Fidelity China Class of the Fidelity Capital Structure Corp.1 Semi-Annual Management Report of Fund...

Semi-Annual Management Report of Fund PerformanceMay 31, 2019

Fidelity China 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, 2019Fidelity China 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 OperationsFidelity China Class (Fund) invests substantially all of its assets in securities of Fidelity China Fund (Underlying Fund).

Market overview:

Fidelity China Class, Series B, returned -0.2%, after fees and expenses, for the six-month period ended May 31, 2019. 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, global equities, as represented by the MSCI World Index, returned 3.1% (in Canadian dollar terms).

Asia-Pacific equities gained over the review period. Investor sentiment improved after the U.S. Federal Reserve (Fed) suggested it would not raise interest rates in 2019, and after early moves toward resolution of the U.S.-China trade dispute. Chinese and Hong Kong equities strengthened amid optimism about economic stimulus in China, and signs of progress on trade negotiations with the U.S. Indonesian equities also rose, supported by gains in consumer staples and financials stocks. The Philippines market received support from buying activity by foreign institutional investors. Conversely, Taiwanese stocks declined due to concerns about near-term profitability at some semiconductor firms. Markets came under pressure toward the end of the review period as U.S.-China trade negotiations faltered and concerns about weakening global growth dampened investor confidence.

Factors affecting performance:

The Fund’s benchmark, the MSCI China Capped Index, returned 0.0% for the review period. The Fund underperformed its benchmark after fees and expenses. However, it outperformed before fees and expenses, primarily due to the Underlying Fund’s exposure to certain stocks in the materials sector, where an investment in Anhui Conch Cement Company and a lack of exposure to metals and mining firm MMG contributed to relative returns. In addition, a lower-than-benchmark exposure to the communication services sector contributed to relative performance.

In contrast, Underlying Fund’s higher-than-benchmark exposure to the energy sector detracted from relative performance. In the sector, investments in China-based integrated oil and gas firm China Petroleum & Chemical Corporation and PetroChina detracted from relative returns.

Portfolio changes:

During the review period, portfolio manager Jing Ning maintained the Fund’s higher-than-benchmark exposures to the energy and materials sectors. The Fund deviated most from the bench-mark weightings by allocating more to the energy sector; holdings included oil and gas producer CNOOC and China Petroleum & Chemical, which are expected to benefit from a recovery in oil prices. In the materials sector, the portfolio manager favours cement producer Anhui Conch Cement; she believes it has a high-quality management team, effective cost control measures and better regional exposure. The Fund also has more exposure than the benchmark to the financials sector. In this sector, the portfolio manager takes a positive view of insurers such as China Life Insurance, which she believes to be a beneficiary of long-term structural growth in the Chinese insurance industry, with a new management team that is focused on initiatives to bolster growth. Ms. Ning also maintained a larger-than-benchmark exposure to Gree Electric in the consumer discretionary sector. The portfolio manager believes Gree’s strong long-term return potential is supported by its dominant position in the Chinese air conditioning market. Conversely, the Fund continues to have a lower-than-benchmark allocation to the communication services sector, given the manager’s concerns that the underlying fundamentals of Internet-related services companies may not be able to sustain valuation premiums.

Recent DevelopmentsChinese equities rebounded in the first quarter of 2019, following a sharp correction in 2018 that drove valuations notably below their long-term averages. Portfolio manager Jing Ning believes that investor confidence was renewed by progress in trade talks with the U.S., as well as indications that the Fed is pausing interest rate hikes this year. Ongoing policy stimulus measures in China have also partly offset negative sentiment regarding the slowdown in domestic economic activity and stimulated investor interest in Chinese stocks. The growth-oriented information technology and consumer discretionary sectors, which had corrected the most in 2018, led the first-quarter gains. A rebound in global technology stocks and government stimu-lus in consumer-led industries, coupled with tempered valuations, supported sentiment on these sectors. On the economic front, GDP growth had moderated over the October–December 2018 period, due to weak investment and domestic demand. Recent data releases were broadly mixed. Fixed-asset investment growth, led by real estate, edged up over the January–February period, while retail sales growth remained steady. An official survey suggested that manufacturing activity had rebounded in March, following a contraction over the previous few months.

At the end of the review period, the Underlying Fund had its largest absolute exposure to the financials sector, followed by the communication services sector. The Underlying Fund diverged the most from the benchmark sector weightings by having more exposure to the materials sector and less exposure to the communication services sector.

Independent Review CommitteeEffective February 8, 2019, Kerry D. Adams retired from the Independent Review Committee. Also effective on that date, Douglas Nowers of Toronto, Ontario became a member of the Independent Review Committee.

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Management Discussion of Fund Performance – continued

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 $276,000 for the period ended May 31, 2019.

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 $43,000 for the period ended May 31, 2019.

