Fidelity Global Natural Resources Fund

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1 Fidelity Global Natural Resources Fund Annual Management Report of Fund Performance March 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 Annual Management Report of Fund Performance as at March 31, Fidelity Global Natural Resources Fund This annual management report of fund performance contains financial highlights but does not contain the complete annual financial statements for the investment fund. You can get a copy of the annual financial statements at your request, and at no cost, by calling , by writing to us at Fidelity Investments, 483 Bay St. Suite, 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 Investment Objective and Strategies Investment Objective: Fidelity Global Natural Resources Fund (Fund) aims to achieve long-term capital growth by investing primarily in equity securities of companies anywhere in the world that own or develop natural resources or supply goods and services to those companies. Strategies: When buying and selling securities for the Fund, the portfolio managers examine each company s potential for success in light of its current financial condition, its industry position and economic and market conditions. The portfolio managers consider factors like growth potential, earnings estimates and quality of management. The Fund may shift its emphasis from one natural resource industry to another. It may invest in small-, medium- and large-cap companies. The Fund may also hold cash and invest in fixed-income securities. The Fund may also invest a portion of its assets in securities of other funds, including ETFs managed by third parties and funds managed by Fidelity, in accordance with its investment objectives. Risk The risks associated with investing in the Fund remain as discussed in the prospectus. Any changes to the Fund over the period have not affected the overall level of risk of the Fund. The Fund is suitable for long-term investors wanting to gain exposure to natural resources companies anywhere in the world, and who can handle the volatility of returns generally associated with equity investments and are willing to accept a medium to high level of risk. The suitability of the Fund has not changed from what has been disclosed in the prospectus. Results of Operations Fidelity Global Natural Resources Fund, Series B, returned 4.2%, after fees and expenses, for the one-year period ended March 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. Global equities, as represented by the MSCI World Index, returned 9.8%, in Canadian dollar terms, for the same period. Market overview: Global equities registered positive returns during the review period supported by strengthening economic and corporate data across the world. Towards the end of the review period, markets experienced higher volatility as heightened concerns of a potential global trade war, and faster interest rate hikes by the U.S. Federal Reserve (Fed), negatively impacted investor sentiment. The Fed increased the target federal funds rate three times during the review period against the backdrop of continued strength in the U.S. economy. U.S. equities registered healthy gains due to strong corporate earnings as deregulation and tax reforms fuelled business optimism. Canadian equities were weighed down by uncertainty over NAFTA renegotiation and high consumer-debt levels. European equities gained on economic recovery in the region and an accommodative monetary policy. However, the U.K. underperformed amid uncertainty around Brexit negotiations. Asian markets registered gains amid healthy economic data releases in China, as well as investor optimism towards global economic growth. Factors affecting performance: The Fund s benchmark, the MSCI ACWI (All Country World Index) Natural Resources Index, returned 7.9% for the period under review. The Fund underperformed its benchmark, primarily due to investments and a lower-than-benchmark positioning in the diversified metals and mining industry. In this industry, the Fund s investment in Canadian mining company Ivanhoe Mines detracted from relative performance, as did a lack of exposure to Australia-based mining, metals and petroleum company BHP Billiton, whose share price rose over the review period. Among other industries, the Fund s investments in Canada-based consumable chemical solutions provider CES Energy Solutions, Canada-based fuel retailing company Parkland Fuel and U.S.-based aggregates and heavy materials supplier Martin Marietta Materials detracted from relative returns. At the end of the review period, the Fund had no exposure to CES Energy Solutions. A lower-than-benchmark exposure to the chemicals industry also detracted; the industry broadly outperformed the benchmark. In contrast, the Fund s higher-than-benchmark exposure to the paper and forest products industry contributed to relative returns. In the paper and forest products industry, the Fund s investments in Canada-based forestry company West Fraser Timber and Canadian wood-based panels manufacturer Norbord contributed to relative returns. In other industries, U.S.-based land manager Texas Pacific Land Trust contributed to relative returns. The Fund s investment in Canada-based mining and metals company First Quantum Minerals contributed to relative performance, as did a lack of exposure to U.S.-based integrated oil and gas company ExxonMobil, whose share price fell over the review period. Portfolio changes: During the review period, the Fund s exposure to the chemicals and the integrated oil and gas industries was increased. In the chemicals industry, the portfolio managers initiated positions in U.S.-based chemicals manufacturer DowDuPont and U.S.-based paint and coatings manufacturer Sherwin-Williams; both companies generally exhibited more robust fundamentals and stable earnings. In the integrated oil and gas industry, the portfolio managers initiated a position in U.K.-based group Royal Dutch Shell; the stock had underperformed the commodity, and the portfolio managers believed there was the potential for it to recover. The Fund s allocation to the oil and gas refining and marketing industry was also increased. The portfolio managers increased exposure to U.S.-based transportation fuels manufacturer and marketer Valero Energy, and a position was initiated in India-based conglomerate Reliance Industries, based on the companies attractive valuations and strong balance sheets. 1

