Fidelity Canadian Disciplined Equity Class of the Fidelity ... · 1 Semi-Annual Management Report...

Semi-Annual Management Report of Fund PerformanceMay 31, 2020

Fidelity Canadian Disciplined Equity® 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 state-ments made by the Fund. Any number of important factors could contribute to these digressions, including, but not limited to, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, and catastrophic events.

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

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Semi-Annual Management Report of Fund Performance as at May 31, 2020Fidelity Canadian Disciplined Equity® 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 Canadian Disciplined Equity® Class (Fund) invests substantially all of its assets in securities of its underlying fund, Fidelity Canadian Disciplined Equity® Fund (Underlying Fund).

Fidelity Canadian Disciplined Equity® Class, Series B, returned -6.3%, after fees and expenses, for the six-month period ended May 31, 2020. The net returns of the other series of this Fund are similar to those of Series B, except for differences attributable to expense structures. During the review period, Canadian equities, as represented by the S&P/TSX Composite Index, returned -9.3%.

Market overview:

Canadian equity markets declined amid a global sell-off due to a combination of heightened risk aversion in light of the COVID-19 pandemic and a sharp decline in oil prices, which reflected the lack of demand as global economic growth declined sharply. Economic disruptions and uncertainty created by the global spread of the COVID-19 resulted in heightened volatility during the period, with cases accelerating rapidly and many countries introducing full or partial lockdown measures. Toward the end of the period, advancements in potential treatments for COVID-19, and plans to loosen restrictions and reopen the economy, helped contain losses. To help the Canadian economy weather the pandemic, the Bank of Canada (BoC) reduced interest rates to levels last seen during the global financial crisis in 2008-2009. In March, the BoC reduced its overnight rate to 0.25% from 1.75% at the end of 2019, and unveiled a quantitative easing program of C$ 200 billion. On the economic front, GDP growth contracted sharply in Q1 2020, while the COVID-19 pandemic pushed the unemployment rate to record highs.

Factors affecting performance:

The Fund’s benchmark, the S&P/TSX Capped Composite Index, is the same as the S&P/TSX Composite Index, except it is adjusted quarterly so that no single security has a relative weight in the Index greater than 10.0%.

The Fund’s benchmark, the S&P/TSX Capped Composite Index, returned -9.3% during the review period. The Fund outperformed its benchmark, primarily due to the Underlying Fund’s exposure to certain stocks in the financials sector. In this sector, lack of exposure to Bank of Montreal, and investment in financial services company TMX Group, contributed to relative returns. In addition, exposure to certain stocks in the materials sector contributed to relative performance. In this sector, investments in gold mining company Barrick Gold, and precious met-als streaming company Wheaton Precious Metals, contributed to relative returns. Among other sectors, investments in discount retail chain Dollarama contributed to relative returns.

In contrast, investments in the information technology sector detracted from relative performance. In this sector, lower-than-benchmark exposure to e-commerce company Shopify detracted from relative returns. In addition, lower-than-benchmark exposure to the utilities sector detracted from relative returns. In this sector, an investment in energy infrastructure company Altagas, and lack of exposure to infrastructure assets company Brookfield Renewable Partners, detracted from relative returns.

In other sectors, investments in U.S.-based commercial aerostructures manufacturer Spirit Aerosystems, and chemicals company Chemtrade Logistics, detracted from relative returns.

At the end of the review period, the Underlying Fund had no exposure to Spirit Aerosystems.

Portfolio changes:

During the review period, portfolio manager Andrew Marchese and the investment team kept sector weightings closely in line with the benchmark, with security selection driving incremental returns. While the Underlying Fund is neutrally positioned at the sector level, it can deviate from the industry and company exposure of the benchmark.

During the review period, exposure was increased to Barrick Gold, as the investment team believes the company has a strong management team and favourable exposure to gold. The Underlying Fund also initiated a position in Bank of Nova Scotia, given the company’s favourable growth prospects from its attractive valuation and international business, in the investment team’s opinion.

In contrast, positions in mass media company BCE, and life insurance company Great West Life, were exited after the investment team opted to pursue other opportunities, they believe to have better risk/reward potential.

As of the end of the review period, the Underlying Fund’s largest absolute exposure was to the banking and gold industries. The Underlying Fund diverged most from its benchmark’s industry weightings by allocating more to the diversified financials industry and less to the telecommunication services industry.

Recent DevelopmentsAs the trajectory of global rates of COVID-19 infection remains uncertain, and the timeframe and speed of governmental easing of social distancing measures and travel restrictions unclear, it is not possible to predict the further impact of the COVID-19 pandemic on global capital markets. The prospectus has been updated to include additional risk factor disclosure regarding the possible risks arising from the COVID-19 pandemic.

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Management Discussion of Fund Performance – continued

Portfolio manager Andrew Marchese believes there is a high level of uncertainty in the market. There have been unprecedented shocks in the system, presenting challenges for many compa-nies. In his opinion, the current market environment is supportive of active management as there have been meaningful dislocations throughout the market, providing for unique investment opportunities. Against this backdrop, Mr. Marchese and the investment team are focusing on companies they believe to have strong balance sheets. Macroeconomic analysis will continue to be reviewed against company fundamentals, with a focus on adding value by selecting companies with attractive growth potential, strong management, and favourable risk/reward profiles, in the portfolio manager’s view.

Related Party TransactionsManager and Portfolio Adviser

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

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 $825,000 for the period ended May 31, 2020.

Administration Fee

Fidelity charges the Fund a fixed administration fee in place of certain variable expenses. Fidelity, in turn, pays all of the operating expenses of the Fund, other than certain specified fund costs (e.g. the fees and expenses of the Independent Review Committee, taxes, brokerage commissions and interest charges). The Fund pays an annual rate, which is calculated on a tiered basis, based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity administration fees of $94,000 for the period ended May 31, 2020.

