Interim Report and Condensed Unaudited Financial Statements For the six month financial period ended 30 June 2021

Fidelity Common Contractual Fund

(A common contractual fund constituted as an umbrella fund with segregated liability between sub-funds)

Fidelity Common Contractual Fund

TABLE OF CONTENTS

Page

GENERAL INFORMATION 2

SUB-INVESTMENT MANAGER’S REPORT 4

SCHEDULES OF INVESTMENTS:

Fidelity Select Global Small Cap Fund 6

Fidelity U.S. Small / Mid Cap Core Fund – Series I 12

CONDENSED STATEMENT OF FINANCIAL POSITION 17

CONDENSED STATEMENT OF COMPREHENSIVE INCOME 19

CONDENSED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 20

CONDENSED STATEMENT OF CASH FLOWS 21

NOTES TO THE CONDENSED FINANCIAL STATEMENTS 22

DIRECTORY 36

APPENDIX 1 – STATEMENT OF SIGNIFICANT CHANGES IN THE COMPOSITION OF PORTFOLIO 37

APPENDIX 2 – SECURITIES FINANCING TRANSACTIONS 41

Fidelity Common Contractual Fund

GENERAL INFORMATION

Fidelity Common Contractual Fund (the “CCF”) is an open-ended umbrella common contractual fund constituted by a Deed of Constitution governed by the laws of Ireland. Unless otherwise provided for herein, all capitalised terms shall have the meaning ascribed to such terms in the prospectus for the CCF dated 1 December 2020, as may be amended, supplemented or otherwise modified from time to time in (the “Prospectus”).

The CCF was constituted on 25 November 2010 by the Deed of Constitution entered into originally by Pyramis Global Advisors (Ireland) Limited and State Street Custodial Services (Ireland) Limited (the “Depositary”). FIL Fund Management (Ireland) Limited (the “Manager”) replaced Pyramis Global Advisors (Ireland) Limited as Manager of the CCF on 16 April 2014. As such, the CCF is not an incorporated entity and does not have a separate legal personality. Instead, it is a form of undivided coownership by contractual arrangement whereby persons who acquire units and become legal unitholders in the CCF will have co-ownership rights to the property of the relevant Fund of the CCF and the income that is derived from such property.

The CCF is authorised by the Central Bank of Ireland (the "Central Bank") under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) (the "UCITS Regulations") and is subject to the Central Bank (Supervision & Enforcement) Act 2013 (Section 48(1)) (Undertaking for Collective Investment in Transferable Securities) Regulations 2019 (the "Central Bank UCITS Regulations").

The CCF is structured as an umbrella common contractual fund. Units representing interests in different sub-funds may be issued from time to time by the Directors. Units of more than one class may be issued in relation to a Fund. All units of each class will rank pari passu save as provided for the Prospectus.

As at 30 June 2021, Fidelity Select Global Small Cap Fund and Fidelity U.S. Small / Mid Cap Core Fund – Series I (each a “Fund”, collectively the “Funds”) are the active Funds of the CCF. Fidelity Select Global Small Cap Fund comprises of one class of units, namely Class C1 Units. Fidelity U.S. Small / Mid Cap Core Fund – Series I comprises of one class of units, namely Class A1 Units.

Investment Objectives and Policies

Please refer to the relevant supplement or the Prospectus for the full objectives and policies of the relevant Fund.

Fidelity Select Global Small Cap Fund

The investment objective of the Fund is to achieve long-term capital appreciation, principally through investing in a diversified portfolio of global small capitalisation equities. The Fund’s portfolio is constructed seeking to generate returns through active stock selection.

The Fund seeks to achieve its investment objective through an active, bottom-up, sector neutral investment discipline designed to deliver FIAM LLC’s (the “Sub-Investment Manager”) best ideas. The Sub-Investment Manager seeks to generate alpha through stock selection rather than sector selection or market timing. The Fund seeks to exploit pricing anomalies through in-house research from the Sub- Investment Manager’s global fundamental research analysts whose in-depth knowledge of their respective sectors may provide substantial value. In addition, a variety of risk measurement tools are used to measure, monitor and manage the Fund’s risk exposure.

The following are the active Unit Classes in the Sub-Fund as at 30 June 2021:

Unit Class Unit Class Launch Date Currency C1 (Accumulating) GBP 1 July 2011 GBP

Fidelity U.S. Small / Mid Cap Core Fund – Series I

The investment objective of the Fund is to achieve long-term capital appreciation, principally through investing in a diversified portfolio of U.S. small and mid-capitalisation equities. The Fund’s portfolio is constructed seeking to generate returns through active stock selection. The Fund aims to outperform the Russell 2500 Index, net of fees, over a full market cycle of three years.

The Fund seeks to achieve its investment objective through an active, bottom-up, sector neutral investment discipline designed to deliver the Sub-Investment Manager’s best ideas. The Sub-Investment Manager seeks to generate alpha through stock selection rather than sector selection or market timing. The Fund seeks to exploit pricing anomalies through in-house research from the Sub-Investment Manager’s sector portfolio managers and fundamental research analysts whose in-depth knowledge of their respective sectors may provide substantial value. In addition, a variety of risk measurement tools are used to measure, monitor and manage the Fund’s risk exposure.

2 Fidelity Common Contractual Fund

GENERAL INFORMATION (CONTINUED)

Fidelity U.S. Small / Mid Cap Core Fund – Series I (continued)

The following are the active Unit Classes in the Sub-Fund as at 30 June 2021:

Unit Class Unit Class Launch Date Currency A1 (Distributing) USD 21 December 2011 USD

3 Fidelity Common Contractual Fund

SUB-INVESTMENT MANAGER’S REPORT

Fidelity Select Global Small Cap Fund

Market Commentary Global small cap equity markets rose in the first half of 2021. Global equity markets started the year off on a weak note but rebounded in February and March and in the second quarter thanks to the continued vaccination and reopening efforts, accommodative monetary and fiscal policy from world markets, and decreasing market volatility. Fiscal and Monetary stimulus in the US and around the world helped to lift equities, but the “support” is expected to have peaked and will slowly be rolled back as world economies continue to recover. Both Eurozone and UK equities rallied during the period, supported by strong earnings, the vaccine rollout, and the high concentration of cyclical securities. China slightly lagged other names during the period due to regulatory concerns and pricing pressure, especially for raw material inputs. Commodity based equites, primarily in Emerging Markets, performed well during the period, bolstered by a rebound in energy prices and the vaccine rollout allowing more and more economic activity to resume.

Portfolio Commentary The Select Global Small Cap Portfolio outperformed the MSCI ACWI Small Cap Index during the six-month period ended June 30, 2021, returning 15.78% (net of fees) versus 15.43% for the benchmark. Investments in the United States and Sweden lifted relative performance, while our holdings in Germany and Taiwan lagged. Health Care* and Industrials* were among the largest sector contributors, while investments in the Real Estate* and Energy* sectors detracted from relative performance.

The Health Care* and Industrials* sectors contributed to relative performance. In the Health Care* sector, our position in RadNet, a US-based provider of outpatient diagnostic imaging services, boosted performance. RadNet shares rose following the FDA’s approval of Biogen’s Alzheimer’s drug Aduhelm, which was seen as a potentially positive catalyst for imaging providers such as RadNet who provide scans that are required before and during treatment with the drug. In the Industrials* sector, our position in US-based consulting firm CRA International boosted performance. CRA International shares gained after the company reported fourth-quarter earnings that beat consensus estimates, highlighted by record revenue in its antitrust practice.

The Real Estate* and Energy* sectors detracted from relative performance. In the Real Estate* sector, our position in PATRIZIA, a German residential and commercial real estate company, detracted from performance. PATRIZIA shares fell after the company reported operating income for 2020 that was below consensus estimates and provided disappointing guidance for 2021. In the Energy* sector, our position in John Wood Group, a UK-based energy service company, detracted from performance. John Wood Group shares declined as the company reported a slower-than-expected start to the year in the first quarter, as COVID-19 restrictions continued to impact activity levels.

Outlook We continue to identify a large number of small cap ideas with significant upside to long-term, fundamental fair value. Given this environment, we initiated a position in Shoals Technologies Group, a US-based provider of electrical balance of systems solutions for solar energy projects. We believe the company will benefit as its Big Lead Assembly product is dominating the market and rapidly taking market share. We closed our position in Tyler Technologies, a US-based provider of public sector software solutions, in favor of more attractive opportunities.

FIAM LLC

June 2021

*The Global Industry Classification Standard (GICS) methodology is used for the basis of the commentary.

4 Fidelity Common Contractual Fund

SUB-INVESTMENT MANAGER’S REPORT (CONTINUED)

Fidelity U.S. Small / Mid Cap Core Fund – Series I

Market Commentary U.S. equity markets, as measured by the S&P 500 Index, returned 15.25% during the six-month period. The year started off on a downbeat note due to the number of coronavirus cases across the US peaking in early January, followed by a significant decline as the vaccine rollout continued to ramp up. Markets rallied in February and March due to central bank support, the passage of a coronavirus relief package worth $1.9T, and a rotation into pro-cyclical names on the back of the re-opening theme. Favorable sentiment continued in April thanks to the central bank liquidity tailwind, continued vaccination rollout and another great earnings season. Markets faltered slightly during May due to fears surrounding inflation readings. The Fed maintained rates near zero and indicated they will stay that way for the near to intermediate future, along with stating the inflationary pressures will only be transitionary. Corporate commentary for the Q1 earnings season and forward-looking estimates surprised to the upside once again, thanks in part to deep expectation cuts made at the onset of the pandemic, increased profit margins and an accommodative macroeconomic backdrop.

Portfolio Commentary For the six months ended 30 June 2021, the U.S. Small/Mid Cap Core Fund – Series I returned 15.66% (net of fees), and underperformed the Russell 2500 Index, which returned 16.97%. Stock selection in the Industrials* and Consumer Discretionary* sectors detracted the most from relative performance, while holdings in the Materials* and Information Technology* sectors contributed. Seven out of eleven sectors had a negative impact on relative performance.

Negative stock selection in the Industrials* and Consumer Discretionary* sectors weighed on relative performance. In the Industrials* sector, our position in aircraft leasing company Air Lease Corporation hurt performance. Air Lease shares declined as the company released worse than expected first quarter results. Lease restructurings and decreased rent collection from select customers weighed on revenue. In the Consumer Discretionary* sector, our position in Terminix Global Holdings, a provider of residential and commercial pest control services, hurt performance. Shares of Terminix Global Holdings fell as the company reported fourth-quarter earnings that beat consensus estimates, however provided a disappointing organic growth outlook for 2021.

Among individual holdings, our position in biopharmaceutical company PTC Therapeutics was a large portfolio detractor. PTC Therapeutics shares fell after the company announced that its DMD drug Translarna failed to meet the primary endpoint of a Phase II study. Shares were also pressured following an announcement that competitor Roche would halt its Phase III program for its Huntington’s Disease treatment with partner Ionis, which investors feared may have negative implications for PTC Therapeutics’ Huntington’s Disease drug.

The Materials* and Information Technology* sectors contributed the most to relative performance during the period. In the Materials* sector, our position in chemical products manufacturer Olin boosted performance. Olin shares gained as the company reported fourth-quarter earnings that beat consensus estimates, driven by strength across its businesses. Shares were also boosted after the company provided a positive preannouncement of first quarter results. In the Information Technology* sector, our position in enterprise security company Proofpoint contributed to performance. Proofpoint shares rose after the company entered into a definitive agreement to be acquired by Thoma Bravo in a $12.3 billion transaction.

Among individual holdings, our position in oil and gas exploration & production company Magnolia Oil & Gas was a large portfolio contributor. Magnolia Oil & Gas shares gained after the company reported quarterly earnings that beat consensus estimates, driven by strong volume growth and product pricing. The company also provided strong volume growth guidance for 2021.

