Fidelity AsiaStar Class of the Fidelity Capital Structure ... · PDF fileSemi-Annual...

Semi-Annual Management Report of Fund PerformanceMay 31, 2017

Fidelity AsiaStar® Class of the Fidelity Capital Structure Corp.

Caution Regarding Forward-looking Statements

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

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

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

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

1

Semi-Annual Management Report of Fund Performance as at May 31, 2017Fidelity AsiaStar® Class of the Fidelity Capital Structure Corp.This semi-annual management report of fund performance contains financial highlights but does not contain the complete semi-annual financial statements for the investment fund. You can get a copy of the semi-annual financial statements at your request, and at no cost, by calling 1-800-263-4077, by writing to us at Fidelity Investments, 483 Bay St. Suite 300, Toronto ON M5G 2N7 or by visiting our website at www.fidelity.ca or SEDAR at www.sedar.com.

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

Management Discussion of Fund PerformanceResults of Operations

Fidelity AsiaStar® Class (Fund) invests substantially all of its assets in units of Fidelity AsiaStar® Fund (Underlying Fund).

Fidelity AsiaStar® Class, Series B, returned 14.2%, after fees and expenses for the six-month period ended May 31, 2017. The net returns of other series of this Fund are similar to those of Series B, except for differences attributable to expense structures. The MSCI ACWI (All Country World Index) Index, broadly representative of global equities, returned 13.9% (in Canadian dollar terms) for the period under review.

Market overview:

Global equities registered positive returns during the review period owing to the continued low interest rate environment around the world. European markets outperformed other world regions, as strong economic data boosted investor sentiment. U.S. markets registered strong performance, driven by positive economic data and optimism surrounding the proposed policies of the new U.S. administration. Canadian markets lagged global markets as investor concerns over depressed oil prices, rising household debt, and risks of a sharp correction in the housing market weighed on Canadian equities. Asian markets also registered strong performance, as optimism around global economic growth and improved corporate earnings forecasts in the region boosted investor sentiment.

Factors affecting performance:

The Fund’s benchmark, the MSCI AC (All Country) Asia Pacific Index, returned 14.2% for the period under review. The Fund performed in line with the benchmark, after fees and expenses.

The Underlying Fund’s holdings in the information technology and financials sectors contributed to relative performance. In the information technology sector, China-based provider of Internet value-added services, Tencent Holdings, and South Korea-based video game developer, NCSOFT Corporation, contributed to relative performance. In the financials sector, India-based banking and financial services company, HDFC Bank, and India-based housing finance company, Housing Development Finance Corporation, contributed to relative performance.

In contrast, the Underlying Fund’s exposure to the real estate detracted from relative performance. Within this sector, Japan-based construction and real estate company, Daito Trust Construction, and Japan-based real estate developer, Mitsui Fudosan, were among the top detractors from relative performance. Among other sectors, exposure to Philippines-based fast food restaurants chain operator, Jollibee Food, detracted from relative performance.

Portfolio changes:

During the review period, portfolio manager, Eileen Dibb, increased exposure to the information technology and consumer staples sectors. In the information technology sector, exposure was increased to Tencent Holdings, owing to its strong growth prospects. Exposure was also increased to South Korea-based, Samsung Electronics, as the company is expected to benefit from its leadership in 3D NAND and OLED growth. In the consumer staples sector, the portfolio manager initiated positions in India-based spirits company, United Spirits, and Japan-based cosmetics company, KOSE Corporation, owing to attractive valuations and potential for growth.

In contrast, exposure to the consumer discretionary sector was decreased. The portfolio manager closed a position in Internet-based services provider, CyberAgent, and reduced exposure to automotive manufacturer Toyota Motors, as she found attractive investment opportunities elsewhere.

The country exposures of the Underlying Fund are a result of the portfolio manager’s bottom-up stock picking approach.

Recent Developments

Portfolio manager Eileen Dibb remains positive about the long-term prospects for the Asian markets and continues to find attractive investment opportunities in the region. With increased stabilization in the Chinese economy, investors are now focused on the potential for global growth and reflation. The portfolio manager believes that China’s greater emphasis on reforms, such as cutting supply in targeted industries, reducing emissions and SOE reforms, is positive for growth and should provide support for continued optimism in China. She is positive on countries such as Indonesia and India, as these are expected to benefit from improved economic activity driven by long-term structural reforms. Ms.

