Fidelity Special Situations Fund A

1 fund FACTSFIDELITY INVESTMENTS CANADA ULCF idelity Special Situations FundSeries ANOVEMBER 1, 2018 This document contains key information you should know about Fidelity Special Situations fund - Series A (the fund ). You can find more detailedinformation in the fund s simplified prospectus. To get a copy, ask your representative, contact Fidelity Investments Canada ULC ( Fidelity ) at1-800-263-4077 or or visit you invest in any fund , you should consider how it would work with your other investments and your tolerance for November 1, 2018, the administration fee of certain series of the fund will be reduced, which may result in a reduction in the MERof those series going forward. You can find the administration fees in the fund 's simplified FACTSFUND CODESCAD DSC: 1598; LL: 1898; LL2: 1098 USD DSC: 1599; LL: 1899; LL2: 1099 DATE SERIES STARTEDA pril 18, 2007 TOTAL VALUE OF THE fund ON SEPTEMBER 30, 2018$ billionMANAGEMENT EXPENSE RATIO (MER) MANAGERF idelity Investments Canada ULCPORTFOLIO MANAGERF idelity Investments Canada ULCDISTRIBUTIONSA nnually, in mid to late DecemberMINIMUM INVESTMENT $500 initial, $25 additional These amounts may change from time to time, and may also be waived by DOES THE fund INVEST IN?

2 The fund invests primarily in Canadian and foreign equity securities and tends to focus on small to medium companies. It seeks to identify investmentopportunities that are believed to represent Special Situations . The fund may invest up to 49% of its net assets in foreign charts below give you a snapshot of the fund s investments on September 30, 2018. The fund s investments will TEN INVESTMENTS (SEPTEMBER 30, 2018) Pacific Goose Fraser percentage of top 10 number of investments120 INVESTMENT MIX (SEPTEMBER 30, 2018)BY COUNTRY (INCLUDES CASH)% & Cash Investmentsand Net Other SECTOR%Information Investmentsand Net Other RISKY IS IT?The value of the fund can go down as well as up. You could lose way to gauge risk is to look at how much a fund s returns changeover time. This is called "volatility".

3 In general, funds with higher volatility will have returns that change moreover time. They typically have a greater chance of losing money and mayhave a greater chance of higher returns. Funds with lower volatility tendto have returns that change less over time. They typically have lowerreturns and may have a lower chance of losing RATINGF idelity has rated the volatility of this fund as high. This rating is basedon how much the fund s returns have changed from year to year. Itdoesn t tell you how volatile the fund will be in the future. The rating canchange over time. A fund with a low risk rating can still lose money. LOWLOW TOMEDIUMMEDIUMMEDIUM TOHIGHHIGHFor more information about the risk rating and specific risks that canaffect the fund s returns, see the What are the risks of investing in thefund? section of the fund s simplified GUARANTEESLike most mutual funds, this fund doesn t have any guarantees.

4 You maynot get back the amount of money you of 4 fund FACTSF idelity Special Situations FundSeries AHOW HAS THE fund PERFORMED?This section tells you how series A units of the fund have performed over the past 10 years. Returns are after expenses have been deducted. Theseexpenses reduce the fund s RETURNSThis chart shows how series A units of the fund performed in each of thepast 10 years. The fund dropped in value in 2 of the 10 years. The rangeof returns and change from year to year can help you assess how risky theFund has been in the past. It does not tell you how the fund will performin the -20% 0% 20% 40% 60% 80% AND WORST 3-MONTH RETURNSThis table shows the best and worst returns for series A units of the Fundin a 3-month period over the past 10 years. The best and worst 3-monthreturns could be higher or lower in the future.

5 Consider how much of aloss you could afford to take in a short period of MONTHS ENDINGIF YOU INVESTED$1,000 AT THEBEGINNING OF THEPERIODBest 31, 2009 Your investmentwould rise to $1,307 Worst 30, 2008 Your investmentwould drop to $645 AVERAGE RETURNA person who invested $1,000 in series A units of the fund 10 years agonow has $3,994. This works out to an annual compound return of IS THIS fund FOR?Investors who:nplan to hold their investment for the long-termnwant to gain Canadian and foreign equity exposurencan handle the volatility of returns generally associated with equityinvestments in small to medium capitalization companiesThe fund is not an appropriate investment if you have a short-terminvestment WORD ABOUT TAXIn general, you ll have to pay income tax on any money you make on afund. How much you pay depends on the tax laws where you live andwhether or not you hold the fund in a registered plan, such as aRegistered Retirement Savings Plan (RRSP) or a Tax-Free Savings Account(TFSA).