Outlook Our Global Sector Leaders continue to focus on uncovering attractive investment ideas by applying bottom-up, fundamental research to their respective sectors. We remain consistent in our investment process designed to deliver a sector-neutral, cohesive portfolio capturing the best thinking of the team.

FIAM LLC

June 2021

*The Global Industry Classification Standard (GICS) methodology is used for the basis of the commentary.

5 Fidelity Select Global Small Cap Fund

SCHEDULE OF INVESTMENTS AS AT 30 JUNE 2021

Number of Fair Value % of Sub- Shares USD Fund NAV* Equities 91.46% (31 December 2020: 92.92%)

Australia 1.91% (31 December 2020: 2.93%) Flight Centre Travel Group 33,641 374,602 0.30% IGO 107,883 616,368 0.49% IRESS 56,341 545,941 0.43% Megaport 31,329 434,778 0.34% Treasury Wine Estates 50,630 443,804 0.35% Total Australia 2,415,493 1.91%

Austria 1.14% (31 December 2020: 1.17%) RHI Magnesita 9,500 531,745 0.42% Wienerberger 20,000 771,021 0.61% Zumtobel Group 13,300 134,090 0.11% Total Austria 1,436,856 1.14%

Bermuda 0.32% (31 December 2020: 0.76%) Hiscox 34,900 401,449 0.32% Brazil 0.29% (31 December 2020: 0.98%) LOG Commercial Properties e Participacoes 58,500 370,503 0.29% Canada 2.04% (31 December 2020: 2.42%) Alamos Gold 65,700 502,446 0.40% Lundin Mining 60,100 542,613 0.43% Recipe Unlimited 35,200 604,054 0.48% SunOpta 29,100 356,495 0.28% TransAlta 57,400 572,470 0.45% Total Canada 2,578,078 2.04%

Cayman Islands 0.34% (31 December 2020: - ) Patria Investments 24,600 433,452 0.34% Denmark 0.41% (31 December 2020: 0.38%) Jyske Bank 10,800 523,476 0.41% Finland 0.63% (31 December 2020: 0.15%) Musti Group 5,600 207,285 0.17% Nanoform Finland 69,014 583,546 0.46% Total Finland 790,831 0.63%

France 2.26% (31 December 2020: 1.63%) Constellium 45,300 858,435 0.68% IPSOS 8,600 362,901 0.29% LISI 17,600 575,083 0.45% Rexel 26,900 563,308 0.45% Vicat 10,200 493,383 0.39% Total France 2,853,110 2.26%

Germany 2.59% (31 December 2020: 3.64%) About You Holding 13,700 414,294 0.33% JOST Werke 8,000 477,634 0.38% Jungheinrich 11,800 577,242 0.46% Krones 4,900 438,192 0.34% MorphoSys 3,700 287,154 0.23% PATRIZIA 24,600 641,646 0.51% PVA TePla 14,700 431,817 0.34% Total Germany 3,267,979 2.59%

Hong Kong 0.70% (31 December 2020: 1.03%) Cafe de Coral Holdings 166,000 341,155 0.27% Dah Sing Financial Holdings 107,600 367,491 0.29%

6 Fidelity Select Global Small Cap Fund

SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 30 JUNE 2021

Number of Fair Value % of Sub- Shares USD Fund NAV* Equities 91.46% (31 December 2020: 92.92%) (continued)

Hong Kong 0.70% (31 December 2020: 1.03%) (continued) FIT Hon Teng 639,000 175,264 0.14% Total Hong Kong 883,910 0.70%

Hungary 0.36% (31 December 2020: 0.33%) Richter Gedeon 17,200 458,474 0.36% India 2.68% (31 December 2020: 1.24%) Can Finance Homes 72,600 510,785 0.41% EPL 129,300 485,040 0.38% Gujarat State Petronet 113,785 511,000 0.41% JK Cement 21,403 821,372 0.65% Max Healthcare Institute 158,100 542,445 0.43% PVR 28,100 507,423 0.40% Total India 3,378,065 2.68%

Indonesia 0.63% (31 December 2020: 0.25%) Ace Hardware Indonesia 5,675,400 490,099 0.39% AKR Corporindo 1,387,400 301,892 0.24% Total Indonesia 791,991 0.63%

Ireland 0.63% (31 December 2020: 0.81%) AerCap Holdings 7,000 358,470 0.28% Cairn Homes 346,700 436,995 0.35% Total Ireland 795,465 0.63%

Italy 1.04% (31 December 2020: 1.54%) GVS 22,100 362,088 0.29% MARR 20,400 487,030 0.38% Recordati Industria Chimica e Farmaceutica 8,100 463,397 0.37% Total Italy 1,312,515 1.04%

Japan 7.60% (31 December 2020: 9.95%) Aeon Delight 13,800 432,899 0.35% Alps Alpine 39,400 417,369 0.33% Arcland Sakamoto 21,100 288,286 0.23% Descente 21,800 608,877 0.48% Dip 18,100 558,521 0.44% FP 12,600 467,493 0.37% GMO internet 20,200 551,853 0.44% Ibiden 23,900 1,287,598 1.02% Japan Lifeline 31,800 387,066 0.31% Nihon Parkerizing 49,100 492,372 0.39% Nitto Kohki 21,100 342,753 0.27% Penta-Ocean Construction 48,400 337,580 0.27% Relo Group 16,500 377,256 0.30% San-Ai Oil 30,400 353,389 0.28% Shinko Electric Industries 37,000 1,353,741 1.07% Tokyo Ohka Kogyo 8,600 541,821 0.43% Tsuruha Holdings 3,900 454,332 0.36% Yamazen 36,500 329,098 0.26% Total Japan 9,582,304 7.60%

Luxembourg 0.45% (31 December 2020: 0.45%) Stabilus 6,900 562,126 0.45% Mexico 1.21% (31 December 2020: 0.76%) Banco del Bajio 221,200 397,617 0.32% Bolsa Mexicana de Valores 258,300 570,814 0.45%

7 Fidelity Select Global Small Cap Fund

SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 30 JUNE 2021

Number of Fair Value % of Sub- Shares USD Fund NAV* Equities 91.46% (31 December 2020: 92.92%) (continued)

Mexico 1.21% (31 December 2020: 0.76%) (continued) Qualitas Controladora 118,300 554,647 0.44% Total Mexico 1,523,078 1.21%

Netherlands 0.58% (31 December 2020: 0.53%) Arcadis 17,892 733,717 0.58% Philippines 0.45% (31 December 2020: 0.56%) D&L Industries 1,909,000 319,503 0.25% Robinsons Land 691,508 244,945 0.20% Total Philippines 564,448 0.45%

South Africa 0.51% (31 December 2020: 0.51%) Clicks Group 37,082 638,058 0.51% South Korea 1.65% (31 December 2020: 0.30%) Cosmax 4,667 542,903 0.43% KINX 8,500 515,574 0.41% Sam Yung Trading 25,223 380,563 0.30% Soulbrain 2,200 641,866 0.51% Total South Korea 2,080,906 1.65%

Spain 1.26% (31 December 2020: 1.20%) Fluidra 26,300 1,045,020 0.83% Melia Hotels International 43,100 319,688 0.25% Prosegur Compania de Seguridad 70,338 230,231 0.18% Total Spain 1,594,939 1.26%

Sweden 1.06% (31 December 2020: 0.70%) Arjo 65,100 671,516 0.53% Fabege 22,100 354,620 0.28% Loomis 9,900 309,925 0.25% Total Sweden 1,336,061 1.06%

Taiwan 1.72% (31 December 2020: 0.86%) Genius Electronic Optical 27,000 545,943 0.43% ITEQ 79,000 403,957 0.32% Nien Made Enterprise 47,000 697,166 0.55% Poya International 27,000 525,809 0.42% Total Taiwan 2,172,875 1.72%

United Kingdom 7.46% (31 December 2020: 5.64%) Aston Martin Lagonda Global Holdings 19,700 511,591 0.41% B&M European Value Retail 144,618 1,146,566 0.91% Beazley 65,500 301,117 0.24% Britvic 41,158 533,577 0.42% Dechra Pharmaceuticals 11,100 670,436 0.53% DiscoverIE Group 52,700 689,425 0.55% Grainger 154,700 608,879 0.48% Ibstock 149,800 441,910 0.35% Inchcape 48,959 520,351 0.41% Informa 44,260 307,185 0.24% John Wood Group 59,500 181,027 0.14% Nomad Foods 17,800 503,206 0.40% Renewi 279,300 212,397 0.17% Senior 244,400 511,096 0.40% St James's Place 13,500 275,661 0.22% SThree 82,296 525,283 0.42% Tronox Holdings 41,000 918,400 0.73%

8 Fidelity Select Global Small Cap Fund

SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 30 JUNE 2021

Number of Fair Value % of Sub- Shares USD Fund NAV* Equities 91.46% (31 December 2020: 92.92%) (continued)

United Kingdom 7.46% (31 December 2020: 5.64%) (continued) Ultra Electronics Holdings 17,400 550,759 0.44% Total United Kingdom 9,408,866 7.46%

United States 49.54% (31 December 2020: 50.28%) 1Life Healthcare 12,300 406,638 0.32% Acadia Healthcare 7,900 495,725 0.39% Acceleron Pharma 4,300 539,607 0.43% Advanced Energy Industries 8,900 1,003,119 0.79% Applied Industrial Technologies 8,700 792,222 0.63% ASGN 7,600 736,668 0.58% Ashland Global Holdings 6,200 542,500 0.43% Axon Enterprise 4,500 795,600 0.63% Bancorp 27,700 637,377 0.51% BankUnited 21,700 926,373 0.73% Blueprint Medicines 6,600 580,536 0.46% Brink's 10,100 776,084 0.62% BRP Group 23,100 615,615 0.49% Builders FirstSource 18,100 772,146 0.61% Cactus 13,300 488,376 0.39% Caesars Entertainment 8,200 850,750 0.67% Camping World Holdings 16,100 659,939 0.52% Carter's 3,900 402,363 0.32% Cerence 4,800 512,208 0.41% ChampionX 9,800 251,370 0.20% Cirrus Logic 4,600 391,552 0.31% Cleveland-Cliffs 22,300 480,788 0.38% CNX Resources 28,300 386,578 0.31% Cogent Communications Holdings 8,200 630,498 0.50% Colfax 7,900 361,899 0.29% Columbus McKinnon 18,600 897,264 0.71% CommVault Systems 9,000 703,530 0.56% CorVel 3,800 510,340 0.40% Cowen 27,700 1,137,085 0.90% CRA International 10,700 915,920 0.73% Deckers Outdoor 1,600 614,512 0.49% Dine Brands Global 8,600 767,550 0.61% Dycom Industries 7,600 566,428 0.45% Eagle Materials 4,900 696,339 0.55% EMCOR Group 5,900 726,821 0.58% Ensign Group 5,200 450,684 0.36% Essent Group 13,700 615,815 0.49% ExlService Holdings 6,500 690,690 0.55% First Foundation 38,400 864,384 0.68% FirstCash 7,600 580,944 0.46% FNB 41,900 516,627 0.41% Gibraltar Industries 10,900 831,779 0.66% Glaukos 8,200 695,606 0.55% Global Blood Therapeutics 7,800 273,156 0.22% Great Western Bancorp 19,300 632,847 0.50% Haemonetics 4,600 306,544 0.24% Hanger 16,500 417,120 0.33% Helen of Troy 1,800 410,616 0.33% Heska 4,100 941,893 0.75% Howard Hughes 3,900 380,094 0.30% Ichor Holdings 16,600 893,080 0.71% II-VI 7,000 508,130 0.40% Insperity 6,100 551,257 0.44% ITT 6,300 577,017 0.46% Joint 11,010 923,959 0.73% Kimball International 38,700 508,905 0.40%

