Fidelity Global Large Cap Fund

Transcription

1 Fidelity Global Large Cap Fund Annual Management Report of Fund Performance March 31, 18

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, 18 Fidelity Global Large Cap 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 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 Investment Objective and Strategies Investment Objective: Fidelity Global Large Cap Fund (Fund) aims to achieve long-term capital growth by investing primarily in equity securities of large capitalization companies located anywhere in the world. Strategies: The Fund seeks to invest in sectors in approximately the same proportions as those sectors are represented in the MSCI ACWI (All Country World Index) Index. Members of a team of sector portfolio managers are assigned to each sector. They choose investments for their sector based on a thorough review of a number of factors, which may include each company s potential for success in light of its current financial condition, its industry position and economic and market conditions. The portfolio managers aim to maintain the weighted average market capitalization of its investments at an amount that is greater than or equal to 5.% of the weighted average market capitalization of the MSCI ACWI (All Country World Index) Index. The Fund s specific investments may or may not be included in the MSCI ACWI (All Country World Index) Index. If the investment is not classified under the Global Industry Classification Standard, the portfolio managers can decide which sector it belongs to. The portfolio managers regularly review the target allocations and rebalance the allocations, when necessary. The Fund may also invest in small and medium companies anywhere in the world. It may hold cash and invest in fixed-income securities. 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 wishing to gain global equity exposure for their portfolio and willing to accept a medium level of risk. The suitability of the investment has not changed from what has been disclosed in the prospectus. Results of Operations The Fidelity Global Large Cap Fund (Fund), Series B, returned 11.6%, after fees and expenses for the one-year period ended March 31, 18. The net returns of the other series of this Fund are similar to those of Series B, except for differences attributable to expense structures. During the review period, global equities, as represented by the MSCI ACWI (All Country World Index) Index, returned 11.% in Canadian dollar terms. 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) Index returned 11.% during the review period. The Fund outperformed its benchmark primarily due to its exposure to the financials industry. Within the industry, exposure to Austria-based bank Erste Group and Hong Kong-based life insurance provider AIA Group contributed to relative returns. In addition, the Fund s exposure to the health care industry also contributed. Within this industry, exposure to U.S.-based pharmaceutical company Vertex Pharmaceuticals contributed to relative performance. Among other industries, higher-than-benchmark exposure to U.S.-based aerospace company Boeing, and lack of exposure to U.S.-based industrial conglomerate General Electric, contributed to relative performance. In contrast, lower-than-benchmark exposure to the consumer discretionary industry detracted from relative returns. Within the industry, investment in U.S.-based household products manufacturer Newell Brands detracted from relative returns. At the end of the review period, the Fund had no exposure to Newell Brands. In addition, exposure to the information technology industry detracted. Within the industry, lack of exposure to U.S.-based multinational technology giant Microsoft, and China-based provider of Internet value-added services Tencent Holdings, detracted from relative returns. Among other industries, out-of-benchmark exposure to Luxembourg-based global workplace provider IWG, and higher-than-benchmark exposure to U.S.-based oil and gas company Pioneer Natural Resources, detracted from relative returns. At the end of the period, the Fund did not have any exposure to IWG. Portfolio Changes: During the review period, the portfolio manager kept sector weightings closely in line with the benchmark, with active management at the industry and the security level driving incremental returns. The portfolio manager increased the Fund s exposure to the household & personal products and the software and services industries. 1