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Financial Highlights

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

Fidelity Canadian Disciplined Equity® Class of the Fidelity Capital Structure Corp. Series A

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

2020 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 33.41 $ 29.53 $ 30.95 $ 30.77 $ 28.46 $ 29.29Increase (decrease) from operations: Total revenue .49 1.72 .91 .88 .32 .44Total expenses (excluding distributions) (.39) (.78) (.76) (.76) (.72) (.75)Realized gains (losses) .64 1.46 1.97 1.98 2.79 2.07Unrealized gains (losses) (2.93) 2.13 (2.71) (.42) (.12) (1.75)Total increase (decrease) from operationsB (2.19) 4.53 (.59) 1.68 2.27 .01Distributions: From net investment income (excluding dividends) – – – – – –From dividends – (.87) (.81) (.78) (.30) (.42)From capital gains – – – (.80) (.04) –Return of capital – – – – – –Total distributionsB,C – (.87) (.81) (1.58) (.34) (.42)Net assets, end of periodB $ 31.26 $ 33.41 $ 29.53 $ 30.95 $ 30.77 $ 28.46Ratios and Supplemental Data Net asset value (000s) D $ 3,265 $ 4,012 $ 5,380 $ 8,778 $ 13,367 $ 17,482Securities outstandingD 104,426 121,200 182,198 280,707 436,773 612,573Management expense ratio E,F 2.48% 2.47% 2.46% 2.48% 2.48% 2.51%Management expense ratio before waivers or absorptions E,F 2.51% 2.49% 2.52% 2.57% 2.57% 2.57%Trading expense ratioG .05% .05% .05% .04% .04% .05%Portfolio turnover rateH 5.01% 11.05% 4.84% 5.97% 10.62% 6.95%Net asset value per security, end of period $ 31.2642 $ 33.4115 $ 29.5321 $ 30.9560 $ 30.7666 $ 28.4610

Fidelity Canadian Disciplined Equity® Class of the Fidelity Capital Structure Corp. Series B


2020 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 34.11 $ 30.09 $ 31.47 $ 31.28 $ 28.94 $ 29.72Increase (decrease) from operations: Total revenue .48 1.52 .79 .75 .31 .38Total expenses (excluding distributions) (.37) (.73) (.71) (.71) (.67) (.70)Realized gains (losses) .66 1.49 1.97 2.04 2.80 2.12Unrealized gains (losses) (2.89) 2.64 (2.63) (.25) (.05) (2.06)Total increase (decrease) from operationsB (2.12) 4.92 (.58) 1.83 2.40 (.26)Distributions: From net investment income (excluding dividends) – – – – – –From dividends – (.89) (.82) (.79) (.30) (.42)From capital gains – – – (.88) (.11) –Return of capital – – – – – –Total distributionsB,C – (.89) (.82) (1.67) (.41) (.42)Net assets, end of periodB $ 31.95 $ 34.11 $ 30.09 $ 31.47 $ 31.28 $ 28.94Ratios and Supplemental Data Net asset value (000s) D $ 39,237 $ 44,688 $ 46,124 $ 55,279 $ 59,297 $ 75,666Securities outstandingD 1,228,331 1,309,021 1,533,105 1,751,532 1,897,074 2,612,817Management expense ratio E,F 2.26% 2.26% 2.26% 2.27% 2.27% 2.29%Management expense ratio before waivers or absorptions E,F 2.29% 2.29% 2.30% 2.33% 2.33% 2.32%Trading expense ratioG .05% .05% .05% .04% .04% .05%Portfolio turnover rateH 5.01% 11.05% 4.84% 5.97% 10.62% 6.95%Net asset value per security, end of period $ 31.9508 $ 34.1094 $ 30.0858 $ 31.4722 $ 31.2798 $ 28.9407

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Financial Highlights – continued

Fidelity Canadian Disciplined Equity® Class of the Fidelity Capital Structure Corp. Series F


2020 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 39.33 $ 34.31 $ 35.50 $ 35.29 $ 32.68 $ 33.17Increase (decrease) from operations: Total revenue .53 1.58 .87 .84 .29 .38Total expenses (excluding distributions) (.21) (.42) (.40) (.40) (.38) (.39)Realized gains (losses) .76 1.71 2.23 2.29 2.96 2.38Unrealized gains (losses) (3.51) 3.10 (2.94) (.23) .69 (2.52)Total increase (decrease) from operationsB (2.43) 5.97 (.24) 2.50 3.57 (.15)Distributions: From net investment income (excluding dividends) – – – – – –From dividends – (1.03) (.94) (.89) (.34) (.48)From capital gains – – (.02) (1.40) (.49) –Return of capital – – – – – –Total distributionsB,C – (1.03) (.96) (2.29) (.83) (.48)Net assets, end of periodB $ 37.05 $ 39.33 $ 34.31 $ 35.50 $ 35.29 $ 32.68Ratios and Supplemental Data Net asset value (000s) D $ 22,008 $ 23,118 $ 18,460 $ 21,165 $ 22,441 $ 25,888Securities outstandingD 593,179 589,873 538,087 593,359 631,542 792,697Management expense ratio E,F 1.14% 1.14% 1.14% 1.13% 1.14% 1.15%Management expense ratio before waivers or absorptions E,F 1.14% 1.14% 1.16% 1.20% 1.21% 1.21%Trading expense ratioG .05% .05% .05% .04% .04% .05%Portfolio turnover rateH 5.01% 11.05% 4.84% 5.97% 10.62% 6.95%Net asset value per security, end of period $ 37.0486 $ 39.3325 $ 34.3063 $ 35.5042 $ 35.2936 $ 32.6758

Fidelity Canadian Disciplined Equity® Class of the Fidelity Capital Structure Corp. Series F5


2020 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 23.66 $ 21.56 $ 23.32 $ 24.19 $ 23.38 $ 24.71Increase (decrease) from operations: Total revenue .35 .91 .43 .50 .26 .30Total expenses (excluding distributions) (.13) (.26) (.26) (.27) (.27) (.29)Realized gains (losses) .46 1.08 1.37 1.55 2.03 1.74Unrealized gains (losses) (1.99) 2.06 (.75) (.14) .01 (1.84)Total increase (decrease) from operationsB (1.31) 3.79 .79 1.64 2.04 (.09)Distributions: From net investment income (excluding dividends) – – – – – –From dividends – (.62) (.59) (.59) (.24) (.34)From capital gains – – (.01) (.95) (.34) –Return of capital (.50) (1.00) (1.00) (1.00) (1.00) (1.00)Total distributionsB,C (.50) (1.62) (1.60) (2.54) (1.58) (1.34)Net assets, end of periodB $ 21.79 $ 23.66 $ 21.56 $ 23.32 $ 24.19 $ 23.38Ratios and Supplemental Data Net asset value (000s) D $ 180 $ 202 $ 174 $ 152 $ 145 $ 728Securities outstandingD 8,273 8,526 8,074 6,522 5,977 31,149Management expense ratio E,F 1.13% 1.14% 1.16% 1.15% 1.16% 1.16%Management expense ratio before waivers or absorptions E,F 1.13% 1.14% 1.17% 1.21% 1.22% 1.23%Trading expense ratioG .05% .05% .05% .04% .04% .05%Portfolio turnover rateH 5.01% 11.05% 4.84% 5.97% 10.62% 6.95%Net asset value per security, end of period $ 21.7900 $ 23.6627 $ 21.5605 $ 23.3178 $ 24.1880 $ 23.3772