2


Management Discussion of Fund Performance – continued

Dibb has also increased exposure to Taiwan, as a recovery in emerging economies and continued strong demand from China are going to support Taiwan’s export growth at attractive levels. She believes that central bank moves and changes to monetary policy will be the key risks faced by some economies in the region. She is considering the potential for interest rates, currency movements and trade regulations to change the fundamental outlook for stocks throughout the region. However, she also believes that these concerns create opportunities to generate outperformance in these domestic growth economies.

At the end of the review period, the Underlying Fund had its largest absolute exposure to the information technology sector. The Underlying Fund deviated the most from the benchmark weightings by having more exposure to the consumer discretionary sector and less exposure to the industrials sector. In terms of country exposures, the Underlying Fund had larger-than-benchmark exposure to Hong Kong and smaller-than-benchmark exposure to Japan.

Independent Review Committee

Effective February 28, 2017, Helen M. Meyer retired from the Independent Review Committee and was replaced by James E. Cook as Chair. Also effective on that date, Frances Horodelski of Toronto, Ontario, became a member of the Independent Review Committee.

3

Related Party Transactions

Manager and Portfolio Adviser

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

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

Fidelity is the portfolio adviser to the Fund and it provides investment advisory services to the Fund. Fidelity provides investment advice with respect to the Fund’s investment portfolio and arranges for the acquisition and disposition of portfolio investments, including all necessary brokerage arrangements.

The Fund pays Fidelity a monthly management and advisory fee for their services, based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity management and advisory fees of $42,000 for the period ended May 31, 2017.

Administration Fee

Fidelity charges the Fund a fixed administration fee in place of certain variable expenses. Fidelity, in turn, pays all of the operating expenses of the Fund, other than certain specified fund costs (e.g. the fees and expenses of the Independent Review Committee, taxes, brokerage commissions and interest charges). The Fund pays an annual rate, which is calculated on a tiered basis, based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity administration fees of $7,000 for the period ended May 31, 2017.

4

Financial Highlights

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund’s financial performance for the period end of the years shown. This information is derived from the Fund’s audited annual and/or unaudited semi-annual financial statements. Please see the front page for information about how you can obtain the Fund’s annual or semi-annual financial statements.

Fidelity AsiaStar Class of the Fidelity Capital Structure Corp. Series A

Six-months ended May 31, Periods ended November 30,

2017 2016 2015 2014 2013 2012The Series’ Net Assets per Security A Net assets, beginning of period B $ 14.15 $ 14.11 $ 12.38 $ 11.66 $ 9.26 $ 8.93Increase (decrease) from operations: Total revenue – – – – – –Total expenses (excluding distributions) (.18) (.35) (.35) (.32) (.28) (.24)Realized gains (losses) .37 2.23 .79 .81 .38 (.19)Unrealized gains (losses) 1.63 (2.28) 1.39 .11 2.38 .68Total increase (decrease) from operationsB 1.82 (.40) 1.82 .61 2.47 .26Distributions: From net investment income (excluding dividends) – – – – – –From dividends – – – – – –From capital gains (.70) – – – – –Return of capital – – – – – –Total distributionsB,C (.70) – – – – –Net assets, end of periodB $ 15.35 $ 14.15 $ 14.11 $ 12.38 $ 11.66 $ 9.26Ratios and Supplemental Data Net asset value (000s) D $ 644 $ 614 $ 1,258 $ 1,518 $ 2,225 $ 2,687Securities outstandingD 41,967 43,333 89,141 122,642 190,865 290,292Management expense ratio E,F 2.57% 2.56% 2.59% 2.70% 2.72% 2.63%Management expense ratio before waivers or absorptions E,F 2.62% 2.62% 2.66% 2.71% 2.72% 2.63%Trading expense ratioG .14% .16% .08% .30% .64% .56%Portfolio turnover rateH 7.42% 7.55% 18.70% 6.48% 11.68% 10.81%Net asset value per security, end of period $ 15.3502 $ 14.1548 $ 14.1050 $ 12.3794 $ 11.6583 $ 9.2557

