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Page 1: Fidelity Canadian Growth Company Class of the Fidelity ... · Fidelity Canadian Growth Company Class, Series B, returned 18.6%, after fees ... the Underlying Fund’s exposure to

Annual Management Report of Fund PerformanceNovember 30, 2020

Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp.

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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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Annual Management Report of Fund Performance as at November 30, 2020Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp.This annual management report of fund performance contains financial highlights but does not contain the complete annual financial statements for the investment fund. You can get a copy of the 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 PerformanceInvestment Objective and StrategiesInvestment Objective: Fidelity Canadian Growth Company Class (Fund) aims to achieve long-term capital growth and seeks a return similar to Fidelity Canadian Growth Company Fund (Underlying Fund) by investing substantially all of its assets in units of the Underlying Fund. The Underlying Fund, which is also managed by Fidelity, aims to achieve long-term capital growth by investing primarily in Canadian equity securities.

Strategies: When buying and selling securities for the Underlying Fund, the portfolio manager examines each company’s potential for success in light of its current financial condition, its industry position and economic and market conditions. The portfolio manager considers factors like growth potential, earnings estimates and quality of management. The Underlying Fund may invest in small, medium and large companies, but tends to focus on medium to large companies. It may invest up to approximately 49% of its assets in foreign securities and may hold cash and invest in fixed-income securities.

RiskThe risks associated with investing in the Fund are the same as for the Underlying Fund and remain as discussed in the prospectus. Any changes to the Underlying Fund over the period have not affected the overall level of risk of the Fund. The Fund is suitable for medium- to long-term investors who want to gain Canadian and foreign equity exposure, can handle the volatility of returns generally associated with equity investments and are willing to accept a medium level of risk. The suitability of the investment has not changed from what has been disclosed in the prospectus.

Results of Operations:Fidelity Canadian Growth Company Class, Series B, returned 38.9%, after fees and expenses, for the one-year period ended November 30, 2020. The net returns of the other series of this Fund are similar to those of Series B, except for differences attributable to expense structures. During the review period, Canadian equities, as represented by the S&P/TSX Composite Index, returned 4.3% (in Canadian dollar terms).

Market overview:

Canadian markets gained over the review period. A combination of central bank and government stimulus measures, advances in potential treatments for COVID-19 and optimism about global economic recovery boosted investor sentiment. In an effort to support the Canadian economy during the COVID-19 pandemic, the Bank of Canada (BoC) reduced interest rates to levels last seen during the global financial crisis in 2008–2009. In March, the BoC reduced its overnight rate to 0.25% from 1.75%, where it sat at the end of 2019, and unveiled a large-scale quantitative easing program. On the economic front, GDP growth recovered sharply in the third quarter of 2020, reflecting the reopening of the economy. The unemployment rate rose to a record high of 13.7% in May, but improved to 8.9% in October as economy activity picked up.

Factors affecting performance:

The Fund’s benchmark returned 7.5% for the review period. The Fund’s benchmark is a blend of the S&P/TSX Capped Composite Index (70.0%) and the S&P 500 Index (30.0%).

The Fund outperformed its benchmark, primarily due to the Underlying Fund’s exposure to certain stocks in the information technology sector, such as e-commerce company Shopify and U.S.-based communications technology company Zoom Video Communications. Exposure to certain stocks in the consumer discretionary sector, such as U.S.-based e-commerce website Etsy and U.S.-based interactive fitness platform operator and exercise equipment company Peloton Interactive, also contributed to relative returns.

In contrast, investments in certain stocks in the energy sector, such as integrated energy company Suncor Energy and oil and gas producer Canadian Natural Resources, detracted from rela-tive returns. In the financials sector, an investment in insurance firm Manulife Financial and a lower-than-benchmark exposure to banking firm Royal Bank of Canada detracted from relative returns. Among other sectors, an investment in pharmaceutical company Bausch Health detracted from relative performance.

At the end of review period, the Underlying Fund had no exposure to Zoom Video Communications, Peloton Interactive or Bausch Health.

Portfolio changes:

During the review period, the Underlying Fund’s exposure to the industrials and energy sectors was increased. In the industrials sector, the portfolio manager initiated a position in U.S.-based solar panel and battery storage company Sunrun. The portfolio manager believes that the company has a favourable market position, and that investors’ increasing awareness of environ-mental, social and governance issues will be positive for demand. In the energy sector, a position was initiated in integrated energy company Suncor Energy, which the portfolio manager believes to be attractively valued.

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Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp.

Management Discussion of Fund Performance – continued

In contrast, exposure to the financials and information technology sectors was decreased. In the financials sector, the portfolio manager reduced exposure to banking firms Royal Bank of Canada and Toronto-Dominion Bank, preferring to invest in other opportunities with more attractive risk/reward potentials in the portfolio manager’s view. In the information technology sector, exposure was reduced to U.S.-based software company Elastic NV, and a position in U.S.-based communications technology company Zoom Communications was exited, after the portfolio manager opted to realize profits after share prices rallied during the review period.

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

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.