4 Fidelity Global Large Cap Fund Management Discussion of Fund Performance continued Within the household & personal products industry, exposure was added to U.S.-based consumer products company Colgate-Palmolive, and India-based consumer products company Hindustan Unilever, for their improved fundamentals. Within the software and services industry, holdings were added to U.S.-based interactive entertainment company Activision Blizzard, and Germany-based enterprise application software provider SAP, for their strong business outlooks. Exposure was also increased to certain stocks in the technology hardware & equipment industry. In contrast, exposure was reduced to the food & staples retailing and the consumer durable and apparel industries. Within the food & staples industry, the Fund s investments in Netherlandsbased retailer Ahold Delhaize, and U.S.-based retailer Kroger, were sold off due to their negative outlooks. At the end of the review period, the Fund had no exposure to the food & staples retailing industry. Within the consumer durables and apparel industry, the Fund exited positions in U.S.-based household products manufacturer Newell Brands, and U.S.-based sports apparel retailer Nike, as better investment opportunities were found in other businesses. Recent Developments Portfolio manager Chandler Willett believes there is a great likelihood of an uptick in inflation, and policy uncertainties provide for a volatile investment landscape. Chandler also believes global economies are in mid- to late-cycle, and the recent U.S. tax reform took the U.S. economy more toward a mid-cycle environment. He is looking to achieve a balance between cyclical and non-cyclical exposures within the portfolio and, on a sector basis, he is optimistic that sources of higher relative returns can be found in the financials and health care sectors, where the dispersion of returns is greater. The Fund s sector weightings remain closely aligned with those of the ten Global Industry Classification Standard (GICS) sectors of the MSCI ACWI (All Country World Index) Index, reflecting the portfolio manager s intention to add value through stock selection, not through active sector allocation. However, stock selection may drive higher or lower industry allocations than the Index. As at March 31, 18, the Fund diverged most from its benchmark weightings by allocating more to the household & personal products industry, and less to the technology hardware & equipment 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 FIAM LLC, 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 $1,35, for the period ended March 31, 18. 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 $182, for the period ended March 31, 18. 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, 18. 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 Large Cap Fund Series A Periods ended March 31, Net assets, beginning of period B $ 16.6 $ $ $ $ 11.2 Total revenue Total expenses (excluding distributions) (.5) (.47) (.48) (.45) (.43) Realized gains (losses) Unrealized gains (losses) (1.47) Total increase (decrease) from operations B (.84) From net investment income (excluding dividends) (.3) (.5) (.2) From dividends From capital gains (.62) (1.) (.49) (.14) Return of capital Total distributions B,C (.65) (1.) (.53) (.17) Net assets, end of period B $ $ 16.6 $ $ $ Net asset value (s) D $ 21,165 $ 16,888 $ 18,472 $ 16,213 $ 12,28 Securities outstanding D 1,187,7 1,15,93 1,252,34 99, ,884 Management expense ratio E,F 2.55% 2.59% 2.62% 2.67% 2.75% Management expense ratio before waivers or absorptions E,F 2.61% 2.63% 2.67% 2.7% 2.75% Trading expense ratio G.13%.17%.17%.21%.41% Portfolio turnover rate H 67.29% 86.74% 89.41% 94.35% % Net asset value per security, end of period $ $ $ $ $ Fidelity Global Large Cap Fund Series B Periods ended March 31, Net assets, beginning of period B $ $ $ $ $ 11.5 Total revenue Total expenses (excluding distributions) (.46) (.43) (.43) (.4) (.39) Realized gains (losses) Unrealized gains (losses) (1.66) Total increase (decrease) from operations B (1.7) From net investment income (excluding dividends) (.3) (.5) (.3) From dividends From capital gains (.66) (1.5) (.52) (.17) Return of capital Total distributions B,C (.69) (1.5) (.57) (.) Net assets, end of period B $ $ $ $ $ Net asset value (s) D $ 36,618 $ 3,116 $ 33,659 $ 23,674 $ 16,358 Securities outstanding D 2,44,294 1,85,42 2,269,174 1,441,666 1,171,77 Management expense ratio E,F 2.31% 2.35% 2.38% 2.43% 2.5% Management expense ratio before waivers or absorptions E,F 2.37% 2.39% 2.42% 2.45% 2.5% Trading expense ratio G.13%.17%.17%.21%.41% Portfolio turnover rate H 67.29% 86.74% 89.41% 94.35% % Net asset value per security, end of period $ $ $ $ $

