Fidelity Canadian Growth Company Fund

Transcription

1 Fidelity Canadian Growth Company Fund Semi-Annual Management Report of Fund Performance December 31,

2 Caution Regarding Forward-looking Statements Certain portions of this report, including, but not limited to, Results of Operations and Recent Developments, may contain forward-looking statements about the Fund, including its strategy, risks, expected performance and condition. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as expects, anticipates, intends, plans, believes, estimates and similar forward-looking expressions or negative versions thereof. In addition, any statement that may be made concerning future performance, strategies or prospects, and possible future Fund action, is also a forward-looking statement. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about the Fund and economic factors. Accordingly, assumptions concerning future economic and other factors may prove to be incorrect at a future date. Forward-looking statements are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied in any forward-looking statements made by the Fund. Any number of important factors could contribute to these digressions, including, but not limited to, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, and catastrophic events. It should be stressed that the above-mentioned list of important factors is not exhaustive. You are encouraged to consider these and other factors carefully before making any investment decisions and you are urged to avoid placing undue reliance on forward-looking statements. Further, you should be aware of the fact that the Fund has no specific intention of updating any forward-looking statements whether as a result of new information, future events or otherwise, prior to the release of the next Management Report of Fund Performance.

3 Semi-Annual Management Report of Fund Performance as at December 31, Fidelity Canadian Growth Company Fund This semi-annual management report of fund performance contains financial highlights but does not contain the complete semi-annual financial statements for the investment fund. You can get a copy of the semi-annual financial statements at your request, and at no cost, by calling , by writing to us at Fidelity Investments, 483 Bay St. Suite 3, Toronto ON M5G 2N7 or by visiting our website at or SEDAR at Securityholders may also contact us using one of these methods to request a copy of the investment fund s proxy voting policies and procedures, proxy voting disclosure record or quarterly portfolio disclosure relating to the investment fund. Management Discussion of Fund Performance Results of Operations Fidelity Canadian Growth Company Fund (Fund), Series B, returned 11.6%, after fees and expenses, for the six-month period ended December 31,. The net returns of the other series of this Fund are similar to those of Series B, except for differences attributable to expense structures. Canadian equities, as represented by the S&P/TSX Composite Index, returned 8.3% for the review period. Market Overview: Canadian markets gained on the back of strong economic activity. During the first half of the review period, Canadian equities were lifted by gains in the energy and financials sectors. Investor optimism about demand for oil coupled with concerns about supply drove oil prices higher while strong earnings results among banks benefited the financials sector. Markets continued their advance in the second half of the review period as a pick-up in global economic growth helped lift markets around the world. During the review period, the Bank of Canada increased its target overnight rate by a quarter of a percentage point two times to end the period at 1.%, citing stronger than expected economic data. Factors affecting performance: The Fund s benchmark returned 8.2% for the six-month period under review. The Fund s benchmark is a combination of the S&P/TSX Capped Composite Index (7.%) and the S&P 5 Index (3.%). The Fund s outperformance of its benchmark was primarily attributable to investments in the information technology and materials sectors. In the information technology sector, the Fund s exposures to U.S.-based video game company Take-Two Interactive Software, and U.S.-based payment solutions company Square, contributed to relative performance. In the materials sector, exposure to metals and mining company First Quantum Minerals, and concrete aggregates supplier Polaris Materials, contributed to relative performance. At the end of the review period, the Fund had no exposure to Polaris Materials. The Fund s exposure to certain stocks in the consumer discretionary sector also contributed to relative performance. Within this sector, exposure to Internet retailer Overstock.com, and Canada-based toy and entertainment company Spin Master, contributed to relative performance. In contrast, the Fund s investments in certain stocks of the energy sector detracted from relative performance. Within this sector, the Fund s investment in Canadian oil company Cenovus Energy, and a lower-than-benchmark exposure to Canadian oil company Suncor Energy, detracted from relative performance. The Fund s investments in the financials sector, and lower-than-benchmark exposure to the financials sector, also detracted from relative performance as the sector generally outperformed the broader market. In this sector, the Fund s investment in investment holding company Fairfax India Holdings was a main detractor from relative performance. Among other sectors, holdings in U.S.-based semiconductor company Advanced Micro Devices also detracted from relative performance. Portfolio changes: During the review period, exposures to the financials and materials sectors were increased. In the financials sector, positions were initiated in The Toronto-Dominion Bank based on, in the portfolio manager s view, its strong fundamentals and management team, and Manulife Financial as higher interest rates are expected to benefit the firm. In the materials sector, exposure was increased to First Quantum Minerals, as the portfolio manager is optimistic on the outlook for copper. In contrast, exposures to the telecommunication services and industrials sectors were decreased. In the telecommunication services sector, positions were closed in Rogers Communications and Bell Canada Enterprises; the portfolio manager realized gains after their share prices had risen. In the industrials sector, the portfolio manager closed the Fund s position in Canadian National Railway as he found opportunities with greater upside potential. Recent Developments Portfolio manager Mark Schmehl s investment approach remains focused on identifying positive change in company fundamentals, and looking to add value by uncovering investment opportunities where business conditions are or could be improving. He has positioned the Fund to have a strong emphasis on innovative technology companies he believes could benefit the global economy. He also placed more emphasis on U.S. consumer discretionary companies that could benefit from growing online retail sales. In the current market environment, Mr. Schmehl sees significant potential in companies with the innovative edge to gain competitive advantage in their respective industries, and in some cases create new industries altogether. 1

