Fidelity Global Bond Multi-Asset Base Fund

Annual Management Report of Fund PerformanceMarch 31, 2021

Fidelity Global Bond Multi-Asset Base Fund

Caution Regarding Forward-looking Statements

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

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

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

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

1

Annual Management Report of Fund Performance as at March 31, 2021Fidelity Global Bond Multi-Asset Base FundThis 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 1-800-263-4077, by writing to us at Fidelity Investments, 483 Bay St. Suite 300, Toronto ON M5G 2N7 or by visiting our website at www.fidelity.ca or SEDAR at www.sedar.com.

Securityholders may also contact us using one of these methods to request a copy of the investment fund’s proxy voting policies and procedures, proxy voting disclosure record or quarterly portfolio disclosure relating to the investment fund.

Management Discussion of Fund PerformanceInvestment Objective and StrategiesInvestment Objective: Fidelity Global Bond Multi-Asset Base Fund (Fund) aims to provide a steady flow of income and the potential for capital gains. It invests primarily in foreign fixed-income securities, including government and non-government bonds, and corporate bonds.

Strategies: The Fund’s portfolio managers use the Bloomberg Barclays Global Aggregate Bond Index (Index) as a guide to structuring the Fund and selecting investments. While the portfolio managers run the Fund to have overall interest rate risk similar to that of the Index, the Fund’s specific investments may or may not be included in the Index. The Fund’s assets are allocated among different market sectors, such as foreign corporate and government securities, as well as different maturities based on the portfolio managers’ view of the relative value of each sector or maturity.

When buying and selling fixed-income securities, the portfolio managers analyze each security’s features, its current price compared to its estimated long-term value, the credit quality of the issuer and any short-term trading opportunities resulting from market inefficiencies. The non-government bond portion of the portfolio includes bonds issued by government agencies and supranational entities. The Fund may invest in fixed-income securities of any quality or term. 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.

Currently, the portfolio managers use derivatives to hedge various portfolio risks. Derivatives may include credit default swaps, currency forward contracts, non-deliverable forwards, future contracts, interest rate swaps and options.

RiskThe 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 medium-term investors who seek the potential for income from their portfolios and are willing to accept a low- to medium-level of risk. The suitability of the investment has not changed from what has been disclosed in the prospectus.

Results of Operations:Securities of this Fund are only available for purchase by other funds and accounts managed or advised by Fidelity and are not available for public purchase.

Fidelity Global Bond Multi-Asset Base Fund, Series O, returned -0.7% for the one-year period ending March 31, 2021. The global bond markets, as represented by the Bloomberg Barclays Global Aggregate Bond Index, returned -7.6%, in Canadian dollar terms.

Market overview:

Global investment-grade bonds declined over the review period in Canadian dollar terms, but gained in U.S. dollar terms. Corporate bonds outperformed government bonds, and high-yield corporate bonds outperformed investment-grade corporate bonds, partly driven by ongoing support from various central banks and by investors seeking higher yields. After a highly aggressive sell-off in risk assets following the spread of the COVID-19 pandemic in March 2020, risk sentiment rebounded sharply. Significant monetary and fiscal stimulus from central banks worldwide helped reverse the widening of credit spreads, and spreads continued to tighten in 2021 amid growing optimism regarding an economic recovery, largely due to success in the rollout of COVID-19 vaccinations. Government bond yields declined sharply in the first half of the review period as investors turned to safe-haven assets amid fears about the COVID-19 pandemic, but rose toward the end of the period, due to expectations of rising inflation and an economic recovery, owing in part to continued success with vaccine rollouts. At any given time, bond prices, which are inversely related to yields, reflect a combination of expectations regarding economic growth, inflation and interest rates. Since the start of 2021, both nominal and real yields (that is, inflation-adjusted yields) have risen sharply. Investors have priced in a positive outlook on growth and inflation, with investors expecting most developed market economies to reopen and rebound strongly in 2021. Longer-term U.S. Treasury yields rose against the backdrop of higher domestic fiscal stimulus, and on hopes that COVID-19 vaccines would support an economic recovery. The U.S. Federal Reserve pledged to maintain its bond-buying program until the economy recovers fully from the effects of the pandemic. Eurozone and U.K. government bond yields also rose, in line with U.S. Treasuries.