Fidelity AsiaStar Class of the Fidelity Capital Structure Corp. Series B


2017 2016 2015 2014 2013 2012The Series’ Net Assets per Security A Net assets, beginning of period B $ 14.44 $ 14.36 $ 12.58 $ 11.82 $ 9.36 $ 9.01Increase (decrease) from operations: Total revenue – – – – – –Total expenses (excluding distributions) (.17) (.33) (.33) (.29) (.26) (.22)Realized gains (losses) .37 2.25 .79 .83 .39 (.19)Unrealized gains (losses) 1.76 (2.35) 1.19 .17 2.35 .71Total increase (decrease) from operationsB 1.96 (.43) 1.65 .71 2.48 .30Distributions: From net investment income (excluding dividends) – – – – – –From dividends – – – – – –From capital gains (.74) – – – – –Return of capital – – – – – –Total distributionsB,C (.74) – – – – –Net assets, end of periodB $ 15.64 $ 14.44 $ 14.36 $ 12.58 $ 11.82 $ 9.36Ratios and Supplemental Data Net asset value (000s) D $ 2,710 $ 2,430 $ 4,012 $ 3,349 $ 3,559 $ 2,697Securities outstandingD 173,225 168,417 279,468 266,269 301,110 288,146Management expense ratio E,F 2.37% 2.37% 2.39% 2.47% 2.48% 2.44%Management expense ratio before waivers or absorptions E,F 2.41% 2.41% 2.43% 2.47% 2.48% 2.44%Trading expense ratioG .14% .16% .08% .30% .64% .56%Portfolio turnover rateH 7.42% 7.55% 18.70% 6.48% 11.68% 10.81%Net asset value per security, end of period $ 15.6421 $ 14.4375 $ 14.3594 $ 12.5752 $ 11.8197 $ 9.3601

5

Fidelity AsiaStar Class of the Fidelity Capital Structure Corp. Series F


2017 2016 2015 2014 2013 2012The Series’ Net Assets per Security A Net assets, beginning of period B $ 15.98 $ 15.71 $ 13.60 $ 12.65 $ 9.91 $ 9.44Increase (decrease) from operations: Total revenue – – – – – –Total expenses (excluding distributions) (.10) (.19) (.19) (.18) (.16) (.13)Realized gains (losses) .40 1.67 .66 .89 .41 (.21)Unrealized gains (losses) 2.05 (.35) (.29) .02 2.48 .63Total increase (decrease) from operationsB 2.35 1.13 .18 .73 2.73 .29Distributions: From net investment income (excluding dividends) – – – – – –From dividends – – – – – –From capital gains (1.00) – – – – –Return of capital – – – – – –Total distributionsB,C (1.00) – – – – –Net assets, end of periodB $ 17.21 $ 15.98 $ 15.71 $ 13.60 $ 12.65 $ 9.91Ratios and Supplemental Data Net asset value (000s) D $ 732 $ 519 $ 2,165 $ 465 $ 542 $ 407Securities outstandingD 42,547 32,505 137,796 34,206 42,810 41,023Management expense ratio E,F 1.23% 1.24% 1.22% 1.40% 1.42% 1.41%Management expense ratio before waivers or absorptions E,F 1.29% 1.32% 1.32% 1.42% 1.42% 1.41%Trading expense ratioG .14% .16% .08% .30% .64% .56%Portfolio turnover rateH 7.42% 7.55% 18.70% 6.48% 11.68% 10.81%Net asset value per security, end of period $ 17.2057 $ 15.9778 $ 15.7159 $ 13.6043 $ 12.6497 $ 9.9120

Fidelity AsiaStar Class of the Fidelity Capital Structure Corp. Series E1

Six-months ended May 31,

Periods ended November 30,

2017 2016I

The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.66 $ 10.00Increase (decrease) from operations: Total revenue – –Total expenses (excluding distributions) (.12) (.20)Realized gains (losses) .28 .47Unrealized gains (losses) 1.20 .81Total increase (decrease) from operationsB 1.36 1.09Distributions: From net investment income (excluding dividends) – –From dividends – –From capital gains (.56) –Return of capital – –Total distributionsB,C (.56) –Net assets, end of periodB $ 11.55 $ 10.66Ratios and Supplemental Data Net asset value (000s) D $ 645 $ 762Securities outstandingD 55,826 71,421Management expense ratio E,J 2.30% 2.31%Management expense ratio before waivers or absorptions E,J 2.35% 2.36%Trading expense ratioG .14% .16%Portfolio turnover rateH 7.42% 7.55%Net asset value per security, end of period $ 11.5475 $ 10.6630

