Fidelity Global Natural Resources Fund · Fidelity Global Natural Resources Fund (Fund), Series B, returned -3.6%, after fees and expenses, for the six-month period ended September

Semi-Annual Management Report of Fund PerformanceSeptember 30, 2019

Fidelity Global Natural Resources 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

Semi-Annual Management Report of Fund Performance as at September 30, 2019Fidelity Global Natural Resources FundThis semi-annual management report of fund performance contains financial highlights but does not contain the complete semi-annual financial statements for the investment fund. You can get a copy of the semi-annual financial statements at your request, and at no cost, by calling 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 PerformanceResults of Operations:Fidelity Global Natural Resources Fund (Fund), Series B, returned -3.6%, after fees and expenses, for the six-month period ended September 30, 2019. 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 measured by the MSCI World Index, returned 3.6% (in Canadian dollar terms) for the review period.

Market overview:

Monetary policy easing and sustained U.S. economic expansion supported global equity markets. Lower interest rates and falling bond yields (interest income from bonds at a given price) resulted in a general preference for higher quality companies, with sustainability of earnings and attractive dividend yields among the key drivers of gains. Furthermore, the falling cost of capital generally supported a sharp rise in share buybacks and lifted earnings per share (as fewer shares remain in issue for the same amount of earnings). However, the rise in global equi-ties was contained due to escalating trade tensions between the U.S. and its leading trade partners, which triggered fears of a global recession. Many analysts also expected that growth in the U.S. economy could be peaking after a ten-year long expansion. Investors also navigated several geopolitical risk events, such as rising tensions in the Middle East, developments related to Brexit, and political turmoil in Italy. European and U.S. equities advanced. While economic indicators weakened, a supportive monetary and fiscal policy framework pushed stock prices higher.

Factors affecting performance:

The Fund’s benchmark index, the MSCI ACWI (All Country World Index) Natural Resources Index, returned -4.6% for the six-month period under review.

The Fund outperformed its benchmark primarily due to exposure to certain stocks in the construction materials industry. Within this industry, investments in U.S.-based building material company Martin Marietta Inc., and U.S.-based construction aggregates producer Vulcan Materials Company, contributed to relative returns. Among other industries, holdings in U.S.-based paint and coating manufacturing company Sherwin-Williams, Canada-based gold mining company Barrick Gold, and U.S.-based gas services firm Air Products & Chemicals, contributed to relative performance.

In contrast, certain investments and a larger-than-benchmark positioning in the paper and forest products industry detracted from relative returns. Within this industry, a holding in Canada-based pressure treated wood products producer Stella-Jones made a leading detraction from relative performance. Across other industries, allocations to Canada-based methanol producer Methanex, Canada-based mining and metals company First Quantum Minerals, and Switzerland-based commodity trading and mining company Glencore, all detracted from relative returns. At the end of the review period, the Fund had no exposure to Glencore.

Portfolio changes:

During the review period, the Fund’s exposure to the chemicals industry increased. In this industry, the portfolio managers initiated a position in U.S.-based paints, coatings, and specialty materials supplier PPG Industries, due to its favourable pricing power in an oligopolistic industry, in the portfolio managers’ view.

In contrast, exposure to the metals and mining industry declined. The portfolio managers exited the position in Switzerland-based commodity trading and mining company Glencore, and reduced exposure to U.K.-based metal and mining company Rio Tinto, to fund more attractive investment opportunities elsewhere.

As at September 30, 2019, the Fund held its largest exposure to the oil, gas and consumable fuels industry, followed by the chemicals industry. The Fund diverged most from its bench-mark’s industry weightings by having more exposure to the containers and packaging industry and less exposure to the metals and mining industry.

Industry-level allocations are a result of the portfolio managers’ bottom-up stock selection process and are not driven by top-down macro analysis.

Recent DevelopmentsPortfolio managers Darren Lekkerkerker and Joe Overdevest continue to employ a 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 could be select opportunities in the near-term, as valuations for select companies appear attractive relative to peers, in their view. In the materials sector, more emphasis is placed on high quality companies with capable management teams and stock prices at reasonable valuations, in their view.