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Fidelity Canadian Disciplined Equity® Class of the Fidelity Capital Structure Corp. Series F8


2020 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 19.09 $ 18.13 $ 20.36 $ 21.85 $ 21.79 $ 23.68Increase (decrease) from operations: Total revenue .12 .70 .57 .42 .19 .28Total expenses (excluding distributions) (.10) (.21) (.22) (.23) (.24) (.27)Realized gains (losses) .35 .88 1.25 1.39 2.01 1.65Unrealized gains (losses) (.74) 1.55 (1.91) .01 .24 (1.87)Total increase (decrease) from operationsB (.37) 2.92 (.31) 1.59 2.20 (.22)Distributions: From net investment income (excluding dividends) – – – – – –From dividends – (.50) (.50) (.51) (.21) (.32)From capital gains – – (.01) (.86) (.32) –Return of capital (.80) (1.60) (1.60) (1.60) (1.60) (1.60)Total distributionsB,C (.80) (2.10) (2.11) (2.97) (2.13) (1.92)Net assets, end of periodB $ 17.19 $ 19.09 $ 18.13 $ 20.36 $ 21.85 $ 21.79Ratios and Supplemental Data Net asset value (000s) D $ 1,437 $ 466 $ 291 $ 388 $ 274 $ 242Securities outstandingD 83,770 24,429 16,048 19,089 12,567 11,114Management expense ratio E,F 1.12% 1.12% 1.11% 1.12% 1.14% 1.15%Management expense ratio before waivers or absorptions E,F 1.12% 1.12% 1.14% 1.19% 1.20% 1.21%Trading expense ratioG .05% .05% .05% .04% .04% .05%Portfolio turnover rateH 5.01% 11.05% 4.84% 5.97% 10.62% 6.95%Net asset value per security, end of period $ 17.1885 $ 19.0952 $ 18.1250 $ 20.3560 $ 21.8452 $ 21.7890

Fidelity Canadian Disciplined Equity® Class of the Fidelity Capital Structure Corp. Series T5


2020 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 15.91 $ 14.81 $ 16.35 $ 17.06 $ 16.58 $ 17.87Increase (decrease) from operations: Total revenue .22 .68 .46 .47 .19 .28Total expenses (excluding distributions) (.18) (.38) (.39) (.41) (.41) (.46)Realized gains (losses) .31 .72 1.01 1.08 1.63 1.25Unrealized gains (losses) (1.35) 1.30 (1.40) (.15) (.13) (1.12)Total increase (decrease) from operationsB (1.00) 2.32 (.32) .99 1.27 (.05)Distributions: From net investment income (excluding dividends) – – – – – –From dividends – (.42) (.41) (.41) (.17) (.24)From capital gains – – – (.44) (.02) –Return of capital (.41) (.82) (.82) (.82) (.82) (.82)Total distributionsB,C (.41) (1.24) (1.23) (1.67) (1.00) (1.06)Net assets, end of periodB $ 14.48 $ 15.91 $ 14.81 $ 16.35 $ 17.06 $ 16.58Ratios and Supplemental Data Net asset value (000s) D $ 127 $ 141 $ 127 $ 209 $ 311 $ 410Securities outstandingD 8,774 8,892 8,560 12,786 18,234 24,729Management expense ratio E,F 2.44% 2.45% 2.45% 2.46% 2.51% 2.55%Management expense ratio before waivers or absorptions E,F 2.46% 2.47% 2.51% 2.55% 2.60% 2.61%Trading expense ratioG .05% .05% .05% .04% .04% .05%Portfolio turnover rateH 5.01% 11.05% 4.84% 5.97% 10.62% 6.95%Net asset value per security, end of period $ 14.4808 $ 15.9082 $ 14.8147 $ 16.3504 $ 17.0615 $ 16.5768

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Fidelity Canadian Disciplined Equity® Class of the Fidelity Capital Structure Corp. Series T8


2020 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.47 $ 10.09 $ 11.64 $ 12.72 $ 12.89 $ 14.40Increase (decrease) from operations: Total revenue .16 .47 .36 .35 .16 .23Total expenses (excluding distributions) (.12) (.26) (.27) (.30) (.31) (.36)Realized gains (losses) .20 .48 .72 .79 1.26 .98Unrealized gains (losses) (.94) .91 (.95) (.19) (.20) (.75)Total increase (decrease) from operationsB (.70) 1.60 (.14) .65 .90 .10Distributions: From net investment income (excluding dividends) – – – – – –From dividends – (.28) (.28) (.29) (.13) (.19)From capital gains – – – (.33) (.02) –Return of capital (.45) (.90) (1.05) (1.15) (1.15) (1.15)Total distributionsB,C (.45) (1.18) (1.33) (1.77) (1.30) (1.34)Net assets, end of periodB $ 9.35 $ 10.47 $ 10.09 $ 11.64 $ 12.72 $ 12.89Ratios and Supplemental Data Net asset value (000s) D $ 361 $ 519 $ 460 $ 1,319 $ 1,930 $ 3,960Securities outstandingD 38,720 49,691 45,663 113,585 151,992 307,579Management expense ratio E,F 2.45% 2.46% 2.46% 2.47% 2.49% 2.51%Management expense ratio before waivers or absorptions E,F 2.47% 2.49% 2.52% 2.56% 2.58% 2.57%Trading expense ratioG .05% .05% .05% .04% .04% .05%Portfolio turnover rateH 5.01% 11.05% 4.84% 5.97% 10.62% 6.95%Net asset value per security, end of period $ 9.3504 $ 10.4713 $ 10.0897 $ 11.6353 $ 12.7185 $ 12.8887

Fidelity Canadian Disciplined Equity® Class of the Fidelity Capital Structure Corp. Series S5