Factors affecting performance:

The Fund outperformed its benchmark for the period under review. The Fund’s higher-than-benchmark allocation to and security selection among investment-grade corporate bonds, particu-larly financials and industrials issues, contributed to relative returns. In contrast, The Fund’s investment in treasury securities detracted from relative performance.

Portfolio changes:

Portfolio managers Michael Foggin, Andrew Lewis and Jeff Moore believe corporate bond valuations are attractive, offer the potential for active returns and are liquid; therefore, have limited need to raise further capital. They maintain a higher-than-benchmark exposure to investment-grade corporate bonds, especially from financial issuers, while maintaining a lower-than-benchmark exposure to treasuries.

2


Management Discussion of Fund Performance – continued

At the end of the period, the Fund had its largest portfolio exposure to the U.S. markets.

Derivatives disclosure:

During the period under review, the Fund invested in derivatives, including government bond futures, interest rate swaps, currency forwards and credit default swaps. These derivatives were used primarily for hedging various forms of risk, including interest rate risk, foreign exchange rate risk and credit default risk. Security selection continued to be the driver of the Fund’s performance.

More specifically, the portfolio managers used government bond futures to manage the interest rate risk of both specific holdings and the overall portfolio. In some instances, government bond futures were used to execute investment strategies that allowed the Fund to potentially benefit from attractive yields in certain securities, while mitigating the possible interest rate risk that would have otherwise accompanied these investments. In general, the futures contracts engaged for this purpose tended to be more liquid and less expensive than purchasing cash bonds with similar attributes.

During the period under review, the Fund engaged in interest rate swap contracts in a manner consistent with its investment objective and strategies. The interest rate swap positions were used to execute investment strategies that allowed the Fund to effectively change its exposure to interest rate volatility without the need to buy into or sell out of strategic positions.

Currency forwards were used with the aim of mitigating the impact of foreign exchange rate changes. The use of currency forward contracts for this purpose allowed the portfolio managers to actively allocate portions of the Fund’s assets to more attractive markets and securities, while mitigating the exchange rate risk that such active capital allocation would otherwise entail.

Credit default swaps were used to hedge a portion of the Fund’s exposure to the credit sector.

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

Portfolio managers Andrew Lewis, Michael Foggin and Jeff Moore note that COVID-19 news will continue to dictate the pace of recoveries, government support and trajectory of COVID-19 affected names. The managers note that government stimulus and high savings rates continue to support growth, and the central banks remain a credible backstop in this environment. Currently, they are finding pockets of value in COVID-19 recovery names and subordinated debt. The managers remain disciplined and focused on maintaining prudent liquidity in the portfo-lio, with ample holdings of cash and certain high-quality government bonds, while also seeking to take advantage of market opportunities and adding to investment-grade credit.

Related Party TransactionsManager and Portfolio Adviser

The Fund is managed by Fidelity Investments Canada ULC (Fidelity). Fidelity is part of a broader collection of companies collectively known as Fidelity Investments.

Fidelity provides or arranges for the provision of all general management and administrative services required by the Fund in its day–to–day operations, bookkeeping, record–keeping and other administrative services for the Fund.

Fidelity is the portfolio adviser to the Fund and it provides investment advisory services to the Fund. Fidelity has entered into sub-advisory agreements with a number of entities, including Fidelity Management & Research Company LLC and FMR Investment Management (UK) Limited, 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 is only offered in Series O securities and is only available to: (i) institutional investors who may be individuals or financial institutions who have been approved by Fidelity and have entered into Series O fund purchase agreements with Fidelity; or (ii) other funds and accounts managed or advised by Fidelity. The Fund does not pay management and advisory fees, or other operating expenses, other than certain specified fund costs, including taxes, brokerage commissions and interest charges.

