Fidelity Japan Class of the Fidelity Capital Structure Corp. · 1 Semi-Annual Management Report of...

Semi-Annual Management Report of Fund PerformanceMay 31, 2019

Fidelity Japan 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 Japan 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 Japan Class (Fund) invests substantially all of its assets in securities of Fidelity Japan Fund (Underlying Fund).

Fidelity Japan Class , Series B, returned -0.8%, 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. Global equities, as represented by the MSCI World Index, returned 3.1% in Canadian dollar terms during the review period.

Market overview:

Global equities advanced over the review period, rebounding from weaker returns at the end of 2018. The decision by the U.S. Federal Reserve (Fed) to pause its cycle of interest rate hikes in early 2019 contributed to gains in global equities. The expectation that the U.S. and China would resolve their trade dispute was among the leading factors driving market performance. Strong economies and healthy corporate earnings supported U.S. and Canadian equities over most of the review period. European equities registered positive returns despite intermittent volatility due to Brexit-related uncertainty, as well as budget-related tensions between Italy and the European Union. However, global markets turned volatile as international trade tensions intensified. Concerns about slowing global growth resurfaced in May and weighed on investor sentiment.

Factors affecting performance:

The Fund’s benchmark, the Tokyo Stock Price Index (TOPIX), returned -2.2% during the review period. The Fund outperformed its benchmark primarily due to the Underlying Fund’s exposure to certain stocks in the health care sector. In the sector, investments in pharmaceuticals, biotechnology and life sciences firm Peptidream, and optical products manufacturing firm Hoya, contributed to relative returns. In addition, exposure to certain stocks in the industrials sector contributed to relative performance. In the sector, investments in information operation businesses Sms Co., and human resource services provider Recruit Holdings, contributed to relative returns. Among other sectors, an investment in multinational conglomerate SoftBank Group contributed to relative returns.

By contrast, investments in certain stocks in the consumer discretionary sector detracted from relative performance. In the sector, investments in consumer electronics firm Sony, and online fashion retailer Zozo, detracted from relative returns. Investments in certain stocks in the information technology sector also detracted from relative returns. In the sector, an investment in electronic capacitor manufacturing company Murata Manufacturing, and lack of exposure to multinational conglomerate Hitachi, detracted from relative returns. Among other sectors, an investment in international advertising and public relations Dentsu detracted from relative returns.

At the end of the review period, the Underlying Fund had no exposure to Zozo and Murata Manufacturing.

Portfolio changes:

During the review period, portfolio manager Eileen Dibb made several changes to the Underlying Fund’s portfolio. She continued to focus on attractively valued companies she believes will generate consistent earnings growth in various market environments. The Underlying Fund’s exposure to the energy and financials sectors increased. In the energy sector, the portfolio man-ager initiated a position in gas exploration and production firm Inpex Corp due to its attractive valuations and growth prospects. In the financials sector, a position was initiated in insurance firm Tokio Marine. The portfolio manager believes the company has a well-diversified business model and a strong capital base that will likely drive earnings growth over the medium term.

By contrast, exposure to the consumer discretionary and industrials sectors decreased. In the consumer discretionary sector, the portfolio manager reduced exposure to consumer electronics manufacturer Sony as she found what she believed to be better opportunities with more attractive risk/reward profiles. In the industrials sector, a position was exited in glass manufacturer AGC as the stock reached her price target.

Recent DevelopmentsThe Underlying Fund’s portfolio manager Eileen Dibb believes the outlook in Japan is still positive. She believes the corporate sector looks attractive, with innovation and technological advances continuing to drive earnings. The portfolio manager expects Japanese companies to continue to benefit from positive changes in management focus on efficiency and shareholder returns, while becoming more cautious on the outlook for global growth. Ms. Dibb acknowledges the complexity of global factors that influence the Japanese economy and corporate sector. She continues to seek structurally competitive companies that are consistently growing with potentially increasing returns to shareholders, or companies that may be inexpensively valued and expected to recover, in her view.

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

Effective April 1, 2019, the Fund’s risk rating was reduced from “high” to “medium to high”. As part of regularly scheduled reviews, it was determined that the Fund’s standard deviation (i.e. volatility) fell into the medium to high risk rating bracket.

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Management Discussion of Fund Performance – continued

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.