6 Financial Highlights continued Fidelity Global Large Cap Fund Series F Periods ended March 31, Net assets, beginning of period B $ $ 15. $ 16.7 $ $ Total revenue Total expenses (excluding distributions) (.28) (.27) (.23) (.24) (.24) Realized gains (losses) Unrealized gains (losses) (.97) Total increase (decrease) from operations B (.64) From net investment income (excluding dividends) (.4) (.7) (.5) From dividends From capital gains (.89) (1.28) (.69) (.31) Return of capital Total distributions B,C (.93) (1.28) (.76) (.37) Net assets, end of period B $ $ $ 15. $ 16.7 $ Net asset value (s) D $ 15,291 $ 12,432 $ 9,433 $ 1,75 $ 495 Securities outstanding D 831, ,96 632,729 64,381 34,894 Management expense ratio E,I 1.21% 1.22% 1.22% 1.23% 1.24% Management expense ratio before waivers or absorptions E,I 1.23% 1.22% 1.22% 1.24% 1.24% Trading expense ratio G.13%.17%.17%.21%.41% Portfolio turnover rate H 67.29% 86.74% 89.41% 94.35% % Net asset value per security, end of period $ $ $ $ $ Fidelity Global Large Cap Fund Series F5 Periods ended March 31, J Net assets, beginning of period B $ $. Total revenue Total expenses (excluding distributions) (.33) (.) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) (.5) From dividends From capital gains (1.8) Return of capital (.98) (.58) Total distributions B,C (2.11) (.58) Net assets, end of period B $ 22.4 $ Net asset value (s) D $ 27 $ 1 Securities outstanding D 1,24 51 Management expense ratio E,K 1.22% 1.27% Management expense ratio before waivers or absorptions E,K 1.24% 1.27% Trading expense ratio G.13%.17% Portfolio turnover rate H 67.29% 86.74% Net asset value per security, end of period $ $

7 Fidelity Global Large Cap Fund Series F8 Periods ended March 31, J Net assets, beginning of period B $ $. Total revenue.4.18 Total expenses (excluding distributions) (.38) (.) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) (.5) From dividends From capital gains (1.) Return of capital (1.57) (.93) Total distributions B,C (2.62) (.93) Net assets, end of period B $ 21.6 $ Net asset value (s) D $ 1 $ 1 Securities outstanding D Management expense ratio E,K 1.4% 1.27% Management expense ratio before waivers or absorptions E,K 1.4% 1.27% Trading expense ratio G.13%.17% Portfolio turnover rate H 67.29% 86.74% Net asset value per security, end of period $ $ Fidelity Global Large Cap Fund Series O Periods ended March 31, Net assets, beginning of period B $ $ 15.1 $ $ $ Total revenue Total expenses (excluding distributions) (.6) (.7) (.6) (.6) (.8) Realized gains (losses) Unrealized gains (losses) (1.47) Total increase (decrease) from operations B (.46) From net investment income (excluding dividends) (.6) (.15) (.8) (.8) From dividends From capital gains (1.12) (1.52) (.87) (.46) Return of capital Total distributions B,C (1.18) (.15) (1.52) (.95) (.54) Net assets, end of period B $ $ $ 15.1 $ $ Net asset value (s) D $ 54,62 $ 43,175 $ 49,179 $ 31,281 $ 27,291 Securities outstanding D 2,927,594 2,54,893 3,26,299 1,866,636 1,911,128 Management expense ratio % % % % % Management expense ratio before waivers or absorptions % % % % % Trading expense ratio G.13%.17%.17%.21%.41% Portfolio turnover rate H 67.29% 86.74% 89.41% 94.35% % Net asset value per security, end of period $ $ $ $ $