3

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 Bond Multi-Asset Base Fund Series O

Periods ended March 31, 2021 2020 2019 2018A

The Series’ Net Assets per Security B Net assets, beginning of period C $ 10.21 $ 10.03 $ 10.07 $ 10.00Increase (decrease) from operations: Total revenue .26 .26 .26 .07Total expenses (excluding distributions) – – – –Realized gains (losses) .04 .51 .03 (.03)Unrealized gains (losses) (.38) (.11) .14 .13Total increase (decrease) from operationsC (.08) .66 .43 .17Distributions: From net investment income (excluding dividends) (.18) (.47) (.39) (.08)From dividends – – – –From capital gains (.17) – – –Return of capital – – – –Total distributionsC,D (.35) (.47) (.39) (.08)Net assets, end of periodC $ 9.80 $ 10.21 $ 10.03 $ 10.07Ratios and Supplemental Data Net asset value (000s) E $ 6,319,544 $ 6,313,865 $ 5,902,100 $ 4,529,201Securities outstandingE 645,653,059 603,045,737 588,851,734 443,389,500Management expense ratio –% –% –% —%Management expense ratio before waivers or absorptions —% —% —% —%Trading expense ratioF —% —% —% —%Portfolio turnover rateG,H 126.94% 104.05% 83.12% 46.25%Net asset value per security, end of period $ 9.8041 $ 10.2124 $ 10.0310 $ 10.0695

A For the period September 29, 2017 (inception date) to March 31, 2018.B This information is derived from the Fund’s audited annual and/or unaudited interim financial statements. The net assets attributable to securityholders per security presented in the financial statements may differ from the net asset

value calculated for fund pricing purposes. An explanation of these differences can be found in the notes to financial statements. For reporting periods ending after January 1, 2017 per security comparative figures (except for net asset value per security, end of period) have been conformed to the current rounding presentation of two decimal places. As a result, reporting periods ending prior to January 1, 2017 may not foot due to this rounding change.

C Net assets and distributions are based on the actual number of securities outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of securities outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per security.

D Distributions were paid in cash or reinvested in additional securities of the Fund, or both, and excludes any applicable distributions of management fee reduction to securityholders. Distributions are presented based on management’s best estimate of the tax character.

E This information is provided as at period end of the year shown.F 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.G The Fund’s portfolio turnover rate indicates how actively the Fund’s portfolio adviser manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its

portfolio once in the course of the year. The higher the Fund’s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. For periods greater than six months, but less than a full fiscal year, the portfolio turnover rate is annualized.

H Prior period amounts may have been adjusted.

4


Past PerformanceThe performance information shown assumes that all distributions made by the Fund in the periods shown were reinvested in additional securities of the Fund. The performance information does not take into account sales, redemption, distribution or other optional charges that would have reduced returns or performance. How the Fund has performed in the past does not necessarily indicate how it will perform in the future.

Year-by-Year ReturnsThe following bar chart shows the Fund’s annual performance for each of the years shown, and illustrates how the Fund’s performance was changed from year to year. In percentage terms, the bar chart shows how much an investment made on the first day of each financial year would have grown or decreased by the last day of each financial year.

Series O

10

5

0

-5

2021

-0.7

2020

6.6

2019

3.6

2018

1.6

Fiscal Years

(%)

Commencement of Operations is November 30, 2017

Annual Compound ReturnsThis table shows the Fund’s historical annual compound total returns for the periods indicated, compared with the Fund’s benchmark, the Bloomberg Barclays Global Aggregate Bond Index.

Average Annual Total ReturnsPast 1 year

Past 3 years

Since Inception

Series O (0.7)% 3.1% 3.3%Bloomberg Barclays Global Aggregate Bond Index (7.6)% 1.9% 2.3%

A discussion of the performance of the Fund can be found in the Results of Operations section of this report.

The Bloomberg Barclays Global Aggregate Bond Index covers the most liquid portion of the global investment grade fixed-rate bond market, including government, credit and collateralized securities.

5


Summary of Investment Portfolio as at March 31, 2021Derivative Exposure

% of Fund’s Net Assets as at

3/31/21


3/31/20

Futures Contracts 3.7 9.3

Swaps 0.0 0.6

Forward Foreign Currency Contracts 0.1 0.3

Futures Contracts percentage is calculated by dividing the sum of the notional amount by total net assets.

Swaps percentage is calculated by dividing the sum of the notional and unrealized gain/loss by total net assets.