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 $163,000 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 $32,000 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 Japan 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 $ 11.19 $ 12.27 $ 10.34 $ 10.54 $ 8.87 $ 8.65Increase (decrease) from operations: Total revenue .11 .03 – .18 .07 .22Total expenses (excluding distributions) (.14) (.31) (.27) (.27) (.26) (.23)Realized gains (losses) .02 .10 1.76 .44 .32 .50Unrealized gains (losses) (.09) (.72) .25 (.98) 1.29 (.62)Total increase (decrease) from operationsB (.10) (.90) 1.74 (.63) 1.42 (.14)Distributions: From net investment income (excluding dividends) – – – – – –From dividends – – – – – –From capital gains – – – – – –Return of capital – – – – – –Total distributionsB,C – – – – – –Net assets, end of periodB $ 11.09 $ 11.19 $ 12.27 $ 10.34 $ 10.54 $ 8.87Ratios and Supplemental Data Net asset value (000s) D $ 119 $ 121 $ 149 $ 138 $ 292 $ 188Securities outstandingD 10,707 10,852 12,122 13,324 27,715 21,236Management expense ratio E,F 2.53% 2.53% 2.56% 2.61% 2.61% 2.74%Management expense ratio before waivers or absorptions E,F 2.60% 2.62% 2.64% 2.68% 2.68% 2.75%Trading expense ratioG .10% .12% .25% .13% .10% .24%Portfolio turnover rateH 2.95% 5.58% 33.99% 23.43% 16.19% 62.63%Net asset value per security, end of period $ 11.0907 $ 11.1879 $ 12.2652 $ 10.3362 $ 10.5364 $ 8.8685

Fidelity Japan 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 $ 11.50 $ 12.58 $ 10.60 $ 10.79 $ 9.06 $ 8.82Increase (decrease) from operations: Total revenue .11 .03 – .13 .07 .13Total expenses (excluding distributions) (.13) (.29) (.26) (.25) (.25) (.22)Realized gains (losses) .02 .10 1.64 .42 .32 .64Unrealized gains (losses) .03 (.91) 1.03 (.49) 1.50 (.20)Total increase (decrease) from operationsB .03 (1.07) 2.41 (.19) 1.64 .36Distributions: From net investment income (excluding dividends) – – – – – –From dividends – – – – – –From capital gains – – (.03) – – –Return of capital – – – – – –Total distributionsB,C – – (.03) – – –Net assets, end of periodB $ 11.41 $ 11.50 $ 12.58 $ 10.60 $ 10.79 $ 9.06Ratios and Supplemental Data Net asset value (000s) D $ 1,090 $ 1,215 $ 1,732 $ 898 $ 3,600 $ 2,617Securities outstandingD 95,513 105,638 137,635 84,760 333,661 288,821Management expense ratio E,F 2.33% 2.32% 2.35% 2.39% 2.41% 2.49%Management expense ratio before waivers or absorptions E,F 2.40% 2.40% 2.41% 2.43% 2.45% 2.50%Trading expense ratioG .10% .12% .25% .13% .10% .24%Portfolio turnover rateH 2.95% 5.58% 33.99% 23.43% 16.19% 62.63%Net asset value per security, end of period $ 11.4146 $ 11.5035 $ 12.5822 $ 10.6012 $ 10.7888 $ 9.0592

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Financial Highlights – continued

Fidelity Japan 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 $ 13.66 $ 14.78 $ 12.46 $ 12.52 $ 10.39 $ 10.00Increase (decrease) from operations: Total revenue .14 .04 – .13 .12 .28Total expenses (excluding distributions) (.08) (.18) (.15) (.15) (.14) (.14)Realized gains (losses) .02 .11 .24 .51 .35 .65Unrealized gains (losses) (.08) (1.11) 9.79 (.62) 1.73 (.67)Total increase (decrease) from operationsB – (1.14) 9.88 (.13) 2.05 .12Distributions: From net investment income (excluding dividends) – – – – – –From dividends – – – – – –From capital gains – – (.17) – – –Return of capital – – – – – –Total distributionsB,C – – (.17) – – –Net assets, end of periodB $ 13.63 $ 13.66 $ 14.78 $ 12.46 $ 12.52 $ 10.39Ratios and Supplemental Data Net asset value (000s) D $ 15,339 $ 16,482 $ 17,121 $ 122 $ 136 $ 133Securities outstandingD 1,125,180 1,206,788 1,158,558 9,778 10,890 12,830Management expense ratio E,F 1.23% 1.23% 1.20% 1.22% 1.22% 1.41%Management expense ratio before waivers or absorptions E,F 1.26% 1.28% 1.30% 1.28% 1.34% 1.42%Trading expense ratioG .10% .12% .25% .13% .10% .24%Portfolio turnover rateH 2.95% 5.58% 33.99% 23.43% 16.19% 62.63%Net asset value per security, end of period $ 13.6285 $ 13.6586 $ 14.7783 $ 12.4582 $ 12.5225 $ 10.3924