4 Fidelity Canadian Growth Company Fund Management Discussion of Fund Performance continued As at December 31,, the Fund had its largest absolute exposure to the information technology sector, followed by the materials and consumer discretionary sectors. The Fund diverged the most from its benchmark sector weightings by having more exposure to the information technology sector and the consumer discretionary sector. In contrast, the Fund had lower-than-benchmark exposures to the financials and energy sectors. Related Party Transactions Manager and Portfolio Adviser The Fund is managed by Fidelity Investments Canada ULC (Fidelity). Fidelity is part of a broader group of companies collectively known as Fidelity Investments. Fidelity provides or arranges for the provision of all general management and administrative services required by the Fund in its day to day operations, bookkeeping, record keeping and other administrative services for the Fund. Fidelity is the portfolio adviser to the Fund and it provides investment advisory services to the Fund. Fidelity has entered into sub-advisory agreements with a number of entities including Fidelity (Canada) Asset Management ULC, to provide investment advice with respect to all or a portion of the investments of the Fund. The sub-advisors arrange for acquisition and disposition of portfolio investments, including all necessary brokerage arrangements. The Fund pays Fidelity a monthly management and advisory fee for their services, based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity management and advisory fees of $19,198, for the period ended December 31,. Administration Fee Fidelity charges the Fund a fixed administration fee in place of certain variable expenses. Fidelity, in turn, pays all of the operating expenses of the Fund, other than certain specified fund costs (e.g. the fees and expenses of the Independent Review Committee, taxes, brokerage commissions and interest charges). The Fund pays an annual rate, which is calculated on a tiered basis, based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity administration fees of $1,925, for the period ended December 31,. Brokerage Commissions The Fund may place a portion of its portfolio transactions with brokerage firms which are affiliates of Fidelity Investments, including National Financial Services LLC, provided it determines that these affiliates trade execution abilities and costs are comparable to those of non affiliated, qualified brokerage firms, on an execution only basis. Commissions paid to brokerage firms that are affiliates of Fidelity Investments were $62, for the period ended December 31,. Fidelity receives standing instructions from the IRC in respect of policies and procedures governing best execution of transactions with affiliates, which includes brokers affiliated to Fidelity Investments, at least once per year. 2

5 Financial Highlights The following tables show selected key financial information about the Fund and are intended to help you understand the Fund s financial performance for the period end of the years shown. This information is derived from the Fund s audited annual and/or unaudited semi-annual financial statements. Please see the front page for information about how you can obtain the Fund s annual or semi-annual financial statements. Fidelity Canadian Growth Company Fund Series A December 31, Periods ended June 3, Net assets, beginning of period B $ 52. $ $ 5.7 $ $ $ Total revenue Total expenses (excluding distributions) (.75) (1.45) (1.4) (1.36) (1.12) (.81) Realized gains (losses) Unrealized gains (losses) (1.71) Total increase (decrease) from operations B From net investment income (excluding dividends) From dividends From capital gains (2.) (2.8) (7.3) (.47) Return of capital Total distributions B,C (2.) (2.8) (7.3) (.47) Net assets, end of period B $ $ 52. $ $ 5.7 $ $ Net asset value (s) D $ 386,361 $ 299,767 $ 187,317 $ 154,546 $ 121,375 $ 71,655 Securities outstanding D 6,64,13 5,746,119 3,831,393 3,86,939 2,58,965 1,97,312 Management expense ratio E,F 2.45% 2.47% 2.47% 2.49% 2.52% 2.52% Management expense ratio before waivers or absorptions E,F 2.51% 2.52% 2.53% 2.52% 2.52% 2.52% Trading expense ratio G.24%.29%.42%.23%.36%.44% Portfolio turnover rate H 75.77% 25.98% % 211.% 23.15% % Net asset value per security, end of period $ $ $ $ $ $ Fidelity Canadian Growth Company Fund Series B December 31, Periods ended June 3, Net assets, beginning of period B $ $ $ 5.69 $ 49.2 $ 38.4 $ Total revenue Total expenses (excluding distributions) (.7) (1.36) (1.32) (1.27) (1.3) (.75) Realized gains (losses) Unrealized gains (losses) (2.19) Total increase (decrease) from operations B From net investment income (excluding dividends) From dividends From capital gains (.) (2.33) (2.93) (7.22) (.57) Return of capital Total distributions B,C (.) (2.33) (2.93) (7.22) (.57) Net assets, end of period B $ $ $ $ 5.69 $ 49.2 $ Net asset value (s) D $ 1,4,351 $ 1,199,92 $ 1,39,182 $ 1,92,23 $ 959,337 $ 752,974 Securities outstanding D 23,982,16 22,711,873 21,7,337 21,539,415 19,562,865 19,793,861 Management expense ratio E,I 2.25% 2.27% 2.27% 2.28% 2.29% 2.3% Management expense ratio before waivers or absorptions E,I 2.28% 2.29% 2.3% 2.29% 2.29% 2.3% Trading expense ratio G.24%.29%.42%.23%.36%.44% Portfolio turnover rate H 75.77% 25.98% % 211.% 23.15% % Net asset value per security, end of period $ $ $ $ $ $