2020 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 16.07 $ 14.94 $ 16.46 $ 17.20 $ 16.72 $ 17.99Increase (decrease) from operations: Total revenue .24 .74 .43 .43 .16 .23Total expenses (excluding distributions) (.17) (.35) (.36) (.39) (.38) (.42)Realized gains (losses) .31 .73 1.01 1.09 1.47 1.25Unrealized gains (losses) (1.37) 1.32 (1.38) (.24) .31 (1.28)Total increase (decrease) from operationsB (.99) 2.44 (.30) .89 1.56 (.23)Distributions: From net investment income (excluding dividends) – – – – – –From dividends – (.42) (.41) (.42) (.17) (.25)From capital gains – – – (.48) (.05) –Return of capital (.41) (.83) (.83) (.83) (.83) (.83)Total distributionsB,C (.41) (1.25) (1.24) (1.73) (1.05) (1.07)Net assets, end of periodB $ 14.64 $ 16.07 $ 14.94 $ 16.46 $ 17.20 $ 16.72Ratios and Supplemental Data Net asset value (000s) D $ 439 $ 572 $ 656 $ 893 $ 1,243 $ 1,923Securities outstandingD 30,020 35,669 44,010 52,863 72,334 115,125Management expense ratio E,F 2.24% 2.26% 2.27% 2.30% 2.30% 2.33%Management expense ratio before waivers or absorptions E,F 2.27% 2.28% 2.31% 2.36% 2.36% 2.37%Trading expense ratioG .05% .05% .05% .04% .04% .05%Portfolio turnover rateH 5.01% 11.05% 4.84% 5.97% 10.62% 6.95%Net asset value per security, end of period $ 14.6428 $ 16.0717 $ 14.9427 $ 16.4669 $ 17.1974 $ 16.7172

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Fidelity Canadian Disciplined Equity® Class of the Fidelity Capital Structure Corp. Series S8


2020 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.71 $ 10.30 $ 11.83 $ 12.92 $ 13.07 $ 14.56Increase (decrease) from operations: Total revenue .15 .48 .28 .29 .11 .15Total expenses (excluding distributions) (.11) (.24) (.26) (.28) (.29) (.33)Realized gains (losses) .20 .49 .71 .81 1.18 1.01Unrealized gains (losses) (.92) .88 (.93) (.10) .22 (1.08)Total increase (decrease) from operationsB (.68) 1.61 (.20) .72 1.22 (.25)Distributions: From net investment income (excluding dividends) – – – – – –From dividends – (.28) (.28) (.30) (.13) (.19)From capital gains – – – (.36) (.05) –Return of capital (.46) (.92) (1.05) (1.15) (1.15) (1.15)Total distributionsB,C (.46) (1.20) (1.33) (1.81) (1.33) (1.34)Net assets, end of periodB $ 9.57 $ 10.71 $ 10.30 $ 11.83 $ 12.92 $ 13.07Ratios and Supplemental Data Net asset value (000s) D $ 6,947 $ 8,211 $ 7,831 $ 8,693 $ 8,876 $ 7,305Securities outstandingD 727,130 768,161 761,830 735,926 687,481 559,542Management expense ratio E,F 2.28% 2.28% 2.28% 2.28% 2.27% 2.29%Management expense ratio before waivers or absorptions E,F 2.31% 2.30% 2.32% 2.34% 2.33% 2.32%Trading expense ratioG .05% .05% .05% .04% .04% .05%Portfolio turnover rateH 5.01% 11.05% 4.84% 5.97% 10.62% 6.95%Net asset value per security, end of period $ 9.5712 $ 10.7070 $ 10.2953 $ 11.8332 $ 12.9194 $ 13.0741

Fidelity Canadian Disciplined Equity® Class of the Fidelity Capital Structure Corp. Series E1


2020 2019 2018 2017 2016I

The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.46 $ 10.98 $ 11.48 $ 11.40 $ 10.00Increase (decrease) from operations: Total revenue .18 .49 .28 .26 –Total expenses (excluding distributions) (.13) (.26) (.25) (.25) (.20)Realized gains (losses) .24 .55 .72 .75 .76Unrealized gains (losses) (1.07) 1.00 (.95) (.11) .93Total increase (decrease) from operationsB (.78) 1.78 (.20) .65 1.49Distributions: From net investment income (excluding dividends) – – – – –From dividends – (.33) (.30) (.29) (.11)From capital gains – – – (.33) –Return of capital – – – – –Total distributionsB,C – (.33) (.30) (.62) (.11)Net assets, end of periodB $ 11.67 $ 12.46 $ 10.98 $ 11.48 $ 11.40Ratios and Supplemental Data Net asset value (000s) D $ 13,911 $ 14,641 $ 11,901 $ 13,431 $ 12,727Securities outstandingD 1,191,737 1,171,414 1,083,958 1,177,058 1,110,068Management expense ratio E,J 2.20% 2.19% 2.19% 2.20% 2.23%Management expense ratio before waivers or absorptions E,J 2.22% 2.21% 2.23% 2.26% 2.29%Trading expense ratioG .05% .05% .05% .04% .04%Portfolio turnover rateH 5.01% 11.05% 4.84% 5.97% 10.62%Net asset value per security, end of period $ 11.6728 $ 12.4570 $ 10.9789 $ 11.4761 $ 11.4018

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Fidelity Canadian Disciplined Equity® Class of the Fidelity Capital Structure Corp. Series E1T5


2020 2019 2018 2017 2016I

The Series’ Net Assets per Security A Net assets, beginning of period B $ 20.49 $ 19.04 $ 20.96 $ 21.89 $ 20.00Increase (decrease) from operations: Total revenue .28 .83 .48 .49 –Total expenses (excluding distributions) (.21) (.44) (.45) (.47) (.40)Realized gains (losses) .39 .92 1.28 1.40 2.00Unrealized gains (losses) (1.95) 1.77 (1.57) (.16) .45Total increase (decrease) from operationsB (1.49) 3.08 (.26) 1.26 2.05Distributions: From net investment income (excluding dividends) – – – – –From dividends – (.54) (.52) (.53) (.21)From capital gains – – – (.62) –Return of capital (.53) (1.05) (1.05) (1.05) (.88)Total distributionsB,C (.53) (1.59) (1.57) (2.20) (1.09)Net assets, end of periodB $ 18.67 $ 20.49 $ 19.04 $ 20.96 $ 21.89Ratios and Supplemental Data Net asset value (000s) D $ 789 $ 882 $ 674 $ 689 $ 666Securities outstandingD 42,256 43,074 35,401 32,864 30,448Management expense ratio E,J 2.20% 2.21% 2.20% 2.21% 2.24%Management expense ratio before waivers or absorptions E,J 2.23% 2.24% 2.24% 2.28% 2.30%Trading expense ratioG .05% .05% .05% .04% .04%Portfolio turnover rateH 5.01% 11.05% 4.84% 5.97% 10.62%Net asset value per security, end of period $ 18.6745 $ 20.4899 $ 19.0384 $ 20.9629 $ 21.8853