8 Financial Highlights continued Fidelity Global Large Cap Fund Series T5 Periods ended March 31, Net assets, beginning of period B $ 24.8 $ $ 26.9 $ $ Total revenue Total expenses (excluding distributions) (.74) (.73) (.78) (.75) (.69) Realized gains (losses) Unrealized gains (losses) (2.16) Total increase (decrease) from operations B (1.7) From net investment income (excluding dividends) (.4) (.8) (.4) From dividends From capital gains (.89) (1.6) (.81) (.24) Return of capital (1.12) (1.14) (1.18) (1.4) (.99) Total distributions B,C (2.5) (1.14) (2.78) (1.92) (1.27) Net assets, end of period B $ $ 24.8 $ $ 26.9 $ Net asset value (s) D $ 383 $ 392 $ 372 $ 296 $ 196 Securities outstanding D 15,69 15,829 16,98,992 8,216 Management expense ratio E,F 2.58% 2.62% 2.63% 2.68% 2.75% Management expense ratio before waivers or absorptions E,F 2.64% 2.65% 2.69% 2.72% 2.75% Trading expense ratio G.13%.17%.17%.21%.41% Portfolio turnover rate H 67.29% 86.74% 89.41% 94.35% % Net asset value per security, end of period $ $ $ $ $ Fidelity Global Large Cap Fund Series T8 Periods ended March 31, Net assets, beginning of period B $.73 $ $ 23.5 $ $ Total revenue Total expenses (excluding distributions) (.6) (.61) (.67) (.66) (.63) Realized gains (losses) Unrealized gains (losses) (2.7) Total increase (decrease) from operations B (1.16) From net investment income (excluding dividends) (.4) (.7) (.4) From dividends From capital gains (.74) (1.38) (.71) (.22) Return of capital (1.41) (1.43) (1.49) (1.56) (1.59) Total distributions B,C (2.19) (1.43) (2.87) (2.34) (1.85) Net assets, end of period B $.82 $.73 $ $ 23.5 $ Net asset value (s) D $ 784 $ 538 $ 681 $ 763 $ 837 Securities outstanding D 37,658 25,939 34,488 32,471 39,45 Management expense ratio E,F 2.52% 2.59% 2.61% 2.68% 2.74% Management expense ratio before waivers or absorptions E,F 2.58% 2.62% 2.67% 2.71% 2.74% Trading expense ratio G.13%.17%.17%.21%.41% Portfolio turnover rate H 67.29% 86.74% 89.41% 94.35% % Net asset value per security, end of period $.8277 $.7341 $ $ $

9 Fidelity Global Large Cap Fund Series S5 Periods ended March 31, Net assets, beginning of period B $ $ 23. $ 27. $ $ Total revenue Total expenses (excluding distributions) (.69) (.67) (.73) (.7) (.64) Realized gains (losses) Unrealized gains (losses) (2.69) Total increase (decrease) from operations B (1.61) From net investment income (excluding dividends) (.5) (.8) (.5) From dividends From capital gains (.95) (1.66) (.86) (.28) Return of capital (1.12) (1.14) (1.19) (1.4) (.99) Total distributions B,C (2.12) (1.14) (2.85) (1.98) (1.32) Net assets, end of period B $ $ $ 23. $ 27. $ Net asset value (s) D $ 41 $ 236 $ 237 $ 2 $ 128 Securities outstanding D 15,64 9,467,225 7,799 5,38 Management expense ratio E,F 2.38% 2.4% 2.42% 2.46% 2.55% Management expense ratio before waivers or absorptions E,F 2.43% 2.44% 2.47% 2.48% 2.55% Trading expense ratio G.13%.17%.17%.21%.41% Portfolio turnover rate H 67.29% 86.74% 89.41% 94.35% % Net asset value per security, end of period $ $ $ $ $ Fidelity Global Large Cap Fund Series S8 Periods ended March 31, Net assets, beginning of period B $.88 $ $ $ $ Total revenue Total expenses (excluding distributions) (.57) (.57) (.61) (.62) (.51) Realized gains (losses) Unrealized gains (losses) (1.95) Total increase (decrease) from operations B (1.18) From net investment income (excluding dividends) (.4) (.7) (.5) From dividends From capital gains (.78) (1.44) (.76) (.26) Return of capital (1.4) (1.42) (1.48) (1.55) (1.59) Total distributions B,C (2.22) (1.42) (2.92) (2.38) (1.9) Net assets, end of period B $.99 $.88 $ $ $ Net asset value (s) D $ 1,219 $ 956 $ 1,3 $ 742 $ 454 Securities outstanding D 56,593 45,864 66,191 31,54 21,18 Management expense ratio E,F 2.35% 2.38% 2.41% 2.44% 2.49% Management expense ratio before waivers or absorptions E,F 2.41% 2.42% 2.45% 2.47% 2.49% Trading expense ratio G.13%.17%.17%.21%.41% Portfolio turnover rate H 67.29% 86.74% 89.41% 94.35% % Net asset value per security, end of period $.9922 $.883 $ $ $

