2, E2T5, E3, E4, F, F5, F8, O, P1, P2, P3, P4, S5, S8, T5, T8 units Fidelity Glbal Cncentrated Equity Fund A, B, E1, E1T5, E2, E2T5, E3, E4, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P4, S5, S8, T5, T8 units Fidelity Glbal Small Cap Fund A, B, E1, E2, F, O, P1, P2, P3 units Fidelity Internatinal Disciplined Equity Fund A, B, E1, E2, F, O, P1, P2, S5, S8, T5, T8 units Fidelity Internatinal Disciplined Equity Currency O units Neutral Fund Fidelity Internatinal Cncentrated Equity Fund A, B, E1, E2, E3, E4, E5, F, O, P1, P2, P3, P4, P5 units Fidelity Japan Fund A, B, E1, E2, E3, E4, F, O, P1, P2 units Fidelity Frntier Emerging Markets Fund A, B, E1, E2, E3, E4, F, O, P1, P2, P3, P4 units Fidelity NrthStar Fund A, B, E1, E1T5, E2, E2T5, E3, E3T5, E4, E4T5, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P3T5, P4, P4T5, P5, S5, S8, T5, T8 units Fidelity NrthStar Currency Neutral Fund O units Fidelity Internatinal Grwth Fund A, B, E1, E2, E3, F, F5, F8, O, P1, P1T5, P2, P3, P4, P5, S5, S8, T5, T8 units Fidelity Glbal Dividend Investment Trust O units Fidelity Glbal Intrinsic Value Investment Trust O units Glbal Sectr Funds Fidelity Glbal Cnsumer Industries Fund A, B, E1, E2, E3, E4, E5, F, O, P1, P2, P3, P4, P5 units Fidelity Glbal Financial Services Fund A, B, E1, E2, E3, E4, F, O, P1, P2 units Fidelity Glbal Health Care Fund A, B, E1, E2, E3, E4, F, O, P1, P2, P3, P4 units Fidelity Glbal Natural Resurces Fund A, B, E1, E2, E3, F, O, P1, P2, P3, P4, P5 units Fidelity Glbal Real Estate Fund A, B, E1, E1T5, E2, E3, E4, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P4, S5, S8, T5, T8 units Fidelity Technlgy Innvatrs Fund (frmerly A, B, E1, E2, E3, E4, F, O, P1, P2, P3, P4 units Fidelity Glbal Technlgy Fund) Fidelity Glbal Telecmmunicatins Fund A, B, E1, E2, F, O, P1, P2 units Asset Allcatin and Balanced Funds Canadian Asset Allcatin and Balanced Funds Fidelity Canadian Asset Allcatin Fund A, B, E1, E1T5, E2, E2T5, E3, E3T5, E4, E4T5, E5, E5T5, F, F5, F8, O, P1, P1T5, P2, P3, P4, P5, S5, S8, T5, T8 units

3 Fidelity Canadian Balanced Fund A, B, E1, E1T5, E2, E2T5, E3, E3T5, E4, E4T5, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P3T5, P4, P4T5, P5, P5T5, S5, S8, T5, T8 units Fidelity Mnthly Incme Fund A, B, E1, E1T5, E2, E2T5, E3, E3T5, E4, E4T5, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P3T5, P4, P5, S5, S8, T5, T8 units Fidelity Incme Allcatin Fund A, B, E1, E1T5, E2, E2T5, E3, E3T5, E4, E4T5, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P3T5, P4, P5, S5, S8, T5, T8 units Glbal Asset Allcatin and Balanced Funds Fidelity Glbal Asset Allcatin Fund A, B, E1, E1T5, E2, E2T5, E3, E4, F, F5, F8, O, P1, P1T5, P2, P3, P4, S5, S8, T5, T8 units Fidelity Glbal Mnthly Incme Fund A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P3T5, P4, P5, S5, S8, T5, T8 units Fidelity Glbal Mnthly Incme Currency Neutral Fund A, B, E1, E1T5, E2, E2T5, F, F5, F8, P1, P1T5, P2, P2T5, P3, P3T5, S5, S8, T5, T8 units Fidelity Tactical Strategies Fund A, B, E1, E1T5, E2, E3, F, F5, F8, O, P1, P2, P3, S5, S8, T5, T8 units Fidelity U.S. Mnthly Incme Fund A, B, E1, E1T5, E2, E2T5, E3, E3T5, E4, E4T5, E5, F, F5, F8,O, P1, P1T5, P2, P2T5, P3, P3T5, P4, P4T5, P5, S5, S8, T5, T8 units Fidelity U.S. Mnthly Incme Currency Neutral A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, P1, Fund P1T5, P2, P2T5, P3, P3T5, P4, S5, S8, T5, T8 units Fidelity Tactical High Incme Fund A, B, E1, E1T5, E2, E2T5, E3, E3T5, E4, E4T5, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P4, P5, S5, S8, T5, T8 units Fidelity Tactical High Incme Currency Neutral A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, P1, Fund P1T5, P2, P2T5, P3, P3T5, P4, P4T5, P5, P5T5, S5, S8, T5, T8 units Fidelity NrthStar Balanced Fund A, B, E1, E1T5, E2, E2T5, E3, E3T5, E4, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P3T5, P4, P4T5, P5, P5T5, S5, S8, T5, T8 units Fidelity NrthStar Balanced Currency Neutral A, B, E1, E1T5, E2, E2T5, E3, E3T5, E4, E4T5, E5, F, Fund F5, F8, O, P1, P1T5, P2, P2T5, P3, P3T5, P4, P4T5, P5, P5T5, S5, S8, T5, T8 units Fidelity American Balanced Fund A, B, E1, E1T5, E2, E2T5, E3, E3T5, E4, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P3T5, P4, P5, S5, S8, T5, T8 units Fidelity American Balanced Currency Neutral A, B, E1, E1T5, E2, E2T5, E3, F, F5, F8, P1, P1T5, P2, Fund P2T5, P3, P3T5, S5, S8, T5, T8 units Fidelity Cnservative Incme Fund A, B, E1, E1T5, E2, E2T5, E3, E3T5, E4, E4T5, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P3T5, P4, P4T5, P5, P5T5, S5, S8, T5, T8 units Fidelity Managed Prtflis Fidelity Incme Prtfli A, B, E1, E1T5, E2, E2T5, E3, E4, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, S5, S8, T5, T8 units Fidelity Glbal Incme Prtfli A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P4, S5, S8, T5, T8 units Fidelity Balanced Prtfli A, B, E1, E1T5, E2, E2T5, E3, E4, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P4, P5, S5, S8, T5, T8 units Fidelity Glbal Balanced Prtfli A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P3T5, P4, S5, S8, T5, T8 units Fidelity Grwth Prtfli A, B, E1, E1T5, E2, E3, F, F5, F8, O, P1, P1T5, P2, S5, S8, T5, T8 units Fidelity Glbal Grwth Prtfli A, B, E1, E1T5, E2, E3, E4, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P4, S5, S8, T5, T8 units

4 Fidelity Balanced Managed Risk Prtfli A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P3T5, P4, P5, S5, S8, T5, T8 units Fidelity Cnservative Managed Risk Prtfli A, B, E1, E1T5, E2, E3, E4, E5, F, F5, F8, O, P1, P1T5, P2, P3, P4, P5, S5, S8, T5, T8 units Fidelity ClearPath Retirement Prtflis Fidelity ClearPath 2005 Prtfli A, B, E1, E1T5, E2, E2T5, E3, E4, F, O, P1, P2, S5, S8, T5, T8 units Fidelity ClearPath 2010 Prtfli A, B, E1, E1T5, E2, E2T5, E3, F, O, P1, P2, S5, S8, T5, T8 units Fidelity ClearPath 2015 Prtfli A, B, E1, E1T5, E2, E3, E4, E5, F, O, P1, P2, P3, S5, S8, T5, T8 units Fidelity ClearPath 2020 Prtfli A, B, E1, E1T5, E2, E2T5, E3, E4, F, O, P1, P2, P3, S5, S8, T5, T8 units Fidelity ClearPath 2025 Prtfli A, B, E1, E2, E3, E4, E5, F, O, P1, P2, P3 units Fidelity ClearPath 2030 Prtfli A, B, E1, E2, E3, E4, E5, F, O, P1, P2, P3 units Fidelity ClearPath 2035 Prtfli A, B, E1, E2, E3, E4, F, O, P1, P2, P3 units Fidelity ClearPath 2040 Prtfli A, B, E1, E2, E3, E4, F, O, P1, P2 units Fidelity ClearPath 2045 Prtfli A, B, E1, E2, E3, E4, F, O, P1, P2, P3 units Fidelity ClearPath 2050 Prtfli A, B, E1, F, O, P1 units Fidelity ClearPath 2055 Prtfli A, B, E1, E2, E3, E4, E5, F, O, P1 units Fidelity ClearPath Incme Prtfli A, B, E1, E1T5, E2, E2T5, E3, E4, F, O, P1, P2, P3, S5, S8, T5, T8 units Fixed Incme Funds Canadian Fixed Incme Funds Fidelity Canadian Bnd Fund A, B, E1, E2, E3, E4, F, O, P1, P2, P3, P4 units Fidelity Crprate Bnd Fund A, B, E1, E2, E3, E4, F, O, P1, P2, P3, P4, P5 units Fidelity Canadian Mney Market Fund A, B, C, D, E1, E2, E3, E4, E5, F, O, P1, P2, P3, P4, P5 units Fidelity Canadian Shrt Term Bnd Fund A, B, E1, E2, E3, E4, F, O, P1, P2, P3, P4 units Fidelity Tactical Fixed Incme Fund A, B, E1, E2, E3, E4, F, O, P1, P2, P3, P4, P5 units U.S. Fixed Incme Funds Fidelity American High Yield Fund A, B, E1, E2, E3, E4, F, O, P1, P2, P3, P4 units Fidelity American High Yield Currency Neutral A, B, E1, E2, E3, E4, F, O, P1, P2, P3, P4 units Fund Fidelity U.S. Mney Market Fund A, B, E1, E2, E3, E4 units Fidelity Flating Rate High Incme Fund A, B, E1, E2, E3, E4, F, O, P1, P2, P3, P4 units Fidelity Flating Rate High Incme Currency A, B, E1, E2, E3, E4, F, P1, P2, P3 units Neutral Fund Fidelity Multi-Sectr Bnd Fund A, B, E1, E2, E3, E4, E5, F, O, P1, P2, P3, P4, P5 units Fidelity Multi-Sectr Bnd Currency Neutral Fund A, B, E1, E2, E3, E4, E5, F, O, P1, P2, P3, P4, P5 units Fidelity Strategic Incme Fund A, B, E1, E2, E3, E4, E5, F, O, P1, P2, P3, P4 units Fidelity Strategic Incme Currency Neutral Fund A, B, E1, E2, E3, F, P1, P2, P3, P4, P5 units Glbal Fixed Incme Funds Fidelity Glbal Bnd Fund A, B, E1, E2, E3, F, O, P1, P2, P3, P4, P5 units Fidelity Glbal Bnd Currency Neutral Fund A, B, E1, E2, F, O, P1, P2, P3, P4, P5 units

5 What s inside Intrductin... 1 What is a mutual fund and what are the risks f investing in a mutual fund?... 3 Organizatin and management f the Funds.. 15 Purchases, switches and redemptins Optinal services Fees and expenses Dealer cmpensatin Dealer cmpensatin frm management fees 45 Incme tax cnsideratins fr investrs Specific infrmatin abut each f the mutual funds described in this dcument Canadian Equity Funds Fidelity Canadian Disciplined Equity Fund Fidelity Canadian Grwth Cmpany Fund Fidelity Canadian Large Cap Fund Fidelity Canadian Opprtunities Fund Fidelity Dividend Fund Fidelity Greater Canada Fund Fidelity Dividend Plus Fund Fidelity Special Situatins Fund Fidelity True Nrth Fund Fidelity Canadian Fcused Equity Investment Trust Fidelity Dividend Investment Trust Nrth American Equity Funds Fidelity Nrth American Equity Investment Trust U.S. Equity Funds Fidelity American Disciplined Equity Fund Fidelity American Disciplined Equity Currency Neutral Fund 103 Fidelity American Equity Fund Fidelity U.S. Fcused Stck Fund Fidelity Small Cap America Fund Fidelity U.S. Dividend Fund Fidelity U.S. Dividend Currency Neutral Fund Fidelity U.S. Dividend Investment Trust Fidelity U.S. Dividend Registered Fund Fidelity U.S. All Cap Fund Fidelity Event Driven Opprtunities Fund Glbal and Internatinal Equity Funds Fidelity AsiaStar Fund Fidelity China Fund Fidelity Emerging Markets Fund Fidelity Eurpe Fund Fidelity Far East Fund Fidelity Glbal Fund Fidelity Glbal Disciplined Equity Fund Fidelity Glbal Disciplined Equity Currency Neutral Fund Fidelity Glbal Dividend Fund Fidelity Glbal Large Cap Fund Fidelity Glbal Cncentrated Equity Fund Fidelity Glbal Small Cap Fund Fidelity Internatinal Disciplined Equity Fund Fidelity Internatinal Disciplined Equity Currency Neutral Fund Fidelity Internatinal Cncentrated Equity Fund Fidelity Japan Fund Fidelity Frntier Emerging Markets Fund Fidelity NrthStar Fund Fidelity NrthStar Currency Neutral Fund Fidelity Internatinal Grwth Fund Fidelity Glbal Dividend Investment Trust Fidelity Glbal Intrinsic Value Investment Trust Glbal Sectr Funds Fidelity Glbal Cnsumer Industries Fund Fidelity Glbal Financial Services Fund Fidelity Glbal Health Care Fund Fidelity Glbal Natural Resurces Fund Fidelity Glbal Real Estate Fund Fidelity Technlgy Innvatrs Fund Fidelity Glbal Telecmmunicatins Fund Canadian Asset Allcatin and Balanced Funds Fidelity Canadian Asset Allcatin Fund Fidelity Canadian Balanced Fund Fidelity Mnthly Incme Fund Fidelity Incme Allcatin Fund Glbal Asset Allcatin and Balanced Funds Fidelity Glbal Asset Allcatin Fund Fidelity Glbal Mnthly Incme Fund Fidelity Glbal Mnthly Incme Currency Neutral Fund Fidelity Tactical Strategies Fund Fidelity U.S. Mnthly Incme Fund Fidelity U.S. Mnthly Incme Currency Neutral Fund Fidelity Tactical High Incme Fund

6 Fidelity Tactical High Incme Currency Neutral Fund Fidelity NrthStar Balanced Fund Fidelity NrthStar Balanced Currency Neutral Fund Fidelity American Balanced Fund Fidelity American Balanced Currency Neutral Fund Fidelity Cnservative Incme Fund Fidelity Managed Prtfilis Fidelity Incme Prtfli Fidelity Glbal Incme Prtfli Fidelity Balanced Prtfli Fidelity Glbal Balanced Prtfli Fidelity Grwth Prtfli Fidelity Glbal Grwth Prtfli Fidelity Balanced Managed Risk Prtfli Fidelity Cnservative Managed Risk Prtfli Fidelity ClearPath Retirement Prtflis Fidelity ClearPath 2005 Prtfli Fidelity ClearPath 2010 Prtfli Fidelity ClearPath 2015 Prtfli Fidelity ClearPath 2020 Prtfli Fidelity ClearPath 2025 Prtfli Fidelity ClearPath 2030 Prtfli Fidelity ClearPath 2035 Prtfli Fidelity ClearPath 2040 Prtfli Fidelity ClearPath 2045 Prtfli Fidelity ClearPath 2050 Prtfli Fidelity ClearPath 2055 Prtfli Fidelity ClearPath Incme Prtfli Canadian Fixed Incme Funds Fidelity Canadian Bnd Fund Fidelity Crprate Bnd Fund Fidelity Canadian Mney Market Fund Fidelity Canadian Shrt Term Bnd Fund Fidelity Tactical Fixed Incme Fund U.S. Fixed Incme Funds Fidelity American High Yield Fund Fidelity American High Yield Currency Neutral Fund Fidelity U.S. Mney Market Fund Fidelity Flating Rate High Incme Fund Fidelity Flating Rate High Incme Currency Neutral Fund Fidelity Multi-Sectr Bnd Fund Fidelity Multi-Sectr Bnd Currency Neutral Fund Fidelity Strategic Incme Fund Fidelity Strategic Incme Currency Neutral Fund Glbal Fixed Incme Funds Fidelity Glbal Bnd Fund Fidelity Glbal Bnd Currency Neutral Fund Glssary

7 Intrductin This dcument is a simplified prspectus. In this dcument, we, us, ur and Fidelity refer t Fidelity Investments Canada ULC. The funds ffered under this simplified prspectus are referred t tgether as the Funds and individually as a Fund. The Funds are gruped int the categries and sub-categries set ut n the cver page f this simplified prspectus. The Fidelity ClearPath Retirement Prtflis, excluding Fidelity ClearPath Incme Prtfli, are referred t as the Fidelity ClearPath Prtflis. The term Prtfli may als be used t refer t any individual Fidelity ClearPath Retirement Prtfli r t any Fidelity Managed Prtfli, and the term Prtflis may als be used t refer t all f these Funds. Fidelity Canadian Fcused Equity Investment Trust, Fidelity Dividend Investment Trust, Fidelity Nrth American Equity Investment Trust, Fidelity U.S. Dividend Investment Trust, Fidelity Glbal Dividend Investment Trust and Fidelity Glbal Intrinsic Value Investment Trust are referred t as the Investment Trusts. The Funds, tgether with ther funds managed and ffered by Fidelity under separate simplified prspectuses, are referred t as the Fidelity Funds. In this dcument, we refer t financial advisrs and dealers. The financial advisr is the individual with whm yu cnsult fr investment advice and the dealer is the cmpany r partnership that emplys yur financial advisr. This simplified prspectus cntains selected imprtant infrmatin t help yu make an infrmed investment decisin abut the Funds and t understand yur rights as an investr. Smetimes we use industry r defined terms t describe smething in this dcument. We prvide a brief descriptin f sme f thse terms in the glssary at the end f this dcument. Terms that are cntained in the glssary are in italics in this dcument. This dcument is divided int tw parts. The first part explains what mutual funds are and the different risks yu face by investing in them. It als prvides general infrmatin that applies t all f the Funds. The secnd part cntains specific infrmatin abut each f the Funds. Additinal infrmatin abut each Fund is available in its annual infrmatin frm, its mst recently filed fund facts, its mst recently filed annual financial statements and any interim financial statements filed after thse annual financial statements, and its mst recently filed annual 1

8 Intrductin (cntinued) management reprt f fund perfrmance and any interim management reprt f fund perfrmance filed after that annual management reprt f fund perfrmance. These dcuments are incrprated by reference int this simplified prspectus. That means they legally frm part f this simplified prspectus just as if they were included in it. Yu can get a cpy f the Funds annual infrmatin frm, fund facts, financial statements and management reprts f fund perfrmance at n cst by calling us at , by sending us an at cs.english@fidelity.cm (fr assistance in English) r sc.francais@fidelity.cm (fr assistance in French) r by asking yur financial advisr. Yu can als find this simplified prspectus, the fund facts, the financial statements and the management reprts f fund perfrmance n ur website at These dcuments and ther infrmatin abut the Funds are als available at 2

9 What is a mutual fund and what are the risks f investing in a mutual fund? Millins f Canadians are wrking tward their financial gals by investing their mney in mutual funds. Whether it s saving fr retirement r putting aside cash fr a dwn payment n a hme, mutual funds have becme an investment f chice fr many peple. But what exactly are mutual funds, hw d they wrk and what are the risks? This sectin has the answers. What is a mutual fund? Simply put, a mutual fund is a pl f investments made n behalf f a large grup f peple. Here s hw it wrks: when yu buy a mutual fund, yu re actually putting yur mney tgether with that f many ther peple wh like the same srts f investments that yu d. A prfessinal investment expert called a prtfli manager takes that pl f cash and invests it fr the whle grup. If the investments make a prfit, yu share that prfit with everyne else in the grup. If the investments lse mney, everyne shares in the lss. Sld in units When yu invest in a mutual fund, yu re buying a piece f the mutual fund, which piece is called a unit in the case f a mutual fund rganized as a trust and a share in the case f a mutual fund ffered as a class f shares f a mutual fund crpratin, such as Fidelity Capital Structure Crp. The attributes f shares and units are generally the same. We usually nly refer t units in this simplified prspectus. Mutual fund cmpanies keep track f the size f yur piece f a mutual fund by recrding hw many units yu wn. The mre mney yu put int a mutual fund, the mre units yu get. Sme mutual funds ffer units in mre than ne series. It s pssible that each series may have different management fees r expenses. Hw d yu make mney? Yu make mney n mutual funds if yu buy yur units at ne price and sell r redeem them later at a higher price. Of curse, yu lse mney if yu redeem yur units fr less than yu paid. Yu can als make mney when the mutual fund pays yu yur share f the incme and capital gains it has earned n its investments. What d mutual funds invest in? Mutual funds invest in many f the same things as individual investrs everything frm treasury bills t shares n freign stck markets. The kind f securities a mutual fund invests in depends n the mutual fund s gal r investment bjectives. Fr example, there are mutual funds fr peple wh want t gain expsure t shrt-term fixed incme securities as well as mutual funds fr thse wh want t gain expsure t Canadian, U.S. r internatinal equity securities. The price f a unit changes every day, depending n hw well the investments f the mutual fund perfrm. When the investments rise in value, the price f a unit ges up. When the investments drp in value, the price f a unit ges dwn. Securities that trade n a public exchange are generally valued at their last sale r clsing price as reprted n that valuatin day. If there is n reprted sale and n reprted clsing price, we value the securities at their clsing bid price n that valuatin day. Hwever, if the price is nt a true reflectin f the value f the security, we use anther methd t determine the value. This practice is called fair value pricing. It may happen fr many reasns, including where the value is affected by events that ccur after a market where the security is principally traded has clsed r where there has been minimal r infrequent trading in a security. While there are thusands f different investments available, they generally fit int tw basic types: debt and equity. Sme mutual funds invest in units f ther funds, called underlying funds. Underlying funds, in turn, may invest in debt securities, equity securities r, in sme cases, securities f ther funds. Debt securities Debt securities, r fixed incme securities, are bligatins f an issuer t repay a sum f mney, usually with interest. Cmmn examples include thse issued by a cmpany r a gvernment. Debt securities are als an imprtant way fr 3

10 What is a mutual fund and what are the risks f investing in a mutual fund? (cntinued) cmpanies and gvernments t raise mney. These entities frequently sell debt securities, called bnds, and use the cash fr majr prjects, r just t meet their daily expenses. The gvernment r cmpany usually agrees t pay back the amunt f the debt security within a set amunt f time. If that perid f time is abut a year r less, the investment is ften called a mney market instrument. Examples are shrt-term bnds and gvernment treasury bills. If the length f time fr repayment is mre than abut a year, the investment is ften referred t as a fixed incme investment. Examples are crprate and gvernment bnds and mrtgages. Equity securities Equity securities are investments that give the hlder part wnership in a cmpany. When a mutual fund buys equity securities, it is buying a piece f a business. The mst familiar example is cmmn shares that trade n the stck market. Equity securities can earn mney in tw ways. The value f the shares can rise (r fall) as peple buy and sell them n stck exchanges. If a cmpany appears t be ding well in its business, mre peple may want t buy a piece f it, and the share price is likely t g up. On the ther hand, if a cmpany s business desn t seem t be ding well, investrs may decide t sell their piece f the cmpany, and the share price is likely t g dwn. Sme kinds f equity securities als pay yu a prtin f any prfit the cmpany may earn. These payments are called dividends. What advantages d mutual funds have? Yu culd make many f the same investments that prtfli managers f mutual funds make. S why buy mutual funds? There are several advantages. Prfessinal management Fr ne thing, prfessinal prtfli managers make all the decisins abut exactly which securities t invest in and when t buy r sell them. It s their full-time jb, s yu dn t have t spend the time making these investment decisins n yur wn. Prtfli managers may als prepare r have access t prprietary infrmatin and research that isn t as accessible t individual investrs. Diversificatin A secnd advantage is smething called diversificatin. Diversificatin means wning several different investments at nce. Here s why it s imprtant. The value f yur investments g up and dwn ver time; that s the nature f investing. But nt all investments are likely t g up r dwn at the same time, r t the same extent, which can help t lessen the vlatility f the mutual fund ver the lng-term. Since mutual funds typically hld many investments, they ffer a simple way t diversify yur prtfli. In additin t diversifying thrugh the number f investments, mutual funds ften have access t investments individual investrs generally cannt buy. A wider range f types f investments may increase diversificatin. Easy access t yur mney Unlike sme ther kinds f investments, mutual funds are liquid. This means that yu can redeem yur units at almst any time and get yur mney when yu need it (even thugh yu may get less than yu invested). Recrd keeping And finally, mutual funds make yur investments easier t keep track f. Mutual fund cmpanies help yu with the details by sending yu regular financial statements, fund perfrmance reprts, and tax slips. Are there any csts? There are a number f expenses invlved in buying and wning a mutual fund. First, there are csts paid directly by investrs, either when they buy r when they redeem units f a mutual fund. Then there are expenses paid by the mutual fund itself. Fr example, there are management fees, brkerage cmmissins, and perating expenses. Even thugh the mutual fund, and nt the investr, pays these csts, they reduce an investr s return. See the Fees and expenses sectin fr details abut the csts f the Funds. What investrs pay Financial advisrs wh sell mutual funds may earn cmmissins, als knwn as sales charges r lads, as cmpensatin fr the advice and service that they prvide. 4

11 There are tw kinds f sales charges. Yu may pay a percentage f the purchase price when yu buy yur mutual fund units. At Fidelity, we call this an initial sales charge. Or if yu redeem yur units within a specified number f years, yu may pay a percentage f the redemptin amunt t Fidelity at the time yu redeem. We call this a deferred sales charge. Deferred sales charges may be a gd chice if yu plan t leave yur mney in the mutual fund fr a lng time. That s because any deferred sales charge that yu wuld have t pay if yu sld yur units decreases each year, and disappears entirely after yu ve held the mutual fund units fr a specified number f years. What the mutual fund pays Fund managers make their mney by charging a management fee. Usually, it s a percentage f the net assets f the mutual fund. Managers cllect this fee directly frm the mutual fund itself, nt frm individual investrs, except fr O, where a negtiated management fee is charged directly t investrs. The managers use the management fee t pay expenses, like emplyee salaries, research csts, trailing cmmissins, and prmtinal expenses. See the Fees and expenses sectin fr details. There are als a number f ther expenses invlved in running a mutual fund. Fr example, a mutual fund needs t value all f its investments every valuatin day, and determine the apprpriate price t prcess the day s rders t buy and redeem units f the mutual fund. There are als transfer agency fees, brkerage cmmissins, legal fees, regulatry filing fees, auditing fees, custdy fees, taxes, and ther perating expenses that must be taken int accunt in arriving at the value f the units. Again, these csts are smetimes cllected directly frm the mutual fund. Alternatively, sme managers, including Fidelity, may pay fr sme f these expenses in exchange fr a fixed rate Administratin Fee that they cllect frm the mutual fund. When yu divide the management fee and certain perating expenses by the mutual fund s average net asset value fr the year, yu get the mutual fund s management expense rati. If a mutual fund has mre than ne series f units, each series has its wn management expense rati. There are strict regulatins t determine which expenses t include in the calculatin. Hw d I knw if mutual funds are right fr me? One f the real strengths f mutual funds is that they ffer many chices that can be matched t yur gals. They range frm the extremely cnservative t the mre risky. Yur financial advisr can help yu make the imprtant decisins abut which mutual funds suit yu best. What s yur risk tlerance? Can yu lse mney? Yes. Even befre yu talk t a financial advisr, yu can start planning yur mutual fund prtfli by deciding hw much risk yu re willing t take. This is als knwn as yur risk tlerance. Yur risk tlerance depends n many factrs, such as yur age, investment time hrizn, and yur gals. Understanding the risks invlved can help. We explain mre abut the risks f investing in this sectin and in each Fund prfile under the heading What are the risks f investing in the fund? Yur financial advisr can help yu assess the risks. Anther factr is yur gals. If yu want t keep yur mney safe and earn a little interest at the same time, a less risky mney market mutual fund may d the jb nicely. But if yu re trying t build sme real savings fr a big gal, such as retirement, a mney market fund prbably wn t earn enugh t d it. Yu need t cnsider increasing yur risk t better yur chances f earning mre mney. Time n yur side Hw much time d yu have? That s anther key cnsideratin. Say yu re saving fr a retirement that s still 30 years ff. In that case, yu may be able t affrd t take sme risk. If yu have 30 years, the ups and dwns f the stck market, fr example, aren t as much f a cncern. Sure, sme f yur riskier investments culd drp in the shrt-term, but ver the lnger term, past experience suggests that a bradly diversified prtfli f equity investments tends t rise mre ften than it falls. Of curse, hw well a mutual fund perfrmed in the past desn t tell yu hw it will perfrm in the future. 5

12 What is a mutual fund and what are the risks f investing in a mutual fund? (cntinued) On the ther hand, if yu ve nly gt a few years left until yu expect yu ll need yur mney, yu shuld cnsider reducing yur risk. In this case, there isn t enugh time left fr yur investments t recver shuld they drp in value. A gd variety wrks best Finally, yu shuld cnsider having a mix f mutual funds, sme cnservative, thers less s. That s part f diversificatin. N single mutual fund is in itself a balanced investment plan. The apprpriate mix depends n yur risk tlerance, yur gals, and hw lng yu have t reach thse gals. What are the risks f investing in a mutual fund? Everybdy wants t earn mney when they invest. But yu may lse mney t. This is knwn as risk. Unlike bank accunts r guaranteed investment certificates, mutual fund units aren t cvered by the Canada Depsit Insurance Crpratin r any ther gvernment depsit insurer. It s imprtant t remember that like all mutual funds, there s n guarantee that when yu redeem yur units f the Funds, yu ll get back the full amunt f mney yu riginally invested. On rare ccasins, a mutual fund may nt allw yu t redeem yur units. See Suspending yur right t redeem units under the heading Purchases, switches and redemptins fr mre infrmatin. Mutual funds wn different kinds f investments, depending n their investment bjectives. The value f these investments changes frm day t day because f changes in interest rates, ecnmic cnditins, and market r cmpany news, fr example. That means the value f a mutual fund s units can g up and dwn, and yu may get mre r less than yu invested when yu sell yur units. Generally speaking, the greater the risk f an investment, the greater its ptential fr return; the lwer the risk, the smaller the ptential fr return. Higher-risk investments, such as stcks and high yield securities, are likely t have changes in their prices frm day t day. And sme may have bigger changes than thers. These swings in prices are called vlatility. Investments with higher risk and higher vlatility may suffer substantial lsses ver the shrt-term. But histrically, higher-risk investments have generally ffered a greater ptential return ver the lng-term. This is ne reasn why it s imprtant t diversify yur prtfli, and make sure that the types f mutual funds yu chse suit the length f time yu expect t invest. The key is t recgnize the risk invlved in a particular investment, and then decide if it s a risk yu want t take. Yur financial advisr can help yu understand risk and build a prtfli that s right fr yu. Hw mutual funds can reduce risk While there s n dubt that mutual funds cme with risks, they can be less risky as a whle than cmparable individual investments. Mutual funds are managed by prfessinal prtfli managers. They spend hurs studying reprts abut the cmpanies they re investing in, analyzing statistics, and examining the mix f investments in the mutual fund. It s wrk that the average investr desn t have time fr, r the necessary expertise, and it can increase the chance that the mutual fund achieves its gal. Equally imprtant is the fact that mutual funds ffer diversificatin. Even mutual funds that specialize in ne type f industry r ne cuntry usually make a variety f investments within their particular sectr. Hw yu can reduce risk Mutual funds aren t meant t be a way f making a quick prfit. They re lng-term investments. If yu buy a mutual fund, yu shuld generally buy it with a view t hlding it ver a number f years. Dn t try t secnd-guess the market and figure ut the best time t get in r ut. Generally speaking, a carefully chsen grup f mutual funds bught and held ver the lng-term gives yu the best chance f meeting yur financial gals. Specific risks f investing in mutual funds Mutual funds are made up f many securities, and the prices f thse securities can g up r dwn. Here are sme f the mst cmmn risks that can cause the value f units f a mutual fund t change. T find ut which f these risks apply t each Fund, see the individual Fund prfiles. A fund that invests in an underlying fund has similar risks as an investment in that underlying fund. 6

13 Yu must feel cmfrtable with the risk that yu take. Befre yu invest, discuss it with yur financial advisr. Asset-backed securities and mrtgage-backed securities risk Asset-backed securities are debt bligatins that are backed by pls f cnsumer r business lans. Mrtgage-backed securities are debt bligatins backed by pls f mrtgages n cmmercial r residential real estate. The main risks assciated with investing in asset-backed securities and mrtgage-backed securities are: If there are changes in the market s perceptin f the issuers f these types f securities, in the creditwrthiness f the underlying brrwers, r in the assets backing the pls, then the value f the securities may be affected. The underlying lans may nt be ultimately repaid in full, in sme cases leading t hlders f asset-backed securities and mrtgage-backed securities nt receiving full repayment. If these securities are prepaid befre maturity and the prepayment is unexpected, r if it ccurs faster than predicted, the asset-backed securities r mrtgagebacked securities may pay less incme, and their value might decrease. Since issuers generally chse t prepay when interest rates fall, the mutual fund may have t reinvest this mney in securities that have lwer rates. Cmmdity risk Sme mutual funds invest indirectly in cmmdities r cmmdity sectrs, including gld, silver, ther precius metals, industrial metals, energy, and sft (r grwn) cmmdities, like wheat, livestck, cca, cttn, cffee, and sugar. There are several ways a mutual fund can btain cmmdities expsure, including by: Purchasing securities f an exchange-traded fund r ETF. Purchasing exchange-traded derivatives. Investing directly in a cmpany perating in a cmmdities sectr. ETFs that seek t replicate the perfrmance f gld, silver, r bth, r f an index that tracks such perfrmance, are referred t as Gld/Silver ETFs. Gld/Silver ETFs may be leveraged r unleveraged. Typically, a leveraged Gld/Silver ETF attempts t magnify returns by a multiple f 200%. Gld/Silver ETFs may invest directly r indirectly in gld, silver, r derivatives that have gld r silver as an underlying interest. We refer t ETFs that seek t replicate the perfrmance f ne r mre physical cmmdities ther than gld r silver, r f an index that tracks such perfrmance, as Cmmdity ETFs. Cmmdity ETFs are unleveraged. Cmmdity ETFs may invest directly r indirectly in physical cmmdities, r derivatives that have physical cmmdities as an underlying interest. Cmmdity prices can fluctuate significantly in shrt time perids. A fund expsed t cmmdities may, therefre, experience vlatility in its net asset value. Cmmdity prices can change as a result f a number f factrs, including supply and demand, speculatin, central bank and internatinal mnetary activities, plitical r ecnmic instability, changes in interest rates and currency values, new discveries, r changes in gvernment regulatins affecting cmmdities. Cncentratin risk Sme mutual funds may cncentrate their investments by: Investing in relatively few cmpanies. Investing in a particular industry r gegraphic regin. Hlding mre than 10% f their net assets in securities f a single issuer. A relatively high cncentratin f assets in, r expsure t, a particular industry, gegraphic regin, single issuer r a small number f issuers may reduce the diversificatin f a mutual fund, and may result in increased vlatility in the mutual fund s net asset value. Issuer cncentratin may als increase the illiquidity f the mutual fund s prtfli if there is a shrtage f buyers willing t purchase thse securities. 7

14 What is a mutual fund and what are the risks f investing in a mutual fund? (cntinued) Credit risk Credit risk is the risk that the issuer f a fixed incme security can t pay interest r repay principal when it s due. Many fixed incme securities f cmpanies and gvernments are rated by third party surces, such as Standard & Pr s, t help describe the creditwrthiness f the issuer. Hwever, these credit ratings may nt accurately reflect the true risk f the issuer. The market value f fixed incme securities can be affected by adverse news, r a dwngrade in the security s rating. Other factrs can als affect the market value f the security, such as a change in the creditwrthiness, r perceived creditwrthiness, f the security s issuer. Fixed incme securities that have a lw credit rating, r which are unrated, are knwn as high yield securities. High yield securities typically: Offer a higher yield than securities with a high credit rating. Have a higher ptential fr lss than fixed incme securities issued by financially stable and slvent issuers. Are mre likely t g int default n interest and principal payments than securities with a higher credit rating. Are less liquid in times f market declines. Certain types f fixed incme securities, such as flating rate debt instruments, may be backed by specific assets that are pledged by the issuer in the event f a default, including nn-payment. Hwever, there is a risk that: The value f the pledged cllateral declines, r is insufficient t meet the bligatins f the brrwer t all investrs r lenders. Investrs r lenders may incur legal csts, be subject t lengthy delays, r be unable t fully recup the principal amunt and/r lst interest in the event f the issuer s default. These and ther factrs may result in lsses t mutual funds that hld these types f securities. Currency risk Currency risk, smetimes referred t as exchange rate risk, is the risk that the value f an investment held by a mutual fund is affected by changes in the value f the currency in which the investment is denminated. Mvements in exchange rates can affect the day-t-day value f a mutual fund, especially if it hlds a lt f freign investments. A mutual fund that buys and sells securities in currencies ther than the Canadian dllar can make mney when the value f the Canadian dllar decreases relative t the freign currency, and can lse mney when the value f the Canadian dllar rises cmpared with the freign currency. These gains and lsses ccur when the fund cnverts its Canadian dllars t the freign currency in rder t buy a security, and when it cnverts the freign currency back int Canadian dllars when it sells the security. If, fr example, the value f the Canadian dllar has risen, but the market value f the investment has stayed the same, the investment is wrth less in Canadian dllars when it s sld. Sme Funds that invest in securities issued in currencies ther than the Canadian dllar may use the U.S. dllar as their primary wrking currency instead f the Canadian dllar. This means that the cash received by the mutual fund, including Canadian dllars received frm purchases by investrs and the prceeds f settled trades, is cnverted int U.S. dllars every day. In additin, U.S. dllars are cnverted back int Canadian dllars t fund redemptins. A U.S. dllar wrking currency is generally used by Funds that invest: Primarily in U.S. dllar-denminated securities, since it helps t reduce currency transactins assciated with the mutual fund s investment activities in these securities. All r a substantial prtin f their assets in securities denminated in freign currencies ther than the U.S. dllar, since the U.S. dllar is typically liquid, and may be mre efficiently traded than ther currencies. While we believe there are benefits t the Funds that use the U.S. dllar as their wrking currency, there is n assurance that this strategy is effective, and it is pssible that csts incurred by these Funds fr freign exchange transactins may exceed the benefits. 8

15 Sme f the Funds may use derivatives, such as ptins, futures cntracts, frward cntracts, swaps, and custmized types f derivatives, t reduce the effect f changes in exchange rates. Cyber security risk Cyber security risk is the risk f harm, lss, and liability resulting frm a failure r breach f an rganizatin s infrmatin technlgy systems. In general, cyber security risk can result frm deliberate attacks r unintentinal events, and may arise frm external r internal surces. Cyber attacks include gaining unauthrized access t digital systems (e.g., thrugh hacking r malicius sftware cding) fr purpses f misapprpriating assets r sensitive infrmatin, crrupting data, equipment r systems, r causing peratinal disruptin. Cyber attacks may als be carried ut in a manner that des nt require gaining unauthrized access, such as causing denial-f-service attacks n websites (i.e., effrts t make netwrk services unavailable t intended users). Cyber security risk has the ability t negatively impact the Funds and the unithlders f the Funds by, amng ther things, disrupting and impacting business peratins, interfering with a Fund s ability t calculate its net asset value, impeding trading by r in the Funds, r causing vilatins f applicable privacy and ther laws. While Fidelity has established business cntinuity plans and risk management systems t address cyber security risk, there are inherent limitatins in such plans and systems, including the pssibility that certain risks have nt been identified. Furthermre, althugh Fidelity has vendr versight plicies and prcedures, a Fund cannt cntrl the cyber security plans and systems put in place by its service prviders, r any ther third party whse peratins may affect the Fund r its unithlders. The Fund and its unithlders culd be negatively impacted as a result. Derivative risk A derivative is an investment that bases its value n hw well anther kind f investment, like a stck, bnd, currency, r market index, is ding. Derivatives usually take the frm f a cntract with anther party t buy r sell an asset at a later time. Funds that invest in derivatives are in a psitin t make r lse mney based n changes in the underlying interest, such as interest rates, securities prices, r currency exchange rates. Here are sme examples f derivatives: Optins. Optins give the hlder the right t buy an asset frm, r sell an asset t, anther party fr a set price, during a set perid f time. Fluctuatins in the value f the asset during the life f the ptin impact the value f the ptin. It s called an ptin because the hlder has the ptin f exercising the right t buy r sell the asset, and the ther party is bliged t satisfy this right. The ther party generally receives a cash payment (a premium) fr agreeing t prvide the ptin. Frward cntracts. In a frward cntract, an investr agrees t buy r sell an asset, such as a security r currency, at an agreed price n a specific date in the future. Futures cntracts. Futures cntracts generally functin in a similar manner as frward cntracts, but are traded n an exchange. Swaps. With a swap agreement, tw parties agree t exchange, r swap, payments. The payments the tw parties make are based n an agreed underlying amunt, like a bnd. Each party s payments are calculated differently. Fr example, ne party s payments may be based n a flating interest rate, while the ther party s payments may be based n a fixed interest rate. Debt-like securities. With a debt-like security, the amunt f principal and/r interest an investr receives ges up r dwn depending n whether there is an increase r decrease in the value f an agreed underlying security, like a share. There are a number f risks invlved in the use f derivatives. Here are sme f the mst cmmn risks: There s n guarantee that a mutual fund is able t buy r sell a derivative at the right time t make a prfit r limit a lss. 9

16 What is a mutual fund and what are the risks f investing in a mutual fund? (cntinued) There s n guarantee that the ther party t the cntract, referred t as a cunterparty, lives up t its bligatins, which culd result in a financial lss fr the mutual fund. If the value f a derivative is tied t the value f an underlying interest, there s n guarantee that the value f the derivative at all times accurately reflects the value f the underlying interest. If the cunterparty ges bankrupt, the mutual fund culd lse any depsit that was made as part f the cntract. If the derivatives are traded n freign markets, it may be mre difficult and take lnger t cmplete the transactin. Freign derivatives can als be riskier than derivatives traded n Nrth American markets. Securities exchanges culd set daily trading limits n ptins and futures cntracts. This culd prevent a mutual fund frm cmpleting an ptins r futures transactin, making it very difficult t hedge prperly, t make a prfit, r t limit a lss. If a mutual fund is required t give a security interest in rder t enter int a derivative, there is a risk that the ther party may try t enfrce the security interest against the mutual fund s assets. Mutual funds can use derivatives t help ffset lsses that ther investments might suffer because f changes in stck prices, cmmdity prices, interest rates, r currency exchange rates. This is called hedging. While using derivatives fr hedging has its benefits, it s nt withut its wn risks. Here are sme f them: There s n guarantee that a hedging strategy always wrks. A derivative desn t always ffset a drp in the value f a security, even if it has usually wrked ut that way in the past. Hedging desn t prevent changes in the prices f the securities in a mutual fund s prtfli, r prevent lsses if the prices f the securities g dwn. Hedging can als prevent a mutual fund frm making a gain if the value f the currency, stck, r bnd ges up. Currency hedging des nt result in the impact f currency fluctuatins being eliminated altgether. A mutual fund might nt be able t find a suitable cunterparty t enable the mutual fund t hedge against an expected change in a market if mst ther peple are expecting the same change. Hedging may be cstly. Equity risk Cmpanies issue cmmn shares and ther kinds f equity securities t help pay fr their peratins and finance future grwth. Equity securities can drp in price fr many reasns. Fr example, they re affected by general ecnmic and market cnditins, interest rates, plitical develpments, and changes in the cmpanies that issue them. If investrs have cnfidence in a cmpany and believe it will grw, the price f its equity securities is likely t rise. If investr cnfidence falls, equity prices are als likely t fall. The prices f equity securities can vary widely, and mutual funds that invest in equity securities are generally mre vlatile than mutual funds that invest in fixed incme securities. Exchange-traded fund (ETF) risk A mutual fund may invest in an underlying fund whse securities are listed fr trading n an exchange. These underlying funds are called ETFs. The investments held by ETFs may include stcks, bnds, cmmdities, and ther financial instruments. Sme ETFs attempt t replicate the perfrmance f a widely-quted market index. Hwever, nt all ETFs track an index. While an investment in an ETF generally presents similar risks as an investment in an pen-ended, actively managed mutual fund that has the same investment bjectives and strategies, it als carries the fllwing additinal risks, which d nt apply t an investment in an pen-ended, actively managed mutual fund: The perfrmance f an ETF may be different frm the perfrmance f any index, cmmdity, r financial 10

17 measure that the ETF may seek t track. There are several reasns that this might ccur, including transactin csts and ther expenses that are brne by the ETF, the ETF s securities may trade at a premium r a discunt t their net asset value, r the ETF may emply cmplex strategies, such as leverage, making accurate tracking difficult. The ability f a mutual fund t realize the full value f its investment in an underlying ETF depends n the mutual fund s ability t sell the ETF s securities n a securities market. The mutual fund may receive less than the ETF s net asset value per security n such sale, as the ETF s securities may nt trade at prices that reflect their net asset value. There is n guarantee that any particular ETF is available at any time. An ETF may be newly r recently rganized, with limited r n previus perating histry, and an active trading market fr an ETF s securities may fail t develp r be maintained. In additin, an ETF may nt cntinue t meet the listing requirements f the exchange n which its securities are listed fr trading. Cmmissins may apply t the purchase r sale f an ETF s securities by a mutual fund. Freign investment risk There are sme significant reasns t cnsider investing abrad. The ecnmies f freign cuntries may grw faster than Canada s ecnmy. This can mean that investments in thse cuntries may als grw mre quickly. Freign investments give yu diversificatin, because all yur mney isn t invested in Canada. In additin t currency risk discussed abve, freign investments have ther risks, including: Nt all cuntries are as well regulated as Canada, r have the same cnsistent and reliable accunting, auditing, and financial reprting standards. Sme cuntries may have lwer standards f business practices and lax regulatin, and may be mre vulnerable t crruptin. Even in sme relatively well regulated cuntries, it can be difficult t get the infrmatin investrs need abut business peratins. Freign investments culd suffer as a result. A small number f cmpanies culd make up a large part f the freign market. If ne f these cmpanies des prly, the whle market culd drp. Smetimes freign gvernments impse taxes, take ver private businesses, r change the rights f freign investrs. They might impse currency cntrls that greatly restrict the ability t get mney ut f the cuntry, r they may devalue their currency. Rits, civil unrest r wars, r unstable gvernments in sme cuntries culd hurt investments. Freign cuntries may experience relatively high inflatin, and high interest rates. It s smetimes hard t enfrce the mutual fund s legal rights in anther cuntry. Fr fixed incme securities bught n freign markets, including sme gvernment bnds, there s a risk that the issuer desn t pay ff the debt, r that the price f the securities drps rapidly. Of curse, the amunt f risk varies frm cuntry t cuntry. Securities in develped markets generally have lwer freign investment risk because they re usually well regulated and are relatively stable. Hwever, securities f gvernments and cmpanies in the emerging r develping markets, such as Suth r Sutheast Asia and Latin America, can have significant freign investment risk. Interest rate risk Interest rates impact the cst f brrwing fr gvernments, cmpanies, and individuals, which, in turn, impacts verall ecnmic activity, and a wide range f investments. Lwer interest rates tend t stimulate ecnmic grwth, whereas high interest rates tend t d the ppsite. When interest rates rise, fixed incme securities, like treasury bills and bnds, tend t fall in price. On the ther hand, these securities tend t rise in price when interest rates fall. The cash flw frm fixed incme securities with variable rates can change as interest rates fluctuate. Lnger-term bnds and strip bnds are generally mre 11

18 What is a mutual fund and what are the risks f investing in a mutual fund? (cntinued) sensitive t changes in interest rates than ther kinds f securities. When interest rates fall, the issuers f many kinds f fixed incme securities may repay the principal befre the security matures. This is called making a prepayment. This is a risk because if a fixed incme security is paid ff sner than expected, the mutual fund may have t reinvest its mney in securities that have lwer rates. Als, if paid ff unexpectedly, r faster than predicted, the fixed incme security can ffer less incme and/r ptential fr capital gains. Changing interest rates can als indirectly impact the share prices f equity securities. When interest rates are high, it may cst a cmpany mre t fund its peratins, r t pay dwn existing debt. This can impair a cmpany s prfitability and earnings grwth ptential, which can negatively impact its share price, making the cmpany less attractive t ptential investrs. Cnversely, lwer interest rates can make financing fr a cmpany less expensive, which can ptentially increase its earnings grwth ptential. Interest rates can als impact the demand fr gds and services that a cmpany prvides by impacting verall ecnmic activity. Large transactin risk Other investment prducts, such as segregated funds ffered by insurance cmpanies and ther investment funds, may invest in a mutual fund. There is a risk that these investments may becme large, resulting in large purchases and redemptins f units f the fund. Other investrs may als purchase large amunts f a fund. Large purchases and redemptins may result in: A fund maintaining an abnrmally high cash balance. Large sales f prtfli securities, impacting market value. Increased transactin csts (e.g., cmmissins). Capital gains being realized, which may increase taxable distributins t investrs. If this shuld ccur, the returns f investrs, including ther funds, that invest in the fund may als be adversely affected. Tax lss restrictin rules, referred t as LREs, apply t a mutual fund if the fund des nt satisfy certain investment diversificatin cnditins at a time when an investr (cunted tgether with affiliates) becmes the hlder f units wrth mre than 50% f the fund. This culd happen when an investr r its affiliates acquire units, r when anther investr redeems units. Each time the LREs apply t a fund, unithlders may autmatically receive an unscheduled distributin f incme and/r capital gain. These distributins must be included in the unithlders incme fr tax purpses. Als, future distributins paid by the mutual fund may be larger than they therwise wuld have been due t the restrictin n the deductin f prir lsses. Fr mre infrmatin regarding the taxatin f distributins, see the Incme tax cnsideratins fr investrs sectin. Liquidity risk Liquidity f yur investment means hw quickly and easily yu can sell yur units fr cash. This is als true fr the securities held in a mutual fund. Mst securities held in a mutual funds are liquid, but there are sme investments that cannt be sld easily r quickly. These are cnsidered t be illiquid. Securities can be illiquid fr a number f reasns, including: Legal rules may restrict the ability t sell them. The securities might have features that make them difficult t sell. There may be shrtage f buyers. The securities might suddenly becme illiquid because f sudden changes in the market. An individual security s liquidity may simply change ver time. There are sme types f securities that may be mre illiquid when markets are vlatile, r there is a sharp market decline. These include high yield bnds, flating rate debt instruments r lans, senir secured debt bligatins, cnvertible securities, high yield cmmercial mrtgagebacked securities, and fixed incme securities issued by crpratins and gvernments in emerging cuntries. 12

19 If these types f securities becme illiquid, then there culd be fewer buyers fr the securities, the bid/ask spread might be wider, trade settlement and delivery f the securities t the mutual fund culd take lnger than nrmal, and it may be difficult t btain a price fr the securities. If a mutual fund has truble selling a security, the fund culd lse mney, and the value f an investment in the fund culd decline. Prtfli management risk All actively managed mutual funds are dependent n their prtfli management team t select investments. A pr security selectin r market allcatin may cause a mutual fund t underperfrm relative t its benchmark r ther mutual funds with similar investment bjectives. Repurchase transactins, reverse repurchase transactins and securities lending risk Smetimes mutual funds enter int what are called repurchase transactins, securities lending transactins and reverse repurchase transactins. A repurchase transactin is where a mutual fund sells a security t anther party fr cash and agrees t buy the same security back frm the same party fr cash. Securities lending is similar t a repurchase transactin, except that instead f selling the security and agreeing t buy it back later, the mutual fund lans the security and can demand the return f the security at any time. In a reverse repurchase transactin, a mutual fund buys a security at ne price frm a party and agrees t sell the same security back t the same party at a higher price later n. In each case, it is a way fr the mutual fund t earn interest n cash balances. The risk with these types f transactins is that the ther party may default under the agreement, r g bankrupt. In a reverse repurchase transactin the fund is left hlding the security, and may nt be able t sell the security at the same price it paid fr it, plus interest, if the market value fr the security has drpped in the meantime. In the case f a repurchase transactin r securities lending transactin, the fund culd incur a lss if the value f the security sld r laned has increased mre than the value f the cash and cllateral held. Fidelity reduces these risks by requiring the ther party t put up cllateral. The value f the cllateral has t be at least 102% f the market value f the security sld (fr a repurchase transactin), cash laned (fr a reverse repurchase transactin), r security laned (fr a securities lending transactin). The value f the cllateral is checked and reset daily. The Funds nly deal with parties wh appear t have the resurces and the financial strength t live up t the terms f the agreements. Repurchase transactins and securities lending transactins are limited t 50% f a Fund s assets. Cllateral held by a Fund fr laned securities and cash held fr sld securities are nt included in a Fund s assets when making this calculatin. risk The Funds are available in up t thirty-tw series f units. The series available fr each Fund are set ut n the cver page f this simplified prspectus. See the sectin Specific infrmatin abut each f the mutual funds described in this dcument fr the features f each series and wh can purchase them. If a Fund can t pay the expenses f ne series using its prprtinate share f the Fund s assets, the Fund is required t pay thse expenses ut f the ther series prprtinate share f the Fund s assets. This culd lwer the investment returns f the ther series. N expenses are charged t the Funds fr any O units that they issue. The Funds may, withut ntice t unithlders and withut unithlder apprval, issue additinal series. Sme f the Funds and certain series f the Funds, such as the T-SWP, are designed t prvide a mnthly cash flw t investrs. Where this cash flw exceeds a Fund s net incme, it includes a return f capital. When a Fund returns capital t an investr, the Fund returns a prtin f the mney that the investr riginally invested in the Fund, rather than returns r incme generated by the investment. A return f capital reduces the net asset value f the series n which it is paid and, if paid in cash, als reduces the assets the investr has invested in the Fund. As well, a return f capital reduces the ttal assets f the Fund available fr investment, which may reduce the ability f the Fund t generate future incme. 13

20 What is a mutual fund and what are the risks f investing in a mutual fund? (cntinued) Shrt selling risk A shrt sale is where a mutual fund brrws securities frm a brrwing agent (generally a custdian r dealer) and then sells the brrwed securities in the pen market. At a later date, the same number and type f securities are repurchased by the fund and returned t the brrwing agent. In the interim, the prceeds frm the first sale are depsited with the brrwing agent and the fund pays interest t the brrwing agent. If the value f the securities declines between the time that the fund brrws the securities and the time that it repurchases and returns the securities, the fund makes a prfit fr the difference (less any interest the fund must pay t the brrwing agent). Shrt selling strategies can prvide a mutual fund with an pprtunity t manage vlatility and enhance perfrmance in declining r vlatile markets. Shrt selling securities invlves risk, because there is n assurance that securities will sufficiently decline in value during the perid f the shrt sale t ffset the interest paid by the fund, and thereby make a prfit fr the fund. Securities sld shrt may instead increase in value, resulting in a lss t the fund. The fund may als experience difficulties repurchasing and returning the brrwed securities. The brrwing agent frm whm the fund has brrwed securities may g bankrupt, and the fund may lse the cllateral it has depsited with the brrwing agent. Specializatin risk Sme mutual funds specialize in investing in a particular industry r part f the wrld. Specializatin lets the prtfli management team fcus n specific industries r gegraphic areas, which can bst returns if the industry r gegraphic area, and the cmpanies selected, prsper. But if the industry r gegraphic area has a slump, the mutual fund may suffer, because there are relatively few ther investments t ffset the dwnturn. The mutual fund must fllw its investment bjectives and cntinue t invest in securities in the industry r gegraphic area, whether it is grwing r nt. Additinally, if a specific investment apprach used by a mutual fund, such as value r grwth, is ut f favur, the mutual fund culd suffer if it is bliged t cnfine its investments t the specific investment apprach. Shrt selling by the Funds cmplies with the laws f Canadian securities regulatry authrities. Cmpliance with regulatry rules is mnitred n a daily basis. Small cmpany risk Small cmpanies can be riskier investments than larger cmpanies. Fr ne thing, they re ften newer, and may nt have a track recrd, extensive financial resurces, r a well-established market fr their securities. They generally dn t have as many shares trading in the market, s it culd be difficult fr a mutual fund t buy r sell small cmpany stck when it needs t. All f this means that their prices and liquidity can change significantly in a shrt perid f time. 14

21 Organizatin and management f the Funds The fllwing infrmatin tells yu abut wh s invlved in running the Funds. Manager Fidelity Investments Canada ULC 483 Bay Street, Suite 300 Trnt, Ontari M5G 2N7 As Manager, we are respnsible fr the day-t-day peratins f the Funds and prvide all general management and administrative services. As at September 30, 2017, Fidelity managed mre than $132 (CAD) billin fr its clients. We are part f a grup f cmpanies knwn as Fidelity Investments. Fidelity Investments specializes in investment management fr individuals, either directly, thrugh financial advisrs, r thrugh grup retirement plans. We als prvide a wide variety f financial services and prducts. As at September 30, 2017, the Fidelity Investments grup managed mre than $2.4 trillin (USD) thrugh mutual fund prtflis and ther institutinal accunts arund the wrld. Trustee Fidelity Investments Canada ULC Trnt, Ontari The Funds are mutual funds rganized as trusts. As trustee, we hld title t each Fund s investments in trust fr unithlders under the terms described in a declaratin f trust. Independent Review Cmmittee The IRC is the fund gvernance agency fr the Fidelity Funds, as cntemplated by NI There are currently fur members f the IRC, each f whm is independent f us and any party related t us. The IRC s mandate is t (a) cnsider and make decisins n thse cnflict f interest matters that require its apprval under NI , (b) cnsider and prvide its recmmendatins n thse cnflict f interest matters that are referred t it fr review by the Manager, and (c) perfrm any ther functin required by securities legislatin. The IRC may als apprve mergers invlving the Funds and any change f the auditr f the Funds. Unithlder apprval will nt be btained in these circumstances, but yu will be sent a written ntice at least 60 days befre the effective date f any merger r change f auditr that affects the Funds that yu wn. The IRC prepares, at least annually, a reprt fr unithlders f its activities. This reprt is available n ur website at r yu may request a cpy, at n cst, by sending us an at cs.english@fidelity.cm (fr assistance in English) r sc.francais@fidelity.cm (fr assistance in French). Additinal infrmatin abut the IRC, including the names f the members f the IRC, is available in the Funds annual infrmatin frm. Custdian State Street Trust Cmpany Canada Trnt, Ontari The custdian, r its sub-custdians, hlds the investments f the Funds and keeps them safe t ensure that they are used nly fr the benefit f investrs. The custdian is independent f Fidelity. Securities Lending Agent State Street Bank and Trust Cmpany Bstn, Massachusetts The securities lending agent acts as agent fr thse Funds that engage in securities lending. The securities lending agent is independent f Fidelity. Registrar Fidelity Investments Canada ULC Trnt, Ontari As registrar, we keep a recrd f all unithlders f the Funds, prcess rders, and issue accunt statements and tax slips t unithlders. Auditr PricewaterhuseCpers LLP Trnt, Ontari The auditr is an independent chartered prfessinal accunting firm and it audits the annual financial statements f each Fund. 15

22 Organizatin and management f the Funds (cntinued) Prtfli adviser Fidelity Investments Canada ULC Trnt, Ontari The prtfli adviser makes the investment decisins fr the applicable Fund, buys and sells all the investments in the Fund, and deals with brkers. Sub-Advisers FIAM LLC Smithfield, Rhde Island Fidelity Investments Mney Management, Inc. Merrimack, New Hampshire FIL Limited Hamiltn, Bermuda FMR C., Inc. Bstn, Massachusetts There may be difficulty in enfrcing legal rights against the sub-advisers, ther than FCAM and SSgA, because they are resident, and substantially all f their assets are lcated, utside f Canada. Certain f the Funds, that we refer t as Tp Funds, may invest sme r all f their assets in underlying Fidelity Funds. Because such underlying Fidelity Funds are als managed by Fidelity, Fidelity des nt vte the units f the underlying Fidelity Funds. Instead, Fidelity may arrange fr such units t be vted by the Tp Fund investrs. If Fidelity decides t arrange fr Tp Fund investrs t vte, then Fidelity asks each Tp Fund investr fr instructins n hw t vte that investr s prprtinate share f the underlying Fidelity Fund units wned by the Tp Fund, and Fidelity then vtes n that basis. In thse circumstances, Fidelity nly vtes the prprtin f the underlying Fidelity Fund units fr which it has received instructins. FMR Investment Management (UK) Limited Lndn, U.K. Fidelity (Canada) Asset Management ULC Trnt, Ontari (FCAM) State Street Glbal Advisrs Ltd. Mntreal, Quebec (SSgA) The prtfli adviser may engage ne r mre sub-advisers t prvide investment advice in cnnectin with securities purchased fr a Fund. FCAM is an affiliate f Fidelity. SSgA prvides investment services in cnnectin with the management f passive currency hedging fr sme Funds. 16

23 Purchases, switches and redemptins Yu ve cnsidered yur investment bjectives and risk tlerance. The next step is making yur investment. The fllwing pages tell yu hw t invest in the Funds, hw much it csts and ther imprtant details. Opening an accunt Befre yu make yur first investment in the Funds, yu need t pen an accunt. There are several different kinds f Fidelity accunts, which we tell yu abut belw. Yu can pen an accunt by cntacting yur financial advisr and cmpleting an applicatin. Yu can als invest in the Funds thrugh accunts r plans ffered by ther financial institutins. Ask yur financial advisr fr details. Hw t buy, redeem r switch units f a series f a Fund The Funds are available in up t thirty-tw series f units, as specified n the cver page and as set ut in each Fund s prfile. The differences between the series are described in the sectin Specific infrmatin abut each f the mutual funds described in this dcument. Fidelity U.S. Dividend Registered Fund may nly be purchased by Eligible Investrs. See Wh shuld invest in this fund? in the Fund s prfile. We reject an rder frm anyne ther than an Eligible Investr fr this Fund. A, B, S5, S8, T5 and T8 units f the Funds are available t all investrs. C and D units f Fidelity Canadian Mney Market Fund are available nly t investrs enrlled in the Fidelity ClearPlan Custm Fund Prtflis prgram. Investrs cannt make an initial direct purchase int any f E units. E units are available nly t investrs wh hld B r S5 units and then becme eligible t hld E units based n the value f their hldings in the Fidelity Funds. These units are available in multiple tiers accrding t the value f this investment. Once an investr hlds E units, the investr can then buy directly additinal E units f the applicable tier f the same Fund r any ther Fidelity Fund. E units are nt available t an investr enrlled in the Large Accunt Prgram unless the investr chses t permanently leave the Large Accunt Prgram in rder t hld E units. F, F5 and F8 units are nly available t investrs whse dealers have entered int apprpriate eligibility agreements with Fidelity. Investrs may buy F units in fee-based accunts at their dealers, where they pay fees directly t their dealers. Investrs may als buy F units and pay fees t their dealers by entering int advisr service fee agreements that authrize Fidelity t redeem F units frm their accunts that have a value equal t the amunt f the fees payable by them t their dealers, plus applicable taxes, and t pay the prceeds t their dealers. O units f mst f the Funds are nly available t institutinal investrs wh may be individuals r financial institutins wh have been apprved by us and have entered int series O fund purchase agreements with us. Hwever, O units f the Investment Trusts, Fidelity American Disciplined Equity Currency Neutral Fund, Fidelity Glbal Disciplined Equity Currency Neutral Fund, and Fidelity Internatinal Disciplined Equity Currency Neutral Fund are nly available fr purchase by the Fidelity Funds and ther funds and accunts managed r advised by Fidelity, and are nt available fr public purchase. Investrs cannt make an initial direct purchase int any f the P units. P units are available nly t investrs wh hld F r F5 units and then becme eligible t hld P units based n the value f their hldings in the Fidelity Funds. These units are available in multiple tiers accrding t the value f this investment. Once an investr hlds P units, the investr can then buy directly additinal P units f the applicable tier f the same Fund r any ther Fidelity Fund. P units are nt available t an investr enrlled in the Large Accunt Prgram unless the investr chses t permanently leave the Large Accunt Prgram in rder t hld P units. See the sectin Specific infrmatin abut each f the mutual funds described in this dcument fr mre infrmatin abut the series that yu can invest in. Yu can buy, redeem r switch units f the Funds thrugh any registered dealer. When yu buy, redeem r switch units f a Fund, we have t determine what they re wrth. We d this by calculating 17

24 Purchases, switches and redemptins (cntinued) the net asset value per unit. The net asset value per unit is the basis f all transactins invlving buying, redeeming, switching r reinvesting units. See the Incme tax cnsideratins fr investrs sectin fr further details abut the tax cnsequences f buying, redeeming r switching units. Figuring ut the net asset value per unit Here s hw we calculate the net asset value per unit fr each series f a Fund: We take the series prprtinate share f all the investments and ther assets f the Fund. We subtract the series liabilities and its prprtinate share f cmmn Fund liabilities. That gives us the net asset value fr the series. We divide that number by the ttal number f units investrs in that series hld. That gives us the net asset value per unit. T determine what yur mutual fund investment is wrth, simply multiply the net asset value per unit fr the series f units yu wn by the number f units yu wn. We buy, switch r redeem units fr yu n any day that the Trnt Stck Exchange, r TSX, is pen fr trading. This is called a valuatin day. A valuatin day usually ends at 4 p.m. Trnt time, unless the TSX clses earlier n that day. We calculate the value f a Fund s units n each valuatin day. In rder t cmplete yur transactin, we use the first net asset value per unit that we calculate after receiving yur instructins. We aren t able t calculate the price f a series f a Fund n a valuatin day if it hlds an underlying fund and the security price f that underlying fund is nt calculated n that valuatin day. Minimum accunt size Due t the high cst f administering accunts, yu must keep at least $500 in yur accunt. If yur accunt falls belw this amunt, we may decide t redeem yur units. We give yu 30 days t bring the value f yur accunt up t $500 befre we redeem yur units. The Funds and certain series f the Funds may als be subject t minimum investment amunts. These amunts are determined frm 18 time t time by us, in ur sle discretin. They may als be waived by us, and are subject t change withut prir ntice. The current minimum initial investment amunts are set ut n ur website at U.S. Dllar Optin All f the Funds (except Fidelity U.S. Mney Market Fund) are valued, and can be bught, in Canadian dllars. Fidelity U.S. Mney Market Fund is valued, and can be bught, nly in U.S. dllars. In additin, sme series f sme Funds can be bught in U.S. dllars as well as Canadian dllars. We indicate in the Fund details in each Fund s prfile if a series can be bught using this U.S. dllar ptin. The Canadian dllar net asset value fr these Funds is cnverted t U.S. dllars at the prevailing exchange rate fr a valuatin day in rder t determine the applicable U.S. dllar net asset value. Other than the series f the Funds indicated in the Fund prfiles, n ther Funds r series are currently available fr purchase in U.S. dllars. We may ffer the U.S. dllar ptin in respect f additinal Funds r series in the future. Fr tax purpses, capital gains and lsses are calculated in Canadian dllars. As a result, if yu buy and redeem units under the U.S. dllar ptin, yu need t calculate gains r lsses based n the Canadian dllar value f yur units when they were purchased and when they were sld. In additin, althugh distributins are made in U.S. dllars, they must be reprted in Canadian dllars fr Canadian tax purpses. Cnsequently, all investment incme is reprted t yu in Canadian dllars fr incme tax purpses. Yu may want t cnsult yur tax advisr regarding this. Our U.S. dllar ptin is ffered nly as a cnvenience. It allws yu t invest in certain Funds using yur American mney. If yu buy yur units in U.S. dllars, yu receive U.S. dllars when yu redeem them r receive distributins frm the Fund. Buying yur units in U.S. dllars des nt affect the investment return f yur Fund and, in particular, des nt hedge r prtect against lsses caused by changes in the exchange rate between the Canadian and U.S. dllars. If yu wish t reduce yur expsure t currency fluctuatins, yu shuld cnsider an investment in a Fidelity currency neutral fund.