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.

2


Management Discussion of Fund Performance – continued

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 disposi-tion 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 $454,000 for the period ended September 30, 2019.

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 $59,000 for the period ended September 30, 2019.

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 $0 for the period ended September 30, 2019. 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.

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 Natural Resources Fund Series A

Six-months ended September 30, Periods ended March 31,

2019 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 33.51 $ 33.27 $ 32.00 $ 29.50 $ 32.27 $ 31.68Increase (decrease) from operations: Total revenue .76 1.08 .91 .65 .80 .70Total expenses (excluding distributions) (.45) (1.01) (.94) (.94) (.89) (.97)Realized gains (losses) (.40) 1.20 (.46) 2.01 (.33) 2.41Unrealized gains (losses) (1.14) (.80) 1.77 .85 (2.31) (1.42)Total increase (decrease) from operationsB (1.23) .47 1.28 2.57 (2.73) .71Distributions: From net investment income (excluding dividends) – (.04) – – – –From dividends – (.08) – – – –From capital gains – – – – – –Return of capital – – – – – –Total distributionsB,C – (.12) – – – –Net assets, end of periodB $ 32.29 $ 33.51 $ 33.27 $ 32.00 $ 29.50 $ 32.27Ratios and Supplemental Data Net asset value (000s) D $ 8,150 $ 9,773 $ 13,176 $ 19,209 $ 19,804 $ 21,464Securities outstandingD 252,393 291,646 395,604 599,819 671,861 664,544Management expense ratio E,F 2.48% 2.49% 2.51% 2.57% 2.57% 2.63%Management expense ratio before waivers or absorptions E,F 2.55% 2.56% 2.57% 2.60% 2.64% 2.66%Trading expense ratioG .07% .17% .15% .25% .15% .23%Portfolio turnover rateH,I 27.28% 118.43% 82.56% 139.06% 121.17% 127.54%Net asset value per security, end of period $ 32.2881 $ 33.5138 $ 33.2770 $ 32.0046 $ 29.5020 $ 32.2694

Fidelity Global Natural Resources Fund Series B


2019 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 34.32 $ 34.08 $ 32.74 $ 30.12 $ 32.87 $ 32.20Increase (decrease) from operations: Total revenue .78 1.13 .94 .66 .82 .72Total expenses (excluding distributions) (.42) (.95) (.88) (.88) (.83) (.91)Realized gains (losses) (.40) 1.18 (.43) 2.03 (.32) 2.42Unrealized gains (losses) (1.15) (.83) 1.71 .86 (2.40) (1.57)Total increase (decrease) from operationsB (1.19) .53 1.34 2.67 (2.74) .66Distributions: From net investment income (excluding dividends) – (.07) (.01) – – –From dividends – (.12) (.02) – – –From capital gains – – – – – –Return of capital – – – – – –Total distributionsB,C – (.19) (.03) – – –Net assets, end of periodB $ 33.10 $ 34.32 $ 34.08 $ 32.74 $ 30.12 $ 32.87Ratios and Supplemental Data Net asset value (000s) D $ 26,947 $ 32,836 $ 35,091 $ 39,398 $ 38,531 $ 38,498Securities outstandingD 813,635 956,436 1,028,384 1,206,194 1,280,398 1,170,892Management expense ratio E,F 2.30% 2.29% 2.30% 2.35% 2.36% 2.41%Management expense ratio before waivers or absorptions E,F 2.37% 2.36% 2.36% 2.38% 2.41% 2.43%Trading expense ratioG .07% .17% .15% .25% .15% .23%Portfolio turnover rateH,I 27.28% 118.43% 82.56% 139.06% 121.17% 127.54%Net asset value per security, end of period $ 33.0988 $ 34.3267 $ 34.0851 $ 32.7439 $ 30.1183 $ 32.8750