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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 China Class of the Fidelity Capital Structure Corp. Series A

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

2019 2018 2017 2016 2015 2014The Series’ Net Assets per Security A Net assets, beginning of period B $ 21.57 $ 22.42 $ 18.81 $ 17.42 $ 14.64 $ 13.38Increase (decrease) from operations: Total revenue .75 .59 .50 .57 .03 –Total expenses (excluding distributions) (.28) (.57) (.50) (.43) (.47) (.35)Realized gains (losses) .47 1.03 .67 .72 1.36 .36Unrealized gains (losses) (.59) (2.00) 3.70 .47 1.09 .93Total increase (decrease) from operationsB .35 (.95) 4.37 1.32 2.01 .94Distributions: From net investment income (excluding dividends) – – – – – –From dividends – – – – – –From capital gains – – (.85) – – –Return of capital – – – – – –Total distributionsB,C – – (.85) – – –Net assets, end of periodB $ 21.51 $ 21.57 $ 22.42 $ 18.81 $ 17.42 $ 14.64Ratios and Supplemental Data Net asset value (000s) D $ 2,246 $ 3,065 $ 3,221 $ 3,244 $ 3,632 $ 2,914Securities outstandingD 104,413 142,115 143,658 172,695 208,513 199,042Management expense ratio E,F 2.49% 2.49% 2.53% 2.57% 2.59% 2.71%Management expense ratio before waivers or absorptions E,F 2.56% 2.58% 2.62% 2.63% 2.66% 2.72%Trading expense ratioG .02% .02% .07% .06% .14% .07%Portfolio turnover rateH 8.52% 15.73% 10.18% 10.98% 23.03% 15.27%Net asset value per security, end of period $ 21.5135 $ 21.5676 $ 22.4237 $ 18.8118 $ 17.4178 $ 14.6416

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


2019 2018 2017 2016 2015 2014The Series’ Net Assets per Security A Net assets, beginning of period B $ 22.06 $ 22.89 $ 19.21 $ 17.75 $ 14.89 $ 13.58Increase (decrease) from operations: Total revenue .69 .61 .46 .60 .03 –Total expenses (excluding distributions) (.27) (.54) (.47) (.41) (.44) (.33)Realized gains (losses) .49 1.06 .65 .74 1.40 .37Unrealized gains (losses) (.89) (2.13) 4.01 .11 .72 1.01Total increase (decrease) from operationsB .02 (1.00) 4.65 1.04 1.71 1.05Distributions: From net investment income (excluding dividends) – – – – – –From dividends – – – – – –From capital gains – – (.90) – – –Return of capital – – – – – –Total distributionsB,C – – (.90) – – –Net assets, end of periodB $ 22.02 $ 22.06 $ 22.89 $ 19.21 $ 17.75 $ 14.89Ratios and Supplemental Data Net asset value (000s) D $ 10,209 $ 10,676 $ 11,120 $ 7,667 $ 9,239 $ 6,239Securities outstandingD 462,131 484,061 487,762 399,160 518,871 419,043Management expense ratio E,F 2.30% 2.31% 2.33% 2.36% 2.39% 2.47%Management expense ratio before waivers or absorptions E,F 2.37% 2.38% 2.40% 2.41% 2.43% 2.48%Trading expense ratioG .02% .02% .07% .06% .14% .07%Portfolio turnover rateH 8.52% 15.73% 10.18% 10.98% 23.03% 15.27%Net asset value per security, end of period $ 22.0229 $ 22.0587 $ 22.8899 $ 19.2101 $ 17.7481 $ 14.8886

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Financial Highlights – continued

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


2019 2018 2017 2016 2015 2014The Series’ Net Assets per Security A Net assets, beginning of period B $ 24.50 $ 25.25 $ 21.19 $ 19.37 $ 16.07 $ 14.50Increase (decrease) from operations: Total revenue .70 .68 .45 .61 .04 –Total expenses (excluding distributions) (.16) (.31) (.28) (.24) (.25) (.21)Realized gains (losses) .55 1.16 .73 .80 1.44 .40Unrealized gains (losses) (1.54) (2.23) 4.30 (.01) 2.23 1.46Total increase (decrease) from operationsB (.45) (.70) 5.20 1.17 3.45 1.65Distributions: From net investment income (excluding dividends) – – – – – –From dividends – – – – – –From capital gains – (.12) (1.22) – – –Return of capital – – – – – –Total distributionsB,C – (.12) (1.22) – – –Net assets, end of periodB $ 24.59 $ 24.50 $ 25.25 $ 21.19 $ 19.37 $ 16.07Ratios and Supplemental Data Net asset value (000s) D $ 12,786 $ 10,606 $ 10,283 $ 7,523 $ 13,492 $ 12,258Securities outstandingD 519,967 433,753 407,667 354,993 696,498 762,534Management expense ratio E,F 1.22% 1.22% 1.24% 1.26% 1.27% 1.44%Management expense ratio before waivers or absorptions E,F 1.26% 1.28% 1.32% 1.33% 1.38% 1.46%Trading expense ratioG .02% .02% .07% .06% .14% .07%Portfolio turnover rateH 8.52% 15.73% 10.18% 10.98% 23.03% 15.27%Net asset value per security, end of period $ 24.5912 $ 24.4986 $ 25.2510 $ 21.1947 $ 19.3719 $ 16.0727