25 Abut sales charges Yu may pay a cmmissin t invest in A, B, C, D, E1, E1T5, E2, E2T5, E3, E3T5, E4, E4T5, E5, E5T5, S5, S8, T5 and T8 units f the Funds. This cmmissin is als called a sales charge. The cmmissin cmpensates yur financial advisr fr the advice and service he r she prvides t yu. Yu can chse t purchase yur units under a purchase ptin fr which the sales charges may be payable at the time f purchase. This is called an initial sales charge, and the amunt yu pay is negtiable with yur financial advisr. Alternatively, yu can chse t wait until yu redeem yur units and pay a percentage f their riginal cst t us at that time. This is called a deferred sales charge. A, C, T5 and T8 units are available nly under a deferred sales charge ptin. B, D, E1, E1T5, E2, E2T5, E3, E3T5, E4, E4T5, E5, E5T5, S5 and S8 units are available nly under the initial sales charge ptin. Yu dn t pay any sales charges if yu invest in F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P3T5, P4, P4T5, P5 r P5T5 units, which are nly available t certain investrs. Paying when yu buy yur units If yu buy units under the initial sales charge ptin, yu may pay a sales charge at the time yu purchase yur units. Yu and yur financial advisr need t negtiate the level f the initial sales charge. See the Fees and expenses sectin fr details. We may deduct the percentage frm the amunt yu invest and pay it t yur financial advisr s dealer. See the Dealer cmpensatin sectin fr details. Paying when yu redeem yur units If yu chse t buy units under the deferred sales charge ptin, we arrange fr a cmmissin payment t yur dealer at the time that yu buy yur units. See the Dealer cmpensatin sectin fr details. When yu redeem yur units, we deduct the sales charge, if any, as a percentage f the cst f yur units at the time yu bught them. This charge, which is paid t us, is called a deferred sales charge because yu put ff paying it. The charge gets lwer the lnger yu hld yur units. Under the deferred sales charge ptin, the charge declines t 0% after six years, under the lw lad deferred sales charge ptin, the charge declines t 0% during the third year, and under the lw lad 2 deferred sales charge ptin, the charge declines t 0% during the furth year. Yu can find the schedules fr these deferred sales charge ptins in the Fees and expenses sectin. Yu d nt pay a deferred sales charge if yu: Switch units frm ne Fund t anther Fidelity Fund (but a switch fee is pssible). Chse t receive distributins in cash. Redeem units yu received frm reinvested distributins. Switching yur deferred sales charge units If yu purchase A, T5 r T8 units under a deferred sales charge ptin, r if yu buy them under yur Fidelity ClearPlan Custm Fund Prtflis prgram, yu may elect t have yur units switched t B, S5 r S8 units, respectively, which have lwer management fees, at any time after yur deferred sales charge redemptin fee schedule expires. Fr units purchased under the deferred sales charge ptin, this means that yu can make this electin starting six years after the time f purchase. Fr lw lad deferred sales charge units, yu can make this electin starting tw years after the time f purchase, and fr lw lad 2 deferred sales charge units, yu can make this electin starting three years after the time f purchase. Alternatively, if yu purchase A, T5 r T8 units under a deferred sales charge ptin, r if yu buy them under yur Fidelity ClearPlan Custm Fund Prtflis prgram, yur units are autmatically switched t B, S5 r S8 units, respectively, which have lwer management fees, ne year after yur redemptin fee schedule expires. Fr units purchased under the deferred sales charge ptin, this means that yur units are switched seven years after the time f purchase. Fr lw lad deferred sales charge units, yur units are switched three years after the time f purchase, and fr lw lad 2 deferred sales charge units, yur units are switched fur years after the time f purchase. These autmatic switches are nt implemented if the value f the units t be switched is less than five dllars, but are implemented nce the value f the units t be switched is five dllars r mre. 19

26 Purchases, switches and redemptins (cntinued) See the schedules fr these deferred sales charge ptins in the Fees and expenses sectin. This electin and autmatic switch d nt apply t C units f Fidelity Canadian Mney Market Fund. 10% free amunt Every calendar year, yu can redeem up t 10% f the riginal cst f yur A, T5 r T8 units that wuld therwise be subject t the deferred sales charge at n charge. Yu can als switch these units t B, S5 r S8 units, respectively, which have lwer management fees and d nt have a deferred sales charge. We call this the 10% free amunt. The 10% free amunt is calculated based n the riginal cst f the units. Redemptins f yur 10% free amunt reduce yur riginal cst (unless yur 10% free amunt includes the redemptin f units yu received frm reinvested distributins). Fr example, if yu invest $10,000 in year 0, in year 1 yu can redeem $1,000 (i.e., 10% f $10,000) withut paying a deferred sales charge. In year 2 (prvided yu have nt received any distributin in cash r redeemed units yu received frm reinvested distributins) yu can redeem $900 (i.e., 10% f $9,000) withut paying a deferred sales charge. Yu can use up yur 10% free amunt fr a year in ne redemptin r ne switch, r spread it ut ver several redemptins r switches, whichever yu prefer. Yu can t carry frward an unused amunt t the next year. Hwever, if yu have used sme r all f yur 10% free amunt and then receive distributins in cash that cause yu t exceed yur 10% free amunt in a year, we may reduce yur 10% free amunt by that excess amunt the fllwing year. We d nt autmatically switch the 10% free amunt f units purchased under the deferred sales charge ptin t initial sales charge units, s yu may wish t switch thse units in rder nt t lse that entitlement. Units purchased under the lw lad deferred sales charge ptin r the lw lad 2 deferred sales charge ptin are nt eligible fr the 10% free amunt. Redeem units yu received frm reinvested distributins. We reduce yur 10% free amunt by the value f these units at the time they are reinvested. If yu switch units f ne Fund t anther Fidelity Fund, we transfer the 10% free amunt n the riginal units yu held t the new units that yu acquire. C units f Fidelity Canadian Mney Market Fund are nt eligible fr this prgram. Order f redemptins We fllw the principles listed belw t reduce yur redemptin charges fr units purchased under the deferred sales charge ptin: First, we redeem any f yur 10% free amunt that is available (this reduces the amunt f units yu receive frm reinvested distributins that are available fr redemptin). Then, we redeem the remaining units yu received frm reinvested distributins. Next, units held fr the lngest time perid are redeemed first, and units held fr the shrtest time perid are redeemed last. Receiving yur distributins in cash r redeeming reinvested distributins reduces yur 10% free amunt fr the year. Since the 10% free amunt is nt available fr the lw lad deferred sales charge ptin and the lw lad 2 deferred sales charge ptin, we first redeem the units yu received frm reinvested distributins, and then units held fr the lngest time perid are redeemed first and units held fr the shrtest time perid are redeemed last. Yu use up sme f yur 10% free amunt if yu: Chse t receive distributins in cash. We reduce yur 10% free amunt by the amunt f the distributin. 20

27 Hw t buy Funds If we receive yur rder befre 4 p.m. Trnt time n a valuatin day (which is any day that the TSX is pen fr trading), we prcess yur rder as f that valuatin day and yu pay the net asset value per unit calculated n that valuatin day fr the units that yu buy. Otherwise, we prcess yur rder as f the next valuatin day. If the TSX clses earlier than 4 p.m. n a valuatin day, we may impse an earlier deadline fr that valuatin day. Any rder received after this earlier deadline is prcessed as f the next valuatin day. Fr mre infrmatin n hw we calculate the net asset value per unit n a valuatin day, see Figuring ut net asset value per unit earlier in this sectin. Yu have t pay fr yur units when yu buy them. We d nt accept cash, mney rders r traveller s cheques fr the purchase f units. If we dn t receive payment in full within tw business days f receiving yur rder (ne business day fr Fidelity Canadian Mney Market Fund and Fidelity U.S. Mney Market Fund), we redeem the units that yu bught n the next valuatin day r when we first learn that yur payment will nt be hnured. A business day is any day except, Saturday, Sunday r a Canadian hliday. If we redeem the units fr mre than yu paid, the Fund keeps the difference. If we redeem the units fr less than yu paid, we charge yur dealer fr the difference, plus any csts. Yur dealer may be entitled t recver any lss frm yu. If we receive yur payment, but the dcumentatin in respect f yur purchase fr a Fidelity registered plan is incmplete r missing instructins, we may invest yur mney in B units f Fidelity Canadian Mney Market Fund at n sales charge. An investment in Fidelity Canadian Mney Market Fund earns yu daily interest until we receive cmplete instructins frm yu regarding which Fund(s) yu have selected, and all dcumentatin in respect f yur purchase is received in gd rder. Yur ttal investment, including any interest, is then switched int the Fund(s) yu chse under the sales charge ptin that yu selected at the unit price f the Fund(s) n the date f the switch. What else yu need t knw Here are sme ther imprtant facts abut buying the Funds: Yu receive a cnfirmatin nce we prcess yur purchase. The cnfirmatin is a recrd f yur purchase, and includes details abut the units that yu bught and any cmmissin that yu paid. If yu buy units thrugh ur pre-authrized chequing plan, yu receive a cnfirmatin fr yur first purchase. After that, yu receive regular accunt statements. Yu d nt receive a cnfirmatin when yur A, T5 r T8 deferred sales charge units are autmatically switched t B, S5 r S8 initial sales charge units. Units purchased under a deferred sales charge ptin cannt be switched fr units under a different deferred sales charge ptin. Fr example, units purchased under the lw lad deferred sales charge ptin cannt be switched fr units under the lw lad 2 deferred sales charge ptin. We dn t issue a certificate when yu buy units f the Funds. Instead, yu get regular statements shwing hw many units yu wn and their value. We may refuse any rder t buy within ne business day f receiving it. If we refuse yur rder, we return yur mney t yu. Investrs cannt make an initial direct purchase int E r P units f a Fund. E units are available nly t investrs wh hld B r S5 units and then becme eligible fr E units. P units are available nly t investrs wh hld F r F5 units and then becme eligible fr P units. Once an investr hlds E r P units, the investr can buy directly the applicable tier f E r P units f the same Fund r any ther Fidelity Fund. Only Eligible Investrs may invest in Fidelity U.S. Dividend Registered Fund. See Wh shuld invest in this fund? in the Fund s prfile. If an investr in this Fund is fund nt t be an Eligible Investr, Fidelity 21

28 Purchases, switches and redemptins (cntinued) cancels r redeems that investr s investment in the Fund as sn as is reasnably practicable. We may require investrs wh are U.S. citizens r freign investrs t redeem their units if their participatin has the ptential t cause regulatry r tax prblems. We may be required t withhld taxes n distributins and/r redemptin prceeds paid t U.S. citizens r freign investrs. Speak with yur financial advisr fr details. We dn t accept rders t buy units during a perid when we ve suspended unithlders right t redeem units. See Suspending yur right t redeem units later in this sectin. Switching t anther series f the same Fund The fllwing switches are permitted between series f the same Fund. Switching A units Yu can switch frm A units that yu bught under a deferred sales charge ptin t C, O, T5 r T8 units f the same Fund. Yu may have t pay a fee t yur dealer. Yu negtiate that fee with yur financial advisr. See the Fees and expenses sectin fr details. Yu can als switch t B, F, F5, F8, S5 r S8 units prvided that yur redemptin fee schedule has expired. See Switching yur deferred sales charge units in this sectin fr details. Yu can nly switch t F, F5 r F8 units if yu re eligible fr these series r t O units with ur apprval. Switching B units Yu can switch frm B units that yu bught under the initial sales charge ptin t D, F, F5, F8, O, S5 r S8 units f the same Fund. Yu may have t pay a fee t yur dealer. Yu negtiate that fee with yur financial advisr. See the Fees and expenses sectin fr details. Switching C units Yu can switch frm C units f Fidelity Canadian Mney Market Fund that yu bught under a deferred sales charge ptin t A units f that Fund. There is n fee payable fr this switch. Switching D units Yu can switch frm D units f Fidelity Canadian Mney Market Fund that yu bught under the initial sales charge ptin t B, F r O units f that Fund. There is n fee payable fr this switch. Yu can nly switch t F units if yu re eligible fr this series r t O units with ur apprval. Switching E and P units Prvided yur dealer enters int the apprpriate eligibility agreement with Fidelity and can supprt E r P units, we autmatically switch yur: B and S5 units t the apprpriate tier f the applicable E units. F and F5 units int the apprpriate tier f the applicable P units. We d these autmatic switches when yur hldings in the Funds and ther Fidelity Funds exceeds $250,000, fr an individual, r $500,000, fr a E/P financial grup. See the Fees and expenses sectin fr details. If yu hld units f a Fund fr which the apprpriate tier f E r P units is nt available, yur units are switched int the tier with the lwest cmbined management and advisry and Administratin Fee that is available fr that Fund. Switches between E r P tiers are als autmatic, s an investr is always in the E r P tier with the lwest cmbined management and advisry fees and Administratin Fees that the investr is eligible fr, prvided a Fund ffers that tier. The fllwing table sets ut the investment threshlds fr each tier. Yu can nly switch t F, F5 r F8 units if yu re eligible fr these series r t O units with ur apprval. 22

29 Tier E1, E1T5, P1 r P1T5 $250,000 - $999,999 E2, E2T5, P2 r P2T5 $1,000,000 - $2,499,999 E3, E3T5, P3 r P3T5 $2,500,000 - $4,999,999 E4, E4T5, P4 r P4T5 $5,000,000 - $9,999,999 E5, E5T5, P5 r P5T5 $10,000,000+ Nt all E and P tiers are currently available fr each Fund. Additinal E and P tiers may be made available frm time t time. The series currently available fr each Fund are set ut in the Fund s prfile. Autmatic switches generally take place in the fllwing circumstances: When yu purchase r redeem Fidelity Fund securities that mve yu int, amng, r ut f E r P tiers. When we launch E r P units f a Fidelity Fund fr which yu are eligible. When yur E/P financial grup is created r changes in a way that mves yu int, amng, r ut f E r P tiers. In additin, Fidelity autmatically switches yur units n the secnd Friday f each mnth if psitive market mvement has mved yu int r amng E r P tiers and yur units have nt been autmatically switched by any f the ther circumstances described abve. Yu can switch frm E and P units t B, D, F, F5, F8, O, S5 r S8 units f the same Fund. Yu may have t pay a fee t yur dealer. Yu negtiate that fee with yur financial advisr. See the Fees and expenses sectin fr details. Yu can nly switch yur E units t F, F5 r F8 units if yu re eligible fr these series r t O units with ur apprval. Switching F units Yu can switch frm F units t B, D, F5, F8, S5 r S8 units f the same Fund. Yu may have t pay a fee t yur dealer. Yu negtiate that fee with yur financial advisr. See the Fees and expenses sectin fr details. Yu can nly switch t O units with ur apprval. N fee is payable fr this switch. Switching F5 units Yu can switch frm F5 units t B, F, F8, O, S5 r S8 units f the same Fund. Yu may have t pay a fee t yur dealer. Yu negtiate that fee with yur financial advisr. See the Fees and expenses sectin fr details. Yu can nly switch t O units with ur apprval. N fee is payable fr this switch. Switching F8 units Yu can switch frm F8 units t B, F, F5, O, S5 r S8 units f the same Fund. Yu may have t pay a fee t yur dealer. Yu negtiate that fee with yur financial advisr. See the Fees and expenses sectin fr details. Yu can nly switch t O units with ur apprval. N fee is payable fr this switch. Switching O units Yu can switch frm O units t A, B, D, F, F5, F8, S5, S8, T5 r T8 units f the same Fund. Yu may have t pay a fee t yur dealer. Yu negtiate that fee with yur financial advisr. See the Fees and expenses sectin fr details. Yu can nly switch t F, F5 r F8 units if yu are eligible fr these series. N fee is payable fr this switch. Switching S5 units Yu can switch frm S5 units that yu bught under the initial sales charge ptin t B, F, F5, F8, O r S8 units f the same Fund. Yu may have t pay a fee t yur dealer. Yu negtiate that fee with yur financial advisr. See the Fees and expenses sectin fr details. Yu can nly switch t F, F5 r F8 units if yu re eligible fr these series r t O units with ur apprval. Switching S8 units Yu can switch frm S8 units that yu bught under the initial sales charge ptin t B, F, F5, F8, O r S5 units f the same Fund. Yu may have t pay a fee t yur dealer. Yu negtiate that fee with yur financial advisr. See the Fees and expenses sectin fr details. 23

30 Purchases, switches and redemptins (cntinued) Yu can nly switch t F, F5 r F8 units if yu re eligible fr these series r t O units with ur apprval. Switching T5 units Yu can switch frm T5 units that yu bught under a deferred sales charge ptin t A, O r T8 units f the same Fund. Yu may have t pay a fee t yur dealer. Yu negtiate that fee with yur financial advisr. See the Fees and expenses sectin fr details. Yu can als switch t B, F, F5, F8, S5 r S8 units prvided that yur redemptin fee schedule has expired. See Switching yur deferred sales charge units in this sectin fr details. Yu can nly switch t F, F5 r F8 units if yu re eligible fr these series r t O units with ur apprval. Switching T8 units Yu can switch frm T8 units that yu bught under a deferred sales charge ptin t A, O r T5 units f the same Fund. Yu may have t pay a fee t yur dealer. Yu negtiate that fee with yur financial advisr. See the Fees and expenses sectin fr details. Yu can als switch t B, F, F5, F8, S5 r S8 units prvided yur redemptin fee schedule has expired. See Switching yur deferred sales charge units in this sectin fr details. Yu can nly switch t F, F5 r F8 units if yu re eligible fr these series r t O units with ur apprval. What else yu need t knw Switches f units f a Fund frm ne series t anther series f the same Fund d nt result in a dispsitin fr tax purpses, unless units are redeemed t pay fees. The amunt f yur investment, less any fee that is paid by redeeming units, will be the same after the switch. Yu will, hwever, wn a different number f units because each series has a different unit price. Switching units t anther Fidelity Fund Yu can switch units f a Fund fr units f anther Fidelity Fund, including anther Fund, by redeeming units f the Fund and using the prceeds t buy units f the ther Fidelity Fund. Yu may have t pay yur dealer a switch fee. Yu negtiate that fee with yur financial advisr. A shrt-term trading fee may als be payable. See the Fees and expenses sectin fr details. The switch is dne n the same sales charge ptin basis that the riginal units were bught under. If yu bught units f the riginal Fund under a deferred sales charge ptin, yu dn t pay a deferred sales charge when yu d the switch. If yu redeem units f the secnd Fidelity Fund later n, yu pay a deferred sales charge based n the date when yu bught units f the first Fund. See the Dealer cmpensatin sectin fr details. If yu hld E r P units f a Fund and switch int a Fund that des nt ffer an equivalent E r P tier, yur units are switched t the E r P tier with the lwest cmbined management and advisry fees and Administratin Fee that is available fr that Fund. If n E units are ffered by the Fund that yu are switching int, yu are switched t B r S5 units, as applicable. If n P units are ffered by the Fund that yu are switching int, yu are switched t F r F5 units, as applicable. If a tier f E r P units with lwer cmbined management and advisry fees and Administratin Fee fr which yu are eligible is launched by the Fund at a later date, yur E r P units will be autmatically switched t that mre apprpriate tier. Only Eligible Investrs may invest in Fidelity U.S. Dividend Registered Fund. See Wh shuld invest in this fund? in the Fund s prfile. Switching units f a Fund fr units f anther Fidelity Fund is a dispsitin and acquisitin fr tax purpses and may trigger a capital gain r lss. Any capital gain realized n units yu hld utside a registered plan may be subject t tax. Fr mre infrmatin abut hw capital gains are taxed, see the Incme tax cnsideratins fr investrs sectin. 24

31 Hw t redeem the Funds Yu can cash in yur Fund by selling yur units back t the Fund. This is called a redemptin. Yu receive the net asset value per unit calculated n the valuatin day we receive yur rder t redeem yur units. We deduct any deferred sales charge r fees and send yu the balance. Yu must put yur rder t redeem in writing and sign it. An acceptable guarantr must guarantee yur signature if the redemptin is fr $25,000 r mre. If a crpratin, partnership, agent, fiduciary r surviving jint wner hlds the units, we may als ask fr ther dcuments. If we receive yur rder befre 4 p.m. Trnt time n a valuatin day (which is any day the TSX is pen fr trading), we prcess yur rder as f that valuatin day. Otherwise, we prcess yur rder as f the next valuatin day. If the TSX clses earlier than 4 p.m. n a valuatin day, we may impse an earlier deadline fr that valuatin day. Any rder received after this earlier deadline is prcessed as f the next valuatin day. See Figuring ut the net asset value per unit in this sectin fr mre infrmatin n hw we calculate the net asset value per unit n a valuatin day. Yu receive yur mney back in the same currency yu used t buy the Fund. We may charge yu a fee f up t $25 if yu request yur mney back by cheque. There is n fee fr electrnic depsits. We dn t prcess rders t redeem fr: A past date. A future date. A specific price. Any units that haven t been paid fr. We send yu yur mney within tw business days f receiving yur rder, as lng as yur rder is cmplete (ne business day fr Fidelity Canadian Mney Market Fund and Fidelity U.S. Mney Market Fund). Fr units denminated in U.S. dllars, if the settlement day is a U.S. hliday, we send yur mney n the next business day that is nt a U.S. hliday. A business day des nt include Saturdays, Sundays r Canadian hlidays. If we dn t receive yur prperly cmpleted rder within 10 business days f the sale, we buy back the units yu sld n the next valuatin day. If we buy them back fr less than yu sld them fr, the Fund keeps the difference. If we buy them back fr mre than yu sld them fr, we charge yur dealer fr the difference, plus any csts. Yur dealer may be entitled t recver any lss frm yu. We may charge yu a deferred sales charge r a switch fee, alng with a shrt-term trading fee, when yu redeem r switch units. See the Fees and expenses sectin fr details. Where the hlding f units by a unithlder is, in the reasnable pinin f Fidelity, detrimental t a Fund, Fidelity is entitled t redeem the units held by the unithlder. Fr example, nly Eligible Investrs may invest in Fidelity U.S. Dividend Registered Fund. See Wh shuld invest in this fund? in the Fund s prfile. If an investr in this Fund is fund nt t be an Eligible Investr, Fidelity will cancel r redeem that investr s units in the Fund as sn as is reasnably practicable. These measures are necessary t aim t preserve the intended tax treatment fr the Fund. Suspending yur right t redeem units On rare ccasins, we may temprarily suspend yur right t redeem yur Fund units and pstpne paying yur sale prceeds. We can nly d this under the fllwing circumstances: If nrmal trading is suspended n any exchange n which securities r derivatives that make up mre than half f the Fund s ttal assets by value are traded and these securities r derivatives aren t traded n any ther exchange that is a reasnable alternative fr the Fund. If we receive permissin frm the Ontari Securities Cmmissin. If the right t redeem units f an underlying fund is suspended, we autmatically suspend the redemptin f units f any Fund that is linked t that underlying fund. 25

32 Purchases, switches and redemptins (cntinued) If we receive yur rder t redeem n a day when we ve suspended the calculatin f net asset value per unit, yu can withdraw yur rder befre the end f the suspensin perid r yu can redeem yur units based n the net asset value per unit calculated n the first valuatin day after the suspensin ends. Shrt-term trading In general, the Funds are cnsidered lng-term investments. Inapprpriate shrt-term r excessive trading can hurt a Fund s perfrmance by frcing the prtfli management team t keep mre cash in the Fund than wuld therwise be needed, r t sell investments at an inapprpriate time, and may als increase the Fund s transactin csts, affecting all investrs f that Fund. Fidelity has adpted plicies and prcedures t mnitr, detect, and deter shrt-term r excessive trading. These plicies and prcedures are designed t prtect unithlders frm ther investrs mving quickly in and ut f the Funds. A shrt-term trading fee may be charged t deter individuals frm using the Funds as shrt-term investment vehicles. See the Fees and expenses sectin fr details. Shrt-term trading fees are paid t the Fund affected, and are in additin t any sales charge r switch fee. The fee is deducted frm the amunt yu redeem r switch, r it is charged t yur accunt, and is retained by the Fund. The types f trades that the shrt-term trading fee dn t apply t include: If yu redeem r switch units purchased by reinvesting distributins. Switches t different series within the same Fund, including when yu are autmatically switched int, amng, r ut f E r P tiers. Units sld as part f a fund-f-fund prgram r a similar pled investment prgram. Units sld fr retirement incme fund r life incme fund payments. Units sld fr systematic transactins, such as autmatic exchanges, pre-authrized chequing plans, and systematic withdrawal prgrams. Units sld t pay management fees, Administratin Fees, service fees, perating expenses, r Fund Csts. Units sld as part f the Fidelity ClearPlan Custm Fund Prtflis prgram. Payments made as a result f the death f the unithlder. In additin, Fidelity may cnsider the fllwing when determining whether a shrt-term trade r excessive trade is inapprpriate r excessive: Bna fide changes in unithlder circumstances r intentins. Unanticipated financial emergencies. While we actively take steps t mnitr, detect, and deter shrt-term r excessive trading, we cannt ensure that all such activity is cmpletely eliminated. Sizable transactins In general, sizable transactins by certain investrs can disadvantage ther investrs in a Fund. Fidelity has adpted plicies and prcedures t help minimize the ptential impact f sizable purchases and redemptins by an investr n a Fund s ther unithlders. A retail investr will be deemed t becme a sizable investr (a Sizable Investr ) under the plicies and prcedures when a purchase/switch int a Fund will cause the investr t wn: Mre than $5 millin where the Fund s ttal net assets are less than $100 millin; r Mre than 5% f the Fund where the Fund s ttal net assets are equal t r greater than $100 millin. We will ntify yu nce yu becme a Sizable Investr in a Fund. If yu are a Sizable Investr, yu will be required t prvide ntice t Fidelity f sizable redemptins as fllws: Three business days ntice fr redemptins cnstituting 3% r greater, but less than 10% f the Fund s ttal net assets; and Currency exchange transactins. 26

33 Five business days ntice fr redemptins cnstituting 10% r greater f the Fund s ttal net assets. On r after April 1, 2017, Sizable Investrs f a Fund will be subject t a 1% penalty f the value f the units that they sell/switch if they sell/switch their units f the Fund within 30 days f their mst recent purchase/switch int the Fund. Sizable investrs may be subject t a 1% penalty f the value f the units if they fail t prvide the required ntice t Fidelity prir t cmpleting a sizable redemptin. This fee ges t the Fund. If the sell/switch transactin wuld be subject t bth a sizable redemptin fee and a shrt-term trading fee, the Sizable Investr will nly be subject t the sizable redemptin fee. Fr greater certainty, the ttal penalty applied will nt exceed 1% f the value f the units sld/switched. Where a Fund invests substantially all f its assets in ne underlying Fidelity Fund, we calculate the freging threshlds and ntice perids using the ttal net assets f the underlying Fidelity Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund, Shrtterm trading fee and Fee fr sizable redemptins in Fees and expenses fr further details. 27

34 Optinal services We ffer the fllwing plans t make it easier t buy and redeem the Funds. T sign up fr a plan, cntact yur financial advisr r call us fr details. Pre-authrized chequing plan Our pre-authrized chequing plan lets yu invest a small amunt at regular intervals. This can be an affrdable and effective way t build yur investments. Putting a little away at a time is a gd way t get int the habit f investing. Here are sme facts abut ur pre-authrized chequing plan: Yu can invest as little as $25 each time. Just tell us hw much yu want t invest and when. We withdraw the mney directly frm yur bank accunt and invest it in the Funds yu chse. Yu can change hw much yu invest and hw ften, r cancel the plan, whenever yu like. There are n fees fr the plan, ther than any sales charges. When yu enrl in ur pre-authrized chequing plan, yu receive a cpy f the Funds mst recently filed fund facts. Thereafter, we nly send yu the mst recently filed fund facts upn request. Yu can request that a cpy f the mst recently filed fund facts be sent t yu at the time yu enrl in ur pre-authrized chequing plan, r at any time thereafter, by calling us tll-free at , by sending us an at cs.english@fidelity.cm (fr assistance in English) r sc.francais@fidelity.cm (fr assistance in French), r by asking yur financial advisr. Yu can als find the mst recently filed fund facts at r n ur website at Yu have a statutry right t withdraw frm an initial purchase f the Funds under ur pre-authrized chequing plan, but yu d nt have a statutry right t withdraw frm subsequent purchases f the Funds under the preauthrized chequing plan. Hwever, yu cntinue t have all ther statutry rights under securities law, including a misrepresentatin right as described in the sectin What are yur legal rights?, whether r nt yu have requested the mst recently filed fund facts. Systematic withdrawal prgram Our systematic withdrawal prgram lets yu withdraw a fixed amunt frm yur Funds at regular intervals. This is an easy way t receive cash, while giving the rest f yur mney the chance t grw. Here are sme facts abut ur systematic withdrawal prgram: The systematic withdrawal prgram is available fr nn-registered accunts nly. Yu can take ut as little as $50 each time, as lng as yu have at least $5,000 in yur accunt when yu start the withdrawal prgram. Yu chse when yu receive yur mney e.g., mnthly, quarterly, r every six mnths. We send yu a cheque r depsit the mney directly int yur bank accunt. We may charge yu a fee f up t $25 if yu request yur payment by cheque. There are n ther fees r charges fr the withdrawal prgram ther than any deferred sales charges r shrt-term trading fees, if applicable. Yu can cancel the withdrawal prgram by telling us in writing. C and D units f Fidelity Canadian Mney Market Fund are nt eligible fr this service. It s imprtant t remember that if yur regular withdrawals are mre than what yur Fund is earning, yu ll eventually use up yur riginal investment. Systematic exchange prgram Our systematic exchange prgram lets yu mve mney frm ne Fund t anther Fund at regular intervals. Here are sme facts abut ur systematic exchange prgram: Systematic exchanges can be prcessed fr either a fixed dllar amunt r a specific number f units. Yu chse hw ften the exchange ccurs e.g., twice a mnth, mnthly, every tw mnths, quarterly, semi-annually r annually. 28

35 Yu may be charged a shrt-term trading fee r yu may have t pay yur dealer a switch fee when yu switch units frm ne Fund t anther Fund. See the Fees and expenses sectin fr details. Systematic exchanges may trigger capital gains r capital lsses. Fidelity ClearPlan Custm Fund Prtflis Our Fidelity ClearPlan Custm Fund Prtflis ( ClearPlan ) prgram lets yu invest in any number f Fidelity Funds (ther than the Fidelity ClearPath Retirement Prtflis) with specific target fund allcatins selected by yu. In this way, with the help f yur financial advisr, yu can create yur wn custmized prtfli f investments. We then rebalance yur hldings frm time t time, based n yur chsen frequency and deviatin, in rder t make sure that yur prtfli mix is allcated in accrdance with yur instructins. Rebalancing may trigger capital gains r lsses. Prgram ptins The ClearPlan prgram has tw types f rebalancing ptins yu can chse frm. Fixed rebalancing ptin Yu can chse which Fidelity Funds yu want t invest in, and fix the percentages t be invested in each Fidelity Fund. We then see t it that yur prtfli is rebalanced back t yur specified target allcatins, either quarterly, semi-annually, r annually. This is knwn as the fixed rebalancing ptin. This prgram can be fr an indefinite perid, and yu can change yur specified target allcatins r rebalancing frequency at any time. Custm rebalancing ptin Alternatively, yu can have a custmized prtfli f Fidelity Funds with target fund allcatins that change ver a designated perid f time. Yu specify what yur prtfli shuld cnsist f at the time yu start, bth in terms f asset mix and fund selectin, and what it shuld lk like by the time the end date is reached. Yu can als select up t five specific prtfli mixes fr different pints in time between the start and end dates. We see t it that yur prtfli is rebalanced t reflect the different prtfli mixes yu selected fr each designated pint in time. This is knwn as the custm rebalancing ptin. This prgram must be fr a perid f at least 3 years and fr n lnger than 60 years. Fund eligibility All f ur Canadian dllar-denminated Fidelity Funds (ther than the Fidelity ClearPath Retirement Prtflis), in all series except O units, are eligible fr this prgram. Any Fidelity Fund where yur investment is made in U.S. dllars is nt eligible t be included in this service. Only Eligible Investrs may invest in Fidelity U.S. Dividend Registered Fund. See Wh shuld invest in this fund? in the Fund s prfile. Yu may als hld Fidelity Funds separate and apart frm yur ClearPlan Prtfli if yu chse. Hw t participate T participate in this prgram, yu must have a minimum f $10,000 t invest in yur ClearPlan prtfli, and yu must cmplete and sign ur applicatin frm made specifically fr this prgram. By cmpleting the applicatin, yu authrize us t mnitr yur ClearPlan prtfli, and t rebalance it at intervals selected by yu, which can be quarterly, semi-annually, r annually, s that yur ClearPlan prtfli is allcated in accrdance with yur instructins. In rder t facilitate investing in the service, we have created tw special series f Fidelity Canadian Mney Market Fund - C and D. C units can nly be purchased under a deferred sales charge ptin and D units can nly be purchased under the initial sales charge ptin. When yu enrl in the prgram, yur investment is placed initially in units f ne f these tw series. The chice yu make regarding whether t purchase C r D units f Fidelity Canadian Mney Market Fund shuld crrespnd with yur preferred sales charge ptin fr the Fidelity Funds that will cmprise yur prtfli. Upn activatin f yur rebalancing prgram, yur C r D units f Fidelity Canadian Mney Market Fund are autmatically redeemed (at n charge), and the prceeds are allcated amng the varius Fidelity Funds yu have 29

36 Optinal services (cntinued) elected t include in yur rebalancing prtfli. C and D units f Fidelity Canadian Mney Market Fund are nly fr use with the prtfli rebalancing prgram. If yu are invested in ne r bth f these series, and have nt activated yur rebalancing prgram within 90 days, yu are autmatically switched t A r B units (based n yur sales charge ptin) f Fidelity Canadian Mney Market Fund. Shrt-term trading fees, discussed in the Fees and expenses sectin, are nt payable fr trades made as part f yur prtfli rebalancing prgram prtfli while yu are enrlled in the ClearPlan prgram. Yu d nt pay a switch fee when yu switch C r D units f Fidelity Canadian Mney Market Fund t any ther Fund as part f yur prtfli rebalancing prgram. Here are sme ther facts abut ur ClearPlan prgram: Fund fr which yu wuld have just redeemed yur units). Yu always retain the ptin f changing yur target allcatin, rebalancing ptins, r rebalancing frequency f yur prtfli by prviding written instructins t us thrugh yur financial advisr. Yu may als request a manual rebalancing f yur prtfli utside f the scheduled autmatic rebalancing perid at any time. In sme cases, a manual rebalancing may trigger shrt-term trading fees. See the Purchases, switches and redemptins sectin fr details f ur shrt-term trading plicy. There are n separate fees fr this prgram. Any applicable Fidelity Fund charges apply. Rebalancing transactins culd trigger a capital gain r lss. We nly act n yur standing trade instructins, which must be given t us by yur financial advisr. Yur financial advisr can help yu with yur selectin f Fidelity Funds t make sure that they are suitable fr yu, as well as with yur chice f rebalancing ptins and frequency. Yur financial advisr, as yur agent, and nt Fidelity, is respnsible fr assessing yur cntinued suitability fr this prgram. Rebalancing ccurs at the intervals yu specify, prvided the market value f yur hldings is between tw and ten percentage pints (yu select the deviatin, which must be in increments f 0.5 percentage pints) abve r belw yur stated target allcatin at the time. Yu tell us if yu want the rebalancing dne quarterly, semi-annually, r annually. All f the terms and cnditins f the prgram are n ur applicatin frms, which are available frm yur financial advisr r n ur website at Registered plans Registered plans receive special treatment under the Incme Tax Act (Canada) (the Tax Act ). A key benefit is that generally yu dn t pay tax n the mney earned in these plans until yu withdraw the mney frm the registered plans. Earnings withdrawn frm yur Tax-Free Savings Accunts are nt subject t tax. In additin, cntributins t an RRSP are deductible frm yur taxable incme, up t yur allwable limit. We ffer the fllwing Fidelity registered plans: Registered Retirement Savings Plans (RRSPs). Lcked-in Retirement Accunts (LIRAs). If yu redeem all f yur investments in a Fund that was part f yur target fund allcatin withut prviding us with new standing instructins thrugh yur financial advisr, then at the time f yur next scheduled rebalancing, we rebalance the remaining Fidelity Funds in yur prtfli and prprtinately reallcate yur investments amng the same Fidelity Funds in yur target fund allcatin (which wuld include the Fidelity Lcked-in Retirement Savings Plans (LRSPs). Restricted Lcked-in Savings Plans (RLSPs). Registered Retirement Incme Funds (RRIFs). Life Incme Funds (LIFs). Lcked-in Retirement Incme Funds (LRIFs). Prescribed Retirement Incme Funds (PRIFs). 30

37 Restricted Life Incme Funds (RLIFs). Tax-Free Savings Accunts (TFSAs). Registered Educatin Savings Plans (RESPs) (with the ability t accept supplemental grants frm Saskatchewan, British Clumbia and Quebec). Yu can pen any f these plans by investing in any f the Funds (except fr the Investment Trusts, Fidelity American Disciplined Equity Currency Neutral Fund, Fidelity Internatinal Disciplined Equity Currency Neutral Fund and Fidelity Glbal Disciplined Equity Currency Neutral Fund, which are nt available fr public purchase and are nt qualified investments fr registered plans). There are n annual administratin fees r fees t pen, maintain, r clse a plan. Cntact Fidelity r yur financial advisr fr mre infrmatin abut these plans. 31

38 Fees and expenses The fees and expenses yu may have t pay if yu invest in the Funds are shwn in each Fund s prfile. Yu may have t pay sme f these fees and expenses directly. The Funds pay sme f these fees and expenses, which reduce the value f yur investment. Fees and expenses payable by the Fund Management and Advisry Fees Each Fund pays annual management and advisry fees fr the management f the Fund, and fr the investment management f its prtfli. The fees are used t pay expenses, like emplyee salaries, research csts, trailing cmmissins, and prmtinal expenses. The fees are calculated as a percentage f the net assets f each series f the Fund (except O units), and are accrued daily and paid mnthly. The management and advisry fees are subject t harmnized sales tax and ther applicable taxes, called Sales Tax. In sme cases, Fidelity may waive its right t receive a prtin f the management and advisry fees. The annual management and advisry fees fr each series f units f a Fund, ther than O, is shwn in each Fund s prfile. We charge a negtiated management fee directly t investrs in O units f the Funds (which fee is n greater than the maximum f the F annual management and advisry fee), excluding the Investment Trusts, Fidelity American Disciplined Equity Currency Neutral Fund, Fidelity Internatinal Disciplined Equity Currency Neutral Fund and Fidelity Glbal Disciplined Equity Currency Neutral Fund. These Funds are nly available fr purchase by the Fidelity Funds and ther funds and accunts managed r advised by Fidelity, and d nt pay management and advisry fees. 32

39 Operating expenses All series, except O Fr each series f the Funds, except O, Fidelity pays all f the perating expenses (including fr services prvided by Fidelity and/r its affiliates), except fr certain csts described belw that we refer t as Fund Csts, in exchange fr a fixed rate administratin fee that we refer t as the Administratin Fee. The Administratin Fee is paid by the Funds (except Fidelity Canadian Mney Market Fund, Fidelity U.S. Mney Market Fund and E and P units f Fidelity Canadian Shrt Term Bnd Fund) in respect f these series. The Administratin Fee is subject t Sales Tax. The Fund Csts include the fllwing: The fees and expenses f the IRC, which includes cmpensatin paid t IRC members as an annual retainer, as well as per meeting attendance fees, and the reimbursement f applicable expenses f IRC members. Taxes, including incme tax and Sales Tax n fees and expenses paid by the Funds. Prtfli transactin csts, including brkerage cmmissins and ther securities transactin related expenses, including the csts f derivatives and freign exchange transactins. Interest and brrwing csts. Any new fee related t external services that was nt cmmnly charged in the Canadian mutual fund industry as f September 10, The csts f cmplying with any new regulatry requirement, including any new fee intrduced after September 10, Each series is respnsible fr its prprtinate share f cmmn Fund Csts in additin t expenses that it alne incurs. The perating expenses brne by Fidelity in exchange fr the Administratin Fee include: transfer agency; pricing and bkkeeping fees, which include prcessing purchases and sales f units f the Funds and calculating each Fund s unit price; legal, audit and custdial fees; administrative csts and trustee services relating t registered tax plans; filing fees; the csts f preparing and distributing the Funds financial reprts, simplified prspectus, fund facts, and the ther investr cmmunicatins that Fidelity is required t prepare t cmply with applicable laws; and ther expenses nt therwise included in the management and advisry fees. The Administratin Fee falls under ne f three tiers, depending n the amunt f net assets f a Fund. The three tiers are: less than $100 millin in net assets; $100 millin t $1 billin in net assets; and greater than $1 billin in net assets. As a Fund surpasses these net asset level threshlds, the Administratin Fee n each f its series is reduced by 0.01% (i.e., ne basis pint), except fr B and F units f Fidelity Canadian Shrt Term Bnd Fund. The Administratin Fee is calculated as a fixed annual percentage, accrued daily and payable mnthly, f the net asset value f each Fund (except Fidelity Canadian Mney Market Fund, Fidelity U.S. Mney Market Fund and E and P units f Fidelity Canadian Shrt Term Bnd Fund). The Administratin Fee fr each series f units f each Fund is shwn in the Fund s prfile. The Administratin Fee is charged in additin t the management and advisry fees, and is subject t Sales Tax. The Administratin Fee charged t the Funds (ther than Fidelity Canadian Mney Market Fund, Fidelity U.S. Mney Market Fund and E and P units f Fidelity Canadian Shrt Term Bnd Fund, which are nt charged an Administratin Fee) may, in any particular perid, exceed r be lwer than the expenses Fidelity incurs in prviding such services t the Funds. Currently, the Administratin Fee exceeds the expenses that Fidelity incurs in prviding these services. Fidelity may waive a prtin f the Administratin Fee that it receives frm the Funds r frm certain series f the Funds. As a result, the Administratin Fee payable by each Fund r a series f a Fund may be lwer than the fees shwn in the Fund prfiles. Fidelity may, in its sle discretin, suspend r cease t ffer any waiver at any time withut ntice. 33

40 Fees and expenses (cntinued) IRC fees and expenses As f the date f this simplified prspectus, each member f the IRC receives an annual retainer f $40,000 ($60,000 fr the Chair) and a fee f $2,500 ($4,000 fr the Chair) fr each IRC meeting the member attends, plus expenses fr each meeting. These fees and expenses, plus ther expenses assciated with the IRC, such as insurance and applicable legal csts, are allcated amng all the Fidelity Funds that are subject t NI , including the Funds, in a manner cnsidered by Fidelity t be fair and reasnable. The aggregate cmpensatin paid t the IRC with respect t the Funds that have a year-end f June 30, was $149, and the aggregate cmpensatin paid t the IRC with respect t the Funds that have a year-end f March 31 was $43, As Fidelity NrthStar Currency Neutral Fund, Fidelity Multi-Sectr Bnd Fund, and Fidelity Multi-Sectr Bnd Currency Neutral Fund are new, nne f the csts f the IRC have been allcated t them as f the date f this simplified prspectus. O Fidelity pays all f the perating expenses and ther csts incurred by the Funds in respect f O units (including fr services prvided by Fidelity and/r its affiliates), except fr the fllwing: Taxes, including, but nt limited t, incme tax. Brkerage cmmissins and ther securities transactin expenses, including the csts f derivatives and freign exchange transactins. Interest charges. Sales Tax paid by the Funds The Funds are required t pay the Sales Tax n management and advisry fees, administratin fees, and mst f the Fund Csts at a rate determined separately fr each series fr each year. The rate that ultimately applies t the fees and expenses paid during a year fr a series is determined based n the prtin f the net asset value f the series attributable t investrs resident in each prvince r territry at a certain pint in time during the prir year and the Sales Tax rate fr each f thse prvinces r territries. The rate is different frm year t year. This happens because different unithlders invest in the different series, and the unithlders wh invest in each series change frm year t year because f purchases, switches, and redemptins. Fee reductins Sme investrs in the Funds, such as large investrs, grup plans, charitable r nt-fr-prfit rganizatins, and Fidelity emplyees, may be eligible fr reduced fees. We reduce the fees we charge and the Fund makes a special distributin equal t such amunt t the investr, unless yu hld E r P units. We refer t this special distributin as a fee distributin. The fee distributin is paid first ut f net incme and net realized capital gains f the Fund, and then ut f the capital f the Fund. Fee distributins are autmatically reinvested in additinal units f the relevant series f the Fund, and are nt paid t investrs in cash. We may, in ur sle discretin, increase, decrease, r cease t make any fee distributin t any investr at any time. E and P units The Funds that ffer E r P units pay a cmbined management and advisry fees and Administratin Fee based n a tiered structure. The tier f E r P units that yu may be eligible t hld is based n yur ttal investments with us, as fllws: Tier E1, E1T5, P1 r P1T5 $250,000 - $999,999 E2, E2T5, P2 r P2T5 $1,000,000 - $2,499,999 E3, E3T5, P3 r P3T5 $2,500,000 - $4,999,999 E4, E4T5, P4 r P4T5 $5,000,000 - $9,999,999 E5, E5T5, P5 r P5T5 $10,000,000+ Nt all E and P tiers are currently available fr each Fund. The higher the E and P tier, the lwer the cmbined management and advisry fees and Administratin Fees assciated with hlding thse units. An investr nly becmes eligible t hld E r P units nce the investr s hldings in the Funds and ther Fidelity Funds reaches a minimum f $250,000, fr an individual, r $500,000, fr a E/P financial grup, prvided that the E/P financial grup has a primary 34

41 accunt hlder wh hlds Fidelity Funds valued at a minimum f $250,000. Fidelity ffers the fllwing accunt-linking prgram t yu if yur dealer and yur financial advisr chse t participate. This prgram is ptinal fr yur dealer and yur financial advisr. If yur dealer and yur financial advisr participate in this accunt-linking prgram, yur financial advisr must cmplete an Accunt Linking Frm. This frm requires yu t advise yur financial advisr f the accunts that qualify t be part f the E/P financial grup. Yu are respnsible fr ensuring that yur financial advisr is aware f all f the accunts that shuld be linked r listed in the Accunt Linking Frm. Once a E/P financial grup is created, the primary accunt hlder can leave that E/P financial grup withut cnsequence t the E/P financial grup, as lng as the E/P financial grup maintains minimum ttal investments with us, as set ut belw. A E/P financial grup is all accunts held by the primary accunt hlder, wh must be an individual hlding a minimum f $250,000 in Fidelity Funds, and the fllwing individuals and entities that are related t that investr: The primary accunt hlder s spuse, at the primary accunt hlder s electin, frmer spuses may remain part f the E/P financial grup. The primary accunt hlder s children, grandchildren and great-grandchildren, in each case, including adptive and step-children, and the spuses f these persns. Accunts in the names f cmpanies fr which ne r mre members f the E/P financial grup are beneficial wners f greater than 50% f the vting equity. In all cases the accunts must be held with the same financial advisr and dealer. Yu shuld let yur financial advisr knw f any such relatinship. T create a E/P financial grup, yur dealer must cmplete and submit an accunt linking frm and disclse the accunts that are part f the E/P financial grup. Once a E/P financial grup is created, the primary accunt hlder can leave that E/P financial grup withut cnsequence t the E/P financial grup as lng as the E/P financial grup maintains a minimum ttal investment with us f $250,000. Unless an individual s ttal investments with us falls belw $150,000 r a E/P financial grup s ttal hldings with us falls belw $250,000, we d nt switch investrs ut f: E units and back int B r S5 units. P units and back int F r F5 units. These minimums are intended t prvide investrs with flexibility in cnnectin with majr life events. We reserve the right t switch investrs and E/P financial grups ut f E r P units if, in ur view, the investr r the members f the E/P financial grup are misusing this flexibility t fall belw the applicable initial investment minimum. Once yu are invested in E r P units, the calculatin f yur ttal investments with us fr the purpses f mving yu between E r P tiers, and determining whether yu remain eligible fr E r P units, is based n the fllwing: Only redemptins decrease the amunt f ttal investments with us fr the purpses f the calculatin. Market value declines in yur r yur E/P financial grup s accunts d nt result in decreases f the amunt f ttal investments with us fr the purpses f the calculatin. In the case f F, F5, F8 and P units, while Fidelity will, n yur instructins, redeem units f yur Funds and send the prceeds f redemptin t yur dealer in payment f advisr service fees (plus applicable taxes), these redemptins decrease the amunt f ttal investments with us fr the purpses f the calculatin. Market value increases and/r any additinal investment yu make in yur r yur E/P financial grup s accunts can mve yu t a higher E r P tier. Market value increases and any additinal investment yu make create a high water mark, and are the amunt upn which we determine yur E r P tier, as applicable, and the amunt 35

42 Fees and expenses (cntinued) frm which we deduct any redemptin, regardless f any market value declines that ccur after the high water mark is set. We may, in ur sle discretin, make changes t this prgram, including changing r eliminating E r P tiers, the accunt minimum fr individuals, the accunt minimum r cmpsitin rules fr E/P financial grups, r ceasing t ffer E r P units altgether. Speak with yur financial advisr fr details abut this prgram. Large Accunt Prgram We als ffer a prgram fr large investrs that we call ur Large Accunt Prgram r LAP. Under this prgram, ur decisin t reduce the typical fees depends n a number f factrs, including the size f the investment and the investr s ttal investments with us. We currently nly cnsider an investr a large investr fr purpses f cnsidering a fee reductin if the hldings with Fidelity are a minimum f $250,000 individually, r $500,000 fr a LAP financial grup. A LAP financial grup is all accunts held by related persns living at the same address, and includes accunts in the names f cmpanies fr which ne r mre members f the LAP financial grup are beneficial wners f greater than 50% f the vting equity. Yu can btain further details by cntacting yur financial advisr. The Large Accunt Prgram is clsed t new individuals wh are nt related t existing LAP participants. Fr existing participants in the LAP, Fidelity ffers the fee reductins set ut in the chart belw, prvided the cnditins set ut belw are met. We may, at ur discretin, ffer different tiers and larger fee reductins t investrs r LAP financial grups that invest greater than $10 millin in the Fidelity Funds. Fee Reductins (basis pints) Tier 1 (Individual Accunts) Tier 2 (Individual and LAP Financial Grups) Tier 3 (Individual and LAP Financial Grups) Fund Type $250k-$500k $500k-$5M Greater than $5M The Mney Market Funds The Fixed Incme Funds, Fidelity ClearPath Incme Prtfli and Fidelity Fee Reductins (basis pints) Tier 1 (Individual Accunts) Tier 2 (Individual and LAP Financial Grups) Tier 3 (Individual and LAP Financial Grups) Fund Type $250k-$500k $500k-$5M Greater than $5M ClearPath 2005 Prtfli Fidelity Canadian Balanced Fund, Fidelity Mnthly Incme Fund, Fidelity Dividend Fund, Fidelity Dividend Plus Fund, Fidelity Incme Allcatin Fund, Fidelity ClearPath 2010 Prtfli, Fidelity ClearPath 2015 Prtfli, Fidelity Incme Prtfli, Fidelity Glbal Incme Prtfli, Fidelity Cnservative Incme Fund and Fidelity Cnservative Managed Risk Prtfli All ther Fidelity Funds These reductins apply t each dllar invested with Fidelity that is part f the LAP. Fr example, if an investr has assets that fall within the Tier 2 categry, each dllar invested as part f the LAP receives the applicable reductin. LAP is available in respect f all the Fidelity Funds in all series. As a cnditin f participatin in the LAP, we require a reductin t the applicable trailing cmmissin that we wuld therwise pay t the dealer (except fr F, F5, F8 and O units, where n trailing cmmissin is typically paid), a prtin f which wuld be received by the investr s financial advisr. The expected reductin is a minimum f 5 basis pints fr fixed incme and mney market funds (including Fidelity ClearPath Incme Prtfli, Fidelity ClearPath 2005 Prtfli, Fidelity Incme Prtfli, Fidelity Glbal Incme Prtfli and Fidelity Cnservative Managed Risk Prtfli), and 10 basis pints fr all ther Funds, regardless f asset level. The amunt f this trailing cmmissin reductin is payable t the investr in the same manner as the fee reductins described abve. T determine the ttal reductin payable, yu add the fee reductin frm Fidelity t the trailing cmmissin reductin frm yur dealer. Yu cannt participate in the LAP and als hld E r P units. Existing LAP participants may chse t permanently mve t E r P pricing, r yu may cntinue t participate in the LAP. 36

43 We may, in ur sle discretin, make any change t this prgram, including increasing r decreasing the reductins available, changing r eliminating the tiers, r ceasing t ffer them altgether. Speak with yur financial advisr fr details abut this prgram. Underlying funds fees and expenses Where a Fund invests, directly r indirectly, in ne r mre underlying funds, the fees and expenses payable fr the management and advisry services f the underlying funds are in additin t thse payable by the Fund. Hwever, we make sure that any Fund that invests in anther Fidelity Fund r anther underlying fund des nt pay duplicate management and advisry fees r expenses n the prtin f its assets that it invests in the underlying Fidelity Fund r anther underlying fund fr the same service. In additin, any Fund that invests in anther Fidelity Fund r anther underlying fund des nt pay duplicate sales fees r redemptin fees with respect t the purchase r redemptin by it f units f its underlying fund. Unithlder ntice We give unithlders 60 days written ntice f any change t the basis f the calculatin f the fees r expenses that are charged t a Fund r its unithlders by an arm s-length party that culd result in an increase in charges, r the intrductin f a fee r expense t be charged t a Fund r its unithlders that culd result in an increase in charges. Because F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P3T5, P4, P4T5, P5 and P5T5 units are sld withut a sales charge, a meeting f unithlders f these series f the Funds is nt required t apprve any increase in, r intrductin f, a fee r expense charged t the Funds. Any such increase is nly made if unithlders are ntified f the increase at least 60 days befre the increase takes effect. Fees and expenses payable directly by yu Sales charges Initial sales charge ptin B, D, E1, E1T5, E2, E2T5, E3, E3T5, E4, E4T5, E5, E5T5, S5 and S8 units are available nly under the initial sales charge ptin. Yu may have t pay an initial sales charge if yu buy units f these series f a Fund. Yu and yur financial advisr negtiate the amunt yu pay. The charge can be frm 0% t 5% f the initial cst f yur units f a Fund. We deduct the sales charge frm the amunt yu invest and pay it t yur dealer as a cmmissin. Yu pay n initial sales charge when yu buy F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P3T5, P4, P4T5, P5 r P5T5 units f a Fund. Deferred sales charge ptin Yu pay a deferred sales charge if yu chse t buy A, C, T5 r T8 units f a Fund under the deferred sales charge ptin and yu redeem yur units within six years f buying them. The charge is based n the riginal cst f yur units and hw lng yu held them. We deduct the charge frm the value f units yu redeem. The charge is paid t us. The table belw shws the deferred sales charge schedule: If yu redeem A, C, T5 r T8 units Yu pay a charge f during the first year yu wn them 6.0% during the secnd year yu wn them 5.5% during the third year yu wn them 5.0% during the furth year yu wn them 4.5% during the fifth year yu wn them 3.0% during the sixth year yu wn them 1.5% after six years f wning them zer Yur A, T5 and T8 deferred sales charge units are autmatically switched t B, S5 r S8 units, respectively, which have lwer management fees, seven years after the time f purchase. This switch may result in higher trailing cmmissins being paid t yur dealer. These autmatic switches are nt implemented if the value f the units t be switched is less than five dllars, but are implemented nce the value f the units t be switched is five dllars r mre. There are n charges levied when we implement the autmatic switches. Yu can als elect t switch yur deferred sales charge A, T5 r T8 units t lwer management fee B, S5 r S8 units, respectively, after yur redemptin fee schedule has expired. See the Purchases, switches and redemptins sectin fr details. Yu d nt pay a deferred sales charge fee when yu redeem yur C units fr purpses f investing in the 37

44 Fees and expenses (cntinued) Fidelity ClearPlan Custm Fund Prtflis prgram. If yu have nt activated yur rebalancing prgram in the Fidelity ClearPlan Custm Fund Prtflis prgram within 90 days f enrlment, yur C units are autmatically switched t A units f Fidelity Canadian Mney Market Fund. Every calendar year, yu can redeem up t 10% f units purchased under the deferred sales charge ptin at n charge, r yu can switch thse units t units that have lwer management fees and n deferred sales charge. See the Purchases, switches and redemptins sectin fr details. Yu can t carry frward an unused amunt t the next year. Lw lad deferred sales charge ptin Yu may chse t purchase A, C, T5 r T8 units under the lw lad deferred sales charge ptin. Under this ptin, yu pay a deferred sales charge if yu redeem yur units within tw years f buying them. The charge is based n the riginal cst f yur units and hw lng yu held them. We deduct the charge frm the value f units yu redeem. The charge is paid t us. The table belw shws the lw lad deferred sales charge schedule: If yu redeem A, C, T5 r T8 lw lad units Yu pay a charge f during the first year yu wn them 2.0% during the secnd year yu wn them 2.0% during the third year yu wn them zer Yur A, T5 and T8 lw lad deferred sales charge units are autmatically switched t B, S5 r S8 units, respectively, which have lwer management fees, three years after the time f purchase. This switch may result in higher trailing cmmissins being paid t yur dealer. These autmatic switches are nt implemented if the value f the units t be switched is less than five dllars, but are implemented nce the value f the units t be switched is five dllars r mre. There are n charges levied when we implement the autmatic switches. Yu can als elect t switch yur lw lad deferred sales charge A, T5 r T8 units t lwer management fee B, S5 r S8 units, respectively, after yur redemptin fee schedule has expired. See the Purchases, switches and redemptins sectin fr details. Yu d nt pay a deferred sales charge fee when yu redeem yur C units fr purpses f investing in the Fidelity ClearPlan Custm Fund Prtflis prgram. If yu have nt activated yur rebalancing prgram in the Fidelity ClearPlan Custm Fund Prtflis prgram within 90 days f enrlment, yur C units are autmatically be switched t A units f Fidelity Canadian Mney Market Fund. Lw lad 2 deferred sales charge ptin Yu may chse t purchase A, C, T5 r T8 units under the lw lad 2 deferred sales charge ptin. Under this ptin, yu pay a deferred sales charge if yu redeem yur units within three years f buying them. The charge is based n the riginal cst f yur units and hw lng yu held them. We deduct the charge frm the value f units yu redeem. The charge is paid t us. The table belw shws the lw lad 2 deferred sales charge schedule: If yu redeem A, C, T5 r T8 lw lad 2 units Yu pay a charge f during the first year yu wn them 3.0% during the secnd year yu wn them 2.5% during the third year yu wn them 2.0% During the furth year yu wn them zer Yur A, T5 and T8 lw lad 2 deferred sales charge units are autmatically switched t B, S5 r S8 units, respectively, which have lwer management fees, fur years after the time f purchase. This switch may result in higher trailing cmmissins being paid t the dealer. These autmatic switches are nt implemented if the value f the units t be switched is less than five dllars, but are implemented nce the value f the units t be switched is five dllars r mre. There are n charges levied when we implement the autmatic switches. Yu can als elect t switch yur lw lad 2 deferred sales charge A, T5 r T8 units t lwer management fee B, S5 r S8 units, respectively, after yur redemptin fee schedule has expired. See the Purchases, switches and redemptins sectin fr details. Yu d nt pay a deferred sales charge fee when yu redeem yur C units fr purpses f investing in the Fidelity ClearPlan Custm Fund Prtflis prgram. If yu have nt activated yur rebalancing prgram in the Fidelity ClearPlan Custm Fund Prtflis prgram within 90 days 38

45 f enrlment, yur C units are autmatically switched t A units f Fidelity Canadian Mney Market Fund. Yu pay n deferred sales charge when yu redeem B, D, E1, E1T5, E2, E2T5, E3, E3T5, E4, E4T5, E5, E5T5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P3T5, P4, P4T5, P5, P5T5, S5 r S8 units f a Fund. Switch fees Yu may have t pay a fee f up t 2% f the value f yur units t yur dealer when yu switch yur units t a different series f the same Fund (where permitted), r when yu switch frm units f a Fund t units f anther Fund r Fidelity Fund. The fee is paid by redeeming yur units immediately befre the switch is made. Yu negtiate that fee with yur financial advisr. Yu d nt pay a switch fee when yu switch frm F, F5, F8, P1, P1T5, P2, P2T5, P3, P3T5, P4, P4T5, P5 r P5T5 units f ne Fund t F, F5, F8, P1, P1T5, P2, P2T5, P3, P3T5, P4, P4T5, P5 r P5T5 units f anther Fidelity Fund. B units f a Fund t D, O, S5 r S8 units f the same Fund. E units f a Fund t D, O, S5 r S8 units f the same Fund. F units f a Fund t B, S5 r S8 units f the same Fund. F5 units f a Fund t B, S5 r S8 units f the same Fund. F8 units f a Fund t B, S5 r S8 units f the same Fund. P units f a Fund t B, S5 r S8 units f the same Fund. S5 units f a Fund t B, O r S8 units f the same Fund. S8 units f a Fund t B, O r S5 units f the same Fund. T5 units f a Fund t A, O r T8 units f the same Fund. Yu d nt pay a switch fee when we autmatically switch yur B r S5 units int E units, r when yur E units are switched t B r S5 units r a different tier f E units. Yu d nt pay a switch fee when we autmatically switch yur F r F5 units int P units, r when yur P units are switched t F r F5 units r a different tier f P units. If yu switch t units f anther Fidelity Fund within 30 days f buying them, yu may als be charged a shrt-term trading fee. In such event, yu are nt charged a deferred sales charge n a switch t anther Fund. Yu can find mre infrmatin abut permitted switches f units in the Purchases, switches and redemptins sectin. Yu may have t pay a fee f up t 2% f the value f yur units t yur dealer when yu switch frm: A units f a Fund t C, O, T5 r T8 units f the same Fund. T8 units f a Fund t A, O r T5 units f the same Fund. Yu negtiate that fee with yur financial advisr. Yu pay n switch fee when yu switch frm: B, S5 r S8 units f a Fund t F, F5 r F8 units f the same Fund. C units f Fidelity Canadian Mney Market Fund t A units f the same r anther Fund as part f the ClearPlan prgram. D units f Fidelity Canadian Mney Market Fund t B, F r O units f the same r anther Fund as part f the ClearPlan prgram. E units f a Fund t F, F5 r F8 units f the same Fund. F units f a Fund t F5, F8 r O units f the same Fund. F5 units f a Fund t F, F8 r O units f the same Fund. 39

46 Fees and expenses (cntinued) F8 units f a Fund t F, F5 r O units f the same Fund. Fidelity U.S. Mney Market Fund and Fidelity Canadian Shrt Term Bnd Fund) within this perid, yu may: O units f a Fund t F5 r F8 units f the same Fund. P units f a Fund t F5, F8 r O units f the same Fund. Registered plan fees Nne. Shrt-term trading fee Fidelity mnitrs fr shrt-term trading activity. Yu are charged a shrt-term trading fee f 1% f the value f the units if yu redeem r switch units within 30 days f buying units f any series f any f the fllwing Funds: Glbal and Internatinal Equity Funds. Glbal Sectr Funds. Glbal Asset Allcatin and Balanced Funds (except fr Fidelity U.S. Mnthly Incme Fund and Fidelity U.S. Mnthly Incme Currency Neutral Fund). Fidelity Glbal Incme Prtfli, Fidelity Glbal Balanced Prtfli and Fidelity Glbal Grwth Prtfli. U.S. Fixed Incme Funds (except Fidelity U.S. Mney Market Fund). Glbal Fixed Incme Funds. We may decide t waive the fee in certain limited circumstances, fr example, the death f a unithlder. Fr this purpse, units held fr the lngest time perid are treated as being redeemed first, and units held fr the shrtest time perid are treated as being redeemed last. In additin, Fidelity mnitrs accunt trading activity t identify patterns f excessive trading. Excessive trading activity is determined by the number f redemptins r switches ut f a Fund within 30 days f a purchase r switch int a Fund. Fr this purpse, units held fr the shrtest time perid are treated as being redeemed first, and units held fr the lngest time perid are treated as being redeemed last. If yu redeem r switch units f the Funds (ther than Fidelity Canadian Mney Market Fund, Receive a warning letter. Be charged a shrt-term trading fee f up t 1% f the value f the units. Have yur accunt blcked frm further purchases and switches fr a perid f time. Be required t redeem yur accunt. Further t the abve sanctins, Fidelity may, in its sle discretin, restrict, reject, r cancel any purchase r switch int a Fund, r apply additinal sanctins where we deem activity t nt be in the Funds interests. In certain circumstances, the shrt-term trading fee des nt apply. See the Purchases, switches and redemptins sectin fr details. Fee fr sizable redemptins Fidelity mnitrs fr sizable transactin activity. On r after April 1, 2017, Sizable Investrs f a Fund will be subject t a 1% penalty f the value f the units that they sell/switch if they sell/switch their units f the Fund within 30 days f their mst recent purchase/switch int the Fund. Sizable investrs may be subject t a 1% penalty f the value f the units if they fail t prvide the required ntice t Fidelity prir t cmpleting a sizable redemptin (as described in Sizable transactins in the Purchases, switches and redemptins sectin). At the time the redemptin rder is received withut ntice, Fidelity will assess the ptential impact t the Fund and determine whether the 1% penalty is applied. This fee ges t the Fund. If the redemptin r switch transactin wuld be subject t bth a sizable redemptin fee and a shrt-term trading fee, the Sizable Investr will nly be subject t the sizable redemptin fee. Fr greater certainty, the ttal penalty applied will nt exceed 1% f the value f the units redeemed r switched. See Shrt-term trading and Sizable transactins in the sectin Purchases, switches and redemptins fr details. 40

47 Other Cheque fees Yu may be charged a fee f $25 plus applicable taxes fr each payment that yu request by cheque in respect f redemptins, payments under a systematic withdrawal plan, cash distributins, r E1T5, E2T5, E3T5, E4T5, E5T5, F5, F8 P1T5, P2T5, P3T5, P4T5, P5T5, S5, S8, T5 r T8 distributins. Insufficient funds fee Yu may be charged a fee f $25 plus applicable taxes fr each payment nt hnured by yur financial institutin. Advisr Service Fee Investrs in F, F5, F8, P1, P1T5, P2, P2T5, P3, P3T5, P4, P4T5, P5 r P5T5 units may pay their advisr service fees t their dealer by authrizing Fidelity t redeem units f these series frm their accunt equal t the amunt f the fees payable by the investr t their dealer (plus applicable taxes) and t pay the prceeds t their dealer. These redemptins are made n a quarterly basis, and the redemptin prceeds fr the advisr service fees (plus applicable taxes) are frwarded n t the dealer. Where such an arrangement exists, the maximum annual advisr service fee rate that Fidelity facilitates the payment f is 1.50% (excluding applicable taxes). The advisr service fee is calculated n a daily basis based n the daily net asset value f the investr s units at the end f each business day. investr with respect t purchasing and selling securities f the Fidelity Funds and/r administratin and management services with respect t the investr s securities f the Fidelity Funds. O management fee The Funds (excluding the Investment Trusts, Fidelity American Disciplined Equity Currency Neutral Fund, Fidelity Glbal Disciplined Equity Currency Neutral Fund and Fidelity Internatinal Disciplined Equity Currency Neutral Fund) d nt pay any management fee in respect f O units. Instead, yu have t pay an annual fee t us, which is negtiable. This fee accrues daily and is paid mnthly, and des nt exceed the aggregate maximum annual rate f the management and advisry fees payable fr F units f the Funds. N management and advisry fees are charged t the Investment Trusts, Fidelity American Disciplined Equity Currency Neutral Fund, Fidelity Glbal Disciplined Equity Currency Neutral Fund and Fidelity Internatinal Disciplined Equity Currency Neutral Fund, which are nly available fr purchase by the Fidelity Funds and ther funds and accunts managed r advised by Fidelity. Impact f sales charges The table belw shws the fees yu wuld have t pay if yu bught units f a Fund under ur different purchase ptins. It assumes that: Investrs are eligible t have units f these series redeemed by Fidelity and the prceeds paid t their dealer, if: Yu invest $1,000 in units f the Fund fr each perid and redeem all f yur units immediately befre the end f that perid. They d nt hld their units in a fee-based accunt where they pay fees directly t their dealer. The sales charge under the initial sales charge ptin is 5%. Their dealer has entered int the apprpriate eligibility agreement with Fidelity. They have entered int an advisr service fee agreement with their dealer and Fidelity. The advisr service fee agreement must disclse the advisr service fee rate(s) the investr has negtiated with the dealer fr the advice prvided by the dealer t the The deferred sales charge under the deferred sales charge ptin applies nly if yu redeem yur units within six years f buying them, the deferred sales charge under the lw lad deferred sales charge ptin applies nly if yu redeem yur units within tw years f buying them, and the deferred sales charge under the lw lad 2 deferred sales charge ptin applies nly if yu redeem yur units within three years f 41