9 Fidelity Select Global Small Cap Fund

SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 30 JUNE 2021

Number of Fair Value % of Sub- Shares USD Fund NAV* Equities 91.46% (31 December 2020: 92.92%) (continued)

United States 49.54% (31 December 2020: 50.28%) (continued) Kratos Defense & Security Solutions 22,600 643,874 0.51% Laureate Education 32,600 473,026 0.37% Levi Strauss 22,100 612,612 0.49% LivePerson 9,900 626,076 0.50% Madison Square Garden Entertainment 2,400 201,528 0.16% Madison Square Garden Sports 1,500 258,855 0.21% Magnolia Oil & Gas 36,100 564,243 0.45% Marcus & Millichap 16,400 637,468 0.51% Maximus 4,500 395,865 0.31% Mednax 17,600 530,640 0.42% Mimecast 14,300 758,615 0.60% Natural Gas Services Group 28,800 296,064 0.23% Neurocrine Biosciences 5,200 506,064 0.40% New Relic 8,000 535,760 0.42% Old Second Bancorp 41,200 510,880 0.40% Overstock.com 7,300 673,060 0.53% PacWest Bancorp 15,000 617,400 0.49% Pegasystems 6,100 849,059 0.67% Phreesia 12,300 753,990 0.60% Playa Hotels & Resorts 58,300 433,169 0.34% PTC Therapeutics 7,200 304,344 0.24% R1 RCM 30,600 680,544 0.54% RadNet 23,100 778,239 0.62% Red Rock Resorts 17,100 726,750 0.58% Regal Beloit 5,300 707,603 0.56% Samsonite International 187,500 383,330 0.30% Sarepta Therapeutics 2,600 202,124 0.16% Service Corporation International 11,300 605,567 0.48% Shoals Technologies Group 22,400 795,200 0.63% Silgan Holdings 12,200 506,300 0.40% South Jersey Industries 17,700 458,961 0.36% Southwest Gas Holdings 4,100 271,379 0.21% Spirit Airlines 7,800 237,432 0.19% Sterling Bancorp 29,500 731,305 0.58% Steven Madden 9,075 397,122 0.31% Summit Materials 18,500 644,725 0.51% Sunnova Energy International 10,400 391,664 0.31% Taylor Morrison Home 16,200 428,004 0.34% Terminix Global Holdings 13,500 644,085 0.51% TreeHouse Foods 13,200 587,664 0.47% Tri Pointe Homes 29,900 640,757 0.51% Univest Financial 19,400 511,578 0.41% US Foods Holding 16,600 636,776 0.50% Varonis Systems 18,300 1,054,446 0.84% Vertiv Holdings 36,100 985,530 0.78% ViewRay 118,100 779,460 0.62% Wendy's 18,900 442,638 0.35% Whole Earth Brands 37,100 537,950 0.43% Wolverine World Wide 12,000 403,680 0.32% Total United States 62,496,872 49.54% Total Equities 115,385,897 91.46%

10 Fidelity Select Global Small Cap Fund

SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 30 JUNE 2021

Number of Fair Value % of Sub- Shares USD Fund NAV*

Transferable Securities 6.83% (31 December 2020: 6.28%)

Australia 0.56% (31 December 2020: 0.56%) National Storage REIT 479,563 712,323 0.56% Belgium 0.15% (31 December 2020: 0.20%) Befimmo 4,833 191,916 0.15% Canada 0.51% (31 December 2020: 0.21%) Cominar Real Estate Investment Trust 72,950 643,902 0.51% India 0.40% (31 December 2020: 0.24%) Embassy Office Parks REIT 106,400 500,908 0.40% Japan 0.30% (31 December 2020: 0.31%) Daiwa Office Investment 54 375,741 0.30% United Kingdom 0.35% (31 December 2020: 0.37%) Great Portland Estates 44,891 439,509 0.35% United States 4.56% (31 December 2020: 4.08%) Chimera Investment 48,800 734,928 0.58% Douglas Emmett 18,400 618,608 0.49% Lexington Realty Trust 45,400 542,530 0.43% National Retail Properties 7,900 370,352 0.29% Physicians Realty Trust 30,500 563,335 0.45% Piedmont Office Realty Trust 26,100 482,067 0.38% PotlatchDeltic 8,006 425,519 0.34% Redwood Trust 30,400 366,928 0.29% Rexford Industrial Realty 15,300 871,335 0.69% Sabra Health Care REIT 20,800 378,560 0.30% Uniti Group 37,400 396,066 0.32% Total United States 5,750,228 4.56% Total Transferable Securities 8,614,527 6.83%

Financial Assets at Fair Value Through Profit or Loss 124,000,424 98.29%

Other Assets and Liabilities 2,161,260 1.71% Net Assets Attributable to Unitholders 126,161,684 100.00%

% of Sub-Fund Analysis of Assets USD Assets* (a) Transferable securities admitted to an official stock exchange listing 122,209,855 96.35% (b) Transferable securities dealt in on another regulated market 1,790,569 1.41% (c) Other assets 2,834,734 2.24% Total Assets 126,835,158 100.00%

*Percentages in this Schedule of Investments are subject to rounding.

11 Fidelity U.S. Small / Mid Cap Core Fund – Series I

SCHEDULE OF INVESTMENTS AS AT 30 JUNE 2021

Number of Fair Value % of Sub- Shares USD Fund NAV* Equities 91.28% (31 December 2020: 91.50%)

Advertising 0.75% (31 December 2020: 0.73%) Interpublic Group of Companies 16,800 545,832 0.75%

Aerospace & Defense 1.21% (31 December 2020: 1.00%) HEICO 7,036 873,730 1.21%

Airlines 0.97% (31 December 2020: 0.46%) JetBlue Airways 41,700 699,726 0.97%

Apparel 2.82% (31 December 2020: 2.61%) Columbia Sportswear 6,480 637,373 0.88% Deckers Outdoor 2,000 768,140 1.06% Levi Strauss 22,950 636,174 0.88% Total Apparel 2,041,687 2.82%

Auto Parts & Equipment 0.79% (31 December 2020: 1.84%) BorgWarner 11,840 574,714 0.79%

Banks 4.97% (31 December 2020: 4.16%) Associated Banc-Corp. 42,700 874,496 1.21% BankUnited 16,170 690,297 0.95% First Horizon 51,750 894,240 1.24% PacWest Bancorp 27,500 1,131,900 1.57% Total Banks 3,590,933 4.97%

Beverages 0.44% (31 December 2020: 0.41%) Boston Beer 310 316,448 0.44%

Biotechnology 3.06% (31 December 2020: 4.96%) Blueprint Medicines 8,600 756,456 1.05% ImmunoGen 72,000 474,480 0.66% Krystal Biotech 1,200 81,600 0.11% PTC Therapeutics 9,980 421,855 0.58% Turning Point Therapeutics 6,100 475,922 0.66% Total Biotechnology 2,210,313 3.06%

Building Materials 3.74% (31 December 2020: 2.95%) Builders FirstSource 6,800 290,088 0.40% Fortune Brands Home & Security 12,220 1,217,234 1.68% Louisiana-Pacific 3,300 198,957 0.28% Summit Materials 28,640 998,104 1.38% Total Building Materials 2,704,383 3.74%

Chemicals 2.40% (31 December 2020: 2.77%) Element Solutions 23,300 544,754 0.75% Innospec 2,320 210,215 0.29% Olin 21,300 985,338 1.36% Total Chemicals 1,740,307 2.40%

12 Fidelity U.S. Small / Mid Cap Core Fund – Series I

SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 30 JUNE 2021

Number of Fair Value % of Sub- Shares USD Fund NAV* Equities 91.28% (31 December 2020: 91.50%) (continued)

Commercial Services 3.14% (31 December 2020: 5.12%) Progyny 9,800 578,200 0.80% Service Corporation International 13,610 729,360 1.01% Terminix Global Holdings 11,480 547,711 0.76% WEX 2,130 413,007 0.57% Total Commercial Services 2,268,278 3.14%

Computers 1.54% (31 December 2020: 2.06%) ExlService Holdings 5,000 531,300 0.73% Tenable Holdings 14,230 588,410 0.81% Total Computers 1,119,710 1.54%

Diversified Financial Services 4.83% (31 December 2020: 4.53%) Air Lease 21,100 880,714 1.22% Ally Financial 16,877 841,150 1.16% Moelis 13,200 750,948 1.04% OneMain Holdings 17,000 1,018,470 1.41% Total Diversified Financial Services 3,491,282 4.83%

Electric 1.05% (31 December 2020: 1.48%) Brookfield Renewable 13,600 570,384 0.79% PNM Resources 3,840 187,277 0.26% Total Electric 757,661 1.05%

Electronics 0.83% (31 December 2020: 1.82%) Avnet 14,940 598,795 0.83%

Energy-Alternate Sources 1.72% (31 December 2020: 1.34%) Plug Power 4,100 140,179 0.19% Renewable Energy Group 4,100 255,594 0.35% SolarEdge Technologies 1,500 414,555 0.57% Sunnova Energy International 11,700 440,622 0.61% Total Energy-Alternate Sources 1,250,950 1.72%

Entertainment 3.00% (31 December 2020: 0.83%) Caesars Entertainment 4,860 504,225 0.70% Churchill Downs 3,600 713,736 0.99% IMAX 12,300 264,450 0.36% Marriott Vacations Worldwide 4,300 684,990 0.95% Total Entertainment 2,167,401 3.00%

Food 1.65% (31 December 2020: 2.24%) Performance Food Group 11,900 577,031 0.80% US Foods Holding 16,100 617,596 0.85% Total Food 1,194,627 1.65%

Gas 0.66% (31 December 2020: 0.46%) South Jersey Industries 18,544 480,846 0.66%

13 Fidelity U.S. Small / Mid Cap Core Fund – Series I

SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 30 JUNE 2021

Number of Fair Value % of Sub- Shares USD Fund NAV* Equities 91.28% (31 December 2020: 91.50%) (continued)

Hand & Machine Tools 1.35% (31 December 2020: 2.45%) Regal Beloit 7,300 974,623 1.35%

Healthcare Products 6.40% (31 December 2020: 4.75%) Avantor 30,500 1,083,055 1.50% Axonics 10,700 678,487 0.94% Bruker 10,400 790,192 1.09% Butterfly Network 5,400 78,192 0.11% Natera 6,700 760,651 1.05% Tandem Diabetes Care 5,870 571,738 0.79% ViewRay 101,326 668,752 0.92% Total Healthcare Products 4,631,067 6.40%

Healthcare Services 1.68% (31 December 2020: 1.30%) LHC Group 3,080 616,801 0.85% Mednax 19,800 596,970 0.83% Total Healthcare Services 1,213,771 1.68%

Home Builders 1.10% (31 December 2020: 0.79%) PulteGroup 14,600 796,722 1.10%

Household Products & Wares 1.01% (31 December 2020: 0.81%) Helen of Troy 3,200 729,984 1.01%

Insurance 4.02% (31 December 2020: 5.10%) Assurant 4,440 693,439 0.96% BRP Group 12,700 338,455 0.47% Essent Group 20,360 915,182 1.27% Reinsurance Group of America 3,000 342,000 0.47% Voya Financial 10,030 616,845 0.85% Total Insurance 2,905,921 4.02%

Internet 4.73% (31 December 2020: 3.08%) Anaplan 11,400 607,620 0.84% FireEye 29,100 588,402 0.81% GoDaddy 8,660 753,074 1.04% Proofpoint 6,410 1,113,802 1.54% TechTarget 4,700 364,203 0.50% Total Internet 3,427,101 4.73%

Iron & Steel 0.81% (31 December 2020: 0.61%) Commercial Metals 19,000 583,680 0.81%

Leisure Time 0.90% (31 December 2020: 0.95%) Brunswick 6,540 651,515 0.90%

14 Fidelity U.S. Small / Mid Cap Core Fund – Series I

SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 30 JUNE 2021

Number of Fair Value % of Sub- Shares USD Fund NAV* Equities 91.28% (31 December 2020: 91.50%) (continued)