10 Financial Highlights continued Fidelity Global Large Cap Fund Series E1 Periods ended March 31, L Net assets, beginning of period B $ $.16 $. Total revenue Total expenses (excluding distributions) (.31) (.29) (.4) Realized gains (losses) (.6) Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) (.2) From dividends From capital gains (.47) Return of capital Total distributions B,C (.49) Net assets, end of period B $ $ $.16 Net asset value (s) D $,378 $ 4,9 $ 4,198 Securities outstanding D 841,3 426,55 416,1 Management expense ratio E,M 2.22% 2.26% 2.31% Management expense ratio before waivers or absorptions E,M 2.27% 2.29% 2.35% Trading expense ratio G.13%.17%.17% Portfolio turnover rate H 67.29% 86.74% 89.41% Net asset value per security, end of period $ $ $.1656 Fidelity Global Large Cap Fund Series E1T5 Periods ended March 31, L Net assets, beginning of period B $ $.16 $. Total revenue Total expenses (excluding distributions) (.58) (.53) (.8) Realized gains (losses) (.11) Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) (.4) From dividends From capital gains (.84) Return of capital (.98) (.99) (.16) Total distributions B,C (1.86) (.99) (.16) Net assets, end of period B $ $ $.16 Net asset value (s) D $ 1 $ 16 $ Securities outstanding D Management expense ratio E,M 2.27% 2.25% 2.34% Management expense ratio before waivers or absorptions E,M 2.33% 2.29% 2.38% Trading expense ratio G.13%.17%.17% Portfolio turnover rate H 67.29% 86.74% 89.41% Net asset value per security, end of period $ $ $

11 Fidelity Global Large Cap Fund Series E2 Periods ended March 31, L Net assets, beginning of period B $ 11.5 $.17 $. Total revenue Total expenses (excluding distributions) (.3) (.3) (.4) Realized gains (losses) (.5) Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) (.2) From dividends From capital gains (.48) Return of capital Total distributions B,C (.5) Net assets, end of period B $ $ 11.5 $.17 Net asset value (s) D $ 3,64 $ 1,19 $ 416 Securities outstanding D 294,831 3,492 4,923 Management expense ratio E,M 2.15% 2.19% 2.% Management expense ratio before waivers or absorptions E,M 2.% 2.22% 2.25% Trading expense ratio G.13%.17%.17% Portfolio turnover rate H 67.29% 86.74% 89.41% Net asset value per security, end of period $ $ $.1676 Fidelity Global Large Cap Fund Series E2T5 Periods ended March 31, J Net assets, beginning of period B $ $. Total revenue Total expenses (excluding distributions) (.52) (.3) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) (.4) From dividends From capital gains (.88) Return of capital (.96) (.57) Total distributions B,C (1.88) (.57) Net assets, end of period B $ 22. $ Net asset value (s) D $ 19 $ 78 Securities outstanding D 8,633 3,655 Management expense ratio E,K 2.5% 2.% Management expense ratio before waivers or absorptions E,K 2.11% 2.12% Trading expense ratio G.13%.17% Portfolio turnover rate H 67.29% 86.74% Net asset value per security, end of period $ $

