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Semi-Annual Management Report of Fund PerformanceMay 31, 2020

Fidelity Global Financial Services 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 Global Financial Services 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 Global Financial Services Class (Fund) invests substantially all of its assets in securities of Fidelity Global Financial Services Fund (Underlying Fund).

Fidelity Global Financial Services Class, Series B, returned -14.3%, after fees and expenses, for the six-month period ended May 31, 2020. The net returns of the other series of this Class 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 -1.6% (in Canadian dollar terms) for the same period.

Market overview:

Global equities declined as concerns related to the impact of the COVID-19 pandemic and its effect on global growth, coupled with plummeting oil prices, hampered investor sentiment. Widespread lockdowns intended to contain the spread of the virus also triggered a sharp slowdown in global economic activity, causing economic growth to recede during the first quarter of 2020 in the U.S., Europe, and China. Central banks across emerging and developed markets reduced their benchmark interest rates to historic new lows. Additionally, many governments announced increased spending, with some reducing corporate taxes and providing direct income support to households and businesses, in an attempt to encourage production and consump-tion. From a regional perspective, European equities also declined, despite some optimism towards the end of the review period as several countries in the region, including Germany, France, Italy and Spain, began to ease lockdown restrictions. In contrast, U.S. equities recovered most of the losses experienced during the period, and rose in Canadian dollar terms, as stimulus measures took effect and market sentiment improved toward the end of the review period.

Factors affecting performance:

The Fund’s benchmark, the MSCI ACWI (All Country World Index) Financials Index, returned -20.0% (in Canadian dollar terms) for the review period. The Fund outperformed its benchmark after fees and expenses.

The Underlying Fund’s exposure to certain holdings in the software & services industry and the insurance industry contributed to relative outperformance. In the software & services industry, U.S.-based payment solutions providers such as PayPal Holdings, Global Payments, Visa and Mastercard, performed strongly, and contributed to relative returns. Among other factors driving share price gains, these companies were structural beneficiaries from changes in consumer behavior due to COVID-19. In the insurance industry, U.S.-based Kinsale Capital Group, a specialist insurer, performed strongly at a time when insurance pricing has been improving, as did the holdings in insurance brokerage and advisory companies, U.K.-based Willis Tower Watson, and U.S.-based Arthur J Gallagher & Co. Across other industries, holdings in France-based payment solutions provider Ingenico Group, and Argentina-based e-commerce platform operator MercadoLibre, were among leading contributors to relative performance.

In contrast, the Underlying Fund’s lower-than-benchmark exposure to the banking industry detracted from relative performance. In the industry, holdings in France-based Société Générale and Italy-based UniCredit, detracted from relative performance. At the end of the review period, the Underlying Fund’s lack of exposure to U.S.-based financial information and analytics provider S&P Global, and U.S.-based credit rating company Moody’s Corp, detracted from relative performance.

Portfolio changes:

During the review period, the Underlying Fund increased its allocation to diversified financial services by initiating new positions in U.S.-based alternative asset managers Blackstone and Apollo Global Management, companies the portfolio manager believes are beneficiaries of the low interest rate environment and the likely rise in demand for the alternative asset class in a world of low returns. A new position was initiated in Discover Financial Services, which traded at a sharp discount to what the portfolio manager believes are normal valuations after account-ing for severe credit losses. Meanwhile, overall exposure to the banking sector also declined over the period under review. However, the portfolio manager of the Underlying Fund also took the opportunity to increase exposure to banks with the potential to emerge from the Covid-19 crisis, with fewer credit losses, and better prospects for a rebound than peers and where the market overestimated the impact from dislocation. These holdings included Bank of America, Morgan Stanley, Julius Baer, and St James Place. These positions were funded by taking profits in stocks that performed well during the period, including exchanges and payment service providers.

In contrast, the portfolio manager of the Underlying Fund sold the position in life re-insurer Reinsurance Group of America in February, before the market sell-off, due to its sizeable exposure to mortality that could be driven higher by the pandemic.

At the end of the review period, the Underlying Fund had its largest absolute allocation to the insurance industry. The Underlying Fund diverged most from its benchmark’s weightings by having a higher allocation to the insurance industry and a lower allocation to the banking industry.

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Management Discussion of Fund Performance – continued

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.