Machinery Diversified 5.85% (31 December 2020: 3.46%) AGCO 8,600 1,121,268 1.55% Chart Industries 4,600 673,072 0.93% Colfax 18,700 856,647 1.18% Flowserve 22,310 899,539 1.24% IDEX 3,120 686,556 0.95% Total Machinery Diversified 4,237,082 5.85%

Media 1.28% (31 December 2020: 1.39%) iHeartMedia 15,200 409,336 0.57% News 19,900 512,823 0.71% Total Media 922,159 1.28%

Miscellaneous Manufacturers 1.29% (31 December 2020: 1.17%) ITT 10,200 934,218 1.29%

Oil & Gas 3.17% (31 December 2020: 1.66%) APA 19,700 426,111 0.59% Diamondback Energy 9,700 910,733 1.26% Magnolia Oil & Gas 32,000 500,160 0.69% Range Resources 27,300 457,548 0.63% Total Oil & Gas 2,294,552 3.17%

Packaging & Containers 0.58% (31 December 2020: 0.87%) Crown Holdings 4,080 417,017 0.58%

Pharmaceuticals 2.10% (31 December 2020: 1.91%) Arvinas 9,900 762,300 1.05% Herbalife Nutrition 4,300 226,739 0.31% Reata Pharmaceuticals 3,800 537,814 0.74% Total Pharmaceuticals 1,526,853 2.10%

Real Estate 2.30% (31 December 2020: 1.29%) Cushman & Wakefield 21,800 380,846 0.53% Howard Hughes 6,430 626,668 0.87% Newmark Group 54,141 650,233 0.90% Total Real Estate 1,657,747 2.30%

Retail 2.73% (31 December 2020: 4.40%) Burlington Stores 1,970 634,320 0.88% FirstCash 4,860 371,498 0.51% Freshpet 2,800 456,288 0.63% Wendy's 21,820 511,024 0.71% Total Retail 1,973,130 2.73%

Semiconductors 1.28% (31 December 2020: 0.51%) Cirrus Logic 3,900 331,968 0.46% Semtech 8,600 591,680 0.82% Total Semiconductors 923,648 1.28%

15 Fidelity U.S. Small / Mid Cap Core Fund – Series I

SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 30 JUNE 2021

Number of Fair Value % of Sub- Shares USD Fund NAV* Equities 91.28% (31 December 2020: 91.50%) (continued)

Software 7.86% (31 December 2020: 10.00%) Aspen Technology 4,400 605,176 0.84% Blackbaud 7,430 568,915 0.79% Ceridian HCM Holding 9,707 931,095 1.29% Elastic 4,310 628,226 0.87% Guidewire Software 5,500 619,960 0.86% MongoDB 2,200 795,344 1.10% Phreesia 10,335 633,535 0.88% Talend 7,670 503,152 0.70% Workiva 3,420 380,749 0.53% Total Software 5,666,152 7.86%

Transportation 1.27% (31 December 2020: 3.23%) Air Transport Services Group 17,072 396,583 0.55% Genco Shipping & Trading 5,800 109,504 0.15% Landstar System 2,610 412,432 0.57% Total Transportation 918,519 1.27%

Total Equities 66,013,084 91.28%

Transferable Securities 6.74% (31 December 2020: 6.37%) CoreSite Realty 6,120 823,752 1.14% CyrusOne 10,270 734,510 1.02% Lexington Realty Trust 56,600 676,370 0.94% New Residential Investment 71,300 755,067 1.04% Outfront Media 27,820 668,515 0.92% Plymouth Industrial REIT 25,900 518,518 0.72% PotlatchDeltic 5,400 287,010 0.40% Uniti Group 38,500 407,715 0.56% Total Transferable Securities 4,871,457 6.74%

Financial Assets at Fair Value Through Profit or Loss 70,884,541 98.02%

Other Assets and Liabilities 1,431,110 1.98% Net Assets Attributable to Unitholders 72,315,651 100.00%

% of Sub- Analysis of Assets USD Fund Assets* (a) Transferable securities admitted to an official stock exchange listing 70,884,541 97.68% (b) Other assets 1,680,280 2.32% Total Assets 72,564,821 100.00%

*Percentages in this Schedule of Investments are subject to rounding.

16 Fidelity Common Contractual Fund

CONDENSED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2021

Fidelity U.S. Small / Mid Cap Core Fund – Fidelity Select Global Small Cap Fund Series I 30 June 2021 31 December 2020 30 June 2021 31 December 2020 Note USD USD USD USD Current Assets Cash and Cash Equivalents 2c, 3 2,691,335 1,048,168 1,508,764 2,688,901 Financial Assets at Fair Value Through Profit or Loss 9a 124,000,424 107,961,363 70,884,541 131,266,880 Investments Sold awaiting settlement 2l 146 7,649 47,646 584,460 Dividends Receivable 128,466 75,591 122,529 91,804 Expense Reimbursement Receivable 6 14,787 14,787 1,341 1,341 Total Assets 126,835,158 109,107,558 72,564,821 134,633,386

Current Liabilities Investments Purchased awaiting settlement 2l 350,029 – 104,301 361,162 Capital Gain Tax Payable 121,181 125,912 – – Management Fees Payable 6 103,182 81,355 39,259 66,635 Administration Fees Payable 6 31,179 14,845 31,220 14,887 Depositary Fees Payable 6 17,450 4,843 16,038 6,132 Audit Fees Payable 6 11,620 18,004 14,782 18,004 Transfer Agent Fees Payable 10,170 5,020 10,227 5,077 Legal Fees Payable 17,939 16,154 19,446 17,662 Other Liabilities 10,724 14,155 13,897 17,327 Total Liabilities 673,474 280,288 249,170 506,886 Net Assets Attributable to Unitholders 126,161,684 108,827,270 72,315,651 134,126,500

The accompanying notes form an integral part of the financial statements. 17 Fidelity Common Contractual Fund

CONDENSED STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 30 JUNE 2021

Fidelity Select Global Small Cap Fund

Class C1 Net Asset Value GBP As at 30 June 2021 91,325,555 As at 31 December 2020 79,613,207 As at 31 December 2019 70,991,345 Net Asset Value per Unit GBP As at 30 June 2021 290.53 As at 31 December 2020 253.50 As at 31 December 2019 226.50 Units In Issue As at 30 June 2021 314,342 As at 31 December 2020 314,059 As at 31 December 2019 313,433

Fidelity U.S. Small / Mid Cap Core Fund – Series I

Class A1 Net Asset Value USD As at 30 June 2021 72,315,651 As at 31 December 2020 134,126,500 As at 31 December 2019 122,069,623 Net Asset Value per Unit USD As at 30 June 2021 334.12 As at 31 December 2020 288.89 As at 31 December 2019 264.63 Units In Issue As at 30 June 2021 216,436 As at 31 December 2020 464,275 As at 31 December 2019 461,288

The Net Asset Value per Unit is calculated by dividing the total net assets (as calculated for Unitholder dealing purposes) of each Fund by the number of Units of that Class in issue.

The accompanying notes form an integral part of the financial statements. 18 Fidelity Common Contractual Fund

CONDENSED STATEMENT OF COMPREHENSIVE INCOME FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021

Fidelity U.S. Small / Mid Cap Core Fund – Fidelity Select Global Small Cap Fund Series I 30 June 2021 30 June 2020 30 June 2021 30 June 2020 Note USD USD USD USD Operating Income Interest from Financial Assets at Fair Value Through Profit or Loss 2d – 6,821 – 10,851 Interest on Cash 23 2 49 4 Dividend Income 2e 844,294 686,535 1,165,321 797,941 Other Income 8 384 366 1,183 Net Gain/(Loss) on Financial Assets at Fair Value Through Profit or Loss and Financial Derivative Instruments 17,091,560 (13,584,545) 17,474,799 (17,331,150) Total Operating Income/(Loss) 17,935,885 (12,890,803) 18,640,535 (16,521,171)

Operating Expenses Management Fees 6 534,915 352,705 328,860 311,213 Transaction Costs 2h,8 56,760 25,173 63,471 49,115 Administration Fees 6 27,050 66,186 27,050 66,210 Transfer Agent Fees 7,674 2,089 7,674 2,089 Legal Fees 1,785 1,791 1,785 1,791 Depositary Fees 6 15,567 16,157 13,539 24,891 Audit Fees 6 8,927 8,951 8,927 8,951 Capital Gain Tax Expenses (45,256) (65,430) – – Other Expenses 94 6,392 78 14,486 Total Operating Expenses before Reimbursement of Expenses 607,516 414,014 451,384 478,746

Reimbursement of Expenses 6 – (22,275) – – Total Operating Expenses after Reimbursement of Expenses 607,516 391,739 451,384 478,746

Finance Costs Interest Expenses – 218 – – Total Finance Costs – 218 – –

Net Investment Income/(Loss) for the Financial Period before Tax 17,328,369 (13,282,760) 18,189,151 (16,999,917) Foreign Withholding Tax 2j (103,185) (71,900) – (21,838) Net Investment Income/(Loss) for the Financial Period after Tax 17,225,184 (13,354,660) 18,189,151 (17,021,755) Net Increase/(Decrease) in Net Assets Attributable to Unitholders from Operations 17,225,184 (13,354,660) 18,189,151 (17,021,755)

There are no gains or losses other than those included in the Statement of Comprehensive Income. In arriving at the results for the financial period all amounts relate to continuing operations.

The accompanying notes form an integral part of the financial statements. 19 Fidelity Common Contractual Fund

CONDENSED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021

Fidelity U.S. Small / Mid Cap Core Fund – Fidelity Select Global Small Cap Fund Series I 30 June 2021 30 June 2020 30 June 2021 30 June 2020 USD USD USD USD Increase/(Decrease) in Net Assets Net Increase/(Decrease) in Net Assets Attributable to Unitholders from Operations 17,225,184 (13,354,660) 18,189,151 (17,021,755) Capital Transactions Subscriptions 109,230 85,951 – – Redemptions – – (80,000,000) – Total Capital Transactions 109,230 85,951 (80,000,000) – Total Increase/(Decrease) for the Financial Period 17,334,414 (13,268,709) (61,810,849) (17,021,755) Net Assets Attributable to Unitholders Beginning of the Financial Period 108,827,270 94,035,122 134,126,500 122,069,623 End of the Financial Period 126,161,684 80,766,413 72,315,651 105,047,868

The accompanying notes form an integral part of the financial statements. 20 Fidelity Common Contractual Fund

CONDENSED STATEMENT OF CASH FLOWS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021

Fidelity U.S. Small / Mid Cap Core Fund – Fidelity Select Global Small Cap Fund Series I 30 June 2021 30 June 2020 30 June 2021 30 June 2020 USD USD USD USD Cash flows from operating activities: Net Increase/(Decrease) in Net Assets Attributable to Unitholders from Operations 17,225,184 (13,354,660) 18,189,151 (17,021,755) Adjustment for: Unrealized exchange (gain)/loss on cash and cash equivalents 2,131 (1,796) – –

Change in Financial Assets at Fair Value Through Profit or Loss (16,039,061) 13,349,468 60,382,339 17,945,938 Change in Financial Derivative Instruments – 1,708 – – Change in Investments Sold awaiting settlement 7,503 490,458 536,814 (2,531,898) Change in Dividends Receivable (52,875) (45,998) (30,725) 7,452 Change in Other Assets – – – 16 Change in Investments Purchased awaiting settlement 350,029 (308,031) (256,861) 1,685,036 Change in Management Fees Payable 21,827 (62,052) (27,376) (28,230) Change in Administration Fees Payable 16,334 (37,981) 16,333 (37,957) Change in Depositary Fees Payable 12,607 (4,977) 9,906 (4,309) Change in Audit Fees Payable (6,384) (11,248) (3,222) (11,247) Change in Transfer Agent Fees Payable 5,150 1,165 5,150 1,164 Change in Legal Fees Payable 1,785 1,791 1,784 1,791 Change in Director's Fees Payable – 1,049 – 1,557 Change in Capital Gain Tax Payable (4,731) (107,069) – – Change in Other Liabilities (3,431) (5,792) (3,430) (7,558) Net cash flows from operating activities 1,536,068 (93,965) 78,819,863 –

Cash flows from financing activities: Proceeds from redeemable units issued 109,230 85,951 – – Redemption of redeemable units – – (80,000,000) – Net cash provided by/(used in) financing activities 109,230 85,951 (80,000,000) –

Net increase/(decrease) in cash and cash equivalents 1,645,298 (8,014) (1,180,137) –

Cash and cash equivalents at beginning of the Financial Period 1,048,168 735 2,688,901 – Unrealized exchange gain/(loss) on cash and cash equivalents (2,131) 1,796 – – Cash and cash equivalents at end of the Financial Period 2,691,335 (5,483) 1,508,764 –

Supplementary Information Net cash flows from operating activities include: Interest Received 23 6,823 49 10,855 Dividends Received 791,419 640,537 1,134,596 805,393 Interest Paid – 218 – – Withholding Tax Paid 103,185 71,900 – 21,838

The accompanying notes form an integral part of the financial statements. 21 Fidelity Common Contractual Fund

NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021

1. Organisation

Fidelity Common Contractual Fund (the “CCF”) is a common contractual fund constituted by the Deed under the laws of Ireland on 25 November 2010 and is authorised by the Central Bank of Ireland (the “Central Bank”) under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) (the “UCITS Regulations”).