4

Financial Highlights – continued

Fidelity Global Natural Resources Fund Series F


2019 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 39.99 $ 39.72 $ 38.17 $ 34.71 $ 37.45 $ 36.29Increase (decrease) from operations: Total revenue .90 1.35 1.11 .77 .95 .80Total expenses (excluding distributions) (.28) (.66) (.59) (.59) (.55) (.59)Realized gains (losses) (.45) 1.40 (.48) 2.35 (.40) 3.26Unrealized gains (losses) (1.33) (2.93) 1.78 .63 (3.10) (1.05)Total increase (decrease) from operationsB (1.16) (.84) 1.82 3.16 (3.09) 2.42Distributions: From net investment income (excluding dividends) – (.23) (.17) – – –From dividends – (.40) (.32) – – –From capital gains – – – – – –Return of capital – – – – – –Total distributionsB,C – (.63) (.49) – – –Net assets, end of periodB $ 38.78 $ 39.99 $ 39.72 $ 38.17 $ 34.71 $ 37.45Ratios and Supplemental Data Net asset value (000s) D $ 5,912 $ 6,835 $ 4,944 $ 4,479 $ 3,830 $ 2,157Securities outstandingD 151,621 170,906 124,460 117,539 110,316 57,583Management expense ratio E,F 1.18% 1.17% 1.17% 1.22% 1.20% 1.30%Management expense ratio before waivers or absorptions E,F 1.22% 1.20% 1.20% 1.24% 1.26% 1.32%Trading expense ratioG .07% .17% .15% .25% .15% .23%Portfolio turnover rateH,I 27.28% 118.43% 82.56% 139.06% 121.17% 127.54%Net asset value per security, end of period $ 38.7818 $ 39.9914 $ 39.7208 $ 38.1683 $ 34.7156 $ 37.4525

Fidelity Global Natural Resources Fund Series O


2019 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 47.76 $ 47.45 $ 45.62 $ 41.21 $ 43.93 $ 42.01Increase (decrease) from operations: Total revenue 1.08 1.53 1.32 1.05 1.11 .95Total expenses (excluding distributions) (.06) (.22) (.17) (.18) (.15) (.15)Realized gains (losses) (.56) 1.77 (.45) 2.32 (.43) 3.06Unrealized gains (losses) (1.64) (1.88) 2.09 (1.20) (2.74) (1.75)Total increase (decrease) from operationsB (1.18) 1.20 2.79 1.99 (2.21) 2.11Distributions: From net investment income (excluding dividends) – (.46) (.41) (.26) – –From dividends – (.81) (.77) – – –From capital gains – – – – – –Return of capital – – – – – –Total distributionsB,C – (1.27) (1.18) (.26) – –Net assets, end of periodB $ 46.59 $ 47.76 $ 47.45 $ 45.62 $ 41.21 $ 43.93Ratios and Supplemental Data Net asset value (000s) D $ 39,742 $ 46,148 $ 64,879 $ 48,958 $ 18,173 $ 12,712Securities outstandingD 847,805 962,474 1,365,666 1,071,876 440,277 287,634Management expense ratio –% –% –% —% —% —%Management expense ratio before waivers or absorptions —% —% —% —% —% —%Trading expense ratioG .07% .17% .15% .25% .15% .23%Portfolio turnover rateH,I 27.28% 118.43% 82.56% 139.06% 121.17% 127.54%Net asset value per security, end of period $ 46.5878 $ 47.7561 $ 47.4508 $ 45.6167 $ 41.2062 $ 43.9354