The portfolio manager of the Underlying Fund, Sotiris Boutsis, has concentrated on the three core pillars of his investment approach: focusing on fundamentals, emphasizing quality, and being aware of the macro picture. He believes that in times of stress, it is these characteristics that make or break a company’s prospects. He looks for businesses where the earnings poten-tial is likely to be underestimated by the market and where there are improving fundamentals not yet reflected in the share price. This typically translates into improving returns and may lead to a company’s prospects being rated higher. In market downturns, where there is a widespread sell-off, companies with strong fundamentals tend to bounce back the quickest. Mr. Boutsis’ bottom-up stock picking process leverages Fidelity’s global research network so that he can cover more stocks, which, he believes, offers him an advantage in identifying long-term winners through this crisis.

The portfolio manager’s emphasis on quality can refer to different elements and needs to be considered in connection with valuation. Franchise quality refers to companies capable of generating high returns, ultimately driving cash generation and growth, enabling these businesses to recover from losses or deploy more capital and grow faster. Management quality is crucial, which is why Mr. Boutsis likes to meet corporate executives to understand how they are navigating their businesses through uncertain times. During periods of stress, asset quality is particularly important for financial companies, which are naturally leveraged, as robust assets help insulate companies from shocks while impaired assets can amplify them. High quality companies are not only likely to be better placed to survive through turmoil, they can also capitalize on dislocations using their superior resources and decision-making capabilities.

While the portfolio manager’s strategy begins with individual companies, he takes time to be aware of the macroeconomic environment. He prefers businesses exposed to countries with robust sovereign balance sheets, sound banking systems, a favourable regulatory backdrop, supportive industry dynamics, and a friendly political environment. The outlook for interest rates and inflation is also important. However, bottom-up stock specific considerations are the main driver behind the composition of the Fund.

Effective June 1, 2020, the Fund is closed to new purchases and switches for registered plans, except for existing systematic transactions.

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 $57,000 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 $8,000 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 Global Financial Services 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 $ 23.85 $ 21.98 $ 23.08 $ 19.39 $ 19.22 $ 16.14Increase (decrease) from operations: Total revenue .86 .76 .63 .33 .14 –Total expenses (excluding distributions) (.28) (.55) (.57) (.52) (.46) (.47)Realized gains (losses) .42 .99 1.38 1.17 1.72 .77Unrealized gains (losses) (4.23) .14 (2.35) 2.74 (.98) 2.88Total increase (decrease) from operationsB (3.23) 1.34 (.91) 3.72 .42 3.18Distributions: From net investment income (excluding dividends) – – – – – –From dividends – (.08) (.14) (.11) (.22) –From capital gains – – – (.03) – –Return of capital – – – – – –Total distributionsB,C – (.08) (.14) (.14) (.22) –Net assets, end of periodB $ 20.41 $ 23.85 $ 21.98 $ 23.08 $ 19.39 $ 19.22Ratios and Supplemental Data Net asset value (000s) D $ 383 $ 726 $ 1,558 $ 2,327 $ 1,531 $ 1,437Securities outstandingD 18,775 30,458 70,912 100,791 78,974 74,756Management expense ratio E,F 2.51% 2.48% 2.46% 2.47% 2.53% 2.58%Management expense ratio before waivers or absorptions E,F 2.58% 2.55% 2.54% 2.55% 2.59% 2.65%Trading expense ratioG .10% .12% .05% .21% .08% .01%Portfolio turnover rateH 14.45% 9.31% 28.25% 33.57% 31.69% 17.11%Net asset value per security, end of period $ 20.4140 $ 23.8493 $ 21.9753 $ 23.0917 $ 19.3905 $ 19.2202

Fidelity Global Financial Services 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 $ 24.34 $ 22.40 $ 23.48 $ 19.74 $ 19.53 $ 16.38Increase (decrease) from operations: Total revenue .73 .62 .56 .37 .17 –Total expenses (excluding distributions) (.26) (.53) (.54) (.50) (.44) (.45)Realized gains (losses) .39 1.05 1.40 1.20 1.94 .80Unrealized gains (losses) (3.91) .63 (2.46) 2.88 (2.04) 2.69Total increase (decrease) from operationsB (3.05) 1.77 (1.04) 3.95 (.37) 3.04Distributions: From net investment income (excluding dividends) – – – – – –From dividends – (.08) (.15) (.12) (.22) –From capital gains – – – (.06) – –Return of capital – – – – – –Total distributionsB,C – (.08) (.15) (.18) (.22) –Net assets, end of periodB $ 20.86 $ 24.34 $ 22.40 $ 23.48 $ 19.74 $ 19.53Ratios and Supplemental Data Net asset value (000s) D $ 3,144 $ 3,979 $ 4,935 $ 5,167 $ 3,889 $ 5,449Securities outstandingD 150,627 162,090 220,629 220,120 197,561 278,936Management expense ratio E,F 2.32% 2.32% 2.32% 2.35% 2.38% 2.41%Management expense ratio before waivers or absorptions E,F 2.39% 2.39% 2.40% 2.42% 2.43% 2.45%Trading expense ratioG .10% .12% .05% .21% .08% .01%Portfolio turnover rateH 14.45% 9.31% 28.25% 33.57% 31.69% 17.11%Net asset value per security, end of period $ 20.8629 $ 24.3453 $ 22.3967 $ 23.4990 $ 19.7350 $ 19.5348