48 Fees and expenses (cntinued) buying them. See the Fees and expenses sectin fr the redemptin fee schedules f the different deferred sales charge ptins. Yu haven t used yur 10% free amunt under the deferred sales charge ptin (the 10% free amunt is nt available fr the lw lad deferred sales charge ptin and the lw lad 2 deferred sales charge ptin). When yu buy yur units Within 1 year Within 3 years Within 5 years Within 10 years Initial sales charge ptin (1) $50 Deferred sales charge ptin (2) $60 $50 $30 Lw lad deferred sales charge ptin (2) $20 Lw lad 2 deferred sales charge ptin (2) $30 $20 N lad ptin (3) n/a n/a n/a n/a n/a (1) (2) (3) Only B, D, E1, E1T5, E2, E2T5, E3, E3T5, E4, E4T5, E5, E5T5, S5 and S8 units are available under this ptin. Yu d nt pay any sales charges if yu buy F, F5, F8, P1, P1T5, P2, P2T5, P3, P3T5, P4, P4T5, P5 r P5T5 units. Instead, yu pay yur dealer an annual fee fr investment advice and/r ther services. O units are als sld withut a sales charge. Only A, C, T5 and T8 units are available under the deferred sales charge ptin, the lw lad deferred sales charge ptin, and the lw lad 2 deferred sales charge ptin. We d nt ffer a n lad ptin. 42

49 Dealer cmpensatin Hw yur financial advisr and dealer are paid Yur financial advisr usually is the persn yu buy Fidelity Funds frm. Yur financial advisr culd be a brker, financial planner, r ther persn wh sells mutual funds. Yur dealer is the firm yur financial advisr wrks fr. Cmmissins Yur financial advisr usually receives a cmmissin when yu invest in A, B, C, D, E1, E1T5, E2, E2T5, E3, E3T5, E4, E4T5, E5, E5T5, S5, S8, T5 r T8 units f the Funds. The cmmissin depends n hw yu invest in the Funds. Initial sales charge ptin Yu and yur financial advisr decide n the percentage sales charge yu are charged when yu buy B, D, E1, E1T5, E2, E2T5, E3, E3T5, E4, E4T5, E5, E5T5, S5 r S8 units under the initial sales charge ptin. The percentage f the sales charge ranges frm 0% t 5%. We may deduct the sales charge frm the amunt yu invest and pay it t yur dealer as a cmmissin. See the Fees and expenses sectin fr details. Deferred sales charge ptins When yu chse the deferred sales charge ptin fr A, C, T5 r T8 units, we pay yur dealer a cmmissin f 4.9% f the amunt yu invest. Yu dn t pay a charge unless yu redeem yur units within six years f buying them. See the Fees and expenses sectin fr details. When yu chse the lw lad deferred sales charge ptin fr A, C, T5 r T8 units, we pay yur dealer a cmmissin f 1% f the amunt yu invest. Yu dn t pay a charge unless yu redeem yur units within tw years f buying them. See the Fees and expenses sectin fr details. years f buying them. See the Fees and expenses sectin fr details. Switch fees Yu may have t pay a fee f up t 2% f the value f yur units t yur dealer when yu switch frm units f a Fund t a different series f the same Fund, r when yu switch frm units f a Fund t units f anther Fund r ther Fidelity Fund. Yu negtiate that fee with yur financial advisr. The charge is paid by redeeming units f the Fund yu re switching ut f. Yu dn t pay a switch fee when yu switch C r D units f Fidelity Canadian Mney Market Fund t any ther Fidelity Fund as part f yur ClearPlan prgram. See the Fees and expenses sectin fr details abut this fee. Als see the Purchases, switches and redemptins sectin fr mre infrmatin abut permitted switches. Trailing cmmissins We pay trailing cmmissins t yur dealer n A, B, C, D, E1, E1T5, E2, E2T5, E3, E3T5, E4, E4T5, E5, E5T5, S5, S8, T5 r T8 units at the end f each quarter r, if the dealer qualifies t be paid electrnically, pssibly n a mre frequent basis. We expect that dealers pay a prtin f the trailing cmmissin t their financial advisrs. Trailing cmmissins are paid t all dealers, including discunt brkers. These cmmissins are a percentage f the average daily value f the abve series f units f each Fund held by the dealer s clients. The cmmissins depend n the Fund and the sales charge ptin. We may change r cancel the terms f the trailing cmmissins in ur discretin and withut advance ntice. The fllwing table shws the maximum trailing cmmissins rates: When yu chse the lw lad 2 deferred sales charge ptin fr A, C, T5 r T8 units, we pay yur dealer a cmmissin f 2.5% f the amunt yu invest. Yu dn t pay a charge unless yu redeem yur units within three 43

50 Dealer cmpensatin (cntinued) Fund Maximum annual trailing cmmissin rate Deferred sales charge ptin A, C*, T5 and T8 units Lw lad deferred sales charge ptin B, D*, E1, E1T5, E2, E2T5, E3, E3T5, E4, E4T5, E5, E5T5, S5 and S8 units Lw lad 2 deferred sales charge Initial sales ptin charge ptin Fidelity Canadian Mney Market Fund and Fidelity U.S. Mney Market Fund 0.25% 0.25% 0.25% 0.25% All ther Fixed Incme Funds, Fidelity ClearPath 2005 Prtfli, Fidelity ClearPath Incme Prtfli 0.25% 0.50% 0.25% 0.50% Fidelity Incme Allcatin Fund and Fidelity Cnservative Incme Fund 0.375% 0.75% 0.375% 0.75% All ther Funds 0.50% 1.00% 0.50% 1.00% We als arrange seminars fr financial advisrs frm time t time, where we infrm them abut new develpments in the Fidelity Funds, ur prducts and services, and mutual fund industry matters. We invite dealers t send their financial advisrs t ur seminars, but the dealers decide wh attends. The financial advisrs must pay fr their wn travel, accmmdatin, and persnal expenses if they attend ur seminars. We may als pay the registratin csts fr financial advisrs t attend educatinal cnferences r seminars rganized and presented by ther rganizatins. All f ur prgrams that benefit dealers cmply with securities laws. The Fidelity Funds d nt pay the csts f these prgrams. * Nte that C and D units are nly available fr Fidelity Canadian Mney Market Fund, t facilitate enrlment in the Fidelity ClearPlan Custm Fund Prtflis prgram. Marketing supprt prgrams We pay fr materials we give t dealers t help supprt their sales effrts. These materials include reprts and cmmentaries n securities, the markets, and the Fidelity Funds. We pay fr ur wn marketing and advertising prgrams. We may share with dealers up t 50% f their csts in marketing the Fidelity Funds. This may include paying a prtin f the csts f a dealer in advertising the availability f Fidelity Funds thrugh its financial advisrs. We may als pay part f the csts f a dealer in presenting seminars t educate investrs abut the Fidelity Funds, r generally abut the benefits f investing in mutual funds. We may pay up t 10% f the csts fr dealers t hld educatinal seminars r cnferences fr their financial advisrs t prvide them with infrmatin abut, amng ther things, financial planning r mutual fund industry matters. 44

51 Dealer cmpensatin frm management fees We paid dealers cmpensatin f apprximately 49.9% f the ttal management fees we received frm all the Fidelity Funds we managed during ur financial year ended December 31, This includes amunts we paid t dealers fr cmmissins, trailing cmmissins, marketing supprt prgrams, and intrductin fees. Incme tax cnsideratins fr investrs This infrmatin is a general summary f tax rules and is nt intended t be legal advice. Fr this discussin, we assume yu are a Canadian resident individual (ther than a trust) and that yu hld yur units directly as capital prperty r in a registered plan. Mre infrmatin is cntained in the Funds annual infrmatin frm. We have tried t make this discussin easy t understand. As a result, we cannt be technically precise, r cver all the tax cnsequences that may apply. We suggest that yu cnsult yur tax advisr fr details abut yur individual situatin. Hw the Funds aim t make mney A Fund can make mney in tw ways. First, it can earn incme. Sme examples f incme are interest paid n bnds, dividends paid n stcks, and gains n certain derivatives instruments. Secnd, a Fund can have capital gains if the value f its investments ges up. If the Fund sells an investment at a gain, the gain is realized. If the Fund cntinues t hld the investment, the gain is unrealized. Incme and capital gains can als be earned thrugh investments in underlying funds. The distributins paid by an underlying Fidelity Fund have the character f a dividend frm Canadian cmpanies, taxable capital gain, Canadian incme frm a trust, freign incme frm a trust, r return f capital. Each year, the Funds pay ut a sufficient amunt f their incme (after deducting expenses) and realized capital gains s that, generally, they dn t have t pay rdinary incme tax. This is knwn as a distributin. Typically, freign surce incme is subject t freign withhlding tax. Fidelity U.S. Dividend Registered Fund expects t be exempt frm U.S. withhlding tax n U.S. surce dividend and interest incme. Gains and lsses realized by a Fund frm the use f derivatives fr nn-hedging purpses is treated as rdinary incme and lsses fr tax purpses, rather than as capital gains and lsses. Gains and lsses realized by the Fund frm the use f derivatives fr hedging purpses may be treated fr tax purpses as rdinary incme and lsses r 45

52 Incme tax cnsideratins fr investrs (cntinued) as capital gains and capital lsses, depending n the circumstances. The Fidelity Currency Neutral Funds treat the gains and lsses realized n derivatives used t hedge against currency fluctuatins as capital gains and capital lsses, rather than as rdinary incme and lsses. While this psitin is cmmnly applied by the mutual fund industry, the Canada Revenue Agency, r CRA, culd challenge this treatment n the basis that these gains are incme. A reassessment f a Fund may result in additinal incme t unithlders if the Fund des nt have sufficient deductible expenses and tax credits t ffset this incme. Hw yu are taxed The tax yu pay n yur mutual fund investment depends n whether yu hld yur units in a registered plan r in a nn-registered accunt. Funds held in yur registered plan Generally, neither yu nr yur registered plan are subject t tax n distributins paid n units held in yur registered plan r n capital gains realized when thse units are redeemed r switched. This assumes the units are a qualified investment and nt a prhibited investment. Units f Fidelity American Disciplined Equity Currency Neutral Fund, Fidelity Glbal Disciplined Equity Currency Neutral Fund, Fidelity Internatinal Disciplined Equity Currency Neutral Fund, Fidelity NrthStar Currency Neutral Fund and the Investment Trusts are nt qualified investments fr registered plans, and adverse tax cnsequences arise if units f these Funds are acquired and held by a registered plan. Units f the ther Funds are expected t be a qualified investment fr registered plans. Hwever, even when units f a Fund are a qualified investment, yu may be subject t tax if a unit held in yur RRSP, RRIF and TFSA is a prhibited investment fr yur registered plan. Pursuant t legislative prpsals t amend the Tax Act released n September 8, 2017, rules in respect f prhibited investments are prpsed t apply t RESPs and RDSPs effective March 23, Under a safe harbr rule fr new mutual funds, units f the Funds will nt be a prhibited investment fr yur registered plan at any time during the first 24 mnths f the Fund s existence prvided the Fund is a registered investment r deemed t be a mutual fund trust under the Tax Act during that time and is in substantial cmpliance with NI r fllws a reasnable plicy f investment diversificatin. Generally, units f a Fund are nt a prhibited investment fr yur registered plans if yu and persns with whm yu d nt deal at arm s length d nt, in ttal, directly r indirectly, wn securities representing 10% r mre f the net asset value f the Fund. Units f a Fund are als nt a prhibited investment fr yur registered plans if they are excluded prperty under the Tax Act. Yu shuld cnsult yur tax advisr abut the special rules that apply t each type f registered plan, including whether r nt an investment in a Fund wuld be a prhibited investment fr yur registered plans. Funds held in yur nn-registered accunt Yu must cmpute and reprt all incme and capital gains in Canadian dllars. If yu hld yur units in a nnregistered accunt and receive a distributin (including a fee distributin) during a year, we send yu a tax slip fr the year. It shws yur share f the Fund s incme, capital gains, and return f capital paid t yu fr the previus year, as well as any allwable tax credits. Yu must include the taxable prtin f yur distributins, as shwn n the tax slip, as part f yur annual incme. This applies even if yur distributins are reinvested in units f the Fund. Incme may include dividends frm taxable Canadian crpratins, freign incme, and ther incme (such as interest and derivative incme). Dividends paid by Canadian cmpanies are taxed subject t the grss up and dividend tax credit. An enhanced grss-up and dividend tax credit is available fr certain eligible dividends paid by Canadian cmpanies. A Fund r an underlying fund may pay freign withhlding tax n its freign incme. Sme r all f the freign tax paid by a Fund r an underlying fund may be credited against the Canadian incme tax yu pay. Capital gains distributed by the Funds are treated as if yu realized them directly as a capital gain. Distributins f capital are nt taxable. Instead a return f capital reduces the adjusted cst base f yur units f a Fund. If the adjusted cst base f yur units is reduced t less than zer, yu will realize a capital gain equal t the negative amunt and yur adjusted cst base will be 46

53 increased t zer. Mnthly distributins n sme series f the Funds (such as E1T5, E2T5, E3T5, E4T5, E5T5, F5, F8, P1T5, P2T5, P3T5, P4T5, P5T5, S5, S8, T5 and T8 units) are cmprised f returns f capital and/r net incme. Generally, fees paid by yu t yur dealer in respect f F, F5, F8 r P units f the Funds held utside a registered plan shuld be deductible fr incme tax purpses frm the incme earned n the Funds t the extent that the fees are reasnable, represent fees fr advice t yu regarding the purchase r sale f specific securities (including units f the Funds) by yu directly r fr services prvided t yu in respect f the administratin r management f securities (including units f the Funds) wned by yu directly, and the fees are paid by yu t a dealer whse principal business is advising thers regarding the purchase r sale f specific securities, r includes the prvisin f administratin r management services in respect f securities. Fees paid directly by yu t Fidelity fr services prvided by Fidelity t the Funds (such as with respect t O units) are nt deductible. Yu shuld cnsult yur tax advisr regarding the deductibility f fees paid directly by yu in yur particular circumstances. Capital gains and lsses when yu redeem yur units Switches between series f the same Fund can be made withut triggering a capital gain r lss. Other switches require a redemptin f units and may trigger a capital gain. Switches that require a redemptin include thse that ccur under the Fidelity ClearPlan prgram r the systematic exchange prgram. Yu realize a capital gain if the amunt yu receive frm redeeming a unit is mre than the adjusted cst base f the unit, after deducting any cst f redeeming r switching the unit. Yu realize a capital lss if the amunt yu receive frm a redemptin is less than the adjusted cst base, after deducting any cst f redeeming yur units. Capital gains r capital lsses are realized n redemptins made t pay fees t yur dealer, including in cnnectin with F, F5, F8 and P units. Generally, ne-half f a capital gain is included in calculating yur incme as a taxable capital gain, and nehalf f a capital lss can be deducted against taxable capital gains, subject t any applicable lss restrictin rules under the Tax Act. If yu ve bught units at varius times, yu likely paid varius prices. The adjusted cst base f a unit is the average f the adjusted cst base f all the identical units yu hld in the Fund. That includes units yu gt thrugh reinvestments f distributins. If yu ve bught and sld units in U.S. dllars, the cst and prceeds f dispsitin must be cnverted int Canadian dllars at the exchange rate n the date f purchase r redemptin, as applicable. Buying units late in the year The unit price f a Fund may include incme and/r capital gains that the Fund has earned r realized, but nt yet distributed. Yu are taxable n distributins f a Fund s incme and capital gains even if that incme and capital gains is attributable t a time befre yu acquired the units. This culd be particularly significant if yu purchase units f a Fund late in the year, r n r befre the date n which a distributin is paid. Prtfli turnver The higher a Fund s r underlying fund s prtfli turnver rate in a year, the greater the chance that yu receive a capital gains distributin. Any gains realized wuld be ffset by any lsses realized n prtfli transactins. There is nt necessarily a relatinship between a high turnver rate and the perfrmance f a Fund. Hw t calculate adjusted cst base Here s hw the ttal adjusted cst base f yur units f a series f a particular Fund is generally calculated: Start with yur initial investment, including any sales charges yu paid. Add any additinal investments, including any sales charges yu paid. Add any distributins yu reinvested, including fee distributins. Add the adjusted cst base f units received n a taxdeferred switch and the net asset value f the units received n a taxable switch. 47

54 Incme tax cnsideratins fr investrs (cntinued) Subtract the part f any distributins, including fee distributins that was a return f capital. Subtract the adjusted cst base f any previus redemptins and switches. T calculate adjusted cst base, yu need t keep detailed recrds f the price yu paid and received fr yur investments, and als keep the tax slips we send t yu. They include distributins that are a return f capital. Fr mre infrmatin, cntact yur tax advisr. Additinal cnsideratins fr investrs Yu are generally required t prvide yur financial advisr with infrmatin related t yur citizenship, tax residence, and, if applicable, yur freign tax identificatin number. If yu are identified as a U.S. citizen (including a U.S. citizen living in Canada) r a freign tax resident, details abut yu and yur investment in a Fund are generally reprted t the CRA, unless units are held in a registered plan. The CRA is expected t prvide that infrmatin t the freign tax authrity in the relevant cuntry if the cuntry has signed an exchange f financial accunt infrmatin agreement with Canada. The U.S. Internal Revenue Service issued a clarificatin t a set f existing tax rules that resulted in Canadian mutual funds (such as the Fidelity Funds) generally being classified as crpratins fr U.S. tax purpses. As a result, U.S. taxpayers (including Canadian residents wh are U.S. citizens) wh hld Canadian mutual funds generally are subject t the Passive Freign Investment Cmpany rules, knwn as PFIC, including an annual requirement t reprt each PFIC investment held directly r indirectly n a separate U.S. tax frm. If yu are a U.S. citizen, yu shuld cnsult yur tax advisr abut the U.S. tax rules that apply t yu and the advisability f making (r refraining frm making) any U.S. tax electin, such as a Qualified Electing Fund r QEF electin. Generally, the QEF mre clsely aligns the Canadian and U.S. tax treatment f an investment in Canadian mutual funds. T assist investrs wh chse t make QEF electins, Fidelity makes available PFIC annual infrmatin statements, referred t as AIS, fr the Fidelity Funds. Investrs shuld cnsult their dealer r financial advisrs abut btaining their AIS frm Fidelity. 48

55 Cmbinatins f Fidelity ClearPath Retirement Prtflis and Fidelity ClearPath Incme Prtfli In the future, it is expected that the Fidelity ClearPath Retirement Prtflis will be cmbined with Fidelity ClearPath Incme Prtfli. This may result in capital gains being realized by a Fidelity ClearPath Prtfli, which capital gains may be distributed t unithlders. As well, this may result in a capital gain r lss being realized by unithlders as a result f the dispsitin f their units f the particular Fidelity ClearPath Prtfli. Statement f rights Securities legislatin in sme prvinces and territries gives yu the right t withdraw frm an agreement t buy mutual funds within tw business days f receiving the simplified prspectus r fund facts, r t cancel yur purchase within 48 hurs f receiving cnfirmatin f yur rder. Securities legislatin in sme prvinces and territries als allws yu t cancel an agreement t buy mutual fund securities and get yur mney back, r t make a claim fr damages, if the simplified prspectus, annual infrmatin frm, fund facts r financial statements misrepresent any facts abut the fund. These rights must usually be exercised within certain time limits. Fr mre infrmatin, refer t the securities legislatin f yur prvince r territry r cnsult a lawyer. 49

56 Specific infrmatin abut each f the mutual funds described in this dcument Yur guide t the Funds The Funds ffered under this simplified prspectus are categrized int five majr grups: Equity Funds, Asset Allcatin and Balanced Funds, Fidelity Managed Prtflis, Fidelity ClearPath Retirement Prtflis, and Fixed Incme Funds. Chsing the right nes means knwing what kinds f investments the Funds make and what kinds f risks they face. Here s what the Fund prfiles lk like and what they will tell yu. 1. Fund name 2. Fund details This is a quick verview f the Fund what kind f fund it is, when it was started, the types f units ffered, and series available under the U.S. dllar ptin, and whether it is a qualified investment fr registered plans, and the management and advisry fees and Administratin Fee fr each series. Yur dealer and financial advisr can assist yu in determining the series that yu are eligible t invest in. Abut the We currently ffer up t thirty-tw series f units fr the Funds. The series ffered by a Fund are set ut in that Fund s prfile. We may ffer additinal series in the future. Thrughut this simplified prspectus, we use the term tier t refer t the separate series f E and P Securities (as defined belw). A units A units are available t all investrs wh purchase under a deferred sales charge ptin. The minimum initial investment fr A units f a Fund is $500. B units B units are available t all investrs wh purchase under the initial sales charge ptin. B units have lwer fees than A units. The minimum initial investment fr B units f a Fund is $500. C units Only Fidelity Canadian Mney Market Fund ffers C units. C units are nly available t investrs wh enrl in ur Fidelity ClearPlan Custm Fund Prtflis prgram, and wh purchase under a deferred sales charge ptin. D units Only Fidelity Canadian Mney Market Fund ffers D units. D units are nly available t investrs wh enrl in ur Fidelity ClearPlan Custm Fund Prtflis prgram, and wh purchase under the initial sales charge ptin. D units have lwer fees than C units. E1, E1T5, E2, E2T5, E3, E3T5, E4, E4T5, E5 and E5T5 units E units are available nly t investrs wh hld B r S5 units and then becme eligible t hld E units, r wh already hld E units, prvided their dealer has entered int the apprpriate eligibility agreement with Fidelity and can supprt E units. E units are nt available t an investr enrlled in the Large Accunt Prgram (described in the Fees and Expenses sectin) unless the investr chses t permanently leave the Large Accunt Prgram in rder t hld E units. E units have lwer cmbined management and Administratin Fees than B r S5 units. Each E tier has different management and advisry fees and Administratin Fee. T determine the E tier that yu are eligible t hld, see E and P units in the Fees and Expenses sectin. We determine whether yu are eligible fr E units based n the amunt yu, either individually r as part f a E/P financial grup, have invested with Fidelity. Yur dealer is respnsible fr determining whether yu and the entities related t yu qualify as a E/P financial grup. We autmatically switch any B r S5 unit held by an investr wh qualifies fr E units int the E tier with the lwest cmbined management and advisry and Administratin Fee available t that investr, based n 50

57 infrmatin prvided t us by yur dealer. See the Purchases, switches and redemptins sectin fr details. If yu re n lnger eligible t hld a particular tier f E units, we autmatically switch yur units int the apprpriate series f units, which might result in yu hlding B r S5 units. E1T5, E2T5, E3T5, E4T5 and E5T5 units are available nly t investrs wh hld S5 units and then becme eligible t hld E units, and t investrs wh already hld E units. These series are designed t prvide tax efficient cash flw t investrs by making mnthly distributins. If yu qualify fr E units, we autmatically switch any S5 units yu hld int the ne f these E tiers, if available, that has the lwest cmbined management and advisry fees and Administratin Fee fr which yu are eligible. If yu are n lnger eligible t hld E1T5, E2T5, E3T5, E4T5 r E5T5 units, we autmatically switch yur units int the apprpriate series f units, which may result in yu hlding S5 units. We restrict mnibus and bulk accunts frm hlding E units where we cannt identify wh the beneficial unithlders are in rder t determine whether each beneficial unithlder is independently eligible t hld E units. F units F units have lwer cmbined management and advisry fees and Administratin Fees than A, B, C, D, S5, S8, T5 r T8 units. Instead f paying sales charges, investrs in F units pay their dealer a fee fr the investment advice and/r administratin and management services they prvide. Investrs may buy F units in a fee-based accunt at their dealer, where they pay fees directly t their dealer, prvided their dealer has entered int the apprpriate eligibility agreement with Fidelity. Investrs may als buy F units and pay fees t their dealer by authrizing Fidelity t redeem F units frm their accunt having a value equal t the amunt f the fees payable by the investr t the dealer (plus applicable taxes) and t pay the prceeds t their dealer. Investrs are eligible t have their F units redeemed by Fidelity, and the prceeds paid t their dealer, if: They d nt hld their F units in a fee-based accunt where they pay fees directly t their dealer. Their dealer has entered int the apprpriate eligibility agreement with Fidelity. They have entered int an advisr service fee agreement with their dealer and Fidelity. The advisr service fee agreement must disclse the advisr service fee rate(s) the investr has negtiated with the dealer fr the advice t be prvided by the dealer t the investr with respect t purchasing and selling securities f the Fidelity Funds and/r fr the administratin and management services with respect t the investr s securities f the Fidelity Funds. If an investr enters int an advisr service fee agreement, Fidelity facilitates the payment f the advisr service fee (plus applicable taxes) by the investr t the dealer by redeeming the investr s F units n a quarterly basis and frwarding the redemptin prceeds fr the advisr service fees t the dealer. See the Fees and expenses sectin fr details. We dn t pay any cmmissins r trailing cmmissins t dealers wh sell F units, which means we can charge lwer management and advisry fees. Yur dealer is respnsible fr deciding whether yu are eligible t buy and cntinue t hld F units. If yu re n lnger eligible t hld F units, yur dealer is respnsible fr telling us t switch yur units int B units f the same Fund r t redeem them. The minimum initial investment fr F units f a Fund is $500. F5 units F5 units are designed t prvide tax efficient cash flw t investrs by making mnthly distributins. The abve prvisins in cnnectin with F units apply equally t F5 units. If yu are n lnger eligible t hld F5 units, they are switched t S5 units. The minimum initial investment fr F5 units f a Fund is $5,

58 Specific infrmatin abut each f the mutual funds described in this dcument (cntinued) F8 units F8 units are designed t prvide tax efficient cash flw t investrs by making mnthly distributins. The abve prvisins in cnnectin with F units apply equally t F8 units. If yu are n lnger eligible t hld F8 units, they are switched t S8 units. The minimum initial investment fr F8 units f a Fund is $5,000. O units O units f the Funds (excluding the Investment Trusts, Fidelity American Disciplined Equity Currency Neutral Fund, Fidelity Glbal Disciplined Equity Currency Neutral Fund and Fidelity Internatinal Disciplined Equity Currency Neutral Fund) are nly available t institutinal investrs wh may be individuals r financial institutins which have been apprved by us and have entered int a O fund purchase agreement with us. O investrs are typically financial services cmpanies that make large investments in the Funds, and that use units f the Funds t facilitate ffering ther prducts t investrs r t prvide administrative services t grup plans. The criteria fr apprval as a O investr may include the size f the investment, the expected level f accunt activity, and the investr s ttal investments with us. N management and advisry fees are charged t the Funds with respect t the O units, but investrs are charged a negtiated management fee fr the prvisin f ur services t them. Cnsequently, investrs in O units may pay, as a percentage f their investment, a management fee that is different frm that payable by ther investrs in O units. We dn t pay any cmmissins r trailing cmmissins t dealers wh sell O units. There are n sales charges payable by investrs wh purchase O units. Since O investrs are typically financial services cmpanies, their need fr prtfli infrmatin may be different frm ther investrs. As a result, we may prvide them with prtfli disclsure mre frequently than we prvide this disclsure t ther investrs, and the infrmatin prvided may be mre detailed and/r presented in a smewhat different fashin. This infrmatin is nly prvided subject t an agreement limiting the investr s use f the infrmatin, and prhibiting the investr frm disclsing it t any ther party. O units f the Investment Trusts, Fidelity American Disciplined Equity Currency Neutral Fund, Fidelity Glbal Disciplined Equity Currency Neutral Fund and Fidelity Internatinal Disciplined Equity Currency Neutral Fund are nly available fr purchase by the Fidelity Funds and ther funds and accunts managed r advised by Fidelity. O units f these Funds are nt available fr public purchase. N management and advisry fees are charged t these Funds with respect t their O units, but the Fidelity Funds and ther funds and accunts that hld these O units are charged a management fee fr the prvisin f ur services t them. We dn t pay any cmmissins r trailing cmmissins t dealers wh sell O units f these Funds. There are n sales charges payable in respect f purchases f O units f these Funds. P1, P1T5, P2, P2T5, P3, P3T5, P4, P4T5, P5, and P5T5 units P units are available nly t investrs wh hld F r F5 units and then becme eligible t hld P units, r wh already hld P units, prvided their dealer has entered int the apprpriate eligibility agreement with Fidelity and can supprt P units. P units are nt available t an investr enrlled in the Large Accunt Prgram (described in the Fees and Expenses sectin) unless the investr chses t permanently leave the Large Accunt Prgram in rder t hld P units. P units have lwer cmbined management and advisry fees and Administratin Fees than F units. Each P tier has different management and advisry fees and Administratin Fee. T determine the P tier that yu are eligible t hld, see E and P limits in the Fees and Expenses sectin. We determine whether yu are eligible fr P units based n the amunt yu, either individually r as part f a E/P financial grup, have invested with Fidelity. Yur dealer is respnsible fr determining whether yu and the entities related t yu qualify as a E/P financial grup. 52

59 We autmatically switch any F r F5 units held by an investr wh qualifies fr P units int the P tier with the lwest cmbined management and advisry fees and Administratin Fee available t that investr, based n the infrmatin prvided t us by yur dealer. See the Purchases, switches and redemptins sectin fr details. If yu re n lnger eligible t hld a particular P tier, we autmatically switch yur units int the apprpriate series f units, which might result in yu hlding F units. If, hwever, yu are n lnger eligible t hld a particular P tier as a result f yur dealer determining that yu are n lnger eligible t hld F r F5 units, as applicable, yur dealer is respnsible fr telling us t switch yur P units int B r S5 units, as applicable, f the same Fund r t redeem them. As all eligible investrs fr P units will initially hld F r F5 units, P units may be held in a feebased accunt at their dealer, where they pay fees directly t their dealer. Investrs may als pay fees t their dealer by authrizing Fidelity t redeem P units frm their accunt having a value equal t the amunt f the fees payable by the investr t their dealer (plus applicable taxes) and t pay the prceeds t their dealer. Investrs are eligible t have their P units redeemed by Fidelity, and the prceeds paid t their dealer, if: They d nt hld their P units in a fee-based accunt where they pay fees directly t their dealer. Their dealer has entered int the apprpriate eligibility agreement with Fidelity. They have entered int an advisr service fee agreement with their dealer and Fidelity. The advisr service fee agreement must disclse the advisr service fee rate(s) the investr has negtiated with the dealer fr the advice t be prvided by the dealer t the investr with respect t purchasing and selling securities f the Fidelity Funds and/r fr the administratin and management services with respect t the investr s securities f the Fidelity Funds. If an investr enters int an advisr service fee agreement, Fidelity facilitates the payment f the advisr service fee (plus applicable taxes) by the investr t the dealer by redeeming the investr s P units n a quarterly basis and frwarding the redemptin prceeds fr the advisr service fees t the dealer. See the Fees and expenses sectin fr details. We dn t pay any cmmissins r trailing cmmissins t dealers in cnnectin with P units, which means we can charge lwer management and advisry fees. P1T5, P2T5, P3T5, P4T5 and P5T5 units are available nly t investrs wh hld F5 units and then becme eligible t hld P units, and t investrs wh already hld P units. These series are designed t prvide tax efficient cash flw t investrs by making mnthly distributins. If yu qualify fr P units, we autmatically switch any F5 units yu hld int the ne f these P tiers, if available, that has the lwest cmbined management and advisry fees and Administratin Fee fr which yu are eligible. If yu are n lnger eligible t hld P1T5, P2T5, P3T5, P4T5 r P5T5 units, we autmatically switch yur units int the apprpriate series f units, which may result in yu hlding F5 units. We restrict mnibus and bulk accunts frm hlding P units where we cannt identify wh the beneficial unithlders are in rder t determine whether each beneficial unithlder is independently eligible t hld P units. S5 units S5 units are available t all investrs wh purchase under the initial sales charge ptin. S5 units have lwer fees than T5 units, and are designed t prvide tax-efficient cash flw t investrs by making mnthly distributins. The minimum initial investment fr S5 units f a Fund is $5,000. S8 units S8 units are available t all investrs wh purchase under the initial sales charge ptin. S8 units have lwer fees than T8 units, and are designed t prvide tax-efficient cash flw t investrs by making 53

60 Specific infrmatin abut each f the mutual funds described in this dcument (cntinued) mnthly distributins. The minimum initial investment fr S8 units f a Fund is $5,000. T5 units T5 units are available t all investrs wh purchase under a deferred sales charge ptin. T5 units are designed t prvide tax-efficient cash flw t investrs by making mnthly distributins. The minimum initial investment fr T5 units f a Fund is $5,000. T8 units T8 units are available t all investrs wh purchase under a deferred sales charge ptin. T8 units are designed t prvide tax-efficient cash flw t investrs by making mnthly distributins. The minimum initial investment fr T8 units f a Fund is $5,000. Other series infrmatin Fidelity, in its sle discretin, may waive r change any f the abve minimum initial investment amunts at any time. The current minimum initial investment amunts may be btained n ur website at > Prducts > Mutual Funds > Investment minimums. Fr infrmatin n buying units f the Funds, see the Purchases, switches and redemptins sectin. A, T5 and T8 units purchased under the deferred sales charge ptin are autmatically switched t B, S5 and S8 units, respectively, which have lwer management fees, as sn as pssible fllwing ne year after the cmpletin f their redemptin fee schedules. Yu can find a descriptin f the deferred sales charge ptins available and their redemptin fee schedules in the Fees and expenses sectin. These autmatic switches are nt implemented if the value f the units t be switched is less than five dllars, but are implemented nce the value f the units t be switched is five dllars r mre. Yu can als elect t have yur A, T5 r T8 units that were purchased under the deferred sales charge ptin switched t the B, S5 r S8 units, respectively, at any time after yur redemptin fee schedule expires. See the Purchases, switches and redemptins sectin fr details. Fr each series f a Fund, excluding O, Fidelity pays all f the perating expenses incurred by the Fund fr that series (including fr services prvided by Fidelity and/r its affiliates), except fr Fund Csts, in exchange fr the Administratin Fee that is paid by the Fund in respect f these series. Fr O, Fidelity pays all f the perating expenses and csts incurred by the Fund in respect f O (including fr services prvided by Fidelity and/r its affiliates), except fr certain csts that are paid by the Fund in respect f O. See the Fees and expenses sectin fr details. The differences in expenses and fees between series mean that each series f a Fund has a different net asset value per unit. 3. What des the fund invest in? This sectin tells yu the investment bjectives and strategies f the Fund. Investment bjectives Just like yu, each Fund has gals fr the mney it invests. This sectin tells yu what thse gals are. Sme Funds seek t earn incme, while thers seek t increase the value f their investments as much as pssible. Still thers seek t d bth. Each Fund has its distinct investment bjectives. Yu will find details abut the kinds f securities the Fund invests in, as well as any special investment fcus, such as a particular cuntry r industry. We can t change a Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies This sectin tells yu hw the prtfli management team tries t achieve the Fund s investment bjectives. Yu will find the prtfli management team s general apprach t investing, and hw the prtfli management team chses investments fr the Fund. Except where exemptive relief has been btained frm the securities regulatrs (as described belw), all f the Funds fllw the standard limits, restrictins, and practices set by Canadian securities regulatins. All f the Funds can hld cash and invest in fixed incme securities. They can als engage in repurchase, reverse repurchase and securities lending transactins, which are described in the sectin What is a mutual fund and what are the risks f investing in a mutual fund? 54

61 Certain f the funds may engage in shrt selling in rder t manage vlatility r enhance the Fund s perfrmance in declining r vlatile markets. Fr mre infrmatin abut shrt selling, see What is a mutual fund and what are the risks f investing in a mutual fund? All f the Funds, except Fidelity Canadian Mney Market Fund and Fidelity U.S. Mney Market Fund, can use derivatives. Yu find ut hw a Fund uses derivatives in the Investment strategies sectin f its Fund prfile. Fr mre infrmatin abut derivatives, see What is a mutual fund and what are the risks f investing in a mutual fund? Regulatry exemptins Derivatives Mst f the Funds may use derivatives, as indicated in each Fund s prfile. Derivatives, like ptins, futures cntracts, frward cntracts, and swaps, may be used t hedge against lsses caused by changes in security prices, interest rates, r exchange rates. The Funds may als use derivatives fr nn-hedging purpses, including as a substitute fr a stck, stck market, r ther security, r where their use is cnsidered efficient frm a prtfli management perspective. When a Fund uses a derivative fr hedging purpses, it must hld assets, including anther derivative, that carry a risk that the derivative aims t ffset. When a Fund uses a derivative fr nn-hedging purpses, it must generally hld cash r ther assets that are equal t the Fund s market expsure frm the derivative. Interest rate swaps and credit default swaps are examples f the types f swaps that certain Funds may use. In an interest rate swap, a right t receive a payment based n a fixed interest rate is swapped fr a right t receive a payment based n a flating interest rate. In a credit default swap, a premium is swapped fr a right t receive a payment if an issuer f fixed incme securities fails t make a required payment, r if an event ccurs that calls int questin the creditwrthiness f the issuer. Subject t certain cnditins, Funds that use derivatives have been granted an exemptin by the securities regulatrs t permit these Funds t use additinal assets t cver a Fund s market expsure: 55 When pening r maintaining a lng psitin in a debtlike security that has a cmpnent that is a lng psitin in a frward cntract, r in a standardized future r frward cntract. When entering int r maintaining a swap psitin. See each Fund s mst recently filed management reprt f fund perfrmance fr infrmatin relating t any material use f derivatives by a Fund ver the applicable reprting perid. Als, summary infrmatin n a Fund s derivatives psitins, if any, may be btained n ur website at > Prducts > Mutual funds > Derivatives Used by Specified Fidelity Funds. Fr mre infrmatin abut derivative risk, see What is a mutual fund and what are the risks f investing in a mutual fund? Precius metals and ther cmmdities The Funds may invest up t 10% f their net assets in gld and/r silver pursuant t regulatry relief btained by the Funds. These investments may include gld, gld certificates, silver, silver certificates, derivatives the underlying interest f which are gld and/r silver, and certain Gld/Silver ETFs n an unlevered basis. Gld/Silver ETFs are ETFs that seek t replicate the perfrmance f gld and/r silver. The Gld/Silver ETFs may invest directly r indirectly in gld, silver, r derivatives the underlying interest f which is gld and/r silver. Certain Funds may invest, in aggregate, up t 10% f their net assets in gld and/r silver, n an unlevered r a leveraged basis, and/r in ther physical cmmdities n an unlevered basis pursuant t regulatry relief btained by the Funds. These investments are made thrugh Gld/Silver ETFs and/r ther Cmmdity ETFs. Cmmdity ETFs are ETFs that seek t replicate the perfrmance f either ne r mre physical cmmdities, ther than gld r silver, r an index that seeks t replicate the perfrmance f such physical cmmdities. Cmmdity ETFs may invest directly r indirectly in the physical cmmdities, r derivatives the underlying interest f which is such physical cmmdities. Pursuant t the regulatry relief btained, n mre than 2.5% f the net assets f the Fund may be invested in any ne cmmdity sectr, ther than gld and/r silver. Fr this purpse, the relevant

62 Specific infrmatin abut each f the mutual funds described in this dcument (cntinued) cmmdity sectrs are energy, grains, industrial metals, livestck, precius metals ther than gld and silver, and sfts (i.e., cca, cttn, cffee, and sugar). In additin, n mre than 10% f the net assets f the Fund can be invested, in aggregate, in Gld/Silver ETFs, Cmmdity ETFs, leveraged ETFs and inverse ETFs. Fr mre infrmatin abut cmmdity risk, see What is a mutual fund and what are the risks f investing in a mutual fund? Three-tier funds Certain Funds have received an exemptin t allw them t invest directly r indirectly in underlying funds managed by Fidelity and these underlying funds may, in turn, hld directly r indirectly mre than 10% f their net assets in securities f ther funds that we manage. Investments in securities issued by substantial security hlders Each Fund has received regulatry apprval t invest in debt securities issued by a substantial security hlder f the Fund. Substantial security hlders are persns r cmpanies that hld vting securities f a Fund that represent mre than 20% f the vting rights f that Fund. Certain cnditins must be met, including the apprval f the Independent Review Cmmittee r IRC f the Funds. Cleared swaps The Funds that use derivatives have received an exemptin frm the cunterparty credit rating requirement, the cunterparty expsure threshld, and the custdial requirements set ut in NI in rder t permit these Funds t clear certain swaps, such as interest rate and credit default swaps, thrugh futures cmmissin merchants that are subject t U.S. r Eurpean clearing requirements. These Funds can als depsit cash and ther assets as margin fr such swaps prvided that certain cnditins are satisfied. Freign gvernment securities Fidelity Glbal Bnd Fund has btained apprval frm securities regulatry authrities t invest: Up t 20% f its net assets, taken at market value at the time f purchase, in evidences f indebtedness f any ne issuer if thse evidences f indebtedness are issued, r guaranteed fully as t principal and interest, by permitted supranatinal agencies (as defined in NI ) r gvernments (ther than the Gvernment f Canada, the gvernment f a prvince r territry f Canada, r the Gvernment f the United States) and are rated AA by Standard & Pr s, r have an equivalent rating by ne r mre ther designated rating rganizatins. Up t 35% f its net assets, taken at market value at the time f purchase, in evidences f indebtedness f any ne issuer, if thse securities are issued by issuers described abve and are rated AAA by Standard & Pr s, r have an equivalent rating by ne r mre ther designated rating rganizatins. In terms f this apprval: The tw limits may nt be cmbined fr ne issuer. The securities that are purchased must be traded n a mature and liquid market. The acquisitin f the securities purchased must be cnsistent with the fundamental investment bjectives f the Fund. Fr mre infrmatin n these and ther exemptins that have been granted t the Funds, and the applicable cnditins, see the Funds annual infrmatin frm. Abut the Fidelity ClearPath Retirement Prtflis The fllwing twelve Fidelity ClearPath Retirement Prtflis are ffered under this simplified prspectus: Fidelity ClearPath 2005 Prtfli Fidelity ClearPath 2010 Prtfli Fidelity ClearPath 2015 Prtfli Fidelity ClearPath 2020 Prtfli Fidelity ClearPath 2025 Prtfli Fidelity ClearPath 2030 Prtfli Fidelity ClearPath 2035 Prtfli Fidelity ClearPath 2040 Prtfli Fidelity ClearPath 2045 Prtfli 56

63 Fidelity ClearPath 2050 Prtfli Fidelity ClearPath 2055 Prtfli Fidelity ClearPath Incme Prtfli The Fidelity ClearPath Prtflis are designed t assist investrs t plan fr their retirement, and are structured and managed arund an apprximate date, as indicated in the Funds names: 2010, 2020, and s n. We call this the target date, and it refers t the apprximate year an investr in a Fidelity ClearPath Prtfli wuld plan n retiring. The Fidelity ClearPath Prtflis are designed fr investrs wh plan n maintaining their investment, r withdrawing their investment gradually, fllwing their retirement. The Fidelity ClearPath Retirement Prtflis seek t achieve their returns by investing primarily in underlying funds. The underlying funds, in turn, generally invest in any f Canadian, U.S. and internatinal equity and fixed incme securities, and mney market investments, including cash and shrt-term bnds. Investing in different types f investments is referred t as asset allcatin. The prtfli management team rebalances the prtfli f each Fidelity ClearPath Prtfli frm time t time t ensure that its investments remain apprximately in the targeted asset allcatin percentages. By the nature f the Prtflis, targeted percentages change as the particular Prtfli nears its target date. Over time, the percentage f a Fidelity ClearPath Prtfli s assets invested in equity securities tends t decrease, while its investments in fixed incme and mney market investments tends t increase. In this way, the investments becme mre cnservative as each Fidelity ClearPath Prtfli appraches its target date. The different types f investments that each Fidelity ClearPath Prtfli invests in, and each Fidelity ClearPath Prtfli s target asset allcatin, are set ut in its investment strategies. Once the target date is reached, the prcess f investing the assets f each Fidelity ClearPath Prtfli n a mre cnservative basis cntinues fr a perid f apprximately twenty years, until its asset allcatin is substantially similar t that f Fidelity ClearPath Incme Prtfli. When this happens, it is expected that each Fidelity ClearPath Prtfli will, n prir ntice t investrs, and n a date determined by us, be cmbined with Fidelity ClearPath Incme Prtfli, and unithlders will then becme unithlders f Fidelity ClearPath Incme Prtfli. Because f the mre cnservative nature f the investments held by Fidelity ClearPath Incme Prtfli, the risk f it lsing mney is lwer than that f the ther Fidelity ClearPath Prtflis, which reduces yur risk f lsing mney n yur investment upn yur retirement. There is n guarantee, hwever, that the Fidelity ClearPath Prtflis will prvide adequate incme r capital at r thrugh yur retirement. Investrs shuld nte that each Fidelity ClearPath Prtfli s expected target allcatin t equity securities n r abut its target date is apprximately 56%, and its expected target allcatin t equity securities n r abut the date it is cmbined with Fidelity ClearPath Incme Prtfli is apprximately 21%. The Fidelity ClearPath Prtflis maintain this expsure t equity securities in rder t prvide the ptential fr sme grwth, with a view t helping investrs prtect the purchasing pwer f their investment during their retirement years. Hwever, a higher allcatin t equity securities increases the risk that a Fidelity ClearPath Prtfli culd decline in value, perhaps substantially, as yur retirement date appraches, r even fllwing yur retirement date. The fllwing table assists yu in determining which Fidelity ClearPath Prtfli yu shuld invest in based n yur current age, r intended year f retirement. This table is nly intended as a guide, and it assumes retirement is taken between the ages 60 t 65. Age f investr Fund years Fidelity ClearPath 2055 Prtfli years Fidelity ClearPath 2050 Prtfli years Fidelity ClearPath 2045 Prtfli years Fidelity ClearPath 2040 Prtfli years Fidelity ClearPath 2035 Prtfli years Fidelity ClearPath 2030 Prtfli years Fidelity ClearPath 2025 Prtfli years Fidelity ClearPath 2020 Prtfli years Fidelity ClearPath 2015 Prtfli years Fidelity ClearPath 2010 Prtfli years (r already retired) Fidelity ClearPath 2005 Prtfli As nted, this is nly intended as a guide. Yu shuld cnsult with yur financial advisr regarding which Fidelity 57

64 Specific infrmatin abut each f the mutual funds described in this dcument (cntinued) ClearPath Prtfli is best suited t yur persnal retirement gals. 4. What are the risks f investing in the fund? This sectin sets ut a risk checklist that tells yu all f the risks f the Fund. Fr a cmplete descriptin f each risk, see What is a mutual fund and what are the risks f investing in a mutual fund? 5. Wh shuld invest in this fund? When yu re deciding n a Fund, it s imprtant t find ne that has the same investment gals that yu d. This sectin tells yu the kind f investr the Fund may be apprpriate fr, and hw the Fund culd fit in yur prtfli. It s meant as a guide nly. Yur financial advisr can help yu make the decisins abut which Funds best match yur gals. Risk classificatin methdlgy The risk ratings referred t in this sectin help yu decide, alng with yur financial advisr, whether a Fund is right fr yu. This infrmatin is nly a guide. The investment risk level indicated fr each Fund is required t be determined in accrdance with the Canadian Securities Administratrs (CSA) standardized risk classificatin methdlgy, which is based n the histrical vlatility f the Fund as measured by the 10-year annualized standard deviatin f the returns f the Fund. Standard deviatin is used t quantify the histrical dispersin f returns arund the average returns ver a recent 10-year perid. In this cntext, it can prvide an indicatin f the amunt f variability f returns that ccurred relative t the average return ver the 10-year measurement perid. The higher the standard deviatin f a Fund, the greater the range f returns it experienced in the past. In general, the greater the range f bserved r pssible returns, the higher the risk. Fr Funds that d nt have a 10-year return histry, Fidelity calculates the investment risk level f each Fund by using the actual return histry f the Fund, and imputing the return histry f ne r mre reference indices fr the remainder f the 10-year perid. In the case where a Fund invests substantially all f its assets in ne r mre underlying funds that have existed fr at least 10 years, Fidelity uses the returns f the underlying fund(s) t cmplete a 10-year return histry f the Fund fr the purpse f estimating its 10-year standard deviatin. In the case where a Fund fllws a substantially similar investment strategy f anther Fidelity Fund that has been in existence fr at least 10 years, Fidelity uses the returns f that Fidelity Fund t cmplete a 10-year return histry f the Fund fr the purpse f estimating its 10-year standard deviatin. Fidelity assigns a risk rating categry that is at, r higher than, the applicable rating indicated by the standard deviatin ranges in the CSA s standardized risk classificatin methdlgy, as utlined in the table belw. CSA standard deviatin ranges and risk ratings Standard deviatin range Risk rating 0 t less than 6 Lw 6 t less than 11 Lw t Medium 11 t less than 16 Medium 16 t less than 20 Medium t High 20 r greater High It is imprtant t nte that ther types f risk, bth measurable and nn-measurable, may exist. It is als imprtant t nte that a Fund s histrical vlatility may nt be indicative f its future vlatility. Fidelity may exercise its discretin and assign a Fund a higher risk classificatin than indicated by the 10-year annualized standard deviatin and the prescribed ranges if we believe that the Fund may be subject t ther freseeable risks that the 10-year annualized standard deviatin des nt reflect. Reference index fr each Fund Fr Funds that d nt have 10-years f histrical returns, the fllwing indices r cmbinatins f indices were used as prxies fr Fund returns fr perids between the inceptin f the Fund and ten years prir t the inceptin f the Fund. FUND Fidelity Greater Canada Fund Fidelity Dividend Investment Trust REFERENCE INDEX OR FIDELITY FUND 70% S&P/TSX Capped Cmpsite Index 30% S&P 500 Index 70% MSCI Canada Value Capped Index 30% S&P 500 Index 58

65 FUND Fidelity Canadian Fcused Equity Investment Trust Fidelity Nrth American Equity Investment Trust Fidelity U.S. Dividend Fund Fidelity U.S. Dividend Registered Fund Fidelity U.S. Dividend Investment Trust Fidelity U.S. Dividend Currency Neutral Fund Fidelity U.S. All Cap Fund Fidelity Event Driven Opprtunities Fund Fidelity American Disciplined Equity Currency Neutral Fund Fidelity Glbal Large Cap Fund Fidelity Glbal Disciplined Equity Currency Neutral Fund Fidelity Glbal Intrinsic Value Investment Trust Fidelity Glbal Dividend Investment Trust Fidelity Glbal Small Cap Fund Fidelity NrthStar Currency Neutral Fund REFERENCE INDEX OR FIDELITY FUND S&P/TSX Capped Cmpsite Index 70% S&P 500 Index 30% S&P/TSX Capped Cmpsite Index Russell 3000 Value Index Russell 3000 Value Index Hedged CAD S&P 500 Index Russell 3000 Index S&P 500 Index Hedged CAD MSCI All Cuntry Wrld Index MSCI All Cuntry Wrld Index Hedged CAD MSCI Wrld Small Cap Index MSCI Wrld High Dividend Yield Index MSCI All Cuntry Wrld Small Cap Index MSCI All Cuntry Wrld Index Hedged CAD FUND Fidelity Internatinal Disciplined Equity Currency Neutral Fund Fidelity Cnservative Incme Fund Fidelity Cnservative Managed Risk Prtfli Fidelity Balanced Managed Risk Prtfli REFERENCE INDEX OR FIDELITY FUND MSCI All Cuntry Wrld Index ex U.S. Hedged CAD 12% S&P/TSX Capped Cmpsite Index 8% MSCI All Cuntry Wrld Index ex Canada 36% FTSE TMX Canada Universe Bnd Index 24% Blmberg Barclays Glbal Aggregate Bnd Index 20% FTSE TMX Canada Shrt Term Bnd Index 15% S&P/TSX Capped Cmpsite Index 10% MSCI Wrld Small Cap Index 15% MSCI Wrld Index ex- Canada 25% FTSE TMX Canada Universe Bnd Index 10% FTSE TMX Canadian Lng Term Gvernment Index 10% Blmberg Barclays Lng Term U.S. Treasury Index 15% FTSE TMX Canada Shrt Term Bnd Index 20% S&P/TSX Capped Cmpsite Index 20% MSCI Wrld Small Cap Index 20% MSCI Wrld Index ex- Canada 15% FTSE TMX Canada Universe Bnd Index 10% FTSE TMX Canada Lng Term Gvernment Bnd Index 10% Blmberg Barclays Lng Term U.S. Treasury Index 5% FTSE TMX Canada Shrt Term Bnd Index 59

66 Specific infrmatin abut each f the mutual funds described in this dcument (cntinued) FUND Fidelity American Balanced Fund Fidelity American Balanced Currency Neutral Fund Fidelity U.S. Mnthly Incme Fund Fidelity U.S. Mnthly Incme Currency Neutral Fund REFERENCE INDEX OR FIDELITY FUND 5% Blmberg Barclays 3 Mnth U.S. Treasury Bill Index 25% Blmberg Barclays U.S. Aggregate Bnd Index 5% BfA Merrill Lynch U.S. HY Cnstrained Index 33% MSCI Wrld Small Cap Index 33% S&P 500 Index 5% Blmberg Barclays 3 Mnth U.S. Treasury Bill Index Hedged CAD 25% Blmberg Barclays U.S. Aggregate Bnd Index Hedged CAD 5% BfA Merrill Lynch U.S. HY Cnstrained Index Hedged CAD 33% MSCI Wrld Small Cap Index Hedged CAD 33% S&P 500 Index - Hedged CAD 40% Russell 3000 Value Index 31% Blmberg Barclays U.S. Aggregate Bnd Index 12% BfA Merrill Lynch U.S. High Yield Cnstrained Index 7% FTSE NAREIT Equity REITs Index 5% BfA Merrill Lynch All U.S. Cnvertibles Index 5% JPM EMBI Glbal Diversified Index 40% Russell 3000 Value Index Hedged CAD 31% Blmberg Barclays U.S. Aggregate Bnd Index Hedged CAD 12% BfA Merrill Lynch U.S. High Yield Cnstrained Index Hedged CAD 7% FTSE NAREIT Equity REITs Index Hedged CAD 5% BfA Merrill Lynch All U.S. Cnvertibles Index Hedged CAD 5% JPM EMBI Glbal Diversified Index Hedged CAD FUND Fidelity Glbal Mnthly Incme Currency Neutral Fund Fidelity NrthStar Balanced Fund Fidelity NrthStar Balanced Currency Neutral Fund Fidelity Tactical High Incme Fund Fidelity Tactical High Incme Currency Neutral Fund Fidelity Tactical Strategies Fund Fidelity ClearPath 2050 Prtfli REFERENCE INDEX OR FIDELITY FUND 40% MSCI All Cuntry Wrld Index Hedged CAD 31% Blmberg Barclays Glbal Aggregate Bnd Index Hedged CAD 12% BfA Glbal High Yield Cnstrained Index Hedged CAD 7% FTSE EPRA/NAREIT Develped Index Hedged CAD 5% JPM EMBI Glbal Diversified Index Hedged CAD 5% BfA Merrill Lynch All U.S. Cnvertible Index Hedged CAD 50% MSCI All Cuntry Wrld Index 50% Blmberg Barclays Glbal Aggregate Bnd Index 50% MSCI All Cuntry Wrld Index Hedged CAD 50% Blmberg Barclays Glbal Aggregate Bnd Index Hedged CAD 30% S&P 500 Index 20% Blmberg Barclays U.S. Aggregate Bnd Index 50% BfA Merrill Lynch U.S. High Yield Cnstrained Index 30% S&P 500 Index - Hedged CAD 20% Blmberg Barclays U.S. Aggregate Bnd Index - Hedged CAD 50% BfA Merrill Lynch U.S. High Yield Cnstrained Index - Hedged CAD 60% MSCI All Cuntry Wrld Index 30% FTSE TMX Canada Universe Bnd Index 10% Blmberg Barclays Glbal Aggregate Bnd Index 23.0% S&P/TSX Capped Cmpsite Index 34.5% Russell 3000 Index 34.5% MSCI EAFE + Emerging Markets Index 8.0% FTSE TMX Canada Universe Bnd Index 60

67 FUND Fidelity ClearPath 2055 Prtfli Fidelity Strategic Incme Fund Fidelity Strategic Incme Currency Neutral Fund Fidelity Crprate Bnd Fund Fidelity Tactical Fixed Incme Fund Fidelity Flating Rate High Incme Fund Fidelity Flating Rate High Incme Currency Neutral Fund Fidelity Multi- Sectr Bnd Fund Fidelity Multi- Sectr Bnd Currency Neutral Fund REFERENCE INDEX OR FIDELITY FUND 23.0% S&P/TSX Capped Cmpsite Index 34.5% Russell 3000 Index 34.5% MSCI EAFE + Emerging Markets Index 8.0% FTSE TMX Canada Universe Bnd Index 25% Blmberg Barclays Glbal Aggregate Bnd Index 40% BfA Merrill Lynch U.S. High Yield Cnstrained Index 5% S&P/LSTA Leveraged Lan Index 15% Blmberg Barclays U.S. Gvernment Bnd Index 15% JPM EMBI Glbal Diversified Index 25% Blmberg Barclays Glbal Aggregate Bnd Index Hedged CAD 40% BfA Merrill Lynch U.S. High Yield Cnstrained Index - Hedged CAD 5% S&P/LSTA Leveraged Lan Index - Hedged CAD 15% Blmberg Barclays U.S. Gvernment Bnd Index - Hedged CAD 15% JPM EMBI Glbal Diversified Index - Hedged CAD FTSE TMX Canada All Crprate Bnd Capped Index 85% Fidelity Canadian Bnd Fund 15% Fidelity American High Yield Fund S&P/LSTA Leveraged Lan Index S&P/LSTA Leveraged Lan Index - Hedged CAD Blmberg Barclays U.S. Aggregate Bnd Index Blmberg Barclays U.S. Aggregate Bnd Index - Hedged CAD Benchmark Definitins The Blmberg Barclays 3 Mnth U.S. Treasury Bill Index is a market-value-weighted index f investmentgrade fixed-rate public bligatins f the U.S. Treasury with maturities f three mnths, excluding zer cupn strips. The Blmberg Barclays Glbal Aggregate Bnd Index cvers the mst liquid prtin f the glbal investment grade fixed-rate bnd market, including gvernment, credit and cllateralized securities. The Blmberg Barclays Lng Term U.S. Treasury Index measures U.S. dllar-denminated, fixed-rate, nminal debt issued by the U.S. Treasury with varius maturities greater than 10 years. The Blmberg Barclays U.S. Aggregate Bnd Index is an unmanaged, market-value-weighted index f taxable investment-grade fixed-rate debt issues, including gvernment, crprate, asset-backed, and mrtgage backed securities, with maturities f ne year r mre. The Blmberg Barclays U.S. Gvernment Bnd Index is cmpsed f U.S. Treasury and U.S. Agency Indexes, and included securities must be rated investment grade, with a minimum f $250 millin par amunt utstanding. The BfA Merrill Lynch All U.S. Cnvertibles Index is a market capitalizatin-weighted index f dmestic U.S. crprate cnvertible securities including mandatry cnvertible preferreds. The BfA Merrill Lynch Glbal High Yield Cnstrained Index tracks the perfrmance f USD, CAD, GBP and EUR denminated belw investment grade crprate debt publicly issued in the majr dmestic r Eurbnd markets. The index impses a fixed limit n the maximum cncentratin f any individual issuer t 2.0%. The BfA Merrill Lynch U.S. High Yield Cnstrained Index is a market value weighted index f U.S. currency high-yield bnds issued by U.S. and nn-u.s. issuers, including deferred interest bnds and payment-in-kind securities. Issues included in the index have maturities f ne year r mre and have a credit rating lwer than BBB- /Baa3, but are nt in default. The index impses a fixed limit n the maximum cncentratin f any individual issuer t 2.0%. 61

68 Specific infrmatin abut each f the mutual funds described in this dcument (cntinued) The FTSE EPRA/NAREIT Develped Index was develped by the Eurpean Public Real Estate Assciatin, a cmmn interest grup aiming t prmte, develp and represent the Eurpean public real estate sectr, and the Nrth American Assciatin f Real Estate Investment Trusts ( NAREIT ), the representative vice f the U.S. REIT industry. The index series is designed t reflect the stck perfrmance f cmpanies engaged in specific aspects f the Nrth American, Eurpean and Asian Real Estate markets. The FTSE NAREIT Equity REITs Index cntains all Equity REITs nt designated as Timber REITs r Infrastructure REITs. The FTSE NAREIT U.S. Real Estate Index is designed t present investrs with a cmprehensive family f REIT perfrmance indexes that spans the cmmercial real estate space acrss the U.S. ecnmy. The index series prvides investrs with expsure t all investment and prperty sectrs. In additin, the mre narrwly fcused prperty sectr and sub-sectr indexes prvide the facility t cncentrate cmmercial real estate expsure in mre selected markets. The FTSE TMX Canada All Crprate Bnd Capped Index cmprises semi-annual-pay fixed-rate crprate bnds used dmestically in Canada and denminated in Canadian dllars, with an investment-grade rating and a remaining effective term t maturity f at least ne year. With a 5.0% cap, the Index will see a maximum benchmark weighting f 5.0% fr all single issuers in the Index. The FTSE TMX Canada Lng Term Gvernment Bnd Index represents a brad measure f the Lng-term Canadian Gvernment fixed incme market where the effective term fr all issues is equal t r exceeds 10 years. The FTSE TMX Canada Shrt Term Bnd Index includes bnds with remaining effective terms greater than 1 year and less than r equal t 5 years. The FTSE TMX Canada Universe Bnd Index is capitalizatin-weighted, with mre than 950 Canadian bnds, and includes the highest quality bnds with termst-maturity f ne t thirty years, designed t reflect the Canadian bnd market. The JPM EMBI ( Emerging Markets Bnd Index ) is J.P. Mrgan s index f dllar-denminated svereign bnds 62 issued by a selectin f emerging market cuntries and is the mst widely used and cmprehensive emerging market svereign debt benchmark. The J.P. Mrgan EMBI Glbal Diversified Index limits the weights f thse index cuntries with larger debt stcks by nly including a specified prtin f thse cuntries eligible current face amunts f debt utstanding. The MSCI All Cuntry Wrld Index is an unmanaged, free flat-adjusted market capitalizatin weighted index cmpsed f stcks f cmpanies lcated in cuntries thrughut the wrld. It is designed t measure equity market perfrmance in glbal develped and emerging markets. The MSCI All Cuntry Wrld Index ex Canada is an unmanaged, free flat-adjusted market capitalizatin weighted index cmpsed f stcks f cmpanies lcated in cuntries thrughut the wrld except Canada. It is designed t measure equity market perfrmance in glbal develped and emerging markets excluding Canada. The MSCI All Cuntry Wrld Index ex U.S. captures large and mid-cap representatin acrss develped markets cuntries (excluding the U.S.) and Emerging Markets cuntries. The MSCI All Cuntry Wrld Small Cap Index is an unmanaged, free flat-adjusted market capitalizatin weighted index cmpsed f stcks f cmpanies lcated in cuntries thrughut the wrld. It is designed t measure small-capitalizatin equity market perfrmance in glbal develped and emerging markets. The MSCI Canada Value Capped Index seeks t measure the perfrmance f the Canadian value equity market. Value equities are defined as having a higher dividend yield and lwer price-t-bk and price-t-earnings ratis relative t the brader Canadian equity market. The MSCI EAFE + Emerging Markets Index is an equity index which captures large and mid-cap representatin acrss 21 develped markets cuntries and 23 emerging markets cuntries arund the wrld. The MSCI Wrld High Dividend Yield Index is based n the MSCI Wrld Index, its parent index, and includes large and mid-cap stcks acrss 23 develped markets cuntries. The index is designed t reflect the perfrmance

69 f equities in the parent index (excluding REITs) with higher dividend incme and quality characteristics than average dividend yields that are bth sustainable and persistent. The index als applies quality screens and reviews 12- mnth past perfrmance t mit stcks with ptentially deterirating fundamentals that culd frce them t cut r reduce dividends. The MSCI Wrld Index is a market capitalizatin weighted index cmpsed f cmpanies representative f the market structure f develped market cuntries in Nrth America, Eurpe and the Asia/Pacific Regin. The MSCI Wrld Index ex Canada captures large and mid-cap representatin acrss 22 f 23 develped markets cuntries excluding Canada. The MSCI Wrld Small Cap Index captures small cap representatin acrss 23 develped markets cuntries. The Russell 3000 Index measures the perfrmance f the 3,000 largest U.S. cmpanies based n the ttal market capitalizatin, which represents 98.0% f the investable U.S. equity market. The Russell 3000 Value Index measures the perfrmance f the brad value segment f the U.S. equity value universe. It includes thse Russell 3000 Index cmpanies that generally have lwer price-t-bk ratis and lwer frecasted grwth values. The S&P/LSTA Leveraged Lan Index is a market capitalizatin-weighted index designed t represent the perfrmance f U.S. dllar-denminated institutinal leveraged lan prtflis using current market weightings, spreads and interest payments. The S&P/TSX Cmpsite Index is an index f stcks that are generally cnsidered t represent the Canadian equity market. The S&P/TSX Capped Cmpsite Index is the same as the S&P/TSX Cmpsite index except that it is adjusted quarterly s that n single stck has a relative weight in the index greater than 10.0%. The S&P 500 Index is a widely recgnized index f 500 U.S. cmmn stcks f large and mid-capitalizatin cmpanies. Yu can get details f the methdlgy that we use t identify the risk level f a Fund by calling us at , by sending us an at cs.english@fidelity.cm (fr assistance in English) r sc.francais@fidelity.cm (fr assistance in French), r by writing t us at Fidelity Investments Canada ULC, 483 Bay Street, Suite 300, Trnt, Ontari, M5G 2N7. 6. Distributin plicy This sectin tells yu when yu can expect t receive payments f net incme, capital gains, r returns f capital frm the Fund. We may pay distributins at ther times. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the same series f the same Fund. Except as described belw, distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the same series f the same Fund unless yu tell us in writing that yu want t receive them in cash. Yu wn t pay any sales charges n reinvested distributins r n cash distributins. Distributins paid n the redemptin f units are nt reinvested, but are instead paid t yu in cash. Cash distributins can be paid directly t yur bank accunt by way f electrnic funds transfer r by cheque. We may charge yu a fee f $25 fr each cash distributin yu request by cheque. Fr Funds that make quarterly distributins f incme, the distributins made at the end f each f the first three calendar quarters are likely t include distributins f incme. The T-SWP make mnthly distributins f an amunt cmprised f a return f capital and/r incme n the last business day f each mnth. As well, fr these series, any incme r capital gains distributed in December f each year must be reinvested in additinal units f the Funds. The mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the same series f the Fund. 63

70 Specific infrmatin abut each f the mutual funds described in this dcument (cntinued) A, B, E1, E2, E3, E4, E5, F, P1, P2, P3, P4 and P5 f certain Funds make mnthly distributins f an amunt that is generally cmprised f net incme and/r return f capital n the last business day f each mnth, at a fixed rate. In additin t the mnthly distributins, capital gains and any net incme nt distributed previusly in the year are distributed in December f each year. These year-end distributins must be reinvested in additinal units f the respective Fund. Fr E1T5, E2T5, E3T5, E4T5, E5T5, F5, P1T5, P2T5, P3T5, P4T5, P5T5, S5 and T5 units, the aggregate mnthly distributins that are made each year are expected t be between apprximately 4% and 6% f the average net asset value f the applicable series f the Equity Funds ver that year, and between apprximately 4.5% and 5.5% f the average net asset value f the applicable series f the Asset Allcatin and Balanced Funds ver that year. The example shws the expenses yu wuld pay if: Yu invested $1,000 in the Fund fr each perid shwn and paid the maximum sales charge. The Fund s return was 5% each year. Yu didn t use the 10% free amunt described under the deferred sales charge ptin. The Fund paid the same management expense rati r MER in all perids as it did in its last financial year. Fr Fidelity Multi-Sectr Bnd Fund, Fidelity Multi-Sectr Bnd Currency Neutral Fund and certain series f the Funds, we have nt shwn examples f these expenses because these series and Funds are new, and have n histrical fund expense infrmatin t disclse. The aggregate mnthly distributins that are made n F8, S8 and T8 units each year are expected t be between apprximately 6% and 10% f the average net asset value f the applicable series f the Equity Funds ver that year, and between apprximately 7.5% and 9% f the average net asset value f the applicable series f the Asset Allcatin and Balanced Funds ver that year. A return f capital distributin is nt taxable, but reduces the adjusted cst base f yur units. Yu shuld nt cnfuse this cash flw distributin with a Fund s rate f return r yield. Yu can find mre infrmatin abut distributins and adjusted cst base in the Incme tax cnsideratins fr investrs sectin. 7. Fund expenses indirectly brne by investrs Each series f a Fund is respnsible fr its wn expenses and its prprtinate share f cmmn Fund expenses that are nt included as part f the Administratin Fee. While yu dn t pay these csts directly, they reduce the Fund s return. The hypthetical example in this sectin helps yu cmpare the expenses f the Fund t the csts f investing in ther Funds. Yu can find mre infrmatin abut the csts f investing in the Funds in the Fees and expenses sectin. 64