6 Keep in mind that if you hold your fund in a non-registered account, funddistributions are included in your taxable income, whether you get themin cash or have them of 4 fund FACTSF idelity Special Situations FundSeries AHOW MUCH DOES IT COST?The following tables show the fees and expenses you could pay to buy, own and sell series A units of the fund . The fees and expenses including anycommissions can vary among the series of a fund and among funds. Higher commissions can influence representatives to recommend one investmentover another. Ask about other funds and investments that may be suitable for you at a lower CHARGESYou have to choose a sales charge option when you buy series A units of the fund . Ask about the pros and cons of each CHARGEOPTIONWHAT YOU PAY IF YOU SELL YOUR UNITSAS A PERCENT (%)IN DOLLARSHOW IT WORKSD eferredSales Chargewithin one year of two years of three years of four years of five years of six years of six yearszero$0 to $60 onevery $1,000you buynThere is only a charge if you sell within six years of the date you buy units Fidelity pays your representative s firm a year seven, your units are automatically switched to initial salescharge units and you will pay a lower management fee (and yourrepresentative s firm may receive a higher commission).

7 NYou may redeem up to 10% of your units each year without LoadSales Chargewithin one year of two years of two yearszero$0 to $20 onevery $1,000you buynThere is only a charge if you sell within two years of the date you buy units Fidelity pays your representative s firm a year three, your units are automatically switched to initial salescharge units and you will pay a lower management fee (and yourrepresentative s firm may receive a higher commission).nThe 10% free redemption amount does not Load 2 Sales Chargewithin one year of two years of three years of three yearszero$0 to $30 onevery $1,000you buynThere is only a charge if you sell within three years of the date you buy units Fidelity pays your representative s firm a year four, your units are automatically switched to initial salescharge units and you will pay a lower management fee (and yourrepresentative s firm may receive a higher commission).

8 NThe 10% free redemption amount does not all the sales charge optionsnThere is no charge when you buy units of the charge is a set rate paid to Fidelity and is deducted from theamount you schedule is based on the original cost of your does not charge you to switch to other Fidelity Funds of thesame EXPENSESYou don t pay these expenses directly. They affect you because they reduce the return you get on your of June 30, 2018, the fund s expenses were of its value. This equals $ for every $1,000 RATE(AS A % OF THE fund S VALUE)Management expense ratio (MER)This is the total of the fund s management fee (including the trailing commission), fixed administration fee and other operating waived some of the fund s expenses. If it had not done so, the MER would have been expense ratio (TER)These are the fund s trading the automatic switch of your series A units into series B units, you (a) will have a lower management fee of ; and (b) may qualify for lowercombined management and administration fees as part of the Fidelity Preferred Program (the Program ).

9 For more details about the Program, see Purchases, Switches and Redemptions and Fees and Expenses in the fund s simplified prospectus, and speak to your of 4 fund FACTSF idelity Special Situations FundSeries AHOW MUCH DOES IT COST?(CONTINUED)More about the trailing commissionThe trailing commission is an ongoing commission. Fidelity pays a trailing commission to your representative s firm for as long as you own the fund . Thisis for services and advice that your representative and their firm provide to trailing commission is paid from the fund s management fee and is based on the value of your investment. The rate depends on the sales chargeoption you the automatic switch of your series A units into series B units, your representative may receive a trailing commission of up to of the value ofyour investment each CHARGEOPTIONTRAILING COMMISSIONAS A PERCENT (%)

10 IN DOLLARSD eferred SalesChargeUp to of the value of your investment each year$0 to $ each year for every $1,000 investedLow Load SalesChargeUp to of the value of your investment each year$0 to $ each year for every $1,000 investedLow Load 2 Sales ChargeUp to of the value of your investment each year$0 to $ each year for every $1,000 invested3 OTHER FEESYou may have to pay other fees when you buy, hold, sell or switch units of the YOU PAYS hort-termtrading feeIf you sell/switch units within 30 days of the most recent purchase/switch into the fund , you may be charged 1% of the value of thoseunits or have your account restricted/closed. This fee goes to the feeYour representative s firm may charge you up to 2% of the value of units you switch to another series of the fund or another FidelityFund. However, you will not pay a switch fee on Fidelity initiated automatic for sizableredemptionsIf you have been notified that you own a sizable percentage of a fund , you will be subject to a 1% penalty of the value of the unitsthat you sell/switch if you sell/switch your units of the fund within 30 days of your most recent purchase/switch into the fund .