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Financial Highlights – continued

Fidelity Global Financial Services 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 $ 28.75 $ 26.15 $ 27.09 $ 22.78 $ 22.30 $ 18.47Increase (decrease) from operations: Total revenue .85 .64 .51 .23 .56 –Total expenses (excluding distributions) (.16) (.32) (.32) (.30) (.26) (.27)Realized gains (losses) .47 1.25 1.59 1.22 3.01 .93Unrealized gains (losses) (5.34) 1.29 (2.83) 1.64 (8.33) (.43)Total increase (decrease) from operationsB (4.18) 2.86 (1.05) 2.79 (5.03) .23Distributions: From net investment income (excluding dividends) – – – – – –From dividends – (.09) (.17) (.13) (.26) –From capital gains – – – (.34) – –Return of capital – – – – – –Total distributionsB,C – (.09) (.17) (.47) (.26) –Net assets, end of periodB $ 24.78 $ 28.75 $ 26.15 $ 27.09 $ 22.78 $ 22.30Ratios and Supplemental Data Net asset value (000s) D $ 1,417 $ 1,839 $ 1,670 $ 972 $ 628 $ 3,561Securities outstandingD 57,135 63,757 63,846 35,809 27,569 160,320Management expense ratio E,F 1.20% 1.19% 1.18% 1.21% 1.24% 1.23%Management expense ratio before waivers or absorptions E,F 1.23% 1.22% 1.23% 1.29% 1.32% 1.32%Trading expense ratioG .10% .12% .05% .21% .08% .01%Portfolio turnover rateH 14.45% 9.31% 28.25% 33.57% 31.69% 17.11%Net asset value per security, end of period $ 24.7776 $ 28.7546 $ 26.1546 $ 27.1326 $ 22.7839 $ 22.3002

Fidelity Global Financial Services 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 $ 13.88 $ 12.75 $ 13.36 $ 11.23 $ 10.00Increase (decrease) from operations: Total revenue .33 .37 .29 .23 .10Total expenses (excluding distributions) (.14) (.29) (.30) (.28) (.20)Realized gains (losses) .18 .60 .80 .70 .40Unrealized gains (losses) (1.65) .15 (1.52) 1.48 1.65Total increase (decrease) from operationsB (1.28) .83 (.73) 2.13 1.96Distributions: From net investment income (excluding dividends) – – – – –From dividends – (.05) (.08) (.07) (.13)From capital gains – – – (.04) –Return of capital – – – – –Total distributionsB,C – (.05) (.08) (.11) (.13)Net assets, end of periodB $ 11.89 $ 13.88 $ 12.75 $ 13.36 $ 11.23Ratios and Supplemental Data Net asset value (000s) D $ 1,050 $ 799 $ 907 $ 992 $ 538Securities outstandingD 88,285 57,562 71,136 74,178 47,920Management expense ratio E,J 2.27% 2.22% 2.21% 2.31% 2.32%Management expense ratio before waivers or absorptions E,J 2.34% 2.29% 2.29% 2.38% 2.37%Trading expense ratioG .10% .12% .05% .21% .08%Portfolio turnover rateH 14.45% 9.31% 28.25% 33.57% 31.69%Net asset value per security, end of period $ 11.8952 $ 13.8794 $ 12.7538 $ 13.3685 $ 11.2264