6 Financial Highlights continued Fidelity Canadian Growth Company Fund Series F December 31, Periods ended June 3, Net assets, beginning of period B $ $ $ $ $ $ Total revenue Total expenses (excluding distributions) (.44) (.83) (.84) (.78) (.59) (.42) Realized gains (losses) Unrealized gains (losses) (.76) 2.44 (1.28) 2.9 Total increase (decrease) from operations B From net investment income (excluding dividends) From dividends From capital gains (.85) (3.27) (3.91) (8.7) (1.) Return of capital Total distributions B,C (.85) (3.27) (3.91) (8.7) (1.) Net assets, end of period B $ 64.8 $ $ $ $ $ Net asset value (s) D $ 338,278 $ 238,533 $ 9,644 $ 48,486 $ 26,788 $ 9,89 Securities outstanding D 5,232,884 4,84,926 2,8, , , ,76 Management expense ratio E,F 1.11% 1.12% 1.13% 1.13% 1.16% 1.16% Management expense ratio before waivers or absorptions E,F 1.13% 1.14% 1.15% 1.16% 1.16% 1.16% Trading expense ratio G.24%.29%.42%.23%.36%.44% Portfolio turnover rate H 75.77% 25.98% % 211.% 23.15% % Net asset value per security, end of period $ 64.8 $ $ $ $ $ Fidelity Canadian Growth Company Fund Series F5 December 31, Periods ended June 3, J Net assets, beginning of period B $ 19.8 $. Total revenue.9. Total expenses (excluding distributions) (.15) (.23) Realized gains (losses) Unrealized gains (losses) 1.93 (.84) Total increase (decrease) from operations B From net investment income (excluding dividends) From dividends From capital gains (.29) (1.14) Return of capital (.47) (.8) Total distributions B,C (.76) (1.94) Net assets, end of period B $ $ 19.8 Net asset value (s) D $ 2,663 $ 1,6 Securities outstanding D 124,246 6,942 Management expense ratio E,K 1.% 1.% Management expense ratio before waivers or absorptions E,K 1.12% 1.13% Trading expense ratio G.24%.29% Portfolio turnover rate H 75.77% 25.98% Net asset value per security, end of period $ $

7 Fidelity Canadian Growth Company Fund Series F8 December 31, Periods ended June 3, J Net assets, beginning of period B $ $. Total revenue.9.19 Total expenses (excluding distributions) (.15) (.21) Realized gains (losses) Unrealized gains (losses) 2.4 (1.18) Total increase (decrease) from operations B 2.4 (.23) From net investment income (excluding dividends) From dividends From capital gains (.27) (1.19) Return of capital (.75) (1.28) Total distributions B,C (1.2) (2.47) Net assets, end of period B $.55 $ Net asset value (s) D $ 87 $ 444 Securities outstanding D 42,756 23,43 Management expense ratio E,K 1.11% 1.12% Management expense ratio before waivers or absorptions E,K 1.13% 1.15% Trading expense ratio G.24%.29% Portfolio turnover rate H 75.77% 25.98% Net asset value per security, end of period $.5565 $ Fidelity Canadian Growth Company Fund Series O December 31, Periods ended June 3, Net assets, beginning of period B $ $ 6.16 $ $ $ 46.5 $ Total revenue Total expenses (excluding distributions) (.11) (.22) (.28) (.18) Realized gains (losses) Unrealized gains (losses) (1.36) 2.65 (1.25) 3.86 Total increase (decrease) from operations B From net investment income (excluding dividends) From dividends (.1) From capital gains (1.73) (4.33) (4.99) (.29) (1.96) Return of capital Total distributions B,C (1.73) (4.34) (4.99) (.29) (1.96) Net assets, end of period B $ 7.63 $ $ 6.16 $ $ $ Net asset value (s) D $ 1,267,574 $ 872,74 $ 254,936 $ 167,429 $ 96,729 $ 43,29 Securities outstanding D 17,939,867 13,587,615 4,24,379 2,7,138 1,613, ,31 Management expense ratio E %.1%.1% % % % Management expense ratio before waivers or absorptions E %.1%.1% % % % Trading expense ratio G.24%.29%.42%.23%.36%.44% Portfolio turnover rate H 75.77% 25.98% % 211.% 23.15% % Net asset value per security, end of period $ $ $ $ $ $

