Fidelity Greater Canada Fund

Fidelity Greater Canada Fund

Semi-Annual Management Report of Fund Performance

December 31, 2020

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.

Semi-Annual Management Report of Fund Performance as at December 31, 2020 Fidelity Greater Canada Fund

This semi-annual management report of fund performance contains financial highlights but does not contain the complete semi-annual financial statements for the investment fund. You can get a copy of the semi-annual financial statements at your request, and at no cost, by calling 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 fidelity.ca or SEDAR at . Securityholders may also contact us using one of these methods to request a copy of the investment fund's proxy voting policies and procedures, proxy voting disclosure record or quarterly portfolio disclosure relating to the investment fund.

Management Discussion of Fund Performance Results of Operations:

Fidelity Greater Canada Fund (Fund), Series B, returned 39.3%, after fees and expenses, for the six-month period ended December 31, 2020. 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, Canadian equities, as represented by the S&P/TSX Composite Index, returned 14.1%, in Canadian dollar terms.

Market overview:

Canadian markets gained over the review period. A combination of accommodative central bank policies, government stimulus measures, advances in vaccines and treatments for COVID19 and optimism about global economic recovery boosted investor sentiment. At its December meeting, the Bank of Canada kept overnight rates unchanged at 0.25% and pledged to continue its quantitative easing program to support the economy. Toward the end of the review period, renewed social restrictions intended to slow a resurgence in new COVID-19 infections contributed to market volatility. On the economic front, GDP growth recovered sharply in the third quarter of 2020, reflecting the gradual reopening of the economy. The unemployment rate improved to 8.5% in November from record highs of 13.7% in May as economic activity picked up.

Factors affecting performance:

The Fund's benchmark returned 14.3% for the review period. The Fund's benchmark is a blend of 70.0% S&P/TSX Capped Composite Index and 30.0% S&P 500 Index.

The Fund outperformed its benchmark, primarily due to exposure to certain stocks in the consumer discretionary sector, where investments in Canada-based recreational products firm Dorel Industries Inc. and U.S.-based retailing firm Five Below contributed to relative returns. In addition, exposure to certain stocks in the consumer staples sector, such as U.S.-based animal food firm Darling Ingredients, contributed to relative returns.

In contrast, a lower-than-benchmark exposure to the financials sector, and in particular a lack of exposure to Canada-based Bank of Montreal and Bank of Nova Scotia, detracted from relative returns.

Portfolio changes:

During the review period, the Fund's exposure to the financials and consumer discretionary sectors was increased. In the financials sector, the portfolio manager initiated positions in Canadabased banks Toronto-Dominion Bank and Royal Bank of Canada; the portfolio manager believes that over the longer term, given record low interest rates, a potentially steepening yield curve would be positive for the banks. In the consumer discretionary sector, a position was initiated in U.S.-based hospitality company Hilton Grand Vacations. The portfolio manager believes that there is pent-up demand for leisure travels due to the restrictive measures implemented globally. In his opinion, as economic activities normalize over time, the company could benefit from supportive demand tailwinds.

In contrast, exposure to the consumer staples and health care sectors was decreased. In the consumer staples sector, the portfolio manager reduced exposure to Canada-based retailing firm Alimentation Couche-Tard. In the health care sector, a position in U.S.-based health care equipment firm Cooper Companies was exited. The portfolio manager opted to invest in other opportunities with what appeared to be more attractive long-term risk/reward potential.

At the end of the review period, the Fund had its largest exposure to the consumer discretionary sector, followed by the information technology sector. The Fund diverged most from its benchmark sector weightings by having more exposure to the consumer discretionary sector and less exposure to the financials sector.

Recent Developments

As 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 manager Hugo Lavall?e believes the current market environment backdrop supports active investing. Mr. Lavall?e remains selective, evaluating investment opportunities stock by stock. He is focusing on his favourite companies; in his opinion, many of them have become attractively valued. He continues to find interesting ideas in the consumer sectors, which resulted in larger-than-benchmark allocations to the consumer discretionary and consumer staples sectors. Recently, he has found more opportunities in companies related to leisure travel; he believes that these companies should benefit from the eventual reopening of economies and pent-up demand for personal travel.