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2020 2019 2018 2017 2016I

The Series’ Net Assets per Security A Net assets, beginning of period B $ 13.89 $ 12.76 $ 13.37 $ 11.23 $ 10.00Increase (decrease) from operations: Total revenue .40 .31 .49 .07 .10Total expenses (excluding distributions) (.14) (.28) (.29) (.27) (.19)Realized gains (losses) .22 .61 .75 .61 .42Unrealized gains (losses) (2.44) .54 (1.62) 1.41 1.50Total increase (decrease) from operationsB (1.96) 1.18 (.67) 1.82 1.83Distributions: From net investment income (excluding dividends) – – – – –From dividends – (.05) (.08) (.07) (.13)From capital gains – – – (.05) –Return of capital – – – – –Total distributionsB,C – (.05) (.08) (.12) (.13)Net assets, end of periodB $ 11.91 $ 13.89 $ 12.76 $ 13.37 $ 11.23Ratios and Supplemental Data Net asset value (000s) D $ 300 $ 334 $ 303 $ 1,197 $ 323Securities outstandingD 25,222 24,029 23,715 89,509 28,794Management expense ratio E,J 2.19% 2.19% 2.16% 2.22% 2.24%Management expense ratio before waivers or absorptions E,J 2.26% 2.26% 2.24% 2.29% 2.29%Trading expense ratioG .10% .12% .05% .21% .08%Portfolio turnover rateH 14.45% 9.31% 28.25% 33.57% 31.69%Net asset value per security, end of period $ 11.9127 $ 13.8946 $ 12.7632 $ 13.3779 $ 11.2320



2020 2019 2018 2017K

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.43 $ 10.47 $ 10.96 $ 10.00Increase (decrease) from operations: Total revenue .32 .25 1.15 –Total expenses (excluding distributions) (.11) (.22) (.22) (.08)Realized gains (losses) .18 .50 .75 .31Unrealized gains (losses) (2.01) .46 (.15) .79Total increase (decrease) from operationsB (1.62) .99 1.53 1.02Distributions: From net investment income (excluding dividends) – – – –From dividends – (.04) (.07) (.05)From capital gains – – – –Return of capital – – – –Total distributionsB,C – (.04) (.07) (.05)Net assets, end of periodB $ 9.81 $ 11.43 $ 10.47 $ 10.96Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1 $ 1 $ 399Securities outstandingD 101 101 101 36,440Management expense ratio E,L 2.05% 1.95% 1.99% 2.00%Management expense ratio before waivers or absorptions E,L 2.26% 2.24% 2.08% 2.09%Trading expense ratioG .10% .12% .05% .21%Portfolio turnover rateH 14.45% 9.31% 28.25% 33.57%Net asset value per security, end of period $ 9.8076 $ 11.4307 $ 10.4735 $ 10.9604

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Fidelity Global Financial Services 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 $ 12.71 $ 11.55 $ 12.29 $ 10.06 $ 10.00Increase (decrease) from operations: Total revenue .34 .24 .20 .03 .03Total expenses (excluding distributions) (.07) (.13) (.13) (.12) (.11)Realized gains (losses) .19 .56 .72 .71 .53Unrealized gains (losses) (2.20) .48 (1.18) 2.24 3.49Total increase (decrease) from operationsB (1.74) 1.15 (.39) 2.86 3.94Distributions: From net investment income (excluding dividends) – – – – –From dividends – (.04) (.08) (.06) (.11)From capital gains – – – (.16) –Return of capital – – – – –Total distributionsB,C – (.04) (.08) (.22) (.11)Net assets, end of periodB $ 10.96 $ 12.71 $ 11.55 $ 12.29 $ 10.06Ratios and Supplemental Data Net asset value (000s) D $ 664 $ 698 $ 611 $ 305 $ 18Securities outstandingD 60,623 54,874 52,921 25,475 1,787Management expense ratio E,N 1.12% 1.11% 1.11% 1.13% 1.15%Management expense ratio before waivers or absorptions E,N 1.15% 1.15% 1.16% 1.22% 1.21%Trading expense ratioG .10% .12% .05% .21% .08%Portfolio turnover rateH 14.45% 9.31% 28.25% 33.57% 31.69%Net asset value per security, end of period $ 10.9589 $ 12.7139 $ 11.5546 $ 11.9775 $ 10.0596