The CCF is organised in the form of an umbrella with segregated liability between Funds. The Prospectus provides that the CCF may offer separate Funds. Each Fund will have a distinct schedule of investments. The portfolio of assets maintained for each Fund will be invested in accordance with the investment objectives and policies applicable to such Fund. For more information please refer to the General Information section on page 2.

2. Significant Accounting Policies

The principal accounting policies applied in the preparation of these financial statements are consistent with those of the annual audited financial statements for the financial year ended 31 December 2020 as described in those financial statements.

The accounting policy is as follows: a) Basis of Preparation

These condensed unaudited interim financial statements for the financial period ended 30 June 2021 have been prepared in accordance with International Accounting Standard 34, ‘Interim Financial Reporting’ (“IAS 34”). They should be read in conjunction with the Fund’s annual audited financial statements for the financial year ended 31 December 2020, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union (“EU”) and the UCITS Regulations.

The condensed interim financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets, financial liabilities and derivative financial instruments at fair value through profit or loss.

The preparation of the condensed interim financial statements requires the Directors of the Manager and management to exercise critical judgments in the process of applying the Funds’ accounting policies and to make certain accounting estimates and assumptions. Actual results may differ from those estimates and assumptions. Critical accounting judgments and estimates are set forth in Note 2.

The condensed interim financial statements as at 30 June 2021 are unaudited. We note that the statutory auditor’s report in the audited year end financial statements as at 31 December 2020 was unqualified.

Similar to the financial year ended 31 December 2020, these financial statements were prepared on a going concern basis.

The CCF is authorised by the Central Bank as a UCITS pursuant to the UCITS Regulations.

The comparative figures used on the Statement of Financial Position and related notes are as at 31 December 2020. Comparative figures for the six months period ended 30 June 2020 are presented for the Statement of Comprehensive Income, the Statement of Changes in Equity, the Statement of Cash Flows and the related notes. b) New standards, amendments and interpretations

New standards and amendments to existing standards

There are no new standards, amendments to standards or interpretations that are effective for annual periods beginning on 1 January 2021 that have a material effect on the financial statements of the Funds.

New standards, amendments and interpretations effective after 1 January 2021 and have not been early adopted.

A number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1 January 2021 and have not been early adopted in preparing these financial statements. None of these are expected to have a material effect on the financial statements of the Funds.

22 Fidelity Common Contractual Fund

NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021 (CONTINUED)

2. Significant Accounting Policies (continued) c) Cash and Cash Equivalents

Cash and cash equivalents include cash in hand, deposits held on call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. All cash at bank balances are held with Brown Brothers Harriman, or with third party institutions approved by the Manager on overnight deposit or directly with a sub-custodian. All deposits held on call with banks are returned to the Depositary the following day. d) Interest from Financial Assets Through Fair Value and Profit Loss

Interest from financial assets through fair value and profit and loss is recognised on the effective yield interest method and credited to the Statement of Comprehensive Income. e) Dividend Income

Dividends are credited to the Statement of Comprehensive Income on the dates on which the relevant securities are listed as “ex-dividend”. Income is shown gross of any non-recoverable withholding taxes and net of any tax credits. Withholding tax is disclosed in the Statement of Comprehensive Income. f) Equity Units

All of the units of the Funds are classified as equity in accordance with IFRS. Equity is classified as (a) certain puttable financial instruments and (b) certain financial instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation. The units of the Funds meet the specific criteria to be classified as equity instruments.

Equity units are redeemable at the Unitholder’s option. Each participating unit can be put back to the Funds at any time for cash equal to a proportionate share of the Fund’s NAV. g) Forward Foreign Exchange Contracts

Forward foreign exchange contracts are agreements between two parties to exchange two designated currencies at a specific time in the future.

The fair value of open forward foreign exchange contracts is calculated as the difference between the contracted rate and the current forward rate that would close out the contract on the valuation date. Changes in the value of forward foreign exchange contracts are recognised as unrealised gains or losses on forward foreign exchange contracts until the contracts are terminated, at which time realized gains and losses are recognised.

The Fund may use forward foreign exchange contracts for the purposes of hedging the currency exposure of the underlying securities into the relevant base currency or on behalf of a specific class in order to hedge some or all of the foreign exchange risk for such class.

For the Fund, gains or losses on open foreign currency exchange spot contracts are included in Cash and Cash Equivalents in the Statement of Financial Position. Unrealised gains and losses on open forward foreign currency exchange contracts are included in Financial Derivative Instruments (the “FDIs”) under assets or liabilities, as appropriate, on the Statement of Financial Position and are shown on the Schedule of Investments of the Fund. Realised gains and losses and change in unrealised gains and losses on forward foreign currency contracts are included in Net Gain/(Loss) in Financial Assets at Fair Value through Profit or Loss and Financial Derivative Instruments on the Statement of Comprehensive Income. h) Transaction Costs

Transaction costs are costs incurred to acquire financial assets or liabilities at fair value through profit or loss. They include fees and commissions paid to agents, advisers, brokers and dealers. Transaction costs are expensed as incurred in the Statement of Comprehensive Income. i) Expenses

Expenses are recognised in the Statement of Comprehensive Income on an accrual basis.

23 Fidelity Common Contractual Fund

NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021 (CONTINUED)

2. Significant Accounting Policies (continued) j) Foreign Withholding Taxes

Dividends, interest and capital gains (if any) received on investments made by Fund may be subject to withholding taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the Fund or its Unitholders.

Dividend and interest revenue is shown gross of any non-recoverable withholding taxes, which are disclosed separately in the Statement of Comprehensive Income, and net of any tax credits.

Where there is uncertainty over future income tax treatments that may arise on the sale of investments an accrual is in place for capital gains tax and is disclosed separately in the Statement of Financial Position. This current accrual on Fidelity Select Global Small Cap Fund relates to a capital gains tax provision for Brazilian and Indian emerging market investments which may give rise to a tax liability if sold. k) Dilution Adjustment

Large transactions in or out of a Fund can create “dilution” of the Fund’s assets because the price at which an investor buys or sells Units in the Fund may not entirely reflect the dealing and other costs that arise when the Investment Manager has to trade in underlying investments to accommodate large cash inflows or outflows. In order to counter this and enhance the protection of existing Unitholders, there may be an adjustment to a Fund’s Net Asset Value as part of the regular valuation process to counter the impact of dealing and other costs on occasions when these are deemed to be significant. On any Dealing Day, the Net Asset Value of a Fund may be adjusted upwards or downwards as applicable to reflect the costs that may be deemed to be incurred in liquidating or purchasing investments to satisfy net daily transactions of that Fund. The Directors reserve the right to make such an adjustment taking into account factors such as the estimated dilution costs (such as underlying dealing spreads, commissions and other trading expenses) and the size of the relevant Fund. In deciding whether to make such an adjustment, the Directors will have regard to the interests of existing, continuing and potential Unitholders in the Fund. The adjustment will be upwards when the net aggregate transactions result in an increase of the number of Units and will be downwards when the net aggregate transactions result in a decrease of the number of Units. The adjusted Net Asset Value will be applicable to all transactions on that day. Because the determination of whether to adjust the Net Asset Value is based on the net transaction activity of the Dealing Day, Unitholders transacting in the opposite direction of the Fund’s net transaction activity may benefit at the expense of the other Unitholders in the Fund. In addition, the Fund’s Net Asset Value and short-term performance may experience greater volatility as a result of this adjustment methodology. l) Investments Purchased and Sold Awaiting Settlement

Investments purchased and sold represent receivables for securities sold and payables for securities purchased that have been contracted for but not yet settled or delivered on the statement of financial position date respectively. The due from brokers balance is held for collection.

These amounts are recognised initially at fair value and subsequently measured at amortised cost. At each reporting date, the Fund shall measure the loss allowance on amounts due from broker at an amount equal to the lifetime expected credit losses if the credit risk has increased significantly since initial recognition. If, at the reporting date, the credit risk has not increased significantly since initial recognition, the Fund shall measure the loss allowance at an amount equal to 12-month expected credit losses. Significant financial difficulties of the broker, probability that the broker will enter bankruptcy or financial reorganisation, and default in payments are all considered indicators that a loss allowance may be required if the credit risk increases to the point that it is considered to be credit impaired. During the financial period ended 30 June 2021 and the financial year ended 31 December 2020 no such impairments have occurred. m) Foreign Exchange Translation

Functional and Presentation Currency

The Directors of the Manager consider USD the currency that most faithfully represents the economic effect of the underlying transactions, events and conditions of each Fund. USD is the currency in which each Fund (and the CCF) measures its performance and reports its results.

The Fund’s functional currency has been determined using the same rationale as that used for the Company as a whole and the Directors of the Manager considers the currency used for the Fund in these financial statements to be the currency that most faithfully represents the economic effect of the underlying transactions, events and conditions of the Fund.

24 Fidelity Common Contractual Fund

NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021 (CONTINUED)

2. Significant Accounting Policies (continued) m) Foreign Exchange Translation (continued)

Transactions and Balances

Assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates ruling at the Statement of Financial Position date. Transactions in currencies other than the functional currency are translated into the functional currency at the exchange rates ruling at the dates of the transactions. Gains and losses on foreign exchange transactions are recognised in the Statement of Comprehensive Income in determining the result for the financial period.

Proceeds from subscriptions and amounts paid for redemptions in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transactions. n) Gross Income Payments Policy

The Fidelity Select Global Small Cap Fund has only accumulating classes, for which the Manager have determined to accumulate all net income, and therefore the Manager does not intend to declare dividends in respect of the Fidelity Select Global Small Cap Fund.

On 30 June 2021 and 30 June 2020 the Fidelity U.S. Small / Mid Cap Core Fund – Series 1, there were no Gross Income payment with a Gross Income rate. This Gross Income payment was declared in line with the Gross Income policy of the Fund, as detailed in the Prospectus.

3. Cash and Cash Equivalents

Cash and cash equivalents include cash in hand, deposits held on call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. All cash at bank balances are held with Brown Brothers Harriman, or with third party institutions approved by the Manager on overnight deposit or directly with a sub-custodian. All deposits held on call with banks are returned to the Depositary the following day.