5

Fidelity Global Natural Resources Fund Series E1


2019 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.90 $ 11.82 $ 11.35 $ 10.43 $ 10.00Increase (decrease) from operations: Total revenue .26 .39 .33 .23 .04Total expenses (excluding distributions) (.14) (.32) (.30) (.30) (.03)Realized gains (losses) (.14) .41 (.13) .71 .03Unrealized gains (losses) (.47) (.31) .53 .15 .37Total increase (decrease) from operationsB (.49) .17 .43 .79 .41Distributions: From net investment income (excluding dividends) – (.03) (.01) – –From dividends – (.05) (.02) – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C – (.08) (.03) – –Net assets, end of periodB $ 11.48 $ 11.90 $ 11.82 $ 11.35 $ 10.43Ratios and Supplemental Data Net asset value (000s) D $ 5,631 $ 4,905 $ 5,138 $ 4,989 $ 2,771Securities outstandingD 488,706 412,017 435,209 439,358 265,555Management expense ratio E,K 2.21% 2.20% 2.21% 2.25% 2.28%Management expense ratio before waivers or absorptions E,K 2.27% 2.27% 2.26% 2.28% 2.32%Trading expense ratioG .07% .17% .15% .25% .15%Portfolio turnover rateH,I 27.28% 118.43% 82.56% 139.06% 121.17%Net asset value per security, end of period $ 11.4846 $ 11.9038 $ 11.8195 $ 11.3543 $ 10.4330



2019 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.92 $ 11.83 $ 11.37 $ 10.44 $ 10.00Increase (decrease) from operations: Total revenue .31 .41 .33 .23 .03Total expenses (excluding distributions) (.14) (.31) (.30) (.29) (.03)Realized gains (losses) (.09) .25 (.17) .76 .02Unrealized gains (losses) (.62) (1.08) .83 .02 (.71)Total increase (decrease) from operationsB (.54) (.73) .69 .72 (.68)Distributions: From net investment income (excluding dividends) – (.03) (.01) – –From dividends – (.05) (.02) – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C – (.08) (.03) – –Net assets, end of periodB $ 11.51 $ 11.92 $ 11.83 $ 11.37 $ 10.44Ratios and Supplemental Data Net asset value (000s) D $ 629 $ 1,103 $ 246 $ 443 $ 91Securities outstandingD 54,676 92,534 20,824 38,948 8,756Management expense ratio E,K 2.05% 2.11% 2.15% 2.19% 2.17%Management expense ratio before waivers or absorptions E,K 2.12% 2.17% 2.20% 2.22% 2.21%Trading expense ratioG .07% .17% .15% .25% .15%Portfolio turnover rateH,I 27.28% 118.43% 82.56% 139.06% 121.17%Net asset value per security, end of period $ 11.5072 $ 11.9188 $ 11.8314 $ 11.3679 $ 10.4378

6




2019 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.92 $ 11.84 $ 11.37 $ 10.44 $ 10.00Increase (decrease) from operations: Total revenue .19 .38 .32 .24 .06Total expenses (excluding distributions) (.13) (.32) (.31) (.29) (.02)Realized gains (losses) (.18) .57 (.23) .61 .10Unrealized gains (losses) (.02) (2.58) (.48) (.43) .30Total increase (decrease) from operationsB (.14) (1.95) (.70) .13 .44Distributions: From net investment income (excluding dividends) – (.03) (.01) – –From dividends – (.05) (.02) – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C – (.08) (.03) – –Net assets, end of periodB $ 11.52 $ 11.92 $ 11.84 $ 11.37 $ 10.44Ratios and Supplemental Data Net asset value (000s) D $ 694 $ 33 $ 49 $ 127 $ 1Securities outstandingD 60,231 2,793 4,156 11,127 100Management expense ratio E,K 1.98% 2.13% 2.15% 2.18% 2.00%Management expense ratio before waivers or absorptions E,K 2.05% 2.19% 2.20% 2.21% 2.40%Trading expense ratioG .07% .17% .15% .25% .15%Portfolio turnover rateH,I 27.28% 118.43% 82.56% 139.06% 121.17%Net asset value per security, end of period $ 11.5180 $ 11.9248 $ 11.8362 $ 11.3697 $ 10.4368