2020 2019 2018 2017 2016I

The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.47 $ 10.99 $ 11.48 $ 11.40 $ 10.00Increase (decrease) from operations: Total revenue .18 .46 .25 .25 –Total expenses (excluding distributions) (.13) (.26) (.25) (.24) (.20)Realized gains (losses) .24 .55 .71 .75 .67Unrealized gains (losses) (1.25) 1.07 (.96) (.10) 1.22Total increase (decrease) from operationsB (.96) 1.82 (.25) .66 1.70Distributions: From net investment income (excluding dividends) – – – – –From dividends – (.33) (.30) (.29) (.11)From capital gains – – – (.33) –Return of capital – – – – –Total distributionsB,C – (.33) (.30) (.62) (.11)Net assets, end of periodB $ 11.69 $ 12.47 $ 10.99 $ 11.48 $ 11.40Ratios and Supplemental Data Net asset value (000s) D $ 3,799 $ 4,641 $ 3,829 $ 3,571 $ 3,242Securities outstandingD 324,976 372,145 342,709 311,066 284,301Management expense ratio E,J 2.15% 2.15% 2.14% 2.15% 2.19%Management expense ratio before waivers or absorptions E,J 2.18% 2.18% 2.18% 2.21% 2.25%Trading expense ratioG .05% .05% .05% .04% .04%Portfolio turnover rateH 5.01% 11.05% 4.84% 5.97% 10.62%Net asset value per security, end of period $ 11.6886 $ 12.4717 $ 10.9883 $ 11.4793 $ 11.4047

9

Fidelity Canadian Disciplined Equity® Class of the Fidelity Capital Structure Corp. Series E2T5


2020 2019 2018 2017 2016I

The Series’ Net Assets per Security A Net assets, beginning of period B $ 20.49 $ 19.06 $ 20.99 $ 21.92 $ 20.00Increase (decrease) from operations: Total revenue .28 2.27 .48 .49 –Total expenses (excluding distributions) (.22) (.43) (.45) (.47) (.35)Realized gains (losses) .39 .82 1.28 1.38 .94Unrealized gains (losses) (1.73) 1.14 (1.66) (.44) 5.46Total increase (decrease) from operationsB (1.28) 3.80 (.35) .96 6.05Distributions: From net investment income (excluding dividends) – – – – –From dividends – (.54) (.52) (.53) (.21)From capital gains – – – (.64) –Return of capital (.53) (1.05) (1.05) (1.05) (.88)Total distributionsB,C (.53) (1.59) (1.57) (2.22) (1.09)Net assets, end of periodB $ 18.67 $ 20.49 $ 19.06 $ 20.99 $ 21.92Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1 $ 65 $ 66 $ 83Securities outstandingD 70 68 3,403 3,144 3,785Management expense ratio E,J 2.20% 2.23% 2.22% 2.20% 2.17%Management expense ratio before waivers or absorptions E,J 2.32% 2.26% 2.26% 2.26% 2.29%Trading expense ratioG .05% .05% .05% .04% .04%Portfolio turnover rateH 5.01% 11.05% 4.84% 5.97% 10.62%Net asset value per security, end of period $ 18.6732 $ 20.4880 $ 19.0569 $ 20.9849 $ 21.9220



2020 2019 2018 2017 2016I

The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.48 $ 11.00 $ 11.49 $ 11.41 $ 10.00Increase (decrease) from operations: Total revenue .14 .21 .27 .14 –Total expenses (excluding distributions) (.13) (.26) (.24) (.24) (.19)Realized gains (losses) .24 .56 .76 .76 .45Unrealized gains (losses) (.42) 1.28 (.99) .24 .98Total increase (decrease) from operationsB (.17) 1.79 (.20) .90 1.23Distributions: From net investment income (excluding dividends) – – – – –From dividends – (.33) (.30) (.29) (.11)From capital gains – – – (.33) –Return of capital – – – – –Total distributionsB,C – (.33) (.30) (.62) (.11)Net assets, end of periodB $ 11.70 $ 12.48 $ 11.00 $ 11.49 $ 11.41Ratios and Supplemental Data Net asset value (000s) D $ 764 $ 567 $ 122 $ 97 $ 37Securities outstandingD 65,316 45,462 11,119 8,485 3,267Management expense ratio E,J 2.16% 2.17% 2.14% 2.14% 2.18%Management expense ratio before waivers or absorptions E,J 2.19% 2.20% 2.18% 2.21% 2.24%Trading expense ratioG .05% .05% .05% .04% .04%Portfolio turnover rateH 5.01% 11.05% 4.84% 5.97% 10.62%Net asset value per security, end of period $ 11.6991 $ 12.4825 $ 10.9970 $ 11.4884 $ 11.4136

10




2020 2019 2018 2017K

The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.73 $ 9.44 $ 9.84 $ 10.00Increase (decrease) from operations: Total revenue .12 .44 .23 –Total expenses (excluding distributions) (.10) (.20) (.19) (.17)Realized gains (losses) .21 .47 .61 .59Unrealized gains (losses) .01 .86 (.79) .04Total increase (decrease) from operationsB .24 1.57 (.14) .46Distributions: From net investment income (excluding dividends) – – – –From dividends – (.28) (.26) (.25)From capital gains – – – (.28)Return of capital – – – –Total distributionsB,C – (.28) (.26) (.53)Net assets, end of periodB $ 10.07 $ 10.73 $ 9.44 $ 9.84Ratios and Supplemental Data Net asset value (000s) D $ 61 $ 43 $ 37 $ 37Securities outstandingD 6,027 4,014 3,912 3,807Management expense ratio E,L 1.94% 1.94% 1.94% 1.95%Management expense ratio before waivers or absorptions E,L 1.96% 1.96% 1.98% 2.01%Trading expense ratioG .05% .05% .05% .04%Portfolio turnover rateH 5.01% 11.05% 4.84% 5.97%Net asset value per security, end of period $ 10.0688 $ 10.7316 $ 9.4352 $ 9.8375

Fidelity Canadian Disciplined Equity® Class of the Fidelity Capital Structure Corp. Series P1