6

Financial Highlights – continued




2017 2016I

The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.67 $ 10.00Increase (decrease) from operations: Total revenue – –Total expenses (excluding distributions) (.12) (.19)Realized gains (losses) .27 .49Unrealized gains (losses) 1.33 .79Total increase (decrease) from operationsB 1.48 1.09Distributions: From net investment income (excluding dividends) – –From dividends – –From capital gains (.57) –Return of capital – –Total distributionsB,C (.57) –Net assets, end of periodB $ 11.55 $ 10.67Ratios and Supplemental Data Net asset value (000s) D $ 94 $ 84Securities outstandingD 8,158 7,835Management expense ratio E,J 2.18% 2.21%Management expense ratio before waivers or absorptions E,J 2.23% 2.26%Trading expense ratioG .14% .16%Portfolio turnover rateH 7.42% 7.55%Net asset value per security, end of period $ 11.5525 $ 10.6717




2017 2016I

The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.69 $ 10.00Increase (decrease) from operations: Total revenue – –Total expenses (excluding distributions) (.12) (.17)Realized gains (losses) .27 .48Unrealized gains (losses) 1.33 .38Total increase (decrease) from operationsB 1.48 .69Distributions: From net investment income (excluding dividends) – –From dividends – –From capital gains (.59) –Return of capital – –Total distributionsB,C (.59) –Net assets, end of periodB $ 11.55 $ 10.69Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1Securities outstandingD 106 100Management expense ratio E,J 2.07% 1.99%Management expense ratio before waivers or absorptions E,J 2.36% 2.39%Trading expense ratioG .14% .16%Portfolio turnover rateH 7.42% 7.55%Net asset value per security, end of period $ 11.5514 $ 10.6883

7




2017 2016I

The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.69 $ 10.00Increase (decrease) from operations: Total revenue – –Total expenses (excluding distributions) (.10) (.17)Realized gains (losses) .27 .48Unrealized gains (losses) 1.31 .38Total increase (decrease) from operationsB 1.48 .69Distributions: From net investment income (excluding dividends) – –From dividends – –From capital gains (.59) –Return of capital – –Total distributionsB,C (.59) –Net assets, end of periodB $ 11.55 $ 10.69Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1Securities outstandingD 106 100Management expense ratio E,J 2.01% 1.99%Management expense ratio before waivers or absorptions E,J 2.30% 2.39%Trading expense ratioG .14% .16%Portfolio turnover rateH 7.42% 7.55%Net asset value per security, end of period $ 11.5548 $ 10.6883

Fidelity AsiaStar Class of the Fidelity Capital Structure Corp. Series P1



2017 2016K

The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.08 $ 10.00Increase (decrease) from operations: Total revenue – –Total expenses (excluding distributions) (.05) (.11)Realized gains (losses) .25 .77Unrealized gains (losses) 1.25 (.11)Total increase (decrease) from operationsB 1.45 .55Distributions: From net investment income (excluding dividends) – –From dividends – –From capital gains (.65) –Return of capital – –Total distributionsB,C (.65) –Net assets, end of periodB $ 10.84 $ 10.08Ratios and Supplemental Data Net asset value (000s) D $ 823 $ 605Securities outstandingD 75,874 59,990Management expense ratio E,L 1.10% 1.11%Management expense ratio before waivers or absorptions E,L 1.16% 1.17%Trading expense ratioG .14% .16%Portfolio turnover rateH 7.42% 7.55%Net asset value per security, end of period $ 10.8438 $ 10.0780

8

Financial Highlights – continued




2017 2016K

The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.10 $ 10.00Increase (decrease) from operations: Total revenue – –Total expenses (excluding distributions) (.05) (.09)Realized gains (losses) .26 1.83Unrealized gains (losses) 1.24 (1.55)Total increase (decrease) from operationsB 1.45 .18Distributions: From net investment income (excluding dividends) – –From dividends – –From capital gains (.65) –Return of capital – –Total distributionsB,C (.65) –Net assets, end of periodB $ 10.87 $ 10.10Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1Securities outstandingD 107 100Management expense ratio E,L .84% 1.06%Management expense ratio before waivers or absorptions E,L 1.24% 1.15%Trading expense ratioG .14% .16%Portfolio turnover rateH 7.42% 7.55%Net asset value per security, end of period $ 10.8728 $ 10.0961