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

Geographic Mix


3/31/21


3/31/20

United States of America 28.0 20.0

Germany 14.1 10.3

United Kingdom 8.8 8.4

Netherlands 7.9 7.6

Japan 7.0 8.9

China 4.1 2.6

Luxembourg 3.8 4.4

Mexico 3.4 3.0

Switzerland 3.2 3.5

Canada 2.7 5.6

France 2.4 3.4

Australia 2.4 1.4

Sweden 2.3 2.4

Ireland 2.0 2.8

Korea (South) 1.0 1.0

Others (Individually Less Than 1%) 5.3 10.1

Cash and Cash Equivalents 3.0 5.2

Net Other Assets (Liabilities) (1.4) (0.6)

Maturity Diversification

Years


3/31/21


3/31/20

0 – 1 4.8 9.7

1 – 3 5.8 7.2

3 – 5 8.6 6.5

Over 5 62.8 56.4

Quality Diversification


3/31/21


3/31/20

AAA 26.3 17.6

AA 2.0 6.1

A 6.0 10.9

BBB 20.1 27.6

BB and Below 23.2 17.9

Not Rated 20.7 15.3

Equities 0.1 0.0

Short-Term Investments and Net Other Assets 1.6 4.6

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

Top Issuers

% of Fund’s Net Assets

1. U.S. Treasury Obligations 18.7

2. German Federal Republic 9.7

3. Japan Government 7.0

4. Peoples Republic of China 4.1

5. Volkswagen International Finance NV * 3.9

6. Petroleos Mexicanos 3.2

7. Fidelity Canadian Money Market Investment Trust – Series O 2.8

8. United Kingdom, Great Britain and Northern Ireland 2.4

9. Credit Suisse Group AG * 1.8

10. Canadian Government 1.8

11. Bayer AG 1.7

12. Bayer AG * 1.7

13. Lagardere S.C.A. 1.6

14. Ford Motor Credit Co. LLC 1.5

15. Telefonica Europe BV * 1.3

16. Fidelity American High Yield Fund – Series O 1.3

17. Vodafone Group PLC 1.2

18. John Lewis PLC 1.2

19. Aroundtown SA * 1.2

20. Australian Commonwealth 1.2

21. ADO Properties SA 1.1

22. Heimstaden Bostad AB * 1.1

23. Samhallsbyggnadsbolaget I Norden AB * 1.1

24. Eurofins Scientific SA * 1.1

25. Korean Republic 1.0

74.7

* Equity Issuer

Total Fund Net Assets $6,329,858,000

Where applicable, the information in the above tables includes the Fund’s pro-rata share of the investment in any Fidelity managed underlying fund.

All tables within the Summary of Investment Portfolio section, except the Top Issuers table, contain audited annual information.

6

Summary of Investment Portfolio as at March 31, 2021 – 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 1-800-263-4077, by writing to us at Fidelity Investments Canada ULC, 483 Bay St. Suite 300, Toronto ON M5G 2N7 or by visiting our web site at www.fidelity.ca or SEDAR at www.sedar.com.

Fidelity’s mutual funds are sold by registered Investment Professionals. Each Fund has a simplified prospectus, which contains important information on the Fund, including its investment objective, purchase options, and applicable charges. Please obtain a copy of the prospectus, read it carefully, and consult your Investment Professional before investing. As with any investment, there are risks to investing in mutual funds. There is no assurance that any Fund will achieve its investment objective, and its net asset value, yield, and investment return will fluctuate from time to time with market conditions. Investors may experience a gain or loss when they sell their securities in any Fidelity Fund. Fidelity Global Funds may be more volatile than other Fidelity Funds as they concentrate investments in one sector and in fewer issuers; no single Fund is intended to be a complete diversified investment program. Past performance is no assurance or indicator of future returns. There is no assurance that either Fidelity Canadian Money Market Fund, Fidelity Canadian Money Market Investment Trust, Fidelity U.S. Money Market Fund or Fidelity U.S. Money Market Investment Trust will be able to maintain its net asset value at a constant amount. The breakdown of Fund investments is presented to illustrate the way in which a Fund may invest, and may not be representative of a Fund’s current or future investments. A Fund’s investments may change at any time.

1.9887575.103 FICL-GBI-MRFPA-0621

Fidelity Investments Canada ULC483 Bay Street, Suite 300Toronto, Ontario M5G 2N7

Manager, Transfer Agent and RegistrarFidelity Investments Canada ULC483 Bay Street, Suite 300Toronto, Ontario M5G 2N7

CustodianState Street Trust Company of CanadaToronto, Ontario

Portfolio AdviserFidelity Investments Canada ULCToronto, Ontario

Visit us online atwww.fidelity.caor call Fidelity Client Servicesat 1-800-263-4077

62.887575E

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

Documents

Fidelity Global Bond Multi-Asset Base Fund