Six-months ended September 30,

Periods ended March 31,

2019 2019L

The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.84 $ 10.00Increase (decrease) from operations: Total revenue .24 .13Total expenses (excluding distributions) (.10) (.09)Realized gains (losses) (.11) (.07)Unrealized gains (losses) (.40) .94Total increase (decrease) from operationsB (.37) .91Distributions: From net investment income (excluding dividends) – (.03)From dividends – (.05)From capital gains – –Return of capital – –Total distributionsB,C – (.08)Net assets, end of periodB $ 10.47 $ 10.84Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1Securities outstandingD 101 101Management expense ratio E,M 1.92% 1.98%Management expense ratio before waivers or absorptions E,M 2.21% 2.15%Trading expense ratioG .07% .17%Portfolio turnover rateH,I 27.28% 118.43%Net asset value per security, end of period $ 10.4705 $ 10.8374

7


Six-months ended September 30,

Periods ended March 31,

2019 2019L

The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.84 $ 10.00Increase (decrease) from operations: Total revenue .24 .13Total expenses (excluding distributions) (.11) (.09)Realized gains (losses) (.12) (.07)Unrealized gains (losses) (.37) .95Total increase (decrease) from operationsB (.36) .92Distributions: From net investment income (excluding dividends) – (.03)From dividends – (.05)From capital gains – –Return of capital – –Total distributionsB,C – (.08)Net assets, end of periodB $ 10.48 $ 10.84Ratios and Supplemental Data Net asset value (000s) D $ 18 $ 18Securities outstandingD 1,687 1,687Management expense ratio E,M 1.89% 1.90%Management expense ratio before waivers or absorptions E,M 1.95% 1.97%Trading expense ratioG .07% .17%Portfolio turnover rateH,I 27.28% 118.43%Net asset value per security, end of period $ 10.4755 $ 10.8409

Fidelity Global Natural Resources Fund Series P1


2019 2019 2018 2017 2016N

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.09 $ 11.02 $ 10.59 $ 9.62 $ 10.00Increase (decrease) from operations: Total revenue .25 .37 .31 .23 .09Total expenses (excluding distributions) (.07) (.17) (.16) (.16) (.03)Realized gains (losses) (.13) .35 (.11) .55 .09Unrealized gains (losses) (.36) (.58) .43 (.30) .42Total increase (decrease) from operationsB (.31) (.03) .47 .32 .57Distributions: From net investment income (excluding dividends) – (.07) (.05) – –From dividends – (.12) (.10) – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C – (.19) (.15) – –Net assets, end of periodB $ 10.76 $ 11.09 $ 11.02 $ 10.59 $ 9.62Ratios and Supplemental Data Net asset value (000s) D $ 1,471 $ 1,540 $ 1,385 $ 1,012 $ 91Securities outstandingD 136,660 138,807 125,688 95,615 9,449Management expense ratio E,O 1.10% 1.08% 1.10% 1.14% 1.14%Management expense ratio before waivers or absorptions E,O 1.13% 1.12% 1.13% 1.15% 1.18%Trading expense ratioG .07% .17% .15% .25% .15%Portfolio turnover rateH,I 27.28% 118.43% 82.56% 139.06% 121.17%Net asset value per security, end of period $ 10.7609 $ 11.0916 $ 11.0169 $ 10.5860 $ 9.6205

8




2019 2019 2018 2017 2016N

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.11 $ 11.04 $ 10.61 $ 9.62 $ 10.00Increase (decrease) from operations: Total revenue .25 .38 .31 .10 .07Total expenses (excluding distributions) (.07) (.17) (.17) (.12) (.01)Realized gains (losses) (.13) .34 (.30) .40 .14Unrealized gains (losses) (.36) (.58) .84 .56 .72Total increase (decrease) from operationsB (.31) (.03) .68 .94 .92Distributions: From net investment income (excluding dividends) – (.07) (.06) – –From dividends – (.12) (.11) – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C – (.19) (.17) – –Net assets, end of periodB $ 10.79 $ 11.11 $ 11.04 $ 10.61 $ 9.62Ratios and Supplemental Data Net asset value (000s) D $ 69 $ 71 $ 36 $ 69 $ 783Securities outstandingD 6,379 6,379 3,302 6,507 81,391Management expense ratio E,O 1.01% 1.00% .98% 1.09% 1.10%Management expense ratio before waivers or absorptions E,O 1.04% 1.03% 1.00% 1.12% 1.13%Trading expense ratioG .07% .17% .15% .25% .15%Portfolio turnover rateH,I 27.28% 118.43% 82.56% 139.06% 121.17%Net asset value per security, end of period $ 10.7879 $ 11.1147 $ 11.0388 $ 10.6078 $ 9.6245