Fidelity China Class of the Fidelity Capital Structure Corp. Series F5


2019 2018 2017 2016 2015 2014The Series’ Net Assets per Security A Net assets, beginning of period B $ 32.36 $ 35.07 $ 30.74 $ 29.45 $ 25.49 $ 24.00Increase (decrease) from operations: Total revenue .97 .10 1.10 .25 .01 –Total expenses (excluding distributions) (.20) (.41) (.35) (.32) (.39) (.33)Realized gains (losses) .72 1.81 1.39 1.14 2.50 .63Unrealized gains (losses) (1.68) (3.54) 4.20 5.63 (10.62) 2.27Total increase (decrease) from operationsB (.19) (2.04) 6.34 6.70 (8.51) 2.58Distributions: From net investment income (excluding dividends) – – – – – –From dividends – – – – – –From capital gains – (.19) (1.80) – – –Return of capital (.87) (1.71) (1.35) (1.35) (1.32) (1.00)Total distributionsB,C (.87) (1.90) (3.15) (1.35) (1.32) (1.00)Net assets, end of periodB $ 31.64 $ 32.36 $ 35.07 $ 30.74 $ 29.45 $ 25.49Ratios and Supplemental Data Net asset value (000s) D $ 19 $ 16 $ 1 $ 21 $ 19 $ 1Securities outstandingD 588 509 32 683 651 54Management expense ratio E,F 1.23% 1.22% 1.16% 1.16% 1.25% 1.39%Management expense ratio before waivers or absorptions E,F 1.26% 1.25% 1.22% 1.22% 1.33% 1.41%Trading expense ratioG .02% .02% .07% .06% .14% .07%Portfolio turnover rateH 8.52% 15.73% 10.18% 10.98% 23.03% 15.27%Net asset value per security, end of period $ 31.6436 $ 32.3566 $ 35.0695 $ 30.7377 $ 29.4454 $ 25.4916

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Fidelity China Class of the Fidelity Capital Structure Corp. Series F8


2019 2018 2017 2016 2015 2014The Series’ Net Assets per Security A Net assets, beginning of period B $ 27.65 $ 30.40 $ 27.37 $ 27.41 $ 24.38 $ 23.61Increase (decrease) from operations: Total revenue .70 .79 .62 .77 – –Total expenses (excluding distributions) (.16) (.35) (.32) (.30) (.37) (.31)Realized gains (losses) .64 1.55 .91 1.08 2.96 .63Unrealized gains (losses) (2.09) (4.90) 5.47 .93 (13.89) 2.19Total increase (decrease) from operationsB (.91) (2.91) 6.68 2.48 (11.31) 2.50Distributions: From net investment income (excluding dividends) – – – – – –From dividends – – – – – –From capital gains – (.16) (1.59) – – –Return of capital (.97) (1.94) (1.94) (2.33) (2.02) (1.60)Total distributionsB,C (.97) (2.10) (3.53) (2.33) (2.02) (1.60)Net assets, end of periodB $ 26.84 $ 27.65 $ 30.40 $ 27.37 $ 27.41 $ 24.38Ratios and Supplemental Data Net asset value (000s) D $ 43 $ 29 $ 37 $ 30 $ 27 $ 1Securities outstandingD 1,596 1,049 1,237 1,085 990 56Management expense ratio E,F 1.13% 1.15% 1.17% 1.19% 1.25% 1.39%Management expense ratio before waivers or absorptions E,F 1.16% 1.20% 1.24% 1.25% 1.33% 1.41%Trading expense ratioG .02% .02% .07% .06% .14% .07%Portfolio turnover rateH 8.52% 15.73% 10.18% 10.98% 23.03% 15.27%Net asset value per security, end of period $ 26.8363 $ 27.6457 $ 30.3999 $ 27.3699 $ 27.4079 $ 24.3798