8 Financial Highlights continued Fidelity Canadian Growth Company Fund Series T5 December 31, Periods ended June 3, L Net assets, beginning of period B $.16 $. Total revenue.9.13 Total expenses (excluding distributions) (.3) (.27) Realized gains (losses) Unrealized gains (losses) 1.88 (.8) Total increase (decrease) from operations B 2.12 (.) From net investment income (excluding dividends) From dividends From capital gains Return of capital (.5) (.5) Total distributions B,C (.5) (.5) Net assets, end of period B $ $.16 Net asset value (s) D $ 1,439 $ 643 Securities outstanding D 66,147 31,9 Management expense ratio E,M 2.48% 2.5% Management expense ratio before waivers or absorptions E,M 2.54% 2.56% Trading expense ratio G.24%.29% Portfolio turnover rate H 75.77% 25.98% Net asset value per security, end of period $ $.16 Fidelity Canadian Growth Company Fund Series T8 December 31, Periods ended June 3, L Net assets, beginning of period B $ $. Total revenue.9.12 Total expenses (excluding distributions) (.3) (.26) Realized gains (losses) Unrealized gains (losses) 1.85 (.84) Total increase (decrease) from operations B 2.17 (.36) From net investment income (excluding dividends) From dividends From capital gains Return of capital (.8) (.8) Total distributions B,C (.8) (.8) Net assets, end of period B $ $ Net asset value (s) D $ 1,53 $ 652 Securities outstanding D 7,632 32,873 Management expense ratio E,M 2.44% 2.45% Management expense ratio before waivers or absorptions E,M 2.5% 2.51% Trading expense ratio G.24%.29% Portfolio turnover rate H 75.77% 25.98% Net asset value per security, end of period $ $

9 Fidelity Canadian Growth Company Fund Series S5 December 31, Periods ended June 3, L Net assets, beginning of period B $.18 $. Total revenue.9.12 Total expenses (excluding distributions) (.29) (.24) Realized gains (losses) Unrealized gains (losses) 1.74 (.53) Total increase (decrease) from operations B 2.16 (.8) From net investment income (excluding dividends) From dividends From capital gains (.4) Return of capital (.5) (.5) Total distributions B,C (.54) (.5) Net assets, end of period B $ $.18 Net asset value (s) D $ 81 $ 313 Securities outstanding D 36,479 15,516 Management expense ratio E,M 2.25% 2.26% Management expense ratio before waivers or absorptions E,M 2.28% 2.29% Trading expense ratio G.24%.29% Portfolio turnover rate H 75.77% 25.98% Net asset value per security, end of period $ $.1839 Fidelity Canadian Growth Company Fund Series S8 December 31, Periods ended June 3, L Net assets, beginning of period B $ $. Total revenue.9.12 Total expenses (excluding distributions) (.27) (.25) Realized gains (losses).41.8 Unrealized gains (losses) 2.2 (.99) Total increase (decrease) from operations B 2.25 (.32) From net investment income (excluding dividends) From dividends From capital gains (.3) Return of capital (.8) (.8) Total distributions B,C (.83) (.8) Net assets, end of period B $ $ Net asset value (s) D $ 1,83 $ 1,151 Securities outstanding D 86,192 58,227 Management expense ratio E,M 2.29% 2.3% Management expense ratio before waivers or absorptions E,M 2.32% 2.32% Trading expense ratio G.24%.29% Portfolio turnover rate H 75.77% 25.98% Net asset value per security, end of period $ $