71 Prfiles f ur Equity Funds Our Equity Funds allw yu t be part f the ptential fr ecnmic grwth in Canada and abrad. These Funds aim t achieve significant grwth ver the lng-term. Hw d they d it? Primarily by investing in shares f cmpanies that the prtfli managers believe have gd grwth ptential r value that hasn t been recgnized by investrs. As the name implies, ur Equity Funds invest primarily in equity securities like cmmn shares. Over the lng-term, equity securities have in the past generally prvided higher returns and higher risk than ther kinds f investments. Fr this reasn, equity funds are generally best suited fr lnger-term investment gals. They may als help prtect yu against a lss f buying pwer that inflatin can cause ver time. Equity funds tend t be riskier than ther kinds f investments because the prices f equity securities can change quickly and dramatically. Just hw big the risk is depends n the securities the funds invest in. Funds that tend t cncentrate n a certain gegraphic regin r a particular industry typically have mre risk than widely diversified funds. 65

72 Canadian Equity Funds Fidelity Canadian Disciplined Equity Fund Fidelity Canadian Grwth Cmpany Fund Fidelity Canadian Large Cap Fund Fidelity Canadian Opprtunities Fund Fidelity Dividend Fund Fidelity Greater Canada Fund Fidelity Dividend Plus Fund Fidelity Special Situatins Fund Fidelity True Nrth Fund Fidelity Canadian Fcused Equity Investment Trust Fidelity Dividend Investment Trust Canada is a leader in industries like natural resurces and financial services cmpanies. By investing in Canadian equity funds, yu can share in the grwth ptential f cmpanies in these and ther industries. Nrth American Equity Funds Fidelity Nrth American Equity Fund U.S. Equity Funds Fidelity American Disciplined Equity Fund Fidelity American Disciplined Equity Currency Neutral Fund Fidelity American Equity Fund Fidelity U.S. Fcused Stck Fund Fidelity Small Cap America Fund Fidelity U.S. Dividend Fund Fidelity U.S. Dividend Currency Neutral Fund Fidelity U.S. Dividend Investment Trust Fidelity U.S. Dividend Registered Fund Fidelity U.S. All Cap Fund Fidelity Event Driven Opprtunities Fund Investing in the U.S. can be a first step tward diversifying int ther cuntries and currencies. Our neighbur t the suth represents the wrld s largest market and is hme t many f the wrld s biggest and best cmpanies. Glbal and Internatinal Equity Funds Fidelity AsiaStar Fund Fidelity China Fund Fidelity Emerging Markets Fund Fidelity Eurpe Fund Fidelity Far East Fund Fidelity Glbal Fund Fidelity Glbal Disciplined Equity Fund Fidelity Glbal Disciplined Equity Currency Neutral Fund Fidelity Glbal Dividend Fund Fidelity Glbal Large Cap Fund Fidelity Glbal Cncentrated Equity Fund Fidelity Glbal Small Cap Fund Fidelity Internatinal Disciplined Equity Fund Fidelity Internatinal Disciplined Equity Currency Neutral Fund Fidelity Internatinal Cncentrated Equity Fund (frmerly, Fidelity Internatinal Value Fund) Fidelity Japan Fund Fidelity Frntier Emerging Markets Fund (frmerly, Fidelity Latin America Fund) Fidelity NrthStar Fund Fidelity NrthStar Currency Neutral Fund Fidelity Internatinal Grwth Fund Fidelity Glbal Dividend Investment Trust Fidelity Glbal Intrinsic Value Investment Trust These Funds invest primarily in equity securities f cmpanies lcated utside f Canada. Canada represents less than 5% f the wrld s securities markets. By investing glbally, yu can take advantage f ther investment pprtunities. It als allws yu t diversify yur prtfli because yu re nt limiting yurself t the perfrmance f the markets in a single cuntry. Glbal Sectr Funds Fidelity Glbal Cnsumer Industries Fund Fidelity Glbal Financial Services Fund Fidelity Glbal Health Care Fund Fidelity Glbal Natural Resurces Fund Fidelity Glbal Real Estate Fund Fidelity Technlgy Innvatrs Fund Fidelity Glbal Telecmmunicatins Fund Our Glbal Sectr Funds target the stcks f cmpanies in a specific sectr r industry f the ecnmy. By tapping int a specific area, investrs can cncentrate n that sectr s ptential. 66

73 CANADIAN EQUITY FUNDS Fidelity Canadian Disciplined Equity Fund Fund details Fund type Canadian equity fund Date started A and B - September 29, 1998 F - Octber 10, 2000 O - May 18, 2001 S8 and T8 - Octber 31, 2002 S5 and T5 - Nvember 6, 2006 F5 and F8 - April 17, 2013 P1, P1T5, P2 AND P3 - December 4, 2015 E1, E1T5, E2, E2T5, E3, E4 and E5 February 5, 2016 P2T5 January 6, 2017 P3T5, P4 and P5 January 26, 2017 Type f securities A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P3T5, P4, P5, S5, S8 T5 and T8 units f a mutual fund trust Eligibility fr Qualified investment fr registered plans registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A, T5 and T8 2.00% 0.280% B, S5 and S8 1.85% 0.230% E1 and E1T % 0.205% E2 and E2T5 1.80% 0.180% E % 0.155% E % 0.155% E5 1.70% 0.130% F, F5 and F8 0.85% 0.190% P1 and P1T % 0.165% P2 and P2T5 0.80% 0.140% P3 and P3T % 0.115% P % 0.115% P5 0.70% 0.090% *This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. Investment strategies T meet the Fund s bjectives, the prtfli management team: Aims t invest in sectrs in apprximately the same prprtins as thse sectrs are represented in the S&P/TSX Capped Cmpsite Index, except that the real estate sectr is cnsidered an industry grup within the financials sectr. May invest in securities nt included in the index. When buying and selling equity securities fr each sectr, may cnsider factrs abut a cmpany, including: Quality f management. Financial cnditin. Ptential fr earnings grwth ver the lng-term. Regularly reviews the allcatins amng sectrs based n the sectr allcatins in the index and rebalance the allcatins, when necessary. Decides which sectr an investment belngs t if the investment is nt classified under the Glbal Industry Classificatin Standard. The Fund may als: Invest in cmpanies f any size. Invest up t 30% f its net assets in freign securities. Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: It invests primarily in equity securities f Canadian cmpanies. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. 67

74 Fidelity Canadian Disciplined Equity Fund (cntinued) Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Main risk Additinal risk Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Wh shuld invest in this fund? Additinal risk Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain Canadian equity expsure, and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. 68

75 Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses 1 year 3 years 5 years 10 years payable ver A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E4 $ E5 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P2T5 $ P3 $ P3T5 $ P4 $ P5 $ S5 $ S8 $ T5 $ T8 $

76 CANADIAN EQUITY FUNDS Fidelity Canadian Grwth Cmpany Fund Fund details Fund type Canadian equity fund Date started A and B - July 11, 1994 F - Octber 10, 2000 O - August 31, 2001 P1, P2, P3 and P4 December 4, 2015 E1, E2, E3, E4 and E5 - February 5, 2016 F5 and F8 September 16, 2016 S5, S8, T5 and T8 January 6, 2017 P5 January 26, 2017 P1T5 April 21, 2017 P2T5 July 14, 2017 Type f securities A, B, E1, E2, E3, E4, E5, F, F5, F8, P1, P1T5, P2, P2T5, P3, P4, P5, O, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr Qualified investment fr registered plans registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A, T5 and T8 2.00% 0.280% B, S5 and S8 1.85% 0.230% E % 0.205% E2 1.80% 0.180% E % 0.155% E % 0.155% E5 1.70% 0.130% F, F5 and F8 0.85% 0.190% P1 and P1T % 0.165% P2 and P2T5 0.80% 0.140% P % 0.115% P % 0.115% P5 0.70% 0.090% *This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f Canadian cmpanies. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Invests in shares f cmpanies that trade at prices that reflect attractive valuatins based n its assessment f each cmpany s ptential fr grwth. Identifies investment pprtunities in undervalued cmpanies that may be pised t benefit frm imprvements in cmpany r industry fundamentals. When buying and selling equity securities, may cnsider factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Grwth ptential. Earnings estimates. Quality f management. Fr private cmpanies, share price relative t ptential public ffering r acquisitin price. The Fund may als: Invest in cmpanies f any size, but tends t fcus n medium t large cmpanies. Cncentrate its investments in relatively few cmpanies. Invest in securities f private cmpanies. Invest up t 49% f its net assets in freign securities. Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. 70

77 Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk checklist Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 12.7% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain Canadian and freign equity expsure, and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrtterm investment hrizn. T invest in the Fund, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity Main risk Additinal risk Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. ETF Freign investment Interest rate Large transactin Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Liquidity Prtfli management 71

78 Fidelity Canadian Grwth Cmpany Fund (cntinued) Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ E3 $ E4 $ E5 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P3 $ P4 $ P5 $ S5 $ S8 $ T5 $ T8 $

79 CANADIAN EQUITY FUNDS Fidelity Canadian Large Cap Fund Fund details Fund type Canadian equity fund Date started A and B - February 1, 1988 F - Octber 10, 2000 O - January 2, 2001 F5, F8, S5, S8, T5 and T8 - April 17, 2013 P1, P1T5, P2, P3, P4 and P5 - December 4, 2015 E1, E1T5, E2, E2T5, E3, E4 and E5 - February 5, 2016 P2T5 and P3T5 September 16, 2016 Type f securities A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, O, P1, P1T5, P2, P2T5 P3, P3T5 P4, P5, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr Qualified investment fr registered plans registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A, T5 and T8 2.00% 0.280% B, S5 and S8 1.85% 0.230% E1 and E1T % 0.205% E2 and E2T5 1.80% 0.180% E % 0.155% E % 0.155% E5 1.70% 0.130% F, F5 and F8 0.85% 0.190% P1 and P1T % 0.165% P2 and P2T5 0.80% 0.140% P3 and P3T % 0.115% P % 0.115% P5 0.70% 0.090% *This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f Canadian cmpanies and tends t fcus n large cmpanies. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Cnsiders large cmpanies t be thse similar in size t the cmpanies in the S&P/TSX 60 Index, taking int accunt all utstanding shares. When buying and selling equity securities, may cnsider factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Grwth ptential. Earnings estimates. Quality f management. The Fund may als: Invest in small and medium cmpanies. Invest up t 49% f its net assets in freign securities. Invest in fixed incme securities f any quality r term. Hld cash. Increase its cash and cash equivalent hldings t attempt t mitigate against dwnside risk, r where current pprtunities d nt meet the prtfli management team s investment criteria. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. 73

80 Fidelity Canadian Large Cap Fund (cntinued) Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Main risk Additinal risk Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 18.1% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain Canadian and freign equity expsure, and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrtterm investment hrizn. T invest in the Fund, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. 74

81 Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E4 $ E5 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P2T5 $ P3 $ P3T5 $ P4 $ P5 $ S5 $ S8 $ T5 $ T8 $

82 CANADIAN EQUITY FUNDS Fidelity Canadian Opprtunities Fund Fund details Fund type Canadian equity fund Date started A and B - July 21, 2000 F - Octber 10, 2000 O - Octber 1, 2003 F5, F8, S5, S8, T5 and T8 - April 17, 2013 P1, P2 and P3 - December 4, 2015 E1, E2, E3, E4 and E5 - February 5, 2016 E1T5 and P1T5 September 16, 2016 Type f securities A, B, E1, E1T5, E2, E3, E4, E5, F, F5, F8, O, P1, P1T5, P2, P3, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr Qualified investment fr registered plans registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A, T5 and T8 2.00% 0.280% B, S5 and S8 1.85% 0.230% E1 and E1T % 0.205% E2 1.80% 0.180% E % 0.155% E % 0.155% E5 1.70% 0.130% F, F5 and F8 0.85% 0.190% P1 and P1T % 0.165% P2 0.80% 0.140% P % 0.115% *This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f Canadian cmpanies. The Fund may smetimes have significant expsure t relatively few cmpanies and industries. The Fund may chse t invest up t 10% f its assets at the time f purchase in the securities f private cmpanies. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Fcuses n a cmpany s fundamentals and invests in shares f cmpanies that trade at prices that reflect attractive valuatins based n its assessment f each cmpany s ptential fr grwth and earnings. When buying and selling equity securities, may cnsider factrs abut a cmpany, including: Industry cnditins. Market and ecnmic cnditins. Fr private cmpanies, share price relative t ptential public ffering r acquisitin price. The Fund may als: Invest in cmpanies f any size, but tends t fcus n small t medium cmpanies. Invest up t 30% f its net assets in freign securities. Invest in fixed incme securities f any quality r term. Hld cash. Increase its cash and cash equivalent hldings t attempt t mitigate against dwnside risk, r where current pprtunities d nt meet the prtfli management team s investment criteria. Due t its fcus n small t medium cmpanies, sme f the Fund s hldings may be less liquid than thers. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. 76

83 Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Main risk Additinal risk 77 Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, tw investrs held apprximately 13.0% and 16.3%, respectively, f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain Canadian equity expsure, and can handle the vlatility f returns generally assciated with equity investments in small-andmid-capitalizatin cmpanies. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium t high level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument.

84 Fidelity Canadian Opprtunities Fund (cntinued) Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses 1 year 3 years 5 years 10 years payable ver A $ B $ E1 $ E1T5 $ E2 $ E3 $ E4 $ E5 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P3 $ S5 $ S8 $ T5 $ T8 $

85 CANADIAN EQUITY FUNDS Fidelity Dividend Fund Fund details Fund type Canadian dividend fund Date started A, B, F, O, S8 and T8 - May 25, 2005 S5 and T5 - Nvember 6, 2006 F5 and F8 - April 17, 2013 P1, P1T5, P2, P3, P4 and P5 - December 4, 2015 E1, E1T5, E2, E2T5, E3, E4 and E5 - February 5, 2016 P2T5 January 6, 2017 Type f securities A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P4, P5, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr Qualified investment fr registered plans registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A, T5 and T8 1.85% 0.280% B, S5 and S8 1.70% 0.230% E1 and E1T5 1.70% 0.205% E2 and E2T % 0.180% E % 0.155% E4 1.65% 0.155% E5 1.60% 0.130% F, F5 and F8 0.70% 0.190% P1 and P1T5 0.70% 0.165% P2 and P2T % 0.140% P % 0.115% P4 0.65% 0.115% P5 0.60% 0.090% *This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve high ttal investment return. It invests primarily in equity securities f cmpanies that pay dividends r that are expected t pay dividends, incme trusts, fixed incme securities and ther securities that are expected t distribute incme. The Fund can invest in these securities either directly r indirectly thrugh investments in underlying funds. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Invests mainly in Canadian equity securities. Fcuses primarily n a cmpany s valuatins. Invests in cmpanies that it believes are undervalued in the marketplace based n valuatin factrs, such as assets, sales, earnings, grwth ptential, cash flw, and ther cmpanies in the same industry. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Earnings estimates. Quality f management. Ability t pay dividends. When buying and selling fixed incme securities, analyzes factrs, such as: Features f the security. Current price cmpared t the estimated lng-term value. Credit quality f the issuer. Shrt-term trading pprtunities resulting frm market inefficiencies. The Fund may als: Invest in cmpanies f any size anywhere in the wrld. Invest in real estate investment trusts, which are called REITs, lcated in Canada and the U.S. Invest up t 30% f its net assets in freign securities. Invest in fixed incme securities f any quality r term. 79

86 Fidelity Dividend Fund (cntinued) Hld cash. Increase its cash and cash equivalent hldings t attempt t mitigate against dwnside risk, r where current pprtunities d nt meet the prtfli management team s investment criteria. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. As the Fund invests in freign securities, it has freign currency expsure. The prtfli management team may hedge sme r all f its freign currency expsure. This decisin is part f the implementatin f the verall investment strategy f the Fund based n a number f factrs, including its view f the relative investment merits f the particular freign currency versus the Canadian dllar. The Fund s expsure t freign currency varies based n the extent f its freign currency denminated investments, as well as the extent t which the prtfli management team decides t hedge the Fund s currency expsure. The Fund s freign currency expsure may change at any time, and withut ntice. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. 80 What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 17.6% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want the ptential fr bth incme and capital gains, and can handle the vlatility

87 f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrtterm investment hrizn. T invest in the Fund, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme at the end f each mnth. Any capital gains fr the year are distributed in December f each year. The Fund may als pay distributins at ther times during the year. Fees and expenses 1 year 3 years 5 years 10 years payable ver P1 $ P1T5 $ P2 $ P2T5 $ P3 $ P4 $ P5 $ S5 $ S8 $ T5 $ T8 $ Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses 1 year 3 years 5 years 10 years payable ver A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E4 $ E5 $ F $ F5 $ F8 $

88 CANADIAN EQUITY FUNDS Fidelity Greater Canada Fund Fund details Fund type Canadian equity fund Date started A, B, F, O, S5, S8, T5 and T8 - January 7, 2008 F5 and F8 - April 17, 2013 P1, P2 and P3 - December 4, 2015 E1, E1T5, E2, E3 and E4 - February 5, 2016 E2T5 January 6, 2017 P1T5 January 26, 2017 Type f securities Eligibility fr registered plans Management and advisry fee and administratin fee A*, B*, E1*, E1T5, E2*, E2T5, E3, E4, F*, F5, F8, O, P1*, P1T5, P2*, P3, S5, S8, T5 and T8 units f a mutual fund trust Qualified investment fr registered plans Management and advisry fee Administratin fee** A, T5 and T8 2.00% 0.280% B, S5 and S8 1.85% 0.230% E1 and E1T % 0.205% E2 and E2T5 1.80% 0.180% E % 0.155% E % 0.155% F, F5 and F8 0.85% 0.190% P1 and P1T % 0.165% P2 0.80% 0.140% P % 0.115% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f Canadian cmpanies, as well as freign equity securities. Invests in shares f cmpanies that trade at prices that reflect attractive valuatins based n its assessment f each cmpany s ptential fr grwth. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Grwth ptential. Earnings estimates. Quality f management. Fr private cmpanies, share price relative t ptential public ffering r acquisitin price. The Fund may als: Invest in cmpanies f any size. Invest in securities f private cmpanies. Invest up t 49% f its net assets in freign securities. Invest in fixed incme securities f any quality r term. Hld cash. Increase its cash and cash equivalent hldings t attempt t mitigate against dwnside risk, r where current pprtunities d nt meet the prtfli management team s investment criteria. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. 82

89 Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Main risk Additinal risk 83 Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September , ne investr held apprximately 27.8% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain Canadian and freign equity expsure and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrtterm investment hrizn. T invest in the Fund, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund

90 Fidelity Greater Canada Fund (cntinued) wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses 1 year 3 years 5 years 10 years payable ver A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E4 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P3 $ S5 $ S8 $ T5 $ T8 $

91 CANADIAN EQUITY FUNDS Fidelity Dividend Plus Fund Fund details Fund type Canadian equity fund Date started A, B, F and O - May 25, 2005 S5, S8, T5 and T8 - December 22, 2011 F5 and F8 - April 17, 2013 P1, P1T5, P2, P3 and P4 - December 4, 2015 E1, E1T5, E2, E2T5, E3 and E4 - February 5, 2016 P5 September 16, 2016 P2T5 April 21, 2017 E5 September 22, 2017 Type f securities A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P4, P5, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr Qualified investment fr registered plans registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A, T5 and T8 1.85% 0.280% B, S5 and S8 1.70% 0.230% E1 and E1T5 1.70% 0.205% E2 and E2T % 0.180% E % 0.155% E4 1.65% 0.155% E5 1.60% 0.130% F, F5 and F8 0.70% 0.190% P1 and P1T5 0.70% 0.165% P2 and P2T % 0.140% P % 0.115% P4 0.65% 0.115% P5 0.60% 0.090% *This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve a high ttal investment return. It invests primarily in equity securities f Canadian cmpanies that pay r are expected t pay dividends and ther securities that are expected t distribute incme. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Invests primarily in Canadian equity securities and in real estate investment trusts, which are called REITs, lcated in Canada and the U.S. When buying and selling equity securities and REITs, may cnsider factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Grwth ptential. Earnings estimates. Ability t sustain dividends r incme distributins. Quality f management. The Fund may als: Invest in cmpanies f any size anywhere in the wrld. Invest up t 49% f its net assets in freign securities. Invest in fixed incme securities f any quality r term. Hld cash. Increase its cash and cash equivalent hldings t attempt t mitigate against dwnside risk, r where current pprtunities d nt meet the prtfli management team s investment criteria. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. 85

92 Fidelity Dividend Plus Fund (cntinued) Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may hedge sme r all f its freign currency expsure. The prtfli management team makes this decisin as part f the implementatin f the verall investment strategy f the Fund based n a number f factrs, including its view f the relative investment merits f the particular freign currency versus the Canadian dllar. The Fund s expsure t freign currency varies based n the extent f its freign currency denminated investments, as well as the extent t which the prtfli management team decides t hedge the Fund s currency expsure. The Fund s freign currency expsure may change at any time, and withut ntice. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Main risk Additinal risk Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, three investrs held apprximately 54.6%, 10.3% and 11.5%, respectively, f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t Canadian and freign equity securities that pay r are expected t pay dividends, want the ptential fr bth incme and capital gains and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrtterm investment hrizn. T invest in the Fund, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme at the end f each mnth. Any capital gains fr the year are distributed in December f each year. The Fund may als pay distributins at ther times during the year. 86

93 Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E4 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P2T5 $ P3 $ P4 $ P5 $ S5 $ S8 $ T5 $ T8 $

94 CANADIAN EQUITY FUNDS Fidelity Special Situatins Fund Fund details Fund type Canadian equity fund Date started A, B and F - April 18, 2007 O - May 29, 2008 F5, F8, S5, S8, T5 and T8 - April 17, 2013 P1, P1T5, P2, P3 and P4 - December 4, 2015 E1, E1T5, E2, E3 and E4 - February 5, 2016 P2T5 September 16, 2016 E2T5 January 6, 2017 P5 May 10, 2017 E5 July 14, 2017 Type f securities Eligibility fr registered plans Management and advisry fee and administratin fee A*, B*, E1*, E1T5, E2*, E2T5, E3*, E4*, E5*, F*, F5, F8, O, P1*, P1T5, P2*, P2T5, P3*, P4*, P5*, S5, S8, T5 and T8 units f a mutual fund trust Qualified investment fr registered plans Management and advisry fee Administratin fee** A. T5 and T8 2.00% 0.280% B, S5 and S8 1.85% 0.230% E1 and E1T % 0.205% E2 and E2T5 1.80% 0.180% E % 0.155% E % 0.155% E % 0.130% F, F5 and F8 0.85% 0.190% P1 and P1T % 0.165% P2 and P2T5 0.80% 0.140% P % 0.115% P % 0.115% P5 0.70% 0.090% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f Canadian cmpanies. It seeks t identify investment pprtunities that are believed t represent special situatins. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Aims t identify investment pprtunities that it believes represent special situatins, which are investments that may realize significant psitive revaluatin, the ptential fr which has nt been realized by the brader market, including amng high grwth cmpanies with underappreciated ptential and amng significantly undervalued cmpanies that may be pised t benefit frm imprvements in cmpany r industry fundamentals. Invests in shares f cmpanies that trade at prices that reflect attractive valuatins based n its assessment f each cmpany s ptential fr grwth. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Industry psitin. Grwth ptential. Ecnmic and market cnditins. Earnings estimates. Quality f management. Fr private cmpanies, share price relative t ptential public ffering r acquisitin price. The Fund may als: Invest in cmpanies f any size, but tends t fcus n small and medium cmpanies. Invest up t 49% f its net assets in freign securities. Invest in securities f private cmpanies. May cncentrate its investments in relatively few cmpanies and industries. 88

95 Invest in fixed incme securities f any quality r term. Hld cash. Due t its fcus n small t medium cmpanies, sme f the Fund s hldings may be less liquid than thers. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins, Use derivatives fr hedging and nn-hedging purpses, Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, an investr held apprximately 23.9% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain Canadian and freign equity expsure and can handle the vlatility f returns generally assciated with equity investments in small t medium capitalizatin cmpanies. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a high level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. 89

96 Fidelity Special Situatins Fund (cntinued) Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses 1 year 3 years 5 years 10 years payable ver A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E4 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P2T5 $ P3 $ P4 $ P5 $ S5 $ S8 $ T5 $ T8 $

97 CANADIAN EQUITY FUNDS Fidelity True Nrth Fund Fund details Fund type Canadian equity fund Date started A and B - September 20, 1996 F - Octber 10, 2000 O - January 2, 2001 S8 and T8 - Octber 31, 2002 S5 and T5 - Nvember 6, 2006 F5 and F8 - April 17, 2013 P1, P1T5, P2 and P3 - December 4, 2015 E1, E1T5, E2, E2T5, E3, E4 and E5 - February 5, 2016 P4 and P5 September 16, 2016 P2T5 April 21, 2017 Type f securities A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P4, P5, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr Qualified investment fr registered plans registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A, T5 and T8 2.00% 0.280% B, S5 and S8 1.85% 0.230% E1 and E1T % 0.205% E2 and E2T5 1.80% 0.180% E % 0.155% E % 0.155% E5 1.70% 0.130% F, F5 and F8 0.85% 0.190% P1 and P1T % 0.165% P2 and P2T5 0.80% 0.140% P % 0.115% P % 0.115% P5 0.70% 0.090% *This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f Canadian cmpanies. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: When buying and selling equity securities, may cnsider factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Grwth ptential. Earnings estimates. Quality f management. The Fund may als: Invest in cmpanies f any size. Invest up t 30% f its net assets in freign securities. Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its 91

98 Fidelity True Nrth Fund (cntinued) assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Main risk Additinal risk Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 10.3% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain Canadian equity expsure and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. 92

99 Fees and expenses 1 year 3 years 5 years 10 years payable ver A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E4 $ E5 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P2T5 $ P3 $ P4 $ P5 $ S5 $ S8 $ T5 $ T8 $

100 CANADIAN EQUITY FUNDS Fidelity Canadian Fcused Equity Investment Trust* Fund details Fund type Canadian equity fund Date started O - May 28, 2014 Type f securities Eligibility fr registered plans O units f a trust The units are nt qualified investments fr registered plans *Units f the Fund are nly available fr purchase by the Fidelity Funds and ther funds and accunts managed r advised by Fidelity, and are nt available fr public purchase. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f Canadian cmpanies. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Uses a bttm-up fundamental investment strategy. When buying and selling equity securities, may cnsider factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Grwth ptential. Earnings estimates. Quality f management. The Fund may als: Invest in cmpanies f any size. Invest in all types f equity securities. Invest up t 30% f its net assets in freign securities. Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk checklist Asset-backed securities and Main risk Additinal risk 94

101 mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Main risk Additinal risk T invest in the Fund, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Fund expenses indirectly brne by investrs The Fund is nly available fr purchase by the Fidelity Funds and ther funds and accunts managed r advised by Fidelity, and des nt pay management fees and advisry fees. Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Over the last 12 mnths, frm time t time the Fund invested mre than 10% f its net assets in securities f ne issuer. It invested as much as 10.01% in securities issued by Ryal Bank f Canada. See Cncentratin risk in What is a mutual fund and what are the risks f investing in a mutual fund. As at September 30, 2017, tw investrs held apprximately 50.7% and 38.4%, respectively, f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain Canadian equity expsure and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. 95

102 CANADIAN EQUITY FUNDS Fidelity Dividend Investment Trust* Fund details Fund type Canadian equity fund Date started O January 15, 2016 Type f securities O units f a trust Eligibility fr registered plans The units are nt qualified investments fr registered plans * Units f this fund are nly available fr purchase by the Fidelity Funds and ther funds and accunts managed r advised by Fidelity, and are nt available fr public purchase. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities that pay dividends r that are expected t pay dividends. The Fund may als invest in ther types f securities that are expected t distribute incme, such as preferred shares and fixed incme securities. It may als invest in equity securities that are nt expected t distribute incme. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Fcuses primarily n a cmpany s financial stability, its ptential t generate sustainable return n equity ver time, and its valuatin. Invests in cmpanies that it believes are undervalued in the marketplace based n valuatin factrs, such as assets, sales, earnings, grwth ptential, cash flw, and ther cmpanies in the same industry. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Ability t pay dividends. Quality f management. The Fund may als: Invest in cmpanies f any size anywhere in the wrld. Invest up t 49% f its net assets in freign securities. Invest in fixed incme securities f any quality r term. Hld cash. Increase its cash and cash equivalent hldings t attempt t mitigate against dwnside risk, r where current pprtunities d nt meet the prtfli management team s investment criteria. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. Balance sheet strength. Earnings estimates. 96

103 What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want the ptential fr bth incme and capital gains and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrtterm investment hrizn. T invest in the Fund, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Fund expenses indirectly brne by investrs The Fund is nly available fr purchase by the Fidelity Funds and ther funds and accunts managed r advised by Fidelity, and des nt pay management fees and advisry fees. Over the last 12 mnths, frm time t time the Fund invested mre than 10% f its net assets in securities f ne issuer. It invested as much as 10.81% in securities issued by TD Bank Grup. See Cncentratin risk in What is a mutual fund and what are the risks f investing in a mutual fund. As at September 30, 2017, tw investrs held apprximately 11.5% and 10.3%, respectively, f the units f the Fund. See Large transactin risk in What is a 97

104 NORTH AMERICAN EQUITY FUNDS Fidelity Nrth American Equity Investment Trust* Fund details Fund type Nrth American equity fund Date started O Octber 28, 2015 Type f securities O units f a trust Eligibility fr registered plans The units are nt qualified investments fr registered plans * Units f this fund are nly available fr purchase by the Fidelity Funds and ther funds and accunts managed r advised by Fidelity, and are nt available fr public purchase. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f cmpanies lcated in Canada and/r the United States. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Invests in all types f equity securities. Invests n mre than apprximately 50% f its net assets in Canadian equity securities. When buying and selling equity securities, may cnsider factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Grwth ptential. Earnings estimates. Quality f management. The Fund may als: Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Invest in cmpanies f any size. Invest up t 20% f its net assets in equity securities f cmpanies lcated utside f Canada and/r the United States. Risk Checklist Asset-backed securities and mrtgage-backed securities Main risk Additinal risk 98

105 Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, tw investrs held apprximately 40.2% and 54.4%, respectively, f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t Nrth American equity securities and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Fund expenses indirectly brne by investrs The Fund is nly available fr purchase by the Fidelity Funds and ther funds and accunts managed r advised by Fidelity, and des nt pay management fees and advisry fees. T invest in the Fund, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. 99

106 U.S. EQUITY FUNDS Fidelity American Disciplined Equity Fund Fund details Fund type U.S. equity fund Date started A, B, F and O - July 9, 2002 S8 and T8 - Octber 31, 2002 S5 and T5 - Nvember 6, 2006 F5 and F8 - April 17, 2013 P1, P2 and P3 - December 4, 2015 E1, E1T5, E2, E3 and E4 - February 5, 2016 Type f securities A*, B*, E1*, E1T5, E2*, E3*, E4, F*, F5, F8, O, P1*, P2*, P3*, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr Qualified investment fr registered plans registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A, T5 and T8 2.00% 0.300% B, S5 and S8 1.85% 0.275% E1 and E1T % 0.225% E2 1.80% 0.175% E % 0.150% E % 0.150% F, F5 and F8 0.85% 0.225% P % 0.175% P2 0.80% 0.125% P % 0.100% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f U.S. cmpanies. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Aims t invest in sectrs in apprximately the same prprtins as thse sectrs are represented in the S&P 500 Index. When buying and selling equity securities fr each sectr, may cnsider factrs abut a cmpany, including: Financial cnditin. Quality f management. Ptential fr earnings grwth ver the lng-term. May invest in securities nt included in the index. Regularly reviews the allcatins amng sectrs based n the sectr allcatins in the index and rebalance the allcatins, when necessary. Decides which sectr an investment belngs t if the investment is nt classified under the Glbal Industry Classificatin Standard. The Fund may als: Invest in cmpanies f any size. Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management 100

107 team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, tw investrs held apprximately 10.6% and 12.3%, respectively, f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain U.S. equity expsure and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. 101

108 Fidelity American Disciplined Equity Fund (cntinued) Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E3 $ E4 $ F $ F5 $ F8 $ P1 $ P2 $ P3 $ S5 $ S8 $ T5 $ T8 $

109 U.S. EQUITY FUNDS Fidelity American Disciplined Equity Currency Neutral Fund* Fund details Fund type U.S. equity fund Date started O - Nvember 16, 2009 Type f securities O units f a trust Eligibility fr registered plans Nt qualified investments fr registered plans *Units f the Fund are nly available fr purchase by the Fidelity Funds and ther funds and accunts managed r advised by Fidelity, and are nt available fr public purchase. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It seeks a similar return t its underlying fund, which is als managed by Fidelity, by investing substantially all f its assets in units f that fund. The underlying fund aims t achieve lng-term capital grwth by investing primarily in equity securities f U.S. cmpanies. The Fund uses derivatives t try t minimize the expsure t currency fluctuatins between U.S. and Canadian dllars. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies The strategies described belw relate t the Fund and the underlying fund, Fidelity American Disciplined Equity Fund. T meet the Fund s bjectives, the prtfli management team f the underlying fund: Aims t invest in sectrs in apprximately the same prprtins as thse sectrs are represented in the S&P 500 Index. When buying and selling equity securities fr each sectr, may cnsider factrs abut a cmpany, including: Financial cnditin. Quality f management. Ptential fr earnings grwth ver the lng-term. May invest in securities nt included in the index. Regularly reviews the allcatins amng sectrs based n the sectr allcatins in the index and rebalance the allcatins, when necessary. Decides which sectr an investment belngs t if the investment is nt classified under the Glbal Industry Classificatin Standard. The underlying fund may als: Invest in cmpanies f any size. Invest in fixed incme securities f any quality r term. Bth the Fund and the underlying fund may hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund and the underlying fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund uses frward cntracts t hedge as cmpletely as pssible against fluctuatins caused by changes in exchange rates between the U.S. and Canadian dllars. Therefre, generally, the Fund des nt benefit frm an increase in the value f the U.S. dllar against the Canadian dllar. The Fund and the underlying fund may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the underlying fund s investments. This can increase trading 103

110 Fidelity American Disciplined Equity Currency Neutral Fund* (cntinued) csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, Fidelity held 100% f the units f the Fund as seed capital. Fidelity may redeem its seed capital in the future, but will nly d s in accrdance with securities laws and in a manner that des nt adversely affect the Fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain U.S. equity expsure while seeking t lwer yur risk f currency fluctuatins between the U.S. and Canadian dllars and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium t high level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Fund expenses indirectly brne by investrs The Fund is nly available fr purchase by the Fidelity Funds and ther funds and accunts managed r advised by Fidelity, and des nt pay management fees and advisry fees. 104

111 U.S. EQUITY FUNDS Fidelity American Equity Fund Fund details Fund type U.S. equity fund Date started A, B and F - Octber 31, 2002 O - Octber 24, 2005 F5, F8, S5, S8, T5 and T8 - January 15, 2014 P1, P1T5, P2, P3, P4 and P5 - December 4, 2015 E1, E1T5, E2, E3 and E4 - February 5, 2016 E5 - May 13, 2016 E2T5 - September 16, 2016 P2T5 January 6, 2017 P3T5 January 26, 2017 Type f securities A*, B*, E1*, E1T5*, E2*, E2T5, E3*, E4, E5, F*, F5, F8, O, P1*, P1T5*, P2*, P2T5, P3*, P3T5, P4, P5, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered Qualified investment fr registered plans plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A, T5 and T8 2.00% 0.300% B, S5 and S8 1.85% 0.275% E1 and E1T % 0.225% E2 and E2T5 1.80% 0.175% E % 0.150% E % 0.150% E5 1.70% 0.150% F, F5 and F8 0.85% 0.225% P1 and P1T % 0.175% P2 and P2T5 0.80% 0.125% P3 and P3T % 0.100% P % 0.100% P5 0.70% 0.100% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f U.S. cmpanies. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Invests in cmpanies that it believes are undervalued in the marketplace based n valuatin factrs, such as assets, sales, earnings, grwth ptential, cash flw, and ther cmpanies in the same industry. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditin. Ptential fr lng-term grwth. Earnings estimates. Quality f management. The Fund may als: Invest in cmpanies f any size. Invest in securities f cmpanies utside f the U.S. Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins, Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. 105

112 Fidelity American Equity Fund (cntinued) The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Main risk Additinal risk Specializatin Main risk Additinal risk As at September 30, 2017, tw investrs held apprximately 10.6% and 22.3%, respectively, f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain U.S. equity expsure and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. 106

113 Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E4 $ E5 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P2T5 $ P3 $ P3T5 $ P4 $ P5 $ S5 $ S8 $ T5 $ T8 $

114 U.S. EQUITY FUNDS Fidelity U.S. Fcused Stck Fund Fund details Fund type U.S. equity fund Date started A and B - September 19, 1990 F - Octber 10, 2000 O - January 2, 2001 S8 and T8 - Octber 31, 2002 S5 and T5 - Nvember 6, 2006 P1, P2 and P3 - December 4, 2015 E1, E1T5, E2, E3 and E4 - February 5, 2016 E2T5 January 26, 2017 P4 July 14, 2017 Type f securities A*, B*, E1*, E1T5, E2*, E2T5, E3*, E4*, F*, O, P1*, P2*, P3*, P4, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered Qualified investment fr registered plans plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A, T5 and T8 2.00% 0.300% B, S5 and S8 1.85% 0.275% E1 and E1T % 0.225% E2 and E2T5 1.80% 0.175% E % 0.150% E % 0.150% F 0.85% 0.225% P % 0.175% P2 0.80% 0.125% P % 0.100% P % 0.100% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f U.S. cmpanies. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies 108 T meet the Fund s bjectives, the prtfli management team: Fcuses n a cmpany s fundamentals and invests in shares f cmpanies that trade at prices that reflect attractive valuatins based n its assessment f each cmpany s ptential fr grwth and earnings. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Industry cnditins. Ecnmic and market cnditins. Valuatin. Earnings estimates. Balance sheet strength. Quality f management. The Fund may als: Invest in cmpanies f any size. Invest up t 10% f its net assets in nn-u.s. equity securities. Cncentrate its investments in relatively few cmpanies and industries. Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its

115 assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Main risk Additinal risk Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 19.5% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain U.S. equity expsure and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. 109

116 Fidelity U.S. Fcused Stck Fund (cntinued) Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E4 $ F $ P1 $ P2 $ P3 $ S5 $ S8 $ T5 $ T8 $

117 U.S. EQUITY FUNDS Fidelity Small Cap America Fund Fund details Fund type U.S. equity fund Date started A and B April 6, 1994 F Octber 10, 2000 O September 24, 2001 F5, F8, S5, S8, T5 and T8 April 17, 2013 P1, P2, P3, P4 and P5 December 4, 2015 E1, E1T5, E2, E3, E4 and E5 February 5, 2016 P1T5 March 11, 2016 E2T5 September 16, 2016 P2T5 January 6, 2017 Type f securities Eligibility fr registered plans Management and advisry fee and administratin fee A*, B*, E1*, E1T5*, E2*, E2T5, E3*, E4*, E5*, F*, F5, F8, O, P1*, P1T5*, P2*, P2T5*, P3*, P4*, P5, S5, S8, T5 and T8 units f a mutual fund trust Qualified investment fr registered plans Management and advisry fee Administratin fee** A, T5 and T8 2.00% 0.300% B, S5 and S8 1.85% 0.275% We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Grwth ptential. Earnings estimates. Quality f management. The Fund may als: Invest in medium and large cmpanies. Invest in securities f cmpanies utside f the U.S. E1 and E1T % 0.225% E2 and E2T5 1.80% 0.175% E % 0.150% E % 0.150% E5 1.70% 0.150% F, F5 and F8 0.85% 0.225% P1 and P1T % 0.175% P2 and P2T5 0.80% 0.125% P % 0.100% P % 0.100% P5 0.70% 0.100% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f U.S. small capitalizatin cmpanies. 111 Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management

118 Fidelity Small Cap America Fund (cntinued) team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, tw investrs held apprximately 23.1% and 10.5%, respectively, f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t small U.S. cmpanies and can handle the vlatility f returns generally assciated with equity investments in small cmpanies. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium t high level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $

119 Fees and expenses payable ver 1 year 3 years 5 years 10 years B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E4 $ E5 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P2T5 $ P3 $ P4 $ P5 $ S5 $ S8 $ T5 $ T8 $

120 U.S. EQUITY FUNDS Fidelity U.S. Dividend Fund Fund details Fund type Date started Type f securities Eligibility fr registered plans Management and advisry fee and administratin fee U.S. equity fund A, B, F, F5, F8, O, S5, S8, T5 and T8 - Nvember 7, 2012 P1, P1T5, P2, P3, P4 and P5 - December 4, 2015 E1, E1T5, E2, E2T5, E3 and E4 - February 5, 2016 P2T5 - September 16, 2016 P3T5 January 6, 2017 E3T5 April 21, 2017 E5 September 22, 2017 A*, B*, E1*, E1T5*, E2*, E2T5*, E3*, E3T5, E4*, E5, F*, F5*, F8*, O, P1*, P1T5*, P2*, P2T5*, P3*, P3T5*, P4*, P5*, S5*, S8*, T5* and T8* units f a mutual fund trust Qualified investment fr registered plans Management and advisry fee Administratin fee** A, T5 and T8 2.00% 0.300% B, S5 and S8 1.85% 0.275% E1 and E1T % 0.225% E2 and E2T5 1.80% 0.175% E3 and E3T % 0.150% E % 0.150% E5 1.70% 0.150% F, F5 and F8 0.85% 0.225% P1 and P1T % 0.175% P2 and P2T5 0.80% 0.125% P3 and P3T % 0.100% P % 0.100% P5 0.70% 0.100% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f U.S. cmpanies that pay dividends r that are expected t pay dividends and in ther types f securities that are expected t distribute incme. The Fund can invest in these securities either directly r indirectly thrugh investments in underlying funds. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Fcuses primarily n a cmpany s financial stability, its ptential t generate sustainable return n equity ver time, and its valuatin. Invests in cmpanies that it believes are undervalued in the marketplace based n valuatin factrs, such as assets, sales, earnings, grwth ptential, cash flw, and ther cmpanies in the same industry. May invest in securities that are expected t distribute incme, such as REITs. May invest, t a lesser extent, in equity securities that are nt expected t distribute incme, preferred shares, cnvertible securities, and fixed incme securities f any quality r term, including investment grade bnds and higher yielding lwer quality fixed incme securities. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Balance sheet strength. Earnings estimates. Ability t pay dividends. Quality f management. The Fund may als: Invest up t 20% f its net assets in nn-u.s. securities. 114

121 Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund and the underlying funds may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund and the underlying funds may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Main risk Additinal risk Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Wh shuld invest in this fund? Additinal risk Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain U.S. equity expsure, want the ptential fr bth incme and capital gains and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Yu shuld nt hld units f this Fund if yu are an Eligible Investr. Eligible Investrs may hld units f Fidelity U.S. Dividend Registered Fund instead. Fidelity U.S. Dividend Registered Fund expects t be exempt frm U.S. withhlding tax n U.S. surce dividend and interest incme, and is therefre expected t prvide higher returns than this Fund. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. 115

122 Fidelity U.S. Dividend Fund (cntinued) Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E3T5 $ E4 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P2T5 $ P3 $ P3T5 $ P4 $ P5 $ S5 $ S8 $ T5 $ T8 $

123 U.S. EQUITY FUNDS Fidelity U.S. Dividend Currency Neutral Fund Fund details Fund type Management and advisry fee and administratin fee U.S. equity fund Date started A, B, F, F5, F8, S5, S8, T5 and T8 - Nvember 7, 2012 P1, P2, P3, P4 and P5 - December 4, 2015 E1, E1T5, E2 and E3 - February 5, 2016 P1T5 and P2T5 - September 16, 2016 E2T5 January 6, 2017 E4 and E5 April 21, 2017 Type f securities A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, P1, P1T5, P2, P2T5, P3, P4, P5, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered Qualified investment fr registered plans plans Management and advisry fee Administratin fee* A, T5 and T8 2.00% 0.330% B, S5 and S8 1.85% 0.305% E1 and E1T % 0.255% E2 and E2T5 1.80% 0.205% E % 0.180% E % 0.180% E5 1.70% 0.180% F, F5 and F8 0.85% 0.255% P1 and P1T % 0.205% P2 and P2T5 0.80% 0.155% P % 0.130% P % 0.130% P5 0.70% 0.130% *This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f U.S. cmpanies that pay dividends r that are expected t pay dividends and in ther types f securities that are expected t distribute incme. The Fund can invest in these securities either directly r indirectly thrugh investments in underlying funds. 117 The Fund uses derivatives t try t minimize the expsure t currency fluctuatins between freign currencies in develped markets and Canadian dllars. The Fund may als hedge against ther freign currencies. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies The strategies described belw relate t the Fund and the underlying fund, Fidelity U.S. Dividend Fund. T meet the Fund s bjectives, the prtfli management team f the underlying fund: Fcuses primarily n a cmpany s financial stability, its ptential t generate sustainable return n equity ver time, and its valuatin. Invests in cmpanies that it believes are undervalued in the marketplace based n valuatin factrs, such as assets, sales, earnings, grwth ptential, cash flw, and ther cmpanies in the same industry. May invest in securities that are expected t distribute incme, such as REITs. May invest, t a lesser extent, in equity securities that are nt expected t distribute incme, preferred shares, cnvertible securities and fixed incme securities f any quality r term, including, investment grade bnds and higher yielding lwer quality fixed incme securities. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Balance sheet strength. Earnings estimates. Ability t pay dividends. Quality f management. The Fund and the underlying fund may als:

124 Fidelity U.S. Dividend Currency Neutral Fund (cntinued) Invest up t 20% f its net assets in nn-u.s. securities. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund and the underlying funds may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund uses frward cntracts t hedge as cmpletely as pssible against fluctuatins caused by changes in exchange rates between develped market freign currencies and the Canadian dllar. Therefre, generally, the Fund des nt benefit frm an increase in the value f the develped market freign currency against the Canadian dllar. The Fund and the underlying fund may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the underlying fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Wh shuld invest in this fund? Additinal risk Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain U.S. equity expsure while seeking t lwer yur risk f currency fluctuatins between develped market freign currencies and the Canadian dllar, want the ptential fr bth incme and capital gains and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. 118

125 Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E4 $ E5 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P2T5 $ P3 $ P4 $ P5 $ S5 $ S8 $ T5 $ T8 $

126 U.S. EQUITY FUNDS Fidelity U.S. Dividend Investment Trust * Fund details Fund type What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f U.S. cmpanies that pay dividends r that are expected t pay dividends and in ther types f securities that are expected t distribute incme. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: U.S. equity fund Date started O - Nvember 7, 2012 Type f securities O units f a trust Eligibility fr registered plans Nt qualified investments fr registered plans *Units f the Fund are nly available fr purchase by the Fidelity Funds and ther funds and accunts managed r advised by Fidelity, and are nt available fr public purchase. Fcuses primarily n a cmpany s financial stability, its ptential t generate sustainable return n equity ver time, and its valuatin. Invests in cmpanies that it believes are undervalued in the marketplace based n valuatin factrs, such as assets, sales, earnings, grwth ptential, cash flw, and ther cmpanies in the same industry. Invests primarily in U.S. equity securities that pay dividends r that are expected t pay dividends. Financial cnditin. Industry psitin. Ecnmic and market cnditins. Balance sheet strength. Earnings estimates. Ability t pay dividends. Quality f management. The Fund may als: Invest up t 20% f its net assets in nn-u.s. securities. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. May invest in securities that are expected t distribute incme, such as REITs. May invest, t a lesser extent, in equity securities that are nt expected t distribute incme, preferred shares, and fixed incme securities f any quality r term. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the 120

127 fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, tw investrs held apprximately 31.7% and 50.7%, respectively, f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain U.S. equity expsure, want the ptential fr bth incme and capital gains and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Fund expenses indirectly brne by investrs The Fund is nly available fr purchase by the Fidelity Funds and ther funds and accunts managed r advised by Fidelity, and des nt pay management fees and advisry fees. 121

128 U.S. EQUITY FUNDS Fidelity U.S. Dividend Registered Fund Fund details Fund type Management and advisry fee and administratin fee U.S. equity fund Date started A, B and F - January 30, 2013 P1, P2 and P3 - December 4, 2015 E1, E2 and E3 - February 5, 2016 Type f securities Eligibility fr registered plans Management and advisry fee Administratin fee** A 2.00% 0.300% B 1.85% 0.275% E % 0.225% E2 1.80% 0.175% E % 0.150% F 0.85% 0.225% P % 0.175% P2 0.80% 0.125% P % 0.100% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? A*, B*, E1*, E2, E3, F*, P1*, P2* and P3 units f a mutual fund trust Qualified investment fr registered plans Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f U.S. cmpanies that pay dividends r that are expected t pay dividends and in ther types f securities that are expected t distribute incme. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Fcuses primarily n a cmpany s financial stability, its ptential t generate sustainable return n equity ver time, and its valuatin. Invests in cmpanies that it believes are undervalued in the marketplace based n valuatin factrs, such as assets, sales, earnings, grwth ptential, cash flw, and ther cmpanies in the same industry. May invest either directly r indirectly thrugh investments in underlying funds in ther types f securities that are expected t distribute incme, such as REITs. May invest, t a lesser extent, in equity securities that are nt expected t distribute incme, preferred shares, cnvertible securities and fixed incme securities f any quality r term, including investment grade bnds and higher yielding lwer quality fixed incme securities. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Balance sheet strength. Earnings estimates. Ability t pay dividends. Quality f management. The Fund may als: Invest up t 20% f its net assets in nn-u.s. securities. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities 122

129 regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund and the underlying funds may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund and the underlying funds may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Main risk Additinal risk Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Wh shuld invest in this fund? Additinal risk Yu might want t cnsider the Fund if yu plan t hld yur investment in a registered plan fr the lng-term, want t gain U.S. equity expsure, want the ptential fr bth incme and capital gains and can handle the vlatility f returns generally assciated with equity investments. The investrs in the Fund are restricted t registered retirement savings plans (RRSPs) and registered retirement incme funds (RRIFs) whse planhlder has a Canadian r U.S. resident address (including the varius types f lcked-in registered plans, such as lcked-in retirement savings plans (LRSPs) and life incme funds (LIFs)), deferred prfit sharing plans (DPSPs), registered pensin plans (RPPs) and certain ther entities as may be permitted by Fidelity frm time t time (each an Eligible Investr). We take all reasnable steps t detect and reject rders frm anyne ther than an Eligible Investr. If an investr is subsequently fund nt t be an Eligible Investr, we cancel r redeem that investr s investment in the Fund as sn as is reasnably practicable. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. 123

130 Fidelity U.S. Dividend Registered Fund (cntinued) Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Otherwise, distributins are reinvested in additinal units f the Fund unless yu tell us in writing that yu want them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ E3 $ F $ P1 $ P2 $ P3 $

131 U.S. EQUITY FUNDS Fidelity U.S. All Cap Fund Fund details Fund type Management and advisry fee and administratin fee U.S. equity fund Date started A, B, F, F5, F8, O, S5, S8, T5 and T8 - January 30, 2013 P1, P2 and P3 - December 4, 2015 E1, E1T5, E2 and E3 - February 5, 2016 E4 and P1T5 January 6, 2017 Type f securities A*, B*, E1*, E1T5, E2*, E3, E4, F*, F5*, F8*, O, P1*, P1T5, P2*, P3*, S5*, S8*, T5* and T8* units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee Administratin fee** A, T5 and T8 2.00% 0.300% B, S5 and S8 1.85% 0.275% E1 and E1T % 0.225% E2 1.80% 0.175% E % 0.150% E % 0.150% F, F5 and F8 0.85% 0.225% P1 and P1T % 0.175% P2 0.80% 0.125% P % 0.100% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f U.S. cmpanies. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Aims t favur cmpanies that shw the ptential fr abve-average earnings r grwth and industries that are undervalued r ut-f-favur. Seeks t identify early signs f lng-term changes in the marketplace, and fcuses n thse cmpanies that may benefit frm pprtunities created by these changes. Examines technlgical advances, prduct innvatin, ecnmic plans, demgraphics, scial attitudes, and ther factrs t seek t identify cmpanies that are innvating in their industry and increasing their market share. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Earnings estimates. Industry psitin. Ecnmic and market cnditins. Quality f management. The Fund may als: Invest in cmpanies f any size. Invest up t 20% f its net assets in nn-u.s. securities. Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. 125

132 Fidelity U.S. All Cap Fund (cntinued) Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Main risk Additinal risk Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 18.8% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain U.S. equity expsure and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. 126

133 Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E3 $ E4 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P3 $ S5 $ S8 $ T5 $ T8 $

134 U.S. EQUITY FUNDS Fidelity Event Driven Opprtunities Fund Fund details Fund type Management and advisry fee and administratin fee U.S. equity fund Date started A, B, F, F5, F8, O, S5, S8, T5 and T8 - December 4, 2014 P1, P2 and P3 - December 4, 2015 E1, E2, E3 and E4 - February 5, 2016 P4 July 14, 2017 P1T5 and P5 September 22, 2017 Type f securities Eligibility fr registered plans Management and advisry fee Administratin fee** A, T5 and T8 2.00% 0.300% B, S5 and S8 1.85% 0.275% E % 0.225% E2 1.80% 0.175% E % 0.150% E % 0.150% F, F5 and F8 0.85% 0.225% P1 and P1T % 0.175% P2 0.80% 0.125% P % 0.100% P % 0.100% P5 0.70% 0.100% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? A*, B*, E1*, E2, E3, E4, F*, F5*, F8*, O, P1*, P1T5, P2*, P3*, P4, P5, S5*, S8*, T5* and T8* units f a mutual fund trust Qualified investment fr registered plans Investment bjectives The Fund aims t achieve lng-term capital grwth. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Invests primarily in securities f cmpanies that it believes are f gd fundamental value and that are typically invlved in crprate actins r events, such as: Cmpanies invlved in a crprate rerganizatin, such as a spin-ff r merger. Cmpanies that are n lnger eligible t be a cmpnent f a market index based n the eligibility criteria established by the index spnsr. Cmpanies that are underging changes in beneficial wnership. Cmpanies experiencing psitive fundamental change, such as new r changed management, r material changes in management plicies r crprate structure. Cmpanies underging changes in crprate strategy thrugh bankruptcy prcess. Cmpanies invlved in changes t their capital structure. Invests in equity securities f cmpanies that are believed t be undervalued in the marketplace r nt fully recgnized by the public in relatin t factrs such as the cmpany s assets, sales, earnings, grwth ptential, r cash flw, r in relatin t securities f ther cmpanies in the same industry. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. It invests primarily in equity securities f cmpanies that are r that are expected t be invlved in crprate actins r events. Industry psitin. Ecnmic and market cnditins. Ptential fr lng-term grwth. 128

135 Earnings estimates. Quality f management. Is nt cnstrained by any particular investment style. May tend t buy grwth securities r value securities, r a cmbinatin f bth types. May cncentrate its investments in relatively few industries and cmpanies. When buying and selling high yield securities, examines each issuer s ptential based n factrs, such as: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Earnings ptential. Quality f management. The security s features. Price cmpared t estimated lng-term value. Credit quality f the issuer. May invest in high yield securities that dn t prduce incme, including defaulted securities and cmmn stck, r in cmpanies in a trubled r uncertain financial cnditin. The Fund may als: Invest in cmpanies f any size anywhere in the wrld. Invest in any kind f fixed incme securities f any quality r term. Hld cash. Currently, the Fund des nt engage in selling securities shrt. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Main risk Additinal risk 129

136 Fidelity Event Driven Opprtunities Fund (cntinued) Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk Over the last 12 mnths, frm time t time the Fund invested mre than 10% f its net assets in securities f three different issuers. It invested as much as 10.92% in securities issued by Universal Crp., 15.09% in securities issued by Exterran Crp. and 11.17% in securities issued by MSG Netwrk Inc. See Cncentratin risk in What is a mutual fund and what are the risks f investing in a mutual fund. As at September 30, 2017, an investr held apprximately 34.6% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t cmpanies that are typically invlved in crprate actins r events and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium t high level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ E3 $ E4 $ F $ F5 $ F8 $ P1 $ P2 $ P3 $ S5 $ S8 $ T5 $ T8 $ Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in 130

137 GLOBAL AND INTERNATIONAL EQUITY FUNDS Fidelity AsiaStar Fund Fund details Fund type Asia Pacific equity fund Date started A, B, F and O - May 4, 2006 P1, P2 and P3 - December 4, 2015 E1, E2, E3 and E4 - February 5, 2016 Type f securities A*, B*, E1*, E2*, E3, E4, F*, O, P1*, P2* and P3 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A 2.00% 0.325% B 1.85% 0.300% E % 0.250% E2 1.80% 0.200% E % 0.175% E % 0.175% F 0.85% 0.250% P % 0.200% P2 0.80% 0.150% P % 0.125% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f cmpanies lcated in the Asia Pacific regin and in cmpanies that derive a significant prtin f their revenues frm that regin. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Anticipates investing primarily in cmpanies lcated in the Asia Pacific regin, but has the ability t invest in cmpanies anywhere in the wrld. May chse t cncentrate investments in certain cuntries f the Asia Pacific regin frm time t time. When buying and selling equity securities, may cnsider factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Value relative t market price. Grwth and earnings ptential. The Fund may als: Invest in cmpanies f any size. Have significant expsure t relatively few cmpanies, industries r cuntries, r ne size f cmpany. Hld a higher prprtin f securities that are illiquid than ther funds. Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management 131

138 Fidelity AsiaStar Fund (cntinued) team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t Asia Pacific regin cmpanies and cmpanies that derive a significant prtin f their revenues frm that regin and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium t high level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ E3 $ E4 $ F $ P1 $ P2 $

139 Fees and expenses payable ver 1 year 3 years 5 years 10 years P3 $

140 GLOBAL AND INTERNATIONAL EQUITY FUNDS Fidelity China Fund Fund details Fund type Asian equity fund Date started A, B, F and O - May 4, 2006 F5, F8, S5, S8, T5 and T8 - April 17, 2013 P1, P2 and P3 - December 4, 2015 E1, E2, E3 and E4 - February 5, 2016 P1T5 January 26, 2017 Type f securities A*, B*, E1*, E2*, E3*, E4*, F*, F5, F8, O, P1*, P1T5, P2*, P3*, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered Qualified investment fr registered plans plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A, T5 and T8 2.00% 0.325% B, S5 and S8 1.85% 0.300% E % 0.250% E2 1.80% 0.200% E % 0.175% E % 0.175% F, F5 and F8 0.85% 0.250% P1 and P1T % 0.200% P2 0.80% 0.150% P % 0.125% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f Chinese and Hng Kng cmpanies and in cmpanies lcated in ther cuntries that derive a significant prtin f their revenues frm these cuntries. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: When buying and selling equity securities, may cnsider factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Grwth ptential. Earnings estimates. Cash flw. Quality f management. The Fund may als: Invest in cmpanies f any size, but tends t fcus n large cmpanies. Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which 134

141 lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 26.7% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t Chinese and Hng Kng cmpanies and cmpanies that derive significant revenue frm these markets and can 135 handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a high level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ E3 $ E4 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P3 $ S5 $

142 Fidelity China Fund (cntinued) Fees and expenses payable ver 1 year 3 years 5 years 10 years S8 $ T5 $ T8 $

143 GLOBAL AND INTERNATIONAL EQUITY FUNDS Fidelity Emerging Markets Fund Fund details Fund type Emerging markets equity fund Date started A and B - December 4, 1994 F - Octber 10, 2000 O - August 16, 2006 P1 and P2 - December 4, 2015 E1, E2, E3 and E4 - February 5, 2016 P3 April 21, 2017 Type f securities Eligibility fr registered plans Management and advisry fee and administratin fee A*, B*, E1*, E2*, E3*, E4, F*, O, P1*, P2 and P3 units f a mutual fund trust Qualified investment fr registered plans Management and advisry fee Administratin fee** A 2.00% 0.325% B 1.85% 0.300% E % 0.250% E2 1.80% 0.200% E % 0.175% E % 0.175% F 0.85% 0.250% P % 0.200% P2 0.80% 0.150% P % 0.125% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve high ttal investment return. It invests primarily in equity securities f cmpanies in emerging market cuntries. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: When buying and selling equity securities, may cnsider factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Grwth ptential. Earnings estimates. Quality f management. The Fund may als: Invest in cmpanies f any size. Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. 137

144 Fidelity Emerging Markets Fund (cntinued) What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 14.7% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. investments in emerging markets. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a high level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ E3 $ E4 $ F $ P1 $ P2 $ Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t cmpanies in emerging markets and can handle the vlatility f returns generally assciated with equity 138

145 GLOBAL AND INTERNATIONAL EQUITY FUNDS Fidelity Eurpe Fund Fund details Fund type Eurpean equity fund Date started A and B - June 1, 1992 F - Octber 10, 2000 O - January 2, 2001 P1, P2 and P3 - December 4, 2015 E1, E2, E3 and E4 - February 5, 2016 Type f securities A*, B*, E1*, E2*, E3*, E4, F*, O, P1*, P2* and P3 units f a mutual fund trust Eligibility fr registered Qualified investment fr registered plans plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A 2.00% 0.325% B 1.85% 0.300% E % 0.250% E2 1.80% 0.200% E % 0.175% E % 0.175% F 0.85% 0.240% P % 0.190% P2 0.80% 0.140% P % 0.115% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f cmpanies in the United Kingdm and cntinental Eurpe, including the Eurpean Unin and the Eurpean Free Trade Assciatin. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: When buying and selling equity securities, may cnsider factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Grwth ptential. Earnings estimates. Quality f management. The Fund may als: Invest in cmpanies f any size. Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu 139

146 Fidelity Eurpe Fund (cntinued) receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 21.3% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t equity securities f cmpanies lcated in the United Kingdm and cntinental Eurpe and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium t high level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ E3 $ E4 $ F $ P1 $ P2 $

147 Fees and expenses payable ver 1 year 3 years 5 years 10 years P3 $

148 GLOBAL AND INTERNATIONAL EQUITY FUNDS Fidelity Far East Fund Fund details Fund type Far East equity fund Date started A and B - September 30, 1991 F - Octber 10, 2000 O - January 31, 2001 F5, F8, S5, S8, T5 and T8 - April 17, 2013 P1, P2, P3 and P4 - December 4, 2015 E1, E2, E3 and E4 - February 5, 2016 P1T5 January 6, 2017 P2T5 and P3T5 January 26, 2017 Type f securities A*, B*, E1*, E2*, E3*, E4, F*, F5, F8, O, P1*, P1T5, P2*, P2T5, P3*, P3T5, P4*, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered Qualified investment fr registered plans plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A, T5 and T8 2.00% 0.325% B, S5 and S8 1.85% 0.300% E % 0.250% E2 1.80% 0.200% E % 0.175% E % 0.175% F, F5 and F8 0.85% 0.250% P1 and P1T % 0.200% P2 and P2T5 0.80% 0.150% P3 and P3T % 0.125% P % 0.125% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f cmpanies lcated r perating in cuntries in Sutheast Asia. These cuntries include Australia, Hng Kng, India, Indnesia, Malaysia, New Zealand, the Peple s Republic f China, the Philippines, Singapre, Suth Krea, Taiwan and Thailand. The Fund desn t invest in Japan. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: When buying and selling equity securities, may cnsider factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Grwth ptential. Earnings estimates. Quality f management. The Fund may als: Invest in cmpanies f any size. Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. 142

149 The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk Over the last 12 mnths, frm time t time the Fund invested mre than 10% f its net assets in securities f fur different issuers. It invested as much as 10.55% in securities issued by Naspers Ltd, 11.74% in securities issued by Taiwan Semicnductr MFG C. Ltd., 10.13% in securities issued by Samsung Electrnics C. Ltd. and 10.29% in securities issued by Tencent Hldings Ltd. See Cncentratin risk in What is a mutual fund and what are the risks f investing in a mutual fund. As at September 30, 2017, ne investr held apprximately 12.7% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t Sutheast Asian cmpanies and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a high level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. 143

150 Fidelity Far East Fund (cntinued) Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ E3 $ E4 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P2T5 $ P3 $ P3T5 $ P4 $ S5 $ S8 $ T5 $ T8 $

151 GLOBAL AND INTERNATIONAL EQUITY FUNDS Fidelity Glbal Fund Fund details Fund type Glbal equity fund Date started A and B - Nvember 30, 1987 F - Octber 10, 2000 O - January 2, 2001 S8 and T8 - Octber 31, 2002 S5 and T5 - Nvember 6, 2006 P1 and P2 - December 4, 2015 E1, E1T5, E2, E3, E4 and E5 - February 5, 2016 F5 and F8 - September 16, 2016 E2T5 January 6, 2017 P3 January 26, 2017 P4 July 14, 2017 Type f securities A*, B*, E1*, E1T5, E2*, E2T5, E3*, E4, E5, F*, F5, F8, O, P1*, P2*, P3*, P4*, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A, T5 and T8 2.00% 0.325% B, S5 and S8 1.85% 0.300% E1 and E1T % 0.250% E2 and E2T5 1.80% 0.200% E % 0.175% E % 0.175% E5 1.70% 0.175% F, F5 and F8 0.85% 0.240% P % 0.190% P2 0.80% 0.140% P % 0.115% P % 0.115% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f cmpanies anywhere in the wrld. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Typically diversifies the investments acrss different cuntries and regins. When buying and selling equity securities, may cnsider factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Grwth ptential. Earnings estimates. Quality f management. The Fund may als: Invest in cmpanies f any size. Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. 145

152 Fidelity Glbal Fund (cntinued) The prtfli management team can use currency frward cntracts in rder t manage the Fund s verall freign currency expsure fr hedging purpses, including a currency crss-hedge. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Main risk Additinal risk 146 Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Wh shuld invest in this fund? Additinal risk Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain glbal equity expsure and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund

153 wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E4 $ E5 $ F $ F5 $ F8 $ P1 $ P2 $ P3 $ S5 $ S8 $ T5 $ T8 $

154 GLOBAL AND INTERNATIONAL EQUITY FUNDS Fidelity Glbal Disciplined Equity Fund Fund details Fund type Glbal equity fund Date started A, B, F and O - July 9, 2002 S8 and T8 - Octber 31, 2002 S5 and T5 - Nvember 6, 2006 P1, P2 and P3 - December 4, 2015 E1, E1T5, E2, E3, E4 and E5 - February 5, 2016 P4 - March 11, 2016 F5 and F8 - September 16, 2016 E2T5 January 6, 2017 Type f securities A*, B*, E1*, E1T5, E2*, E2T5, E3*, E4*, E5*, F*, F5, F8, O, P1*, P2*, P3*, P4, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A, T5 and T8 2.00% 0.325% B, S5 and S8 1.85% 0.300% E1 and E1T % 0.250% E2 and E2T5 1.80% 0.200% E % 0.175% E % 0.175% E5 1.70% 0.175% F, F5 and F8 0.85% 0.240% P % 0.190% P2 0.80% 0.140% P % 0.115% P % 0.115% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f cmpanies anywhere in the wrld. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Aims t invest in sectrs in apprximately the same prprtins as thse sectrs are represented in the MSCI All Cuntry Wrld Index. Aims t invest in the fllwing regins represented in the index, althugh nt necessarily in the same prprtins as thse regins are represented in the index: United States. United Kingdm. Eurpe, excluding the United Kingdm. Japan. Asia Pacific, excluding Japan. Emerging markets. Canada. May invest in securities nt included in the index. When buying and selling equity securities fr each sectr, may cnsider factrs abut a cmpany, including: Quality f management. Financial cnditin. Ptential fr earnings grwth ver the lng-term. Regularly reviews the allcatins amng sectrs based n the sectr allcatins in the index and rebalance the allcatins, when necessary. Decides which sectr an investment belngs t if the investment is nt classified under the Glbal Industry Classificatin Standard. The Fund may als: Invest in cmpanies f any size. 148

155 Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Main risk Additinal risk Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, tw investrs held apprximately 36.1% and 21.5%, respectively, f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain glbal equity expsure and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t 149

156 Fidelity Glbal Disciplined Equity Fund (cntinued) receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E4 $ E5 $ F $ F5 $ F8 $ P1 $ P2 $ P3 $ P4 $ S5 $ S8 $ T5 $ T8 $