12 Financial Highlights continued Fidelity Global Large Cap Fund Series E3 Periods ended March 31, L Net assets, beginning of period B $ $.17 $. Total revenue Total expenses (excluding distributions) (.31) (.31) (.2) Realized gains (losses) (.7) Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) (.2) From dividends From capital gains (.47) Return of capital Total distributions B,C (.49) Net assets, end of period B $ $ $.17 Net asset value (s) D $ 36 $ 98 $ 1 Securities outstanding D 2,876 8,497 Management expense ratio E,M 2.19% 2.21% 2.6% Management expense ratio before waivers or absorptions E,M 2.23% 2.24% 2.44% Trading expense ratio G.13%.17%.17% Portfolio turnover rate H 67.29% 86.74% 89.41% Net asset value per security, end of period $ $ $.169 Fidelity Global Large Cap Fund Series E4 Periods ended March 31, L Net assets, beginning of period B $ $.17 $. Total revenue Total expenses (excluding distributions) (.29) (.26) (.2) Realized gains (losses) (.7) Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) (.2) From dividends From capital gains (.49) Return of capital Total distributions B,C (.51) Net assets, end of period B $ $ $.17 Net asset value (s) D $ 99 $ 1 $ 1 Securities outstanding D 8,21 Management expense ratio E,M 2.8% 1.93% 2.6% Management expense ratio before waivers or absorptions E,M 2.15% 2.23% 2.44% Trading expense ratio G.13%.17%.17% Portfolio turnover rate H 67.29% 86.74% 89.41% Net asset value per security, end of period $ $ $.169

13 Fidelity Global Large Cap Fund Series P1 Periods ended March 31, N Net assets, beginning of period B $ 9.72 $ 8.51 $. Total revenue Total expenses (excluding distributions) (.15) (.15) (.3) Realized gains (losses) (.14) Unrealized gains (losses) (1.14) Total increase (decrease) from operations B (1.27) From net investment income (excluding dividends) (.3) From dividends From capital gains (.51) (.73) Return of capital Total distributions B,C (.54) (.73) Net assets, end of period B $.42 $ 9.72 $ 8.51 Net asset value (s) D $ 1,84 $ 855 $ 131 Securities outstanding D 173,15 87,916 15,431 Management expense ratio E,O 1.13% 1.15% 1.8% Management expense ratio before waivers or absorptions E,O 1.15% 1.15% 1.8% Trading expense ratio G.13%.17%.17% Portfolio turnover rate H 67.29% 86.74% 89.41% Net asset value per security, end of period $.4274 $ $ Fidelity Global Large Cap Fund Series P2 Periods ended March 31, N Net assets, beginning of period B $ 9.74 $ 8.51 $. Total revenue Total expenses (excluding distributions) (.14) (.13) (.3) Realized gains (losses) (.17) Unrealized gains (losses) (.27) Total increase (decrease) from operations B (.42) From net investment income (excluding dividends) (.3) From dividends From capital gains (.52) (.73) Return of capital Total distributions B,C (.55) (.73) Net assets, end of period B $.44 $ 9.74 $ 8.51 Net asset value (s) D $ 93 $ 261 $ 239 Securities outstanding D 86,477 26,778 28,79 Management expense ratio E,O 1.4% 1.6% 1.6% Management expense ratio before waivers or absorptions E,O 1.6% 1.6% 1.6% Trading expense ratio G.13%.17%.17% Portfolio turnover rate H 67.29% 86.74% 89.41% Net asset value per security, end of period $.4413 $ $