10 Financial Highlights continued Fidelity Canadian Growth Company Fund Series E1 December 31, Periods ended June 3, 16 N Net assets, beginning of period B $ $ 11.2 $. Total revenue Total expenses (excluding distributions) (.15) (.3) (.12) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) From dividends From capital gains (.3) (.53) Return of capital Total distributions B,C (.3) (.53) Net assets, end of period B $ 13. $ $ 11.2 Net asset value (s) D $ 222,75 $ 173,282 $ 68,315 Securities outstanding D 17,13,86 14,757,752 6,197,599 Management expense ratio E,O 2.19% 2.21% 2.22% Management expense ratio before waivers or absorptions E,O 2.23% 2.24% 2.25% Trading expense ratio G.24%.29%.42% Portfolio turnover rate H 75.77% 25.98% % Net asset value per security, end of period $ $ $ Fidelity Canadian Growth Company Fund Series E2 December 31, Periods ended June 3, 16 N Net assets, beginning of period B $ $ 11.2 $. Total revenue Total expenses (excluding distributions) (.15) (.29) (.11) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) From dividends From capital gains (.4) (.54) Return of capital Total distributions B,C (.4) (.54) Net assets, end of period B $ 13.9 $ $ 11.2 Net asset value (s) D $ 46,793 $ 35,493 $ 11,844 Securities outstanding D 3,573,577 3,17,93 1,83,259 Management expense ratio E,O 2.% 2.12% 2.12% Management expense ratio before waivers or absorptions E,O 2.14% 2.15% 2.15% Trading expense ratio G.24%.29%.42% Portfolio turnover rate H 75.77% 25.98% % Net asset value per security, end of period $ $ $

11 Fidelity Canadian Growth Company Fund Series E3 December 31, Periods ended June 3, 16 N Net assets, beginning of period B $ $ 11.2 $. Total revenue Total expenses (excluding distributions) (.14) (.27) (.11) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) From dividends From capital gains (.6) (.55) Return of capital Total distributions B,C (.6) (.55) Net assets, end of period B $ 13.8 $ $ 11.2 Net asset value (s) D $ 8,617 $ 7,18 $ 4,556 Securities outstanding D 658,62 596, ,38 Management expense ratio E,O 2.% 2.1% 2.2% Management expense ratio before waivers or absorptions E,O 2.3% 2.4% 2.5% Trading expense ratio G.24%.29%.42% Portfolio turnover rate H 75.77% 25.98% % Net asset value per security, end of period $ $ $ Fidelity Canadian Growth Company Fund Series E4 December 31, Periods ended June 3, 16 N Net assets, beginning of period B $ $ 11.3 $. Total revenue Total expenses (excluding distributions) (.14) (.27) (.) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) From dividends From capital gains (.6) (.56) Return of capital Total distributions B,C (.6) (.56) Net assets, end of period B $ 13.9 $ $ 11.3 Net asset value (s) D $ 6,85 $ 5,34 $ 1,632 Securities outstanding D 523, , , Management expense ratio E,O 1.92% 1.94% 1.96% Management expense ratio before waivers or absorptions E,O 1.95% 1.97% 1.99% Trading expense ratio G.24%.29%.42% Portfolio turnover rate H 75.77% 25.98% % Net asset value per security, end of period $ $ $

12 Financial Highlights continued Fidelity Canadian Growth Company Fund Series E5 December 31, Periods ended June 3, 16 N Net assets, beginning of period B $ $ 11.2 $. Total revenue Total expenses (excluding distributions) (.14) (.24) (.11) Realized gains (losses) Unrealized gains (losses) 1.3 (2.86).57 Total increase (decrease) from operations B 1.39 (2.8) 1.5 From net investment income (excluding dividends) From dividends From capital gains (.5) (.55) Return of capital Total distributions B,C (.5) (.55) Net assets, end of period B $ 13. $ $ 11.2 Net asset value (s) D $ 4,53 $ 3,78 $ 34 Securities outstanding D 343, ,16 3,82 Management expense ratio E,O 2.2% 2.3% 2.3% Management expense ratio before waivers or absorptions E,O 2.5% 2.6% 2.7% Trading expense ratio G.24%.29%.42% Portfolio turnover rate H 75.77% 25.98% % Net asset value per security, end of period $ 13.3 $ $ Fidelity Canadian Growth Company Fund Series P1 December 31, Periods ended June 3, 16 P Net assets, beginning of period B $.51 $ 9.85 $. Total revenue Total expenses (excluding distributions) (.7) (.14) (.8) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) From dividends From capital gains (.16) (.59) (.7) Return of capital Total distributions B,C (.16) (.59) (.7) Net assets, end of period B $ $.51 $ 9.85 Net asset value (s) D $ 58,182 $ 42,578 $ 8,37 Securities outstanding D 5,3,575 4,54, ,798 Management expense ratio E,Q 1.6% 1.6% 1.8% Management expense ratio before waivers or absorptions E,Q 1.7% 1.9% 1.9% Trading expense ratio G.24%.29%.42% Portfolio turnover rate H 75.77% 25.98% % Net asset value per security, end of period $ $.592 $