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.

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Fidelity Greater Canada Fund 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 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 $2,671,000 for the period ended December 31, 2020. 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 $317,000 for the period ended December 31, 2020. 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 December 31, 2020. 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.

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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 Greater Canada Fund Series A

The Series' Net Assets per Security A Net assets, beginning of period B Increase (decrease) from operations: Total revenue Total expenses (excluding distributions) Realized gains (losses)

Unrealized gains (losses) Total increase (decrease) from operationsB Distributions: From net investment income (excluding dividends) From dividends From capital gains

Return of capital Total distributionsB,C Net assets, end of periodB Ratios and Supplemental Data Net asset value (000s) D Securities outstandingD Management expense ratio E,F Management expense ratio before waivers or absorptions E,F Trading expense ratioG Portfolio turnover rateH Net asset value per security, end of period

Six-months ended December 31, 2020

$15.12

.10 (.25) 1.99 4.10 5.94

? ? (1.17) ? (1.17) $19.86

$63,813 3,218,743

2.54% 2.56% .24% 69.48% $19.8632

2020

$12.92

.25 (.38) .85 2.02 2.74

? ? (.06) ? (.06) $15.12

$35,643 2,357,489

2.53% 2.56% .19% 123.86% $15.1192

Periods ended June 30,

2019

2018

2017

$12.18

$11.77

$11.59

.80

.20

.15

(.40)

(.33)

(.33)

.41

.30

.91

.38

.16

.05

1.19

.33

.78

(.26) (.09) (.12)

? (.47) $12.92

? ? ? ? ? $12.18

? ? (.62) ? (.62) $11.77

$22,576 1,744,623

2.53% 2.57% .13% 105.46% $12.9185

$25,777 2,115,869

2.52% 2.59% .24% 142.15% $12.1828

$34,147 2,903,287

2.53% 2.58% .24% 164.91% $11.7703

2016

$12.29

.21 (.33) .55 (.21) .22

? ? (.99) ? (.99) $11.59

$31,345 2,710,681

2.53% 2.59% .39% 185.55% $11.5946

Fidelity Greater Canada Fund Series B

The Series' Net Assets per Security A Net assets, beginning of period B Increase (decrease) from operations: Total revenue Total expenses (excluding distributions) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operationsB Distributions: From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributionsB,C Net assets, end of periodB Ratios and Supplemental Data Net asset value (000s) D Securities outstandingD Management expense ratio E,I Management expense ratio before waivers or absorptions E,I Trading expense ratioG Portfolio turnover rateH Net asset value per security, end of period

Six-months ended December 31, 2020

$15.31

.10 (.23) 2.02 4.18 6.07

? ? (1.23) ? (1.23) $20.09

$150,285 7,506,490

2.33% 2.36% .24% 69.48% $20.0865

2020

$13.08

.26 (.34) .89 1.80 2.61

? ? (.09) ? (.09) $15.31

$81,949 5,370,081

2.33% 2.36% .19% 123.86% $15.3079

Periods ended June 30,

2019

2018

2017

$12.34

$11.89

$11.72

.77

.20

.15

(.37)

(.30)

(.31)

.46

.31

.94

.46

.17

.08

1.32

.38

.86

(.28) (.10) (.12)

? (.50) $13.08

? ? ? ? ? $12.34

? ? (.65) ? (.65) $11.89

$47,583 3,637,360

2.33% 2.36% .13% 105.46% $13.0812

$45,374 3,677,021

2.33% 2.36% .24% 142.15% $12.3366

$53,686 4,506,384

2.33% 2.36% .24% 164.91% $11.8961

2016

$12.43

.21 (.31) .56 (.23) .23

? ? (1.02) ? (1.02) $11.72

$61,427 5,255,068

2.34% 2.37% .39% 185.55% $11.7195

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