2019 2019 2018 2017P

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.41 $ 11.33 $ 10.89 $ 10.00Increase (decrease) from operations: Total revenue .41 .37 .34 .21Total expenses (excluding distributions) (.06) (.17) (.09) (.12)Realized gains (losses) (.10) .48 .31 .63Unrealized gains (losses) .44 (.45) (.16) .17Total increase (decrease) from operationsB .69 .23 .40 .89Distributions: From net investment income (excluding dividends) – (.07) (.06) –From dividends – (.13) (.11) –From capital gains – – – –Return of capital – – – –Total distributionsB,C – (.20) (.17) –Net assets, end of periodB $ 11.08 $ 11.41 $ 11.33 $ 10.89Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 68 $ 480 $ 1Securities outstandingD 103 5,942 42,378 100Management expense ratio E,Q .97% .98% .97% .77%Management expense ratio before waivers or absorptions E,Q 1.01% 1.01% 1.01% .77%Trading expense ratioG .07% .17% .15% .25%Portfolio turnover rateH,I 27.28% 118.43% 82.56% 139.06%Net asset value per security, end of period $ 11.0838 $ 11.4092 $ 11.3344 $ 10.8875

9



2019 2019 2018 2017P

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.40 $ 11.33 $ 10.89 $ 10.00Increase (decrease) from operations: Total revenue .22 .38 .31 .21Total expenses (excluding distributions) (.07) (.14) (.13) (.12)Realized gains (losses) (.20) .39 (.13) .63Unrealized gains (losses) (.50) (.31) .58 .17Total increase (decrease) from operationsB (.55) .32 .63 .89Distributions: From net investment income (excluding dividends) – (.08) (.07) –From dividends – (.14) (.13) –From capital gains – – – –Return of capital – – – –Total distributionsB,C – (.22) (.20) –Net assets, end of periodB $ 11.07 $ 11.40 $ 11.33 $ 10.89Ratios and Supplemental Data Net asset value (000s) D $ 66 $ 1 $ 1 $ 1Securities outstandingD 5,930 104 102 100Management expense ratio E,Q .93% .79% .75% .77%Management expense ratio before waivers or absorptions E,Q .96% .79% .75% .77%Trading expense ratioG .07% .17% .15% .25%Portfolio turnover rateH,I 27.28% 118.43% 82.56% 139.06%Net asset value per security, end of period $ 11.0738 $ 11.4018 $ 11.3259 $ 10.8875



2019 2019 2018 2017P

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.39 $ 11.32 $ 10.87 $ 10.00Increase (decrease) from operations: Total revenue .25 .38 .31 .21Total expenses (excluding distributions) (.06) (.16) (.14) (.13)Realized gains (losses) (.13) .39 (.12) .64Unrealized gains (losses) (.39) (.30) .56 .15Total increase (decrease) from operationsB (.33) .31 .61 .87Distributions: From net investment income (excluding dividends) – (.08) (.06) –From dividends – (.13) (.11) –From capital gains – – – –Return of capital – – – –Total distributionsB,C – (.21) (.17) –Net assets, end of periodB $ 11.06 $ 11.39 $ 11.32 $ 10.87Ratios and Supplemental Data Net asset value (000s) D $ 911 $ 938 $ 912 $ 864Securities outstandingD 82,306 82,306 80,629 79,422Management expense ratio E,Q .88% .88% .90% .95%Management expense ratio before waivers or absorptions E,Q .92% .91% .93% .97%Trading expense ratioG .07% .17% .15% .25%Portfolio turnover rateH,I 27.28% 118.43% 82.56% 139.06%Net asset value per security, end of period $ 11.0647 $ 11.3926 $ 11.3159 $ 10.8734

10


Financial Highlights FootnotesA 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.