13 Fidelity Canadian Growth Company Fund Series P1T5 December 31, Periods ended June 3, R Net assets, beginning of period B $ $. Total revenue.9.5 Total expenses (excluding distributions) (.14) (.4) Realized gains (losses).37.3 Unrealized gains (losses) 2.3 (.5) Total increase (decrease) from operations B 2.35 (.46) From net investment income (excluding dividends) From dividends From capital gains (.29) Return of capital (.5) (.25) Total distributions B,C (.79) (.25) Net assets, end of period B $ 21.4 $ Net asset value (s) D $ 865 $ 587 Securities outstanding D 41,81 3,219 Management expense ratio E,S 1.5% 1.6% Management expense ratio before waivers or absorptions E,S 1.7% 1.8% Trading expense ratio G.24%.29% Portfolio turnover rate H 75.77% 25.98% Net asset value per security, end of period $ $ Fidelity Canadian Growth Company Fund Series P2 December 31, Periods ended June 3, 16 P Net assets, beginning of period B $.51 $ 9.85 $. Total revenue Total expenses (excluding distributions) (.7) (.14) (.8) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) From dividends From capital gains (.16) (.6) (.7) Return of capital Total distributions B,C (.16) (.6) (.7) Net assets, end of period B $ $.51 $ 9.85 Net asset value (s) D $ 13,44 $ 9,973 $ 1,61 Securities outstanding D 1,124, ,878 7,751 Management expense ratio E,Q 1.3% 1.3% 1.4% Management expense ratio before waivers or absorptions E,Q 1.5% 1.6% 1.5% Trading expense ratio G.24%.29%.42% Portfolio turnover rate H 75.77% 25.98% % Net asset value per security, end of period $ $.59 $

14 Financial Highlights continued Fidelity Canadian Growth Company Fund Series P2T5 December 31, T Net assets, beginning of period B $. Total revenue.9 Total expenses (excluding distributions) (.14) Realized gains (losses).5 Unrealized gains (losses) 2.19 Total increase (decrease) from operations B 2.64 From net investment income (excluding dividends) From dividends From capital gains (.3) Return of capital (.5) Total distributions B,C (.8) Net assets, end of period B $ Net asset value (s) D $ 147 Securities outstanding D 6,829 Management expense ratio U,V 1.2% Management expense ratio before waivers or absorptions U,V 1.4% Trading expense ratio G.24% Portfolio turnover rate H 75.77% Net asset value per security, end of period $ Fidelity Canadian Growth Company Fund Series P3 December 31, Periods ended June 3, 16 P Net assets, beginning of period B $.51 $ 9.85 $. Total revenue Total expenses (excluding distributions) (.7) (.13) (.8) Realized gains (losses) Unrealized gains (losses) 1.27 (.13).26 Total increase (decrease) from operations B From net investment income (excluding dividends) From dividends From capital gains (.17) (.6) (.7) Return of capital Total distributions B,C (.17) (.6) (.7) Net assets, end of period B $ $.51 $ 9.85 Net asset value (s) D $ 2,367 $ 2,452 $ 119 Securities outstanding D 3, ,32 12,99 Management expense ratio E,Q.97%.97%.98% Management expense ratio before waivers or absorptions E,Q.98%.99%.99% Trading expense ratio G.24%.29%.42% Portfolio turnover rate H 75.77% 25.98% % Net asset value per security, end of period $ $.591 $

15 Fidelity Canadian Growth Company Fund Series P4 December 31, Periods ended June 3, 16 P Net assets, beginning of period B $.52 $ 9.86 $. Total revenue Total expenses (excluding distributions) (.) (.13) (.4) Realized gains (losses) (.8) Unrealized gains (losses) (.7).5 (.53) Total increase (decrease) from operations B (.14).89 (.59) From net investment income (excluding dividends) From dividends From capital gains (.18) (.61) (.7) Return of capital Total distributions B,C (.18) (.61) (.7) Net assets, end of period B $ $.52 $ 9.86 Net asset value (s) D $ 1,36 $ 48 $ 1 Securities outstanding D 88,9 4,589 8 Management expense ratio E,Q.91%.91%.9% Management expense ratio before waivers or absorptions E,Q.93%.94%.91% Trading expense ratio G.24%.29%.42% Portfolio turnover rate H 75.77% 25.98% % Net asset value per security, end of period $ $.5163 $ Fidelity Canadian Growth Company Fund Series P5 December 31, Periods ended June 3, W Net assets, beginning of period B $.31 $. Total revenue.5.6 Total expenses (excluding distributions) (.1) (.5) Realized gains (losses) (.46).38 Unrealized gains (losses) 1.56 (.9) Total increase (decrease) from operations B From net investment income (excluding dividends) From dividends From capital gains (.18) Return of capital Total distributions B,C (.18) Net assets, end of period B $ 11.4 $.31 Net asset value (s) D $ 1 $ 4 Securities outstanding D 2 3,9 Management expense ratio E,X.86%.87% Management expense ratio before waivers or absorptions E,X.88%.9% Trading expense ratio G.24%.29% Portfolio turnover rate H 75.77% 25.98% Net asset value per security, end of period $ $