Fidelity Japan 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 $ 11.35 $ 12.39 $ 10.44 $ 10.00Increase (decrease) from operations: Total revenue .12 .01 – –Total expenses (excluding distributions) (.12) (.26) (.23) (.19)Realized gains (losses) .02 .09 1.77 .36Unrealized gains (losses) (.35) (1.30) .06 .45Total increase (decrease) from operationsB (.33) (1.46) 1.60 .62Distributions: From net investment income (excluding dividends) – – – –From dividends – – – –From capital gains – – (.04) –Return of capital – – – –Total distributionsB,C – – (.04) –Net assets, end of periodB $ 11.27 $ 11.35 $ 12.39 $ 10.44Ratios and Supplemental Data Net asset value (000s) D $ 298 $ 307 $ 511 $ 986Securities outstandingD 26,471 27,086 41,233 94,475Management expense ratio E,J 2.20% 2.12% 2.14% 2.21%Management expense ratio before waivers or absorptions E,J 2.27% 2.19% 2.21% 2.25%Trading expense ratioG .10% .12% .25% .13%Portfolio turnover rateH 2.95% 5.58% 33.99% 23.43%Net asset value per security, end of period $ 11.2668 $ 11.3469 $ 12.3853 $ 10.4361

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2019 2018 2017 2016I

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.33 $ 12.38 $ 10.44 $ 10.00Increase (decrease) from operations: Total revenue .13 .03 – –Total expenses (excluding distributions) (.12) (.27) (.24) (.19)Realized gains (losses) .01 .09 .25 .43Unrealized gains (losses) (.23) (.83) .78 (1.72)Total increase (decrease) from operationsB (.21) (.98) .79 (1.48)Distributions: From net investment income (excluding dividends) – – – –From dividends – – – –From capital gains – – (.04) –Return of capital – – – –Total distributionsB,C – – (.04) –Net assets, end of periodB $ 11.26 $ 11.33 $ 12.38 $ 10.44Ratios and Supplemental Data Net asset value (000s) D $ 404 $ 539 $ 50 $ 1,566Securities outstandingD 35,848 47,535 4,015 150,026Management expense ratio E,J 2.13% 2.23% 2.28% 2.28%Management expense ratio before waivers or absorptions E,J 2.19% 2.31% 2.33% 2.33%Trading expense ratioG .10% .12% .25% .13%Portfolio turnover rateH 2.95% 5.58% 33.99% 23.43%Net asset value per security, end of period $ 11.2585 $ 11.3343 $ 12.3846 $ 10.4385



2019 2018 2017 2016I

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.35 $ 12.39 $ 10.45 $ 10.00Increase (decrease) from operations: Total revenue .11 .03 – –Total expenses (excluding distributions) (.12) (.27) (.24) (.18)Realized gains (losses) .02 .10 1.71 .35Unrealized gains (losses) (.10) (.91) .52 .35Total increase (decrease) from operationsB (.09) (1.05) 1.99 .52Distributions: From net investment income (excluding dividends) – – – –From dividends – – – –From capital gains – – (.04) –Return of capital – – – –Total distributionsB,C – – (.04) –Net assets, end of periodB $ 11.27 $ 11.35 $ 12.39 $ 10.45Ratios and Supplemental Data Net asset value (000s) D $ 51 $ 49 $ 54 $ 45Securities outstandingD 4,538 4,337 4,319 4,276Management expense ratio E,J 2.17% 2.17% 2.20% 2.22%Management expense ratio before waivers or absorptions E,J 2.24% 2.25% 2.27% 2.27%Trading expense ratioG .10% .12% .25% .13%Portfolio turnover rateH 2.95% 5.58% 33.99% 23.43%Net asset value per security, end of period $ 11.2687 $ 11.3471 $ 12.3937 $ 10.4474

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2019 2018 2017 2016I

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.39 $ 12.42 $ 10.46 $ 10.00Increase (decrease) from operations: Total revenue .11 .03 – –Total expenses (excluding distributions) (.10) (.24) (.22) (.17)Realized gains (losses) .02 .10 1.70 .40Unrealized gains (losses) (.09) (.91) .53 .23Total increase (decrease) from operationsB (.06) (1.02) 2.01 .46Distributions: From net investment income (excluding dividends) – – – –From dividends – – – –From capital gains – – (.06) –Return of capital – – – –Total distributionsB,C – – (.06) –Net assets, end of periodB $ 11.33 $ 11.39 $ 12.42 $ 10.46Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1 $ 1 $ 1Securities outstandingD 101 101 101 100Management expense ratio E,J 1.91% 1.95% 1.94% 2.01%Management expense ratio before waivers or absorptions E,J 2.28% 2.29% 2.31% 2.42%Trading expense ratioG .10% .12% .25% .13%Portfolio turnover rateH 2.95% 5.58% 33.99% 23.43%Net asset value per security, end of period $ 11.3284 $ 11.3927 $ 12.4167 $ 10.4625