14 Financial Highlights continued Fidelity Global Large Cap Fund Series P3 Periods ended March 31, N Net assets, beginning of period B $ 9.76 $ 8.51 $. Total revenue Total expenses (excluding distributions) (.11) (.12) (.3) Realized gains (losses) (.11) Unrealized gains (losses) (.67) Total increase (decrease) from operations B (.77) From net investment income (excluding dividends) (.3) From dividends From capital gains (.55) (.73) Return of capital Total distributions B,C (.58) (.73) Net assets, end of period B $.45 $ 9.76 $ 8.51 Net asset value (s) D $ 1 $ 1 $ 1 Securities outstanding D Management expense ratio E,O.8%.85%.88% Management expense ratio before waivers or absorptions E,O.8%.85%.88% Trading expense ratio G.13%.17%.17% Portfolio turnover rate H 67.29% 86.74% 89.41% Net asset value per security, end of period $.4564 $ $ Fidelity Global Large Cap Fund Series P4 Periods ended March 31, N Net assets, beginning of period B $ 9.76 $ 8.51 $. Total revenue Total expenses (excluding distributions) (.13) (.12) (.3) Realized gains (losses).76.5 (.12) Unrealized gains (losses) (.45) Total increase (decrease) from operations B (.55) From net investment income (excluding dividends) (.3) From dividends From capital gains (.54) (.73) Return of capital Total distributions B,C (.57) (.73) Net assets, end of period B $.46 $ 9.76 $ 8.51 Net asset value (s) D $ 57 $ 42 $ 93 Securities outstanding D 5,473 4,283,897 Management expense ratio E,O.93%.94%.94% Management expense ratio before waivers or absorptions E,O.94%.94%.94% Trading expense ratio G.13%.17%.17% Portfolio turnover rate H 67.29% 86.74% 89.41% Net asset value per security, end of period $.4632 $ $

15 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, 17 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, 17 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 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 March 31, 17. 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 February 5, 16 (commencement of sale of securities) to March 31, 16. M 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. N For the period December 4, 15 (commencement of sale of securities) to March 31, 16. O 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. 13

16 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.% 52.57% 47.43% Series B 1.85% 54.5% 45.95% Series F.85%.% Series F5.85%.% Series F8.85%.% Series T5 2.% 43.71% 56.29% Series T8 2.% 55.81% 44.19% Series S5 1.85% 54.5% 45.95% Series S8 1.85% 54.5% 45.95% Series E % 54.79% 45.21% Series E1T % 54.79% 45.21% Series E2 1.8% 55.56% 44.44% Series E2T5 1.8% 55.56% 44.44% Series E % 56.34% 43.66% Series E % 57.97% 42.3% Series P1.825%.% Series P2.8%.% Series P3.775%.% Series P4.725%.% 14

17 Fidelity Global Large Cap 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 F Commencement of Operations is April 4, 11 Commencement of Operations is September 16, 16 Series B Series F Commencement of Operations is April 4, 11 Commencement of Operations is September 16, 16 Series F Series O Commencement of Operations is April 4, 11 Commencement of Operations is April 4, 11 15

18 Fidelity Global Large Cap Fund Past Performance continued Series T5 Series E Commencement of Operations is April 4, 11 Series T8 Commencement of Operations is February 5, 16 Series E1T Commencement of Operations is April 4, 11 Series S5 Commencement of Operations is February 5, 16 Series E Commencement of Operations is April 4, 11 Series S8 Commencement of Operations is February 5, 16 Series E2T Commencement of Operations is April 4, 11 Commencement of Operations is September 16, 16 16

19 Series E3 Series P Commencement of Operations is February 5, 16 Series E4 Commencement of Operations is December 4, 15 Series P Commencement of Operations is February 5, 16 Series P1 Commencement of Operations is December 4, 15 Series P Commencement of Operations is December 4, 15 Commencement of Operations is December 4, 15 Annual Compound Returns This table shows the Fund s historical annual compound total returns for the periods indicated, compared with the Fund s benchmark, the MSCI ACWI (All Country World Index) Index. Total fund returns are calculated through the last business day of the period on which Canadian markets were open, which was March 29,