16 Financial Highlights continued Financial Highlights Footnotes A B C D E F G H I This information is derived from the Fund s audited annual and/or unaudited interim financial statements. Periods beginning on or after January 1, 13 follow International Financial Reporting Standards (IFRS) and periods prior to January 1, 13 follow Canadian Generally Accepted Accounting Principles (Canadian GAAP). The net assets attributable to securityholders per security presented in the financial statements may differ from the net asset value calculated for fund pricing purposes. An explanation of these differences can be found in the notes to financial statements. For reporting periods ending after January 1, per security comparative figures (except for net asset value per security, end of period) have been conformed to the current rounding presentation of two decimal places. As a result, reporting periods ending prior to January 1, may not foot due to this rounding change. Net assets and distributions are based on the actual number of securities outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of securities outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per security. Distributions were paid in cash or reinvested in additional securities of the Fund, or both, and excludes any applicable distributions of management fee reduction to securityholders. Distributions are presented based on management s best estimate of the tax character. This information is provided as at period end of the year shown. Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset values during the period, including the Fund s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable, (:.1%, 16:.1%). Effective November 1, 14, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund s pro-rata share of estimated trading costs incurred in any underlying investment fund, if applicable. The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser manages its portfolio investments. A portfolio turnover rate of % is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher the Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. For periods greater than six months, but less than a full fiscal year, the portfolio turnover rate is annualized. Effective October 1, 15, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. J For the period September 16, 16 (commencement of sale of securities) to June 3,. K Effective September, 16, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. L For the period January 6, (commencement of sale of securities) to June 3,. M Effective January,, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. N For the period February 5, 16 (commencement of sale of securities) to June 3, 16. O Effective February 9, 16, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. P For the period December 4, 15 (commencement of sale of securities) to June 3, 16. Q Effective December 8, 15, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. R For the period April 21, (commencement of sale of securities) to June 3,. S Effective April 25,, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. T For the period July 14, (commencement of sale of securities) to December 31,. U V Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset values during the period, including the Fund s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. Effective July 18,, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. W For the period January 26, (commencement of sale of securities) to June 3,. X Effective January 3,, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. 14

17 Management and Advisory Fees Fidelity serves as manager and investment advisor of the Fund. The Fund pays Fidelity a monthly management and advisory fee for their services, based on the net asset value of each Series, calculated daily and payable monthly. Fidelity uses these management fees to pay for sales and trailing commissions to registered dealers on the distribution of the Fund securities, as well as for the general investment management expenses. Dealer compensation represents cash commissions paid by Fidelity to registered dealers during the period and includes upfront deferred sales charge and trailing commissions. This amount may, in certain circumstances, exceed % of the fees earned by Fidelity during the period. For new Funds or Series the amounts presented may not be indicative of longer term operating periods. Management Fees Dealer Compensation Investment management, administration and other Series A 2.% 7.22% 29.78% Series B 1.85% 54.5% 45.95% Series F.85%.% Series F5.85%.% Series F8.85%.% Series T5 2.% 199.1% -99.1% Series T8 2.% % % Series S5 1.85% 54.5% 45.95% Series S8 1.85% 54.5% 45.95% Series E % 54.79% 45.21% Series E2 1.8% 55.56% 44.44% Series E % 56.34% 43.66% Series E % 57.97% 42.3% Series E % 59.7% 4.3% Series P1.825%.% Series P1T5.825%.% Series P2.8%.% Series P2T5.8%.% Series P3.775%.% Series P4.725%.% Series P5.675%.% 15

18 Fidelity Canadian Growth Company Fund Past Performance The performance information shown assumes that all distributions made by the Fund in the periods shown were reinvested in additional securities of the Fund. The performance information does not take into account sales, redemption, distribution or other optional charges that would have reduced returns or performance. How the Fund has performed in the past does not necessarily indicate how it will perform in the future. The performance data shown for the period occurring prior to the commencement of operations of a series P or E is that of the corresponding series F or F5 (for series P) or B or S5 (for series E). Series F, F5, B and S5 have higher combined management and administration fees than the applicable series P and E. Had a series P or E existed since the commencement of operations of series F, F5, B or S5, the returns of the applicable series P or E would have been higher. Year-by-Year Returns The following bar chart shows the Fund s annual performance for each of the years shown, and illustrates how the Fund s performance was changed from year to year. In percentage terms, the bar chart shows how much an investment made on the first day of each financial year would have grown or decreased by the last day of each financial year. For each Series in the Year-by-Year Returns table below, the most recent returns stated are for the current six month period. Series A Series F Series B Commencement of Operations is September 16, Series F Series F - Commencement of Operations is September 16, Series O