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


2019 2018 2017 2016K

The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.81 $ 11.69 $ 9.85 $ 10.00Increase (decrease) from operations: Total revenue .10 .03 – –Total expenses (excluding distributions) (.06) (.13) (.11) (.11)Realized gains (losses) .02 .09 .21 .48Unrealized gains (losses) (.09) (.87) 8.44 (.99)Total increase (decrease) from operationsB (.03) (.88) 8.54 (.61)Distributions: From net investment income (excluding dividends) – – – –From dividends – – – –From capital gains – – (.15) –Return of capital – – – –Total distributionsB,C – – (.15) –Net assets, end of periodB $ 10.79 $ 10.81 $ 11.69 $ 9.85Ratios and Supplemental Data Net asset value (000s) D $ 11,651 $ 10,024 $ 9,943 $ 37Securities outstandingD 1,079,582 927,172 850,759 3,784Management expense ratio E,L 1.14% 1.14% 1.05% 1.14%Management expense ratio before waivers or absorptions E,L 1.18% 1.19% 1.14% 1.20%Trading expense ratioG .10% .12% .25% .13%Portfolio turnover rateH 2.95% 5.58% 33.99% 23.43%Net asset value per security, end of period $ 10.7919 $ 10.8114 $ 11.6867 $ 9.8478

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2019 2018 2017M

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.28 $ 12.18 $ 10.00Increase (decrease) from operations: Total revenue .11 .04 –Total expenses (excluding distributions) (.06) (.13) (.10)Realized gains (losses) .02 .10 .15Unrealized gains (losses) (.11) (.85) 7.58Total increase (decrease) from operationsB (.04) (.84) 7.63Distributions: From net investment income (excluding dividends) – – –From dividends – – –From capital gains – – –Return of capital – – –Total distributionsB,C – – –Net assets, end of periodB $ 11.26 $ 11.28 $ 12.18Ratios and Supplemental Data Net asset value (000s) D $ 6,952 $ 7,153 $ 8,957Securities outstandingD 617,335 634,325 735,365Management expense ratio E,N 1.06% 1.06% 1.06%Management expense ratio before waivers or absorptions E,N 1.09% 1.12% 1.15%Trading expense ratioG .10% .12% .25%Portfolio turnover rateH 2.95% 5.58% 33.99%Net asset value per security, end of period $ 11.2605 $ 11.2762 $ 12.1799


Six-months ended May 31,

Periods ended November 30,

2019 2018O

The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.09 $ 10.00Increase (decrease) from operations: Total revenue .09 –Total expenses (excluding distributions) (.04) (.06)Realized gains (losses) .01 .04Unrealized gains (losses) (.07) (.89)Total increase (decrease) from operationsB (.01) (.91)Distributions: From net investment income (excluding dividends) – –From dividends – –From capital gains – –Return of capital – –Total distributionsB,C – –Net assets, end of periodB $ 9.08 $ 9.09Ratios and Supplemental Data Net asset value (000s) D $ 1,263 $ 1,262Securities outstandingD 139,017 138,756Management expense ratio E,P 1.00% 1.00%Management expense ratio before waivers or absorptions E,P 1.03% 1.03%Trading expense ratioG .10% .12%Portfolio turnover rateH 2.95% 5.58%Net asset value per security, end of period $ 9.0841 $ 9.0941

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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 December 4, 2015 (commencement of sale of securities) to November 30, 2016.L Effective December 8, 2015, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver

at any time, at its sole discretion. It is not known when such waivers will be terminated.M For the period January 26, 2017 (commencement of sale of securities) to November 30, 2017.N Effective January 30, 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.O For the period April 20, 2018 (commencement of sale of securities) to November 30, 2018.P 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.