20 Fidelity Global Large Cap Fund Past Performance continued Average Annual Total Returns Fidelity Global Large Cap Fund Series A 11.3% 6.2% 13.3%.9% Fidelity Global Large Cap Fund Series B 11.6% 6.5% 13.6% 11.2% Fidelity Global Large Cap Fund Series F 12.8% 7.7% 14.9% 12.5% Fidelity Global Large Cap Fund Series F5 12.7% n/a n/a 15.4% Fidelity Global Large Cap Fund Series F8 12.6% n/a n/a 15.3% Fidelity Global Large Cap Fund Series O 14.1% 9.% 16.3% 13.9% Fidelity Global Large Cap Fund Series T5 11.3% 6.2% 13.3%.9% Fidelity Global Large Cap Fund Series T8 11.3% 6.2% 13.3%.9% Fidelity Global Large Cap Fund Series S5 11.5% 6.4% 13.5% 11.1% Fidelity Global Large Cap Fund Series S8 11.5% 6.4% 13.6% 11.2% Fidelity Global Large Cap Fund Series E1 11.7% 6.5% 13.6% 11.2% Fidelity Global Large Cap Fund Series E1T5 11.6% 6.5% 13.6% 11.2% Fidelity Global Large Cap Fund Series E2 11.7% 6.6% 13.7% 11.2% Fidelity Global Large Cap Fund Series E2T5 11.8% 6.6% 13.6% 11.2% Fidelity Global Large Cap Fund Series E3 11.7% 6.6% 13.7% 11.2% Fidelity Global Large Cap Fund Series E4 11.8% 6.7% 13.7% 11.3% Fidelity Global Large Cap Fund Series P1 12.9% 7.7% 15.% 12.5% Fidelity Global Large Cap Fund Series P2 13.% 7.8% 15.% 12.6% Fidelity Global Large Cap Fund Series P3 13.2% 8.% 15.1% 12.6% Fidelity Global Large Cap Fund Series P4 13.1% 7.9% 15.1% 12.6% MSCI ACWI (All Country World Index) Index 11.% 8.8% 14.5% 12.3% The period used for the since inception MSCI ACWI (All Country World Index) Index returns are based on Series B which has been in existence the longest compared to all Series with less than years of operations. A discussion of the performance of the Fund can be found in the Results of Operations section of this report. Effective February 26, 18, the broad-based benchmark for the Fund changed from the MSCI World Index to the MSCI ACWI (All Country World Index) Index. Following this change, the Fund has the same broad-based benchmark as its specific benchmark. The MSCI ACWI (All Country World Index) Index is an unmanaged, free float-adjusted market capitalization weighted index composed of stocks of companies located in countries throughout the world. It is designed to measure the equity market performance in global developed and emerging markets. Each Series will have different returns due to differences in management fees and expenses. Past 1 year Past 3 years Past 5 years Since Inception 18

21 Fidelity Global Large Cap Fund Summary of Investment Portfolio as at March 31, 18 Sector Mix % of Fund s Net Assets as at 3/31/18 % of Fund s Net Assets as at 3/31/17 Financials Information Technology Consumer Discretionary Industrials.7.5 Health Care Consumer Staples Energy Materials Telecommunication Services Real Estate Utilities Cash and Cash Equivalents Net Other Assets (Liabilities) (.4) (.9) Market Capitalization % of Fund s Net Assets as at 3/31/18 % of Fund s Net Assets as at 3/31/17 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 % of Fund s Net Assets as at 3/31/18 % of Fund s Net Assets as at 3/31/17 United States of America United Kingdom France Germany Japan Hong Kong Singapore Ireland Sweden India 1.8. Austria China 1.2. Spain 1.1. Denmark 1..7 Belgium Brazil 1..8 Others (Individually Less Than 1%) Cash and Cash Equivalents Net Other Assets (Liabilities) (.4) (.9) Top Issuers % of Fund s Net Assets 1. Alphabet, Inc Amazon.com, Inc Broadcom Ltd Cash and Cash Equivalents The Boeing Co Salesforce.com, Inc Facebook, Inc Erste Group Bank AG Intel Corp Visa, Inc Adobe Systems, Inc Regions Financial Corp Lockheed Martin Corp Standard Chartered PLC Danaher Corp AstraZeneca PLC JPMorgan Chase & Co AIA Group Ltd Vertex Pharmaceuticals, Inc Becton, Dickinson & Co The Chemours Company LLC Ipsen SA Gecina SA Marsh & McLennan Companies, Inc Activision Blizzard, Inc. 1.2 Total Fund Net Assets $146,851,

22 Summary of Investment Portfolio as at March 31, 18 continued 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

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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-GLC-MRFPA-618