4 Fidelity Global Natural Resources Fund Management Discussion of Fund Performance continued In contrast, the Fund s exposure to the oil and gas storage and transportation and the oil and gas equipment and services industries declined. In the oil and gas storage and transportation industry, the Fund sold off its holdings in Canada-based energy transportation company Enbridge and Canada-based energy infrastructure developer and operator TransCanada. In the oil and gas equipment and services industry, the Fund exited positions in oilfield services companies Schlumberger and Baker Hughes. Among oil and gas companies, the portfolio manager believed that there was greater upside potential among integrated oil and gas firms, as well as oil and gas refining and marketing companies. Recent Developments The Fund s portfolio managers, Darren Lekkerkerker and Joe Overdevest, continue to employ a comprehensive research process focused on identifying commodities producers they believe will benefit most from developments in commodity markets. In the energy sector, they are generally cautious on oil and gas over the long term, but believe there are select opportunities in the near term among certain companies that had underperformed the commodity and now have the potential to catch up. In the materials sector, the Fund continued to have limited exposure to stocks in the chemicals and diversified metals and mining industry, due to a limited number of attractive investment opportunities. More emphasis was placed on paper and forestry companies, due to the strength of the commodity and expectations of increasing demand for their products over the longer term. As at March 31,, the Fund had its largest exposure to the integrated oil and gas industry, followed by the chemicals industry. The Fund diverged most from the benchmark s industry weightings by having more exposure to the oil and gas refining and marketing industry and less exposure to the chemicals industry. Related Party Transactions Manager and Portfolio Adviser The Fund is managed by Fidelity Investments Canada ULC (Fidelity). Fidelity is part of a broader collection of companies collectively known as Fidelity Investments. Fidelity provides or arranges for the provision of all general management and administrative services required by the Fund in its day to day operations, bookkeeping, record keeping and other administrative services for the Fund. Fidelity is the portfolio adviser to the Fund and it provides investment advisory services to the Fund. Fidelity has entered into sub-advisory agreements with a number of entities including Fidelity (Canada) Asset Management ULC, to provide investment advice with respect to all or a portion of the investments of the Fund. The sub-advisors arrange for acquisition and disposition of portfolio investments, including all necessary brokerage arrangements. The Fund pays Fidelity a monthly management and advisory fee for their services, based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity management and advisory fees of $1,163, for the period ended March 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 $153, for the period ended March 31,. Brokerage Commissions The Fund may place a portion of its portfolio transactions with brokerage firms which are affiliates of Fidelity, provided it determines that these affiliates trade execution abilities and costs are comparable to those of non affiliated, qualified brokerage firms, on an execution only basis. Commissions paid to brokerage firms that are affiliates of Fidelity Investments were $1, for the period ended March 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 Global Natural Resources Fund Series A Periods ended March 31, Net assets, beginning of period B $ 32. $ 29. $ $ $ Total revenue Total expenses (excluding distributions) (.94) (.94) (.89) (.97) (.82) Realized gains (losses) (.46) 2.1 (.33) Unrealized gains (losses) (2.31) (1.42) 3.2 Total increase (decrease) from operations B (2.73) From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions B,C Net assets, end of period B $ $ 32. $ 29. $ $ Net asset value (s) D $ 13,176 $ 19,9 $ 19,84 $ 21,464 $ 19,42 Securities outstanding D 395,4 599, , ,544,93 Management expense ratio E,F 2.51% 2.57% 2.57% 2.63% 2.66% Management expense ratio before waivers or absorptions E,F 2.57% 2.% 2.64% 2.66% 2.66% Trading expense ratio G.15%.25%.15%.23%.21% Portfolio turnover rate H 82.56% 139.6% % % % Net asset value per security, end of period $ $ $ 29. $ $ Fidelity Global Natural Resources Fund Series B Periods ended March 31, Net assets, beginning of period B $ $.12 $ $ 32. $ Total revenue Total expenses (excluding distributions) (.88) (.88) (.83) (.91) (.77) Realized gains (losses) (.43) 2.3 (.32) Unrealized gains (losses) (2.) (1.57) 3.9 Total increase (decrease) from operations B (2.74) From net investment income (excluding dividends) (.1) From dividends (.2) From capital gains Return of capital Total distributions B,C (.3) Net assets, end of period B $ 34.8 $ $.12 $ $ 32. Net asset value (s) D $ 35,91 $ 39,398 $ 38,531 $ 38,498 $ 28,641 Securities outstanding D 1,28,384 1,6,194 1,28,398 1,17, ,724 Management expense ratio E,F 2.% 2.35% 2.36% 2.41% 2.43% Management expense ratio before waivers or absorptions E,F 2.36% 2.38% 2.41% 2.43% 2.43% Trading expense ratio G.15%.25%.15%.23%.21% Portfolio turnover rate H 82.56% 139.6% % % % Net asset value per security, end of period $ $ $.1183 $ $