19 Series T5 Series E Commencement of Operations is January 6, Series T8 Commencement of Operations is February 5, 16 Series E Commencement of Operations is January 6, Series S5 Commencement of Operations is February 5, 16 Series E Commencement of Operations is January 6, Series S8 Commencement of Operations is February 5, 16 Series E Commencement of Operations is January 6, Commencement of Operations is February 5, 16 17

20 Fidelity Canadian Growth Company Fund Past Performance continued Series E5 Series P2T Commencement of Operations is February 5, 16 Series P1 Commencement of Operations is July 14, Series P Commencement of Operations is December 4, 15 Series P1T5 Commencement of Operations is December 4, 15 Series P Commencement of Operations is April 21, Series P2 Commencement of Operations is December 4, 15 Series P Commencement of Operations is December 4, 15 Commencement of Operations is January 26, 18

21 Fidelity Canadian Growth Company Fund Summary of Investment Portfolio as at December 31, Sector Mix % of Fund s Net Assets as at 12/31/17 % of Fund s Net Assets as at 6/3/17 Information Technology Consumer Discretionary Materials Financials Health Care Industrials Energy Consumer Staples Others (Individually Less Than 1%) Cash and Cash Equivalents Net Other Assets (Liabilities) (.8).1 Market Capitalization % of Fund s Net Assets as at 12/31/17 % of Fund s Net Assets as at 6/3/17 Large Mid Small Market Capitalization is a measure of the size of a company. It is calculated by multiplying the current share price by the number of outstanding common shares of the company. The Fund defines small cap as less than $2 billion, mid cap as between $2 billion and $ billion, and large cap as over $ billion in capitalization. Geographic Mix Top Issuers % of Fund s Net Assets 1. First Quantum Minerals Ltd The Toronto-Dominion Bank Advanced Micro Devices, Inc PayPal Holdings, Inc Take-Two Interactive Software, Inc Cenovus Energy, Inc Microsoft Corp West Fraser Timber Co. Ltd HudBay Minerals, Inc. 3.. Square, Inc Amazon.com, Inc Dollarama, Inc Manulife Financial Corp Cash and Cash Equivalents Tencent Holdings Ltd Canadian Pacific Railway Ltd Overstock.com, Inc Norbord, Inc Alphabet, Inc. 2.. Fairfax India Holdings Corp Spin Master Corp Shopify, Inc SiteOne Landscape Supply, Inc Kinaxis, Inc Canada Goose Holdings, Inc. 1.6 Total Fund Net Assets $3,777,868, 66.4 % of Fund s Net Assets as at 12/31/17 % of Fund s Net Assets as at 6/3/17 Canada United States of America Cayman Islands Switzerland 1.3. Japan Others (Individually Less Than 1%) Cash and Cash Equivalents Net Other Assets (Liabilities) (.8).1 The summary of investment portfolio may change due to ongoing portfolio transactions of the investment fund. The most recent annual report, semi-annual report, quarterly report, fund facts document or simplified prospectus for the investment fund and/or underlying fund is available at no cost, by calling , by writing to us at Fidelity Investments Canada ULC, 483 Bay St. Suite 3, Toronto ON M5G 2N7 or by visiting our web site at or SEDAR at 19

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24 Fidelity Investments Canada ULC 483 Bay Street, Suite 3 Toronto, Ontario M5G 2N7 Manager, Transfer Agent and Registrar Fidelity Investments Canada ULC 483 Bay Street, Suite 3 Toronto, Ontario M5G 2N7 Custodian State Street Trust Company of Canada Toronto, Ontario Portfolio Adviser Fidelity Investments Canada ULC Toronto, Ontario Visit us online at or call Fidelity Client Services at Fidelity s mutual funds are sold by registered Investment Professionals. Each Fund has a simplified prospectus, which contains important information on the Fund, including its investment objective, purchase options, and applicable charges. Please obtain a copy of the prospectus, read it carefully, and consult your Investment Professional before investing. As with any investment, there are risks to investing in mutual funds. There is no assurance that any Fund will achieve its investment objective, and its net asset value, yield, and investment return will fluctuate from time to time with market conditions. Investors may experience a gain or loss when they sell their securities in any Fidelity Fund. Fidelity Global Funds may be more volatile than other Fidelity Funds as they concentrate investments in one sector and in fewer issuers; no single Fund is intended to be a complete diversified investment program. Past performance is no assurance or indicator of future returns. There is no assurance that either Fidelity Canadian Money Market Fund, Fidelity U.S. Money Market Fund or Fidelity U.S. Money Market Investment Trust will be able to maintain its net asset value at a constant amount. The breakdown of Fund investments is presented to illustrate the way in which a Fund may invest, and may not be representative of a Fund s current or future investments. A Fund s investments may change at any time. Fidelity Investments is a registered trademark of Fidelity Investments Canada ULC E FICL-CGC-MRFPS-218