Fidelity China Class of the Fidelity Capital Structure Corp. Series T5


2019 2018 2017 2016 2015 2014The Series’ Net Assets per Security A Net assets, beginning of period B $ 30.51 $ 33.29 $ 29.21 $ 28.35 $ 24.90 $ 23.80Increase (decrease) from operations: Total revenue .97 .52 .28 5.00 .01 –Total expenses (excluding distributions) (.39) (.77) (.78) (.70) (.79) (.67)Realized gains (losses) .67 1.57 .63 1.80 2.96 .65Unrealized gains (losses) (1.39) (3.43) 7.98 (13.80) (14.38) 2.21Total increase (decrease) from operationsB (.14) (2.11) 8.11 (7.71) (12.20) 2.19Distributions: From net investment income (excluding dividends) – – – – – –From dividends – – – – – –From capital gains – – (1.33) – – –Return of capital (.83) (1.63) (1.32) (1.32) (1.29) (1.00)Total distributionsB,C (.83) (1.63) (2.65) (1.32) (1.29) (1.00)Net assets, end of periodB $ 29.65 $ 30.51 $ 33.29 $ 29.21 $ 28.35 $ 24.90Ratios and Supplemental Data Net asset value (000s) D $ 24 $ 32 $ 10 $ 2 $ 27 $ 1Securities outstandingD 802 1,044 304 59 969 54Management expense ratio E,F 2.48% 2.40% 2.56% 2.49% 2.63% 2.83%Management expense ratio before waivers or absorptions E,F 2.55% 2.48% 2.67% 2.59% 2.69% 2.86%Trading expense ratioG .02% .02% .07% .06% .14% .07%Portfolio turnover rateH 8.52% 15.73% 10.18% 10.98% 23.03% 15.27%Net asset value per security, end of period $ 29.6466 $ 30.5140 $ 33.2854 $ 29.2065 $ 28.3516 $ 24.8958

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Fidelity China Class of the Fidelity Capital Structure Corp. Series T8


2019 2018 2017 2016 2015 2014The Series’ Net Assets per Security A Net assets, beginning of period B $ 25.94 $ 28.79 $ 25.91 $ 26.34 $ 23.80 $ 23.40Increase (decrease) from operations: Total revenue 1.01 .63 .54 1.03 .02 –Total expenses (excluding distributions) (.34) (.72) (.69) (.64) (.77) (.61)Realized gains (losses) .52 1.35 .84 1.04 2.38 .61Unrealized gains (losses) (.28) (3.73) 5.48 (.67) (2.11) 7.61Total increase (decrease) from operationsB .91 (2.47) 6.17 .76 (.47) 7.61Distributions: From net investment income (excluding dividends) – – – – – –From dividends – – – – – –From capital gains – – (1.14) – – –Return of capital (.92) (1.85) (1.85) (2.24) (1.99) (1.60)Total distributionsB,C (.92) (1.85) (2.99) (2.24) (1.99) (1.60)Net assets, end of periodB $ 24.98 $ 25.94 $ 28.79 $ 25.91 $ 26.34 $ 23.80Ratios and Supplemental Data Net asset value (000s) D $ 153 $ 272 $ 217 $ 28 $ 195 $ 55Securities outstandingD 6,115 10,519 7,560 1,100 7,401 2,323Management expense ratio E,F 2.53% 2.53% 2.62% 2.65% 2.67% 2.77%Management expense ratio before waivers or absorptions E,F 2.61% 2.62% 2.71% 2.72% 2.75% 2.80%Trading expense ratioG .02% .02% .07% .06% .14% .07%Portfolio turnover rateH 8.52% 15.73% 10.18% 10.98% 23.03% 15.27%Net asset value per security, end of period $ 24.9825 $ 25.9385 $ 28.7921 $ 25.9056 $ 26.3420 $ 23.7995

Fidelity China Class of the Fidelity Capital Structure Corp. Series S5


2019 2018 2017 2016 2015 2014The Series’ Net Assets per Security A Net assets, beginning of period B $ 30.83 $ 33.58 $ 29.39 $ 28.54 $ 25.00 $ 23.83Increase (decrease) from operations: Total revenue 1.40 .26 .02 1.68 .01 –Total expenses (excluding distributions) (.35) (.73) (.69) (.64) (.77) (.60)Realized gains (losses) .55 1.56 .44 1.23 1.80 .68Unrealized gains (losses) 1.94 (4.66) 9.14 (7.64) (7.40) 2.12Total increase (decrease) from operationsB 3.54 (3.57) 8.91 (5.38) (6.36) 2.19Distributions: From net investment income (excluding dividends) – – – – – –From dividends – – – – – –From capital gains – – (1.36) – – –Return of capital (.83) (1.64) (1.32) (1.32) (1.30) (1.00)Total distributionsB,C (.83) (1.64) (2.68) (1.32) (1.30) (1.00)Net assets, end of periodB $ 29.99 $ 30.83 $ 33.58 $ 29.39 $ 28.54 $ 25.00Ratios and Supplemental Data Net asset value (000s) D $ 32 $ 340 $ 178 $ 1 $ 9 $ 2Securities outstandingD 1,072 11,027 4,981 42 327 73Management expense ratio E,F 2.20% 2.22% 2.20% 2.41% 2.40% 2.57%Management expense ratio before waivers or absorptions E,F 2.26% 2.29% 2.28% 2.45% 2.42% 2.59%Trading expense ratioG .02% .02% .07% .06% .14% .07%Portfolio turnover rateH 8.52% 15.73% 10.18% 10.98% 23.03% 15.27%Net asset value per security, end of period $ 29.9874 $ 30.8293 $ 33.5751 $ 29.3851 $ 28.5393 $ 24.9967

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Fidelity China Class of the Fidelity Capital Structure Corp. Series S8