6 Financial Highlights continued Fidelity Global Natural Resources Fund Series F Periods ended March 31, Net assets, beginning of period B $ $ $ $ $ Total revenue Total expenses (excluding distributions) (.59) (.59) (.55) (.59) (.51) Realized gains (losses) (.48) 2.35 (.) Unrealized gains (losses) (3.) (1.5) 3.36 Total increase (decrease) from operations B (3.9) From net investment income (excluding dividends) (.17) From dividends (.32) From capital gains Return of capital Total distributions B,C (.49) Net assets, end of period B $ $ $ $ $ Net asset value (s) D $ 4,944 $ 4,479 $ 3,8 $ 2,157 $ 5 Securities outstanding D 124,4 117,539 1,316 57,583 14,341 Management expense ratio E,F 1.17% 1.22% 1.% 1.% 1.32% Management expense ratio before waivers or absorptions E,F 1.% 1.24% 1.26% 1.32% 1.32% Trading expense ratio G.15%.25%.15%.23%.21% Portfolio turnover rate H 82.56% 139.6% % % % Net asset value per security, end of period $ $ $ $ $ Fidelity Global Natural Resources Fund Series O Periods ended March 31, Net assets, beginning of period B $ $ $ $ 42.1 $ 33.7 Total revenue Total expenses (excluding distributions) (.17) (.18) (.15) (.15) (.9) Realized gains (losses) (.45) 2.32 (.43) Unrealized gains (losses) 2.9 (1.) (2.74) (1.75) 3.98 Total increase (decrease) from operations B (2.21) From net investment income (excluding dividends) (.41) (.26) From dividends (.77) From capital gains Return of capital Total distributions B,C (1.18) (.26) Net assets, end of period B $ $ $ $ $ 42.1 Net asset value (s) D $ 64,879 $ 48,958 $ 18,173 $ 12,712 $ 9,173 Securities outstanding D 1,365,666 1,71,876 4, , ,91 Management expense ratio % % % % % Management expense ratio before waivers or absorptions % % % % % Trading expense ratio G.15%.25%.15%.23%.21% Portfolio turnover rate H 82.56% 139.6% % % % Net asset value per security, end of period $ $ $ $ $