2017 2016M

The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.78 $ 10.00Increase (decrease) from operations: Total revenue – –Total expenses (excluding distributions) (.05) (.06)Realized gains (losses) .27 .34Unrealized gains (losses) 1.32 .49Total increase (decrease) from operationsB 1.54 .78Distributions: From net investment income (excluding dividends) – –From dividends – –From capital gains (.70) –Return of capital – –Total distributionsB,C (.70) –Net assets, end of periodB $ 11.59 $ 10.78Ratios and Supplemental Data Net asset value (000s) D $ 77 $ 67Securities outstandingD 6,655 6,224Management expense ratio E,N 1.02% 1.02%Management expense ratio before waivers or absorptions E,N 1.08% 1.08%Trading expense ratioG .14% .16%Portfolio turnover rateH 7.42% 7.55%Net asset value per security, end of period $ 11.5916 $ 10.7786

9

Financial Highlights FootnotesA This information is derived from the Fund’s audited annual and/or unaudited interim financial statements. Periods beginning on or after January 1, 2013 follow International Financial Reporting Standards (IFRS) and periods prior to January 1, 2013

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

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

C Distributions were paid in cash or reinvested in additional securities of the Fund, or both, and excludes any applicable distributions of management fee reduction to securityholders.D This information is provided as at period end of the year shown.E Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset values during the period,

including the Fund’s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable.F Effective November 1, 2014, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its

sole discretion. It is not known when such waivers will be terminated.G The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund’s pro-rata share of estimated trading costs

incurred in any underlying investment fund, if applicable.H The Fund’s portfolio turnover rate indicates how actively the Fund’s portfolio adviser manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course

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

I For the period February 5, 2016 (commencement of sale of securities) to November 30, 2016.J Effective February 9, 2016, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole

discretion. It is not known when such waivers will be terminated.K For the period December 4, 2015 (commencement of sale of securities) to November 30, 2016.L Effective December 8, 2015, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its

sole discretion. It is not known when such waivers will be terminated.M For the period May 13, 2016 (commencement of sale of securities) to November 30, 2016.N Effective May 17, 2016, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole

discretion. It is not known when such waivers will be terminated.

10

Management and Advisory Fees

Fidelity serves as manager of the Fund. The Fund pays Fidelity a monthly management fee for its services, based on the net asset value of each Series, calculated daily and payable monthly. Fidelity uses these management fees to pay for sales and trailing commissions to registered dealers on the distribution of the Fund securities, as well as for general investment management expenses. Dealer compensation represents cash commissions paid by Fidelity to registered dealers during the period and includes upfront deferred sales charge and trailing commissions. This amount may, in certain circumstances, exceed 100% of the fees earned by Fidelity during the period. For new Funds or Series the amounts presented may not be indicative of longer term operating periods.

Management Fees

Dealer Compensation

Investment management, administration

and other

Series A 2.000% 28.65% 71.35%Series B 1.850% 54.05% 45.95%Series F 0.850% — 100.00%Series E1 1.825% 54.79% 45.21%Series E2 1.800% 55.56% 44.44%Series E3 1.775% 56.34% 43.66%Series E4 1.725% 57.97% 42.03%Series P1 0.825% — 100.00%Series P2 0.800% — 100.00%Series P3 0.775% — 100.00%

11


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

Year-by-Year Returns

The following bar chart shows the Fund’s annual performance for each of the years shown, and illustrates how the Fund’s performance was changed from year to year. In percentage terms, the bar chart shows how much an investment made on the first day of each financial year would have grown or decreased by the last day of each financial year. For each Series in the Year-by-Year Returns table below, the most recent returns stated are for the current six month period.

Series A

3020100

-10-20-30

2017

14.1

2016

0.4

2015

13.9

2014

6.2

2013

26.0

2012

3.7

2011

-18.1

2010

19.5

2009

17.0

2008

-23.1

2007

1.4

Fiscal Years

(%)

Commencement of Operations is April 18, 2007

Series B

3020100

-10-20-30

2017

14.2

2016

0.5

2015

14.2

2014

6.4

2013

26.3

2012

3.9

2011

-17.9

2010

19.8

2009

17.2

2008

-23.0

2007

1.4

Fiscal Years

(%)