In line with the Central Bank of Ireland (the “CBI”) Guidance paper entitled Umbrella Funds – Cash Accounts Holding Subscription, Redemption and Dividend Monies published in March 2016, one or more company cash accounts are being operated by the Administrator, on behalf of the CCF, in accordance with the requirements of the CBI. Such company cash accounts are designed to hold unprocessed subscription monies received from investors, redemption monies payable to investors and/or other amounts due to investors. As at 30 June 2021 and 31 December 2020, there were no amounts held in these accounts. Balances held on these cash accounts at the financial period end, if any, are reflected on the Statement of Financial Position.

4. Units and Unit Capital

The minimum unitholding is USD 100,000 for Fidelity Select Global Small Cap Fund and USD 25,000,000 for Fidelity U.S. Small / Mid Cap Core Fund –Series I or the currency equivalent thereof or such greater or lesser amount as may be determined by the Manager.

The movement in the number of Units for each Fund for the financial period ended 30 June 2021 and the financial year ended 31 December 2020 is as follows:

Fidelity Select Global Small Cap Fund

Units Class C1 Balance at 31 December 2019 313,433 Units Issued During the Year 626 Units Redeemed During the Year - Balance at 31 December 2020 314,059 Units Issued During the Period 283 Units Redeemed During the Period - Balance at 30 June 2021 314,342

25 Fidelity Common Contractual Fund

NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021 (CONTINUED)

4. Units and Unit Capital (continued)

Fidelity U.S. Small / Mid Cap Core Fund – Series I

Units Class A1 Balance at 31 December 2019 461,288 Units Issued During the Year 2,987 Units Redeemed During the Year - Balance at 31 December 2020 464,275 Units Issued During the Period - Units Redeemed During the Period (247,839) Balance at 30 June 2021 216,436

Significant Unitholders The following table details the number of Unitholders with significant holdings of at least 20 per cent of the relevant Funds and the aggregate value and percentage of that holding as at 30 June 2021 and 31 December 2020.

30 June 2021 Value of Holding Fund Number of Holding % of Unitholders USD Fund Fidelity Select Global Small Cap Fund 1 126,161,684 100.00% Fidelity U.S. Small / Mid Cap Core Fund – Series I 1 72,315,651 100.00%

31 December 2020 Value of Holding Fund Number of Holding % of Unitholders USD Fund Fidelity Select Global Small Cap Fund 1 108,827,270 100.00% Fidelity U.S. Small / Mid Cap Core Fund – Series I 1 134,126,500 100.00%

5. Taxation

Taxation of the CCF

The CCF is a common contractual fund as defined in section 739I of the Taxes Consolidation Act, 1997 (the “TCA”), in which the Unitholders by contractual arrangement participate and share in the property of the CCF as co-owners.

Section 739I of the TCA provides that a common contractual fund shall not be chargeable to tax in respect of its relevant income and relevant gains (relevant profits). Instead, the relevant profits of the common contractual fund shall be treated as arising, or as the case may be, accruing to each Unitholder of the common contractual fund in proportion to the value of the units beneficially owned by the Unitholder, as if the relevant profits had arisen or as the case may be, accrued, to the Unitholders in the common contractual fund without passing through the hands of the common contractual fund.

This tax treatment is subject to each of the units of the common contractual fund being an asset of a pension fund or being beneficially owned by a person other than an individual, or being held by an intermediary, a depositary or trustee for the benefit of a person other than an individual.

On the basis that the units of the CCF are held by persons described above, the CCF shall not be chargeable to tax in respect of its relevant profits.

26 Fidelity Common Contractual Fund

NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021 (CONTINUED)

5. Taxation (continued)

Taxation of Unitholders

Distributions, interest or capital gains (if any) derived from securities may be subject to taxes, including withholding taxes imposed by the country of source. The CCF has been constituted by the Manager with the objective that it would be viewed as tax transparent. As such, where double taxation treaties apply, those treaties between the countries where the Unitholders and the investments are located will be relevant. The objective of the Manager is that the CCF may effectively be ignored for double taxation treaty purposes.

The Unitholders in the CCF may not be able to benefit from a reduction in the rate of withholding tax and may not therefore be able to prevent withholding taxes being deducted or be able to reclaim withholding taxes suffered in particular countries. If this position changes in the future and the application for a higher or lower rate results in an additional payment of tax or a repayment to the relevant Fund of the CCF respectively, the NAV of the relevant Fund will not be restated and the benefit or the cost will be allocated to the existing Unitholders of the relevant Fund rateably at the time of the adjustment.

6. Fees

Administration fees

Effective 1 December 2020, Brown Brothers Harriman Fund Administration Services (Ireland) Limited has been appointed by the Manager to act as administrator, registrar and transfer agent (the “Administrator”) of the CCF, replacing State Street Fund Services (Ireland) Limited.

The Manager pays to the Administrator a fee out of the assets of each Fund, in respect of its duties for fund accounting and administration services calculated as a percentage of the average daily net assets of the Funds, subject to a monthly minimum fee per Fund. The Manager pays reasonable out-of-pocket expenses payable to the Administrator out of the assets of Funds.

The Administrator is also entitled to Unitholder service fees, reporting service fees and transfer agency fees as disclosed in the Administration Agreement. Administration fees accrue daily and are paid monthly in arrears.

The Administration fees for the period ended 30 June 2021 for Fidelity Select Global Small Cap Fund were USD 27,050 (30 June 2020: USD 66,186).

The Administration fees for the period 30 June 2021 for Fidelity U.S. Small / Mid Cap Core Fund – Series I were USD 27,050 (30 June 2020: USD 66,210).

Amounts payable at the financial period ended 30 June 2021 and the financial year ended 31 December 2020 are presented in the Statement of Financial Position.

Depositary fees

Effective 1 December 2020, Brown Brothers Harriman Trustee Services (Ireland) Limited (the “Depositary”) has been appointed by the Manager to act as Depositary of all of the assets of the Company, replacing State Street Custodial Services (Ireland) Limited.

The Manager pays to the Depositary a fee, out of the assets of each Fund, for its depositary service at an annual rate of the daily average net assets of the Funds. The Manager also pays to the Depositary safekeeping fees and transaction fees, at rates that vary from country to country. Depositary fees accrue daily and are paid monthly in arrears.

27 Fidelity Common Contractual Fund

NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021 (CONTINUED)

6. Fees (continued)

Depositary fees (continued)

The Depositary fees for the financial period ended 30 June 2021 for Fidelity Select Global Small Cap Fund were USD 15,567 (30 June 2020: USD 16,157).

The Depositary fees for the financial period ended 30 June 2021 for Fidelity U.S. Small / Mid Cap Core Fund – Series I were USD 13,539 (30 June 2020: USD 24,891).

Amounts payable at the financial period ended 30 June 2021 and the financial year ended 31 December 2020 are presented in the Statement of Financial Position.

Directors’ Fees

Independent Directors fees are paid to Denise Kinsella and Bronwyn Wright by the Manager on behalf of the Fund (including expenses). Executive Directors are not paid a fee from the Fund.

Amounts payable at the financial period ended 30 June 2021 and the financial year ended 31 December 2020 are presented in the Statement of Financial Position.

Investment Manager, Manager and Distributor

Pursuant to the Prospectus, the Investment Manager is entitled to receive an investment management fee from each Fund. The Investment Manager fee is calculated based on daily net assets of each Fund at a rate of 0.90 per cent per annum of the NAV of Fidelity Select Global Small Cap Fund and 0.60 per cent per annum of the NAV of Fidelity U.S Small / Mid Cap Core Fund – Series I and is paid monthly in arrears from the Fund’s assets. The Manager may, subject to the maximum limit of 3.00 per cent per annum of the NAV for Fidelity Select Global Small Cap Fund and a limit of 1.50 per cent of the NAV for Fidelity U.S Small / Mid Cap Core Fund – Series I, introduce a different charging structure for the Fund or a class of units. In this case the Manager shall give Unitholders advance notice in writing. The above fees rates are inclusive of all charges to the funds.

Fidelity Select Global Small Cap Fund is subject to a voluntary expense cap of 0.20 per cent per annum of the NAV of the Fund for all expenses except for the Investment Management fee. All expenses incurred by the Funds above that threshold are borne by the Manager. This is recognised in the Statement of Comprehensive Income as reimbursement of expenses.

The reimbursement of expenses for the financial period ended 30 June 2021 for Fidelity Select Global Small Cap Fund was USD Nil paid to the Manager (30 June 2020: USD 22,275).

The reimbursement of expenses for the financial period ended 30 June 2021 for Fidelity U.S. Small / Mid Cap Core Fund was USD Nil paid to the Manager (30 June 2020: USD Nil).

The Investment Manager fees and the Distributor fees are retained by the Manager to provide services for the CCF. FIL Fund Management Limited, FIL Distributors and FIL Fund Management (Ireland) Limited are companies in the Fidelity International group of companies.

The Investment Manager compensates the Distributor for distribution of the Funds.

28 Fidelity Common Contractual Fund

NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021 (CONTINUED)

6. Fees (continued)

Investment Manager, Manager and Distributor (continued)

The Manager earned the following fees during the financial period ended 30 June 2021:

Fidelity Select Global Small Cap Fund USD 534,915 (30 June 2020: USD 352,705)

Fidelity U.S. Small / Mid Cap Core Fund – Series I USD 328,860 (30 June 2020: USD 311,213).

Amounts payable at the financial period ended 30 June 2021 and the financial year ended 31 December 2020 are presented in the Statement of Financial Position.

7. Related Parties

Related Party Disclosures

In the opinion of the Directors of the Manager, the list of related parties under IAS 24 ‘Related party transactions’ is as follows:

FIL Limited - the ultimate holding company and owner of 100% of the following fellow subsidiary undertakings namely:  FIL Fund Management (Ireland) Limited  FIL Fund Management Limited  FIAM LLC  FIL Distributors  FIL Administrator Limited  FIL Pensions Management

Directors of the Manager and their dependents.

Significant Unitholders

Details of the number of Unitholders with significant holdings are disclosed in Note 4.

With the exception of the above, there are no other related party transactions.

Connected Persons

The Manager, the Depositary, their respective delegates and sub-delegates (excluding any non-group company sub-custodians appointed by the Depositary) and the associated or group companies of the Manager, the Depositary and their respective delegates and sub-delegates are considered to be connected persons of the CCF for the purposes of the Central Bank UCITS Regulations.

The following table details examples of the types of transaction entered into with counterparties that are connected persons:

Type of Transaction Counterparty Administration Brown Brothers Harriman Fund Administration Services (Ireland) Limited (since 1 December 2020) State Street Fund Services (Ireland) Limited (until 30 November 2020) Depositary, FX and Hedging Services Brown Brothers Harriman Trustee Services (Ireland) Limited (since 1 December 2020) State Street Custodial Services (Ireland) Limited (until 30 November 2020) Distributor FIL Distributors Manager FIL Fund Management (Ireland) Limited Investment Manager FIL Fund Management Limited Sub-Investment Manager FIAM LLC UK Facilities Agent FIL Pensions Management Secretary of the Manager FIL Administration Limited

29 Fidelity Common Contractual Fund

NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021 (CONTINUED)

7. Related Parties (continued)

Dealing with Connected Persons

Regulation 43 of the Central Bank UCITS Regulations “Restriction on transactions with connected persons” states that “a responsible person shall ensure that any transaction between a UCITS and connected person is: (i) conducted at arm’s length; and (ii) in the best interest of the unit-holders of the UCITS”.

In accordance with Regulation 81(4) of the Central Bank UCITS Regulations, the Directors are satisfied that: (i) there are arrangements in place, evidenced by written procedures, to ensure that the obligations that are prescribed by Regulation 43(1) are applied to all transactions with a connected person; and (ii) all transactions with connected persons that were entered into during the financial year to which this report relates complied with the obligations that are prescribed by Regulation 43(1).