7 Fidelity Global Natural Resources Fund Series E1 Periods ended March 31, 16 I Net assets, beginning of period B $ $.43 $. Total revenue Total expenses (excluding distributions) (.) (.) (.3) Realized gains (losses) (.13).71.3 Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) (.1) From dividends (.2) From capital gains Return of capital Total distributions B,C (.3) Net assets, end of period B $ $ $.43 Net asset value (s) D $ 5,138 $ 4,989 $ 2,771 Securities outstanding D 435,9 439, ,555 Management expense ratio E,J 2.21% 2.25% 2.28% Management expense ratio before waivers or absorptions E,J 2.26% 2.28% 2.32% Trading expense ratio G.15%.25%.15% Portfolio turnover rate H 82.56% 139.6% % Net asset value per security, end of period $ $ $.43 Fidelity Global Natural Resources Fund Series E2 Periods ended March 31, 16 I Net assets, beginning of period B $ $.44 $. Total revenue Total expenses (excluding distributions) (.) (.29) (.3) Realized gains (losses) (.17).76.2 Unrealized gains (losses).83.2 (.71) Total increase (decrease) from operations B (.68) From net investment income (excluding dividends) (.1) From dividends (.2) From capital gains Return of capital Total distributions B,C (.3) Net assets, end of period B $ $ $.44 Net asset value (s) D $ 246 $ 443 $ 91 Securities outstanding D,824 38,948 8,756 Management expense ratio E,J 2.15% 2.19% 2.17% Management expense ratio before waivers or absorptions E,J 2.% 2.22% 2.21% Trading expense ratio G.15%.25%.15% Portfolio turnover rate H 82.56% 139.6% % Net asset value per security, end of period $ $ $

8 Financial Highlights continued Fidelity Global Natural Resources Fund Series E3 Periods ended March 31, 16 I Net assets, beginning of period B $ $.44 $. Total revenue Total expenses (excluding distributions) (.31) (.29) (.2) Realized gains (losses) (.23).61. Unrealized gains (losses) (.48) (.43). Total increase (decrease) from operations B (.7) From net investment income (excluding dividends) (.1) From dividends (.2) From capital gains Return of capital Total distributions B,C (.3) Net assets, end of period B $ $ $.44 Net asset value (s) D $ 49 $ 127 $ 1 Securities outstanding D 4,156 11,127 Management expense ratio E,J 2.15% 2.18% 2.% Management expense ratio before waivers or absorptions E,J 2.% 2.21% 2.% Trading expense ratio G.15%.25%.15% Portfolio turnover rate H 82.56% 139.6% % Net asset value per security, end of period $ $ $.4368 Fidelity Global Natural Resources Fund Series P1 Periods ended March 31, 16 K Net assets, beginning of period B $.59 $ 9.62 $. Total revenue Total expenses (excluding distributions) (.16) (.16) (.3) Realized gains (losses) (.11).55.9 Unrealized gains (losses).43 (.).42 Total increase (decrease) from operations B From net investment income (excluding dividends) (.5) From dividends (.) From capital gains Return of capital Total distributions B,C (.15) Net assets, end of period B $ 11.2 $.59 $ 9.62 Net asset value (s) D $ 1,385 $ 1,12 $ 91 Securities outstanding D 125,688 95,615 9,449 Management expense ratio E,L 1.% 1.14% 1.14% Management expense ratio before waivers or absorptions E,L 1.13% 1.15% 1.18% Trading expense ratio G.15%.25%.15% Portfolio turnover rate H 82.56% 139.6% % Net asset value per security, end of period $ $.58 $

9 Fidelity Global Natural Resources Fund Series P2 Periods ended March 31, 16 K Net assets, beginning of period B $.61 $ 9.62 $. Total revenue Total expenses (excluding distributions) (.17) (.12) (.1) Realized gains (losses) (.)..14 Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) (.6) From dividends (.11) From capital gains Return of capital Total distributions B,C (.17) Net assets, end of period B $ 11.4 $.61 $ 9.62 Net asset value (s) D $ 36 $ 69 $ 783 Securities outstanding D 3,2 6,7 81,391 Management expense ratio E,L.98% 1.9% 1.% Management expense ratio before waivers or absorptions E,L 1.% 1.12% 1.13% Trading expense ratio G.15%.25%.15% Portfolio turnover rate H 82.56% 139.6% % Net asset value per security, end of period $ $.78 $ Fidelity Global Natural Resources Fund Series P3 Periods ended March 31, M Net assets, beginning of period B $.89 $. Total revenue Total expenses (excluding distributions) (.9) (.12) Realized gains (losses) Unrealized gains (losses) (.16).17 Total increase (decrease) from operations B..89 From net investment income (excluding dividends) (.6) From dividends (.11) From capital gains Return of capital Total distributions B,C (.17) Net assets, end of period B $ $.89 Net asset value (s) D $ 48 $ 1 Securities outstanding D 42,378 Management expense ratio E,N.97%.77% Management expense ratio before waivers or absorptions E,N 1.1%.77% Trading expense ratio G.15%.25% Portfolio turnover rate H 82.56% 139.6% Net asset value per security, end of period $ $