157 GLOBAL AND INTERNATIONAL EQUITY FUNDS Fidelity Glbal Disciplined Equity Currency Neutral Fund* Fund details Fund type Glbal equity fund Date started O - Nvember 16, 2009 Type f securities O units f a trust Eligibility fr registered plans Nt qualified investments fr registered plans *Units f the Fund are nly available fr purchase by the Fidelity Funds and ther funds and accunts managed r advised by Fidelity, and are nt available fr public purchase What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It seeks a similar return t its underlying fund, which is als managed by Fidelity, by investing substantially all f its assets in units f that fund. The underlying fund aims t achieve lng-term capital grwth by investing primarily in equity securities f cmpanies anywhere in the wrld. The Fund uses derivatives t try t minimize the expsure t currency fluctuatins between freign currencies in develped markets (such as the U.S. dllar, the Eur r the Yen) and the Canadian dllar. The Fund may als hedge against ther freign currencies. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies The strategies described belw relate t the Fund and the underlying fund, Fidelity Glbal Disciplined Equity Fund. T meet the Fund s bjectives, the prtfli management team f the underlying fund: Aims t invest in sectrs in apprximately the same prprtins as thse sectrs are represented in the MSCI All Cuntry Wrld Index. Aims t invest in the fllwing regins represented in the index, althugh nt necessarily in the same prprtins as thse regins are represented in the index: United States. Eurpe, excluding the United Kingdm. Japan. Asia Pacific, excluding Japan. Emerging markets. Canada. May invest in securities nt included in the index. When buying and selling equity securities fr each sectr, may cnsider factrs abut a cmpany, including: Quality f management. Financial cnditin. Ptential fr earnings grwth ver the lng-term. Regularly reviews the allcatins amng sectrs based n the sectr allcatins in the index and rebalance the allcatins, when necessary. Decides which sectr an investment belngs t if the investment is nt classified under the Glbal Industry Classificatin Standard. The underlying fund may als: Invest in cmpanies f any size. Invest in fixed incme securities f any quality r term. Bth the Fund and the underlying fund may hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund and the underlying fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. United Kingdm. 151

158 Fidelity Glbal Disciplined Equity Currency Neutral Fund* (cntinued) The Fund uses frward cntracts t hedge as cmpletely as pssible against fluctuatins caused by changes in exchange rates between develped market freign currencies and the Canadian dllar. Therefre, generally, the Fund des nt benefit frm an increase in the value f freign currencies against the Canadian dllar. As at September 30, 2017, the underlying fund invested apprximately 5.35% f its net assets in securities issued in currencies that culd nt practically r ecnmically be hedged. This amunt will vary ver time. Because an efficient market fr hedging certain currencies may nt exist, the Fund may nt be able t hedge all its freign currency expsure. Therefre, the Fund is expsed t changes in the value f certain currencies against the Canadian dllar. The Fund and the underlying fund may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the underlying fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Main risk Additinal risk Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 98.1% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain glbal equity expsure while seeking t lwer yur risk f currency fluctuatins between develped market freign currencies and the Canadian dllar and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. 152

159 Fund expenses indirectly brne by investrs The Fund is nly available fr purchase by the Fidelity Funds and ther funds and accunts managed r advised by Fidelity, and des nt pay management fees and advisry fees. 153

160 GLOBAL AND INTERNATIONAL EQUITY FUNDS Fidelity Glbal Dividend Fund Fund details Fund type Glbal dividend Date started A, B, F, O, S5, S8, T5 and T8 - April 16, 2007 F5 and F8 - April 17, 2013 P1, P1T5, P2, P3, P4 and P5 - December 4, 2015 E1, E1T5, E2, E3, E4 and E5 - February 5, 2016 E2T5 January 6, 2017 Type f securities A*, B*, E1*, E1T5, E2*, E2T5, E3, E4, E5, F*, F5, F8, O, P1*, P1T5, P2*, P3*, P4*, P5*, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A, T5 and T8 2.00% 0.325% B, S5 and S8 1.85% 0.300% E1 and E1T % 0.250% E2 and E2T5 1.80% 0.200% E % 0.175% E % 0.175% E5 1.70% 0.175% F, F5 and F8 0.85% 0.240% P1 and P1T % 0.190% P2 0.80% 0.140% P % 0.115% P % 0.115% P5 0.70% 0.115% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve high ttal investment return. It invests primarily in equity securities f cmpanies anywhere in the wrld that pay, r may be expected t pay, dividends, as well as in ther types f securities that may be expected t distribute incme. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Fllws a neutral mix guideline f apprximately 95% equity securities and ther securities that are expected t distribute incme, and 5% fixed incme securities. Depending n market cnditins, may vary the asset mix frm the neutral mix if it believes this prduces the best verall return. Nrmally diversifies the investments acrss different cuntries and regins. Invests in cmpanies that it believes are undervalued in the marketplace based n valuatin factrs, such as assets, sales, earnings, grwth ptential, cash flw, and ther cmpanies in the same industry. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Industry psitin. Market and ecnmic cnditins. Earnings estimates. Ability t pay dividends. Quality f management. When buying and selling fixed incme securities, analyzes factrs, such as: Features f the security. Current price cmpared t the estimated lng-term value. Credit quality f the issuer. Shrt-term trading pprtunities resulting frm market inefficiencies. The Fund may als: 154

161 Invest in cmpanies f any size anywhere in the wrld. Cncentrate its investments in relatively few cuntries, regins, industries and cmpanies. Invest in fixed incme securities f any quality r term. Hld cash. As at September 30, 2017, the Fund invested 100% f its assets in underlying funds. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest a significant prtin f its assets in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 29.5% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain glbal equity expsure, want the ptential fr bth incme and capital gains and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. 155

162 Fidelity Glbal Dividend Fund (cntinued) Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E4 $ E5 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P3 $ P4 $ P5 $ S5 $ S8 $ T5 $ T8 $

163 GLOBAL AND INTERNATIONAL EQUITY FUNDS Fidelity Glbal Large Cap Fund Fund details Fund type Glbal equity fund Date started A, B, F, O, S5, S8, T5 and T8 - April 4, 2011 P1, P2, P3 and P4 - December 4, 2015 E1, E1T5, E2, E3 and E4 - February 5, 2016 E2T5, F5 and F8 - September 16, 2016 Type f securities A*, B*, E1*, E1T5, E2*, E2T5, E3, E4, F*, F5, F8, O, P1*, P2, P3, P4, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A, T5 and T8 2.00% 0.325% B, S5 and S8 1.85% 0.300% E1 and E1T % 0.250% E2 and E2T5 1.80% 0.200% E % 0.175% E % 0.175% F, F5 and F8 0.85% 0.240% P % 0.190% P2 0.80% 0.140% P % 0.115% P % 0.115% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f large capitalizatin cmpanies lcated anywhere in the wrld. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Aims t invest in sectrs in apprximately the same prprtins as thse sectrs are represented in the MSCI All Cuntry Wrld Index. Aims t maintain the weighted average market capitalizatin f its investments at an amunt that is greater than r equal t 50% f the weighted average market capitalizatin f the index. When buying and selling equity securities fr each sectr, may cnsider factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. May invest in securities nt included in the index. Regularly reviews the allcatins amng sectrs based n the sectr allcatins in the index and rebalance the allcatins, when necessary. Decides which sectr an investment belngs t if the investment is nt classified under the Glbal Industry Classificatin Standard. The Fund may als: Invest in small and medium cmpanies anywhere in the wrld. Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. 157

164 Fidelity Glbal Large Cap Fund (cntinued) Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Main risk Additinal risk Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, tw investrs held apprximately 26.8% and 12.1%, respectively, f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain glbal equity expsure and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. 158

165 Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E4 $ F $ F5 $ F8 $ P1 $ P2 $ P3 $ P4 $ S5 $ S8 $ T5 $ T8 $

166 GLOBAL AND INTERNATIONAL EQUITY FUNDS Fidelity Glbal Cncentrated Equity Fund Fund details Fund type Glbal equity fund Date started A, B, F and O - January 30, 2002 F5, F8, S5, S8, T5 and T8 - January 15, 2014 P1, P2 and P3 - December 4, 2015 E1, E2 and E3 - February 5, 2016 E4 - September 16, 2016 P1T5 January 6, 2017 P4 April 21, 2017 P2T5 July 14, 2017 E1T5 and E2T5 September 22, 2017 Type f securities A*, B*, E1*, E1T5, E2, E2T5, E3, E4, F*, F5, F8, O, P1*, P1T5, P2*, P2T5, P3*, P4, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A, T5 and T8 2.00% 0.325% B, S5 and S8 1.85% 0.300% E1 and E1T % 0.250% E2 and E2T5 1.80% 0.200% E % 0.175% E % 0.175% F, F5 and F8 0.85% 0.240% P1 and P1T % 0.190% P2 and P2T5 0.80% 0.140% P % 0.115% P % 0.115% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f cmpanies anywhere in the wrld. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Aims t favur attractively priced cmpanies that shw the ptential fr abve-average lng-term cmpunding f ttal sharehlder returns and better than average quality characteristics. When buying and selling equity securities, may cnsider factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Earnings estimates. Quality f management. The Fund may als: Invest in cmpanies f any size. Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. 160

167 The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Main risk Additinal risk Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 35.5% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain glbal equity expsure and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. 161

168 Fidelity Glbal Cncentrated Equity Fund (cntinued) Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ E3 $ E4 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P3 $ S5 $ S8 $ T5 $ T8 $

169 GLOBAL AND INTERNATIONAL EQUITY FUNDS Fidelity Glbal Small Cap Fund Fund details Fund type Glbal equity fund Date started A, B, F and O - April 4, 2011 P1, P2 and P3 - December 4, 2015 E1 and E2 - February 5, 2016 Type f securities A*, B*, E1*, E2*, F*, O, P1*, P2* and P3 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A 2.00% 0.325% B 1.85% 0.300% E % 0.250% E2 1.80% 0.200% F 0.85% 0.240% P % 0.190% P2 0.80% 0.140% P % 0.115% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f small capitalizatin cmpanies lcated anywhere in the wrld. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Cnsiders small cmpanies t be thse similar in size t the cmpanies in the MSCI All Cuntry Wrld Small Cap Index. Generally diversifies the investments acrss different cuntries and regins. When buying and selling equity securities, may cnsider factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Grwth ptential. Earnings estimates. Quality f management. The Fund may als: Invest in medium and large cmpanies anywhere in the wrld. Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu 163

170 Fidelity Glbal Small Cap Fund (cntinued) receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, an investr held apprximately 24.8% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. glbal small capitalizatin cmpanies and can handle the vlatility f returns generally assciated with equity investments in small cmpanies. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium t high level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ F $ P1 $ P2 $ P3 $ Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t 164

171 GLOBAL AND INTERNATIONAL EQUITY FUNDS Fidelity Internatinal Disciplined Equity Fund Fund details Fund type Internatinal equity fund Date started A, B, F, O, S8 and T8 - May 4, 2006 S5 and T5 - Nvember 6, 2006 P1 and P2 - December 4, 2015 E1 and E2 - February 5, 2016 Type f securities A*, B*, E1*, E2*, F*, O, P1*, P2*, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A, T5 and T8 2.00% 0.325% B, S5 and S8 1.85% 0.300% E % 0.250% E2 1.80% 0.200% F 0.85% 0.240% P % 0.190% P2 0.80% 0.140% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f cmpanies lcated utside f the United States. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Aims t invest in sectrs in apprximately the same prprtins as thse sectrs are represented in the MSCI All Cuntry Wrld ex-u.s. Index. Aims t invest in the fllwing regins represented in the index, althugh nt necessarily in the same prprtins as thse regins are represented in the index: United Kingdm. Eurpe, excluding the United Kingdm. Japan Asia Pacific, excluding Japan. Emerging markets. May invest in securities nt included in the index. When buying and selling equity securities fr each sectr, may cnsider factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Grwth ptential. Earnings estimates. Cash flw. Quality f management. Regularly reviews the allcatins amng sectrs based n the sectr allcatins in the index and rebalance the allcatins, when necessary. Decides which sectr an investment belngs t if the investment is nt classified under the Glbal Industry Classificatin Standard. The Fund may als: Invest in cmpanies f any size. Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut 165

172 Fidelity Internatinal Disciplined Equity Fund (cntinued) each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Main risk Additinal risk Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, fur investrs held apprximately 16.5%, 18.9%, 15.0% and 12.8%, respectively, f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain freign equity expsure utside the U.S. and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in 166

173 writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ F $ P1 $ P2 $ S5 $ S8 $ T5 $ T8 $

174 GLOBAL AND INTERNATIONAL EQUITY FUNDS Fidelity Internatinal Disciplined Equity Currency Neutral Fund* Fund details Fund type Internatinal equity fund Date started O - Nvember 16, 2009 Type f securities O units f a trust Eligibility fr registered plans Nt qualified investments fr registered plans *Units f the Fund are nly available fr purchase by the Fidelity Funds and ther funds and accunts managed r advised by Fidelity, and are nt available fr public purchase What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It seeks a similar return t its underlying fund, which is als managed by Fidelity, by investing substantially all f its assets in units f that fund. The underlying fund aims t achieve lng-term capital grwth by investing primarily in equity securities f cmpanies lcated utside f the United States. The Fund uses derivatives t try t minimize the expsure t currency fluctuatins between freign currencies in develped markets (such as the Eur r the Yen) and the Canadian dllar. The Fund may als hedge against ther freign currencies. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies The strategies described belw relate t the Fund and the underlying fund, Fidelity Internatinal Disciplined Equity Fund. T meet the Fund s bjectives, the prtfli management team f the underlying fund: Aims t invest in sectrs in apprximately the same prprtins as thse sectrs are represented in the MSCI All Cuntry Wrld ex-u.s. Index. Aims t invest in the fllwing regins represented in the index, althugh nt necessarily in the same prprtins as thse regins are represented in the index: United Kingdm. Eurpe, excluding the United Kingdm. Japan Asia Pacific, excluding Japan. Emerging markets. May invest in securities nt included in the index. When buying and selling equity securities fr each sectr, may cnsider factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Grwth ptential. Earnings estimates. Cash flw. Quality f management. Regularly reviews the allcatins amng sectrs based n the sectr allcatins in the index and rebalance the allcatins, when necessary. Decides which sectr an investment belngs t if the investment is nt classified under the Glbal Industry Classificatin Standard. The underlying fund may als: Invest in cmpanies f any size. Invest in fixed incme securities f any quality r term. Bth the Fund and the underlying fund may hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund and the underlying fund may: Engage in securities lending, repurchase and reverse repurchase transactins. 168

175 Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund uses frward cntracts t hedge as cmpletely as pssible against fluctuatins caused by changes in exchange rates between develped market freign currencies and the Canadian dllar. Therefre, generally, the Fund des nt benefit frm an increase in the value f freign currencies against the Canadian dllar. As at September 30, 2017, the underlying fund invested apprximately 10.83% f its net assets in securities issued in currencies that culd nt practically r ecnmically be hedged. This amunt will vary ver time. Because an efficient market fr hedging certain currencies may nt exist, the Fund may nt be able t hedge all its freign currency expsure. Therefre, the Fund is expsed t changes in the value f certain currencies against the Canadian dllar. The Fund and the underlying fund may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the underlying fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, Fidelity held 100.0% f the units f the Fund as seed capital. Fidelity may redeem its seed capital in the future, but will nly d s in accrdance with securities laws and in a manner that des nt adversely affect the Fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain freign equity expsure utside the U.S. while seeking t lwer yur risk f currency fluctuatins between develped market freign currencies and the Canadian dllar and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. Risk Checklist Asset-backed securities and mrtgage-backed securities Main risk Additinal risk T invest in the Fund, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. 169

176 Fidelity Internatinal Disciplined Equity Currency Neutral Fund (cntinued) Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Fund expenses indirectly brne by investrs The Fund is nly available fr purchase by the Fidelity Funds and ther funds and accunts managed r advised by Fidelity, and des nt pay management fees and advisry fees. 170

177 GLOBAL AND INTERNATIONAL EQUITY FUNDS Fidelity Internatinal Cncentrated Equity Fund (frmerly, Fidelity Internatinal Value Fund) Fund details Fund type Internatinal equity fund Date started A, B, F and O - May 4, 2006 P1 - December 4, 2015 E1, E2 and E3 - February 5, 2016 P2 and P3 January 6, 2017 E4 April 21, 2017 E5, P4 and P5 September 22, 2017 Type f securities A*, B*, E1*, E2, E3, E4, E5, F*, O and P1*, P2*, P3*, P4* and P5 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A 2.00% 0.325% B 1.85% 0.300% E % 0.250% E2 1.80% 0.200% E % 0.175% E % 0.175% E5 1.70% 0.175% F 0.85% 0.240% P % 0.190% P2 0.80% 0.140% P % 0.115% P % 0.115% P5 0.70% 0.115% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f cmpanies lcated utside f the United States. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Aims t favur attractively priced cmpanies that shw the ptential fr abve-average lng-term cmpunding f ttal sharehlder returns and better than average quality characteristics. When buying and selling equity securities, may cnsider factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Earnings estimates. Quality f management. The Fund may als: Invest in cmpanies f any size. Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management 171

178 Fidelity Internatinal Cncentrated Equity Fund (frmerly, Fidelity Internatinal Value Fund) (cntinued) team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain freign equity expsure utside the U.S. and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ E3 $ F $ P1 $ P2 $ P3 $

179 GLOBAL AND INTERNATIONAL EQUITY FUNDS Fidelity Japan Fund Fund details Fund type Japanese equity fund Date started A and B - July 5, 1993 F - Octber 10, 2000 O - January 31, 2001 P1 and P2 - December 4, 2015 E1, E2, E3 and E4 - February 5, 2016 Type f securities A*, B*, E1*, E2, E3, E4, F*, O, P1* and P2* units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A 2.00% 0.325% B 1.85% 0.300% E % 0.250% E2 1.80% 0.200% E % 0.175% E % 0.175% F 0.85% 0.250% P % 0.200% P2 0.80% 0.150% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f Japanese cmpanies. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Grwth ptential. Earnings estimates. Quality f management. The Fund may als: Invest in cmpanies f any size. Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. When buying and selling equity securities, may cnsider factrs abut a cmpany, including: 173

180 Fidelity Japan Fund (cntinued) What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 61.9% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Fund is nt an apprpriate investment if yu have a shrtterm investment hrizn. T invest in the Fund, yu shuld be able t accept a high level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ E3 $ E4 $ F $ P1 $ P2 $ Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t Japanese cmpanies and can handle the vlatility f returns generally assciated with equity investments. The 174

181 GLOBAL AND INTERNATIONAL EQUITY FUNDS Fidelity Frntier Emerging Markets Fund (frmerly, Fidelity Latin America Fund) Fund details Fund type Frntier markets equity fund Date started A and B - January 13, 1994 F - Octber 10, 2000 O - April 4, 2011 P1 - December 4, 2015 E1, E2, E3 and E4 - February 5, 2016 P2 January 6, 2017 P3 April 21, 2017 P4 May 10, 2017 Type f securities A*, B*, E1*, E2, E3, E4, F*, O, P1*, P2*, P3* and P4* units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A 2.00% 0.325% B 1.85% 0.300% E % 0.250% E2 1.80% 0.200% E % 0.175% E % 0.175% F 0.85% 0.250% P % 0.200% P2 0.80% 0.150% P % 0.125% P % 0.125% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve high ttal investment return. It invests primarily in equity securities f cmpanies in frntier market and emerging market cuntries. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: When buying and selling equity securities, may cnsider factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Grwth ptential. Earnings estimates. Quality f management. The Fund may als: Invest in cmpanies f any size. Invest in cmpanies that are in develped market cuntries. Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, 175

182 Fidelity Frntier Emerging Markets Fund (frmerly, Fidelity Latin America Fund) (cntinued) gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdities Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk 176 As at September 30, 2017, ne investr held apprximately 12.8% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t frntier market and emerging market cmpanies and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a high level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ E3 $ E4 $

183 Fees and expenses payable ver 1 year 3 years 5 years 10 years F $ P1 $ P2 $

184 GLOBAL AND INTERNATIONAL EQUITY FUNDS Fidelity NrthStar Fund Fund details Fund type Glbal equity fund Date started A, B, F and O - Octber 31, 2002 S8 and T8 - Nvember 8, 2004 S5 and T5 - Nvember 6, 2006 F5 and F8 - April 17, 2013 P1, P1T5, P2, P3, P4 and P5 - December 4, 2015 E1, E1T5, E2, E2T5, E3, E4 and E5 - February 5, 2016 E3T5 and P2T5 - September 16, 2016 E4T5, P3T5 and P4T5 July 14, 2017 Type f securities Eligibility fr registered plans Management and advisry fee and administratin fee A*, B*, E1*, E1T5, E2*, E2T5, E3*, E3T5, E4*, E4T5, E5, F*, F5, F8, O, P1*, P1T5*, P2T5*, P2*, P3*, P3T5, P4*, P4T5, P5, S5, S8, T5 and T8 units f a mutual fund trust Qualified investment fr registered plans Management and advisry fee Administratin fee** A, T5 and T8 2.00% 0.325% B, S5 and S8 1.85% 0.300% E1 and E1T % 0.275% E2 and E2T5 1.80% 0.225% E3 and E3T % 0.200% E4 and E4T % 0.200% E5 1.70% 0.200% F, F5 and F8 0.85% 0.224% P1 and P1T % 0.199% P2 and P2T5 0.80% 0.149% P3 and P3T % 0.124% P4 and P4T % 0.124% P5 0.70% 0.124% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Invests in shares f cmpanies that trade at prices that reflect attractive valuatins based n its assessment f each cmpany s ptential fr grwth. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Value relative t market price. Grwth and earnings ptential. Cnsiders investing in cmpanies that are in special situatins, such as thse experiencing: Restructurings. Regulatry changes. Financial difficulty. Management changes. The Fund may als: Invest in cmpanies f any size anywhere in the wrld. Have significant expsure t relatively few cmpanies, industries r cuntries, r t ne size f cmpany. Hld a higher prprtin f securities that are mre illiquid than ther funds. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f cmpanies anywhere in the wrld. Invest in fixed incme securities f any quality r term. Hld cash. Increase its cash and cash equivalent hldings t attempt t mitigate against dwnside risk, r where current pprtunities d nt meet the prtfli management team s investment criteria. 178

185 In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. As part f its investment strategies and depending n the prtfli management team s view f market cnditins, the Fund may invest all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. These investments may be held fr an extended perid f time. If the Fund hlds a large prtin f its assets in cash, it may nt participate in any gains in the equity market t the extent it therwise might. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, tw investrs held apprximately 15.7% and 21.1%, respectively, f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain glbal equity expsure and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s 179

186 Fidelity NrthStar Fund (cntinued) risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Fees and expenses payable ver 1 year 3 years 5 years 10 years S8 $ T5 $ T8 $ Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E3T5 $ E4 $ E5 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P2T5 $ P3 $ P4 $ P5 $ S5 $

187 GLOBAL AND INTERNATIONAL EQUITY FUNDS Fidelity NrthStar Currency Neutral Fund* Fund details Fund type Glbal equity fund Date started O April 28, 2017 Grwth and earnings ptential. Cnsiders investing in cmpanies that are in special situatins, such as thse experiencing: Type f securities O units f a trust Eligibility fr registered plans These units are nt qualified fr registered plans *Units f the Fund are nly available fr purchase by the Fidelity Funds and ther funds and accunts managed r advised by Fidelity, and are nt available fr public purchase. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It seeks a similar return t its underlying fund, which is als managed by Fidelity, by investing substantially all f its assets in units f that fund. The underlying fund invests primarily in equity securities f cmpanies anywhere in the wrld. The Fund uses derivatives t try t minimize the expsure t currency fluctuatins between develped market freign currencies and the Canadian dllar. The Fund may als hedge against ther freign currencies. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies The strategies described belw relate t the Fund and the underlying fund, Fidelity NrthStar Fund. T meet the Fund s bjectives, the prtfli management team f the underlying fund: Invests in shares f cmpanies that trade at prices that reflect attractive valuatins based n its assessment f each cmpany s ptential fr grwth. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Value relative t market price. Restructurings. Regulatry changes. Financial difficulty. Management changes. The underlying fund may als: Invest in cmpanies f any size anywhere in the wrld. Have significant expsure t relatively few cmpanies, industries r cuntries, r t ne size f cmpany. Hld a higher prprtin f securities that are mre illiquid than ther funds. Invest in fixed incme securities f any quality r term. Increase its cash and cash equivalent hldings t attempt t mitigate against dwnside risk, r where current pprtunities d nt meet the prtfli management team s investment criteria. Bth the Fund and the underlying fund may hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund and the underlying fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund uses frward cntracts t hedge as cmpletely as pssible against fluctuatins caused by changes in exchange rates between develped market freign 181

188 Fidelity NrthStar Currency Neutral Fund (cntinued) currencies and the Canadian dllar. Therefre, generally, the Fund des nt benefit frm an increase in the value f develped market freign currencies against the Canadian dllar. As part f its investment strategies and depending n the prtfli management team s view f market cnditins, the Fund r the underlying fund may invest all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. These investments may be held fr an extended perid f time. If the Fund r the underlying fund hlds a large prtin f its assets in cash, it may nt participate in any gains in the equity market t the extent it therwise might. The prtfli management team may actively trade the underlying fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Main risk Additinal risk Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 100.0% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain glbal equity expsure, while seeking t lwer yur risk f currency fluctuatins between develped market freign currencies and the Canadian dllar, and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrtterm investment hrizn. T invest in the Fund, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Fund expenses indirectly brne by investrs The Fund is nly available fr purchase by the Fidelity Funds and ther funds and accunts managed r advised by Fidelity, and des nt pay management fees and advisry fees. 182

189 GLOBAL AND INTERNATIONAL EQUITY FUNDS Fidelity Internatinal Grwth Fund Fund details Fund type Internatinal equity fund Date started A and B - May 28, 1999 F - Octber 10, 2000 O - January 31, 2001 F5, F8, S5, S8, T5 and T8 - January 15, 2014 P1, P2 and P3 - December 4, 2015 E1, E2 and E3 - February 5, 2016 P1T5 April 21, 2017 P4 and P5 September 22, 2017 Type f securities A*, B*, E1*, E2*, E3*, F*, F5, F8, O, P1*, P1T5, P2, P3, P4, P5, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A, T5 and T8 2.00% 0.325% B, S5 and S8 1.85% 0.300% E % 0.250% E2 1.80% 0.200% E % 0.175% F, F5 and F8 0.85% 0.240% P1 and P1T % 0.190% P2 0.80% 0.140% P % 0.115% P % 0.115% P5 0.70% 0.115% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f cmpanies lcated r perating in Eurpe, Australasia and the Far East. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Invests primarily in nn-canadian/nn-u.s. securities, including securities f issuers lcated in emerging markets. Favurs cmpanies that shw the ptential fr abveaverage earnings r grwth. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Earnings estimates. Quality f management. The Fund may als: Invest in cmpanies f any size. Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r 183

190 Fidelity Internatinal Grwth Fund (cntinued) guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 30.0% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain freign equity expsure utside the U.S. and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. 184

191 Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ E3 $ F $ F5 $ F8 $ P1 $ P2 $ P3 $ S5 $ S8 $ T5 $ T8 $

192 GLOBAL AND INTERNATIONAL EQUITY FUNDS Fidelity Glbal Dividend Investment Trust * Fund details Fund type Glbal dividend fund Date started O - February 28, 2013 Type f securities O units f a trust Eligibility fr registered plans Nt qualified investments fr registered plans *Units f the Fund are nly available fr purchase by the Fidelity Funds and ther funds and accunts managed r advised by Fidelity, and are nt available fr public purchase. What des the fund invest in? Investment bjectives The Fund aims t achieve high ttal investment return. It invests primarily in equity securities f cmpanies anywhere in the wrld that pay, r may be expected t pay, dividends, as well as in ther types f securities that may be expected t distribute incme. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Invests primarily in equity securities f cmpanies that pay, r may be expected t pay, dividends. Invests in ther types f securities that are expected t distribute incme and, t a lesser extent, in equity securities that are nt expected t distribute incme. Nrmally diversifies the investments acrss different cuntries and regins. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Industry psitin. Market and ecnmic cnditins. Earnings estimates. Ability t pay dividends. Quality f management. Invests in cmpanies that it believes are undervalued in the marketplace based n valuatin factrs, such as assets, sales, earnings, grwth ptential, cash flw, and ther cmpanies in the same industry. May invest in fixed incme securities f any quality r term. When buying and selling fixed incme securities, analyzes thers factrs, such as: The security s features. Price cmpared t estimated lng-term value. Credit quality f the issuer. Any shrt-term trading pprtunities resulting frm market inefficiencies. The Fund may als: Invest in cmpanies f any size anywhere in the wrld. Cncentrate its investments in relatively few cuntries, regins, industries and cmpanies. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. 186

193 The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain glbal equity expsure, want the ptential fr bth incme and capital gains and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Fund expenses indirectly brne by investrs The Fund is nly available fr purchase by the Fidelity Funds and ther funds and accunts managed r advised by Fidelity, and des nt pay management fees and advisry fees. As at September 30, 2017, tw investrs held apprximately 57.0% and 20.6%, respectively, f the units f the Fund. See Large transactin risk in What is a 187

194 GLOBAL AND INTERNATIONAL EQUITY FUNDS Fidelity Glbal Intrinsic Value Investment Trust* Fund details Fund type Glbal equity fund Date started O May 6, 2015 Type f securities O units f a trust Eligibility fr registered plans The units are nt qualified investments fr registered plans. *Units f this fund are nly available fr purchase by the Fidelity Funds and ther funds and accunts managed r advised by Fidelity, and are nt available fr public purchase. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. The Fund may als: Invest in cmpanies f any size anywhere in the wrld, with a general fcus n small and medium cmpanies. Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: It invests primarily in equity securities f cmpanies anywhere in the wrld. Engage in securities lending, repurchase and reverse repurchase transactins. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Uses a bttm-up fundamental investment strategy. Invests in cmpanies believed t have abve-average grwth ptential. Invests in cmpanies that it believes are undervalued in the marketplace based n valuatin factrs, such as assets, sales, earnings, grwth ptential, cash flw, and ther cmpanies in the same industry. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Strategy. Earnings utlk. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. 188

195 Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Main risk Additinal risk Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Fund expenses indirectly brne by investrs The Fund is nly available fr purchase by the Fidelity Funds and ther funds and accunts managed r advised by Fidelity, and des nt pay management fees and advisry fees. Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin As at September 30, 2017, ne investr held apprximately 69.1% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain glbal equity expsure and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. 189

196 GLOBAL SECTOR FUNDS Fidelity Glbal Cnsumer Industries Fund Fund details Fund type Internatinal sectr equity fund Date started A and B - June 5, 1997 F - Octber 10, 2000 O - September 24, 2001 P1, P2, P3, P4 and P5 - December 4, 2015 E1, E2, E3, E4 and E5 - February 5, 2016 Type f securities A*, B*, E1*, E2*, E3*, E4, E5, F*, O, P1*, P2, P3*, P4 and P5 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A 2.00% 0.325% B 1.85% 0.300% E % 0.250% E2 1.80% 0.200% E % 0.175% E % 0.175% E5 1.70% 0.175% F 0.85% 0.250% P % 0.200% P2 0.80% 0.150% P % 0.125% P % 0.125% P5 0.70% 0.125% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f cmpanies anywhere in the wrld that manufacture and sell cnsumer gds. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Invests in cmpanies in the cnsumer gds industry, including appliances, cars, clthing, csmetics, entertainment, fd and beverages, hmes, husehld prducts, leisure, media, restaurants, and travel. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Grwth ptential. Earnings estimates. Quality f management. The Fund may als: Invest in cmpanies f any size. Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management 190

197 team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 15.9% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t cnsumer gds cmpanies anywhere in the wrld and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium t high level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $

198 Fidelity Glbal Cnsumer Industries Fund (cntinued) E3 $ E4 $ E5 $ F $ P1 $ P2 $ P3 $ P4 $ P5 $

199 GLOBAL SECTOR FUNDS Fidelity Glbal Financial Services Fund Fund details Fund type Internatinal sectr equity fund Date started A and B - June 5, 1997 F - Octber 10, 2000 O - January 31, 2001 P1 and P2 - December 4, 2015 E1, E2 and E3 - February 5, 2016 E4 January 6, 2017 Type f securities A*, B*, E1*, E2*, E3*, E4*, F*, O, P1* and P2 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A 2.00% 0.325% B 1.85% 0.300% E % 0.250% E2 1.80% 0.200% E % 0.175% E % 0.175% F 0.85% 0.250% P % 0.200% P2 0.80% 0.150% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f cmpanies anywhere in the wrld that prvide financial services. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Invests in cmpanies that prvide financial services, including, banking, brkerage, investment management, investment banking, life insurance, persnal lans, prperty and casualty insurance, and savings and lans services. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Grwth ptential. Earnings estimates. Quality f management. The Fund may als: Invest in cmpanies f any size. Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu 193

200 Fidelity Glbal Financial Services Fund (cntinued) receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 16.5% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. financial services cmpanies anywhere in the wrld and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium t high level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ E3 $ E4 $ F $ P1 $ P2 $ Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t 194

201 GLOBAL SECTOR FUNDS Fidelity Glbal Health Care Fund Fund details Fund type Internatinal sectr equity fund Date started A and B - June 5, 1997 F - Octber 10, 2000 O - January 31, 2001 P1, P2, P3 and P4 December 4, 2015 E1, E2, E3 and E4 February 5, 2016 Type f securities A*, B*, E1*, E2*, E3*, E4*, F*, O, P1*, P2*, P3* and P4* units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A 2.00% 0.325% B 1.85% 0.300% E % 0.250% E2 1.80% 0.200% E % 0.175% E % 0.175% F 0.85% 0.250% P % 0.200% P2 0.80% 0.150% P % 0.125% P % 0.125% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f cmpanies anywhere in the wrld that design, make r sell prducts r services related t health care and medicine. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Invests in cmpanies in the health care industry, including bitechnlgy firms, and health management rganizatins and cmpanies invlved in hspital management, medical prducts, and pharmaceuticals. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Grwth ptential. Earnings estimates. Quality f management. The Fund may als: Invest in cmpanies f any size. Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management 195

202 Fidelity Glbal Health Care Fund (cntinued) team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 15.6% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t health care cmpanies anywhere in the wrld and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium t high level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ E3 $ E4 $ F $

203 Fees and expenses payable ver 1 year 3 years 5 years 10 years P1 $ P2 $ P3 $ P4 $

204 GLOBAL SECTOR FUNDS Fidelity Glbal Natural Resurces Fund Fund details Fund type Internatinal sectr equity fund Date started A and B - June 5, 1997 F - Octber 10, 2000 O - September 24, 2001 P1 and P2 - December 4, 2015 E1, E2 and E3 - February 5, 2016 P3, P4 and P5 - May 13, 2016 Type f securities A*, B*, E1*, E2*, E3, F*, O, P1*, P2*, P3, P4 and P5 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A 2.00% 0.325% B 1.85% 0.300% E % 0.250% E2 1.80% 0.200% E % 0.175% F 0.85% 0.250% P % 0.200% P2 0.80% 0.150% P % 0.125% P % 0.125% P5 0.70% 0.125% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f cmpanies anywhere in the wrld that wn r develp natural resurces r supply gds and services t thse cmpanies. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Invests in cmpanies in the natural resurces industries, including agriculture, energy, metals, natural gas, il, pipelines, paper and frest prducts, chemicals, and precius metals. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Grwth ptential. Earnings estimates. Quality f management. May shift its emphasis frm ne natural resurce industry t anther. The Fund may als: Invest in cmpanies f any size. Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. 198

205 The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Main risk Additinal risk Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, tw investrs held apprximately 11.2% and 27.7%, respectively, f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t natural resurces cmpanies anywhere in the wrld and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium t high level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. 199

206 Fidelity Glbal Natural Resurces Fund (cntinued) Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ E3 $ F $ P1 $ P2 $ P3 $ P4 $ P5 $

207 GLOBAL SECTOR FUNDS Fidelity Glbal Real Estate Fund Fund details Fund type Glbal real estate equity fund Date started A, B, F and O - May 4, 2006 S5, S8, T5 and T8 - Nvember 6, 2006 F5 and F8 - April 17, 2013 P1, P2 and P3 - December 4, 2015 E1, E1T5, E2 and E3 - February 5, 2016 E4, P1T5 and P2T5 January 6, 2017 P4 July 14, 2017 Type f securities A*, B*, E1*, E1T5, E2*, E3, E4, F*, F5, F8, O, P1*, P1T5, P2*, P2T5, P3*, P4, S5, S8, T5, and T8 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A, T5 and T8 2.00% 0.325% B, S5 and S8 1.85% 0.300% E1 and E1T % 0.250% E2 1.80% 0.200% E % 0.175% E % 0.175% F, F5 and F8 0.85% 0.250% P1 and P1T % 0.200% P2 and P2T5 0.80% 0.150% P % 0.125% P % 0.125% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve a high ttal investment return. It invests primarily in securities f cmpanies anywhere in the wrld that participate in the real estate industry. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Invests in REITs, and in equity securities f cmpanies that invest r perate primarily in the real estate sectr, including cmpanies that wn, manage, develp, finance, and therwise participate in the residential and cmmercial real estate industry. When buying and selling equity securities and REITs, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Grwth ptential. Earnings estimates. Cash flw. Quality f management. The Fund may als: Invest in cmpanies and REITs f any size. Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. 201

208 Fidelity Glbal Real Estate Fund (cntinued) The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Main risk Additinal risk Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, tw investrs held apprximately 39.8% and 10.2%, respectively, f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t real estate cmpanies anywhere in the wrld and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium t high level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. 202

209 Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E3 $ E4 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P2T5 $ P3 $ S5 $ S8 $ T5 $ T8 $

210 GLOBAL SECTOR FUNDS Fidelity Technlgy Innvatrs Fund (frmerly, Fidelity Glbal Technlgy Fund) Fund details Fund type Internatinal sectr equity fund Date started A and B - June 5, 1997 F - Octber 10, 2000 O - January 31, 2001 P1 and P2 - December 4, 2015 E1, E2, E3 and E4 - February 5, 2016 P3 January 6, 2017 P4 April 21, 2017 Type f securities A*, B*, E1*, E2*, E3*, E4*, F*, O, P1*, P2*, P3* and P4 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A 2.00% 0.325% B 1.85% 0.300% E % 0.250% E2 1.80% 0.200% E % 0.175% E % 0.175% F 0.85% 0.250% P % 0.200% P2 0.80% 0.150% P % 0.125% P % 0.125% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f cmpanies anywhere in the wrld that are psitined t benefit frm advances in technlgy. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Invests in cmpanies in technlgy industries, including cmputer services, cmputer sftware, cmputer systems, cmmunicatins systems, electrnics, internet related cmpanies, ffice equipment, scientific instruments, and semicnductrs. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Grwth ptential. Earnings estimates. Quality f management. The Fund may als: Invest in cmpanies f any size. Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management 204

211 team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 20.0% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t technlgy cmpanies anywhere in the wrld and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a high level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ E3 $ E4 $ F $ P1 $ P2 $ P3 $

212 GLOBAL SECTOR FUNDS Fidelity Glbal Telecmmunicatins Fund Fund details Fund type Internatinal sectr equity fund Date started A and B - July 21, 2000 F - Octber 10, 2000 O - January 31, 2001 P1 - December 4, 2015 E1 and E2 - February 5, 2016 P2 - March 11, 2016 Type f securities A*, B*, E1, E2, F*, O, P1* and P2 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A 2.00% 0.325% B 1.85% 0.300% E % 0.250% E2 1.80% 0.200% F 0.85% 0.250% P % 0.200% P2 0.80% 0.150% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It invests primarily in equity securities f cmpanies anywhere in the wrld that are invlved in the develpment, manufacture r sale f telecmmunicatins services and/r equipment. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Fcuses n a cmpany s fundamentals, and invests in shares f cmpanies that trade at prices that reflect attractive valuatins based n its assessment f each cmpany s ptential fr grwth and earnings. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Industry cnditins. Ecnmic and market cnditins. Takes int accunt the amunt the Fund has invested in different regins f the wrld. The Fund may als: Invest in cmpanies f any size. Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. 206

213 What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 17.0% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium t high level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ F $ P1 $ P2 $ Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t telecmmunicatins cmpanies anywhere in the wrld and can handle the vlatility f returns generally assciated with 207

214 Prfiles f ur Asset Allcatin and Balanced Funds Our Asset Allcatin and Balanced Funds ffer diversificatin f asset classes in ne prfessinally managed package. Studies have shwn that as much as 90% f a prtfli s return depends n hw yu split yur investments amng equity securities, fixed incme investments, and mney market instruments. This is ften referred t as asset allcatin. Canadian Asset Allcatin and Balanced Funds Fidelity Canadian Asset Allcatin Fund Fidelity Canadian Balanced Fund Fidelity Mnthly Incme Fund Fidelity Incme Allcatin Fund Glbal Asset Allcatin and Balanced Funds Fidelity Glbal Asset Allcatin Fund Fidelity Glbal Mnthly Incme Fund Fidelity Glbal Mnthly Incme Currency Neutral Fund Fidelity Tactical Strategies Fund Fidelity U.S. Mnthly Incme Fund Fidelity U.S. Mnthly Incme Currency Neutral Fund Fidelity Tactical High Incme Fund Fidelity Tactical High Incme Currency Neutral Fund Fidelity NrthStar Balanced Fund Fidelity NrthStar Balanced Currency Neutral Fund Fidelity American Balanced Fund Fidelity American Balanced Currency Neutral Fund Fidelity Cnservative Incme Fund 208

215 CANADIAN ASSET ALLOCATION AND BALANCED FUNDS Fidelity Canadian Asset Allcatin Fund Fund details Fund type Canadian asset allcatin fund Date started A and B - December 30, 1994 F - Octber 10, 2000 O - January 2, 2001 S8 and T8 - January 14, 2002 S5 and T5 - Nvember 6, 2006 F5 and F8 - April 17, 2013 P1, P1T5, P2, P3 and P4 - December 4, 2015 E1, E1T5, E2, E2T5, E3, E3T5, E4, E4T5, E5 and E5T5 - February 5, 2016 P5 - September 16, 2016 Type f securities A*, B*, E1, E1T5, E2, E2T5, E3, E3T5, E4, E4T5, E5, E5T5, F*, F5, F8, O, P1, P1T5, P2, P3, P4, P5, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered Qualified investment fr registered plans plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A, T5 and T8 2.00% 0.265% B, S5 and S8 1.85% 0.215% E1 and E1T % 0.190% E2 and E2T5 1.80% 0.190% E3 and E3T % 0.165% E4 and E4T % 0.140% E5 and E5T5 1.70% 0.140% F, F5 and F8 0.85% 0.155% P1 and P1T % 0.130% P2 0.80% 0.130% P % 0.105% P % 0.080% P5 0.70% 0.080% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve high ttal investment return. The Fund uses an asset allcatin apprach. It invests primarily in a mix f Canadian equity securities, fixed incme securities and mney market instruments. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Fllws a neutral mix guideline f apprximately 65% equity securities, 30% fixed incme securities, and 5% mney market instruments. Depending n market cnditins, may vary the asset mix frm the neutral mix if it believes this prduces the best verall return. Generally keeps the Fund s asset mix within the fllwing ranges: 20%-90% equity securities, 10%-60% fixed incme securities, and 0%-70% mney market instruments. Invests in any kind f equity r fixed incme security, r mney market instrument, including high yield securities, ther lwer quality debt securities, and Canadian r freign securities. Decides which asset class a security belngs t, based n its investment characteristics. May invest in ther securities that d nt fall within these classes. When buying and selling equity securities, may cnsider factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Grwth ptential. Earnings estimates. Quality f management. 209

216 Fidelity Canadian Asset Allcatin Fund (cntinued) Uses the FTSE TMX Canada Universe Bnd Index as a guide t structuring the dmestic investment grade fixed incme prtin f the Fund, and generally aims fr this prtin f the prtfli t have a similar verall interest rate risk t the index, but may invest in securities nt included in the index. Allcates the Fund s dmestic investment grade fixed incme assets amng issuers in different market sectrs, such as crprate r gvernment securities, different industries, like financials and industrials, and different maturities, based n the prtfli management team s views f the relative value f each sectr r maturity. When buying and selling fixed incme securities, analyze ther factrs, such as: The security s features. Price cmpared t estimated lng-term value. Credit quality f the issuer. Any shrt-term trading pprtunities resulting frm market inefficiencies. The Fund may als: Invest up t 40% f its net assets in freign securities. Invest a prtin f its fixed incme assets in nninvestment grade U.S. high yield debt securities r cnvertible securities, which prtin f the Fund tends t have a higher credit risk than the dmestic investment grade fixed incme prtin f the Fund. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may hedge sme r all f its freign currency expsure. The prtfli management team makes this decisin as part f the implementatin f the verall investment strategy f the Fund based n a number f factrs, including the relative investment merits f the particular freign currency versus the Canadian dllar. The Fund s expsure t freign currency varies based n the extent f its freign currency denminated investments, as well as the extent t which the prtfli management team decides t hedge the Fund s currency expsure. The Fund s freign currency expsure may change at any time, and withut ntice. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. 210

217 Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 26.1% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t bth Canadian equity and fixed incme securities, want the cnvenience f a diversified prtfli in a single fund and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. 211 Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E3T5 $ E4 $ E4T5 $ E5 $ E5T5 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P3 $ P4 $ P5 $ S5 $ S8 $ T5 $ T8 $

218 CANADIAN ASSET ALLOCATION AND BALANCED FUNDS Fidelity Canadian Balanced Fund Fund details Fund type Canadian balanced fund Date started A and B - September 29, 1998 F - Octber 10, 2000 O - September 24, 2001 S8 and T8 - January 14, 2002 S5 and T5 - Nvember 6, 2006 F5 and F8 - April 17, 2013 P1, P1T5, P2, P3 and P4 - December 4, 2015 E1, E1T5, E2, E2T5, E3, E4 and E5 - February 5, 2016 P5 - May 13, 2016 E3T5, E4T5, P2T5, P3T5, P4T5 and P5T5 - September 16, 2016 Type f securities A*, B*, E1, E1T5, E2, E2T5, E3, E3T5, E4, E4T5, E5, F*, F5, F8, O, P1, P1T5, P2, P2T5, P3, P3T5, P4, P4T5, P5, P5T5, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A, T5 and T8 1.85% 0.265% B, S5 and S8 1.70% 0.215% E1 and E1T5 1.70% 0.190% E2 and E2T % 0.190% E3 and E3T % 0.165% E4 and E4T5 1.65% 0.140% E5 1.60% 0.140% F, F5 and F8 0.70% 0.155% P1 and P1T5 0.70% 0.130% P2 and P2T % 0.130% P3 and P3T % 0.105% P4 and P4T5 0.65% 0.080% P5 and P5T5 0.60% 0.080% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve high ttal investment return. The Fund uses a balanced apprach. It invests primarily in a mix f Canadian equity securities, investment grade bnds, high yield securities and mney market instruments. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Fllws a neutral mix guideline f apprximately 50% equity securities, 40% investment grade bnds, and 10% high yield securities. Generally keeps the Fund s asset mix within the fllwing ranges: 40%-60% equity securities, 30%-50% investment grade bnds, and 0%-20% high yield securities. Invests in any kind f equity r fixed incme security, r mney market instrument, including high yield securities and ther lwer quality debt securities. Decides which asset class a security belngs t, based n its investment characteristics. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Grwth ptential. Earnings estimates. Quality f management. Uses the FTSE TMX Canada Universe Bnd Index as a guide t structuring and selecting investments fr the dmestic investment grade fixed incme prtin f the Fund, and generally aims fr this prtin f the prtfli t have a similar verall interest rate risk t the index, but may invest in securities nt included in the index. Allcates the Fund s dmestic investment grade fixed incme assets amng issuers in different market 212

219 sectrs, such as crprate r gvernment securities, different industries, like financials and industrials, and different maturities, based n the prtfli management team s views f the relative value f each sectr r maturity. When buying and selling fixed incme securities, analyzes ther factrs, such as: The security s features. Price cmpared t estimated lng-term value. Credit quality f the issuer. Any shrt-term trading pprtunities resulting frm market inefficiencies. The Fund may als: Invest up t 30% f its net assets in freign securities. Hld cash. The high yield debt prtin f the Fund tends t have a higher credit risk than the dmestic investment grade fixed incme prtin f the Fund. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may hedge sme r all f its freign currency expsure. The prtfli management team makes this decisin as part f the implementatin f the verall investment strategy f the Fund based n a number f 213 factrs, including the relative investment merits f the particular freign currency versus the Canadian dllar. The Fund s expsure t freign currency varies based n the extent f its freign currency denminated investments, as well as the extent t which the prtfli management team decides t hedge the Fund s currency expsure. The Fund s freign currency expsure may change at any time, and withut ntice. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Main risk Additinal risk

220 Fidelity Canadian Balanced Fund (cntinued) Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, tw investrs held apprximately 15.1% and 11.6%, respectively, f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain Canadian equity, fixed incme and high yield expsure, want the cnvenience f a diversified prtfli in a single fund and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme at the end f each quarter. Net incme fr the furth quarter and any capital gains fr the year are distributed in December f each year. The Fund may als pay distributins at ther times during the year. the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E3T5 $ E4 $ E4T5 $ E5 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P2T5 $ P3 $ P3T5 $ P4 $ P4T5 $ P5 $ P5T5 $ S5 $ S8 $ T5 $ T8 $ Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n 214

221 CANADIAN ASSET ALLOCATION AND BALANCED FUNDS Fidelity Mnthly Incme Fund Fund details Fund type Diversified incme fund Date started A, B, F, S8 and T8 - Nvember 6, 2003 O - August 16, 2006 S5 and T5 - Nvember 6, 2006 F5 and F8 - April 17, 2013 P1, P1T5, P2, P2T5, P3 and P4 - December 4, 2015 E1, E1T5, E2, E2T5, E3, E3T5, E4, E4T5 and E5 - February 5, 2016 P3T5 - May 13, 2016 P5 January 26, 2017 Type f securities A*, B*, E1, E1T5, E2, E2T5, E3, E3T5, E4, E4T5, E5, F*, F5, F8, O, P1, P1T5, P2, P2T5, P3, P3T5, P4, P5, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A, T5 and T8 1.85% 0.265% B, S5 and S8 1.70% 0.215% E1 and E1T5 1.70% 0.190% E2 and E2T % 0.190% E3 and E3T % 0.165% E4 and E4T5 1.65% 0.140% E5 1.60% 0.140% F, F5 and F8 0.70% 0.155% P1 and P1T5 0.70% 0.130% P2 and P2T % 0.130% P3 and P3T % 0.105% P4 0.65% 0.080% P5 0.60% 0.080% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve a cmbinatin f a steady flw f incme and the ptential fr capital gains. It invests primarily in a mix f Canadian equity securities, Canadian fixed incme securities, U.S. cmmercial mrtgage-backed securities, and U.S. higher yielding, lwer quality fixed incme securities, preferred stcks and cnvertible securities. The Fund can invest in these securities either directly r indirectly thrugh investments in underlying funds. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Fllws a neutral mix guideline f apprximately 50% equity securities and 50% fixed incme securities, which may be Canadian r freign. Depending n market cnditins, may vary the asset mix by up t +/- 20% frm the neutral mix if it believes this prduces the best verall return. May invest in a wide variety f equity and fixed incme securities, including cmmn shares, investment grade and high yield fixed incme securities, REITs, cmmercial mrtgage-backed securities and ther high yielding real estate securities, emerging market debt securities, cnvertible securities, and flating rate debt instruments, either directly r indirectly thrugh investments in underlying funds. Decides which asset class a security belngs t based n its investment characteristics. Invests the Fund s assets in ther securities that dn t fall within these classes. Fcuses primarily n a cmpany s valuatins. Invests in cmpanies that it believes are undervalued in the marketplace based n valuatin factrs, such as assets, sales, earnings, grwth ptential, cash flw, and ther cmpanies in the same industry. May invest in securities that dn t prduce incme, including defaulted securities and cmmn stck, r in 215

222 Fidelity Mnthly Incme Fund (cntinued) cmpanies in a trubled r uncertain financial cnditin. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Industry psitin. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Ecnmic and market cnditins. Earnings estimates. Ability t pay dividends. Quality f management. When buying and selling high yield securities, examines each issuer s ptential based n factrs, such as: Financial cnditin. Industry psitin. Ecnmic and market cnditins. The security s features. Price cmpared t estimated lng-term value. Earnings ptential. Credit quality f the issuer. Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. With respect t its investments in develped market freign currency denminated fixed incme and/r cnvertible securities, the Fund uses frward cntracts t hedge as cmpletely as pssible against fluctuatins caused by changes in exchange rates between develped market freign currencies and the Canadian dllar. Therefre, generally, with respect t these investments, the Fund des nt benefit frm an increase in the value f develped market freign currencies against the Canadian dllar. Quality f management. When buying and selling ther fixed incme securities, analyzes factrs, such as: The security s features. Price cmpared t estimated lng-term value. Credit quality f the issuer. Any shrt-term trading pprtunities resulting frm market inefficiencies. The Fund may als: Invest in cmpanies f any size anywhere arund the wrld. Invest up t 49% f its net assets in freign securities. 216 The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a

223 risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Wh shuld invest in this fund? Additinal risk Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t bth equity and fixed incme securities, want the ptential fr bth incme and capital gains, want the cnvenience f a diversified prtfli in a single fund and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme at the end f each mnth. Any capital gains fr the year are distributed in December f each year. The Fund may als pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E3T5 $ E4 $ E4T5 $ E5 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P2T5 $ P3 $ P3T5 $ P4 $ P5 $ S5 $

224 Fidelity Mnthly Incme Fund (cntinued) Fees and expenses payable ver 1 year 3 years 5 years 10 years S8 $ T5 $ T8 $

225 CANADIAN ASSET ALLOCATION AND BALANCED FUNDS Fidelity Incme Allcatin Fund Fund details Fund type Diversified incme fund Date started A, B, F, O, S8 and T8 - May 25, 2005 S5 and T5 - Nvember 16, 2011 F5 and F8 - April 17, 2013 P1, P1T5, P2, P2T5, P3, P4 and P5 - December 4, 2015 E1, E1T5, E2, E2T5, E3, E3T5, E4 and E5 - February 5, 2016 E4T5 January 6, 2017 P3T5 January 26, 2017 Type f securities A*, B*, E1, E1T5, E2, E2T5, E3, E3T5, E4, E4T5, E5, F*, F5, F8, O, P1, P1T5, P2, P2T5, P3, P3T5, P4, P5, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A, T5 and T8 1.55% 0.265% B, S5 and S8 1.40% 0.215% E1 and E1T5 1.40% 0.190% E2 and E2T % 0.190% E3 and E3T % 0.165% E4 and E4T5 1.35% 0.140% E5 1.30% 0.140% F, F5 and F8 0.65% 0.155% P1 and P1T5 0.65% 0.130% P2 and P2T % 0.130% P3 and P3T % 0.105% P4 0.60% 0.080% P5 0.55% 0.080% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? r are expected t pay dividends, and ther securities that are expected t distribute incme. The Fund can invest in these securities either directly r indirectly thrugh investments in underlying funds. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Fllws a neutral mix guideline f apprximately 30% equity securities and 70% fixed incme securities. May vary the asset mix frm the neutral mix if it believes this prduces the best verall balance f risk and return. Generally keeps the Fund s asset mix within the fllwing ranges: 0%-50% equity securities and 50%- 100% fixed incme securities. May invest in any kind f fixed incme securities, including lwer quality high yield securities. May invest in high yield securities that dn t prduce incme, including defaulted securities and cmmn stck, r in cmpanies in a trubled r uncertain financial cnditin. When buying and selling equity securities, including Canadian and U.S. REITs, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Grwth ptential. Earnings estimates Investment bjectives The Fund aims t achieve a high ttal investment return. It invests primarily in investment grade fixed incme securities, higher yielding lwer quality fixed incme securities, equity securities f cmpanies that pay dividends Ability t sustain dividends r incme distributins. Quality f management. 219

226 Fidelity Incme Allcatin Fund (cntinued) When buying and selling high yield securities, examines each issuer s ptential based n factrs, such as: Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Financial cnditin. Industry psitin. Ecnmic and market cnditins. The security s features. Price cmpared t estimated lng-term value. Earnings ptential. Credit standing. Quality f management. When buying and selling ther fixed incme securities, analyzes ther factrs, such as: The security s features. Price cmpared t estimated lng-term value. Credit quality f the issuer. Any shrt-term trading pprtunities resulting frm market inefficiencies. The Fund may als: Invest in cmpanies f any size anywhere arund the wrld. Invest up t 49% f its net assets in freign securities. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest significantly in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. As at September 30, 2017, the Fund invested 82.92% f its assets in underlying funds. The Fund may hedge sme r all f its freign currency expsure. The prtfli management team makes this decisin as part f the implementatin f the verall investment strategy f the Fund based n a number f factrs, including the relative investment merits f the particular freign currency versus the Canadian dllar. The Fund s expsure t freign currency varies based n the extent f its freign currency denminated investments, as well as the extent t which the prtfli management team decides t hedge the Fund s currency expsure. The Fund s freign currency expsure may change at any time, and withut ntice. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. 220

227 Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Wh shuld invest in this fund? Additinal risk Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t Canadian and freign equity and fixed incme securities and want the ptential fr bth incme and capital gains. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme at the end f each mnth. Any capital gains fr the year are distributed in December f each year. The Fund may als pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E3T5 $ E4 $ E4T5 $ E5 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P2T5 $ P3 $ P3T5 $ P4 $ P5 $ S5 $ S8 $ T5 $ T8 $

228 GLOBAL ASSET ALLOCATION AND BALANCED FUNDS Fidelity Glbal Asset Allcatin Fund Fund details Fund type Glbal asset allcatin fund Date started A and B - January 13, 1993 F - Octber 10, 2000 O - January 31, 2001 S8 and T8 - January 14, 2002 S5 and T5 - Nvember 6, 2006 F5 and F8 - April 17, 2013 P1 and P2 - December 4, 2015 E1, E1T5, E2 and E3 - February 5, 2016 E4 and P3 - May 13, 2016 P1T5 - September 16, 2016 E2T5 January 26, 2017 P4 July 14, 2017 Type f securities A*, B*, E1*, E1T5, E2*, E2T5, E3*, E4, F*, F5, F8, O, P1*, P1T5, P2*, P3, P4, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A, T5 and T8 2.00% 0.300% B, S5 and S8 1.85% 0.275% E1 and E1T % 0.225% E2 and E2T5 1.80% 0.175% E % 0.175% E % 0.150% F, F5 and F8 0.85% 0.225% P1 and P1T % 0.175% P2 0.80% 0.125% P % 0.125% P % 0.100% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve high ttal investment return. securities and mney market instruments frm arund the wrld. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Fllws a neutral mix guideline f apprximately 65% equity securities, 30% fixed incme securities, and 5% mney market instruments. Depending n market cnditins, may vary the asset mix frm the neutral mix if it believes this prduces the best verall return. Generally keeps the Fund s asset mix within the fllwing ranges: 50%-100% equity securities, 0%-50% fixed incme securities, and 0%-50% mney market instruments. May invest in any kind f equity r fixed incme security r mney market instrument frm arund the wrld, including high yield securities and ther lwer quality debt securities. Decides which asset class a security belngs t, based n its investment characteristics. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Grwth ptential. Earnings estimates. Quality f management. When buying and selling fixed incme securities, analyzes ther factrs, such as: The Fund uses an asset allcatin apprach. It invests primarily in a mix f equity securities, fixed incme The security s features. Price cmpared t estimated lng-term value. 222

229 Credit quality f the issuer. Any shrt-term trading pprtunities resulting frm market inefficiencies. The Fund may als hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. As at September 30, 2017, the Fund invested 24.42% f its assets in underlying funds. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Wh shuld invest in this fund? Additinal risk Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t bth glbal equity and fixed incme securities, want the cnvenience f a diversified prtfli in a single fund and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. 223

230 Fidelity Glbal Asset Allcatin Fund (cntinued) Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E4 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P3 $ S5 $ S8 $ T5 $ T8 $

231 GLOBAL ASSET ALLOCATION AND BALANCED FUNDS Fidelity Glbal Mnthly Incme Fund Fund details Fund type Glbal diversified incme Date started A, B, F, O, S5, S8, T5 and T8 - April 18, 2007 F5 and F8 - April 17, 2013 P1, P1T5, P2, P2T5, P3, P4 and P5 - December 4, 2015 E1, E1T5, E2, E2T5, E3 and E4 - February 5, 2016 E5 - May 13, 2016 P3T5 January 26, 2017 Type f securities A*, B*, E1*, E1T5, E2*, E2T5, E3*, E4*, E5, F*, F5, F8, O, P1*, P1T5, P2*, P2T5, P3*, P3T5, P4*, P5, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A, T5 and T8 1.95% 0.300% B, S5 and S8 1.80% 0.275% E1 and E1T % 0.225% E2 and E2T5 1.75% 0.175% E % 0.175% E4 1.70% 0.150% E5 1.65% 0.150% F, F5 and F8 0.80% 0.225% P1 and P1T % 0.175% P2 and P2T5 0.75% 0.125% P3 and P3T % 0.125% P4 0.70% 0.100% P5 0.65% 0.100% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve a cmbinatin f a steady flw f incme and the ptential fr capital gains. It invests primarily in a mix f equity securities and fixed incme securities lcated anywhere in the wrld. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Fllws a neutral mix guideline f apprximately 50% equity securities, including securities expected t distribute incme, and 50% fixed incme securities, Depending n market cnditins, may vary the asset mix by up t +/-20% frm the neutral mix if it believes this prduces the best verall return. May invest in a wide variety f equity and fixed incme securities, including cmmn shares, investment grade and high yield fixed incme securities, REITs, cmmercial mrtgage-backed securities, emerging market debt securities, cnvertible securities, and flating rate debt instruments. Decide which asset class a security belngs t, based n its investment characteristics. Invest in ther securities that dn t fall within these classes. Nrmally diversifies the Fund s investments acrss different cuntries and regins; hwever, may cncentrate its investments in relatively few cuntries, regins, industries, and cmpanies. Fcuses primarily n a cmpany s valuatins. Invests in cmpanies that it believes are undervalued in the marketplace based n valuatin factrs, such as assets, sales, earnings, grwth ptential, cash flw, and ther cmpanies in the same industry. May invest in securities that dn t prduce incme, including defaulted securities and cmmn stck, r in cmpanies in a trubled r uncertain financial cnditin. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. 225

232 Fidelity Glbal Mnthly Incme Fund (cntinued) Industry psitin. Use derivatives fr hedging and nn-hedging purpses. Ecnmic and market cnditins. Earnings estimates. Ability t pay dividends. Quality f management. When buying and selling high yield securities, examines each issuer s ptential based n factrs, such as: Financial cnditin. Industry psitin. Ecnmic and market cnditins. The security s features. Price cmpared t estimated lng-term value. Earnings ptential. Credit standing. Quality f management. When buying and selling ther fixed incme securities, analyzes ther factrs, such as: The security s features. Price cmpared t estimated lng-term value. Credit quality f the issuer. Any shrt-term trading pprtunities resulting frm market inefficiencies. The Fund may als: Invest in equity securities f cmpanies f any size anywhere in the wrld. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Main risk Additinal risk Repurchase transactins 226

233 Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Wh shuld invest in this fund? Additinal risk Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t bth glbal equity and fixed incme securities, want the cnvenience f a diversified prtfli in a single fund, want the ptential fr bth incme and capital gains and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme at the end f each mnth. Any capital gains fr the year are distributed in December f each year. The Fund may als pay distributins at ther times during the year. Fund expenses indirectly brne by investrs Yu dn t pay the Fund expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E4 $ E5 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P2T5 $ P3 $ P3T5 $ P4 $ P5 $ S5 $ S8 $ T5 $ T8 $ Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. 227

234 GLOBAL ASSET ALLOCATION AND BALANCED FUNDS Fidelity Glbal Mnthly Incme Currency Neutral Fund Fund details Fund type Glbal diversified incme Date started A, B, E1, F, F5, F8, P1, S5, S8, T5 and T8 April 22, 2016 E1T5, E2, E2T5, P1T5, P2, P2T5 and P3T5 January 6, 2017 P3 January 26, 2017 Type f securities A, B, E1, E1T5, E2, E2T5, F, F5, F8, P1, P1T5, P2, P2T5, P3, P3T5, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered plans Expected t be a qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A, T5 and T8 1.95% 0.330% B, S5 and S8 1.80% 0.305% E1 and E1T % 0.255% E2 and E2T5 1.75% 0.205% F, F5 and F8 0.80% 0.255% P1 and P1T % 0.205% P2 and P2T5 0.75% 0.155% P3 and P3T % 0.155% *This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve a cmbinatin f a steady flw f incme and the ptential fr capital gains. It seeks a similar return t its underlying fund, which is als managed by Fidelity, by investing substantially all f its assets in units f that fund. The underlying fund aims t achieve a cmbinatin f a steady flw f incme and the ptential fr capital gains by investing primarily in a mix f equity securities and fixed incme securities lcated anywhere in the wrld. Currently, the underlying fund is Fidelity Glbal Mnthly Incme Fund. The Fund uses derivatives t try t minimize the expsure t currency fluctuatins between freign currencies in develped markets (such as the U.S. dllar, the Eur r the Yen) and the Canadian dllar. The Fund may als hedge against ther freign currencies. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies The strategies described belw relate t the Fund and the underlying fund, Fidelity Glbal Mnthly Incme Fund. T meet the Fund s bjectives, the prtfli management team f the underlying fund: Fllws a neutral mix guideline f apprximately 50% equity securities, including securities expected t distribute incme, and 50% fixed incme securities, Depending n market cnditins, may vary the asset mix by up t +/-20% frm the neutral mix if it believes this prduces the best verall return. May invest in a wide variety f equity and fixed incme securities, including cmmn shares, investment grade and high yield fixed incme securities, REITs, cmmercial mrtgage-backed securities, emerging market debt securities, cnvertible securities, and flating rate debt instruments. Decide which asset class a security belngs t, based n its investment characteristics. Invest in ther securities that dn t fall within these classes. Nrmally diversifies the Fund s investments acrss different cuntries and regins; hwever, may cncentrate its investments in relatively few cuntries, regins, industries, and cmpanies. Fcuses primarily n a cmpany s valuatins. Invests in cmpanies that it believes are undervalued in the marketplace based n valuatin factrs, such as assets, sales, earnings, grwth ptential, cash flw, and ther cmpanies in the same industry. May invest in securities that dn t prduce incme, including defaulted securities and cmmn stck, r in 228

235 cmpanies in a trubled r uncertain financial cnditin. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Industry psitin. Bth the Fund and the underlying fund may hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund, the underlying fund and any third-tier fund may: Ecnmic and market cnditins. Earnings estimates. Ability t pay dividends. Quality f management. When buying and selling high yield securities, examines each issuer s ptential based n factrs, such as: Financial cnditin. Industry psitin. Ecnmic and market cnditins. The security s features. Price cmpared t estimated lng-term value. Earnings ptential. Credit standing. Quality f management. When buying and selling ther fixed incme securities, analyzes ther factrs, such as: The security s features. Price cmpared t estimated lng-term value. Credit quality f the issuer. Shrt-term trading pprtunities resulting frm market inefficiencies. The underlying fund may als: Invest in equity securities, either directly r indirectly thrugh investments in ther underlying funds, which are third-tier funds fr the Fund. Invest in equity securities f cmpanies f any size anywhere in the wrld. Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund uses frward cntracts t hedge as cmpletely as pssible against fluctuatins caused by changes in exchange rates between develped market freign currencies and the Canadian dllar. Therefre, generally, the Fund des nt benefit frm an increase in the value f freign currencies against the Canadian dllar. The Fund, the underlying fund, and any third-tier fund may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team f the Fund, the underlying fund and any third-tier fund may actively trade the ther investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist 229

236 Fidelity Glbal Mnthly Incme Currency Neutral Fund (cntinued) Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Wh shuld invest in this fund? Additinal risk Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t bth glbal equity and fixed incme securities while seeking t lwer yur risk f currency fluctuatins between develped market freign currencies and the Canadian dllar, want the cnvenience f a diversified prtfli in a single fund, want the ptential fr bth incme and capital gains and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme at the end f each mnth. Any capital gains fr the year are distributed in December f each year. The Fund may als pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P2T5 $ P3 $ P3T5 $ S5 $ S8 $ T5 $ T8 $

237 GLOBAL ASSET ALLOCATION AND BALANCED FUNDS Fidelity Tactical Strategies Fund Fund details Fund type Date started Glbal asset allcatin fund A, B, F, F5, F8, O, S5, S8, T5 and T8 - April 4, 2011 P1, P2 and P3 - December 4, 2015 E1, E1T5 and E2 - February 5, 2016 E3 - May 13, 2016 Type f securities A*, B*, E1*, E1T5, E2*, E3, F*, F5, F8, O, P1*, P2, P3, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A, T5 and T8 1.95% 0.300% B, S5 and S8 1.80% 0.275% E1 and E1T % 0.225% E2 1.75% 0.175% E % 0.175% F, F5 and F8 0.80% 0.225% P % 0.175% P2 0.75% 0.125% P % 0.125% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve high ttal investment return. The Fund uses an asset allcatin apprach. It invests in multiple asset classes, including equities, fixed incme securities, cmmdities and mney market instruments f cmpanies and ther issuers anywhere in the wrld by investing primarily in a cmbinatin f ther mutual funds managed by Fidelity and third party ETFs. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Generally keeps the Fund s asset mix within the fllwing ranges: 30%-90% equities, 10%-70% fixed incme securities, and 0%-10% cmmdities. Invests in, r with a fcus n, glbal equity and fixed incme securities, cmmdities, and mney market instruments. Invests in any kind f equity r fixed incme security r mney market instrument, including high yield securities and ther lwer quality debt securities (such as securities with lwer credit ratings, fr example, bnds rated belw BBB- by Standard & Pr s). Invests either directly r indirectly thrugh investments in underlying Fidelity Funds r ETFs, in, r with a fcus n, glbal equity and fixed incme securities, cmmdities and mney market instruments. May change the underlying funds invested in, r the percentage f the Fund s assets invested in any particular underlying fund, at any time. Decides which asset class a mutual fund r security belngs t, based n its investment characteristics. May actively make adjustments t the Fund s asset allcatin t take advantage f shrt-term market pprtunities, and may, therefre, hld sme psitins fr a relatively shrt perid f time. May make ther allcatin decisins that are strategic and lnger-term in nature. Depending n its utlk, may frm time t time allcate substantially all f the Fund s assets t either equity r fixed incme securities, cnsidering multiple data surces, including: Ecnmic research. Quantitative analysis. Fundamental research. Technical analysis. 231