2019 2018 2017 2016 2015 2014The Series’ Net Assets per Security A Net assets, beginning of period B $ 26.29 $ 29.12 $ 26.19 $ 26.56 $ 23.92 $ 23.43Increase (decrease) from operations: Total revenue .86 .76 .54 .78 – –Total expenses (excluding distributions) (.30) (.67) (.63) (.59) (.71) (.54)Realized gains (losses) .56 1.32 .75 1.03 2.67 .63Unrealized gains (losses) (.62) (3.25) 4.41 .30 (12.23) 2.09Total increase (decrease) from operationsB .50 (1.84) 5.07 1.52 (10.27) 2.19Distributions: From net investment income (excluding dividends) – – – – – –From dividends – – – – – –From capital gains – – (1.21) – – –Return of capital (.93) (1.87) (1.87) (2.26) (1.99) (1.60)Total distributionsB,C (.93) (1.87) (3.08) (2.26) (1.99) (1.60)Net assets, end of periodB $ 25.36 $ 26.29 $ 29.12 $ 26.19 $ 26.56 $ 23.92Ratios and Supplemental Data Net asset value (000s) D $ 270 $ 330 $ 465 $ 126 $ 119 $ 1Securities outstandingD 10,692 12,589 15,979 4,847 4,508 56Management expense ratio E,F 2.26% 2.32% 2.33% 2.41% 2.43% 2.47%Management expense ratio before waivers or absorptions E,F 2.32% 2.40% 2.40% 2.46% 2.46% 2.50%Trading expense ratioG .02% .02% .07% .06% .14% .07%Portfolio turnover rateH 8.52% 15.73% 10.18% 10.98% 23.03% 15.27%Net asset value per security, end of period $ 25.3640 $ 26.2929 $ 29.1202 $ 26.1909 $ 26.5625 $ 23.9202

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


2019 2018 2017 2016I

The Series’ Net Assets per Security A Net assets, beginning of period B $ 14.16 $ 14.69 $ 12.32 $ 10.00Increase (decrease) from operations: Total revenue .45 .29 .25 .29Total expenses (excluding distributions) (.16) (.33) (.30) (.21)Realized gains (losses) .32 .69 .40 .34Unrealized gains (losses) (.82) (1.57) 2.79 2.08Total increase (decrease) from operationsB (.21) (.92) 3.14 2.49Distributions: From net investment income (excluding dividends) – – – –From dividends – – – –From capital gains – – (.59) –Return of capital – – – –Total distributionsB,C – – (.59) –Net assets, end of periodB $ 14.15 $ 14.16 $ 14.69 $ 12.32Ratios and Supplemental Data Net asset value (000s) D $ 4,313 $ 4,080 $ 2,339 $ 1,183Securities outstandingD 304,812 288,008 159,255 95,988Management expense ratio E,J 2.20% 2.23% 2.30% 2.31%Management expense ratio before waivers or absorptions E,J 2.26% 2.30% 2.37% 2.35%Trading expense ratioG .02% .02% .07% .06%Portfolio turnover rateH 8.52% 15.73% 10.18% 10.98%Net asset value per security, end of period $ 14.1486 $ 14.1648 $ 14.6849 $ 12.3225

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Fidelity China Class of the Fidelity Capital Structure Corp. Series E1T5

Six-months ended May 31,

Periods ended November 30,

2019 2018K

The Series’ Net Assets per Security A Net assets, beginning of period B $ 18.47 $ 20.00Increase (decrease) from operations: Total revenue .57 3.16Total expenses (excluding distributions) (.23) (.43)Realized gains (losses) .42 .56Unrealized gains (losses) (.80) (1.54)Total increase (decrease) from operationsB (.04) 1.75Distributions: From net investment income (excluding dividends) – –From dividends – –From capital gains – –Return of capital (.50) (1.00)Total distributionsB,C (.50) (1.00)Net assets, end of periodB $ 17.96 $ 18.47Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1Securities outstandingD 54 53Management expense ratio E,L 2.36% 2.17%Management expense ratio before waivers or absorptions E,L 2.43% 2.27%Trading expense ratioG .02% .02%Portfolio turnover rateH 8.52% 15.73%Net asset value per security, end of period $ 17.9610 $ 18.4739

Fidelity China Class of the Fidelity Capital Structure Corp. Series E2


2019 2018 2017 2016I

The Series’ Net Assets per Security A Net assets, beginning of period B $ 14.21 $ 14.71 $ 12.34 $ 10.00Increase (decrease) from operations: Total revenue .25 .07 .10 .30Total expenses (excluding distributions) (.15) (.30) (.26) (.20)Realized gains (losses) .33 .83 .41 .40Unrealized gains (losses) (3.04) (5.52) 1.17 2.30Total increase (decrease) from operationsB (2.61) (4.92) 1.42 2.80Distributions: From net investment income (excluding dividends) – – – –From dividends – – – –From capital gains – – (.61) –Return of capital – – – –Total distributionsB,C – – (.61) –Net assets, end of periodB $ 14.21 $ 14.21 $ 14.71 $ 12.34Ratios and Supplemental Data Net asset value (000s) D $ 359 $ 82 $ 52 $ 17Securities outstandingD 25,275 5,788 3,548 1,393Management expense ratio E,J 2.05% 2.05% 2.06% 2.10%Management expense ratio before waivers or absorptions E,J 2.11% 2.11% 2.14% 2.15%Trading expense ratioG .02% .02% .07% .06%Portfolio turnover rateH 8.52% 15.73% 10.18% 10.98%Net asset value per security, end of period $ 14.2073 $ 14.2105 $ 14.7094 $ 12.3400