10 Financial Highlights continued Fidelity Global Natural Resources Fund Series P4 Periods ended March 31, M Net assets, beginning of period B $.89 $. Total revenue Total expenses (excluding distributions) (.13) (.12) Realized gains (losses) (.13).63 Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) (.7) From dividends (.13) From capital gains Return of capital Total distributions B,C (.) Net assets, end of period B $ $.89 Net asset value (s) D $ 1 $ 1 Securities outstanding D 2 Management expense ratio E,N.75%.77% Management expense ratio before waivers or absorptions E,N.75%.77% Trading expense ratio G.15%.25% Portfolio turnover rate H 82.56% 139.6% Net asset value per security, end of period $ $.8875 Fidelity Global Natural Resources Fund Series P5 Periods ended March 31, M Net assets, beginning of period B $.87 $. Total revenue Total expenses (excluding distributions) (.14) (.13) Realized gains (losses) (.12).64 Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) (.6) From dividends (.11) From capital gains Return of capital Total distributions B,C (.17) Net assets, end of period B $ $.87 Net asset value (s) D $ 912 $ 864 Securities outstanding D 8,629 79,422 Management expense ratio E,N.9%.95% Management expense ratio before waivers or absorptions E,N.93%.97% Trading expense ratio G.15%.25% Portfolio turnover rate H 82.56% 139.6% Net asset value per security, end of period $ $

11 Financial Highlights Footnotes A This information is derived from the Fund s audited annual and/or unaudited interim financial statements. The net assets attributable to securityholders per security presented in the financial statements may differ from the net asset value calculated for fund pricing purposes. An explanation of these differences can be found in the notes to financial statements. For reporting periods ending after January 1, 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. B Net assets and distributions are based on the actual number of securities outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of securities outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per security. C Distributions were paid in cash or reinvested in additional securities of the Fund, or both, and excludes any applicable distributions of management fee reduction to securityholders. Distributions are presented based on management s best estimate of the tax character. D This information is provided as at period end of the year shown. E Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset values during the period, including the Fund s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. F Effective November 1, 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. G The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund s pro-rata share of estimated trading costs incurred in any underlying investment fund, if applicable. H The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser manages its portfolio investments. A portfolio turnover rate of % is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher the Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. For periods greater than six months, but less than a full fiscal year, the portfolio turnover rate is annualized. I For the period February 5, 16 (commencement of sale of securities) to March 31, 16. J 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. K For the period December 4, 15 (commencement of sale of securities) to March 31, 16. L 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. M For the period May 13, 16 (commencement of sale of securities) to March 31,. N Effective May 17, 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. 9

12 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.% 31.76% 68.24% Series B 1.8% 54.5% 45.95% Series F.8%.% Series E % 54.79% 45.21% Series E2 1.8% 55.56% 44.44% Series E % 56.34% 43.66% Series P1.825%.% Series P2.8%.% Series P3.775%.% Series P4.725%.% Series P5.675%.%

13 Fidelity Global Natural Resources 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. Series A Series O Series B Series E Series F Commencement of Operations is February 5, Series E Commencement of Operations is February 5, 16 11

14 Fidelity Global Natural Resources Fund Past Performance continued Series E3 Series P Commencement of Operations is February 5, 16 Series P1 Commencement of Operations is May 13, 16 Series P Commencement of Operations is December 4, 15 Series P2 Commencement of Operations is May 13, 16 Series P Commencement of Operations is December 4, 15 Commencement of Operations is May 13, 16 Annual Compound Returns This table shows the Fund s historical annual compound total returns for the periods indicated, compared with a broad-based index, the MSCI World Index and the Fund s benchmark, the MSCI ACWI (All Country World Index) Natural Resources Index, as described below. Total fund returns are calculated through the last business day of the period on which Canadian markets were open, which was March 29,. 12