238 Fidelity Tactical Strategies Fund (cntinued) May frm time t time invest in asset-backed securities and mrtgage-backed securities. In cnnectin with the Fund s investments in cmmdities, may invest, in aggregate, up t 10% f the Fund s net assets in gld and/r silver, n an unlevered r a leveraged basis, and/r in ther physical cmmdities n an unlevered basis pursuant t regulatry relief btained by the Fund. These investments are made thrugh Gld/Silver ETFs and/r ther Cmmdity ETFs. Gld/Silver ETFs are ETFs that seek t replicate the perfrmance f either gld and/r silver r an index that seeks t replicate the perfrmance f gld and/r silver, whether n a leveraged (in an attempt t magnify returns by a multiple f 200%) r unlevered basis. Gld/Silver ETFs may invest directly r indirectly in gld, silver r derivatives the underlying interest f which is gld and/r silver. Cmmdity ETFs are ETFs that seek t replicate the perfrmance f either ne r mre physical cmmdities ther than gld r silver r an index that seeks t replicate the perfrmance f such physical cmmdities, but nly n an unlevered basis. Cmmdity ETFs may invest directly r indirectly in the physical cmmdities r derivatives the underlying interest f which is such physical cmmdities. Pursuant t the regulatry relief btained, n mre than 2.5% f the net assets f the Fund may be invested in any ne cmmdity sectr ther than gld and/r silver. Fr this purpse, the relevant cmmdity sectrs are energy, grains, industrial metals, livestck, precius metals ther than gld and silver and sfts (i.e., cca, cttn, cffee and sugar). In additin, n mre than 10% f the net assets f the Fund will be invested, in aggregate, in Gld/Silver ETFs, Cmmdity ETFs, leveraged ETFs and inverse ETFs. The Fund may als invest in underlying Fidelity Funds r ETFs that are index participatin units as defined in NI that invest in securities f cmpanies invlved in ne r mre cmmdity sectrs. The Fund may als hld cash. The ETFs that the Fund hlds are listed in Canada r the United States, and seek t prvide daily results that replicate the daily perfrmance f a specified widely-quted market index n a leveraged (in an attempt t magnify returns by a multiple r inverse multiple f 200%), inverse (in an attempt t magnify returns by an inverse multiple f 100%), r unlevered basis. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund and the underlying Fidelity Funds may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld, silver and ther physical cmmdities, and ther instruments (such as derivatives and ETFs) that prvide expsure t these cmmdities. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund and the underlying funds may depart frm their respective investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team f the Fund and the underlying funds may actively trade their investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. 232

239 Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Main risk Additinal risk Distributin plicy The Fund generally distributes any net incme at the end f each quarter. Net incme fr the furth quarter and any capital gains fr the year are distributed in December f each year. The Fund may als pay distributins at ther times during the year. Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t bth glbal equity and fixed incme securities as well as cmmdities, want the cnvenience f a diversified prtfli in a single fund and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E3 $ F $ F5 $ F8 $ P1 $ P2 $ P3 $ S5 $ S8 $ T5 $ T8 $

240 GLOBAL ASSET ALLOCATION AND BALANCED FUNDS Fidelity U.S. Mnthly Incme Fund Fund details Fund type Date started U.S. diversified incme fund A, B, F, F5, F8, O, S5, S8, T5 and T8 - Nvember 7, 2012 P1, P1T5, P2, P2T5, P3, P4 and P5 - December 4, 2015 E1, E1T5, E2, E2T5, E3, E3T5, E4 and E5 - February 5, 2016 P3T5 January 6, 2017 E4T5 and P4T5 July 14, 2017 Type f securities A*, B*, E1*, E1T5*, E2*, E2T5*, E3*, E3T5*, E4*, E4T5, E5*, F*, F5*, F8*, O, P1*, P1T5*, P2*, P2T5*, P3*, P3T5*, P4*, P4T5, P5*, S5*, S8*, T5* and T8* units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A, T5 and T8 1.95% 0.267% B, S5 and S8 1.80% 0.217% E1 and E1T % 0.167% E2 and E2T5 1.75% 0.167% E3 and E3T % 0.167% E4 and E4T5 1.70% 0.167% E5 1.65% 0.167% F, F5 and F8 0.80% 0.155% P1 and P1T % 0.105% P2 and P2T5 0.75% 0.105% P3 and P3T % 0.105% P4 and P4T5 0.70% 0.105% P5 0.65% 0.105% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. investment grade fixed incme securities, higher yielding, lwer quality fixed incme securities, U.S. dllardenminated freign fixed incme securities, real estate investment trusts ( REITs ) and ther real estate related securities, cnvertible securities, emerging market debt securities and flating rate debt instruments. The Fund can invest in these securities either directly r indirectly thrugh investments in underlying funds. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Fllws a neutral mix guideline f apprximately 50% expsure t equity securities and 50% expsure t fixed incme securities. Depending n market cnditins, may vary the asset mix by up t +/- 20% frm the neutral mix if it believes this prduces the best verall return. Fcuses primarily n a cmpany s financial stability, its ptential t generate sustainable return n equity ver time, and its valuatin. Invests in cmpanies that it believes are undervalued in the marketplace based n valuatin factrs, such as assets, sales, earnings, grwth ptential, cash flw, and ther cmpanies in the same industry. Decides which asset class a security belngs t, based n its investment characteristics. Invest in ther securities that dn t fall within these classes. What des the fund invest in? Investment bjectives The Fund aims t achieve a cmbinatin f a steady flw f incme and the ptential fr capital gains. It invests primarily in a mix f U.S. incme-prducing securities. Incme-prducing securities may include, but are nt limited t, cmmn and preferred shares, May change the underlying funds invested in, r the percentage f the Fund s assets invested in, a particular underlying fund at any time. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Industry psitin. 234

241 Ecnmic and market cnditins. When buying and selling fixed incme securities, analyzes factrs, such as: The security s features. Price cmpared t estimated lng-term value. Credit quality f the issuer. Any shrt-term trading pprtunities resulting frm market inefficiencies. Analyzes credit quality f the issuer based n balance sheet strength f the issuer, cmpany leverage ratis, stability f incme, management strength and track recrd, and risks t the issuer that may impair its ability t meet its bligatins t debthlders. The Fund may als: Invest in U.S. r nn-u.s. equity securities, as lng as 70% f the Fund s net assets are invested in U.S. dllar-denminated investments. Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund and the underlying funds may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund r any underlying fund may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team f the Fund and any underlying fund may actively trade their investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Main risk Additinal risk Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin 235

242 Fidelity U.S. Mnthly Incme Fund (cntinued) Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t bth U.S. equity and U.S. fixed incme securities, want the ptential fr bth incme and capital gains, want the cnvenience f a diversified prtfli in a single fund and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund makes mnthly distributins f an amunt that will generally be cmprised f return f capital and/r net incme n the last business day f each mnth at a fixed rate. The dllar amunt f the mnthly distributin is reset at the beginning f each calendar year. The mnthly distributin may be adjusted during the year, withut prir ntificatin, if capital market cnditins change r fr ther reasns. If the Fund des nt earn enugh incme t meet the fixed rate distributin, it will return capital t make up the difference. As well, any capital gains and net incme nt distributed previusly in the year are distributed by the Fund in December f each year. The Fund may als pay distributins at ther times during the year. A return f capital distributin is nt taxable but reduces the adjusted cst base f yur units. When the Fund returns capital t yu, the Fund is returning a prtin f the mney yu riginally invested. Returns f capital d nt represent incme r capital gains earned by the Fund and d nt reflect, and are nt the result f, the Fund s investment perfrmance. The purpse f returning capital is t prvide yu with a steady cash flw n a mnthly basis. Returns f capital will reduce the amunt f yur riginal investment. See Incme tax cnsideratins fr investrs. the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E3T5 $ E4 $ E5 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P2T5 $ P3 $ P3T5 $ P4 $ P5 $ S5 $ S8 $ T5 $ T8 $ Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f 236

243 GLOBAL ASSET ALLOCATION AND BALANCED FUNDS Fidelity U.S. Mnthly Incme Currency Neutral Fund Fund details Fund type U.S. diversified incme fund Date started A, B, F, F5, F8, S5, S8, T5 and T8 - May 28, 2014 P1 and P2 - December 4, 2015 E1, E2, E3 and E4 - February 5, 2016 E1T5, P1T5 and P3 - September 16, 2016 E2T5 January 6, 2017 P2T5 and P3T5 January 26, 2017 E5 April 21, 2017 P4 July 14, 2017 Type f securities A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, P1, P1T5, P2, P2T5, P3, P3T5, P4, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A, T5 and T8 1.95% 0.297% B, S5 and S8 1.80% 0.247% E1 and E1T % 0.197% E2 and E2T5 1.75% 0.197% E % 0.197% E4 1.70% 0.197% E5 1.65% 0.197% F, F5 and F8 0.80% 0.185% P1 and P1T % 0.135% P2 and P2T5 0.75% 0.135% P3 and P3T % 0.135% P4 0.70% 0.135% *This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve a cmbinatin f a steady flw f incme and the ptential fr capital gains. It seeks a similar return t its underlying fund, which is als managed by Fidelity, by investing substantially all f its assets in units f that fund. The underlying fund aims t achieve a cmbinatin f a steady flw f incme and the ptential fr capital gains by investing primarily in a mix f U.S. incme-prducing securities. Incme-prducing securities may include, but are nt limited t, cmmn and preferred shares, investment grade fixed incme securities, higher yielding, lwer quality fixed incme securities, U.S. dllar-denminated freign fixed incme securities, real estate investment trusts ( REITs ) and ther real estate related securities, cnvertible securities, emerging market debt securities and flating rate debt instruments. The underlying fund can invest in these securities either directly r indirectly thrugh investments in ther underlying funds. Currently, the underlying fund is Fidelity U.S. Mnthly Incme Fund. The Fund uses derivatives t try t minimize the expsure t currency fluctuatins between U.S. and Canadian dllars. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies The strategies described belw relate t the Fund and the underlying fund, Fidelity U.S. Mnthly Incme Fund. T meet the Fund s bjectives, the prtfli management team f the underlying fund: Fllws a neutral mix guideline f apprximately 50% equity securities and 50% fixed incme securities. Depending n market cnditins, may vary the asset mix by up t +/- 20% frm the neutral mix if it believes this prduces the best verall return. Fcuses primarily n a cmpany s financial stability, its ptential t generate sustainable return n equity ver time, and its valuatin. Invests in cmpanies that it believes are undervalued in the marketplace based n valuatin factrs, such as assets, sales, earnings, grwth ptential, cash flw, and ther cmpanies in the same industry. Decides which asset class a security belngs t based n its investment characteristics. 237

244 Fidelity U.S. Mnthly Incme Currency Neutral Fund (cntinued) Invests in ther securities that dn t fall within these classes. Engage in securities lending, repurchase and reverse repurchase transactins. Invests in ther underlying funds, which make these third-tier funds fr the Fund. May change the third-tier funds in which it invests, r the percentage f assets invested in a particular thirdtier fund at any time. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. When buying and selling fixed incme securities, analyzes factrs, such as: The security s features. Price cmpared t estimated lng-term value. Credit quality f the issuer. Any shrt-term trading pprtunities resulting frm market inefficiencies. Analyzes credit quality f the issuer based n balance sheet strength f the issuer, cmpany leverage ratis, stability f incme, management strength and track recrd, and risks t the issuer that may impair its ability t meet its bligatins t debthlders. The underlying fund may als: Invest in U.S. r nn-u.s. equity securities, as lng as 70% f the net assets are invested in U.S. dllardenminated investments. Invest in fixed incme securities f any quality r term. Bth the Fund and the underlying fund may hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund, the underlying fund and any third-tier fund may: Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund uses frward cntracts t hedge as cmpletely as pssible against fluctuatins caused by changes in exchange rates between the U.S. and Canadian dllars. Therefre, generally, the Fund des nt benefit frm an increase in the value f the U.S. dllar against the Canadian dllar. The Fund, the underlying fund, and any third-tier fund may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team f the Fund and the underlying fund may actively trade their investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Main risk Additinal risk 238

245 Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Wh shuld invest in this fund? Additinal risk Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t bth U.S. equity and U.S. fixed incme securities while seeking t lwer yur risk f currency fluctuatins between the U.S. and Canadian dllars, want the ptential fr bth incme and capital gains, want the cnvenience f a diversified prtfli in a single fund and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund makes mnthly distributins f an amunt that will generally be cmprised f return f capital and/r net incme n the last business day f each mnth at a fixed rate. The dllar amunt f the mnthly distributin is reset at the beginning f each calendar year. The mnthly distributin may be adjusted during the year, withut prir ntificatin, if capital market cnditins change r fr ther reasns. If the Fund des nt earn enugh incme t meet the fixed rate distributin, it will return capital t make up the difference. As well, any capital gains and net incme nt distributed previusly in the year are distributed by the Fund in December f each year. The Fund may als pay distributins at ther times during the year. A return f capital distributin is nt taxable but reduces the adjusted cst base f yur units. When the Fund returns capital t yu, the Fund is returning a prtin f the mney yu riginally invested. Returns f capital d nt represent incme r capital gains earned by the Fund and d nt reflect, and are nt the result f, the Fund s investment perfrmance. The purpse f returning capital is t prvide yu with a steady cash flw n a mnthly basis. Returns f capital will reduce the amunt f yur riginal investment. See Incme tax cnsideratins fr investrs. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E4 $

246 Fidelity U.S. Mnthly Incme Currency Neutral Fund (cntinued) Fees and expenses payable ver 1 year 3 years 5 years 10 years F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P2T5 $ P3 $ P3T5 $ S5 $ S8 $ T5 $ T8 $

247 GLOBAL ASSET ALLOCATION AND BALANCED FUNDS Fidelity Tactical High Incme Fund Fund details Fund type Date started Glbal diversified incme fund A, B, F, F5, F8, O, S5, S8, T5 and T8 - May 28, 2014 P1, P1T5, P2, P2T5, P3, P4 and P5 - December 4, 2015 E1, E1T5, E2, E3 and E4 - February 5, 2016 E5 - May 13, 2016 E2T5 April 21, 2017 E3T5 July 14, 2017 E4T5 September 22, 2017 Type f securities A*, B*, E1*, E1T5*, E2*, E2T5, E3*, E3T5, E4, E4T5, E5, F*, F5*, F8*, O, P1*, P1T5, P2*, P2T5, P3*, P4*, P5*, S5*, S8*, T5* and T8* units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A, T5 and T8 1.90% 0.255% B, S5 and S8 1.75% 0.205% E1 and E1T % 0.155% E2 and E2T5 1.70% 0.105% E3 and E3T % 0.105% E4 and E4T5 1.65% 0.105% E % 0.105% F, F5 and F8 0.75% 0.205% P1 and P1T % 0.155% P2 and P2T5 0.70% 0.105% P % 0.105% P4 0.65% 0.105% P % 0.105% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t prvide incme and capital grwth. The Fund invests primarily in a mix f incme-prducing securities which may be lcated anywhere in the wrld. Incme-prducing securities may include, but are nt limited t, equity securities, cmmn and preferred shares, cnvertible securities, investment grade fixed incme securities, higher yielding, lwer quality fixed incme securities, flating rate debt instruments and asset-backed securities and mrtgage-backed securities. The Fund can invest in these securities either directly r indirectly thrugh investments in underlying funds. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Fcuses primarily n a cmpany s financial stability, its ptential t generate sustainable return n equity ver time, and its valuatin. Invests in cmpanies that it believes are undervalued in the marketplace based n valuatin factrs, such as assets, sales, earnings, grwth ptential, cash flw, and ther cmpanies in the same industry. May invest in high yield securities that dn t prduce incme, including defaulted securities and cmmn stck, r in cmpanies in a trubled r uncertain financial cnditin. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Balance sheet strength. Earnings estimates. Ability t pay dividends. Quality f management. When buying and selling high yield securities, including cnvertible securities and flating rate debt instruments, may cnsider ther factrs, such as: Financial cnditin. 241

248 Fidelity Tactical High Incme Fund (cntinued) Industry psitin. Ecnmic and market cnditins. The security s features. Price cmpared t estimated lng-term value. Earnings ptential. Credit standing. Quality f management. When buying and selling ther fixed incme securities, analyzes factrs, such as: The security s features. Price cmpared t estimated lng-term value. Credit quality f the issuer. Any shrt-term trading pprtunities resulting frm market inefficiencies. Analyzes credit quality f the issuer based n balance sheet strength f the issuer, cmpany leverage ratis, stability f incme, management strength and track recrd, and risks t the issuer that may impair its ability t meet its bligatins t debthlders. The Fund may als: Invest in any kind f fixed incme securities, including lwer quality high yield securities. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Main risk Additinal risk 242

249 Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 31.8% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t glbal equity and fixed incme securities, want the cnvenience f a diversified prtfli in a single fund and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme at the end f each mnth. Any capital gains fr the year are distributed in December f each year. The Fund may als pay distributins at ther times during the year. investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E3 $ E4 $ E5 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P2T5 $ P3 $ P4 $ P5 $ S5 $ S8 $ T5 $ T8 $ Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by 243

250 GLOBAL ASSET ALLOCATION AND BALANCED FUNDS Fidelity Tactical High Incme Currency Neutral Fund Fund details Fund type Glbal diversified incme fund Date started A, B, F, F5, F8, S5, S8, T5 and T8 - May 28, 2014 P1, P2 and P3 - December 4, 2015 E1, E1T5 and E2 - February 5, 2016 E3, E4, E5, P4 and P5 - May 13, 2016 E2T5, P1T5, P2T5, P3T5, P4T5 and P5T5 - September 16, 2016 Type f securities A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, P1, P1T5, P2, P2T5, P3, P3T5, P4, P4T5, P5, P5T5, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A, T5 and T8 1.90% 0.285% B, S5 and S8 1.75% 0.235% E1 and E1T % 0.185% E2 and E2T5 1.70% 0.135% E % 0.135% E4 1.65% 0.135% E % 0.135% F, F5 and F8 0.75% 0.235% P1 and P1T % 0.185% P2 and P2T5 0.70% 0.135% P3 and P3T % 0.135% P4 and P4T5 0.65% 0.135% P5 and P5T % 0.135% *This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t prvide incme and capital grwth. It seeks a similar return t its underlying fund, which is als managed by Fidelity, by investing substantially all f its assets in units f that fund. The underlying fund aims t prvide incme and capital grwth by investing primarily in a mix f incme-prducing securities which may be lcated anywhere in the wrld. Incme-prducing securities may include, but are nt limited t, equity securities, cmmn and preferred shares, cnvertible securities, investment grade fixed incme securities, higher yielding, lwer quality fixed incme securities, flating rate debt instruments and asset-backed securities and mrtgage-backed securities. The underlying fund can invest in these securities either directly r indirectly thrugh investments in ther underlying funds. The Fund uses derivatives t try t minimize the expsure t currency fluctuatins between develped market freign currencies and the Canadian dllar. The Fund may als hedge against ther freign currencies. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies The strategies described belw relate t the Fund and the underlying fund, Fidelity Tactical High Incme Fund. T meet the Fund s bjectives, the prtfli management team f the underlying fund: Fcuses primarily n a cmpany s financial stability, its ptential t generate sustainable return n equity ver time, and its valuatin. Invests in cmpanies that it believes are undervalued in the marketplace based n valuatin factrs, such as assets, sales, earnings, grwth ptential, cash flw, and ther cmpanies in the same industry. May invest in high yield securities that dn t prduce incme, including defaulted securities and cmmn stck, r in cmpanies in a trubled r uncertain financial cnditin. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Balance sheet strength. 244

251 Earnings estimates. Ability t pay dividends. Quality f management. When buying and selling high yield securities, including cnvertible securities and flating rate debt instruments, may cnsider ther factrs, such as: Financial cnditin. Industry psitin. Ecnmic and market cnditins. The security s features. Price cmpared t estimated lng-term value. Earnings ptential. Credit standing. Quality f management. When buying and selling ther fixed incme securities, analyzes factrs, such as: The security s features. Price cmpared t estimated lng-term value. Credit quality f the issuer. each f the mutual funds described in this dcument, the Fund and the underlying fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund uses frward cntracts t hedge as cmpletely as pssible against fluctuatins caused by changes in exchange rates between develped market freign currencies and the Canadian dllar. Therefre, generally, the Fund des nt benefit frm an increase in the value f freign currencies against the Canadian dllar. The Fund and the underlying fund may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. Any shrt-term trading pprtunities resulting frm market inefficiencies. Analyzes credit quality f the issuer based n balance sheet strength f the issuer, cmpany leverage ratis, stability f incme, management strength and track recrd, and risks t the issuer that may impair its ability t meet its bligatins t debthlders. The underlying fund may als invest in any kind f fixed incme securities, including lwer quality high yield securities. Bth the Fund and the underlying fund may hld cash. The prtfli management team may actively trade the underlying fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut 245

252 Fidelity Tactical High Incme Currency Neutral Fund (cntinued) Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Wh shuld invest in this fund? Additinal risk Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t glbal equity and fixed incme securities while seeking t lwer yur risk f currency fluctuatins between develped market freign currencies and the Canadian dllar, want the cnvenience f a diversified prtfli in a single fund and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme at the end f each mnth. Any capital gains fr the year are distributed in December f each year. The Fund may als pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E4 $ E5 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P2T5 $ P3 $ P3T5 $ P4 $ P4T5 $ P5 $ P5T5 $ S5 $ S8 $ T5 $ T8 $

253 GLOBAL ASSET ALLOCATION AND BALANCED FUNDS Fidelity NrthStar Balanced Fund Fund details Fund type Date started Glbal asset allcatin fund A, B, F, F5, F8, O, S5, S8, T5 and T8 - May 28, 2014 P1, P1T5, P2, P2T5, P3, P4 and P5 - December 4, 2015 E1, E1T5, E2, E2T5, E3, E4 and E5 - February 5, 2016 P3T5 - September 16, 2016 P4T5 and P5T5 July 14, 2017 E3T5 September 22, 2017 Type f securities A*, B*, E1*, E1T5*, E2*, E2T5*, E3*, E3T5, E4*, E5*, F*, F5*, F8*, O, P1*, P1T5*, P2*, P2T5*, P3*, P3T5*, P4*, P4T5, P5*, P5T5, S5*, S8*, T5* and T8* units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A, T5 and T8 1.95% 0.300% B, S5 and S8 1.80% 0.275% E1 and E1T % 0.225% E2 and E2T5 1.75% 0.175% E3 and E3T % 0.175% E4 1.70% 0.150% E5 1.65% 0.150% F, F5 and F8 0.80% 0.225% P1 and P1T % 0.175% P2 and P2T5 0.75% 0.125% P3 and P3T % 0.125% P4 and P4T5 0.70% 0.100% P5 and P5T5 0.65% 0.100% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Fllws a neutral mix guideline f apprximately 50% equity securities and 50% fixed incme securities. Depending n market cnditins, may vary the asset mix by up t +/- 20% frm the neutral mix if it believes this prduces the best verall return. May invest in any kind f equity r fixed incme security frm arund the wrld, including high yield securities and ther lwer quality debt securities. Cnsiders investing in cmpanies that are in special situatins, such as thse experiencing: Restructurings. Regulatry changes. Financial difficulty. Management changes. Invests in equity securities f cmpanies that they believe ffer the ptential fr grwth ver the lng-term, and whse shares trade at prices reflecting attractive valuatins. May invest in high yield securities that dn t prduce incme, including defaulted securities and cmmn stck, r in cmpanies in a trubled r uncertain financial cnditin. Decides which asset class a security belngs t, based n its investment characteristics. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. The Fund invests primarily in a mix f equity securities and fixed incme securities frm arund the wrld. It can invest in these securities either directly r indirectly thrugh investments in underlying funds. Invest in ther securities that dn t fall within these asset classes. Change the underlying funds invested in, r the percentage f the Fund s assets invested in, a particular underlying fund at any time. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: 247

254 Fidelity NrthStar Balanced Fund (cntinued) Financial cnditin. Industry psitin. Ecnmic and market cnditins. Value relative t market price. Grwth and earnings ptential. When buying and selling high yield securities, examines each issuer s ptential based n factrs, such as: Financial cnditin. Industry psitin. Ecnmic and market cnditins. The security s features. Price cmpared t estimated lng-term value. Earnings ptential. Credit standing. Quality f management. When buying and selling ther fixed incme securities, analyzes ther factrs, such as: The security s features. Price cmpared t estimated lng-term value. Credit quality f the issuer. Any shrt-term trading pprtunities resulting frm market inefficiencies. Analyzes credit quality f the issuer based n balance sheet strength f the issuer, cmpany leverage ratis, stability f incme, management strength and track recrd, and risks t the issuer that may impair its ability t meet its bligatins t debthlders. The Fund may als: Invest in cmpanies f any size anywhere in the wrld. Have significant expsure t relatively few cmpanies, industries r cuntries, r t ne size f cmpany. 248 Hld a higher prprtin f securities that are mre illiquid than ther funds. Invest in fixed incme securities f any quality r term. Hld cash. Increase its cash and cash equivalent hldings t attempt t mitigate against dwnside risk, r where current pprtunities d nt meet the prtfli management team s investment criteria. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team f the Fund may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a

255 risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 21.3% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t bth glbal equity and fixed incme securities, want the cnvenience f a diversified prtfli in a single fund and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme at the end f each quarter. Net incme fr the furth quarter and any capital gains fr the year are distributed in December f each year. The Fund may als pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E4 $ E5 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P2T5 $ P3 $ P3T5 $

256 Fidelity NrthStar Balanced Fund (cntinued) Fees and expenses payable ver 1 year 3 years 5 years 10 years P4 $ P5 $ S5 $ S8 $ T5 $ T8 $

257 GLOBAL ASSET ALLOCATION AND BALANCED FUNDS Fidelity NrthStar Balanced Currency Neutral Fund Fund details Fund type Glbal asset allcatin fund Date started A, B, F, F5, F8, S5, S8, T5 and T8 - May 28, 2014 P1 and P2 - December 4, 2015 E1, E1T5 and E2 - February 5, 2016 P1T5 - March 11, 2016 E3, E4, E5, P2T5, P3 and P4 - May 13, 2016 E2T5, P3T5, P4T5, P5 and P5T5 - September 16, 2016 O January 6, 2017 E3T5 and E4T5 January 26, 2017 Type f securities A, B, E1, E1T5, E2, E2T5, E3, E3T5, E4, E4T5, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P3T5, P4, P4T5, P5, P5T5, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A, T5 and T8 1.95% 0.330% B, S5 and S8 1.80% 0.305% E1 and E1T % 0.255% E2 and E2T5 1.75% 0.205% E3 and E3T % 0.205% E4 and E4T5 1.70% 0.180% E5 1.65% 0.180% F, F5 and F8 0.80% 0.255% P1 and P1T % 0.205% P2 and P2T5 0.75% 0.155% P3 and P3T % 0.155% P4 and P4T5 0.70% 0.130% P5 and P5T5 0.65% 0.130% *This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng-term capital grwth. It seeks a similar return t its underlying fund, which is als managed by Fidelity, by investing substantially all f its assets in units f that fund. The underlying fund aims t achieve lng-term capital grwth by investing primarily in a mix f equity securities and fixed incme securities frm arund the wrld. The underlying fund can invest in these securities either directly r indirectly thrugh investments in ther underlying funds. Currently, the underlying fund is Fidelity NrthStar Balanced Fund. The Fund uses derivatives t try t minimize the expsure t currency fluctuatins between develped market freign currencies and the Canadian dllar. The Fund may als hedge against ther freign currencies. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies The strategies described belw relate t the Fund and the underlying fund, Fidelity NrthStar Balanced Fund. T meet the Fund s bjectives, the prtfli management team f the underlying fund: Fllws a neutral mix guideline f apprximately 50% equity securities and 50% fixed incme securities. Depending n market cnditins, may vary the asset mix by up t +/- 20% frm the neutral mix if it believes this prduces the best verall return. May invest, either directly r indirectly, thrugh investments in third-tier funds, in any kind f equity r fixed incme security frm arund the wrld, including high yield securities and ther lwer quality debt securities. Cnsiders investing in cmpanies that are in special situatins, such as thse experiencing: Restructurings. Regulatry changes. Financial difficulty. Management changes. 251

258 Fidelity NrthStar Balanced Currency Neutral Fund (cntinued) Invests in equity securities f cmpanies that they believe ffer the ptential fr grwth ver the lng-term, and whse shares trade at prices reflecting attractive valuatins. May invest in high yield securities that dn t prduce incme, including defaulted securities and cmmn stck, r in cmpanies in a trubled r uncertain financial cnditin. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Value relative t market price. When buying and selling ther fixed incme securities, analyzes ther factrs, such as: The security s features. Price cmpared t estimated lng-term value. Credit quality f the issuer. Any shrt-term trading pprtunities resulting frm market inefficiencies. Analyzes credit quality f the issuer based n balance sheet strength f the issuer, cmpany leverage ratis, stability f incme, management strength and track recrd, and risks t the issuer that may impair its ability t meet its bligatins t debthlders The underlying fund may als: Grwth and earnings ptential. Invest in cmpanies f any size anywhere in the wrld. Decides which asset class a security belngs t, based n its investment characteristics. Have significant expsure t relatively few cmpanies, industries r cuntries, r t ne size f cmpany. Invests in ther securities that dn t fall within these asset classes. Hld a higher prprtin f securities that are mre illiquid than ther funds. Invests in ther underlying funds, which make these third-tier funds fr the Funds. Changes the third-tier funds in which it invests, r the percentage f the Fund s assets invested in, a particular third-tier fund at any time. Invest in fixed incme securities f any quality r term. Increase its cash and cash equivalent hldings t attempt t mitigate against dwnside risk, r where current pprtunities d nt meet the prtfli management team s investment criteria. When buying and selling high yield securities, examines each issuer s ptential based n factrs, such as: Invest in equity securities, either directly r indirectly thrugh investments in ther underlying funds, which are third-tier funds fr the Fund. Financial cnditin. Industry psitin. Ecnmic and market cnditins. The security s features. Price cmpared t estimated lng-term value. Earnings ptential. Credit standing. Quality f management. Bth the Fund and the underlying fund may hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund, the underlying fund and any third-tier fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. 252

259 Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund uses frward cntracts t hedge as cmpletely as pssible against fluctuatins caused by changes in exchange rates between develped market freign currencies and the Canadian dllar. Therefre, generally, the Fund des nt benefit frm an increase in the value f freign currencies against the Canadian dllar. As at September 30, 2017, the underlying fund invested apprximately 6.18% f its net assets in securities issued in currencies that culd nt practically r ecnmically be hedged. This amunt will vary ver time. Because an efficient market fr hedging certain currencies may nt exist, the Fund may nt be able t hedge all its freign currency expsure. Therefre, the Fund is expsed t changes in the value f certain currencies against the Canadian dllar. The Fund and the underlying fund may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team f the Fund and the underlying fund may actively trade their investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Main risk Additinal risk Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t bth glbal equity and fixed incme securities while seeking t lwer yur risk f currency fluctuatins between develped market freign currencies and the Canadian dllar, want the cnvenience f a diversified prtfli in a single fund and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. 253

260 Fidelity NrthStar Balanced Currency Neutral Fund (cntinued) Distributin plicy The Fund generally distributes any net incme at the end f each quarter. Net incme fr the furth quarter and any capital gains fr the year are distributed in December f each year. The Fund may als pay distributins at ther times during the year. Fees and expenses payable ver 1 year 3 years 5 years 10 years P5 $ P5T5 $ S5 $ S8 $ T5 $ T8 $ Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E3T5 $ E4 $ E4T5 $ E5 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P2T5 $ P3 $ P3T5 $ P4 $ P4T5 $

261 GLOBAL ASSET ALLOCATION AND BALANCED FUNDS Fidelity American Balanced Fund Fund details Fund type Date started Type f securities Eligibility fr registered plans Management and advisry fee and administratin fee Glbal balanced fund A, B, F, F5, F8, O, S5, S8, T5 and T8 May 6, 2015 P1, P1T5, P2, P2T5, P3, P4 and P5 - December 4, 2015 E1, E1T5, E2, E2T5, E3 and E4 - February 5, 2016 E5 - May 13, 2016 E3T5 and P3T5 January 26, 2017 A*, B*, E1*, E1T5*, E2*, E2T5*, E3*, E3T5, E4*, E5, F*, F5*, F8*, O, P1*, P1T5*, P2*, P2T5*, P3*, P3T5*, P4*, P5*, S5*, S8*, T5* and T8* units f a mutual fund trust Qualified investment fr registered plans Management and advisry fee Administratin fee** A, T5 and T8 2.00% 0.255% B, S5 and S8 1.85% 0.205% E1 and E1T % 0.155% E2 and E2T5 1.80% 0.105% E3 and E3T % 0.105% E % 0.105% E5 1.70% 0.105% F, F5 and F8 0.85% 0.200% P1 and P1T % 0.150% P2 and P2T5 0.80% 0.100% P3 and P3T % 0.100% P % 0.100% P5 0.70% 0.100% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng term capital grwth. It invests primarily in a mix f equity securities, fixed incme securities and mney market instruments f U.S. issuers and ther issuers frm arund the wrld. The Fund can invest in these securities either directly r indirectly thrugh investments in underlying funds. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Fllws a neutral mix guideline f apprximately 65% equity securities, and 35% fixed incme securities and mney market instruments. Depending n market cnditins, may vary the asset mix frm the neutral mix if it believes this prduces the best verall return. Generally keeps the Fund s asset mix within the fllwing ranges: 55%-75% equity securities, and 25%- 45% fixed incme securities and mney market instruments. May invest in a wide variety f equity and fixed incme securities, including cmmn shares, investment grade and high yield fixed incme securities, cmmercial mrtgage-backed securities, emerging market debt securities, cnvertible securities, and flating rate debt instruments, either directly r indirectly thrugh investments in underlying funds. Decides which asset class a security belngs t, based n its investment characteristics. May invest the Fund s assets in ther securities r underlying fund, that dn t fall within these classes. May invest in high yield securities that dn t prduce incme, including defaulted securities and cmmn stck, r in cmpanies in a trubled r uncertain financial cnditin. May change the underlying funds invested in, r the percentage f the Fund s assets invested in, a particular underlying fund at any time. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: 255

262 Fidelity American Balanced Fund (cntinued) Financial cnditin. Industry psitin. Ecnmic and market cnditins. Grwth ptential. Earnings estimates. Quality f management. When buying and selling high yield securities, examines each issuer s ptential based n factrs, such as: Financial cnditin. Industry psitin. Ecnmic and market cnditins. The security s features. Price cmpared t estimated lng-term value. Earnings ptential. Credit standing. Quality f management. When buying and selling ther fixed incme securities, analyzes ther factrs, such as: The security s features. Price cmpared t estimated lng-term value. Credit quality f the issuer. Any shrt-term trading pprtunities resulting frm market inefficiencies. Analyzes credit quality f the issuer based n balance sheet strength f the issuer, cmpany leverage ratis, stability f incme, management strength and track recrd, and risks t the issuer that may impair its ability t meet its bligatins t debthlders. The Fund may als: Invest in cmpanies f any size anywhere in the wrld. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund and any underlying fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may hedge sme r all f its freign currency expsure. The prtfli management team makes this decisin as part f the implementatin f the verall investment strategy f the Fund based n a number f factrs, including the relative investment merits f the particular freign currency versus the Canadian dllar. The Fund s expsure t freign currency varies based n the extent f its freign currency denminated investments, as well as the extent t which the prtfli management team decide t hedge the Fund s currency expsure. The Fund s freign currency expsure may change at any time, and withut ntice. The Fund and any underlying fund may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team f the Fund and any underlying fund may actively trade the Fund and underlying fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. Hld cash. 256

263 What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 10.4% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t bth glbal equity and fixed incme securities, want the cnvenience f a diversified prtfli in a single fund and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme at the end f each quarter. Net incme fr the furth quarter and any capital gains fr the year are distributed in December f each year. The Fund may als pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E3T5 $ E4 $ E5 $ F $ F5 $

264 Fidelity American Balanced Fund (cntinued) Fees and expenses payable ver 1 year 3 years 5 years 10 years F8 $ P1 $ P1T5 $ P2 $ P2T5 $ P3 $ P3T5 $ P4 $ P5 $ S5 $ S8 $ T5 $ T8 $

265 GLOBAL ASSET ALLOCATION AND BALANCED FUNDS Fidelity American Balanced Currency Neutral Fund Fund details Fund type Glbal balanced fund Date started A, B, E1, F, F5, F8, P1, S5, S8, T5 and T8 April 22, 2016 E1T5, E2, E2T5, E3, P1T5, P2, P2T5, P3 and P3T5 January 6, 2017 Type f securities A, B, E1, E1T5, E2, E2T5, E3, F, F5, F8, P1, P1T5, P2, P2T5, P3, P3T5, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered plans Management and advisry fee and administratin fee Expected t be a qualified investment fr registered plans Management and advisry fee Administratin fee* A, T5 and T8 2.00% 0.285% B, S5 and S8 1.85% 0.235% E1 and E1T % 0.185% E2 and E2T5 1.80% 0.135% E % 0.135% F, F5 and F8 0.85% 0.230% P1 and P1T % 0.180% P2 and P2T5 0.80% 0.130% P3 and P3T % 0.130% *This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve lng term capital grwth. It seeks a similar return t its underlying fund, which is als managed by Fidelity, by investing substantially all f its assets in units f that fund. The underlying fund aims t achieve lng term capital grwth by investing primarily in a mix f equity securities, fixed incme securities and mney market instruments f U.S. issuers and ther issuers frm arund the wrld. The underlying fund can invest in these securities either directly r indirectly thrugh investments in ther underlying funds. Currently, the underlying fund is Fidelity American Balanced Fund. The Fund uses derivatives t try t minimize the expsure t currency fluctuatins between freign currencies in develped markets (such as the U.S. dllar, the Eur r the Yen) and the Canadian dllar. The Fund may als hedge against ther freign currencies. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies The strategies described belw relate t the Fund and the underlying fund, Fidelity American Balanced Fund. T meet the Fund s bjectives, the prtfli management team f the underlying fund: Fllws a neutral mix guideline f apprximately 65% equity securities, and 35% fixed incme securities and mney market instruments. Depending n market cnditins, may vary the underlying fund s asset mix frm the neutral mix if it believes this prduces the best verall return. Generally keeps the underlying fund s asset mix within the fllwing ranges: 55%-75% equity securities, and 25%-45% fixed incme securities and mney market instruments. May invest in a wide variety f equity and fixed incme securities, including cmmn shares, investment grade and high yield fixed incme securities, cmmercial mrtgage-backed securities, emerging market debt securities, cnvertible securities, and flating rate debt instruments, either directly r indirectly thrugh investments in third-tier funds. Decides which asset class a security belngs t, based n its investment characteristics. Invests in ther securities that dn t fall within these asset classes. Invests in underlying funds, which make these third-tier funds fr the Fund. May invest in high yield securities that dn t prduce incme, including defaulted securities and cmmn stck, r in cmpanies in a trubled r uncertain financial cnditin. 259

266 Fidelity American Balanced Currency Neutral Fund (cntinued) May change the third-tier funds it invests in, r the percentage f the underlying fund s assets invested in, a particular third-tier fund at any time. When buying and selling equity securities, may cnsider ther factrs abut a cmpany, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Grwth ptential. Earnings estimates. Quality f management. When buying and selling high yield securities, examines each issuer s ptential based n factrs, such as: Financial cnditin. Industry psitin. Ecnmic and market cnditins. The security s features. Price cmpared t estimated lng-term value. Earnings ptential. Credit standing. Quality f management. When buying and selling ther fixed incme securities, analyzes ther factrs, such as: The security s features. Price cmpared t estimated lng-term value. Credit quality f the issuer. Any shrt-term trading pprtunities resulting frm market inefficiencies. Analyzes credit quality f the issuer based n balance sheet strength f the issuer, cmpany leverage ratis, stability f incme, management strength and track recrd, and risks t the issuer that may impair its ability t meet its bligatins t debthlders. 260 Invests in ther securities that dn t fall within these classes. Invests in ther underlying funds, which make these third-tier funds fr the Fund. Changes the third-tier funds in invests in, r the percentage f the underlying fund s assets invested in, a particular third-tier fund at any time. The underlying fund may als: Invest in cmpanies f any size anywhere in the wrld. Invest in equity securities, either directly r indirectly thrugh investments in ther underlying funds, which are third-tier funds fr the Fund. Bth the Fund and the underlying fund may hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund, the underlying fund and any third-tier fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund uses frward cntracts t hedge as cmpletely as pssible against fluctuatins caused by changes in exchange rates between develped market freign currencies and the Canadian dllar. Therefre, generally, the Fund des nt benefit frm an increase in the value f freign currencies against the Canadian dllar. The underlying fund may hedge sme r all f its freign currency expsure. The prtfli management team makes this decisin as part f the implementatin f the verall investment strategy f the underlying fund. The underlying fund s expsure t freign currency varies based n the extent f its freign currency denminated investments, as

267 well as the extent t which the prtfli management team decides t hedge the underlying fund s currency expsure. The underlying fund s freign currency expsure may change at any time, and withut ntice. The Fund and the underlying fund may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team f the Fund and the underlying fund may actively trade their investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Main risk Additinal risk Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Wh shuld invest in this fund? Additinal risk Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t bth glbal equity and fixed incme securities while seeking t lwer yur risk f currency fluctuatins between develped market freign currencies and the Canadian dllar, want the cnvenience f a diversified prtfli in a single fund and can handle the vlatility f returns generally assciated with equity investments. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme at the end f each quarter. Net incme fr the furth quarter and any capital gains fr the year are distributed in December f each year. The Fund may als pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. 261

268 Fidelity American Balanced Currency Neutral Fund (cntinued) Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P2T5 $ P3 $ P3T5 $ S5 $ S8 $ T5 $ T8 $

269 GLOBAL ASSET ALLOCATION AND BALANCED FUNDS Fidelity Cnservative Incme Fund Fund details Fund type Glbal balanced fund Date started A, B, F, F5, F8, O, S5, S8, T5 and T8 - May 6, 2015 P1, P1T5, P2, P3 and P4 - December 4, 2015 E1, E2, E3 and E4 - February 5, 2016 E1T5 - May 13, 2016 E2T5 and P5 - September 16, 2016 P2T5 January 6, 2017 E3T5, E4T5 and E5 January 26, 2017 P3T5 and P4T5 April 21, 2017 P5T5 July 14, 2017 Type f securities A*, B*, E1*, E1T5, E2*, E2T5, E3*, E3T5, E4*, E4T5, E5*, F*, F5*, F8*, O, P1*, P1T5*, P2*, P2T5, P3, P3T5, P4, P4T5, P5, P5T5, S5*, S8*, T5*, and T8* units f a mutual fund trust Eligibility fr registered Qualified investment fr registered plans plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A, T5 and T8 1.55% 0.255% B, S5 and S8 1.40% 0.205% E1 and E1T5 1.40% 0.155% E2 and E2T % 0.130% E3 and E3T % 0.105% E4 and E4T5 1.35% 0.080% E5 1.30% 0.080% F, F5 and F8 0.65% 0.205% P1 and P1T5 0.65% 0.155% P2 and P2T % 0.130% P3 and P3T % 0.105% P4 and P4T5 0.60% 0.080% P5 and P5T5 0.55% 0.080% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve a cmbinatin f a steady flw f incme with the ptential fr capital gains. The Fund invests primarily in a mix f fixed incme securities and equity securities frm arund the wrld. The Fund can invest in these securities either directly r indirectly thrugh investments in underlying funds. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Uses an asset allcatin strategy. Fllws a neutral mix guideline f apprximately 80% fixed incme securities and mney market instruments, and 20% equity securities. Depending n market cnditins, may vary the asset mix frm the neutral mix if it believes this prduces the best verall return. Generally keeps the Fund s asset mix within the fllwing ranges: 70%-95% fixed incme securities and mney market, and 5%-30% equity securities. Within the Fund s fixed incme and mney market hldings, generally keeps the expsure t investment grade securities between 75% and 100%. Invests in a mix f fixed incme and equity securities, including glbal investment grade fixed incme securities, higher yielding lwer quality fixed incme securities, senir secured flating rate debt instruments, emerging markets debt securities, assetbacked securities, cmmercial mrtgage-backed securities, mney market instruments, cmmn stcks, cnvertible securities, preferred stcks, REITs, and ther real estate related securities. Decides which asset class a security belngs t, based n its investment characteristics. May invest the Fund s assets in ther securities that dn t fall within these classes. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut 263

270 Fidelity Cnservative Incme Fund (cntinued) each f the mutual funds described in this dcument, the Fund and any underlying fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may hedge sme r all f its freign currency expsure. The prtfli management team makes this decisin as part f the implementatin f the verall investment strategy f the Fund based n a number f factrs, including its view f the relative investment merits f the particular freign currency versus the Canadian dllar. The Fund s expsure t freign currency varies based n the extent f its freign currency denminated investments, as well as the extent t which the prtfli management team decides t hedge the Fund s currency expsure. The Fund s freign currency expsure may change at any time, and withut ntice. The Fund and any underlying fund may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team f the Fund may actively trade its investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. 264 Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Main risk Additinal risk Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t bth glbal fixed incme and equity securities (with an emphasis n incme) and want the cnvenience f a diversified prtfli in a single fund. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a lw level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme at the end f each mnth. Any capital gains fr the year are distributed in December f each year. The Fund may als pay distributins at ther times during the year.

271 Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E3T5 $ E4 $ E4T5 $ E5 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P2T5 $ P3 $ P4 $ P5 $ S5 $ S8 $ T5 $ T8 $

272 Prfiles f ur Fidelity Managed Prtflis The Fidelity Managed Prtflis ffer diversificatin f investments thrugh asset allcatin in a single investment. Each Fidelity Managed Prtfli invests primarily in underlying funds that, in turn, generally invest in equity securities and/r fixed incme securities. The neutral mix f each Fidelity Managed Prtfli is different, with the prtflis ffering a range f investments in equity securities frm apprximately 40% t 85%, and in fixed incme securities frm apprximately 15% t 60%, with crrespnding risk prfiles. Where the neutral mix f certain Prtflis is the same, they differ in that ne has generally mre emphasis n Canadian equity securities and fixed incme securities, and the ther is fcused primarily n investing in glbal equity and fixed incme securities. The neutral mix f each Prtfli may be adjusted frm time t time within certain ranges, depending n market cnditins. Fidelity Managed Prtflis Fidelity Incme Prtfli Fidelity Glbal Incme Prtfli Fidelity Balanced Prtfli Fidelity Glbal Balanced Prtfli Fidelity Grwth Prtfli Fidelity Glbal Grwth Prtfli Fidelity Balanced Managed Risk Prtfli Fidelity Cnservative Managed Risk Prtfli 266

273 FIDELITY MANAGED PORTFOLIOS Fidelity Incme Prtfli Fund details Fund type Diversified incme Date started A, B, F, F5, F8, O, S5, S8, T5 and T8 - April 18, 2007 P1, P1T5, P2 and P3 - December 4, 2015 E1, E1T5, E2, E2T5 and E3 - February 5, 2016 E4 January 6, 2017 P2T5 April 21, 2017 Type f securities A, B, E1, E1T5, E2, E2T5, E3, E4, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans We can t change the Prtfli s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Prtfli s bjectives, the prtfli management team: Fllws a neutral mix guideline f apprximately 40% equity, and 60% fixed incme and mney market instruments. Depending n market cnditins, may vary the asset mix by up t +/- 15% frm the neutral mix if it believes this prduces the best verall return. Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A, T5 and T8 1.85% 0.255% B, S5 and S8 1.70% 0.205% E1 and E1T5 1.70% 0.155% E2 and E2T % 0.105% E3 1.65% 0.105% E % 0.105% F, F5 and F8 0.70% 0.200% P1 and P1T5 0.70% 0.150% Uses an asset allcatin strategy, and invests primarily in underlying funds, including ther Fidelity Funds and ETFs. Invests in underlying funds that invest in any kind f equity r fixed incme security, including high yield securities and ther lwer quality debt securities, with a fcus n Canadian equity and fixed incme securities. Decides which asset class a fund r security belngs t, based n its investment characteristics. P2 and P2T % 0.100% P3 0.65% 0.100% *This is the Administratin Fee if the Prtfli has less than $100 millin in net assets. If the Prtfli has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Prtfli has ver $1 billin in net assets, there is a further 0.01% reductin. Invests in underlying funds that invest in ther securities that dn t fall within these classes. May change the underlying funds invested in, r the percentage f the Prtfli s assets invested in a particular underlying fund, at any time. What des the fund invest in? Investment bjectives The Prtfli aims t achieve a cmbinatin f a steady flw f incme with the ptential fr capital gains. The Prtfli is geared twards incme. It invests primarily in underlying funds. These underlying funds generally invest in Canadian equity securities, freign equity securities and/r fixed incme securities, with generally mre emphasis n Canadian equity securities and fixed incme securities. The Prtfli may als hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Prtfli and the underlying funds may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. 267

274 Fidelity Incme Prtfli (cntinued) Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Prtfli may hedge sme r all f its freign currency expsure. The prtfli management team makes this decisin as part f the implementatin f the verall investment strategy f the Prtfli based n a number f factrs, including its view f the relative investment merits f the particular freign currency versus the Canadian dllar. The Prtfli s expsure t freign currency varies based n the extent f its freign currency denminated investments, as well as the extent t which the prtfli management team decides t hedge the Prtfli s currency expsure. The Prtfli s freign currency expsure may change at any time, and withut ntice. Certain f the underlying funds may frm time t time invest in asset-backed securities and mrtgage-backed securities. The Prtfli and the underlying funds may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin as prtectin during a market dwnturn, r fr ther reasns. The prtfli management team f the Prtfli and the underlying funds may actively trade their investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Prtfli in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Prtfli. The risks withut a bullet in either clumn are nt a risk fr the Prtfli. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Main risk Additinal risk Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Wh shuld invest in this fund? Yu might want t cnsider the Prtfli if yu plan t hld yur investment fr the lng-term, want t gain expsure t bth Canadian and freign equity and fixed incme securities, want the cnvenience f a diversified prtfli in a single fund and want the ptential fr bth incme and capital gains. The Prtfli is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Prtfli, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. 268

275 Distributin plicy The Prtfli generally distributes any net incme at the end f each quarter. Net incme fr the furth quarter and any capital gains fr the year are distributed in December f each year. The Prtfli may als pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Prtfli. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Prtfli unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Prtfli. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Prtfli s expenses directly, but they reduce the Prtfli s returns. This table shws hw much the Prtfli wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E4 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P2T5 $ P3 $ S5 $ S8 $ T5 $ T8 $

276 FIDELITY MANAGED PORTFOLIOS Fidelity Glbal Incme Prtfli Fund details Fund type Glbal incme Date started A, B, F, F5, F8, O, S5, S8, T5 and T8 - April 18, 2007 P1, P1T5, P2 and P3 - December 4, 2015 E1, E1T5, E2 and E3 - February 5, 2016 P2T5 - September 16, 2016 E2T5 and E4 January 6, 2017 E5 January 26, 2017 P4 September 22, 2017 Type f securities A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P4, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A, T5 and T8 1.85% 0.255% B, S5 and S8 1.70% 0.205% E1 and E1T5 1.70% 0.155% E2 and E2T % 0.105% E3 1.65% 0.105% E % 0.105% E5 1.60% 0.105% F, F5 and F8 0.70% 0.200% P1 and P1T5 0.70% 0.150% P2 and P2T % 0.100% P3 0.65% 0.100% P % 0.100% *This is the Administratin Fee if the Prtfli has less than $100 millin in net assets. If the Prtfli has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Prtfli has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Prtfli aims t achieve a cmbinatin f a steady flw f incme with the ptential fr capital gains. The Prtfli is geared twards incme. It invests primarily in underlying funds. These underlying funds generally invest in glbal equity securities and/r fixed incme securities. We can t change the Prtfli s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Prtfli s bjectives, the prtfli management team: Fllws a neutral mix guideline f apprximately 40% equity, and 60% fixed incme and mney market instruments. Depending n market cnditins, may vary the asset mix by up t +/- 15% frm the neutral mix if it believes this prduces the best verall return. Uses an asset allcatin strategy, and invests primarily in underlying funds, including ther Fidelity Funds and ETFs. Invests in underlying funds that invest in any kind f equity r fixed incme security, glbal equity and/r fixed incme securities. Decides which asset class a fund r security belngs t, based n its investment characteristics. Invests in underlying funds that invest in ther securities that dn t fall within these classes. May change the underlying funds invested in, r the percentage f the Prtfli s assets invested in a particular underlying fund, at any time. The Prtfli may als hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Prtfli and the underlying funds may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. 270

277 Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Prtfli may hedge sme r all f its freign currency expsure. The prtfli management team makes this decisin as part f the implementatin f the verall investment strategy f the Prtfli based n a number f factrs, including its view f the relative investment merits f the particular freign currency versus the Canadian dllar. The Prtfli s expsure t freign currency varies based n the extent f its freign currency denminated investments, as well as the extent t which the prtfli management team decides t hedge the Prtfli s currency expsure. The Prtfli s freign currency expsure may change at any time, and withut ntice. Certain f the underlying funds may frm time t time invest in asset-backed securities and mrtgage-backed securities. The Prtfli and the underlying funds may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team f the Prtfli and the underlying funds may actively trade their investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Prtfli in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Prtfli. The risks withut a bullet in either clumn are nt a risk fr the Prtfli. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Main risk Additinal risk Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Wh shuld invest in this fund? Yu might want t cnsider the Prtfli if yu plan t hld yur investment fr the lng-term, want t gain expsure t bth glbal equity and fixed incme securities, want the cnvenience f a diversified prtfli in a single fund and want the ptential fr bth incme and capital gains. The Prtfli is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Prtfli, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. 271

278 Fidelity Glbal Incme Prtfli (cntinued) Distributin plicy The Prtfli generally distributes any net incme at the end f each quarter. Net incme fr the furth quarter and any capital gains fr the year are distributed in December f each year. The Prtfli may als pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Prtfli. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Prtfli unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Prtfli. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Prtfli s expenses directly, but they reduce the Prtfli s returns. This table shws hw much the Prtfli wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E4 $ E5 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P2T5 $ P3 $ S5 $ S8 $ T5 $ T8 $

279 FIDELITY MANAGED PORTFOLIOS Fidelity Balanced Prtfli Fund details Fund type Balanced Date started A, B, F, F5, F8, O, S5, S8, T5 and T8 - April 18, 2007 P1, P1T5, P2 and P3 - December 4, 2015 E1, E1T5, E2 and E3 - February 5, 2016 E4 - September 16, 2016 P4 January 6, 2017 E2T5 and P2T5 January 26, 2017 P5 July 14, 2017 Type f securities A, B, E1, E1T5, E2, E2T5, E3, E4, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P4, P5, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A, T5 and T8 1.95% 0.255% B, S5 and S8 1.80% 0.205% E1 and E1T % 0.155% E2 and E2T5 1.75% 0.105% E % 0.105% E4 1.70% 0.105% F, F5 and F8 0.80% 0.200% P1 and P1T % 0.150% P2 and P2T5 0.75% 0.100% P % 0.100% P4 0.70% 0.100% P5 0.65% 0.100% *This is the Administratin Fee if the Prtfli has less than $100 millin in net assets. If the Prtfli has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Prtfli has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Prtfli aims t achieve high ttal investment return. The Prtfli uses a balanced apprach. It invests primarily in underlying funds. These underlying funds generally invest in Canadian equity securities, freign equity securities and/r fixed incme securities, with generally mre emphasis n Canadian equity securities and fixed incme securities. We can t change the Prtfli s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Prtfli s bjectives, the prtfli management team: Fllws a neutral mix guideline f apprximately 60% equity, and 40% fixed incme and mney market instruments. Depending n market cnditins, may vary the asset mix by up t +/- 15% frm the neutral mix if it believes this prduces the best verall return. Uses an asset allcatin strategy, and invests primarily in underlying funds, including ther Fidelity Funds and ETFs. Invests in underlying funds that invest in any kind f equity r fixed incme security, with a fcus n Canadian equity and fixed incme securities. Decides which asset class a fund r security belngs t, based n its investment characteristics. Invests in underlying funds that invest in ther securities that dn t fall within these classes. May change the underlying funds invested in, r the percentage f the Prtfli s assets invested in a particular underlying fund, at any time. The Prtfli may als hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Prtfli and the underlying funds may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. 273

280 Fidelity Balanced Prtfli (cntinued) Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Prtfli may hedge sme r all f its freign currency expsure. The prtfli management team makes this decisin as part f the implementatin f the verall investment strategy f the Prtfli based n a number f factrs, including its view f the relative investment merits f the particular freign currency versus the Canadian dllar. The Prtfli s expsure t freign currency varies based n the extent f its freign currency denminated investments, as well as the extent t which the prtfli management team decides t hedge the Prtfli s currency expsure. The Prtfli s freign currency expsure may change at any time, and withut ntice. Certain f the underlying funds may frm time t time invest in asset-backed securities and mrtgage-backed securities. The Prtfli and the underlying funds may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team f the Prtfli and the underlying funds may actively trade their investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Prtfli in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Prtfli. The risks withut a bullet in either clumn are nt a risk fr the Prtfli. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Main risk Additinal risk Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Wh shuld invest in this fund? Yu might want t cnsider the Prtfli if yu plan t hld yur investment fr the lng-term, want t gain expsure t bth Canadian and freign equity and fixed incme securities, want the cnvenience f a diversified prtfli in a single fund and can handle the vlatility f returns generally assciated with equity investments. The Prtfli is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Prtfli, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Risk Checklist 274

281 Distributin plicy The Prtfli generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Prtfli. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Prtfli unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Prtfli. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Prtfli s expenses directly, but they reduce the Prtfli s returns. This table shws hw much the Prtfli wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E4 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P2T5 $ P3 $ P4 $ S5 $ S8 $ T5 $ T8 $

282 FIDELITY MANAGED PORTFOLIOS Fidelity Glbal Balanced Prtfli Fund details Fund type Glbal balanced Date started A, B, F, F5, F8, O, S5, S8, T5 and T8 - April 18, 2007 P1, P1T5, P2 and P3 - December 4, 2015 E1, E1T5, E2, E2T5, E3, E4 and E5 - February 5, 2016 P4 - March 11, 2016 P2T5 and P3T5 - September 16, 2016 Type f securities A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P3T5, P4, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A, T5 and T8 1.95% 0.255% B, S5 and S8 1.80% 0.205% E1 and E1T % 0.155% E2 and E2T5 1.75% 0.105% E % 0.105% E4 1.70% 0.105% E5 1.65% 0.105% F, F5 and F8 0.80% 0.200% P1 and P1T % 0.150% P2 and P2T5 0.75% 0.100% P3 and P3T % 0.100% P4 0.70% 0.100% *This is the Administratin Fee if the Prtfli has less than $100 millin in net assets. If the Prtfli has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Prtfli has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Prtfli aims t achieve high ttal investment return. The Prtfli uses a balanced apprach. It invests primarily in underlying funds. These underlying funds generally invest in glbal equity securities and/r fixed incme securities. We can t change the Prtfli s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Prtfli s bjectives, the prtfli management team: Fllws a neutral mix guideline f apprximately 60% equity, and 40% fixed incme and mney market instruments. Depending n market cnditins, may vary the asset mix by up t +/- 15% frm the neutral mix if it believes this prduces the best verall return. Uses an asset allcatin strategy, and invests primarily in underlying funds, including ther Fidelity Funds and ETFs. Invests in underlying funds that invest in any kind f equity r fixed incme security, including glbal equity and/r fixed incme securities. Decides which asset class a fund r security belngs t, based n its investment characteristics. Invests in underlying funds that invest in ther securities that dn t fall within these classes. May change the underlying funds invested in, r the percentage f the Prtfli s assets invested in a particular underlying fund, at any time. The Prtfli may als hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Prtfli and the underlying funds may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. 276

283 Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Prtfli may hedge sme r all f its freign currency expsure. The prtfli management team makes this decisin as part f the implementatin f the verall investment strategy f the Prtfli based n a number f factrs, including its view f the relative investment merits f the particular freign currency versus the Canadian dllar. The Prtfli s expsure t freign currency varies based n the extent f its freign currency denminated investments, as well as the extent t which the prtfli management team decides t hedge the Prtfli s currency expsure. The Prtfli s freign currency expsure may change at any time, and withut ntice. Certain f the underlying funds may frm time t time invest in asset-backed securities and mrtgage-backed securities. The Prtfli and the underlying funds may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team f the Prtfli and the underlying funds may actively trade their investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Prtfli in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Prtfli. The risks withut a bullet in either clumn are nt a risk fr the Prtfli. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Main risk Additinal risk Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Wh shuld invest in this fund? Yu might want t cnsider the Prtfli if yu plan t hld yur investment fr the lng-term, want t gain expsure t bth glbal equity and fixed incme securities, want the cnvenience f a diversified prtfli in a single fund and can handle the vlatility f returns generally assciated with equity investments. The Prtfli is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Prtfli, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. 277

284 Fidelity Glbal Balanced Prtfli (cntinued) Distributin plicy The Prtfli generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Prtfli. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Prtfli unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Prtfli. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Prtfli s expenses directly, but they reduce the Prtfli s returns. This table shws hw much the Prtfli wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E4 $ E5 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P2T5 $ P3 $ P3T5 $ P4 $ S5 $ S8 $ T5 $ T8 $

285 FIDELITY MANAGED PORTFOLIOS Fidelity Grwth Prtfli Fund details Fund type Diversified grwth Date started A, B, F, F5, F8, O, S5, S8, T5 and T8 -April 18, 2007 P1 and P2 - December 4, 2015 E1, E1T5, E2 and E3 - February 5, 2016 P1T5 January 6, 2017 Type f securities A, B, E1, E1T5, E2, E3, F, F5, F8, O, P1, P1T5, P2, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A, T5 and T8 2.00% 0.255% B, S5 and S8 1.85% 0.205% E1 and E1T % 0.155% E2 1.80% 0.105% E % 0.105% F, F5 and F8 0.85% 0.200% P1 and P1T % 0.150% P2 0.80% 0.100% *This is the Administratin Fee if the Prtfli has less than $100 millin in net assets. If the Prtfli has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Prtfli has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Prtfli aims t achieve high ttal investment return. The Prtfli is geared twards capital grwth. It invests primarily in underlying funds. These underlying funds generally invest in Canadian equity securities, freign equity securities and/r fixed incme securities, with generally mre emphasis n Canadian equity securities and fixed incme securities. We can t change the Prtfli s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Prtfli s bjectives, the prtfli management team: Fllws a neutral mix guideline f apprximately 85% equity, and 15% fixed incme and mney market instruments. Depending n market cnditins, may vary the asset mix by up t +/- 15% frm the neutral mix if it believes this prduces the best verall return. Uses an asset allcatin strategy, and invests primarily in underlying funds, including ther Fidelity Funds and ETFs. Invests in underlying funds that invest in any kind f equity r fixed incme security with a fcus n Canadian equity and fixed incme securities. Decides which asset class a fund r security belngs t, based n its investment characteristics. Invests in underlying funds that invest in ther securities that dn t fall within these classes. May change the underlying funds invested in, r the percentage f the Prtfli s assets invested in a particular underlying fund, at any time. The Prtfli may als hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Prtfli and the underlying funds may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. 279

286 Fidelity Grwth Prtfli (cntinued) The Prtfli may hedge sme r all f its freign currency expsure. The prtfli management team makes this decisin as part f the implementatin f the verall investment strategy f the Prtfli based n a number f factrs, including its view f the relative investment merits f the particular freign currency versus the Canadian dllar. The Prtfli s expsure t freign currency varies based n the extent f its freign currency denminated investments, as well as the extent t which the prtfli management team decides t hedge the Prtfli s currency expsure. The Prtfli s freign currency expsure may change at any time, and withut ntice. Certain f the underlying funds may frm time t time invest in asset-backed securities and mrtgage-backed securities. The Prtfli and the underlying funds may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team f the Prtfli and the underlying funds may actively trade their investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Prtfli in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Prtfli. The risks withut a bullet in either clumn are nt a risk fr the Prtfli. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Main risk Additinal risk Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Main risk Additinal risk Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Wh shuld invest in this fund? Yu might want t cnsider the Prtfli if yu plan t hld yur investment fr the lng-term, want t gain expsure t bth Canadian and freign equity and fixed incme securities, want the cnvenience f a diversified prtfli in a single fund and can handle the vlatility f returns generally assciated with equity investments. The Prtfli is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Prtfli, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Prtfli generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Prtfli. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f 280

287 the Prtfli unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Prtfli. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Prtfli s expenses directly, but they reduce the Prtfli s returns. This table shws hw much the Prtfli wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E3 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ S5 $ S8 $ T5 $ T8 $

288 FIDELITY MANAGED PORTFOLIOS Fidelity Glbal Grwth Prtfli Fund details Fund type Glbal grwth Date started A, B, F, F5, F8, O, S5, S8, T5 and T8 - April 18, 2007 P1, P2 and P3 - December 4, 2015 E1, E1T5, E2 and E3 February 5, 2016 E4 - May 13, 2016 P1T5 - September 16, 2016 P2T5 and P4 September 22, 2017 Type f securities A, B, E1, E1T5, E2, E3, E4, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P4, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A, T5 and T8 2.00% 0.255% B, S5 and S8 1.85% 0.205% E1 and E1T % 0.155% E2 1.80% 0.105% E % 0.105% E % 0.105% F, F5 and F8 0.85% 0.200% P1 and P1T % 0.150% P2 and P2T5 0.80% 0.100% P % 0.100% P % 0.100% *This is the Administratin Fee if the Prtfli has less than $100 millin in net assets. If the Prtfli has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Prtfli has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Prtfli aims t achieve high ttal investment return. The Prtfli is geared twards capital grwth. It invests primarily in underlying funds. These underlying funds generally invest in glbal equity securities and/r fixed incme securities. We can t change the Prtfli s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Prtfli s bjectives, the prtfli management team: Fllws a neutral mix guideline f apprximately 85% equity, and 15% fixed incme and mney market instruments. Depending n market cnditins, may vary the asset mix by up t +/- 15% frm the neutral mix if it believes this prduces the best verall return. Uses an asset allcatin strategy, and invests primarily in underlying funds, including ther Fidelity Funds and ETFs. Invests in underlying funds that invest in any kind f equity r fixed incme security, including glbal equity and/r fixed incme securities. Decides which asset class a fund r security belngs t, based n its investment characteristics. Invests in underlying funds that invest in ther securities that dn t fall within these classes. May change the underlying funds invested in, r the percentage f the Prtfli s assets invested in a particular underlying fund, at any time. The Prtfli may als hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Prtfli and the underlying funds may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. 282

289 Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Prtfli may hedge sme r all f its freign currency expsure. The prtfli management team makes this decisin as part f the implementatin f the verall investment strategy f the Prtfli based n a number f factrs, including its view f the relative investment merits f the particular freign currency versus the Canadian dllar. The Prtfli s expsure t freign currency varies based n the extent f its freign currency denminated investments, as well as the extent t which the prtfli management team decides t hedge the Prtfli s currency expsure. The Prtfli s freign currency expsure may change at any time, and withut ntice. Certain f the underlying funds may frm time t time invest in asset-backed securities and mrtgage-backed securities. The Prtfli and the underlying funds may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team f the Prtfli and the underlying funds may actively trade their investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Prtfli in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Prtfli. The risks withut a bullet in either clumn are nt a risk fr the Prtfli. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Main risk Additinal risk Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Main risk Additinal risk Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Wh shuld invest in this fund? Yu might want t cnsider the Prtfli if yu plan t hld yur investment fr the lng-term, want t gain expsure t bth glbal equity and fixed incme securities, want the cnvenience f a diversified prtfli in a single fund and can handle the vlatility f returns generally assciated with equity investments. The Prtfli is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Prtfli, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Prtfli generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Prtfli. 283