8. Transaction costs

Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of the of the financial asset or liability. In order to achieve its investment objective, the Fund incurs transaction costs in relation to trading activity on its portfolio. These costs may include broker commissions, settlement fees, stamp duties, and financial transaction taxes. For some financial instruments, such as debt securities, repurchase agreements, and forward foreign exchange contracts, transaction costs are embedded in the price of the instruments and are not separately identifiable. Identifiable transaction costs incurred during the financial periods ended 30 June 2021 and 30 June 2020 are recognised as an expense for financial reporting purposes in the Statement of Comprehensive Income.

9. Financial Risk Management

The activities of the Fund expose it to various financial risks such as market risk (including other price risk, interest rate risk, and currency risk), credit risk and liquidity risk. The overall risk management process for the Fund focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance for the Fund.

The Funds financial risk management objectives and policies are consistent with those disclosed in the Funds audited financial statements as at and for the financial year ended 31 December 2020. a) Fair Value Estimation

The Manager has classified fair value measurements in respect of the Funds using a fair value hierarchy that reflects the significance of the inputs used in making the measurements.

The fair value hierarchy has the following levels as defined under IFRS 13:

(i) Level 1: Investments whose values are based on quoted market prices in active markets and are therefore classified within level 1 include active listed equities, U.S. government treasury bills and certain non-U.S. sovereign obligations. Quoted prices for these instruments are not adjusted.

(ii) Level 2: Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within level 2. These include investment-grade corporate bonds and certain non-U.S. sovereign obligations and over the counter derivatives. As level 2 investments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non- transferability, which are generally based on available market information.

(iii) Level 3: Investments classified within level 3 have significant unobservable inputs, as they trade infrequently. Level 3 instruments include certain corporate debt securities. As observable prices are not available for these securities, the Manager has used valuation techniques to derive the fair value.

30 Fidelity Common Contractual Fund

NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021 (CONTINUED)

9. Risk Management Policies and Procedures (continued) a) Fair Value Estimation (continued)

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the financial asset or liability.

The determination of what constitutes ‘observable’ requires significant judgment by the Directors. The Directors have delegated this task to the Administrator. The Administrator considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

As at 30 June 2021 and 31 December 2020, cash and cash equivalents are classified as Level 1. All other assets and liabilities not disclosed in the tables below are classified as Level 2.

There were no investments classified at Level 3 at the financial period ended 30 June 2021 and the financial year ended 31 December 2020.

The following tables analyse within the fair value hierarchy of the Funds’ financial assets and liabilities measured at fair value at 30 June 2021 and 31 December 2020:

Fidelity Select Global Small Cap Fund

30 June 2021 Level 1 Level 2 Level 3 Total USD USD USD USD Assets

Equities 115,385,897 – – 115,385,897 Transferable Securities 8,614,527 – – 8,614,527 Total Assets 124,000,424 – – 124,000,424

31 December 2020 Level 1 Level 2 Level 3 Total USD USD USD USD Assets

Equities 101,091,976 29,587 – 101,121,563 Transferable Securities 6,839,800 – – 6,839,800 Total Assets 107,931,776 29,587 – 107,961,363

There were no transfers between levels as at 30 June 2021 and 31 December 2020.

31 Fidelity Common Contractual Fund

NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021 (CONTINUED)

9. Risk Management Policies and Procedures (continued) a) Fair Value Estimation (continued)

Fidelity Select Global Small Cap Fund (continued)

The following table presents movement in Level 3 instruments for the year ended 31 December 2020:

Balance at 31 December 2019 1,362 Change in unrealised appreciation / (depreciation) (96) Sales (3,514) Realised gain 2,248 Balance at 31 December 2020 -

Fidelity U.S. Small / Mid Cap Core Fund – Series I

:

30 June 2021 Level 1 Level 2 Level 3 Total USD USD USD USD Assets

Equities 66,013,084 – – 66,013,084 Transferable Securities 4,871,457 – – 4,871,457 Total Assets 70,884,541 – – 70,884,541

31 December 2020 Level 1 Level 2 Level 3 Total USD USD USD USD Assets

Equities 122,722,227 – – 122,722,227 Transferable Securities 8,544,653 – – 8,544,653 Total Assets 131,266,880 – – 131,266,880

There were no transfers between levels as at 30 June 2021 and 31 December 2020. b) Cybersecurity Risk

The CCF and its service providers (including the Investment Manager) are susceptible to cyber-attacks and technological malfunctions that may have effects that are similar to those of a cyber-attack. Cyber-attacks include, among others, stealing or corrupting data maintained online or digitally, preventing legitimate users from accessing information or services on a website, releasing confidential information without authorisation and causing operational disruption. Successful cyber-attacks against, or security breakdowns of, the CCF, the Investment Manager, or the Depositary or other service provider may adversely affect the Funds or their Unitholders. For instance, cyber-attacks may interfere with the processing of Unitholder transactions, affect the ability of the Administrator to calculate the Net Asset Value, cause the release or misappropriation of private Unitholder information or confidential Fund information, impede trading, cause reputational damage, and subject the CCF to regulatory fines, penalties or financial losses, reimbursement or other compensation costs, and additional compliance costs. The Manager and the Investment Manager have established business continuity plans and systems designed to prevent cyber-attacks, such plans and systems are subject to inherent limitations. Similar types of cyber security risks also are present for issuers of securities in which the Funds invest, which could result in material adverse consequences for such issuers, and may cause the Funds’ investments in such securities to lose value.

32 Fidelity Common Contractual Fund

NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021 (CONTINUED)

9. Risk Management Policies and Procedures (continued) c) Custody and Title Risk

The Depositary is under a duty to hold in custody all financial instruments that may be registered in a financial instruments account opened in the depositary’s books and all financial instruments that can be physically delivered to the depositary. The Depositary is required to ensure that all financial instruments that can be registered in a financial instruments account opened in the depositary’s books are registered in the depositary’s books within segregated accounts. For other assets, the Depositary shall verify the Company’s ownership of such assets. The Depositary will maintain a record of the financial instruments entrusted to it and those assets for which it is satisfied that the Company holds the ownership. When the Depositary employs a sub-custodian the Depositary retains responsibility for the assets of the Fund.

However, it should be noted that not all jurisdictions have the same rules and regulations as Ireland regarding the custody of assets and the recognition of the interests of a beneficial owner such as a Fund. Therefore, in such jurisdictions, there is a risk that if a sub-custodian becomes bankrupt or insolvent, the Fund’s beneficial ownership of the assets held by such sub-custodian may not be recognised and consequently the creditors of the sub-custodian may seek to have recourse to the assets of the Fund. In those jurisdictions where the Fund’s beneficial ownership of its assets is ultimately recognised, the Fund may suffer delay and cost in recovering those assets.

The Funds may invest in markets where custodial and/or settlement systems are not fully developed, therefore the assets of a Fund which are traded in such markets and which have been entrusted to sub-custodians, in circumstances where the use of such sub-custodians is necessary, may be exposed to risk. The Depositary shall maintain an appropriate level of supervision over the sub-custodian and make appropriate enquiries from time to time to confirm that the obligations of the agent continue to be competently discharged.

10. Exchange Rates

The following exchange rates have been used to translate assets and liabilities in currencies other than functional currency of the Funds:

30 June 2021 FX to USD Australian Dollar 1.3320 Brazilian Real 5.0179 British Pound 0.7239 Canadian Dollar 1.2383 Danish Krone 6.2706 Euro 0.8432 Hong Kong Dollar 7.7659 Hungarian Forint 296.0031 Indian Rupee 74.3300 Indonesian Rupiah 14,500.0000 Japanese Yen 110.9900 Mexican Peso 19.9105 New Taiwan Dollar 27.8625 Philippine Peso 48.8150 South African Rand 14.2788 South Korean Won 1,126.1500 Swedish Krona 8.5522 United States Dollar 1.0000

33 Fidelity Common Contractual Fund

NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021 (CONTINUED)

10. Exchange Rates (continued)

31 December 2020 FX to USD Australian Dollar 1.2959 Brazilian Real 5.1942 British Pound 0.7316 Canadian Dollar 1.2740 Danish Krone 6.0835 Euro 0.8173 Hong Kong Dollar 7.7539 Hungarian Forint 296.4203 Indian Rupee 73.0675 Indonesian Rupiah 14,050.0000 Japanese Yen 103.2450 Mexican Peso 19.9255 New Taiwan Dollar 28.0980 New Zealand Dollar 1.3889 Philippine Peso 48.0235 Singapore Dollar 1.3217 South African Rand 14.6888 South Korean Won 1,086.3000 Swedish Krona 8.2126

11. Soft Commission Agreements

From 3 January 2018, as a result of the Markets in Financial Instruments Directive II (“MiFID II”) adopted by ESMA, research and advisory services are no longer paid out of commissions arising from CCF’s portfolio transactions. Actual research costs incurred by each Fund are as follows:

30 June 2021 31 December 2020 Fidelity Select Global Small Cap Fund USD 14,020 USD 3,418 Fidelity U.S. Small / Mid Cap Core Fund – Series I USD 23,859 USD 8,972

12. Efficient Portfolio Management

The Funds may employ investment techniques and instruments for efficient portfolio management purposes only, subject to the conditions and within the limits from time to time laid down by the Central Bank. Any such technique or instrument must be one which (alone or in combination with one or more other techniques or instruments) is believed by the advisers to be economically appropriate to the efficient portfolio management of the Fund, i.e. the use of a technique or instrument may only be undertaken for the purposes of one or more of the following: (a) a reduction in risk; (b) a reduction in costs; or (c) the generation of additional capital or income for the Fund with an appropriate level of risk, taking into account the risk profile of the Fund and the general provisions of the UCITS Regulations.

The Funds did not engage in stock lending during the period under review and did not have any stock on loan at period end. The Funds did not engage in the use of Financial Derivative Instruments during the period.

34 Fidelity Common Contractual Fund

NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021 (CONTINUED)

14. Significant Events during the Financial Period

On 26 February 2021, the Central Bank noted the First Addendum to the Prospectus reflecting the pre-contractual disclosure requirements of the EU Sustainable Finance Disclosure Regulation.

The CCF has responded to the COVID-19 pandemic with consideration given to the impact on each of its key stakeholder groups and the Board has considered key developments and management actions including taking key decisions as necessary. There has been no significant impact on the effectiveness of the operating model due to COVID-19 with the Fund adopting a staff working from home strategy, with the Fidelity Group and the Fund having maintained the ability to service clients with no disruption, with the Fund continuing to maintain a strong capital position to support its business growth strategy. Any potential impact of COVID-19 is continually being monitored.

UK Exit from the European Union (“Brexit”)

The transition period for the UK leaving the European Union (“EU”), commonly referred to as "Brexit", ended 31 December 2020, and accordingly the UK is no longer a part of the EU’s single market and customs union. The Company and the wider Fidelity International Group considered the implications of Brexit, and planned for and took certain mitigating steps prior to the original exit date of 29 March 2019. Specific Brexit related management actions have included availing of the UK regulator FCA Temporary Permission Regime since March 2019. Following the Brexit Withdrawal Agreement between the UK and the EU, a Trade and Cooperation Agreement between the EU and the UK came into effect from 1 January 2021, however financial equivalence (assessment of the equivalence of the UK and EU’s financial regulatory systems) was not agreed. Accordingly, uncertainty remains for certain aspects of financial services in terms of future equivalence between the UK and the EU and the future lapsing of any derogations currently in place, with the Company and the Fidelity Group continuing to monitor and evaluate such at the time of finalisation of these financial statements.

There were no other significant events affecting the CCF during the financial period that require disclosure in these financial statements.

15. Significant Events since the Financial Period End

There were no significant events affecting the CCF since the financial period end that require disclosure in these financial statements.

16. Approval of Financial Statements

The interim report and unaudited condensed financial statements were approved by the Board of Directors of the Manager on 25 August 2021.