2020 2019 2018 2017 2016M

The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.10 $ 10.55 $ 10.92 $ 10.85 $ 10.00Increase (decrease) from operations: Total revenue .16 .43 .24 .23 .07Total expenses (excluding distributions) (.06) (.12) (.12) (.12) (.11)Realized gains (losses) .24 .52 .68 .71 .95Unrealized gains (losses) (1.16) 1.07 (.76) (.01) .51Total increase (decrease) from operationsB (.82) 1.90 .04 .81 1.41Distributions: From net investment income (excluding dividends) – – – – –From dividends – (.32) (.29) (.27) (.11)From capital gains – – (.01) (.44) (.15)Return of capital – – – – –Total distributionsB,C – (.32) (.30) (.71) (.25)Net assets, end of periodB $ 11.40 $ 12.10 $ 10.55 $ 10.92 $ 10.85Ratios and Supplemental Data Net asset value (000s) D $ 9,572 $ 9,726 $ 5,803 $ 5,244 $ 4,507Securities outstandingD 842,855 801,530 550,089 480,437 415,371Management expense ratio E,N 1.09% 1.07% 1.08% 1.08% 1.09%Management expense ratio before waivers or absorptions E,N 1.09% 1.07% 1.10% 1.15% 1.15%Trading expense ratioG .05% .05% .05% .04% .04%Portfolio turnover rateH 5.01% 11.05% 4.84% 5.97% 10.62%Net asset value per security, end of period $ 11.4021 $ 12.1019 $ 10.5482 $ 10.9151 $ 10.8513

11

Fidelity Canadian Disciplined Equity® Class of the Fidelity Capital Structure Corp. Series P1T5


2020 2019 2018 2017 2016O

The Series’ Net Assets per Security A Net assets, beginning of period B $ 19.78 $ 18.02 $ 19.49 $ 20.21 $ 20.00Increase (decrease) from operations: Total revenue .28 .74 .30 .45 –Total expenses (excluding distributions) (.10) (.21) (.21) (.22) (.04)Realized gains (losses) .38 .86 1.10 1.29 .52Unrealized gains (losses) (1.86) .51 (2.10) (.12) .16Total increase (decrease) from operationsB (1.30) 1.90 (.91) 1.40 .63Distributions: From net investment income (excluding dividends) – – – – –From dividends – (.52) (.49) (.49) (.20)From capital gains – – (.02) (.80) –Return of capital (.42) (.84) (.84) (.84) (.21)Total distributionsB,C (.42) (1.36) (1.35) (2.13) (.41)Net assets, end of periodB $ 18.22 $ 19.78 $ 18.02 $ 19.49 $ 20.21Ratios and Supplemental Data Net asset value (000s) D $ 531 $ 604 $ 1,322 $ 578 $ 546Securities outstandingD 29,150 30,513 73,354 29,670 27,038Management expense ratio E,P 1.11% 1.11% 1.11% 1.10% 1.12%Management expense ratio before waivers or absorptions E,P 1.11% 1.11% 1.12% 1.17% 1.17%Trading expense ratioG .05% .05% .05% .04% .04%Portfolio turnover rateH 5.01% 11.05% 4.84% 5.97% 10.62%Net asset value per security, end of period $ 18.2206 $ 19.7828 $ 18.0216 $ 19.4857 $ 20.2119



2020 2019 2018 2017 2016M

The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.11 $ 10.55 $ 10.92 $ 10.86 $ 10.00Increase (decrease) from operations: Total revenue .11 .40 .32 .23 .01Total expenses (excluding distributions) (.06) (.12) (.12) (.11) (.11)Realized gains (losses) .23 .53 .72 .70 .87Unrealized gains (losses) (1.26) .97 (.60) (.08) .54Total increase (decrease) from operationsB (.98) 1.78 .32 .74 1.30Distributions: From net investment income (excluding dividends) – – – – –From dividends – (.32) (.29) (.27) (.11)From capital gains – – (.02) (.44) (.15)Return of capital – – – – –Total distributionsB,C – (.32) (.31) (.71) (.25)Net assets, end of periodB $ 11.41 $ 12.11 $ 10.55 $ 10.92 $ 10.86Ratios and Supplemental Data Net asset value (000s) D $ 1,357 $ 861 $ 359 $ 1,189 $ 1,336Securities outstandingD 118,920 71,093 34,037 108,873 123,090Management expense ratio E,N 1.03% 1.03% 1.05% 1.05% 1.04%Management expense ratio before waivers or absorptions E,N 1.03% 1.03% 1.08% 1.12% 1.12%Trading expense ratioG .05% .05% .05% .04% .04%Portfolio turnover rateH 5.01% 11.05% 4.84% 5.97% 10.62%Net asset value per security, end of period $ 11.4096 $ 12.1058 $ 10.5474 $ 10.9174 $ 10.8555

12


Fidelity Canadian Disciplined Equity® Class of the Fidelity Capital Structure Corp. Series P2T5

Six-months ended May 31,

Periods ended November 30,

2020 2019Q

The Series’ Net Assets per Security A Net assets, beginning of period B $ 22.81 $ 20.00Increase (decrease) from operations: Total revenue .31 .92Total expenses (excluding distributions) (.11) (.22)Realized gains (losses) .44 1.00Unrealized gains (losses) (1.95) 2.64Total increase (decrease) from operationsB (1.31) 4.34Distributions: From net investment income (excluding dividends) – –From dividends – (.60)From capital gains – –Return of capital (.50) (1.00)Total distributionsB,C (.50) (1.60)Net assets, end of periodB $ 20.99 $ 22.81Ratios and Supplemental Data Net asset value (000s) D $ 901 $ 978Securities outstandingD 42,936 42,874Management expense ratio E,R 1.05% 1.05%Management expense ratio before waivers or absorptions E,R 1.05% 1.05%Trading expense ratioG .05% .05%Portfolio turnover rateH 5.01% 11.05%Net asset value per security, end of period $ 20.9946 $ 22.8086



2020 2019 2018 2017 2016M

The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.15 $ 10.58 $ 10.94 $ 10.88 $ 10.00Increase (decrease) from operations: Total revenue .17 .49 – .01 .09Total expenses (excluding distributions) (.06) (.11) (.11) (.10) (.08)Realized gains (losses) .24 .53 .56 .62 .96Unrealized gains (losses) (1.07) .97 (1.10) (2.11) .17Total increase (decrease) from operationsB (.72) 1.88 (.65) (1.58) 1.14Distributions: From net investment income (excluding dividends) – – – – –From dividends – (.32) (.29) (.27) (.11)From capital gains – – (.02) (.47) (.15)Return of capital – – – – –Total distributionsB,C – (.32) (.31) (.74) (.26)Net assets, end of periodB $ 11.45 $ 12.15 $ 10.58 $ 10.94 $ 10.88Ratios and Supplemental Data Net asset value (000s) D $ 574 $ 629 $ 537 $ 1 $ 1Securities outstandingD 50,157 51,826 50,752 110 103Management expense ratio E,N .98% .97% .98% .97% .80%Management expense ratio before waivers or absorptions E,N .98% .98% .98% 1.03% .80%Trading expense ratioG .05% .05% .05% .04% .04%Portfolio turnover rateH 5.01% 11.05% 4.84% 5.97% 10.62%Net asset value per security, end of period $ 11.4501 $ 12.1458 $ 10.5763 $ 10.9413 $ 10.8800