290 Fidelity Glbal Grwth Prtfli (cntinued) Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Prtfli unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Prtfli. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Prtfli s expenses directly, but they reduce the Prtfli s returns. This table shws hw much the Prtfli wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E3 $ E4 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P3 $ S5 $ S8 $ T5 $ T8 $

291 FIDELITY MANAGED PORTFOLIOS Fidelity Balanced Managed Risk Prtfli Fund details Fund type Glbal balanced Date started A, B, E1, E1T5, F, F5, F8, O, P1, P1T5, S5, S8, T5 and T8 Octber 28, 2016 E2, E3, E4, E5, P2, P3, P4 and P5 January 26, 2017 P2T5 July 14, 2017 E2T5 and P3T5 September 22, 2017 Type f securities A*, B*, E1*, E1T5*, E2*, E2T5, E3*, E4*, E5*, F*, F5*, F8*, O, P1*, P1T5*, P2*, P2T5, P3*, P3T5, P4*, P5*, S5*, S8*, T5* and T8* units f a mutual fund trust Eligibility fr registered plans Expected t be a qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A, T5 and T8 1.95% 0.255% B, S5 and S8 1.80% 0.205% E1 and E1T % 0.155% E2 and E2T5 1.75% 0.105% E % 0.105% E4 1.70% 0.105% E5 1.65% 0.105% F, F5 and F8 0.80% 0.200% P1 and P1T % 0.150% P2 and P2T5 0.75% 0.100% P3 and P3T % 0.100% P4 0.70% 0.100% P5 0.65% 0.100% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Prtfli has less than $100 millin in net assets. If the Prtfli has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Prtfli has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Prtfli aims t achieve lng-term capital grwth while mitigating the Prtfli s expsure t market vlatility. funds. The Prtfli may als hld cash and ther types f securities. We can t change the Prtfli s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Prtfli s bjectives, the prtfli management team: Fllws a neutral mix guideline f apprximately 60% equity, and 40% fixed incme. May vary the Prtfli s expsure t equity between apprximately 45% and 70%, and fixed incme between apprximately 30% and 55%. Invests in underlying funds that invest in any kind f equity r fixed incme security. Invests in high yield securities r ther lwer quality debt securities, either directly r indirectly thrugh investments in underlying funds. Uses strategies like investing in asset classes with lw crrelatin t each ther, such as lw vlatility equity prtflis and diversified fixed incme securities, t mitigate the Prtfli s expsure t market vlatility. As a result f the investment strategies t mitigate the Prtfli s expsure t market vlatility, the Prtfli may nt fully benefit frm strng market grwth. The Prtfli may als: Invest in ther types f securities. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Prtfli and the underlying funds may: The Prtfli uses a balanced apprach. It invests primarily in a mix f equity and fixed incme securities f issuers anywhere in the wrld. It invests in these securities either directly r indirectly thrugh investments in underlying Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. 285

292 Fidelity Balanced Managed Risk Prtfli (cntinued) Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Prtfli may emply an ptins strategy designed t prvide dwnside risk prtectin in relatin t certain securities that the Prtfli has expsure t. The Prtfli and the underlying funds may engage in shrt selling in rder t manage vlatility r enhance the Prtfli s perfrmance in declining r vlatile markets. Any shrt selling is dne in a manner cnsistent with its investment bjectives, and as permitted by Canadian securities regulatry authrities. The Prtfli may hedge sme r all f its freign currency expsure. The prtfli management team makes this decisin as part f the implementatin f the verall investment strategy f the Prtfli based n a number f factrs, including its view f the relative investment merits f the particular freign currency versus the Canadian dllar. The Prtfli s expsure t freign currency varies based n the extent f its freign currency denminated investments, as well as the extent t which the prtfli management team decides t hedge the Prtfli s currency expsure. The Prtfli s freign currency expsure may change at any time, and withut ntice. Certain f the underlying funds may frm time t time invest in asset-backed securities and mrtgage-backed securities. The Prtfli and the underlying funds may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team f the Prtfli and the underlying funds may actively trade their investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Prtfli in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Prtfli. The risks withut a bullet in either clumn are nt a risk fr the Prtfli. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Main risk Additinal risk Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Wh shuld invest in this fund? Yu might want t cnsider the Prtfli if yu plan t hld yur investment fr the lng-term, want t gain expsure t equity securities and fixed incme securities f issuers anywhere in the wrld, want the cnvenience f a diversified prtfli in a single fund that aims t mitigate its expsure t market vlatility and can handle changes in the value f yur investment. The Prtfli is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Prtfli, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a 286

293 fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Prtfli generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Fees and expenses payable ver 1 year 3 years 5 years 10 years T8 $ Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Prtfli. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Prtfli unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Prtfli. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Prtfli s expenses directly, but they reduce the Prtfli s returns. This table shws hw much the Prtfli wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E3 $ E4 $ E5 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P3 $ P4 $ P5 $ S5 $ S8 $ T5 $

294 FIDELITY MANAGED PORTFOLIOS Fidelity Cnservative Managed Risk Prtfli Fund details Fund type Glbal incme Date started A, B, E1, E1T5, F, F5, F8, O, P1, P1T5, S5, S8, T5 and T8 Octber 28, 2016 E2, E3, E4, E5, P2, P3, P4 and P5 January 26, 2017 Type f securities A*, B*, E1*, E1T5*, E2*, E3*, E4*, E5*, F*, F5*, F8*, O, P1*, P1T5*, P2*, P3*, P4*, P5*, S5*, S8*, T5* and T8* units f a mutual fund trust Eligibility fr registered plans Expected t be a qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A, T5 and T8 1.85% 0.255% B, S5 and S8 1.70% 0.205% E1 and E1T5 1.70% 0.155% E % 0.105% E3 1.65% 0.105% E % 0.105% E5 1.60% 0.105% F, F5 and F8 0.70% 0.200% P1 and P1T5 0.70% 0.150% P % 0.100% P3 0.65% 0.100% P % 0.100% P5 0.60% 0.100% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Prtfli has less than $100 millin in net assets. If the Prtfli has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Prtfli has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Prtfli aims t achieve a cmbinatin f a steady flw f incme with the ptential fr capital grwth while mitigating the Prtfli s expsure t market vlatility. The Prtfli uses a balanced apprach. It invests primarily in a mix f equity and fixed incme securities f issuers anywhere in the wrld. It invests in these securities either directly r indirectly thrugh investments in underlying funds. The Prtfli may als hld cash and ther types f securities. We can t change the Prtfli s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Prtfli s bjectives, the prtfli management team: Fllws a neutral mix guideline f apprximately 60% fixed incme, and 40% equity. May vary the Prtfli s expsures t fixed incme between apprximately 50% and 75%, and t equity between apprximately 25% and 50%. Invests in underlying funds that invest in any kind f equity r fixed incme security. Invests in high yield securities r ther lwer quality debt securities, either directly r indirectly thrugh underlying funds. Uses strategies like investing in asset classes with lw crrelatin t each ther such as lw vlatility equity prtflis and diversified fixed incme securities, t mitigate the Prtfli s expsure t market vlatility. As a result f the investment strategies t mitigate the Prtfli s expsure t market vlatility, the Prtfli may nt fully benefit frm strng market grwth. The Prtfli may als: Invest in ther types f securities. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Prtfli and the underlying funds may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. 288

295 Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Prtfli may emply an ptins strategy designed t prvide dwnside risk prtectin in relatin t certain securities that the Prtfli has expsure t. The Prtfli and the underlying funds may engage in shrt selling in rder t manage vlatility r enhance the Prtfli s perfrmance in declining r vlatile markets. Any shrt selling is dne in a manner cnsistent with its investment bjectives, and as permitted by Canadian securities regulatry authrities. The Prtfli may hedge sme r all f its freign currency expsure. The prtfli management team makes this decisin as part f the implementatin f the verall investment strategy f the Prtfli based n a number f factrs, including its view f the relative investment merits f the particular freign currency versus the Canadian dllar. The Prtfli s expsure t freign currency varies based n the extent f its freign currency denminated investments, as well as the extent t which the prtfli management team decides t hedge the Prtfli s currency expsure. The Prtfli s freign currency expsure may change at any time, and withut ntice. Certain f the underlying funds may frm time t time invest in asset-backed securities and mrtgage-backed securities. The Prtfli and the underlying funds may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team f the Prtfli and the underlying funds may actively trade their investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Prtfli in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Prtfli. The risks withut a bullet in either clumn are nt a risk fr the Prtfli. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Main risk Additinal risk Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Wh shuld invest in this fund? Yu might want t cnsider the Prtfli if yu plan t hld yur investment fr the lng-term, want t gain expsure t equity securities and fixed incme securities f issuers anywhere in the wrld, want the cnvenience f a diversified prtfli in a single fund that aims t mitigate its expsure t market vlatility and can handle changes in the value f yur investment. The Prtfli is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Prtfli, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a 289

296 Fidelity Cnservative Managed Risk Prtfli (cntinued) fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Prtfli generally distributes any net incme at the end f each quarter. Net incme fr the furth quarter and any capital gains fr the year are distributed in December f each year. The Prtfli may als pay distributins at ther times during the year. Fees and expenses payable ver 1 year 3 years 5 years 10 years S5 $ S8 $ T5 $ T8 $ Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Prtfli. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Prtfli unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP are paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Prtfli. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Prtfli s expenses directly, but they reduce the Prtfli s returns. This table shws hw much the Prtfli wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E3 $ E4 $ E5 $ F $ F5 $ F8 $ P1 $ P1T5 $ P2 $ P3 $ P4 $ P5 $

297 Prfiles f ur Fidelity ClearPath Retirement Prtflis The Fidelity ClearPath Prtflis ffer diversificatin f asset classes by investing primarily in underlying funds. They are different frm ther asset allcatin and balanced funds because they are managed n the basis that the types f assets (i.e., primarily underlying funds) that they invest in gradually becme mre cnservative ver time as the target date f each Prtfli appraches. After the target date is reached, the asset mix f each Fidelity ClearPath Prtfli cntinues t becme mre cnservative until such time as it starts t clsely resemble the asset mix f the Fidelity ClearPath Incme Prtfli. At that time, which is expected t be apprximately 20 years after the respective target date fr each Fidelity ClearPath Prtfli, the Prtfli will be cmbined with the Fidelity ClearPath Incme Prtfli and unithlders f the Fidelity ClearPath Prtfli will becme unithlders f the Fidelity ClearPath Incme Prtfli. See Abut the Fidelity ClearPath Retirement Prtflis sectin fr details. Fidelity ClearPath Retirement Prtflis Fidelity ClearPath 2005 Prtfli Fidelity ClearPath 2010 Prtfli Fidelity ClearPath 2015 Prtfli Fidelity ClearPath 2020 Prtfli Fidelity ClearPath 2025 Prtfli Fidelity ClearPath 2030 Prtfli Fidelity ClearPath 2035 Prtfli Fidelity ClearPath 2040 Prtfli Fidelity ClearPath 2045 Prtfli Fidelity ClearPath 2050 Prtfli Fidelity ClearPath 2055 Prtfli Fidelity ClearPath Incme Prtfli 291

298 FIDELITY CLEARPATH RETIREMENT PORTFOLIOS Fidelity ClearPath 2005 Prtfli Fund details Fund type Lifecycle fund Date started A, B, F, S8 and T8 - Nvember 3, 2005 S5 and T5 - Nvember 6, 2006 O - August 13, 2008 P1 - December 4, 2015 E1, E1T5 and E2 - February 5, 2016 E3 - May 13, 2016 E2T5 and P2 - September 16, 2016 E4 July 14, 2017 Type f securities A, B, E1, E1T5, E2, E2T5, E3, E4, F, O, P1, P2, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A, T5 and T8 1.50% 0.230% B, S5 and S8 1.25% 0.180% E1 and E1T5 1.25% 0.155% E2 and E2T5 1.25% 0.130% E % 0.130% E4 1.20% 0.130% F 0.60% 0.136% P1 0.60% 0.111% P2 0.60% 0.086% *This is the Administratin Fee if the Prtfli has less than $100 millin in net assets. If the Prtfli has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Prtfli has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Prtfli aims t achieve high ttal investment return. The Prtfli uses a dynamic asset allcatin strategy and invests primarily in underlying funds. These underlying funds generally invest in equity securities, fixed incme securities and/r mney market instruments. Starting n the Prtfli s target date, 2005, and fr a perid f apprximately 20 years thereafter, an increasing prprtin f the Prtfli s assets will gradually be invested in securities f fixed incme funds and mney market funds. When the Prtfli s asset allcatin is substantially similar t that f the Fidelity ClearPath Incme Prtfli, it is expected that the Prtfli will, n prir ntice t investrs and n a date determined by Fidelity, be cmbined with Fidelity ClearPath Incme Prtfli and the Prtfli s unithlders will becme unithlders f Fidelity ClearPath Incme Prtfli. We can t change the Prtfli s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Prtfli s bjectives, the prtfli management team: Invests primarily in underlying funds including ther Fidelity Funds and ETFs. Fllws a neutral mix guideline f apprximately 34% equity, 46% fixed incme, and 20% mney market instruments and shrt-term bnds. Depending n market cnditins, may vary the asset mix by up t +/-10% frm the neutral mix if it believes this prduces the best verall return. Manages the Prtfli in accrdance with the Prtfli s current neutral mix f assets, which includes underlying funds that generally invest in equity securities, fixed incme securities, and/r mney market investments. May invest in underlying funds that invest in any kind f equity r fixed incme security, r mney market instrument, including high yield securities and ther lwer quality debt securities, and Canadian, U.S., r internatinal securities. Changes the neutral mix ver time, and expects the neutral mix, n r abut the time it is anticipated t cmbine with Fidelity ClearPath Incme Prtfli, t be apprximately 21% equity, 35% fixed incme, and 44% mney market instruments and shrt-term bnds. May change the underlying funds invested in, r the percentage f the Prtfli s assets invested in any particular underlying fund, at any time. 292

299 Decides which asset class an underlying fund r security belngs t based n its investment characteristics. The Prtfli may als hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Prtfli and the underlying funds may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Prtfli may hedge sme r all f its freign currency expsure. The prtfli management team makes this decisin as part f the implementatin f the verall investment strategy f the Prtfli based n a number f factrs, including its view f the relative investment merits f the particular freign currency versus the Canadian dllar. The Prtfli s expsure t freign currency varies based n the extent f its freign currency denminated investments, as well as the extent t which the prtfli management team decides t hedge the Prtfli s currency expsure. The Prtfli s freign currency expsure may change at any time, and withut ntice. Certain f the underlying funds may frm time t time invest in asset-backed securities and mrtgage-backed securities. The Prtfli and the underlying funds may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team f the Prtfli and the underlying funds may actively trade their investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Prtfli in a nn-registered accunt. Additinal infrmatin abut the underlying funds is set ut in their simplified prspectuses, annual infrmatin frms r ther ffering dcuments. Yu can get cpies by cntacting us r by asking yur financial advisr. Als see Specific infrmatin abut each f the mutual funds described in this dcument fr mre infrmatin abut the Fidelity ClearPath Retirement Prtflis and their investment strategies. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Prtfli. The risks withut a bullet in either clumn are nt a risk fr the Prtfli. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Main risk Additinal risk Repurchase transactins Reverse repurchase transactins 293

300 Fidelity ClearPath 2005 Prtfli (cntinued) Securities lending Shrt selling Small cmpany Specializatin Main risk Wh shuld invest in this fund? Additinal risk Yu might want t cnsider the Prtfli if yu retired arund the year 2005, want t gain expsure t equity and fixed incme securities and want the cnvenience f a diversified prtfli in a single fund. Fees and expenses payable ver 1 year 3 years 5 years 10 years B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ F $ P1 $ P2 $ S5 $ S8 $ T5 $ T8 $ T invest in the Prtfli, yu shuld be able t accept a lw level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Prtfli generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Prtfli. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Prtfli unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP will be paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Prtfli. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Prtfli s expenses directly, but they reduce the Prtfli s returns. This table shws hw much the Prtfli wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $

301 FIDELITY CLEARPATH RETIREMENT PORTFOLIOS Fidelity ClearPath 2010 Prtfli Fund details Fund type Lifecycle fund Date started A, B, F, S8 and T8 - Nvember 3, 2005 S5 and T5 - Nvember 6, 2006 O - August 13, 2008 P1 and P2 - December 4, 2015 E1, E1T5 and E2 - February 5, 2016 E2T5 and E3 - September 16, 2016 Type f securities A, B, E1, E1T5, E2, E2T5, E3, F, O, P1, P2, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A, T5 and T8 1.75% 0.255% B, S5 and S8 1.60% 0.205% E1 and E1T5 1.60% 0.155% E2 and E2T % 0.105% E3 1.55% 0.105% F 0.65% 0.200% P1 0.65% 0.150% P % 0.100% *This is the Administratin Fee if the Prtfli has less than $100 millin in net assets. If the Prtfli has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Prtfli has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Prtfli aims t achieve high ttal investment return. The Prtfli uses a dynamic asset allcatin strategy and invests primarily in underlying funds. These underlying funds generally invest in equity securities, fixed incme securities and/r mney market instruments. Frm inceptin, thrugh t its target date in 2010 and fr a perid f apprximately 20 years thereafter, an increasing prprtin f the Prtfli s assets will gradually be invested in securities f fixed incme funds and mney market funds. When the Prtfli s asset allcatin is substantially similar t that f the Fidelity ClearPath Incme Prtfli, it is expected that the Prtfli will, n prir ntice t investrs and n a date determined by Fidelity, be cmbined with Fidelity ClearPath Incme Prtfli and the Prtfli s unithlders will becme unithlders f Fidelity ClearPath Incme Prtfli. We can t change the Prtfli s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Prtfli s bjectives, the prtfli management team: Invests primarily in underlying funds, including ther Fidelity Funds and ETFs. Fllws a neutral mix guideline f apprximately 44% equity, 42% fixed incme, and 14% mney market instruments and shrt-term bnds. Depending n market cnditins, may vary the asset mix by up t +/-10% frm the neutral mix if it believes this prduces the best verall return. Manages the Prtfli in accrdance with the Prtfli s current neutral mix f assets, which includes underlying funds that generally invest in equity securities, fixed incme securities, and/r mney market investments. Changes the neutral mix ver time, and expects the neutral mix, n r abut the time it is anticipated t cmbine with Fidelity ClearPath Incme Prtfli, t be apprximately 21% equity, 35% fixed incme, and 44% mney market instruments and shrt-term bnds. May invest in underlying funds that invest in any kind f equity r fixed incme security, r mney market instrument, including high yield securities and ther lwer quality debt securities, and Canadian, U.S., r internatinal securities. May change the underlying funds invested in, r the percentage f the Prtfli s assets invested in any particular underlying fund, at any time. Decides which asset class an underlying fund r security belngs t based n its investment characteristics. The Prtfli may als hld cash. 295

302 Fidelity ClearPath 2010 Prtfli (cntinued) In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Prtfli and/r the underlying funds may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Prtfli may hedge sme r all f its freign currency expsure. The prtfli management team makes this decisin as part f the implementatin f the verall investment strategy f the Prtfli based n a number f factrs, including its view f the relative investment merits f the particular freign currency versus the Canadian dllar. The Prtfli s expsure t freign currency varies based n the extent f its freign currency denminated investments, as well as the extent t which the prtfli management team decides t hedge the Prtfli s currency expsure. The Prtfli s freign currency expsure may change at any time, and withut ntice. Certain f the underlying funds may frm time t time invest in asset-backed securities and mrtgage-backed securities. The Prtfli and the underlying funds may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team f the Prtfli and the underlying funds may actively trade their investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Prtfli in a nn-registered accunt. Additinal infrmatin abut the underlying funds is set ut in their simplified prspectuses, annual infrmatin frms r ther ffering dcuments. Yu can get cpies by cntacting us r by asking yur financial advisr. Als see Specific infrmatin abut each f the mutual funds described in this dcument fr mre infrmatin abut the Fidelity ClearPath Retirement Prtflis and their investment strategies. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Prtfli. The risks withut a bullet in either clumn are nt a risk fr the Prtfli. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Main risk Additinal risk Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin 296

303 Wh shuld invest in this fund? Yu might want t cnsider the Prtfli if yu retired arund the year 2010, want t gain expsure t bth equity and fixed incme securities and want the cnvenience f a diversified prtfli in a single fund. Fees and expenses payable ver 1 year 3 years 5 years 10 years P2 $ S5 $ S8 $ T5 $ T8 $ T invest in the Prtfli, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Prtfli generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Prtfli. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Prtfli unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP will be paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Prtfli. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Prtfli s expenses directly, but they reduce the Prtfli s returns. This table shws hw much the Prtfli wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ F $ P1 $

304 FIDELITY CLEARPATH RETIREMENT PORTFOLIOS Fidelity ClearPath 2015 Prtfli Fund details Fund type Lifecycle fund Date started A, B and F - Nvember 3, 2005 O - August 13, 2008 S5, S8, T5 and T8 - Nvember 16, 2009 P1 and P2 - December 4, 2015 E1, E1T5, E2, E3, E4 and E5 - February 5, 2016 P3 September 22, 2017 Type f securities A, B, E1, E1T5, E2, E3, E4, E5, F, O, P1, P2, P3, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A, T5 and T8 1.85% 0.255% B, S5 and S8 1.70% 0.205% E1 and E1T5 1.70% 0.155% E % 0.105% E3 1.65% 0.105% E % 0.105% E5 1.60% 0.105% F 0.70% 0.200% P1 0.70% 0.150% P % 0.100% P3 0.65% 0.100% *This is the Administratin Fee if the Prtfli has less than $100 millin in net assets. If the Prtfli has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Prtfli has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Prtfli aims t achieve high ttal investment return. The Prtfli uses a dynamic asset allcatin strategy and invests primarily in underlying funds. These underlying funds generally invest in equity securities, fixed incme securities and/r mney market instruments. Frm inceptin, thrugh t its target date in 2015 and fr a perid f apprximately 20 years thereafter, an increasing prprtin f the Prtfli s assets will gradually be invested in securities f fixed incme funds and mney market funds. When the Prtfli s asset allcatin is substantially similar t that f the Fidelity ClearPath Incme Prtfli, it is expected that the Prtfli will, n prir ntice t investrs and n a date determined by Fidelity, be cmbined with Fidelity ClearPath Incme Prtfli and the Prtfli s unithlders will becme unithlders f Fidelity ClearPath Incme Prtfli. We can t change the Prtfli s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Prtfli s bjectives, the prtfli management team: Invests primarily in underlying funds, including ther Fidelity Funds and ETFs. Fllws a neutral mix guideline f apprximately 55% equity, 37% fixed incme, and 8% mney market instruments and shrt-term bnds. Depending n market cnditins, may vary the asset mix by up t +/-10% frm the neutral mix if it believes this prduces the best verall return. Manages the Prtfli in accrdance with the Prtfli s current neutral mix f assets, which includes underlying funds that generally invest in equity securities, fixed incme securities, and/r mney market investments. Changes the neutral mix ver time, and expects the neutral mix, n r abut the time it is anticipated t cmbine with Fidelity ClearPath Incme Prtfli, t be apprximately 21% equity, 35% fixed incme, and 44% mney market instruments and shrt-term bnds. May invest in underlying funds that invest in any kind f equity r fixed incme security, r mney market instrument, including high yield securities and ther lwer quality debt securities, and Canadian, U.S., r internatinal securities. May change the underlying funds invested in, r the percentage f the Prtfli s assets invested in any particular underlying fund, at any time. 298

305 Decides which asset class an underlying fund r security belngs t based n its investment characteristics. Changes the neutral mix ver time, and expects the neutral mix, n r abut the time it is anticipated t cmbine with Fidelity ClearPath Incme Prtfli, t be apprximately 21% equity, 35% fixed incme, and 44% mney market instruments and shrt-term bnds. The Prtfli may als hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Prtfli and/r the underlying funds may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Prtfli may hedge sme r all f its freign currency expsure. The prtfli management team makes this decisin as part f the implementatin f the verall investment strategy f the Prtfli based n a number f factrs, including its view f the relative investment merits f the particular freign currency versus the Canadian dllar. The Prtfli s expsure t freign currency varies based n the extent f its freign currency denminated investments, as well as the extent t which the prtfli management team decides t hedge the Prtfli s currency expsure. The Prtfli s freign currency expsure may change at any time, and withut ntice. Certain f the underlying funds may frm time t time invest in asset-backed securities and mrtgage-backed securities. The Prtfli and the underlying funds may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team f the Prtfli and the underlying funds may actively trade their investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Prtfli in a nn-registered accunt. Additinal infrmatin abut the underlying funds is set ut in their simplified prspectuses, annual infrmatin frms r ther ffering dcuments. Yu can get cpies by cntacting us r by asking yur financial advisr. Als see Specific infrmatin abut each f the mutual funds described in this dcument fr mre infrmatin abut the Fidelity ClearPath Retirement Prtflis and their investment strategies. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Prtfli. The risks withut a bullet in either clumn are nt a risk fr the Prtfli. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Main risk Additinal risk 299

306 Fidelity ClearPath 2015 Prtfli (cntinued) Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Wh shuld invest in this fund? Additinal risk Yu might want t cnsider the Prtfli if yu retired arund the year 2015, want t gain expsure t bth equity and fixed incme securities and want the cnvenience f a diversified prtfli in a single fund. T invest in the Prtfli, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Prtfli generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Fund expenses indirectly brne by investrs Yu dn t pay the Prtfli s expenses directly, but they reduce the Prtfli s returns. This table shws hw much the Prtfli wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E3 $ E4 $ E5 $ F $ P1 $ P2 $ S5 $ S8 $ T5 $ T8 $ Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Prtfli. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Prtfli unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP will be paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Prtfli. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. 300

307 FIDELITY CLEARPATH RETIREMENT PORTFOLIOS Fidelity ClearPath 2020 Prtfli Fund details Fund type Lifecycle fund Date started A, B and F - Nvember 3, 2005 O - August 13, 2008 S5, S8, T5 and T8 - July 15, 2015 P1 and P2 - December 4, 2015 E1, E2, E3 and E4 - February 5, 2016 E1T5 and E2T5 - September 16, 2016 P3 January 6, 2017 Type f securities A, B, E1, E1T5, E2, E2T5, E3, E4, F, O, P1, P2, P3, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee A, T5 and T8 1.90% 0.255% Administratin fee* the Fidelity ClearPath Incme Prtfli, it is expected that the Prtfli will, n prir ntice t investrs, and n a date determined by Fidelity, be cmbined with Fidelity ClearPath Incme Prtfli and the Prtfli s unithlders will becme unithlders f Fidelity ClearPath Incme Prtfli. We can t change the Prtfli s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Prtfli s bjectives, the prtfli management team: Invests primarily in underlying funds, including ther Fidelity Funds and ETFs. Fllws a neutral mix guideline f apprximately 61% equity and 39% fixed incme. B, S5 and S8 1.75% 0.205% E1 and E1T % 0.155% E2 and E2T5 1.70% 0.105% E % 0.105% E4 1.65% 0.105% F 0.75% 0.200% P % 0.150% P2 0.70% 0.100% P % 0.100% *This is the Administratin Fee if the Prtfli has less than $100 millin in net assets. If the Prtfli has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Prtfli has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Prtfli aims t achieve high ttal investment return. The Prtfli uses a dynamic asset allcatin strategy and invests primarily in underlying funds. These underlying funds generally invest in equity securities, fixed incme securities and/r mney market instruments. Frm inceptin, thrugh t its target date in 2020 and fr a perid f apprximately 20 years thereafter, an increasing prprtin f the Prtfli s assets are invested in securities f fixed incme funds and mney market funds. When the Prtfli s asset allcatin is substantially similar t that f 301 Depending n market cnditins, may vary the asset mix by up t +/-10% frm the neutral mix if it believes this prduces the best verall return. Manages the Prtfli in accrdance with the Prtfli s current neutral mix f assets, which includes underlying funds that generally invest in equity securities, fixed incme securities, and/r mney market investments. Changes the neutral mix ver time as the Prtfli s target date appraches and afterwards. Expects the neutral mix, n r abut its target date, t be apprximately 56% equity, 36% fixed incme, and 8% mney market instruments and shrt-term bnds, and, n r abut the time it is anticipated t cmbine with Fidelity ClearPath Incme Prtfli, t be apprximately 21% equity, 35% fixed incme, and 44% mney market instruments and shrt-term bnds. May invest in underlying funds that invest in any kind f equity r fixed incme security, r mney market instrument, including high yield securities and ther lwer quality debt securities, and Canadian, U.S., r internatinal securities.

308 Fidelity ClearPath 2020 Prtfli (cntinued) May change the underlying funds invested in, r the percentage f the Prtfli s assets invested in any particular underlying fund, at any time. Decides which asset class an underlying fund r security belngs t based n its investment characteristics. The Prtfli may als hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Prtfli and/r the underlying funds may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Prtfli may hedge sme r all f its freign currency expsure. The prtfli management team makes this decisin as part f the implementatin f the verall investment strategy f the Prtfli based n a number f factrs, including its view f the relative investment merits f the particular freign currency versus the Canadian dllar. The Prtfli s expsure t freign currency varies based n the extent f its freign currency denminated investments, as well as the extent t which the prtfli management team decides t hedge the Prtfli s currency expsure. The Prtfli s freign currency expsure may change at any time, and withut ntice. Certain f the underlying funds may frm time t time invest in asset-backed securities and mrtgage-backed securities. The Prtfli and the underlying funds may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team f the Prtfli and the underlying funds may actively trade their investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Prtfli in a nn-registered accunt. Additinal infrmatin abut the underlying funds is set ut in their simplified prspectuses, annual infrmatin frms r ther ffering dcuments. Yu can get cpies by cntacting us r by asking yur financial advisr. Als see Specific infrmatin abut each f the mutual funds described in this dcument fr mre infrmatin abut the Fidelity ClearPath Retirement Prtflis and their investment strategies. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Prtfli. The risks withut a bullet in either clumn are nt a risk fr the Prtfli. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Main risk Additinal risk Repurchase transactins 302

309 Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 17.3% f the units f the Prtfli. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Prtfli if yu are planning t retire arund 2020, want t gain expsure t bth equity and fixed incme securities, want the cnvenience f a diversified prtfli in a single fund and can handle the vlatility f returns generally assciated with equity investments. T invest in the Prtfli, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Prtfli s expenses directly, but they reduce the Prtfli s returns. This table shws hw much the Prtfli wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ E4 $ F $ P1 $ P2 $ P3 $ S5 $ S8 $ T5 $ T8 $ Distributin plicy The Prtfli generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Prtfli. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Prtfli unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP will be paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Prtfli. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. 303

310 FIDELITY CLEARPATH RETIREMENT PORTFOLIOS Fidelity ClearPath 2025 Prtfli Fund details Fund type Lifecycle fund Date started A, B and F - Nvember 3, 2005 O - August 13, 2008 P1 - December 4, 2015 E1, E2, E3, E4 and E5 - February 5, 2016 P2 and P3 - March 11, 2016 Type f securities A, B, E1, E2, E3, E4, E5, F, O, P1, P2 and P3 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A 1.90% 0.255% B 1.75% 0.205% E % 0.155% E2 1.70% 0.105% E % 0.105% E4 1.65% 0.105% E % 0.105% F 0.75% 0.200% P % 0.150% P2 0.70% 0.100% determined by Fidelity, be cmbined with Fidelity ClearPath Incme Prtfli and the Prtfli s unithlders will becme unithlders f Fidelity ClearPath Incme Prtfli. We can t change the Prtfli s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Prtfli s bjectives, the prtfli management team: Invests primarily in underlying funds, including ther Fidelity Funds and ETFs. Fllws a neutral mix guideline f apprximately 68% equity and 32% fixed incme. Depending n market cnditins, may vary the asset mix by up t +/-10% frm the neutral mix if it believes this prduces the best verall return. Manages the Prtfli in accrdance with the Prtfli s current neutral mix f assets, which includes underlying funds that generally invest in equity securities, fixed incme securities, and/r mney market investments. P % 0.100% *This is the Administratin Fee if the Prtfli has less than $100 millin in net assets. If the Prtfli has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Prtfli has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Prtfli aims t achieve high ttal investment return. The Prtfli uses a dynamic asset allcatin strategy and invests primarily in underlying funds. These underlying funds generally invest in equity securities, fixed incme securities and/r mney market instruments. Frm inceptin, thrugh t its target date in 2025 and fr a perid f apprximately 20 years thereafter, an increasing prprtin f the Prtfli s assets are invested in securities f fixed incme funds and mney market funds. When the Prtfli s asset allcatin is substantially similar t that f the Fidelity ClearPath Incme Prtfli, it is expected that the Prtfli will, n prir ntice t investrs, and n a date 304 Changes the neutral mix ver time as the Prtfli s target date appraches and afterwards. Expects the neutral mix, n r abut its target date, t be apprximately 56% equity, 36% fixed incme, and 8% mney market instruments and shrt-term bnds, and n r abut the time it is anticipated t cmbine with Fidelity ClearPath Incme Prtfli, t be apprximately 21% equity, 35% fixed incme, and 44% mney market instruments and shrt-term bnds. May invest in underlying funds that invest in any kind f equity r fixed incme security, r mney market instrument, including high yield securities and ther lwer quality debt securities, and Canadian, U.S., r internatinal securities. May change the underlying funds invested in, r the percentage f the Prtfli s assets invested in any particular underlying fund, at any time.

311 Decides which asset class an underlying fund r security belngs t based n its investment characteristics. The Prtfli may als hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Prtfli and/r the underlying funds may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Prtfli may hedge sme r all f its freign currency expsure. The prtfli management team makes this decisin as part f the implementatin f the verall investment strategy f the Prtfli based n a number f factrs, including its view f the relative investment merits f the particular freign currency versus the Canadian dllar. The Prtfli s expsure t freign currency varies based n the extent f its freign currency denminated investments, as well as the extent t which the prtfli management team decides t hedge the Prtfli s currency expsure. The Prtfli s freign currency expsure may change at any time, and withut ntice. Certain f the underlying funds may frm time t time invest in asset-backed securities and mrtgage-backed securities. The Prtfli and the underlying funds may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team f the Prtfli and the underlying funds may actively trade their investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Prtfli in a nn-registered accunt. Additinal infrmatin abut the underlying funds is set ut in their simplified prspectuses, annual infrmatin frms r ther ffering dcuments. Yu can get cpies by cntacting us r by asking yur financial advisr. Als see Specific infrmatin abut each f the mutual funds described in this dcument fr mre infrmatin abut the Fidelity ClearPath Retirement Prtflis and their investment strategies. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Prtfli. The risks withut a bullet in either clumn are nt a risk fr the Prtfli. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Main risk Additinal risk Repurchase transactins Reverse repurchase transactins Securities lending 305

312 Fidelity ClearPath 2025 Prtfli (cntinued) Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 24.4% f the units f the Prtfli. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Prtfli if yu are planning t retire arund 2025, want t gain expsure t bth equity and fixed incme securities, want the cnvenience f a diversified prtfli in a single fund and can handle the vlatility f returns generally assciated with equity investments. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ E3 $ E4 $ E5 $ F $ P1 $ P2 $ P3 $ T invest in the Prtfli, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Prtfli generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Prtfli. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Prtfli unless yu tell us in writing that yu want t receive them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Prtfli s expenses directly, but they reduce the Prtfli s returns. This table shws hw much the Prtfli wuld pay in expenses n a $1,000 investment that has a 5% annual return. 306

313 FIDELITY CLEARPATH RETIREMENT PORTFOLIOS Fidelity ClearPath 2030 Prtfli Fund details Fund type Lifecycle fund Date started A, B and F - Nvember 3, 2005 O - August 13, 2008 P1 - December 4, 2015 E1 and E2 - February 5, 2016 P2 - March 11, 2016 E3 and P3 - May 13, 2016 E4 and E5 April 21, 2017 Type f securities A, B, E1, E2, E3, E4, E5, F, O, P1, P2 and P3 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A 1.95% 0.255% B 1.80% 0.205% E % 0.155% E2 1.75% 0.105% E % 0.105% E4 1.70% 0.105% E5 1.65% 0.105% F 0.80% 0.200% P % 0.150% P2 0.75% 0.100% P % 0.100% *This is the Administratin Fee if the Prtfli has less than $100 millin in net assets. If the Prtfli has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Prtfli has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Prtfli aims t achieve high ttal investment return. The Prtfli uses a dynamic asset allcatin strategy and invests primarily in underlying funds. These underlying funds generally invest in equity securities, fixed incme securities and/r mney market instruments. Frm inceptin, thrugh t its target date in 2030 and fr a perid f apprximately 20 years thereafter, an increasing prprtin f the Prtfli s assets are invested in securities f fixed incme funds and mney market funds. When the Prtfli s asset allcatin is substantially similar t that f the Fidelity ClearPath Incme Prtfli, it is expected that 307 the Prtfli will, n prir ntice t investrs, and n a date determined by Fidelity, be cmbined with Fidelity ClearPath Incme Prtfli and the Prtfli s unithlders will becme unithlders f Fidelity ClearPath Incme Prtfli. We can t change the Prtfli s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Prtfli s bjectives, the prtfli management team: Invests primarily in underlying funds, including ther Fidelity Funds and ETFs. Fllws a neutral mix guideline f apprximately 76% equity and 24% fixed incme. Depending n market cnditins, may vary the asset mix by up t +/-10% frm the neutral mix if it believes this prduces the best verall return. Manages the Prtfli in accrdance with the Prtfli s current neutral mix f assets, which includes underlying funds that generally invest in equity securities, fixed incme securities, and/r mney market investments. Changes the neutral mix ver time as the Prtfli s target date appraches and afterwards. Expects the neutral mix, n r abut its target date, t be apprximately 56% equity, 36% fixed incme, and 8% mney market instruments and shrt-term bnds, and n r abut the time it is anticipated t cmbine with Fidelity ClearPath Incme Prtfli, t be apprximately 21% equity, 35% fixed incme, and 44% mney market instruments and shrt-term bnds. May invest in underlying funds that invest in any kind f equity r fixed incme security, r mney market instrument, including high yield securities and ther lwer quality debt securities, and Canadian, U.S., r internatinal securities. May change the underlying funds invested in, r the percentage f the Prtfli s assets invested in any particular underlying fund, at any time.

314 Fidelity ClearPath 2030 Prtfli (cntinued) Decides which asset class an underlying fund r security belngs t based n its investment characteristics. The Prtfli may als hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Prtfli and/r the underlying funds may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Prtfli may hedge sme r all f its freign currency expsure. The prtfli management team makes this decisin as part f the implementatin f the verall investment strategy f the Prtfli based n a number f factrs, including its view f the relative investment merits f the particular freign currency versus the Canadian dllar. The Prtfli s expsure t freign currency varies based n the extent f its freign currency denminated investments, as well as the extent t which the prtfli management team decides t hedge the Prtfli s currency expsure. The Prtfli s freign currency expsure may change at any time, and withut ntice. Certain f the underlying funds may frm time t time invest in asset-backed securities and mrtgage-backed securities. The Prtfli and the underlying funds may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team f the Prtfli and the underlying funds may actively trade their investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Prtfli in a nn-registered accunt. Additinal infrmatin abut the underlying funds is set ut in their simplified prspectuses, annual infrmatin frms r ther ffering dcuments. Yu can get cpies by cntacting us r by asking yur financial advisr. Als see Specific infrmatin abut each f the mutual funds described in this dcument fr mre infrmatin abut the Fidelity ClearPath Retirement Prtflis and their investment strategies. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Prtfli. The risks withut a bullet in either clumn are nt a risk fr the Prtfli. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Derivative Cyber security Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Main risk Additinal risk Repurchase transactins Reverse repurchase transactins Securities lending 308

315 Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 38.6% f the units f the Prtfli. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Prtfli if yu are planning t retire arund 2030, want t gain expsure t bth equity and fixed incme securities, want the cnvenience f a diversified prtfli in a single fund and can handle the vlatility f returns generally assciated with equity investments. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ E3 $ E4 $ E5 $ F $ P1 $ P2 $ P3 $ T invest in the Prtfli, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Prtfli generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Prtfli. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Prtfli unless yu tell us in writing that yu want t receive them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Prtfli s expenses directly, but they reduce the Prtfli s returns. This table shws hw much the Prtfli wuld pay in expenses n a $1,000 investment that has a 5% annual return. 309

316 FIDELITY CLEARPATH RETIREMENT PORTFOLIOS Fidelity ClearPath 2035 Prtfli Fund details Fund type Lifecycle fund Date started A, B and F - Nvember 3, 2005 O - August 13, 2008 P1 - December 4, 2015 E1, E2 and E3 - February 5, 2016 P2 and P3 - May 13, 2016 E4 July 14, 2017 Type f securities A, B, E1, E2, E3, E4, F, O, P1, P2 and P3 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A 1.95% 0.255% B 1.80% 0.205% E % 0.155% E2 1.75% 0.105% E % 0.105% E4 1.70% 0.105% F 0.80% 0.200% P % 0.150% P2 0.75% 0.100% P % 0.100% *This is the Administratin Fee if the Prtfli has less than $100 millin in net assets. If the Prtfli has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Prtfli has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Prtfli aims t achieve high ttal investment return. The Prtfli uses a dynamic asset allcatin strategy and invests primarily in underlying funds. These underlying funds generally invest in equity securities, fixed incme securities and/r mney market instruments. Frm inceptin, thrugh t its target date in 2035 and fr a perid f apprximately 20 years thereafter, an increasing prprtin f the Prtfli s assets are invested in securities f fixed incme funds and mney market funds. When the Prtfli s asset allcatin is substantially similar t that f the Fidelity ClearPath Incme Prtfli, it is expected that the Prtfli will, n prir ntice t investrs, and n a date determined by Fidelity, be cmbined with Fidelity 310 ClearPath Incme Prtfli and the Prtfli s unithlders will becme unithlders f Fidelity ClearPath Incme Prtfli. We can t change the Prtfli s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Prtfli s bjectives, the prtfli management team: Invests primarily in underlying funds, including ther Fidelity Funds and ETFs. Fllws a neutral mix guideline f apprximately 91% equity and 9% fixed incme. Depending n market cnditins, may vary the asset mix by up t +/-10% frm the neutral mix if it believes this prduces the best verall return. Manages the Prtfli in accrdance with the Prtfli s current neutral mix f assets, which includes underlying funds that generally invest in equity securities, fixed incme securities, and/r mney market investments. Changes the neutral mix ver time as the Prtfli s target date appraches and afterwards. Expects the neutral mix, n r abut its target date, t be apprximately 56% equity, 36% fixed incme, and 8% mney market instruments and shrt-term bnds, and n r abut the time it is anticipated t cmbine with Fidelity ClearPath Incme Prtfli, t be apprximately 21% equity, 35% fixed incme, and 44% mney market instruments and shrt-term bnds. May invest in underlying funds that invest in any kind f equity r fixed incme security, r mney market instrument, including high yield securities and ther lwer quality debt securities, and Canadian, U.S., r internatinal securities. May change the underlying funds invested in, r the percentage f the Prtfli s assets invested in any particular underlying fund, at any time.

317 Decides which asset class an underlying fund r security belngs t based n its investment characteristics. The Prtfli may als hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this, the Prtfli and/r the underlying funds may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Prtfli may hedge sme r all f its freign currency expsure. The prtfli management team makes this decisin as part f the implementatin f the verall investment strategy f the Prtfli based n a number f factrs, including its view f the relative investment merits f the particular freign currency versus the Canadian dllar. The Prtfli s expsure t freign currency varies based n the extent f its freign currency denminated investments, as well as the extent t which the prtfli management team decides t hedge the Prtfli s currency expsure. The Prtfli s freign currency expsure may change at any time, and withut ntice. Certain f the underlying funds may frm time t time invest in asset-backed securities and mrtgage-backed securities. The Prtfli and the underlying funds may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team f the Prtfli and the underlying funds may actively trade their investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Prtfli in a nn-registered accunt. Additinal infrmatin abut the underlying funds is set ut in their simplified prspectuses, annual infrmatin frms r ther ffering dcuments. Yu can get cpies by cntacting us r by asking yur financial advisr. Als see Specific infrmatin abut each f the mutual funds described in this dcument fr mre infrmatin abut the Fidelity ClearPath Retirement Prtflis and their investment strategies. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Prtfli. The risks withut a bullet in either clumn are nt a risk fr the Prtfli. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Main risk Additinal risk Repurchase transactins Reverse repurchase transactins Securities lending 311

318 Fidelity ClearPath 2035 Prtfli (cntinued) Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 46.6% f the units f the Prtfli. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ E3 $ F $ P1 $ P2 $ P3 $ Wh shuld invest in this fund? Yu might want t cnsider the Prtfli if yu are planning t retire arund 2035, want t gain expsure t bth equity and fixed incme securities, want the cnvenience f a diversified prtfli in a single fund and can handle the vlatility f returns generally assciated with equity investments. T invest in the Prtfli, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Prtfli generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Prtfli. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Prtfli unless yu tell us in writing that yu want t receive them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Prtfli s expenses directly, but they reduce the Prtfli s returns. This table shws hw much the Prtfli wuld pay in expenses n a $1,000 investment that has a 5% annual return. 312

319 FIDELITY CLEARPATH RETIREMENT PORTFOLIOS Fidelity ClearPath 2040 Prtfli Fund details Fund type Lifecycle fund Date started A, B and F - Nvember 3, 2005 O - August 13, 2008 P1 and P2 - December 4, 2015 E1 and E2 - February 5, 2016 E3 - September 16, 2016 E4 July 14, 2017 Type f securities A, B, E1, E2, E3, E4, F, O, P1 and P2 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A 2.00% 0.255% B 1.85% 0.205% E % 0.155% E2 1.80% 0.105% E % 0.105% E % 0.105% F 0.85% 0.200% P % 0.150% P2 0.80% 0.100% *This is the Administratin Fee if the Prtfli has less than $100 millin in net assets. If the Prtfli has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Prtfli has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Prtfli aims t achieve high ttal investment return. The Prtfli uses a dynamic asset allcatin strategy and invests primarily in underlying funds. These underlying funds generally invest in equity securities, fixed incme securities and/r mney market instruments. Frm inceptin, thrugh t its target date in 2040 and fr a perid f apprximately 20 years thereafter, an increasing prprtin f the Prtfli s assets are invested in securities f fixed incme funds and mney market funds. When the Prtfli s asset allcatin is substantially similar t that f the Fidelity ClearPath Incme Prtfli, it is expected that the Prtfli will, n prir ntice t investrs, and n a date determined by Fidelity, be cmbined with Fidelity ClearPath Incme Prtfli and the Prtfli s unithlders will becme unithlders f Fidelity ClearPath Prtfli. Incme We can t change the Prtfli s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Prtfli s bjectives, the prtfli management team: Invests primarily in underlying funds, including ther Fidelity Funds and ETFs. Fllws a neutral mix guideline f apprximately 92% equity and 8% fixed incme. Depending n market cnditins, may vary the asset mix by up t +/-10% frm the neutral mix if it believes this prduces the best verall return. Manages the Prtfli in accrdance with the Prtfli s current neutral mix f assets, which includes underlying funds that generally invest in equity securities, fixed incme securities, and/r mney market investments. Changes the neutral mix ver time as the Prtfli s target date appraches and afterwards. Expects the neutral mix, n r abut its target date, t be apprximately 56% equity, 36% fixed incme, and 8% mney market instruments and shrt-term bnds, and n r abut the time it is anticipated t cmbine with Fidelity ClearPath Incme Prtfli, t be apprximately 21% equity, 35% fixed incme, and 44% mney market instruments and shrt-term bnds. May invest in underlying funds that invest in any kind f equity r fixed incme security, r mney market instrument, including high yield securities and ther lwer quality debt securities, and Canadian, U.S., r internatinal securities. May change the underlying funds invested in, r the percentage f the Prtfli s assets invested in any particular underlying fund, at any time. Decides which asset class an underlying fund r security belngs t based n its investment characteristics. 313

320 Fidelity ClearPath 2040 Prtfli (cntinued) The Prtfli may als hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Prtfli and/r the underlying funds may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Prtfli may hedge sme r all f its freign currency expsure. The prtfli management team makes this decisin as part f the implementatin f the verall investment strategy f the Prtfli based n a number f factrs, including its view f the relative investment merits f the particular freign currency versus the Canadian dllar. The Prtfli s expsure t freign currency varies based n the extent f its freign currency denminated investments, as well as the extent t which the prtfli management team decides t hedge the Prtfli s currency expsure. The Prtfli s freign currency expsure may change at any time, and withut ntice. Certain f the underlying funds may frm time t time invest in asset-backed securities and mrtgage-backed securities. distributins, which are taxable if yu hld the Prtfli in a nn-registered accunt. Additinal infrmatin abut the underlying funds is set ut in their simplified prspectuses, annual infrmatin frms r ther ffering dcuments. Yu can get cpies by cntacting us r by asking yur financial advisr. Als see Specific infrmatin abut each f the mutual funds described in this dcument fr mre infrmatin abut the Fidelity ClearPath Retirement Prtflis and their investment strategies. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Prtfli. The risks withut a bullet in either clumn are nt a risk fr the Prtfli. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Main risk Additinal risk The Prtfli and the underlying funds may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team f the Prtfli and the underlying funds may actively trade their investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany 314

321 Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 59.4% f the units f the Prtfli. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Prtfli if yu are planning t retire arund 2040, want t gain expsure t bth equity and fixed incme securities, want the cnvenience f a diversified prtfli in a single fund and can handle the vlatility f returns generally assciated with equity investments. T invest in the Prtfli, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Prtfli generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Fund expenses indirectly brne by investrs Yu dn t pay the Prtfli s expenses directly, but they reduce the Prtfli s returns. This table shws hw much the Prtfli wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ E3 $ F $ P1 $ P2 $ Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Prtfli. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Prtfli unless yu tell us in writing that yu want t receive them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. 315

322 FIDELITY CLEARPATH RETIREMENT PORTFOLIOS Fidelity ClearPath 2045 Prtfli Fund details Fund type Lifecycle fund Date started A, B and F - Nvember 3, 2005 O - August 13, 2008 P1 and P2 - December 4, 2015 E1, E2, E3 and E4 - February 5, 2016 P3 January 6, 2017 Type f securities A, B, E1, E2, E3, E4, F, O, P1, P2 and P3 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A 2.00% 0.255% B 1.85% 0.205% E % 0.155% E2 1.80% 0.105% E % 0.105% E % 0.105% F 0.85% 0.200% P % 0.150% P2 0.80% 0.100% P % 0.100% *This is the Administratin Fee if the Prtfli has less than $100 millin in net assets. If the Prtfli has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Prtfli has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Prtfli aims t achieve high ttal investment return. The Prtfli uses a dynamic asset allcatin strategy and invests primarily in underlying funds. These underlying funds generally invest in equity securities, fixed incme securities and/r mney market instruments. Frm inceptin, thrugh t its target date in 2045 and fr a perid f apprximately 20 years thereafter, an increasing prprtin f the Prtfli s assets are invested in securities f fixed incme funds and mney market funds. When the Prtfli s asset allcatin is substantially similar t that f the Fidelity ClearPath Incme Prtfli, it is expected that the Prtfli will, n prir ntice t investrs, and n a date determined by Fidelity, be cmbined with Fidelity ClearPath Incme Prtfli and the Prtfli s unithlders will becme unithlders f Fidelity ClearPath Incme Prtfli. We can t change the Prtfli s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Prtfli s bjectives, the prtfli management team: Invests primarily in underlying funds, including ther Fidelity Funds and ETFs. Fllws a neutral mix guideline f apprximately 92% equity and 8% fixed incme. Depending n market cnditins, may vary the asset mix by up t +/-10% frm the neutral mix if it believes this prduces the best verall return. Manages the Prtfli in accrdance with the Prtfli s current neutral mix f assets, which includes underlying funds that generally invest in equity securities, fixed incme securities, and/r mney market investments. Changes the neutral mix ver time as the Prtfli s target date appraches and afterwards. Expects the neutral mix, n r abut its target date, t be apprximately 56% equity, 36% fixed incme, and 8% mney market instruments and shrt-term bnds, and n r abut the time it is anticipated t cmbine with Fidelity ClearPath Incme Prtfli, t be apprximately 21% equity, 35% fixed incme, and 44% mney market instruments and shrt-term bnds. May invest in underlying funds that invest in any kind f equity r fixed incme security, r mney market instrument, including high yield securities and ther lwer quality debt securities, and Canadian, U.S., r internatinal securities. May change the underlying funds invested in, r the percentage f the Prtfli s assets invested in any particular underlying fund, at any time. 316

323 Decides which asset class an underlying fund r security belngs t based n its investment characteristics. The Prtfli may als hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Prtfli and/r the underlying funds may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Prtfli may hedge sme r all f its freign currency expsure. The prtfli management team makes this decisin as part f the implementatin f the verall investment strategy f the Prtfli based n a number f factrs, including its view f the relative investment merits f the particular freign currency versus the Canadian dllar. The Prtfli s expsure t freign currency varies based n the extent f its freign currency denminated investments, as well as the extent t which the prtfli management team decides t hedge the Prtfli s currency expsure. The Prtfli s freign currency expsure may change at any time, and withut ntice. Certain f the underlying funds may frm time t time invest in asset-backed securities and mrtgage-backed securities. The Prtfli and the underlying funds may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team f the Prtfli and the underlying funds may actively trade their investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Prtfli in a nn-registered accunt. Additinal infrmatin abut the underlying funds is set ut in their simplified prspectuses, annual infrmatin frms r ther ffering dcuments. Yu can get cpies by cntacting us r by asking yur financial advisr. Als see Specific infrmatin abut each f the mutual funds described in this dcument fr mre infrmatin abut the Fidelity ClearPath Retirement Prtflis and their investment strategies. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Prtfli. The risks withut a bullet in either clumn are nt a risk fr the Prtfli. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Main risk Additinal risk 317

324 Fidelity ClearPath 2045 Prtfli (cntinued) Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 57.7% f the units f the Prtfli. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ E3 $ E4 $ F $ P1 $ P2 $ P3 $ Wh shuld invest in this fund? Yu might want t cnsider the Prtfli if yu are planning t retire arund 2045, want t gain expsure t bth equity and fixed incme securities, want the cnvenience f a diversified prtfli in a single fund and can handle the vlatility f returns generally assciated with equity investments. T invest in the Prtfli, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Prtfli generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Prtfli. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Prtfli unless yu tell us in writing that yu want t receive them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Prtfli s expenses directly, but they reduce the Prtfli s returns. This table shws hw much the Prtfli wuld pay in expenses n a $1,000 investment that has a 5% annual return. 318

325 FIDELITY CLEARPATH RETIREMENT PORTFOLIOS Fidelity ClearPath 2050 Prtfli Fund details Fund type Lifecycle fund Date started A, B, F and O - July 9, 2014 P1 - December 4, 2015 E1 - February 5, 2016 Type f securities A, B, E1, F, O and P1 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Investment strategies T meet the Prtfli s bjectives, the prtfli management team: Invests primarily in underlying funds, including ther Fidelity Funds and ETFs. Fllws a neutral mix guideline f apprximately 92% equity and 8% fixed incme. Management and advisry fee and administratin fee Management and advisry fee A 2.00% 0.255% Administratin fee* Depending n market cnditins, may vary the asset mix by up t +/-10% frm the neutral mix if it believes this prduces the best verall return. B 1.85% 0.205% E % 0.155% F 0.85% 0.200% P % 0.150% *This is the Administratin Fee if the Prtfli has less than $100 millin in net assets. If the Prtfli has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Prtfli has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Prtfli aims t achieve high ttal investment return. The Prtfli uses a dynamic asset allcatin strategy and invests primarily in underlying funds. These underlying funds generally invest in equity securities, fixed incme securities and/r mney market instruments. Frm inceptin, thrugh t its target date in 2050 and fr a perid f apprximately 20 years thereafter, an increasing prprtin f the Prtfli s assets are invested in securities f fixed incme funds and mney market funds. When the Prtfli s asset allcatin is substantially similar t that f the Fidelity ClearPath Incme Prtfli, it is expected that the Prtfli will, n prir ntice t investrs, and n a date determined by Fidelity, be cmbined with Fidelity ClearPath Incme Prtfli and the Prtfli s unithlders will becme unithlders f Fidelity ClearPath Incme Prtfli. We can t change the Prtfli s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Manages the Prtfli in accrdance with the Prtfli s current neutral mix f assets, which includes underlying funds that generally invest in equity securities, fixed incme securities, and/r mney market investments. Changes the neutral mix ver time as the Prtfli s target date appraches and afterwards. Expects the neutral mix, n r abut its target date, t be apprximately 56% equity, 36% fixed incme, and 8% mney market instruments and shrt-term bnds, and n r abut the time it is anticipated t cmbine with Fidelity ClearPath Incme Prtfli, t be apprximately 21% equity, 35% fixed incme, and 44% mney market instruments and shrt-term bnds. May invest in underlying funds that invest in any kind f equity r fixed incme security, r mney market instrument, including high yield securities and ther lwer quality debt securities, and Canadian, U.S., r internatinal securities. May change the underlying funds invested in, r the percentage f the Prtfli s assets invested in any particular underlying fund, at any time. Decides which asset class an underlying fund r security belngs t based n its investment characteristics. The Prtfli may als hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut 319

326 Fidelity ClearPath 2050 Prtfli (cntinued) each f the mutual funds described in this dcument, the Prtfli and/r the underlying funds may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Prtfli may hedge sme r all f its freign currency expsure. The prtfli management team makes this decisin as part f the implementatin f the verall investment strategy f the Prtfli based n a number f factrs, including its view f the relative investment merits f the particular freign currency versus the Canadian dllar. The Prtfli s expsure t freign currency varies based n the extent f its freign currency denminated investments, as well as the extent t which the prtfli management team decides t hedge the Prtfli s currency expsure. The Prtfli s freign currency expsure may change at any time, and withut ntice. Certain f the underlying funds may frm time t time invest in asset-backed securities and mrtgage-backed securities. The Prtfli and the underlying funds may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team f the Prtfli and the underlying funds may actively trade their investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Prtfli in a nn-registered accunt. Additinal infrmatin abut the underlying funds is set ut in their simplified prspectuses, annual infrmatin frms r ther ffering dcuments. Yu can get cpies by cntacting us r by asking yur financial advisr. Als see Specific infrmatin abut each f the mutual funds described in this dcument fr mre infrmatin abut the Fidelity ClearPath Retirement Prtflis and their investment strategies. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Prtfli. The risks withut a bullet in either clumn are nt a risk fr the Prtfli. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 84.7% f the units f the Prtfli. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. 320

327 Wh shuld invest in this fund? Yu might want t cnsider the Prtfli if yu are planning t retire arund 2050, want t gain expsure t bth equity and fixed incme securities, want the cnvenience f a diversified prtfli in a single fund and can handle the vlatility f returns generally assciated with equity investments. T invest in the Prtfli, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Prtfli generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Prtfli. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Prtfli unless yu tell us in writing that yu want t receive them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Prtfli s expenses directly, but they reduce the Prtfli s returns. This table shws hw much the Prtfli wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ F $ P1 $

328 FIDELITY CLEARPATH RETIREMENT PORTFOLIOS Fidelity ClearPath 2055 Prtfli Fund details Fund type Lifecycle fund Date started A, B, F and O - July 9, 2014 P1 - December 4, 2015 E1 - February 5, 2016 E2 and E3 - May 13, 2016 E4 and E5 April 21, 2017 Type f securities A, B, E1, E2, E3, E4, E5, F, O and P1 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A 2.00% 0.255% B 1.85% 0.205% E % 0.155% E2 1.80% 0.105% E % 0.105% E % 0.105% E5 1.70% 0.105% F 0.85% 0.200% P % 0.150% *This is the Administratin Fee if the Prtfli has less than $100 millin in net assets. If the Prtfli has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Prtfli has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Prtfli aims t achieve high ttal investment return. The Prtfli uses a dynamic asset allcatin strategy and invests primarily in underlying funds. These underlying funds generally invest in equity securities, fixed incme securities and/r mney market instruments. Frm inceptin, thrugh t its target date in 2055 and fr a perid f apprximately 20 years thereafter, an increasing prprtin f the Prtfli s assets are invested in securities f fixed incme funds and mney market funds. When the Prtfli s asset allcatin is substantially similar t that f the Fidelity ClearPath Incme Prtfli, it is expected that the Prtfli will, n prir ntice t investrs, and n a date determined by Fidelity, be cmbined with Fidelity ClearPath Incme Prtfli and the Prtfli s unithlders will becme unithlders f Fidelity ClearPath Prtfli. Incme We can t change the Prtfli s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Prtfli s bjectives, the prtfli management team: Invests primarily in underlying funds, including ther Fidelity Funds and ETFs. Fllws a neutral mix guideline f apprximately 92% equity and 8% fixed incme. Depending n market cnditins, may vary the asset mix by up t +/-10% frm the neutral mix if it believes this prduces the best verall return. Manages the Prtfli in accrdance with the Prtfli s current neutral mix f assets, which includes underlying funds that generally invest in equity securities, fixed incme securities, and/r mney market investments. Changes the neutral mix ver time as the Prtfli s target date appraches and afterwards. Expects the neutral mix, n r abut its target date, t be apprximately 56% equity, 36% fixed incme, and 8% mney market instruments and shrt-term bnds, and n r abut the time it is anticipated t cmbine with Fidelity ClearPath Incme Prtfli, t be apprximately 21% equity, 35% fixed incme, and 44% mney market instruments and shrt-term bnds. May invest in underlying funds that invest in any kind f equity r fixed incme security, r mney market instrument, including high yield securities and ther lwer quality debt securities, and Canadian, U.S., r internatinal securities. May change the underlying funds invested in, r the percentage f the Prtfli s assets invested in any particular underlying fund, at any time. Decides which asset class an underlying fund r security belngs t based n its investment characteristics. 322

329 The Prtfli may als hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Prtfli and/r the underlying funds may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Prtfli may hedge sme r all f its freign currency expsure. The prtfli management team makes this decisin as part f the implementatin f the verall investment strategy f the Prtfli based n a number f factrs, including its view f the relative investment merits f the particular freign currency versus the Canadian dllar. The Prtfli s expsure t freign currency varies based n the extent f its freign currency denminated investments, as well as the extent t which the prtfli management team decides t hedge the Prtfli s currency expsure. The Prtfli s freign currency expsure may change at any time, and withut ntice. Certain f the underlying funds may frm time t time invest in asset-backed securities and mrtgage-backed securities. distributins, which are taxable if yu hld the Prtfli in a nn-registered accunt. Additinal infrmatin abut the underlying funds is set ut in their simplified prspectuses, annual infrmatin frms r ther ffering dcuments. Yu can get cpies by cntacting us r by asking yur financial advisr. Als see Specific infrmatin abut each f the mutual funds described in this dcument fr mre infrmatin abut the Fidelity ClearPath Retirement Prtflis and their investment strategies. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Prtfli. The risks withut a bullet in either clumn are nt a risk fr the Prtfli. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Main risk Additinal risk The Prtfli and the underlying funds may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team f the Prtfli and the underlying funds may actively trade their investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany 323

330 Fidelity ClearPath 2055 Prtfli (cntinued) Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 76.6% f the units f the Prtfli. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Prtfli if yu are planning t retire arund 2055, want t gain expsure t bth equity and fixed incme securities, want the cnvenience f a diversified prtfli in a single fund and can handle the vlatility f returns generally assciated with equity investments. Fees and expenses payable ver 1 year 3 years 5 years 10 years E1 $ E2 $ E3 $ E4 $ E5 $ F $ P1 $ T invest in the Prtfli, yu shuld be able t accept a medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Prtfli generally distributes any net incme and capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Prtfli. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Prtfli unless yu tell us in writing that yu want t receive them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Prtfli s expenses directly, but they reduce the Prtfli s returns. This table shws hw much the Prtfli wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $

331 FIDELITY CLEARPATH RETIREMENT PORTFOLIOS Fidelity ClearPath Incme Prtfli Fund details Fund type Lifecycle fund Date started A, B, F, S8 and T8 - Nvember 3, 2005 S5 and T5 - Nvember 6, 2006 O - August 13, 2008 P1, P2 and P3 - December 4, 2015 E1, E1T5, E2, E2T5 and E3 - February 5, 2016 E4 July 14, 2017 Type f securities A, B, E1, E1T5, E2, E2T5, E3, E4, F, O, P1, P2, P3, S5, S8, T5 and T8 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A, T5 and T8 1.50% 0.230% B, S5 and S8 1.25% 0.180% E1 and E1T5 1.25% 0.155% E2 and E2T5 1.25% 0.130% E % 0.130% E4 1.20% 0.130% F 0.60% 0.136% P1 0.60% 0.111% P2 0.60% 0.086% P % 0.086% *This is the Administratin Fee if the Prtfli has less than $100 millin in net assets. If the Prtfli has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Prtfli has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Prtfli aims t achieve a cmbinatin f a steady flw f incme with the ptential fr capital gain. The Prtfli uses an asset allcatin strategy and invests primarily in underlying funds. These underlying funds generally invest in equity securities, fixed incme securities and/r mney market instruments. We can t change the Prtfli s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Prtfli s bjectives, the prtfli management team: Invests primarily in underlying funds, including ther Fidelity Funds and ETFs. Fllws a neutral mix guideline f apprximately 21% equity and 35% fixed incme, and 44% mney market instruments and shrt-term bnds. Depending n market cnditins, may vary the asset mix by up t +/-10% frm the neutral mix if it believes this prduces the best verall return. Manages the Prtfli in accrdance with the Prtfli s current neutral mix f assets, which includes underlying funds that generally invest in equity securities, fixed incme securities, and/r mney market investments. Expects the neutral mix f the Prtfli t be relatively stable, unlike the ther ClearPath Retirement Prtflis. May invest in underlying funds that invest in any kind f equity r fixed incme security, r mney market instrument, including high yield securities and ther lwer quality debt securities, and Canadian, U.S., r internatinal securities. May change the underlying funds invested in, r the percentage f the Prtfli s assets invested in any particular underlying fund, at any time. Decides which asset class an underlying fund r security belngs t based n its investment characteristics. The Prtfli may als hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Prtfli and/r the underlying funds may: Engage in securities lending, repurchase and reverse repurchase transactins. 325

332 Fidelity ClearPath Incme Prtfli (cntinued) Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Prtfli may hedge sme r all f its freign currency expsure. The prtfli management team makes this decisin as part f the implementatin f the verall investment strategy f the Prtfli based n a number f factrs, including its view f the relative investment merits f the particular freign currency versus the Canadian dllar. The Prtfli s expsure t freign currency varies based n the extent f its freign currency denminated investments, as well as the extent t which the prtfli management team decides t hedge the Prtfli s currency expsure. The Prtfli s freign currency expsure may change at any time, and withut ntice. Certain f the underlying funds may frm time t time invest in asset-backed securities and mrtgage-backed securities. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Prtfli. The risks withut a bullet in either clumn are nt a risk fr the Prtfli. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Main risk Additinal risk The Prtfli and the underlying funds may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins The prtfli management team f the Prtfli and the underlying funds may actively trade their investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Prtfli in a nn-registered accunt. Additinal infrmatin abut the underlying funds is set ut in their simplified prspectuses, annual infrmatin frms r ther ffering dcuments. Yu can get cpies by cntacting us r by asking yur financial advisr. Als see Specific infrmatin abut each f the mutual funds described in this dcument fr mre infrmatin abut the Fidelity ClearPath Retirement Prtflis and their investment strategies. Securities lending Shrt selling Small cmpany Specializatin Wh shuld invest in this fund? Yu might want t cnsider the Prtfli if yu are retired r planning t retire in the near term, want t gain expsure t bth equity and fixed incme securities and want the cnvenience f a diversified prtfli in a single fund. T invest in the Prtfli, yu shuld be able t accept a lw level f risk. Fr mre infrmatin n hw a fund s risk 326

333 level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Prtfli generally distributes any net incme at the end f each quarter. Net incme fr the furth quarter and any capital gains fr the year are distributed in December f each year. The Prtfli may als pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Prtfli. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Prtfli unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP will be paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Prtfli. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Prtfli s expenses directly, but they reduce the Prtfli s returns. This table shws hw much the Prtfli wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E1T5 $ E2 $ E2T5 $ E3 $ F $ P1 $ P2 $ P3 $ S5 $ S8 $ T5 $ T8 $