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


2019 2018 2017 2016M

The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.34 $ 12.72 $ 10.68 $ 10.00Increase (decrease) from operations: Total revenue .36 .34 .25 .26Total expenses (excluding distributions) (.07) (.15) (.13) (.11)Realized gains (losses) .28 .60 .37 .40Unrealized gains (losses) (.77) (1.15) 2.15 .62Total increase (decrease) from operationsB (.20) (.36) 2.64 1.17Distributions: From net investment income (excluding dividends) – – – –From dividends – – – –From capital gains – (.07) (.63) –Return of capital – – – –Total distributionsB,C – (.07) (.63) –Net assets, end of periodB $ 12.40 $ 12.34 $ 12.72 $ 10.68Ratios and Supplemental Data Net asset value (000s) D $ 6,786 $ 5,585 $ 5,451 $ 3,959Securities outstandingD 547,416 452,570 428,552 370,736Management expense ratio E,N 1.14% 1.14% 1.16% 1.18%Management expense ratio before waivers or absorptions E,N 1.17% 1.20% 1.24% 1.24%Trading expense ratioG .02% .02% .07% .06%Portfolio turnover rateH 8.52% 15.73% 10.18% 10.98%Net asset value per security, end of period $ 12.3963 $ 12.3416 $ 12.7202 $ 10.6775

Fidelity China Class of the Fidelity Capital Structure Corp. Series P1T5


2019 2018 2017 2016O

The Series’ Net Assets per Security A Net assets, beginning of period B $ 21.31 $ 23.08 $ 20.21 $ 20.00Increase (decrease) from operations: Total revenue .65 .04 .48 .13Total expenses (excluding distributions) (.13) (.25) (.22) (.04)Realized gains (losses) .47 .98 .69 .18Unrealized gains (losses) (.92) (4.05) 4.45 .71Total increase (decrease) from operationsB .07 (3.28) 5.40 .99Distributions: From net investment income (excluding dividends) – – – –From dividends – – – –From capital gains – (.15) (1.18) –Return of capital (.57) (1.13) (.89) (.22)Total distributionsB,C (.57) (1.28) (2.07) (.22)Net assets, end of periodB $ 20.84 $ 21.31 $ 23.08 $ 20.21Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1 $ 1 $ 63Securities outstandingD 61 59 56 3,118Management expense ratio E,P 1.23% 1.05% 1.06% 1.17%Management expense ratio before waivers or absorptions E,P 1.23% 1.09% 1.14% 1.22%Trading expense ratioG .02% .02% .07% .06%Portfolio turnover rateH 8.52% 15.73% 10.18% 10.98%Net asset value per security, end of period $ 20.8376 $ 21.3074 $ 23.0800 $ 20.2065

10




2019 2018 2017 2016M

The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.35 $ 12.72 $ 10.68 $ 10.00Increase (decrease) from operations: Total revenue .39 .34 .24 .18Total expenses (excluding distributions) (.07) (.14) (.12) (.10)Realized gains (losses) .27 .58 .36 .40Unrealized gains (losses) (.49) (1.18) 2.41 1.19Total increase (decrease) from operationsB .10 (.40) 2.89 1.67Distributions: From net investment income (excluding dividends) – – – –From dividends – – – –From capital gains – (.08) (.63) –Return of capital – – – –Total distributionsB,C – (.08) (.63) –Net assets, end of periodB $ 12.40 $ 12.35 $ 12.72 $ 10.68Ratios and Supplemental Data Net asset value (000s) D $ 3,619 $ 3,748 $ 4,216 $ 2,518Securities outstandingD 291,768 303,575 335,230 235,724Management expense ratio E,N 1.05% 1.06% 1.07% 1.09%Management expense ratio before waivers or absorptions E,N 1.09% 1.11% 1.15% 1.16%Trading expense ratioG .02% .02% .07% .06%Portfolio turnover rateH 8.52% 15.73% 10.18% 10.98%Net asset value per security, end of period $ 12.4028 $ 12.3461 $ 12.7250 $ 10.6818