13



2020 2019 2018 2017S

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.56 $ 10.04 $ 10.38 $ 10.00Increase (decrease) from operations: Total revenue .16 .46 .24 –Total expenses (excluding distributions) (.05) (.08) (.08) (.03)Realized gains (losses) .22 .50 .65 .25Unrealized gains (losses) (.98) .93 (.85) .11Total increase (decrease) from operationsB (.65) 1.81 (.04) .33Distributions: From net investment income (excluding dividends) – – – –From dividends – (.30) (.27) (.26)From capital gains – – (.03) –Return of capital – – – –Total distributionsB,C – (.30) (.30) (.26)Net assets, end of periodB $ 10.90 $ 11.56 $ 10.04 $ 10.38Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1 $ 1 $ 1Securities outstandingD 108 108 106 103Management expense ratio E,T .81% .72% .77% .87%Management expense ratio before waivers or absorptions E,T .81% .72% .77% .93%Trading expense ratioG .05% .05% .05% .04%Portfolio turnover rateH 5.01% 11.05% 4.84% 5.97%Net asset value per security, end of period $ 10.9048 $ 11.5578 $ 10.0390 $ 10.3800



2020 2019 2018 2017U

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.36 $ 9.87 $ 10.21 $ 10.00Increase (decrease) from operations: Total revenue .16 .45 .37 –Total expenses (excluding distributions) (.04) (.08) (.08) (.02)Realized gains (losses) .22 .49 .72 .16Unrealized gains (losses) (.97) .92 (.17) .32Total increase (decrease) from operationsB (.63) 1.78 .84 .46Distributions: From net investment income (excluding dividends) – – – –From dividends – (.30) (.27) (.26)From capital gains – – (.04) –Return of capital – – – –Total distributionsB,C – (.30) (.31) (.26)Net assets, end of periodB $ 10.72 $ 11.36 $ 9.87 $ 10.21Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1 $ 1 $ 118Securities outstandingD 109 109 106 11,584Management expense ratio E,V .70% .73% .78% .81%Management expense ratio before waivers or absorptions E,V .70% .73% .81% .87%Trading expense ratioG .05% .05% .05% .04%Portfolio turnover rateH 5.01% 11.05% 4.84% 5.97%Net asset value per security, end of period $ 10.7217 $ 11.3576 $ 9.8665 $ 10.2059

14


Financial Highlights FootnotesA This information is derived from the Fund’s audited annual and/or unaudited interim financial statements. The net assets attributable to securityholders per security presented in the financial statements may differ from the net asset

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

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

C Distributions were paid in cash or reinvested in additional securities of the Fund, or both, and excludes any applicable distributions of management fee reduction to securityholders.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 January 6, 2017 (commencement of sale of securities) to November 30, 2017.L Effective January 10, 2017, 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 December 4, 2015 (commencement of sale of securities) to November 30, 2016.N 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.O For the period September 16, 2016 (commencement of sale of securities) to November 30, 2016.P Effective September 20, 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.Q For the period December 14, 2018 (commencement of sale of securities) to November 30, 2019.R Effective December 18, 2018, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver

at any time, at its sole discretion. It is not known when such waivers will be terminated.S For the period July 14, 2017 (commencement of sale of securities) to November 30, 2017.T Effective July 18, 2017, 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.U For the period September 22, 2017 (commencement of sale of securities) to November 30, 2017.V Effective September 26, 2017, 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.

15

Management and Advisory FeesFidelity 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% 34.09% 65.91%

Series B 1.850% 54.05% 45.95%

Series F 0.850% — 100.00%

Series F5 0.850% — 100.00%

Series F8 0.850% — 100.00%

Series T5 2.000% 24.93% 75.07%

Series T8 2.000% 18.01% 81.99%

Series S5 1.850% 54.05% 45.95%

Series S8 1.850% 54.05% 45.95%

Series E1 1.825% 54.79% 45.21%

Series E1T5 1.825% 54.79% 45.21%

Series E2 1.800% 55.56% 44.44%

Series E2T5 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 P1T5 0.825% — 100.00%

Series P2 0.800% — 100.00%

Series P2T5 0.800% — 100.00%

Series P3 0.775% — 100.00%

Series P4 0.725% — 100.00%

Series P5 0.675% — 100.00%

16


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, or income taxes payable by any investor that would have reduced returns or performance. How the Fund has performed in the past does not necessarily indicate how it will perform in the future.

The performance data shown for the period occurring prior to the commencement of operations of a series P or E is that of the corresponding series F or F5 (for series P) or B or S5 (for series E). Series F, F5, B and S5 have higher combined management and administration fees than the applicable series P and E. Had a series P or E existed since the commencement of operations of series F, F5, B or S5, the returns of the applicable series P or E would have been higher.

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

Series A

20

10

0

-10

2020

-6.4

2019

16.1

2018

-1.9

2017

5.8

2016

9.3

2015

-1.4

2014

15.3

2013

17.2

2012

1.7

2011

-6.5

2010

14.8

Fiscal Years

(%)

Series B

20

10

0

-10

2020

-6.3

2019

16.3

2018

-1.7

2017

6.1

2016

9.6

2015

-1.2

2014

15.6

2013

17.4

2012

1.9

2011

-6.3

2010

15.0

Fiscal Years

(%)

Series F

20

10

0

-10

2020

-5.8

2019

17.6

2018

-0.6

2017

7.3

2016

10.8

2015

-0.1

2014

16.9

2013

18.7

2012

3.1

2011

-5.2

2010

16.2

Fiscal Years

(%)

Series F5

20

10

0

-10

2020

-5.8

2019

17.6

2018

-0.7

2017

7.3

2016

10.8

2015

-0.1

2014

16.9

2013

18.4

Fiscal Years

(%)

Commencement of Operations is April 17, 2013

Series F8

20

10

0

-10

2020

-5.8

2019

17.7

2018

-0.6

2017

7.3

2016

10.8

2015

-0.1

2014

16.9

2013

18.3

Fiscal Years

(%)

Commencement of Operations is April 17, 2013

Series T5

20

10

0

-10

2020

-6.4

2019

16.1

2018

-1.9

2017

5.8

2016

9.3

2015

-1.5

2014

15.3

2013

17.1

2012

1.7

2011

-6.5

2010

14.7

Fiscal Years

(%)