Series F

3020100

-10-20-30

2017

14.9

2016

1.7

2015

15.5

2014

7.5

2013

27.6

2012

5.0

2011

-17.1

2010

21.0

2009

18.5

2008

-22.2

2007

2.1

Fiscal Years

(%)


Series E1

20

10

0

-10

2017

14.3

2016

6.6

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series E2

20

10

0

-10

2017

14.3

2016

6.7

Fiscal Years

(%)


Series E3

20

10

0

-10

2017

14.4

2016

6.9

Fiscal Years

(%)


12


Past Performance – continued

Series E4

20

10

0

-10

2017

14.4

2016

6.9

Fiscal Years

(%)


Series P1

20

10

0

-10

2017

15.0

2016

0.8

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P2

20

10

0

-10

2017

15.1

2016

1.0

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P3

20

10

0

-10

2017

15.0

2016

7.8

Fiscal Years

(%)

Commencement of Operations is May 13, 2016

13


Summary of Investment Portfolio as at May 31, 2017Sector Mix

% of Fund’s Net Assets

as at 5/31/17


as at 11/30/16

Information Technology 23.1 20.9Consumer Discretionary 19.3 21.5Financials 19.0 18.9Industrials 8.9 8.7Health Care 8.3 8.4Consumer Staples 5.2 4.9Materials 4.1 4.8Real Estate 3.3 4.5Telecommunication Services 3.1 3.8Energy 1.3 1.4Utilities 1.2 1.3Cash and Cash Equivalents 0.0 0.1Net Other Assets (Liabilities) 3.2 0.8

Geographic Mix


as at 5/31/17


as at 11/30/16

Japan 34.1 41.2Australia 12.7 9.8Cayman Islands 10.4 10.4Hong Kong 7.5 8.2Taiwan 6.3 5.6Korea (South) 6.1 5.1India 6.1 5.4China 4.3 4.4New Zealand 2.4 2.5Singapore 2.2 1.4Philippines 2.0 1.9Indonesia 1.6 1.6Others (Individually Less Than 1%) 1.1 1.6Cash and Cash Equivalents 0.0 0.1Net Other Assets (Liabilities) 3.2 0.8

Top 25 Issuers


1. Tencent Holdings Ltd. 6.72. Taiwan Semiconductor Manufacturing

Co. Ltd. 5.73. Techtronic Industries Co. Ltd. 3.64. HDFC Bank Ltd. 3.65. Samsung Electronics Co. Ltd. 3.06. AIA Group Ltd. 2.37. Shenzhou International Group

Holdings Ltd. 1.98. Shionogi & Co. Ltd. 1.89. SoftBank Corp. 1.810. ORIX Corp. 1.811. Mitsubishi UFJ Financial Group, Inc. 1.712. Jiangsu Hengrui Medicine Co. Ltd. 1.713. Housing Development Finance Corp. Ltd. 1.614. China Merchants Bank Co. Ltd. 1.615. Singapore Technologies Engineering Ltd 1.616. LG Household & Health Care Ltd. 1.517. Nintendo Co. Ltd. 1.518. Marui Group Co. Ltd. 1.519. Challenger Ltd. 1.520. Nidec Corp. 1.421. CSL Ltd. 1.322. Nufarm Finance (NZ) Ltd. 1.323. realestate.com.au Ltd. 1.324. Don Quijote Holdings Co. Ltd. 1.3

25. Daikin Industries Ltd. 1.154.1

Total Fund Net Assets $5,728,000

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

The summary of investment portfolio may change due to ongoing portfolio transactions of the investment fund. The most recent annual report, semi-annual report, quarterly report, fund facts document or simplified prospectus for the investment fund and/or underlying fund is available at no cost, by calling 1-800-263-4077, by writing to us at Fidelity Investments Canada ULC, 483 Bay St. Suite 300, Toronto ON M5G 2N7 or by visiting our web site at www.fidelity.ca or SEDAR at www.sedar.com.

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

1.850053.110 FICL-ASF-CS-MRFPS-0717

Fidelity Capital Structure Corp.407 2nd Street S.W., Suite 820Calgary, Alberta T2P 2Y3

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

CustodianState Street Trust Company of CanadaToronto, Ontario

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

62.107788E

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

Fidelity AsiaStar Class of the Fidelity Capital Structure ... · PDF fileSemi-Annual...

Documents

Transcript of Fidelity AsiaStar Class of the Fidelity Capital Structure ... · PDF fileSemi-Annual...