2019 2018 2017 2016M

The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.36 $ 12.74 $ 10.69 $ 10.00Increase (decrease) from operations: Total revenue .38 .38 .09 .01Total expenses (excluding distributions) (.06) (.13) (.12) (.10)Realized gains (losses) .28 .58 .22 .40Unrealized gains (losses) (.54) (1.03) 4.65 2.65Total increase (decrease) from operationsB .06 (.20) 4.84 2.96Distributions: From net investment income (excluding dividends) – – – –From dividends – – – –From capital gains – (.09) (.64) –Return of capital – – – –Total distributionsB,C – (.09) (.64) –Net assets, end of periodB $ 12.42 $ 12.36 $ 12.74 $ 10.69Ratios and Supplemental Data Net asset value (000s) D $ 741 $ 737 $ 821 $ 56Securities outstandingD 59,688 59,606 64,414 5,229Management expense ratio E,N 1.00% 1.00% .99% 1.02%Management expense ratio before waivers or absorptions E,N 1.03% 1.06% 1.08% 1.08%Trading expense ratioG .02% .02% .07% .06%Portfolio turnover rateH 8.52% 15.73% 10.18% 10.98%Net asset value per security, end of period $ 12.4206 $ 12.3604 $ 12.7392 $ 10.6946

11


Six-months ended May 31,

Periods ended November 30,

2019 2018Q

The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.43 $ 10.00Increase (decrease) from operations: Total revenue .29 –Total expenses (excluding distributions) (.05) (.05)Realized gains (losses) .21 .34Unrealized gains (losses) (.40) (.87)Total increase (decrease) from operationsB .05 (.58)Distributions: From net investment income (excluding dividends) – –From dividends – –From capital gains – –Return of capital – –Total distributionsB,C – –Net assets, end of periodB $ 9.47 $ 9.43Ratios and Supplemental Data Net asset value (000s) D $ 69 $ 69Securities outstandingD 7,310 7,310Management expense ratio E,R .93% .93%Management expense ratio before waivers or absorptions E,R .96% .96%Trading expense ratioG .02% .02%Portfolio turnover rateH 8.52% 15.73%Net asset value per security, end of period $ 9.4744 $ 9.4251

12


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 December 13, 2017 (commencement of sale of securities) to November 30, 2018.L Effective December 15, 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 April 20, 2018 (commencement of sale of securities) to November 30, 2018.R Effective April 24, 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.

13

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% 37.67% 62.33%

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% 30.05% 69.95%

Series T8 2.000% -121.90% 221.90%

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% — 100.00%

Series E2 1.800% 55.56% 44.44%

Series P1 0.825% — 100.00%

Series P1T5 0.825% — 100.00%

Series P2 0.800% — 100.00%

Series P3 0.775% — 100.00%

Series P4 0.725% — 100.00%

14


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.

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

605040302010

0-10-20

2019

-0.3

2018

-3.8

2017

24.9

2016

8.0

2015

18.9

2014

9.4

2013

26.5

2012

0.9

2011

-19.5

2010

6.4

2009

54.3

Fiscal Years

(%)

Series B

605040302010

0-10-20

2019

-0.2

2018

-3.6

2017

25.1

2016

8.2

2015

19.2

2014

9.7

2013

26.8

2012

1.2

2011

-19.3

2010

6.6

2009

54.8

Fiscal Years

(%)

Series F

605040302010

0-10-20

2019

0.4

2018

-2.6

2017

26.5

2016

9.4

2015

20.5

2014

10.8

2013

28.1

2012

2.3

2011

-18.5

2010

7.7

2009

56.2

Fiscal Years

(%)

Series F5

30

20

10

0

-10

2019

0.4

2018

-2.6

2017

26.6

2016

9.5

2015

20.6

2014

10.9

2013

23.3

Fiscal Years

(%)

Commencement of Operations is April 17, 2013

Series F8

30

20

10

0

-10

2019

0.4

2018

-2.5

2017

26.6

2016

9.5

2015

20.6

2014

10.9

2013

23.3

Fiscal Years

(%)


Series T5

30

20

10

0

-10

2019

-0.3

2018

-3.7

2017

24.8

2016

8.2

2015

18.9

2014

9.3

2013

22.3

Fiscal Years

(%)


15

Series T8

30

20

10

0

-10

2019

-0.3

2018

-3.8

2017

24.8

2016

7.9

2015

18.8

2014

9.3

2013

22.3

Fiscal Years

(%)


Series S5

30

20

10

0

-10

2019

-0.1

2018

-3.5

2017

25.3

2016

8.1

2015

19.2

2014

9.6

2013

22.5

Fiscal Years

(%)


Series S8

30

20

10

0

-10

2019

-0.1

2018

-3.6

2017

25.1

2016

8.2

2015

19.2

2014

9.7

2013

22.5

Fiscal Years

(%)


Series E1

605040302010

0-10-20

2019

-0.1

2018

-3.5

2017

25.2

2016

8.3

2015

19.2

2014

9.7

2013

26.8

2012

1.2

2011

-19.3

2010

6.6

2009

54.8

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series E1T5

30

20

10

0

-10

2019

-0.2

2018

-3.6

2017

25.3

2016

8.1

2015

19.2

2014

9.6

2013

22.5

Fiscal Years

(%)