17

Series T8

20

10

0

-10

2020

-6.4

2019

16.1

2018

-2.0

2017

5.8

2016

9.3

2015

-1.4

2014

15.3

2013

17.2

2012

1.7

2011

-6.5

2010

14.7

Fiscal Years

(%)

Series S5

20

10

0

-10

2020

-6.3

2019

16.3

2018

-1.8

2017

6.0

2016

9.5

2015

-1.3

2014

15.6

2013

17.4

2012

1.9

2011

-6.2

2010

15.0

Fiscal Years

(%)

Series S8

20

10

0

-10

2020

-6.3

2019

16.3

2018

-1.8

2017

6.0

2016

9.6

2015

-1.2

2014

15.6

2013

17.5

2012

1.9

2011

-6.3

2010

15.0

Fiscal Years

(%)

Series E1

20

10

0

-10

2020

-6.3

2019

16.4

2018

-1.7

2017

6.1

2016

9.6

2015

-1.2

2014

15.6

2013

17.4

2012

1.9

2011

-6.3

2010

15.0

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series E1T5

20

10

0

-10

2020

-6.3

2019

16.4

2018

-1.7

2017

6.1

2016

9.6

2015

-1.3

2014

15.6

2013

17.4

2012

1.9

2011

-6.2

2010

15.0

Fiscal Years

(%)


Series E2

20

10

0

-10

2020

-6.3

2019

16.5

2018

-1.6

2017

6.2

2016

9.7

2015

-1.2

2014

15.6

2013

17.4

2012

1.9

2011

-6.3

2010

15.0

Fiscal Years

(%)


Series E2T5

20

10

0

-10

2020

-6.3

2019

16.3

2018

-1.7

2017

6.1

2016

9.8

2015

-1.3

2014

15.6

2013

17.4

2012

1.9

2011

-6.2

2010

15.0

Fiscal Years

(%)


Series E3

20

10

0

-10

2020

-6.3

2019

16.5

2018

-1.6

2017

6.2

2016

9.7

2015

-1.2

2014

15.6

2013

17.4

2012

1.9

2011

-6.3

2010

15.0

Fiscal Years

(%)


18


Past Performance – continued

Series E4

20

10

0

-10

2020

-6.2

2019

16.7

2018

-1.4

2017

6.4

2016

9.6

2015

-1.2

2014

15.6

2013

17.4

2012

1.9

2011

-6.3

2010

15.0

Fiscal Years

(%)

Commencement of Operations is January 6, 2017

Series P1

20

10

0

-10

2020

-5.8

2019

17.7

2018

-0.6

2017

7.3

2016

10.9

2015

-0.1

2014

16.9

2013

18.7

2012

3.1

2011

-5.2

2010

16.2

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P1T5

20

10

0

-10

2020

-5.8

2019

17.7

2018

-0.6

2017

7.3

2016

10.8

2015

-0.1

2014

16.9

2013

18.4

Fiscal Years

(%)

Commencement of Operations is September 16, 2016

Series P2

20

10

0

-10

2020

-5.8

2019

17.8

2018

-0.6

2017

7.4

2016

10.9

2015

-0.1

2014

16.9

2013

18.7

2012

3.1

2011

-5.2

2010

16.2

Fiscal Years

(%)


Series P2T5

20

10

0

-10

2020

-5.8

2019

17.7

2018

-0.7

2017

7.3

2016

10.8

2015

-0.1

2014

16.9

2013

18.4

Fiscal Years

(%)


Series P3

20

10

0

-10

2020

-5.7

2019

17.8

2018

-0.4

2017

7.6

2016

11.2

2015

-0.1

2014

16.9

2013

18.7

2012

3.1

2011

-5.2

2010

16.2

Fiscal Years

(%)


Series P4

20

10

0

-10

2020

-5.6

2019

18.1

2018

-0.3

2017

7.5

2016

10.8

2015

-0.1

2014

16.9

2013

18.7

2012

3.1

2011

-5.2

2010

16.2

Fiscal Years

(%)

Commencement of Operations is July 14, 2017

Series P5

20

10

0

-10

2020

-5.6

2019

18.1

2018

-0.3

2017

7.3

2016

10.8

2015

-0.1

2014

16.9

2013

18.7

2012

3.1

2011

-5.2

2010

16.2

Fiscal Years

(%)

Commencement of Operations is September 22, 2017

19


Summary of Investment Portfolio as at May 31, 2020Sector Mix

% of Fund’s Net Assets as at

5/31/20

% of Fund’s Net Assets as at

11/30/19

Financials 28.9 28.2

Materials 14.2 10.6

Energy 13.3 15.4

Industrials 11.4 10.9

Information Technology 8.3 5.5

Consumer Discretionary 6.1 3.2

Consumer Staples 4.8 5.4

Utilities 4.6 2.7

Communication Services 3.5 6.4

Real Estate 2.6 3.8

Health Care 1.2 1.0

Others (Individually Less Than 1%) 0.0 0.2

Cash and Cash Equivalents 1.3 6.3

Net Other Assets (Liabilities) (0.2) 0.4

Top Issuers

% of Fund’s Net Assets

1. Royal Bank of Canada 7.4

2. Barrick Gold Corp. 6.6

3. The Toronto-Dominion Bank 5.3

4. Canadian Pacific Railway Ltd. 4.4

5. TC Energy Corp. 4.0

6. Brookfield Asset Management, Inc. 3.5

7. Alimentation Couche-Tard, Inc. 3.2

8. Sun Life Financial, Inc. 2.9

9. Fortis, Inc. 2.8

10. Bank of Nova Scotia 2.7

11. Suncor Energy, Inc. 2.7

12. Wheaton Precious Metals Corp. 2.5

13. Shopify, Inc. 2.5

14. Dollarama, Inc. 2.4

15. Thomson Reuters Corp. 2.2

16. Restaurant Brands International, Inc. 2.1

17. Canadian National Railway Co. 2.1

18. Canadian Natural Resources Ltd. 2.0

19. Constellation Software, Inc. 2.0

20. Charter Communications, Inc. 2.0

21. Pembina Pipeline Corp. 1.9

22. Franco-Nevada Corp. 1.9

23. TMX Group Ltd. 1.6

24. Canadian Apartment Properties (REIT) 1.6

25. Quebecor, Inc. 1.5

73.8

Total Fund Net Assets $106,286,000

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

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

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

1.831555.114 FICL-CDE-CS-MRFPS-0720

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

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