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, 2014, 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 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.

I Prior period amounts may have been adjusted.J For the period February 5, 2016 (commencement of sale of securities) to March 31, 2016.K Effective February 9, 2016, 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 December 14, 2018 (commencement of sale of securities) to March 31, 2019.M Effective December 18, 2018, 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, 2015 (commencement of sale of securities) to March 31, 2016.O Effective December 8, 2015, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver

at any time, at its sole discretion. It is not known when such waivers will be terminated.P For the period May 13, 2016 (commencement of sale of securities) to March 31, 2017.Q Effective May 17, 2016, 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.

11

Management and Advisory FeesFidelity 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 100% 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 2.000% 35.50% 64.50%

Series B 1.850% 54.05% 45.95%

Series F 0.850% — 100.00%

Series E1 1.825% 54.79% 45.21%

Series E2 1.800% 55.56% 44.44%

Series E3 1.775% 56.34% 43.66%

Series E4 1.725% 57.97% 42.03%

Series E5 1.675% 59.70% 40.30%

Series P1 0.825% — 100.00%

Series P2 0.800% — 100.00%

Series P3 0.775% — 100.00%

Series P4 0.725% — 100.00%

Series P5 0.675% — 100.00%

12


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.

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 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. For each Series in the Year-by-Year Returns table below, the most recent returns stated are for the current six month period.

Series A

605040302010

0-10-20

2019

-3.7

2019

1.1

2018

4.0

2017

8.5

2016

-8.6

2015

1.9

2014

23.7

2013

3.2

2012

-15.7

2011

21.7

2010

53.5

Fiscal Years

(%)

Series B

605040302010

0-10-20

2019

-3.6

2019

1.3

2018

4.2

2017

8.7

2016

-8.4

2015

2.1

2014

23.9

2013

3.4

2012

-15.5

2011

22.0

2010

53.8

Fiscal Years

(%)

Series F

605040302010

0-10-20

2019

-3.0

2019

2.5

2018

5.4

2017

9.9

2016

-7.3

2015

3.2

2014

25.3

2013

4.6

2012

-14.6

2011

23.3

2010

55.4

Fiscal Years

(%)

Series O

605040302010

0-10-20

2019

-2.4

2019

3.7

2018

6.6

2017

11.3

2016

-6.2

2015

4.6

2014

27.0

2013

6.0

2012

-13.4

2011

24.9

2010

57.6

Fiscal Years

(%)

Series E1

605040302010

0-10-20

2019

-3.5

2019

1.4

2018

4.3

2017

8.8

2016

-8.4

2015

2.1

2014

23.9

2013

3.4

2012

-15.5

2011

22.0

2010

53.8

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series E2

605040302010

0-10-20

2019

-3.5

2019

1.5

2018

4.3

2017

8.9

2016

-8.3

2015

2.1

2014

23.9

2013

3.4

2012

-15.5

2011

22.0

2010

53.8

Fiscal Years

(%)


13

Series E3

605040302010

0-10-20

2019

-3.4

2019

1.5

2018

4.4

2017

8.9

2016

-8.3

2015

2.1

2014

23.9

2013

3.4

2012

-15.5

2011

22.0

2010

53.8

Fiscal Years

(%)


Series E4

605040302010

0-10-20

2019

-3.4

2019

1.4

2018

4.2

2017

8.7

2016

-8.4

2015

2.1

2014

23.9

2013

3.4

2012

-15.5

2011

22.0

2010

53.8

Fiscal Years

(%)

Commencement of Operations is December 14, 2018

Series E5

605040302010

0-10-20

2019

-3.4

2019

1.5

2018

4.2

2017

8.7

2016

-8.4

2015

2.1

2014

23.9

2013

3.4

2012

-15.5

2011

22.0

2010

53.8

Fiscal Years

(%)