Commencement of Operations is December 13, 2017

Series E2

605040302010

0-10-20

2019

0.0

2018

-3.4

2017

25.5

2016

8.5

2015

19.2

2014

9.7

2013

26.8

2012

1.2

2011

-19.3

2010

6.6

2009

54.8

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series P1

605040302010

0-10-20

2019

0.4

2018

-2.5

2017

26.6

2016

9.6

2015

20.5

2014

10.8

2013

28.1

2012

2.3

2011

-18.5

2010

7.7

2009

56.2

Fiscal Years

(%)


Series P1T5

30

20

10

0

-10

2019

0.4

2018

-2.5

2017

26.7

2016

9.5

2015

20.6

2014

10.9

2013

23.3

Fiscal Years

(%)

Commencement of Operations is September 16, 2016

16


Past Performance – continued

Series P2

605040302010

0-10-20

2019

0.5

2018

-2.4

2017

26.7

2016

9.6

2015

20.5

2014

10.8

2013

28.1

2012

2.3

2011

-18.5

2010

7.7

2009

56.2

Fiscal Years

(%)


Series P3

605040302010

0-10-20

2019

0.5

2018

-2.3

2017

26.8

2016

9.7

2015

20.5

2014

10.8

2013

28.1

2012

2.3

2011

-18.5

2010

7.7

2009

56.2

Fiscal Years

(%)


Series P4

605040302010

0-10-20

2019

0.5

2018

-2.4

2017

26.5

2016

9.4

2015

20.5

2014

10.8

2013

28.1

2012

2.3

2011

-18.5

2010

7.7

2009

56.2

Fiscal Years

(%)


17


Summary of Investment Portfolio as at May 31, 2019Sector Mix

% of Fund’s Net Assets as at

5/31/19


11/30/18

Financials 37.5 37.2

Communication Services 13.0 13.3

Consumer Discretionary 10.6 11.9

Energy 9.7 10.9

Industrials 7.1 7.0

Real Estate 6.4 6.8

Consumer Staples 4.7 4.3

Materials 2.8 3.0

Information Technology 1.8 2.0

Health Care 1.3 1.1

Others (Individually Less Than 1%) 0.8 1.0

Cash and Cash Equivalents 3.8 1.4

Net Other Assets (Liabilities) 0.5 0.1

Market Capitalization


5/31/19


11/30/18

Large 76.5 72.3

Mid 15.2 19.3

Small 3.9 6.8

Market Capitalization is a measure of the size of a company. It is calculated by multiplying the current share price by the number of outstanding common shares of the company. The Fund defines small cap as less than $2 billion, mid cap as between $2 billion and $10 billion, and large cap as over $10 billion in capitalization.

Geographic Mix


5/31/19


11/30/18

China 45.9 47.1

Cayman Islands 20.1 21.0

Hong Kong 18.0 19.4

United Kingdom 4.9 4.8

Netherlands 4.7 4.5

Bermuda 1.5 1.0

Others (Individually Less Than 1%) 0.6 0.7

Cash and Cash Equivalents 3.8 1.4

Net Other Assets (Liabilities) 0.5 0.1

Top Issuers

% of Fund’s Net Assets

1. China Construction Bank Corp. 7.0

2. China Mobile Ltd. 6.0

3. Industrial & Commercial Bank of China Ltd. 5.8

4. Tencent Holdings Ltd. 5.7

5. Alibaba Group Holding Ltd. 4.9

6. China Life Insurance Co. Ltd. 4.9

7. BNP Paribas Arbitrage Issuance BV 4.7

8. CNOOC Ltd. 4.4

9. Fidelity U.S. Money Market Investment Trust – Series O 3.8

10. China Overseas Land and Investment Ltd. 3.4

11. China Merchants Bank Co. Ltd. 2.9

12. UBS AG London Branch 2.8

13. China Resources Land Ltd. 2.7

14. Zhuzhou CRRC Times Electric Co. Ltd. 2.7

15. Agricultural Bank of China Ltd. 2.5

16. HSBC Bank PLC 2.1

17. China Petroleum & Chemical Corp. 2.1

18. Lenovo Group Ltd. 1.6

19. PetroChina Co. Ltd. 1.6

20. China Shenhua Energy Co. Ltd. 1.6

21. Dongfeng Motor Group Co. Ltd. 1.4

22. Uni-President China Holdings Ltd. 1.4

23. China Pacific Insurance (Group) Co. Ltd. 1.4

24. Baidu.com, Inc. 1.1

25. Guangshen Railway Co. Ltd. 1.1

79.6

Total Fund Net Assets $41,640,000

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

All tables within the Summary of Investment Portfolio section, except the Top Issuers table, contain audited annual information (unaudited as at semi-annual period end).

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.

1.850059.112 FICL-CHI-CS-MRFPS-0719

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

62.107789E

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

Fidelity China Class of the Fidelity Capital Structure Corp.1 Semi-Annual Management Report of Fund...

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