35 Fidelity Common Contractual Fund

DIRECTORY

Directors of the Manager: Sub-Investment Manager: Ms. Denise Kinsella (Ireland) (Chairperson) FIAM LLC Ms. Catherine Fitzsimons (Ireland) 900 Salem Street Mr. David Greco (USA) Smithfield Mr. Nick King (UK) Rhode Island 02917 Ms. Bronwyn Wright (Ireland) USA Mr. Dominic Rossi (UK) Secretary of the Manager: Ms. Catherine Fitzsimons and Mr. David Greco are Executive Directors of FIL Administration Limited the Manager, all other current Directors are Non-Executive. Oakhill House Ms. Denise Kinsella and Ms. Bronwyn Wright are Independent Directors. 130 Tonbridge Road Hildenborough Manager: Tonbridge FIL Fund Management (Ireland) Limited Kent TN11 9DZ George’s Quay House United Kingdom 43 Townsend Street Dublin 2, D02 VK65 Independent Auditors: Ireland From 1 October 2020 Deloitte Ireland LLP Investment Manager: Chartered Accountants and Statutory Auditors FIL Fund Management Limited Deloitte & Touche House Pembroke Hall 29 Earlsfort Terrace 42 Crow Lane Dublin 2, D02 AY28 Pembroke HM19 Ireland Bermuda Until 30 September 2020 Depositary: PricewaterhouseCoopers From 1 December 2020 One Spencer Dock Brown Brothers Harriman Trustee Services (Ireland) Limited North Wall Quay 30 Herbert Street Dublin 1, D01 X9R7 Dublin 2, D02 W329 Ireland Ireland Distributor: Until 30 November 2020 FIL Distributors State Street Custodial Services (Ireland) Limited Pembroke Hall 78 Sir John Rogerson’s Quay 42 Crow Lane Dublin 2, D02 HD32 Pembroke HM19 Ireland Bermuda

Irish Legal Advisors: UK Facilities Agent: Dillon Eustace FIL Pensions Management 33 Sir John Rogerson’s Quay Beech Gate Dublin 2, D02 XK09 Millfield Lane Ireland Lower Kingswood Tadworth Administrator: Surrey From 1 December 2020 KT20 6RP Brown Brothers Harriman Fund Administration Services United Kingdom (Ireland) Limited 30 Herbert Street Dublin 2, D02 W329 Ireland

Until 30 November 2020 State Street Fund Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2, D02 HD32 Ireland

36 Fidelity Common Contractual Fund

APPENDIX 1 – STATEMENT OF SIGNIFICANT CHANGES IN THE COMPOSITION OF PORTFOLIO

In accordance with the UCITS Regulations, as amended, a statement of changes in the composition of the Schedule of Investments during the reporting period is provided to ensure that Unitholders can identify changes in the investments held by the Funds. The CBI requires a schedule of material changes in the composition of the portfolio during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total value of purchases for the period and aggregate disposals greater than one per cent of the total value of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.

Fidelity Select Global Small Cap Fund Major Purchases for the period ended 30 June 2021

Security Description Nominal Cost USD Chimera Investment 48,800 659,936 Camping World Holdings 16,100 645,401 Marcus & Millichap 16,400 643,842 Soulbrain 2,200 593,930 Cerence 4,800 593,587 PacWest Bancorp 15,000 589,708 Grainger 154,700 586,870 Ace Hardware Indonesia 5,675,400 584,788 Bolsa Mexicana de Valores 258,300 584,205 LivePerson 9,900 574,099 Old Second Bancorp 41,200 567,493 Genius Electronic Optical 27,000 566,337 KINX 8,500 561,701 Phreesia 12,300 555,072 Alamos Gold 65,700 551,992 Mednax 17,600 551,965 LISI 17,600 549,436 Aston Martin Lagonda Global Holdings 19,700 541,061 Alps Alpine 39,400 539,358 Can Finance Homes 72,600 537,580 Poya International 27,000 532,104 Overstock.com 7,300 527,355 TransAlta 57,400 524,233 DiscoverIE Group 52,700 514,120 Kimball International 38,700 510,135 Shoals Technologies Group 22,400 503,910 PVR 28,100 502,228 Nanoform Finland 69,014 501,025 Arjo 65,100 500,291 Lexington Realty Trust 45,400 499,908 Bancorp 27,700 495,135 New Relic 8,000 485,695 Whole Earth Brands 37,100 484,609 Univest Financial 19,400 482,420 Joint 12,810 481,774 Sunnova Energy International 10,400 470,761 Ultra Electronics Holdings 17,400 469,182 Silgan Holdings 12,200 466,899 Playa Hotels & Resorts 58,300 463,485 Cosmax 4,230 454,807 Laureate Education 32,600 454,721 Patria Investments 24,600 446,504 American Financial Group 4,800 445,857 Max Healthcare Institute 158,100 437,807 About You Holding 13,700 426,244 Helen of Troy 1,800 421,682 Columbus McKinnon 8,300 392,894 PVA TePla 14,700 391,766 Cominar Real Estate Investment Trust 37,400 297,718 Recipe Unlimited 17,300 282,544

37 Fidelity Common Contractual Fund

APPENDIX 1 – STATEMENT OF SIGNIFICANT CHANGES IN THE COMPOSITION OF PORTFOLIO (CONTINUED)

Fidelity Select Global Small Cap Fund (continued)

Major Sales for the period ended 30 June 2021

Security Description Nominal Proceeds USD Kambi Group 20,400 1,123,630 SunOpta 60,800 926,807 Linamar 14,000 876,717 Inphi 5,300 872,729 Capcom 28,600 867,801 Brunswick 8,400 844,636 Tyler Technologies 1,900 830,889 Siltronic 4,200 707,217 ICF International 7,400 692,708 Texas Roadhouse 6,900 677,166 Harsco 31,600 669,338 Square Enix Holdings 10,700 654,376 Obic 3,700 646,848 Boston Private Financial Holdings 58,600 644,600 Commercial Metals 20,200 632,236 American Financial Group 4,800 631,657 Signature Aviation 106,828 604,966 Great Western Bancorp 18,000 549,102 EPAM Systems 1,400 530,660 TCF Financial 13,000 521,085 AusNet Services 340,020 499,608 SolarEdge Technologies 2,200 490,618 Independent Bank 20,000 475,765 Cleveland-Cliffs 24,000 468,323 Post Holdings 4,800 467,804 Fly Leasing 27,500 461,175 CTS Eventim 7,100 444,394 Interpump Group 8,210 418,936 PNM Resources 8,500 417,005 Acceleron Pharma 3,200 415,899 Cornerstone OnDemand 9,200 407,525 Auckland International Airport 76,500 399,545 ABM Industries 7,900 396,027 Compania de Locacao das Americas 75,600 385,839 American Woodmark 4,500 373,268 Urban Outfitters 13,400 351,836 OceanaGold 207,900 345,988 RadNet 12,700 340,059 Axis Capital Holdings 6,900 337,995 First Horizon 17,877 333,585 CapitaLand Retail China Trust 315,955 321,008 Extreme Networks 28,300 320,575 Value Partners Group 458,000 312,665 Kearny Financial 23,500 301,004

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APPENDIX 1 – STATEMENT OF SIGNIFICANT CHANGES IN THE COMPOSITION OF PORTFOLIO (CONTINUED)

Fidelity U.S. Small / Mid Cap Core Fund – Series I Major Purchases for the period ended 30 June 2021

Security Description Nominal Cost USD Associated Banc-Corp. 106,900 2,347,730 AGCO 14,885 1,634,014 PulteGroup 31,800 1,585,782 Anaplan 22,600 1,417,316 Arvinas 17,271 1,380,171 Diamondback Energy 19,500 1,307,602 Mednax 39,700 1,095,616 Genuine Parts 10,600 1,068,765 Flowserve 24,300 997,825 Plug Power 18,700 964,435 Essent Group 21,200 954,737 JetBlue Airways 47,900 924,949 Cushman & Wakefield 46,700 809,400 Plymouth Industrial REIT 52,900 802,283 Marriott Vacations Worldwide 4,600 791,139 ViewRay 168,700 789,159 New Residential Investment 71,300 769,574 TechTarget 9,900 732,571 Churchill Downs 3,600 714,284 Outfront Media 28,400 668,823 MongoDB 2,200 665,054 ExlService Holdings 6,100 580,633 Avantor 20,300 575,508 FireEye 29,100 572,452 Aspen Technology 4,400 560,616 Guidewire Software 5,500 559,101 Semtech 8,600 551,377 PacWest Bancorp 16,100 541,505 Chart Industries 3,700 522,769 Natera 4,600 512,945 CoreSite Realty 4,400 498,433 Newmark Group 45,700 483,419 South Jersey Industries 21,400 478,398 Herbalife Nutrition 8,500 470,984 Ceridian HCM Holding 5,000 462,999 IMAX 24,300 455,534 Helen of Troy 2,000 455,021 CACI International 1,800 435,484 APA 19,700 430,828 SolarEdge Technologies 1,500 428,350 Reata Pharmaceuticals 3,800 426,313

39 Fidelity Common Contractual Fund

APPENDIX 1 – STATEMENT OF SIGNIFICANT CHANGES IN THE COMPOSITION OF PORTFOLIO (CONTINUED)

Fidelity U.S. Small / Mid Cap Core Fund – Series I (continued) Major Sales for the period ended 30 June 2021

Security Description Nominal Proceeds USD TCF Financial 45,090 2,137,519 Landstar System 12,600 2,080,783 Magnolia Oil & Gas 201,300 2,052,848 PTC 13,490 1,870,885 PRA Health Sciences 10,900 1,772,600 Darden Restaurants 12,400 1,772,317 Gartner 8,570 1,770,893 HubSpot 3,340 1,718,445 PacWest Bancorp 41,700 1,646,519 Phreesia 28,100 1,638,414 Fortune Brands Home & Security 15,800 1,533,650 BorgWarner 33,100 1,528,223 Summit Materials 54,900 1,519,032 Trimble 20,310 1,474,055 IDEX 6,900 1,427,298 Toll Brothers 24,870 1,402,874 AGCO 9,700 1,402,510 Associated Banc-Corp. 64,200 1,382,317 Schneider National 57,650 1,380,540 First Horizon 77,600 1,345,231 Regal Beloit 9,700 1,329,005 Genuine Parts 10,600 1,300,179 Outfront Media 63,400 1,282,953 CACI International 5,800 1,269,460 FirstCash 20,400 1,264,843 Ally Financial 26,100 1,245,052 RealPage 13,700 1,203,505 Apartment Income REIT 29,154 1,199,773 Brown & Brown 26,160 1,196,630 Burlington Stores 3,800 1,179,735

40 Fidelity Common Contractual Fund

APPENDIX 2 – SECURITIES FINANCING TRANSACTIONS

The Securities Financing Transactions (“SFTs”) Regulation (the “Regulation”) came into force on 12 January 2016 and introduced additional disclosure requirements around securities lending, repurchase agreement/reverse repurchase agreements, total return swaps (TRSs) and other lending/borrowing transactions in annual and semi-annual financial statements, published after 13 January 2017. The Regulation came about due to what was perceived as ‘shadow banking’ risk in the securities financing markets and aims to reduce this risk by improving transparency in the securities financing markets in a number of ways: - By imposing conditions on the 'reuse' of collateral, so that clients and counterparties understand the risks involved and give their consent to the reuse, - By requiring managers to make detailed disclosures to their investors of the use they make of SFTs both in their periodic financial statements and pre-contractual documentation; and - By requiring counterparties to report SFTs to a trade repository so as to provide transparency to regulators on the use of SFTs by market participants.

As the Funds did not hold any SFTs as at 30 June 2021, the report for the period from 1 January 2021 to 30 June 2021 and financial statements do not include any additional disclosures.

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