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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% 25.17% 74.83%

Series B 1.850% 54.05% 45.95%

Series F 0.850% — 100.00%

Series E1 1.825% 54.79% 45.21%

Series E2 1.800% 55.56% 44.44%

Series E3 1.775% 56.34% 43.66%

Series E4 1.725% 57.97% 42.03%

Series P1 0.825% — 100.00%

Series P2 0.800% — 100.00%

Series P3 0.775% — 100.00%

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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

40302010

0-10-20

2019

-0.9

2018

-8.8

2017

18.7

2016

-1.9

2015

18.8

2014

2.5

2013

32.9

2012

-3.0

2011

-10.3

2010

3.8

2009

4.2

Fiscal Years

(%)

Series B

40

30

20

10

0

-10

2019

-0.8

2018

-8.6

2017

19.0

2016

-1.7

2015

19.1

2014

2.7

2013

33.2

2012

-2.8

2011

-10.0

2010

4.1

2009

4.4

Fiscal Years

(%)

Series F

40

30

20

10

0

-10

2019

-0.2

2018

-7.6

2017

20.3

2016

-0.5

2015

20.5

2014

3.9

2013

34.6

2012

-1.8

2011

-9.1

2010

5.1

2009

5.7

Fiscal Years

(%)

Series E1

40

30

20

10

0

-10

2019

-0.7

2018

-8.4

2017

19.2

2016

-1.6

2015

19.1

2014

2.7

2013

33.2

2012

-2.8

2011

-10.0

2010

4.1

2009

4.4

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series E2

40

30

20

10

0

-10

2019

-0.7

2018

-8.5

2017

19.1

2016

-1.6

2015

19.1

2014

2.7

2013

33.2

2012

-2.8

2011

-10.0

2010

4.1

2009

4.4

Fiscal Years

(%)


Series E3

40

30

20

10

0

-10

2019

-0.7

2018

-8.4

2017

19.1

2016

-1.5

2015

19.1

2014

2.7

2013

33.2

2012

-2.8

2011

-10.0

2010

4.1

2009

4.4

Fiscal Years

(%)


11

Series E4

40

30

20

10

0

-10

2019

-0.6

2018

-8.2

2017

19.4

2016

-1.3

2015

19.1

2014

2.7

2013

33.2

2012

-2.8

2011

-10.0

2010

4.1

2009

4.4

Fiscal Years

(%)


Series P1

40

30

20

10

0

-10

2019

-0.2

2018

-7.5

2017

20.5

2016

-0.4

2015

20.5

2014

3.9

2013

34.6

2012

-1.8

2011

-9.1

2010

5.1

2009

5.7

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P2

40

30

20

10

0

-10

2019

-0.1

2018

-7.4

2017

20.5

2016

-0.5

2015

20.5

2014

3.9

2013

34.6

2012

-1.8

2011

-9.1

2010

5.1

2009

5.7

Fiscal Years

(%)

Commencement of Operations is January 26, 2017

Series P3

40

30

20

10

0

-10

2019

-0.1

2018

-7.4

2017

20.3

2016

-0.5

2015

20.5

2014

3.9

2013

34.6

2012

-1.8

2011

-9.1

2010

5.1

2009

5.7

Fiscal Years

(%)

Commencement of Operations is April 20, 2018

12


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

% of Fund’s Net Assets as at

5/31/19

% of Fund’s Net Assets as at

11/30/18

Industrials 23.0 25.7

Health Care 12.7 12.7

Consumer Discretionary 12.7 22.0

Communication Services 9.5 9.1

Information Technology 8.7 10.6

Consumer Staples 6.8 6.3

Financials 5.2 4.0

Materials 4.2 3.7

Real Estate 2.2 2.3

Energy 1.5 0.0

Cash and Cash Equivalents 1.3 3.5

Net Other Assets (Liabilities) 12.2 0.1

Top Issuers

% of Fund’s Net Assets

1. SoftBank Corp. 6.0

2. Marui Group Co. Ltd. 5.6

3. Keyence Corp. 5.6

4. Nidec Corp. 5.4

5. Daikin Industries Ltd. 4.3

6. Recruit Holdings Co. Ltd. 3.9

7. PeptiDream, Inc. 3.7

8. Hoya Corp. 3.6

9. Itochu Corp. 3.4

10. ORIX Corp. 3.3

11. Asahi Group Holdings 3.2

12. Sony Corp. 2.9

13. Takeda Pharmaceutical Co. Ltd. 2.6

14. Taiyo Nippon Sanso Corp. 2.4

15. Mitsui Fudosan Co. Ltd. 2.2

16. Chugai Pharmaceutical Co. Ltd. 2.0

17. Tokio Marine Holdings, Inc. 1.9

18. Shin-Etsu Chemical Co. Ltd. 1.8

19. Suzuki Motor Corp. 1.8

20. SMS Co., Ltd. 1.7

21. Unicharm Corp. 1.7

22. Nintendo Co. Ltd. 1.6

23. INPEX Corp. 1.5

24. Misumi Group, Inc. 1.5

25. Pan Pacific International Hold 1.4

75.0

Total Fund Net Assets $37,163,000

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.

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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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