2020 2019 2018 2017 2016M

The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.79 $ 11.61 $ 12.01 $ 10.09 $ 10.00Increase (decrease) from operations: Total revenue .37 .28 .01 .20 .06Total expenses (excluding distributions) (.05) (.11) (.12) (.10) (.08)Realized gains (losses) .20 .53 .62 .61 1.59Unrealized gains (losses) (2.28) .54 (1.50) 1.45 (2.15)Total increase (decrease) from operationsB (1.76) 1.24 (.99) 2.16 (.58)Distributions: From net investment income (excluding dividends) – – – – –From dividends – (.04) (.08) (.06) (.11)From capital gains – – – (.18) –Return of capital – – – – –Total distributionsB,C – (.04) (.08) (.24) (.11)Net assets, end of periodB $ 11.05 $ 12.79 $ 11.61 $ 12.01 $ 10.09Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1 $ 48 $ 1 $ 1Securities outstandingD 104 104 4,127 103 101Management expense ratio E,N .80% .97% 1.04% .84% .93%Management expense ratio before waivers or absorptions E,N .97% 1.01% 1.08% 1.21% 1.24%Trading expense ratioG .10% .12% .05% .21% .08%Portfolio turnover rateH 14.45% 9.31% 28.25% 33.57% 31.69%Net asset value per security, end of period $ 11.0464 $ 12.7953 $ 11.6107 $ 12.0239 $ 10.0908

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2020 2019 2018 2017O

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.69 $ 10.58 $ 10.93 $ 10.00Increase (decrease) from operations: Total revenue .33 .26 .28 –Total expenses (excluding distributions) (.05) (.08) (.08) (.01)Realized gains (losses) .19 .50 .65 .07Unrealized gains (losses) (2.07) .46 (1.13) .93Total increase (decrease) from operationsB (1.60) 1.14 (.28) .99Distributions: From net investment income (excluding dividends) – – – –From dividends – (.04) (.07) (.05)From capital gains – – – –Return of capital – – – –Total distributionsB,C – (.04) (.07) (.05)Net assets, end of periodB $ 10.08 $ 11.69 $ 10.58 $ 10.93Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1 $ 1 $ 1Securities outstandingD 101 101 101 101Management expense ratio E,P .93% .76% .75% .79%Management expense ratio before waivers or absorptions E,P .93% .76% .87% 1.15%Trading expense ratioG .10% .12% .05% .21%Portfolio turnover rateH 14.45% 9.31% 28.25% 33.57%Net asset value per security, end of period $ 10.0844 $ 11.6876 $ 10.5842 $ 10.9320



2020 2019 2018 2017O


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2020 2019 2018 2017O


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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 July 14, 2017 (commencement of sale of securities) to November 30, 2017.L 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.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 22, 2017 (commencement of sale of securities) to November 30, 2017.P 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.

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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% 33.25% 66.75%

Series B 1.850% 54.05% 45.95%

Series F 0.850% — 100.00%

Series E1 1.825% 54.79% 45.21%

Series E2 1.800% 55.56% 44.44%

Series E3 1.775% 56.34% 43.66%

Series P1 0.825% — 100.00%

Series P2 0.800% — 100.00%

Series P3 0.775% — 100.00%

Series P4 0.725% — 100.00%

Series P5 0.675% — 100.00%

11


Past PerformanceThe performance information shown assumes that all distributions made by the Fund in the periods shown were reinvested in additional securities of the Fund. The performance information does not take into account sales, redemption, distribution or other optional charges, 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

40302010

0-10-20

2020

-14.4

2019

8.9

2018

-4.2

2017

19.9

2016

2.0

2015

19.1

2014

12.6

2013

33.8

2012

19.2

2011

-11.0

2010

-4.9

Fiscal Years

(%)

Series B

40302010

0-10-20

2020

-14.3

2019

9.1

2018

-4.1

2017

20.0

2016

2.2

2015

19.3

2014

12.9

2013

34.0

2012

19.4

2011

-10.8

2010

-4.7

Fiscal Years

(%)

Series F

40302010

0-10-20

2020

-13.8

2019

10.3

2018

-3.0

2017

21.4

2016

3.3

2015

20.7

2014

14.1

2013

35.4

2012

20.7

2011

-9.9

2010

-3.7

Fiscal Years

(%)

Series E1

40302010

0-10-20

2020

-14.3

2019

9.2

2018

-4.0

2017

20.1

2016

2.3

2015

19.3

2014

12.9

2013

34.0

2012

19.4

2011

-10.8

2010

-4.7

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series E2

40302010

0-10-20

2020

-14.3

2019

9.2

2018

-4.0

2017

20.2

2016

2.3

2015

19.3

2014

12.9

2013

34.0

2012

19.4

2011

-10.8

2010

-4.7

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series E3

40302010

0-10-20

2020

-14.2

2019

9.5

2018

-3.8

2017

20.2

2016

2.2

2015

19.3

2014

12.9

2013

34.0

2012

19.4

2011

-10.8

2010

-4.7

Fiscal Years

(%)