334 Prfiles f ur Fixed Incme Funds Our Fixed Incme Funds, ther than Fidelity Canadian Mney Market Fund and Fidelity U.S. Mney Market Fund, aim t prvide a steady flw f incme ver the lng-term. Sme f these Funds invest primarily in fixed incme securities that pay interest, like treasury bills, and gvernment and crprate bnds, while thers invest, either directly r by investing in units f ther mutual funds, in incme trusts, equity securities f cmpanies that pay dividends, r ther securities that are expected t distribute incme. The interest yu earn frm fixed incme funds can vary. Fidelity Canadian Mney Market Fund and Fidelity U.S. Mney Market Fund seek t prvide safety plus incme. They have lw risk because they invest in shrt-term securities that are either gvernment guaranteed r have high credit ratings. The interest yu receive varies with shrt-term interest rates. In additin t seeking t achieve incme and/r the ptential fr capital gains, Fidelity American High Yield Currency Neutral Fund and Fidelity Flating Rate High Incme Currency Neutral Fund use derivatives t try t minimize their expsure t currency fluctuatins between the U.S. and Canadian dllars. Similarly, Fidelity Glbal Bnd Currency Neutral Fund, Fidelity Multi-Sectr Bnd Currency Neutral Fund and Fidelity Strategic Incme Currency Neutral Fund use derivatives t minimize its expsure t currency fluctuatins between freign currencies (such as the U.S. dllar, the Eur r the Yen) and the Canadian dllar. Canadian Fixed Incme Funds Fidelity Canadian Bnd Fund Fidelity Crprate Bnd Fund Fidelity Canadian Mney Market Fund Fidelity Canadian Shrt Term Bnd Fund Fidelity Tactical Fixed Incme Fund Glbal Fixed Incme Funds Fidelity Glbal Bnd Fund Fidelity Glbal Bnd Currency Neutral Fund U.S. Fixed Incme Funds Fidelity American High Yield Fund Fidelity American High Yield Currency Neutral Fund Fidelity U.S. Mney Market Fund Fidelity Flating Rate High Incme Fund Fidelity Flating Rate High Incme Currency Neutral Fund Fidelity Multi-Sectr Bnd Fund Fidelity Multi-Sectr Bnd Currency Neutral Fund Fidelity Strategic Incme Fund Fidelity Strategic Incme Currency Neutral Fund 328

335 CANADIAN FIXED INCOME FUNDS Fidelity Canadian Bnd Fund Fund details Fund type Canadian bnd fund Date started A and B - February 1, 1988 F - Octber 10, 2000 O - January 2, 2001 P1 and P2 - December 4, 2015 E1, E2 and E3 - February 5, 2016 E4 - September 16, 2016 P3 January 26, 2017 P4 July 14, 2017 Type f securities A, B, E1, E2, E3, E4, F, O, P1, P2, P3 and P4 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A 1.25% 0.230% B 1.00% 0.180% E1 1.00% 0.155% E % 0.155% E3 0.95% 0.155% E4 0.95% 0.130% F 0.50% 0.135% P1 0.50% 0.110% P % 0.110% P3 0.45% 0.110% P4 0.45% 0.085% *This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t prvide a steady flw f incme. It invests primarily in Canadian fixed incme securities. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Uses the FTSE TMX Canada Universe Bnd Index as a guide t structuring the Fund s prtfli and selecting investments, and manages the Fund t have an verall interest rate risk that is similar t the index. Allcates the Fund s assets amng issuers in different market sectrs, industries, and maturities, based n its view f the relative value f each sectr r maturity. Invests mainly in investment grade securities. May invest in securities nt included in the index. When buying and selling fixed incme securities, analyzes ther factrs, such as: The security s features. Price cmpared t estimated lng-term value. Credit quality f the issuer. Any shrt-term trading pprtunities resulting frm market inefficiencies. The Fund may als: Invest up t 30% f its net assets in freign securities. Invest in asset-backed securities and mrtgage-backed securities frm time t time. Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. 329

336 Fidelity Canadian Bnd Fund (cntinued) The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Main risk Additinal risk Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, tw investrs held apprximately 33.6% and 15.8%, respectively, f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the medium- t lng-term and are seeking incme frm yur investment. T invest in the Fund, yu shuld be able t accept a lw level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme at the end f each mnth. Any capital gains fr the year are distributed in December f each year. The Fund may als pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. 330

337 Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ E3 $ E4 $ F $ P1 $ P2 $ P3 $

338 CANADIAN FIXED INCOME FUNDS Fidelity Crprate Bnd Fund Fund details Fund type Canadian bnd fund Date started A, B, F and O - September 20, 2010 P1, P2 and P3 - December 4, 2015 E1, E2 and E3 - February 5, 2016 E4 July 14, 2017 P4 and P5 September 22, 2017 Type f securities A, B, E1, E2, E3, E4, F, O, P1, P2, P3, P4 and P5 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A 1.45% 0.230% B 1.20% 0.180% E1 1.20% 0.155% E % 0.155% E3 1.15% 0.155% E4 1.15% 0.130% F 0.70% 0.135% P1 0.70% 0.110% P % 0.110% P3 0.65% 0.110% P4 0.65% 0.085% P % 0.085% *This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t prvide a steady flw f incme. It invests primarily in fixed incme securities issued by Canadian and freign cmpanies. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. T meet the Fund s bjectives, the prtfli management team: Uses the FTSE TMX Canada All Crprate Bnd Index as a guide t structuring the Fund s prtfli and selecting investments, and manages the Fund t have an verall interest rate that is similar t the index. Allcates the Fund s assets amng issuers in different market industries and maturities, based n its view f the relative value f each issuer, industry r maturity. Invests mainly in investment grade securities. May invest in securities nt included in the index. When buying and selling fixed incme securities, analyzes ther factrs, such as: The security s features. Price cmpared t estimated lng-term value. Credit quality f the issuer. Any shrt-term trading pprtunities resulting frm market inefficiencies. The Fund may als: Invest a prtin f its assets in nn-investment grade high yield debt securities. Invest a prtin f its assets in fixed incme securities issued by gvernments. Invest up t 40% f its net assets in freign securities. Invest in asset-backed securities and mrtgage-backed securities. Invest in fixed incme securities f any quality r term. Hld cash. The high yield debt prtin tends t have a higher credit risk than the investment grade fixed incme prtin f the Fund. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut Investment strategies 332

339 each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund uses frward cntracts t hedge as cmpletely as pssible against fluctuatins caused by changes in exchange rates between develped market freign currencies and the Canadian dllar. Therefre, generally, the Fund des nt benefit frm an increase in the value f freign currencies against the Canadian dllar. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Main risk Additinal risk Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 24.0% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the medium-t lng-term and are seeking incme frm yur investment. T invest in the Fund, yu shuld be able t accept a lw level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme at the end f each mnth. Any capital gains fr the year are distributed in December f each year. The Fund may als pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. 333

340 Fidelity Crprate Bnd Fund (cntinued) Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ E3 $ F $ P1 $ P2 $ P3 $

341 CANADIAN FIXED INCOME FUNDS Fidelity Canadian Mney Market Fund Fund details Fund type Canadian mney market fund Date started A and B - January 21, 1991 O - Octber 18, 2004 F - Nvember 8, 2004 C and D - March 29, 2006 P1 and P2 - December 4, 2015 E1, E2, E3 and E4 - February 5, 2016 P3 - March 11, 2016 P4 January 26, 2017 E5 April 21, 2017 P5 July 14, 2017 Type f securities A, B, C, D, E1, E2, E3, E4, E5, F, O, P1, P2, P3, P4 and P5 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee A 0.95% 0% B 0.67% 0% C 0.95% 0% D 0.67% 0% E % 0% E2 0.62% 0% E % 0% E4 0.57% 0% E % 0% F 0.45% 0% P % 0% P2 0.40% 0% P % 0% P4 0.35% 0% P % 0% What des the fund invest in? Investment bjectives Administratin fee The Fund aims t achieve a high level f current incme while seeking t prtect capital and t maintain liquidity. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Seeks t maintain a cnstant unit price f $ Invests primarily in Canadian dllar-denminated mney market instruments f Canadian and freign issuers, including shrt-term debt bligatins f cmpanies, such as cmmercial paper, gvernments, such as Treasury Bills, r asset-backed securities, such as asset-backed cmmercial paper. When buying and selling investments, fllws the legal requirements fr mney market funds, including minimum limits fr quality, liquidity, maturity, and diversificatin f a fund s investments. The Fund may als: Invest up t 30% f its net assets in freign securities. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may engage in securities lending, repurchase and reverse repurchase transactins. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. It invests primarily in Canadian dllar-denminated mney market instruments. Risk Checklist Main risk Additinal risk Asset-backed securities and mrtgage-backed securities Cmmdity 335

342 Fidelity Canadian Mney Market Fund (cntinued) Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk Over the last 12 mnths, frm time t time the Fund invested mre than 10% f its net assets in securities f fur different issuers. It invested as much as 10.68% in securities issued by Strm King Funding, 10.42% in securities issued by Ontari Teachers Pensin Plan Bard, 10.16% in securities issued by Canadian Imperial Bank f Cmmerce and 10.89% in securities issued by BNP Paribas. See Cncentratin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu want a temprary parking spt fr yur cash. distributes any capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ C $ D $ E1 $ E2 $ E3 $ E4 $ E5 $ F $ P1 $ P2 $ P3 $ P4 $ T invest in the Fund, yu shuld be able t accept a lw level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy Net incme is credited t unithlder accunts at the clse f business each valuatin day and is distributed at the end f each mnth r when yu redeem yur units. The Fund 336

343 CANADIAN FIXED INCOME FUNDS Fidelity Canadian Shrt Term Bnd Fund Fund details Fund type Canadian shrt term bnd fund Date started A and B - January 30, 1995 F - Octber 10, 2000 O - Nvember 1, 2001 P1, P2 and P3 - December 4, 2015 E1, E2, E3 and E4 - February 5, 2016 P4 September 22, 2017 Type f securities A, B, E1, E2, E3, E4, F, O, P1, P2, P3 and P4 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee A 1.25% 0.061%** B 1.00% 0.036%** E1 1.00% 0.0% E2 0.98% 0.0% E3 0.96% 0.0% E4 0.94% 0.0% F 0.50% 0.036%** P1 0.50% 0.0% P2 0.48% 0.0% P3 0.46% 0.0% P4 0.44% 0.0% **This is the Administratin Fee regardless f the amunt f mney that the Fund has in net assets. What des the fund invest in? Investment bjectives The Fund aims t achieve a high level f current incme while prtecting capital. It invests primarily in Canadian fixed incme securities. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Uses the FTSE TMX Canada Shrt Term Bnd Index as a guide t structuring the Fund s prtfli and selecting investments, and manages the Fund t have an verall interest rate risk similar t that f the index. Allcates the Fund s assets amng issuers in different market sectrs, industries, and maturities, based n its view f the relative value f each sectr, industry, r maturity. Usually tries t maintain an average term t maturity f five years r less fr its investments. Invests mainly in investment grade securities. May invest in securities nt included in the index. When buying and selling fixed incme securities, analyzes ther factrs, such as: The security s features. Price cmpared t estimated lng-term value. Credit quality f the issuer. Any shrt-term trading pprtunities resulting frm market inefficiencies. The Fund may als: Invest up t 30% f its net assets in freign securities. Invest in fixed incme securities f any quality r term. Invest in asset-backed securities and mrtgage-backed securities. Hld cash. The Fund des nt hld investments in currencies ther than Canadian r U.S. dllars. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. 337

344 Fidelity Canadian Shrt Term Bnd Fund (cntinued) Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers the Fund s returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Main risk Additinal risk Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, tw investrs held apprximately 15.1% and 16.6%, respectively, f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the medium-term and are seeking incme frm yur investment. T invest in the Fund, yu shuld be able t accept a lw level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy Net incme is credited t unithlder accunts at the clse f business each valuatin day and is distributed at the end f each mnth r when yu redeem yur units. The Fund distributes any capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. 338

345 Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ E3 $ E4 $ F $ P1 $ P2 $ P3 $

346 CANADIAN FIXED INCOME FUNDS Fidelity Tactical Fixed Incme Fund Fund details Fund type Canadian bnd fund Date started A, B, F and O - May 9, 2012 P1, P2 and P3 - December 4, 2015 E1, E2, E3 and E4 - February 5, 2016 P4 and P5 - September 16, 2016 Type f securities A*, B*, E1*, E2*, E3*, E4*, F*, O, P1*, P2, P3, P4 and P5 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A 1.35% 0.230% B 1.10% 0.180% E1 1.10% 0.155% E % 0.155% E3 1.05% 0.155% E4 1.05% 0.130% F 0.60% 0.135% P1 0.60% 0.110% P % 0.110% P3 0.55% 0.110% P4 0.55% 0.085% P % 0.085% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t prvide a steady flw f incme. It invests primarily in Canadian fixed incme securities. The Fund can invest in these securities either directly r indirectly thrugh investments in underlying funds. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Uses the FTSE TMX Canada Universe Bnd Index as a guide t structuring the Fund s prtfli. Allcates the Fund s assets, either directly r indirectly thrugh investments in underlying funds, amng issuers in different market sectrs, industries, asset classes, and maturities, based n its view f the relative value f each sectr, industry, asset class, r maturity. When buying and selling fixed incme securities, analyzes ther factrs, such as: The security s features. Price cmpared t estimated lng-term value. Credit quality f the issuer. Any shrt-term trading pprtunities resulting frm market inefficiencies. Analyzes credit quality by cnsidering the balance sheet strength f the issuer, cmpany leverage ratis, stability f incme, management strength and track recrd, and risks t the issuer that may impair its ability t meet its bligatins t debt hlders. The Fund may als: Invest a minimum f 60% f the Fund s net assets, directly r indirectly thrugh investments in underlying funds, in Canadian investment grade bnds. Invest up t 40% f the Fund s net assets, either directly r indirectly thrugh investments in underlying funds, in a cmbinatin f glbal investment grade bnds, U.S. high yield bnds, U.S. flating rate debt instruments and emerging markets debt securities. Invest up t 40% f its net assets in freign securities. Invest in asset-backed securities and mrtgage-backed securities. Invest in fixed incme securities f any quality r term. Hld cash. 340

347 In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund and any underlying Fidelity Funds may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund uses frward cntracts t hedge as cmpletely as pssible against fluctuatins caused by changes in exchange rates between develped market freign currencies and the Canadian dllar. Therefre, generally, the Fund des nt benefit frm an increase in the value f freign currencies against the Canadian dllar. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Main risk Additinal risk The Fund and any underlying fund may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin The prtfli management team f the Fund and any underlying fund may actively trade their investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. As at September 30, 2017, ne investr held apprximately 17.3% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the medium- t lng-term and are seeking incme frm yur investment. T invest in the Fund, yu shuld be able t accept a lw level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund makes mnthly distributins f an amunt cmprised f net incme and/r a return f capital n the 341

348 Fidelity Tactical Fixed Incme Fund (cntinued) last business day f each mnth at a fixed rate. The dllar amunt f the mnthly distributin is reset at the beginning f each calendar year. The mnthly distributin may be adjusted during the year, withut prir ntificatin, if capital market cnditins change r fr ther reasns. If the Fund des nt earn enugh incme t meet the fixed rate distributin, it will return capital t make up the difference. As well, any capital gains and net incme nt distributed previusly in the year will be distributed by the Fund in December f each year. The Fund may als pay distributins at ther times during the year. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ E3 $ E4 $ F $ P1 $ P2 $ P3 $ P4 $ P5 $ A return f capital distributin is nt taxable but reduces the adjusted cst base f yur units. When the Fund returns capital t yu, the Fund is returning a prtin f the mney yu riginally invested. Returns f capital d nt represent incme r capital gains earned by the Fund and d nt reflect, and are nt the result f, the Fund s investment perfrmance. The purpse f returning capital is t prvide yu with a steady cash flw n a mnthly basis. Returns f capital will reduce the amunt f yur riginal investment. See Incme tax cnsideratins fr investrs. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Hwever, the mnthly distributins n the T-SWP will be paid in cash unless yu tell us in writing that yu want them t be reinvested in additinal units f the Fund. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. 342

349 U.S. FIXED INCOME FUNDS Fidelity American High Yield Fund Fund details Fund type U.S. high yield securities fund Date started A and B - January 31, 1994 F - Octber 10, 2000 O - Octber 1, 2003 P1, P2 and P3 - December 4, 2015 E1, E2, E3 and E4 - February 5, 2016 P4 April 21, 2017 Type f securities A*, B*, E1*, E2*, E3*, E4*, F*, O, P1*, P2*, P3* and P4 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A 1.75% 0.230% B 1.60% 0.180% E % 0.155% E % 0.155% E3 1.45% 0.130% E % 0.130% F 0.85% 0.135% P % 0.110% P % 0.110% P3 0.70% 0.085% P % 0.085% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve a cmbinatin f a high level f incme and the ptential fr capital gains. It invests primarily in higher yielding, lwer quality fixed incme securities, preferred stcks and cnvertible securities issued by U.S. cmpanies. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: When buying and selling high yield securities, examines each issuer s ptential based n factrs, such as: Financial cnditin. Industry psitin. Ecnmic and market cnditins. The security s features. Price cmpared t estimated lng-term value. Earnings ptential. Credit standing. Quality f management. The Fund may als: Invest in high yield securities issued by cmpanies utside the U.S., which can be priced in U.S. dllars r a freign currency. Invest in securities that dn t prduce incme, including defaulted securities and cmmn stck. Invest in cmpanies in a trubled r uncertain financial cnditin. Invest in flating rate instruments, which are debt securities r lan syndicates that have flating interest rates that peridically reset. Invest in asset-backed securities and mrtgage-backed securities. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: 343

350 Fidelity American High Yield Fund (cntinued) Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers the Fund s returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Main risk Additinal risk Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, tw investrs held apprximately 37.1% and 12.2%, respectively, f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t high yield securities and are seeking incme frm yur investments and the ptential fr capital gains. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy Net incme is credited t unithlder accunts at the clse f business each valuatin day and is distributed at the end f each mnth r when yu redeem yur units. The Fund distributes any capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. 344

351 Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ E3 $ E4 $ F $ P1 $ P2 $ P3 $ P4 $

352 U.S. FIXED INCOME FUNDS Fidelity American High Yield Currency Neutral Fund Fund details Fund type U.S. high yield securities fund Date started A, B, F and O - Nvember 6, 2006 P1 and P2 - December 4, 2015 E1, E2 and E3 - February 5, 2016 E4, P3 and P4 January 6, 2017 Type f securities A, B, E1, E2, E3, E4, F, O, P1, P2, P3 and P4 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A 1.75% 0.230% B 1.60% 0.180% E % 0.155% E % 0.155% E3 1.45% 0.130% E % 0.130% F 0.85% 0.136% P % 0.111% P % 0.111% P3 0.70% 0.086% P % 0.086% *This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve a cmbinatin f a high level f incme and the ptential fr capital gains. It seeks a similar return t its underlying fund, which is als managed by Fidelity, by investing substantially all f its assets in units f that fund. The underlying fund aims t achieve a cmbinatin f a high level f incme and the ptential fr capital gains by investing primarily in higher yielding, lwer quality fixed incme securities, preferred stcks and cnvertible securities issued by U.S. cmpanies. The Fund uses derivatives t try t minimize the expsure t currency fluctuatins between the U.S. and Canadian dllars. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies The strategies described belw relate t the Fund and the underlying fund, Fidelity American High Yield Fund. T meet the Fund s bjectives, the prtfli management team f the underlying fund: When buying and selling high yield securities, examines each issuer s ptential based n factrs, such as: Financial cnditin. Industry psitin. Ecnmic and market cnditins. The security s features. Price cmpared t estimated lng-term value. Earnings ptential. Credit standing. Quality f management. The underlying fund may als: Invest in high yield securities issued by cmpanies utside the U.S., which can be priced in U.S. dllars r a freign currency. Invest in securities that dn t prduce incme, including defaulted securities and cmmn stck. Invest in cmpanies in a trubled r uncertain financial cnditin. Invest in flating rate instruments, which are debt securities r lan syndicates that have flating interest rates that peridically reset. Invest in asset-backed securities and mrtgage-backed securities. 346

353 Bth the Fund and the underlying fund may hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund and the underlying fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund uses frward cntracts t hedge as cmpletely as pssible against fluctuatins caused by changes in exchange rates between the U.S. and Canadian dllars. Therefre, generally, the Fund des nt benefit frm an increase in the value f the U.S. dllar against the Canadian dllar. The Fund and the underlying fund may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the underlying fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Main risk Additinal risk Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 12.2% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t high yield securities, are seeking incme frm yur investment and the ptential fr capital gains and are seeking t lwer the risk f currency fluctuatins between the U.S. and Canadian dllars. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. 347

354 Fidelity American High Yield Currency Neutral Fund (cntinued) Distributin plicy Net incme is credited t unithlder accunts at the clse f business each valuatin day and is distributed at the end f each mnth r when yu redeem yur units. The Fund distributes any capital gains in December f each year, and may pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ E3 $ E4 $ F $ P1 $ P2 $ P3 $ P4 $

355 U.S. FIXED INCOME FUNDS Fidelity U.S. Mney Market Fund Fund details Fund type U.S. mney market fund Date started A and B - Octber 31, 1994 E1, E2, E3 and E4 - February 5, 2016 Type f securities A*, B*, E1*, E2*, E3* and E4* units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee A 0.95% 0% B 0.70% 0% E % 0% E2 0.65% 0% E % 0% E4 0.60% 0% *This series can als be bught in U.S. dllars. What des the fund invest in? Investment bjectives Administratin fee** The Fund aims t achieve a high level f current incme while seeking t prtect capital and t maintain liquidity. minimum limits fr quality, liquidity, maturity, and diversificatin f a fund s investments. The Fund may als hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may engage in securities lending, repurchase and reverse repurchase transactins. Fidelity U.S. Mney Market Fund cnducts all f its transactins in U.S. dllars. Yu must use U.S. dllars t buy units f the Fund and yu receive U.S. dllars when yu redeem yur units. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. It invests in U.S. dllar-denminated mney market instruments. Risk Checklist Main risk Additinal risk We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Seeks t maintain a cnstant unit price f U.S. $ Derivative Invests in U.S. dllar-denminated mney market instruments f U.S. and nn-u.s. issuers, including shrt-term debt bligatins f cmpanies, such as cmmercial paper, gvernments, such as Treasury Bills, r asset-backed securities, such as asset-backed cmmercial paper. Equity ETF Freign investment Interest rate Large transactin Liquidity When buying and selling investments, fllws the legal requirements fr mney market funds, including Prtfli management Repurchase transactins Reverse repurchase 349

356 Fidelity U.S. Mney Market Fund (cntinued) transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk Over the last 12 mnths, frm time t time the Fund invested mre than 10% f its net assets in securities f fur different issuers. It invested as much as 10.74% in securities issued by Bank f Mntreal, 10.18% in securities issued by Ryal Bank f Canada, 10.18% in securities issued by Mitsubishi UFJ Financial Grup Inc. and 10.73% in securities issued by Mizuh Financial Grup Inc. See Cncentratin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu want a temprary parking spt fr yur cash. the Fund unless yu tell us in writing that yu want t receive them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ E3 $ E4 $ T invest in the Fund, yu shuld be able t accept a lw level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy Net incme is credited t unithlder accunts at the clse f business each valuatin day and is distributed at the end f each mnth r when yu redeem yur units. The Fund distributes any capital gains in December f each year, and may pay distributins at ther times during the year. Because the Fund must reprt its incme in Canadian dllars, it may realize a freign exchange gain when it cnverts frm U.S. dllars t Canadian dllars. If it des, it will distribute this gain as a capital gain. The Fund may als pay distributins at ther times during the year. After each capital gains distributin, units may be cnslidated in rder t maintain a unit price f US$ Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f 350

357 U.S. FIXED INCOME FUNDS Fidelity Flating Rate High Incme Fund Fund details Fund type U.S. fixed incme fund Date started A, B, F and O - Octber 16, 2013 P1, P2, P3 and P4 - December 4, 2015 E1, E2, E3 and E4 - February 5, 2016 Type f securities Eligibility fr registered plans Management and advisry fee and administratin fee A*, B*, E1*, E2*, E3*, E4*, F*, O, P1*, P2*, P3* and P4* units f a mutual fund trust Qualified investment fr registered plans Management and advisry fee Administratin fee** A 1.55% 0.230% B 1.30% 0.180% E % 0.155% E % 0.155% E3 1.15% 0.130% E % 0.130% F 0.80% 0.135% P % 0.110% P % 0.110% P3 0.65% 0.085% P % 0.085% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Invests primarily in flating rate debt instruments, which generally pay interest at rates that are variable r reset peridically at a margin abve a generally recgnized base lending rate, such as the prime rate, the Lndn Interbank Offered Rate (LIBOR) r anther generally recgnized base lending rate used by cmmercial banks and lenders. Invests in ther flating rate securities f issuers in the U.S., including flating rate lans. Invests in senir secured flating rate debt securities, which are rated r, if nt rated, are deemed by the prtfli management team t be belw investment grade. When buying and selling flating rate debt instruments and ther securities, may cnsider ther factrs, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. A security s structural features. Underlying cllateral. Current price cmpared t lng-term value. Earnings ptential. Credit standing. Quality f management. Investment bjectives The Fund aims t prvide a steady flw f incme. It invests primarily in flating rate debt instruments and ther flating rate securities f issuers lcated in the United States r that are denminated in U.S. dllars. The Fund may als: Invest in cmpanies whse financial cnditin is trubled r uncertain, and that may be invlved in bankruptcy prceedings, rerganizatins, r financial restructurings. We can t change the investment bjectives f the Fund unless we get apprval frm a majrity f unithlders f the Fund wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Invest in mney market instruments and investment grade fixed incme securities. Invest in securities f Canadian and freign issuers. Hld cash. 351

358 Fidelity Flating Rate High Incme Fund (cntinued) In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers the Fund s returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Main risk Additinal risk Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 12.6% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? The Fund may be apprpriate fr investrs wh plan t hld their investment fr the lng-term, want t gain expsure t flating rate securities and are seeking incme frm their investment. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme at the end f each mnth. Any capital gains fr the year are distributed in December f each year. The Fund may als pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. 352

359 Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ E3 $ E4 $ F $ P1 $ P2 $ P3 $ P4 $

360 U.S. FIXED INCOME FUNDS Fidelity Flating Rate High Incme Currency Neutral Fund Fund details Fund type U.S. fixed incme fund Date started A, B and F - May 28, 2014 P1 and P2 - December 4, 2015 E1, E2 and E3 - February 5, 2016 P3 April 21, 2017 E4 July 14, 2017 Type f securities A, B, E1, E2, E3, E4, F, P1, P2 and P3 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A 1.55% 0.260% B 1.30% 0.210% E % 0.185% E % 0.185% E3 1.15% 0.160% E % 0.160% F 0.80% 0.165% P % 0.140% P % 0.140% P3 0.65% 0.115% *This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t prvide a steady flw f incme. It seeks a similar return t its underlying fund, which is als managed by Fidelity, by investing substantially all f its assets in units f that fund. The underlying fund aims t prvide a steady flw f incme by investing primarily in flating rate debt instruments and ther flating rate securities f issuers lcated in the United States r that are denminated in U.S. dllars. The Fund uses derivatives t try t minimize the expsure t currency fluctuatins between the U.S. and Canadian dllars. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies The strategies described belw relate t the Fund and the underlying fund, Fidelity Flating Rate High Incme Fund. T meet the Fund s bjectives, the prtfli management team f the underlying fund: Invests primarily in flating rate debt instruments, which generally pay interest at rates that are variable r reset peridically at a margin abve a generally recgnized base lending rate, such as the prime rate, the Lndn Interbank Offered Rate (LIBOR) r anther generally recgnized base lending rate used by cmmercial banks and lenders. Invests in ther flating rate securities f issuers in the U.S., including flating rate lans. Invests in senir secured flating rate debt securities, which are rated r, if nt rated, are deemed by the prtfli management team t be belw investment grade. When buying and selling flating rate debt instruments and ther securities, may cnsider ther factrs, including: Financial cnditin. Industry psitin. Ecnmic and market cnditins. A security s structural features. Underlying cllateral. Current price cmpared t lng-term value. Earnings ptential. Credit standing. Quality f management. The underlying fund may als: Invest in cmpanies whse financial cnditin is trubled r uncertain, and that may be invlved in 354

361 bankruptcy prceedings, rerganizatins, r financial restructurings. Invest in mney market instruments and investment grade fixed incme securities. Invest in securities f Canadian and freign issuers. Bth the Fund and the underlying fund may hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund and the underlying fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund uses frward cntracts t hedge as cmpletely as pssible against fluctuatins caused by changes in exchange rates between the U.S. and Canadian dllars. Therefre, generally, the Fund des nt benefit frm an increase in the value f the U.S. dllar against the Canadian dllar. The Fund and the underlying fund may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the underlying fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Wh shuld invest in this fund? Additinal risk Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t flating rate securities while seeking t lwer yur risk f currency fluctuatins between the U.S. and Canadian dllars and are seeking incme frm yur investment. The Fund is nt an apprpriate investment if yu have a shrtterm investment hrizn. T invest in the Fund, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. 355

362 Fidelity Flating Rate High Incme Currency Neutral Fund (cntinued) Distributin plicy The Fund generally distributes any net incme at the end f each mnth. Any capital gains fr the year are distributed in December f each year. The Fund may als pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ E3 $ F $ P1 $ P2 $

363 U.S. FIXED INCOME FUNDS Fidelity Multi-Sectr Bnd Fund Fund details Fund type U.S. diversified incme fund Date started A, B, E1, E2, E3, E4, E5, F, O, P1, P2, P3, P4, P5 April 28, 2017 Type f securities A, B, E1, E2, E3, E4, E5 F, O, P1, P2, P3, P4 and P5 units f a mutual fund trust Eligibility fr registered plans Expected t be a qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A 1.45% 0.230% B 1.20% 0.180% E % 0.155% E % 0.155% E % 0.130% E % 0.130% E5 1.00% 0.130% F 0.70% 0.135% P % 0.110% P % 0.110% P % 0.085% P % 0.085% P5 0.50% 0.085% *This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t prvide a steady flw f incme and the ptential fr capital gains. It invests primarily in a mix f fixed incme securities f U.S. issuers and ther issuers frm arund the wrld. It can invest in these securities either directly r indirectly thrugh investments in underlying funds. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Exercises brad flexibility by investing, either directly r indirectly thrugh investments in underlying funds, in an expansive set f fixed incme securities, including glbal investment grade fixed incme securities, and higher yielding lwer quality fixed incme securities. Tactically allcates the Fund s assets amng issuers in different market sectrs, industries, asset classes, and maturities, based n its view f the relative value f each sectr, industry, asset class, r maturity. Des nt typically exceed 70% f the Fund s net assets in nn-investment grade fixed incme securities. Cmbines tp-dwn perspectives and bttm-up security selectin. Perfrms a macrecnmic assessment in rder t frmulate tp-dwn views that are used t tactically adjust the cmpsitin f the prtfli ver time, such as asset class selectin, sectr rtatin, and industry selectin. Cnsiders factrs that shape the fixed incme markets, such as gvernment and central banking plicies, fiscal dynamics, demgraphic factrs, trade plicy, currency management, default cycle, inflatin, and business cycle dynamics. Uses tp-dwn perspectives t help shape the sectr allcatin, quality, yield curve psitining, and duratin f the prtfli. Cnsiders the duratin f the Fund, and has flexibility t vary the duratin in respnse t prevailing market cnditins. When buying and selling investment grade fixed incme securities, may cnsider ther factrs, such as: The security s features. Price cmpared t estimated lng-term value. Credit quality f the issuer. Current yield. 357

364 Fidelity Multi-Sectr Bnd Fund (cntinued) Balance sheet strength. Financial leverage. Any shrt-term trading pprtunities resulting frm market inefficiencies. When buying and selling high yield securities, examines each issuer s ptential based n factrs, such as: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Earnings ptential. Quality f management. The security s features. Price cmpared t estimated lng-term value. Credit quality f the issuer. Current yield. Balance sheet strength. Financial leverage. Liquidity. Expected ability t service debt. The Fund may als: Invest in securities that dn t prduce incme, including defaulted securities and cmmn stck. Invest in cmpanies in a trubled r uncertain financial cnditin. Invest in fixed incme securities f any quality r term. Hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund and any underlying Fidelity Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers the Fund s returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Main risk Additinal risk 358

365 Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 65.9% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t fixed incme securities f U.S. issuers and ther issuers frm arund the wrld and are seeking incme frm yur investment and the ptential fr capital gains. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme at the end f each mnth. Any capital gains fr the year are distributed in December f each year. The Fund may als pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs This infrmatin has nt been prvided because the Fund is new, and has n histrical fund expense infrmatin. 359

366 U.S. FIXED INCOME FUNDS Fidelity Multi-Sectr Bnd Currency Neutral Fund Fund details Fund type U.S. diversified incme fund Date started A, B, E1, E2, E3, E4, E5, F, O, P1, P2, P3, P4, P5 April 28, 2017 Type f securities A, B, E1, E2, E3, E4, E5 F, O, P1, P2, P3, P4 and P5 units f a mutual fund trust Eligibility fr registered plans Expected t be a qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A 1.45% 0.260% B 1.20% 0.210% E % 0.185% E % 0.185% E % 0.160% E % 0.160% E5 1.00% 0.160% F 0.70% 0.165% P % 0.140% P % 0.140% P % 0.115% P % 0.115% P5 0.50% 0.115% *This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t prvide a steady flw f incme and the ptential fr capital gains. It seeks a similar return t its underlying fund, which is als managed by Fidelity, by investing substantially all f its assets in units f that fund. The underlying fund invests primarily in a mix f fixed incme securities f U.S. issuers and ther issuers frm arund the wrld. The underlying fund can invest in these securities either directly r indirectly thrugh investments in ther underlying funds. Currently, the underlying fund is Fidelity Multi-Sectr Bnd Fund. The Fund uses derivatives t try t minimize the expsure t currency fluctuatins between develped market freign currencies and the Canadian dllar. The Fund may als hedge against ther freign currencies. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies The strategies described belw relate t the Fund and the underlying fund, Fidelity Multi-Sectr Bnd Fund. T meet the Fund s bjectives, the prtfli management team f the underlying fund: Exercises brad flexibility by investing, either directly r indirectly thrugh investments in third-tier funds, and in an expansive set f fixed incme securities, including glbal investment grade fixed incme securities, and higher yielding lwer quality fixed incme securities. Tactically allcates the underlying fund s assets amng issuers in different market sectrs, industries, asset classes, and maturities, based n its view f the relative value f each sectr, industry, asset class, r maturity. Des nt typically exceed 70% f the underlying fund s net assets in nn-investment grade fixed incme securities. Cmbines tp-dwn perspectives and bttm-up security selectin. Perfrms a macrecnmic assessment in rder t frmulate tp-dwn views that are used t tactically adjust the cmpsitin f the prtfli ver time, such as asset class selectin, sectr rtatin, and industry selectin. Cnsiders factrs that shape the fixed incme markets, such as gvernment and central banking plicies, fiscal dynamics, demgraphic factrs, trade plicy, currency management, default cycle, inflatin, and business cycle dynamics. Uses tp-dwn perspectives t help shape the sectr allcatin, quality, yield curve psitining, and duratin 360

367 f the prtfli. The underlying fund may als: Cnsiders the duratin f the underlying fund, and has flexibility t vary the duratin in respnse t prevailing market cnditins. May change the third-tier funds in which the underlying fund invests, r the percentage f assets invested in a particular third-tier fund, at any time. When buying and selling investment grade fixed incme securities, may cnsider ther factrs, including: The security s features. Price cmpared t estimated lng-term value. Credit quality f the issuer. Current yield. Balance sheet strength. Financial leverage. Any shrt-term trading pprtunities resulting frm market inefficiencies. When buying and selling high yield securities, examines each issuer s ptential based n factrs, such as: Financial cnditin. Industry psitin. Ecnmic and market cnditins. Earnings ptential. Quality f management. The security s features. Price cmpared t estimated lng-term value. Credit quality f the issuer. Current yield. Balance sheet strength. Financial leverage. Liquidity. Expected ability t service debt. 361 Invest in securities that dn t prduce incme, including defaulted securities and cmmn stck. Invest in cmpanies in a trubled r uncertain financial cnditin. Invest in fixed incme securities f any quality r term. Invest in equity securities, either directly r indirectly thrugh investments in ther underlying funds, which are third-tier funds fr the Fund. Bth the Fund and the underlying fund may hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund, the underlying fund and any third-tier fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund uses frward cntracts t hedge as cmpletely as pssible against fluctuatins caused by changes in exchange rates between develped market freign currencies and the Canadian dllar. Therefre, generally, the Fund des nt benefit frm an increase in the value f freign currencies against the Canadian dllar. The Fund and the underlying fund may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team f the Fund and the underlying fund may actively trade their investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains

368 Fidelity Multi-Sectr Bnd Currency Neutral Fund (cntinued) distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Derivative Cyber security Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Wh shuld invest in this fund? Additinal risk Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t fixed incme securities f U.S. issuers and ther issuers frm arund the wrld while seeking t lwer yur risk frm currency fluctuatins between develped market freign currencies and the Canadian dllar and are seeking incme 362 frm yur investment and the ptential fr capital gains. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme at the end f each mnth. Any capital gains fr the year are distributed in December f each year. The Fund may als pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs This infrmatin has nt been prvided because the Fund is new, and has n histrical fund expense infrmatin.

369 U.S. FIXED INCOME FUNDS Fidelity Strategic Incme Fund Fund details Fund type U.S. diversified incme fund Date started A, B, F and O May 6, 2015 P1, P2, P3 and P4 - December 4, 2015 E1, E2, E3 and E4 - February 5, 2016 E5 - May 13, 2016 Type f securities A*, B*, E1*, E2*, E3*, E4*, E5, F*, O, P1*, P2*, P3*, P4* units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A 1.45% 0.230% B 1.20% 0.180% E % 0.155% E % 0.155% E % 0.130% E % 0.130% E5 1.00% 0.130% F 0.70% 0.135% P % 0.110% P % 0.110% P3 0.55% 0.085% P % 0.085% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve a cmbinatin f a high level f current incme and the ptential fr capital gains. The Fund invests primarily in fixed incme securities f U.S. issuers and ther issuers frm arund the wrld. Fixed incme securities may include investment grade fixed incme securities, higher yielding lwer quality fixed incme securities, senir secured flating rate debt securities, emerging markets debt securities, cnvertible securities, asset-backed securities, cmmercial mrtgage-backed securities and mney market instruments. The Fund can invest in these securities either directly r indirectly thrugh investments in underlying funds. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Fllws a neutral mix guideline f apprximately 45% higher yielding lwer quality fixed incme securities, 15% U.S. gvernment and investment grade fixed incme securities, 15% emerging markets debt securities, and 25% freign develped markets securities. Depending n market cnditins, may vary the asset mix by up t +/-10% frm the neutral mix if it believes this prduces the best verall return. May allcate the Fund s assets, either directly r indirectly thrugh investments in underlying funds, amng issuers in different market sectrs, industries, asset classes, and maturities, based n its view f the relative value f each sectr, industry, asset class, r maturity. When buying and selling securities, including freign securities, may cnsider ther factrs, including: The security s structural features. Price cmpared t estimated lng-term value. Credit, currency and ecnmic risks. Cuntry f the issuer. Financial cnditin. Industry psitin. Ecnmic and market cnditins. The Fund may als: Invest in equity securities, either directly r indirectly thrugh investments in underlying funds. Hld cash. 363

370 Fidelity Strategic Incme Fund (cntinued) In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund and any underlying Fidelity Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund may hedge sme r all f its freign currency expsure. The prtfli management team makes this decisin as part f the implementatin f the verall investment strategy f the Fund based n a number f factrs, including its view f the relative investment merits f the particular freign currency versus the Canadian dllar. The Fund s expsure t freign currency varies based n the extent f its freign currency denminated investments, as well as the extent t which the prtfli management team decides t hedge the Fund s currency expsure. The Fund s freign currency expsure may change at any time, and withut ntice. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team f the Fund may actively trade the Fund s investments. This can increase trading csts, which lwers the Fund s returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, ne investr held apprximately 19.4% f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t fixed incme securities frm arund the wrld and want the ptential fr bth incme and capital gains. The Fund is nt 364

371 an apprpriate investment if yu have a shrt-term investment hrizn. T invest in the Fund, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme at the end f each mnth. Any capital gains fr the year are distributed in December f each year. The Fund may als pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ E3 $ E4 $ E5 $ F $ P1 $ P2 $ P3 $ P4 $

372 U.S. FIXED INCOME FUNDS Fidelity Strategic Incme Currency Neutral Fund Fund details Fund type U.S. diversified incme fund Date started A, B, E1, F and P1 April 22, 2016 E2, E3 and P2 January 6, 2017 P3 January 26, 2017 P4 and P5 July 14, 2017 Type f securities A, B, E1, E2, E3, F, P1, P2, P3, P4 and P5 units f a mutual fund trust Eligibility fr registered plans Expected t be a qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A 1.45% 0.260% B 1.20% 0.210% E % 0.185% E % 0.185% E % 0.160% F 0.70% 0.165% P % 0.140% P % 0.140% P3 0.55% 0.115% P % 0.115% P5 0.50% 0.115% *This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t achieve a cmbinatin f a high level f current incme and the ptential fr capital gains. It seeks a similar return t its underlying fund, which is als managed by Fidelity, by investing substantially all f its assets in units f that fund. The underlying fund aims t achieve a cmbinatin f a high level f current incme and the ptential fr capital gains by investing primarily in fixed incme securities f U.S. issuers and ther issuers frm arund the wrld. Fixed incme securities may include investment grade fixed incme securities, higher yielding lwer quality fixed incme securities, senir secured flating rate debt securities, emerging markets debt securities, cnvertible securities, asset-backed securities, cmmercial mrtgage-backed securities and mney market instruments. The underlying fund can invest in these securities either directly r indirectly thrugh investments in ther underlying funds. Currently, the underlying fund is Fidelity Strategic Incme Fund. The Fund uses derivatives t try t minimize the expsure t currency fluctuatins between freign currencies in develped markets (such as the U.S. dllar, the Eur r the Yen) and the Canadian dllar. The Fund may als hedge against ther freign currencies. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies The strategies described belw relate t the Fund and the underlying fund, Fidelity Strategic Incme Fund. T meet the Fund s bjectives, the prtfli management team f the underlying fund: Fllws a neutral mix guideline f apprximately 45% higher yielding lwer quality fixed incme securities, 15% U.S. gvernment and investment grade fixed incme securities, 15% emerging markets debt securities, and 25% freign develped markets securities. Depending n market cnditins, may vary the asset mix by up t +/-10% frm the neutral mix if it believes this prduces the best verall return. May allcate the underlying fund s assets, either directly r indirectly thrugh investments in third-tier funds, amng issuers in different market sectrs, industries, asset classes, and maturities based n its view f the relative value f each sectr, industry, asset class, r maturity. May change the third-tier funds in which the underlying fund invests, r the percentage f assets invested in a particular third-tier fund, at any time. When buying and selling securities, including freign securities, may cnsider ther factrs, including: The security s structural features. 366

373 Price cmpared t estimated lng-term value. Credit, currency and ecnmic risks. Cuntry f the issuer. Financial cnditin. Industry psitin. Ecnmic and market cnditins. The underlying fund may als invest in equity securities, either directly r indirectly thrugh investments in ther underlying funds, which are third-tier funds fr the Fund. Bth the Fund and the underlying fund may hld cash. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund, the underlying fund and any third-tier fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in gld and silver, and ther instruments (such as derivatives and ETFs) that prvide expsure t these metals. currency denminated investments, as well as the extent t which the prtfli management team decides t hedge the underlying fund s currency expsure. The underlying fund s freign currency expsure may change at any time, and withut ntice. The Fund and the underlying fund may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t seek prtectin during a market dwnturn, r fr ther reasns. The prtfli management team f the Fund and the underlying fund may actively trade their investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The Fund uses frward cntracts t hedge as cmpletely as pssible against fluctuatins caused by changes in exchange rates between develped market freign currencies and the Canadian dllar. Therefre, generally, the Fund des nt benefit frm an increase in the value f freign currencies against the Canadian dllar. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Main risk Additinal risk The underlying fund may hedge sme r all f its freign currency expsure. The prtfli management team makes this decisin as part f the implementatin f the verall investment strategy f the underlying fund based n a number f factrs, including its view f the relative investment merits f the particular freign currency versus the Canadian dllar. The underlying fund s expsure t freign currency varies based n the extent f its freign Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management 367

374 Fidelity Strategic Incme Currency Neutral Fund (cntinued) Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Wh shuld invest in this fund? Additinal risk Yu might want t cnsider the Fund if yu plan t hld yur investment fr the lng-term, want t gain expsure t fixed incme securities frm arund the wrld while seeking t lwer yur risk f currency fluctuatins between develped market freign currencies and the Canadian dllar and want the ptential fr bth incme and capital gains. The Fund is nt an apprpriate investment if yu have a shrt-term investment hrizn. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ E3 $ F $ P1 $ P2 $ P3 $ T invest in the Fund, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme at the end f each mnth. Any capital gains fr the year are distributed in December f each year. The Fund may als pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. 368

375 GLOBAL FIXED INCOME FUNDS Fidelity Glbal Bnd Fund Fund details Fund type Glbal bnd Date started A, B, F and O - April 13, 2007 P1 and P2 - December 4, 2015 E1, E2 and E3 - February 5, 2016 P3, P4 and P5 September 22, 2017 Type f securities A*, B*, E1*, E2*, E3*, F*, O, P1*, P2*, P3, P4 and P5 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee** A 1.45% 0.230% B 1.20% 0.180% E % 0.155% E % 0.155% E % 0.130% F 0.70% 0.135% P % 0.110% P % 0.110% P3 0.55% 0.085% P % 0.085% P5 0.50% 0.085% *This series can als be bught in U.S. dllars. **This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t prvide a steady flw f incme and the ptential fr capital gains. It invests primarily in freign fixed incme securities including gvernment and nn-gvernment bnds and crprate bnds. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies T meet the Fund s bjectives, the prtfli management team: Uses the Blmberg Barclays Glbal Aggregate Bnd Index as a guide t structuring the Fund s prtfli and selecting investments, and manages the Fund t have an verall interest rate risk that is similar t the index. Allcates the Fund s assets amng issuers in different market sectrs, industries, and maturities, based n its view f the relative value f each sectr, industry, r maturity. May invest in securities nt included in the index. When buying and selling fixed incme securities, analyzes ther factrs, such as: The security s features. Price cmpared t estimated lng-term value. Credit quality f the issuer. Any shrt-term trading pprtunities resulting frm market inefficiencies. The Fund may als: At times have substantial expsure t derivative instruments. Invest in asset-backed securities and mrtgage-backed securities. Invest in fixed incme securities f any quality r term. Hld cash. The nn-gvernment bnd prtin f the Fund includes bnds issued by gvernment agencies and supranatinal entities. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund may: Engage in securities lending, repurchase and reverse repurchase transactins. 369

376 Fidelity Glbal Bnd Fund (cntinued) Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The prtfli management team may emply varying cmbinatins f interest rate swaps, credit default swaps, ptins, futures cntracts, currency frward cntracts, r ther derivatives at any particular time in the prtfli management team s discretin t implement the Fund s investment strategies. Mre specifically, derivative instruments are used by the prtfli management team t manage interest rate and currency expsures, where they may represent a mre liquid investment than purchasing bnds directly, r fr ther reasns. The prtfli management team can use currency frward cntracts in rder t manage the Fund s verall freign currency expsure fr hedging purpses, including a currency crss-hedge. There is n limit n hw much the Fund can invest in securities issued r guaranteed by the Gvernment f Canada, the gvernment f the prvinces r territries f Canada, r the Gvernment f the United States, r any agency f the freging. The Fund can invest up t 20% r 35%, f its net assets in securities issued r guaranteed by ther gvernments r certain agencies rated AA r AAA respectively. The Fund may depart frm its investment bjectives r strategies by temprarily investing all r a prtin f its assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the Fund s investments. This can increase trading csts, which lwers the Fund s returns. It als increases the pssibility that yu receive capital gains distributins, which are taxable if yu hld the Fund in a nn-registered accunt. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a 370 risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Cyber security Derivative Equity ETF Freign investment Interest rate Large transactin Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, three investrs held apprximately 18.7%, 11.0% and 11.4%, respectively, f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the medium-t lng-term and are seeking incme frm yur investment. T invest in the Fund, yu shuld be able t accept a lw t medium level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument.

377 Distributin plicy The Fund generally distributes any net incme at the end f each mnth. Any capital gains fr the year are distributed in December f each year. The Fund may als pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ E3 $ F $ P1 $ P2 $

378 GLOBAL FIXED INCOME FUNDS Fidelity Glbal Bnd Currency Neutral Fund Fund details Fund type Glbal bnd Date started A, B, F and O - April 16, 2007 P1 - December 4, 2015 E1 and E2 - February 5, 2016 P2 - May 13, 2016 P3, P4 and P5 January 26, 2017 Type f securities A, B, E1, E2, F, O, P1, P2, P3, P4 and P5 units f a mutual fund trust Eligibility fr registered plans Qualified investment fr registered plans Management and advisry fee and administratin fee Management and advisry fee Administratin fee* A 1.45% 0.230% B 1.20% 0.180% E % 0.155% E % 0.155% F 0.70% 0.136% P % 0.111% P % 0.111% P3 0.55% 0.086% P % 0.086% P5 0.50% 0.086% *This is the Administratin Fee if the Fund has less than $100 millin in net assets. If the Fund has between $100 millin and $1 billin in net assets, the Administratin Fee n each series is reduced by 0.01%. If the Fund has ver $1 billin in net assets, there is a further 0.01% reductin. What des the fund invest in? Investment bjectives The Fund aims t prvide a steady flw f incme and the ptential fr capital gains. It seeks a similar return t its underlying fund, which is als managed by Fidelity, by investing substantially all f its assets in units f that fund. The underlying fund aims t prvide a steady flw f incme and the ptential fr capital gains by investing primarily in freign fixed incme securities including gvernment and nn-gvernment bnds and crprate bnds. The Fund uses derivatives t try t minimize the expsure t currency fluctuatins between freign currencies (such as the U.S. dllar, the Eur r the Yen) and the Canadian dllar. The Fund may als hedge against ther freign currencies. We can t change the Fund s investment bjectives unless we get apprval frm a majrity f unithlders wh vte at a special meeting we call. Investment strategies The strategies described belw relate t the Fund and the underlying fund, Fidelity Glbal Bnd Fund. T meet the Fund s bjectives, the prtfli management team f the underlying fund: Uses the Blmberg Barclays Glbal Aggregate Bnd Index as a guide t structuring the underlying fund s prtfli and selecting investments, and manages the underlying fund t have an verall interest rate risk that is similar t the index. Allcates the underlying fund s assets amng issuers in different market sectrs, industries, and maturities, based n its view f the relative value f each sectr, industry, r maturity. May invest in securities nt included in the index. When buying and selling fixed incme securities, analyzes ther factrs, such as: The security s features. Price cmpared t estimated lng-term value. Credit quality f the issuer. Any shrt-term trading pprtunities resulting frm market inefficiencies. The underlying fund may als: At times have substantial expsure t derivative instruments. Invest in asset-backed securities and mrtgage-backed securities. Invest in fixed incme securities f any quality r term. Bth the Fund and the underlying fund may hld cash. 372

379 The nn-gvernment bnd prtin f the Fund includes bnds issued by gvernment agencies and supranatinal entities. In accrdance with the limits, restrictins and requirements under applicable law, r as permitted under the terms f exemptive relief btained frm the Canadian securities regulatrs and described in Specific infrmatin abut each f the mutual funds described in this dcument, the Fund and the underlying fund may: Engage in securities lending, repurchase and reverse repurchase transactins. Use derivatives fr hedging and nn-hedging purpses. Invest in securities f underlying funds that are selected in accrdance with the Fund s investment strategies. The prtfli management team may emply varying cmbinatins f interest rate swaps, credit default swaps, ptins, futures cntracts, currency frward cntracts, r ther derivatives at any particular time in the prtfli management team s discretin t implement the Fund s investment strategies. Mre specifically, derivative instruments are used by the underlying fund s prtfli management team t manage interest rate and currency expsures, where they may represent a mre liquid investment than purchasing bnds directly, r fr ther reasns. The prtfli management team can use currency frward cntracts in rder t manage the Fund s verall freign currency expsure fr hedging purpses, including a currency crss-hedge. The Fund uses frward cntracts t hedge as cmpletely as pssible against fluctuatins caused by changes in exchange rates between develped market freign currencies and the Canadian dllar. Therefre, generally, the Fund des nt benefit frm an increase in the value f freign currencies against the Canadian dllar. Because a practical and ecnmic market fr hedging emerging market currencies des nt exist, the Fund currently nly hedges its develped market currency expsure. The Fund may hedge its emerging market currency expsure in the future if it becmes practical t d s. There is n limit n hw much the underlying fund can invest in securities issued r guaranteed by the Gvernment f Canada, the gvernment f the prvinces r territries f Canada r the Gvernment f the United States r any agency f the freging. The underlying fund can invest up t 20% r 35%, f its net assets in securities issued r guaranteed by ther gvernments r certain agencies rated AA r AAA respectively. The Fund and the underlying fund may depart frm their investment bjectives r strategies by temprarily investing all r a prtin f their assets in cash r fixed incme securities issued r guaranteed by a Canadian r U.S. gvernment, gvernment agency r cmpany. The prtfli management team may take this actin t try t prtect the Fund during a market dwnturn, r fr ther reasns. The prtfli management team may actively trade the underlying fund s investments. This can increase trading csts, which lwers returns. It als increases the pssibility that yu receive capital gains distributins. What are the risks f investing in the fund? The checklist belw shws yu the risks that apply t the Fund. The risks withut a bullet in either clumn are nt a risk fr the Fund. Yu ll find a cmplete descriptin f each risk in What is a mutual fund and what are the risks f investing in a mutual fund. Risk Checklist Asset-backed securities and mrtgage-backed securities Cmmdity Cncentratin Credit Currency Derivative Cyber security Equity ETF Freign investment Interest rate Large transactin Main risk Additinal risk 373

380 Fidelity Glbal Bnd Currency Neutral Fund (cntinued) Liquidity Prtfli management Repurchase transactins Reverse repurchase transactins Securities lending Shrt selling Small cmpany Specializatin Main risk Additinal risk As at September 30, 2017, three investrs held apprximately 29.6%, 38.5% and 19.0%, respectively, f the units f the Fund. See Large transactin risk in What is a mutual fund and what are the risks f investing in a mutual fund. Wh shuld invest in this fund? Yu might want t cnsider the Fund if yu plan t hld yur investment fr the medium-t lng-term, are seeking incme frm yur investment and are seeking t lwer risk frm currency fluctuatins between develped market freign currencies and the Canadian dllar. Fund expenses indirectly brne by investrs Yu dn t pay the Fund s expenses directly, but they reduce the Fund s returns. This table shws hw much the Fund wuld pay in expenses n a $1,000 investment that has a 5% annual return. Fees and expenses payable ver 1 year 3 years 5 years 10 years A $ B $ E1 $ E2 $ F $ P1 $ P2 $ P3 $ P4 $ P5 $ T invest in the Fund, yu shuld be able t accept a lw level f risk. Fr mre infrmatin n hw a fund s risk level is determined, see Specific infrmatin abut each f the mutual funds described in this dcument. Distributin plicy The Fund generally distributes any net incme at the end f each mnth. Any capital gains fr the year are distributed in December f each year. The Fund may als pay distributins at ther times during the year. Distributins n units held in Fidelity registered plans are always reinvested in additinal units f the Fund. Distributins n units held in ther registered plans r in nn-registered accunts are reinvested in additinal units f the Fund unless yu tell us in writing that yu want t receive them in cash. Fr ther ptins that may be available t yu, see Specific infrmatin abut each f the mutual funds described in this dcument. 374

381 Glssary Administratin Fee is a fixed rate administratin fee that is paid by all f the Funds except Fidelity Canadian Mney Market Fund, Fidelity U.S. Mney Market Fund and E and P units f Fidelity Canadian Shrt Term Bnd Fund. Fr each series f the Funds, except O, Fidelity pays all f the perating csts (including fr services prvided by Fidelity and/r its affiliates), except fr Fund Csts, in exchange fr the Administratin Fee. O units are nly charged Fund Csts. AIS is the PFIC annual infrmatin statement. asset allcatin refers t investing in different types f investments and asset classes. average term t maturity is the average f the varius terms t maturity f all the different bnds held by a Fund. Cmmdity ETFs are ETFs that seek t replicate the perfrmance f ne r mre physical cmmdities, ther than gld r silver, r f an index that tracks such perfrmance. cnvertible securities are bnds, preferred stcks, and ther securities that pay interest r dividends and are cnvertible int cmmn stcks r fr value equivalent t thse cmmn stcks. In general, a cnvertible security perfrms mre like a stck when the underlying stck s price is high (because it is assumed that it will be cnverted int the stck) and mre like a bnd when the underlying stck s price is lw (because it is assumed that it will mature withut being cnverted). cunterparty is the ther party t a derivatives cntract. CRA is the Canada Revenue Agency. currency crss-hedge is a hedge that des nt invlve Canadian dllars. Fr example, while hlding Eur denminated securities, the prtfli management team may enter int a currency frward cntract in rder t shift the Fund s expsure t the U.S. dllar in place f the Eur expsure. dealer is the cmpany r partnership that emplys yur financial advisr. deferred sales charge is the percentage f the redemptin amunt that yu pay t Fidelity when yu redeem yur units within a specified number f years. derivative is an investment that bases its value n hw well anther kind f investment, like a stck, bnd, currency, r market index, is ding. Derivatives usually take the frm f a cntract with anther party t buy r sell an asset at a later time. Funds that invest in derivatives are in a psitin t make r lse mney based n changes in the underlying interest, such as interest rates, securities prices, r currency exchange rates. develped market is a cuntry that is mst develped in terms f its ecnmy and capital markets. The cuntry must be high incme, but this als includes penness t freign wnership, ease f capital mvement, and efficiency f market institutins. This term is cntrasted with develping market (emerging markets and frntier markets are types f develping markets). diversificatin means wning several different investments at nce. dividends are the prtin f any prfit a cmpany earns that are paid t yu when yu invest in equity securities f that cmpany. duratin is a measure f interest rate risk. Interest rate risk is the pssibility that a bnd s market value falls when market interest rates rise. Duratin is a quantitative measure that indicates the degree t which a bnd fund s price fluctuates in respnse t changes in interest rates. If interest rates mve higher, mutual funds with lnger duratins g dwn mre in value than mutual funds that have shrter duratins. Fr example, if rates rise 1.00%, a bnd fund with a 5-year duratin is likely t lse abut 5.00% f its value, whereas a bnd fund with an 8-year duratin is likely t lse abut 8.00% f its value. 375

382 Glssary (cntinued) emerging market includes cuntries that have an emerging stck market as defined by MSCI Inc., cuntries r markets with lw- t middle-incme ecnmies as classified by the Wrld Bank, and ther cuntries r markets with similar emerging characteristics. ETF is an exchange-traded fund. fair value pricing is the methd used t determine value if the price is nt a true reflectin f the value f the security. fee distributin is a special distributin that the Fund makes t investrs, unless they hld E r P units. We reduce the fees we charge, and the fee distributin equal is t such amunt. The fee distributin is paid first ut f net incme and net realized capital gains f the Fund, and then ut f the capital f the Fund. Fee distributins are autmatically reinvested in additinal units f the relevant series f the Fund, and are nt paid t investrs in cash. financial advisr is the individual with whm yu cnsult fr investment advice. fixed incme securities are the bligatins f an issuer t repay a sum f mney, usually with interest. flating rate debt instruments are debt securities issued by cmpanies r ther entities with flating interest rates that reset peridically. Mst flating rate debt instruments are secured by specific cllateral f the brrwer, and are senir t mst ther securities f the brrwer (e.g., cmmn stck r debt instruments) in the event f bankruptcy. Flating rate debt instruments are ften issued in cnnectin with recapitalizatins, acquisitins, leveraged buyuts, and refinancings. Flating rate debt instruments are typically structured and administered by a financial institutin that acts as the agent f the investrs investing in the flating rate debt instruments. Flating rate debt instruments may be acquired directly thrugh the agent, as an assignment frm anther investr wh hlds a direct interest in the flating rate debt instrument, r as a participatin interest in anther investr s prtin f the flating rate debt instrument. frntier markets include cuntries that are nt as develped as emerging markets in regins and cntinents, such as Africa, the Middle East, Asia, Central and Eastern Eurpe and Latin America, and/r are nt included in the MSCI All Cuntry Wrld Index, which cntains all f the cuntries that MSCI Inc. has classified as either a develped market r an emerging market. Fund Csts are certain csts that are nt included in the Administratin Fee. Each series is respnsible fr its prprtinate share f cmmn fund csts. Gld/Silver ETFs are ETFs that seek t replicate the perfrmance f gld, silver, r bth, r f an index that tracks such perfrmance. hedging is when mutual funds use derivatives t help ffset lsses that ther investments might suffer because f changes in stck prices, cmmdity prices, interest rates, r currency exchange rates. high yield securities are higher yielding, lwer quality fixed incme securities. Fixed incme securities f lwer quality have lwer credit ratings. Fr example, bnds rated belw BBB- by Standard & Pr s are cnsidered high yield bnds. IRC is the independent review cmmittee, which is the fund gvernance agency fr the Fidelity Funds, as cntemplated by NI initial sales charge is the percentage f the purchase price yu pay when yu buy certain series f mutual fund units. investment grade is the credit quality f a cmpany r gvernment that issues fixed incme securities. Credit quality is a measure f the issuer s ability t pay interest and repay principal n time. The higher the credit quality f an issuer, the mre likely the fixed incme securities it issues is classified as investment grade. Prfessinal rating agencies measure the credit quality f issuers. Fr instance, Standard & Pr s classifies bnds it rates BBB- r higher t be investment grade bnds. 376

383 LAP financial grup is accunts held by related persns living at the same address, and includes accunts in the names f cmpanies fr which ne r mre members f the LAP financial grup are beneficial wners f greater than 50% f the vting equity. Large Accunt Prgram r LAP is a prgram we ffer t large investrs. Under this prgram, ur decisin t reduce the typical fees depends n a number f factrs, including the size f the investment and the investr s ttal investments with us. We currently nly cnsider an investr a large investr if the hldings with Fidelity are a minimum f $250,000 individually, r $500,000 fr a LAP financial grup. liquid means that yu can redeem yur units at almst any time and get yur mney when yu need it, even thugh yu may get less than yu invested. Unlike sme ther kinds f investments, mutual funds are liquid. lw vlatility equity prtfli cmbines equity securities that taken tgether have lwer vlatility relative t a benchmark index, and generally have higher risk-adjusted returns than a benchmark index. management expense rati r MER is the management fee and certain perating expenses divided by the mutual fund s average net asset value fr the year. market capitalizatin is a measure f the size f a cmpany. It s calculated by multiplying the current share price by the number f utstanding cmmn shares f the cmpany. mney market instrument r mney market investment is an investment that the gvernment r cmpany agrees t pay back within a year r less. Examples are shrt-term bnds and gvernment treasury bills. MSCI All Cuntry Wrld ex-u.s. Index is made up f ver 2,000 cmpanies in bth develped and emerging markets, divided int eleven sectrs based n the Glbal Industry Classificatin Standard. MSCI All Cuntry Wrld Index is made up f ver 2,200 cmpanies in bth develped and emerging markets, divided int eleven sectrs based n the Glbal Industry Classificatin Standard. neutral mix is a cmbinatin f any ne r mre f equity securities, fixed incme securities, and mney market instruments the Fund r Prtfli wuld have if we didn t factr in ur expectatins f current investment pprtunities and equity and interest rate risk. We use the neutral mix as a guideline, and adjust the Fund s r Prtfli s assets in reactin t, r in anticipatin f, market changes. NI is Natinal Instrument Investment Funds. NI is Natinal Instrument Independent Review Cmmittee fr Investment Funds. nn-investment grade are higher yielding, lwer quality fixed incme securities. Fixed incme securities f lwer quality have lwer credit ratings. Fr example, bnds rated belw BBB- by Standard & Pr s are cnsidered nn-investment grade securities. PFIC is the Passive Freign Investment Cmpany rules. QEF is a Qualified Electing Fund. REITs are real estate investment trusts. repurchase transactin is where a mutual fund sells a security t anther party fr cash and agrees t buy the same security back frm the same party fr cash. reverse repurchase transactin is when a mutual fund buys a security at ne price frm a party and agrees t sell the same security back t the same party at a higher price later n. risk tlerance is the amunt f risk yu are willing t take with yur investment. Sales Tax is harmnized sales tax and ther applicable taxes that the management and advisry fees, administratin fees and mst f the Fund Csts are subject t. 377

384 Glssary (cntinued) S&P 500 Index is made up f 500 publicly-traded U.S. cmpanies, divided int eleven sectrs based n the Glbal Industry Classificatin Standard. S&P/TSX Capped Cmpsite Index is made up f the largest and mst actively traded cmpanies n the Trnt Stck Exchange, divided int eleven sectrs based n the Glbal Industry Classificatin Standard. If a cmpany makes up mre than 10% f the value f the index, it is capped at 10%. securities lending transactin is similar t a repurchase transactin, except that instead f selling the security and agreeing t buy it back later, the mutual fund lans the security and can demand the return f the security at any time. standard deviatin is ne f the mst widely accepted ways t quantify the vlatility f investment returns. target date is the apprximate year an investr in a Fidelity ClearPath Prtfli plans n retiring. Fidelity ClearPath Prtflis are designed t assist investrs t plan fr their retirement, and are structured and managed arund an apprximate date, as indicated in the Funds names: 2010, 2020, and s n. T-SWP refers t E1T5, E2T5, E3T5, E4T5, E5T5, F5, F8, P1T5, P2T5, P3T5, P4T5, P5T5, S5, S8, T5 and T8 units f the Funds cllectively. term t maturity is the length f time until a bnd matures and the principal amunt is repaid. third-tier funds are funds in which the underlying funds may invest, including ETFs managed by third parties r ther Fidelity entities and ther funds managed by Fidelity. underlying funds are funds in which the Funds may invest, including ETFs managed by third parties r ther Fidelity entities and ther funds managed by Fidelity. vlatility is swings in the prices f investments. Higherrisk investments, such as stcks and high yield securities, are likely t have changes in their prices frm day t day. And sme may have bigger changes than thers. 378

385 Simplified Prspectus dated Octber 27, 2017 Fidelity Funds Yu can find additinal infrmatin abut each Fund in its annual infrmatin frm and its mst recently filed fund facts, annual and interim management reprts f fund perfrmance and annual and interim financial statements. These dcuments are incrprated by reference int this simplified prspectus. That means they legally frm part f this dcument just as if they were printed in it. Yu can get a cpy f the Funds annual infrmatin frm, management reprts f fund perfrmance and financial statements at n cst by calling us at , by sending us an at cs.english@fidelity.cm (fr assistance in English) r sc.francais@fidelity.cm (fr assistance in French) r by asking yur financial advisr. Yu ll als find this simplified prspectus, the fund facts, the financial statements and the management reprts f fund perfrmance n ur website at These dcuments and ther infrmatin abut the Funds, such as infrmatin circulars and material cntracts, are als available n ur website at and at Equity Funds Canadian Equity Funds Fidelity Canadian Disciplined Equity Fund Fidelity Canadian Grwth Cmpany Fund Fidelity Canadian Large Cap Fund Fidelity Canadian Opprtunities Fund A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P3T5, P4, P5, S5, S8, T5, T8 units A, B, E1, E2, E3, E4, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P4, P5, S5, S8, T5, T8 units A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P3T5, P4, P5, S5, S8, T5, T8 units A, B, E1, E1T5, E2, E3, E4, E5, F, F5, F8, O, P1, P1T5, P2, P3, S5, S8, T5, T8 units Fidelity Dividend Fund A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P4, P5, S5, S8, T5, T8 units Fidelity Greater Canada Fund A, B, E1, E1T5, E2, E2T5, E3, E4, F, F5, F8, O, P1, P1T5, P2, P3, S5, S8, T5, T8 units Fidelity Dividend Plus Fund A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P4, P5, S5, S8, T5, T8 units Fidelity Special Situatins Fund A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P4, P5, S5, S8, T5, T8 units Fidelity True Nrth Fund A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P4, P5, S5, S8, T5, T8 units Fidelity Canadian Fcused O units Equity Investment Trust Fidelity Dividend Investment Trust Nrth American Equity Funds Fidelity Nrth American Equity Investment Trust U.S. Equity Funds Fidelity American Disciplined Equity Fund Fidelity American Disciplined Equity Currency Neutral Fund Fidelity American Equity Fund Fidelity U.S. Fcused Stck Fund O units O units A, B, E1, E1T5, E2, E3, E4, F, F5, F8, O, P1, P2, P3, S5, S8, T5, T8 units O units A, B, E1, E1T5, E2, E2T5, E3, E4, E5, F, F5, F8, O, P1, P1T5, P2, P2T5, P3, P3T5, P4, P5, S5, S8, T5, T8 units A, B, E1, E1T5, E2, E2T5, E3, E4, F, O, P1, P2, P3, P4, S5, S8, T5, T8 units E LEG /17