Series P1

605040302010

0-10-20

2019

-3.0

2019

2.6

2018

5.4

2017

10.0

2016

-7.3

2015

3.2

2014

25.3

2013

4.6

2012

-14.6

2011

23.3

2010

55.4

Fiscal Years

(%)


Series P2

605040302010

0-10-20

2019

-2.9

2019

2.7

2018

5.6

2017

10.2

2016

-7.2

2015

3.2

2014

25.3

2013

4.6

2012

-14.6

2011

23.3

2010

55.4

Fiscal Years

(%)


Series P3

605040302010

0-10-20

2019

-2.9

2019

2.7

2018

5.6

2017

10.4

2016

-7.3

2015

3.2

2014

25.3

2013

4.6

2012

-14.6

2011

23.3

2010

55.4

Fiscal Years

(%)

Commencement of Operations is May 13, 2016

Series P4

605040302010

0-10-20

2019

-2.9

2019

2.9

2018

5.8

2017

10.4

2016

-7.3

2015

3.2

2014

25.3

2013

4.6

2012

-14.6

2011

23.3

2010

55.4

Fiscal Years

(%)


Series P5

605040302010

0-10-20

2019

-2.9

2019

2.8

2018

5.7

2017

10.2

2016

-7.3

2015

3.2

2014

25.3

2013

4.6

2012

-14.6

2011

23.3

2010

55.4

Fiscal Years

(%)


14


Summary of Investment Portfolio as at September 30, 2019Sector Mix

% of Fund’s Net Assets as at

9/30/19


3/31/19

Oil, Gas & Consumable Fuels 54.1 56.0

Chemicals 20.2 15.8

Metals & Mining 9.2 12.3

Construction Materials 5.6 3.3

Containers & Packaging 5.2 4.9

Paper & Forest Products 3.3 4.4

Others (Individually Less Than 1%) 0.3 1.0

Cash and Cash Equivalents 1.1 1.8

Net Other Assets (Liabilities) 1.0 0.5

Geographic Mix


9/30/19


3/31/19

United States of America 49.1 45.2

Canada 31.5 30.6

United Kingdom 10.6 13.1

France 3.5 4.5

India 2.4 1.9

Others (Individually Less Than 1%) 0.8 2.4

Cash and Cash Equivalents 1.1 1.8

Net Other Assets (Liabilities) 1.0 0.5

Top Issuers

% of Fund’s Net Assets

1. Exxon Mobil Corp. 7.5

2. Chevron Corp. 6.0

3. Royal Dutch Shell PLC 5.6

4. Sherwin-Williams Co. 5.1

5. Air Products & Chemicals, Inc. 5.0

6. Parkland Fuel Corp. 4.0

7. BP PLC 3.6

8. CCL Industries, Inc. 3.5

9. Total SA 3.5

10. TC Energy 3.4

11. Ecolab, Inc. 3.4

12. Vulcan Materials Co. 3.1

13. Barrick Gold Corp. 2.7

14. Pembina Pipeline Corp. 2.7

15. Texas Pacific Land Trust 2.5

16. Martin Marietta Materials, Inc. 2.5

17. Reliance Industries Ltd. 2.4

18. Suncor Energy, Inc. 2.3

19. Stella-Jones, Inc. 2.1

20. Methanex Corp. 2.0

21. FMC Corp. 1.9

22. ConocoPhillips Co. 1.9

23. Ivanhoe Mines Ltd. 1.6

24. ERO Copper Corp. 1.5

25. Ball Corp. 1.5

81.3

Total Fund Net Assets $89,924,000

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

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.

1.822447.114 FICL-FNR-MRFPS-1119

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

62.107249E

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

Documents

Fidelity Global Natural Resources Fund · Fidelity Global Natural Resources Fund (Fund), Series B, returned -3.6%, after fees and expenses, for the six-month period ended September