Commencement of Operations is July 14, 2017

12


Past Performance – continued

Series P1

40302010

0-10-20

2020

-13.8

2019

10.4

2018

-2.9

2017

21.5

2016

3.4

2015

20.7

2014

14.1

2013

35.4

2012

20.7

2011

-9.9

2010

-3.7

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P2

40302010

0-10-20

2020

-13.7

2019

10.6

2018

-2.8

2017

21.9

2016

3.7

2015

20.7

2014

14.1

2013

35.4

2012

20.7

2011

-9.9

2010

-3.7

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P3

40302010

0-10-20

2020

-13.7

2019

10.8

2018

-2.5

2017

21.5

2016

3.3

2015

20.7

2014

14.1

2013

35.4

2012

20.7

2011

-9.9

2010

-3.7

Fiscal Years

(%)

Commencement of Operations is September 22, 2017

Series P4

40302010

0-10-20

2020

-13.7

2019

10.8

2018

-2.5

2017

21.5

2016

3.3

2015

20.7

2014

14.1

2013

35.4

2012

20.7

2011

-9.9

2010

-3.7

Fiscal Years

(%)


Series P5

40302010

0-10-20

2020

-13.7

2019

10.8

2018

-2.5

2017

21.5

2016

3.3

2015

20.7

2014

14.1

2013

35.4

2012

20.7

2011

-9.9

2010

-3.7

Fiscal Years

(%)


13


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

% of Fund’s Net Assets as at

5/31/20


11/30/19

Insurance 28.1 32.7

Banks 24.6 34.0

Capital Markets 17.7 13.1

IT Services 8.0 5.8

Diversified Financial Services 6.9 6.0

Internet & Direct Marketing Retail 3.1 1.1

Interactive Media & Services 2.3 0.0

Electronic Equipment & Components 2.1 1.6

Software 1.9 2.2

Wireless Telecommunication Services 1.4 0.0

Others (Individually Less Than 1%) 1.8 1.5

Cash and Cash Equivalents 1.7 1.8

Net Other Assets (Liabilities) 0.4 0.2

Geographic Mix


5/31/20


11/30/19

United States of America 51.8 47.6

France 6.8 8.8

United Kingdom 5.8 5.3

Japan 5.2 3.8

Germany 4.3 6.3

Switzerland 3.6 3.5

Hong Kong 3.2 4.2

China 3.1 3.1

Cayman Islands 2.7 1.1

India 2.3 3.3

Bermuda 2.2 1.9

Italy 1.5 1.6

Sweden 1.2 0.6

Brazil 1.0 1.9

Others (Individually Less Than 1%) 3.2 5.0

Cash and Cash Equivalents 1.7 1.8

Net Other Assets (Liabilities) 0.4 0.2

Top Issuers

% of Fund’s Net Assets

1. JPMorgan Chase & Co. 5.7

2. Bank of America Corp. 4.3

3. Morgan Stanley 3.6

4. AIA Group Ltd. 2.7

5. Allianz SE 2.7

6. Voya Financial, Inc. 2.6

7. Citigroup, Inc. 2.4

8. Berkshire Hathaway, Inc. 2.3

9. Fidelity National Information Services, Inc. 2.2

10. Julius Baer Group Ltd. 2.2

11. The Blackstone Group LP 2.2

12. Ingenico SA 2.1

13. Ping An Insurance Group Co. of China Ltd. 2.1

14. AXA SA 2.1

15. Willis Group Holdings PLC 2.0

16. St. James’s Place Capital PLC 1.9

17. Intercontinental Exchange, Inc. 1.9

18. Assurant, Inc. 1.8

19. Global Payments, Inc. 1.8

20. Arthur J. Gallagher & Co. 1.7

21. Fidelity U.S. Money Market Investment Trust – Series O 1.7

22. Legal & General Group PLC 1.6

23. Alibaba Group Holding Ltd. 1.6

24. Hannover Reuck SE 1.6

25. MercadoLibre, Inc. 1.5

58.3

Total Fund Net Assets $6,961,000

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.

1.831563.114 FICL-FFS-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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®Fidelity Investments is a registered trademark of Fidelity Investments Canada ULC.

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