15 Average Annual Total Returns Fidelity Global Natural Resources Fund Series A 4.% 1.% 5.4% 2.5% Fidelity Global Natural Resources Fund Series B 4.2% 1.2% 5.6% 2.7% Fidelity Global Natural Resources Fund Series F 5.4% 2.4% 6.8% 3.8% Fidelity Global Natural Resources Fund Series O 6.6% 3.6% 8.1% 5.2% Fidelity Global Natural Resources Fund Series E1 4.3% 1.3% 5.6% 2.7% Fidelity Global Natural Resources Fund Series E2 4.3% 1.4% 5.7% 2.7% Fidelity Global Natural Resources Fund Series E3 4.4% 1.4% 5.7% 2.7% Fidelity Global Natural Resources Fund Series P1 5.4% 2.5% 6.8% 3.8% Fidelity Global Natural Resources Fund Series P2 5.6% 2.6% 6.9% 3.9% Fidelity Global Natural Resources Fund Series P3 5.6% 2.6% 6.9% 3.9% Fidelity Global Natural Resources Fund Series P4 5.8% 2.7% 7.% 3.9% Fidelity Global Natural Resources Fund Series P5 5.7% 2.6% 6.9% 3.9% MSCI ACWI (All Country World Index) Natural Resources Index 7.9% 6.% 7.2% 2.8% MSCI World Index 9.8% 8.6% 15.1% 8.3% A discussion of the performance of the Fund can be found in the Results of Operations section of this report. The MSCI ACWI (All Country World Index) Natural Resources Index is an unmanaged index considered representative of the natural resources sector. The MSCI World Index is a market capitalization weighted index composed of companies representative of the market structure of Developed Market countries in North America, Europe and the Asia/Pacific Region. Each Series will have different returns due to differences in management fees and expenses. Past 1 year Past 3 years Past 5 years Past years 13

16 Fidelity Global Natural Resources Fund Summary of Investment Portfolio as at March 31, Sector Mix % of Fund s Net Assets as at 3/31/18 % of Fund s Net Assets as at 3/31/17 Oil, Gas & Consumable Fuels Chemicals Metals & Mining.6.5 Paper & Forest Products Containers & Packaging Construction Materials Diversified Financial Services Others (Individually Less Than 1%) Cash and Cash Equivalents Net Other Assets (Liabilities) (.2).4 Geographic Mix % of Fund s Net Assets as at 3/31/18 % of Fund s Net Assets as at 3/31/17 United States of America Canada United Kingdom 7.8. France Bailiwick of Jersey Netherlands India 1.7. Others (Individually Less Than 1%). 3.4 Cash and Cash Equivalents Net Other Assets (Liabilities) (.2).4 Top Issuers % of Fund s Net Assets 1. Royal Dutch Shell PLC Chevron Corp Total SA DowDuPont, Inc First Quantum Minerals Ltd Parkland Fuel Corp Valero Energy Corp Diamondback Energy, Inc Phillips 66 Co Methanex Corp Suncor Energy, Inc Sherwin-Williams Co Norbord, Inc Cash and Cash Equivalents Concho Resources, Inc EOG Resources, Inc CCL Industries, Inc Texas Pacific Land Trust Glencore Xstrata PLC 2.8. LyondellBasell Industries NV West Fraser Timber Co. Ltd Eagle Materials, Inc Celanese Corp Reliance Industries Ltd Martin Marietta Materials, Inc Total Fund Net Assets $126,8, 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, Toronto ON M5G 2N7 or by visiting our web site at or SEDAR at 14

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20 Fidelity Investments Canada ULC 483 Bay Street, Suite Toronto, Ontario M5G 2N7 Manager, Transfer Agent and Registrar Fidelity Investments Canada ULC 483 Bay Street, Suite 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-FNR-MRFPA-618

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Fidelity Global Financial Services Fund

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Fidelity Canadian Growth Company Fund

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Fidelity Corporate Bond Fund

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Fidelity Canadian Bond Fund

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Fidelity Emerging Markets Fund

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