Portfolio manager Mark Schmehl’s investment approach is focused on identifying positive change in company fundamentals and seeking to add value by uncovering investment opportunities where he believes business conditions are or could be improving. Mr. Schmehl sees good potential in companies with the innovative edge to dominate their respective industries and, in some cases, create new industries altogether. He has placed greater emphasis on companies participating in the digital transformation of the world, especially through the developer ecosystem. Recently, he has been seeking opportunities in areas that he believes would benefit from the reopening of economies and in areas with secular growth tailwinds. Additionally, he has found more opportunities in the industrials sector, believing that rising infrastructure spending would benefit the sector.

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 $12,509,000 for the period ended November 30, 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 $1,495,000 for the period ended November 30, 2020.

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Financial Highlights

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

Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp. Series A

Periods ended November 30, 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 50.52 $ 43.21 $ 43.27 $ 36.42 $ 34.77Increase (decrease) from operations: Total revenue – .63 – – –Total expenses (excluding distributions) (1.35) (1.17) (1.14) (.98) (.85)Realized gains (losses) 5.52 1.11 .93 2.23 2.27Unrealized gains (losses) 14.40 7.00 (1.07) 5.55 2.25Total increase (decrease) from operationsB 18.57 7.57 (1.28) 6.80 3.67Distributions: From net investment income (excluding dividends) – – – – –From dividends – (.60) – (.01) –From capital gains – – – – (1.68)Return of capital – – – – –Total distributionsB,C – (.60) – (.01) (1.68)Net assets, end of periodB $ 70.04 $ 50.52 $ 43.21 $ 43.27 $ 36.42Ratios and Supplemental Data Net asset value (000s) D $ 117,887 $ 98,689 $ 104,901 $ 71,855 $ 44,953Securities outstandingD 1,681,567 1,952,520 2,431,005 1,664,884 1,234,061Management expense ratio E,F 2.49% 2.48% 2.48% 2.47% 2.47%Management expense ratio before waivers or absorptions E,F 2.52% 2.51% 2.53% 2.57% 2.56%Trading expense ratioG .17% .17% .28% .29% .42%Portfolio turnover rateH 8.83% 8.62% 2.04% 2.92% 9.15%Net asset value per security, end of period $ 70.0431 $ 50.5190 $ 43.2061 $ 43.2732 $ 36.4166

Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp. Series B

Periods ended November 30, 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 51.96 $ 44.35 $ 44.32 $ 37.23 $ 35.56Increase (decrease) from operations: Total revenue – .59 – – –Total expenses (excluding distributions) (1.28) (1.10) (1.07) (.92) (.80)Realized gains (losses) 5.13 1.12 .92 2.18 3.10Unrealized gains (losses) 17.03 7.69 (1.34) 5.79 .72Total increase (decrease) from operationsB 20.88 8.30 (1.49) 7.05 3.02Distributions: From net investment income (excluding dividends) – – – – –From dividends – (.62) – (.01) –From capital gains – – – – (1.79)Return of capital – – – – –Total distributionsB,C – (.62) – (.01) (1.79)Net assets, end of periodB $ 72.19 $ 51.96 $ 44.35 $ 44.32 $ 37.23Ratios and Supplemental Data Net asset value (000s) D $ 270,303 $ 180,275 $ 160,237 $ 101,707 $ 58,096Securities outstandingD 3,753,981 3,469,261 3,614,301 2,297,618 1,565,369Management expense ratio E,F 2.28% 2.28% 2.27% 2.27% 2.27%Management expense ratio before waivers or absorptions E,F 2.30% 2.30% 2.31% 2.34% 2.33%Trading expense ratioG .17% .17% .28% .29% .42%Portfolio turnover rateH 8.83% 8.62% 2.04% 2.92% 9.15%Net asset value per security, end of period $ 72.1931 $ 51.9638 $ 44.3471 $ 44.3260 $ 37.2318

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Financial Highlights – continued

Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp. Series F

Periods ended November 30, 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 62.04 $ 52.36 $ 51.73 $ 43.40 $ 41.51Increase (decrease) from operations: Total revenue – .70 – – –Total expenses (excluding distributions) (.76) (.65) (.63) (.53) (.47)Realized gains (losses) 6.35 1.34 1.08 2.49 1.99Unrealized gains (losses) 19.26 8.72 (1.84) 6.74 3.81Total increase (decrease) from operationsB 24.85 10.11 (1.39) 8.70 5.34Distributions: From net investment income (excluding dividends) – – – – –From dividends – (.73) – (.01) –From capital gains – – – (.47) (2.56)Return of capital – – – – –Total distributionsB,C – (.73) – (.48) (2.56)Net assets, end of periodB $ 87.20 $ 62.04 $ 52.36 $ 51.73 $ 43.40Ratios and Supplemental Data Net asset value (000s) D $ 372,271 $ 250,917 $ 210,303 $ 129,785 $ 72,092Securities outstandingD 4,251,524 4,041,534 4,202,372 2,512,610 1,670,544Management expense ratio E,F 1.13% 1.13% 1.14% 1.13% 1.13%Management expense ratio before waivers or absorptions E,F 1.13% 1.14% 1.15% 1.20% 1.20%Trading expense ratioG .17% .17% .28% .29% .42%Portfolio turnover rateH 8.83% 8.62% 2.04% 2.92% 9.15%Net asset value per security, end of period $ 87.1990 $ 62.0470 $ 52.3570 $ 51.7355 $ 43.4042

Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp. Series F5

Periods ended November 30, 2020 2019 2018 2017 2016I

The Series’ Net Assets per Security A Net assets, beginning of period B $ 25.28 $ 22.24 $ 22.91 $ 20.14 $ 20.00Increase (decrease) from operations: Total revenue – .29 – – –Total expenses (excluding distributions) (.31) (.27) (.27) (.25) (.04)Realized gains (losses) 2.84 .55 .45 .80 –Unrealized gains (losses) 7.12 3.74 (1.12) 3.89 1.00Total increase (decrease) from operationsB 9.65 4.31 (.94) 4.44 .96Distributions: From net investment income (excluding dividends) – – – – –From dividends – (.30) – – –From capital gains – – – (.21) –Return of capital (1.04) (1.00) (1.00) (1.00) (.25)Total distributionsB,C (1.04) (1.30) (1.00) (1.21) (.25)Net assets, end of periodB $ 34.19 $ 25.28 $ 22.24 $ 22.91 $ 20.14Ratios and Supplemental Data Net asset value (000s) D $ 8,063 $ 4,510 $ 4,254 $ 2,412 $ 210Securities outstandingD 221,809 178,483 191,212 105,402 15,377Management expense ratio E,J 1.13% 1.13% 1.13% 1.14% 1.17%Management expense ratio before waivers or absorptions E,J 1.13% 1.13% 1.14% 1.20% 1.22%Trading expense ratioG .17% .17% .28% .29% .42%Portfolio turnover rateH 8.83% 8.62% 2.04% 2.92% 9.15%Net asset value per security, end of period $ 34.1887 $ 25.2800 $ 22.2390 $ 22.9071 $ 20.1376

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Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp. Series F8

Periods ended November 30, 2020 2019 2018 2017 2016I

The Series’ Net Assets per Security A Net assets, beginning of period B $ 22.88 $ 20.76 $ 22.01 $ 19.99 $ 20.00Increase (decrease) from operations: Total revenue – .25 – – –Total expenses (excluding distributions) (.27) (.25) (.26) (.24) (.02)Realized gains (losses) 2.05 .51 .33 .07 –Unrealized gains (losses) 8.00 3.36 (1.09) 4.29 .42Total increase (decrease) from operationsB 9.78 3.87 (1.02) 4.12 .40Distributions: From net investment income (excluding dividends) – – – – –From dividends – (.27) – – –From capital gains – – – (.28) –Return of capital (1.60) (1.60) (1.60) (1.60) (.40)Total distributionsB,C (1.60) (1.87) (1.60) (1.88) (.40)Net assets, end of periodB $ 30.09 $ 22.88 $ 20.76 $ 22.01 $ 19.99Ratios and Supplemental Data Net asset value (000s) D $ 9,274 $ 4,957 $ 3,916 $ 1,589 $ 1Securities outstandingD 308,378 216,740 188,705 72,257 51Management expense ratio E,J 1.12% 1.12% 1.13% 1.13% .82%Management expense ratio before waivers or absorptions E,J 1.12% 1.12% 1.15% 1.20% 1.23%Trading expense ratioG .17% .17% .28% .29% .42%Portfolio turnover rateH 8.83% 8.62% 2.04% 2.92% 9.15%Net asset value per security, end of period $ 30.0882 $ 22.8787 $ 20.7553 $ 22.0108 $ 19.9929

Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp. Series T5

Periods ended November 30, 2020 2019 2018 2017K

The Series’ Net Assets per Security A Net assets, beginning of period B $ 23.66 $ 21.16 $ 22.12 $ 20.00Increase (decrease) from operations: Total revenue – .31 – –Total expenses (excluding distributions) (.62) (.56) (.57) (.46)Realized gains (losses) 2.99 .53 .23 .07Unrealized gains (losses) 4.99 3.16 (.74) 3.92Total increase (decrease) from operationsB 7.36 3.44 (1.08) 3.53Distributions: From net investment income (excluding dividends) – – – –From dividends – (.28) – –From capital gains – – – –Return of capital (1.03) (1.00) (1.00) (.92)Total distributionsB,C (1.03) (1.28) (1.00) (.92)Net assets, end of periodB $ 31.49 $ 23.66 $ 21.16 $ 22.12Ratios and Supplemental Data Net asset value (000s) D $ 3,900 $ 4,360 $ 5,339 $ 1,609Securities outstandingD 124,081 184,386 252,525 72,771Management expense ratio E,L 2.49% 2.49% 2.47% 2.50%Management expense ratio before waivers or absorptions E,L 2.52% 2.52% 2.52% 2.59%Trading expense ratioG .17% .17% .28% .29%Portfolio turnover rateH 8.83% 8.62% 2.04% 2.92%Net asset value per security, end of period $ 31.4859 $ 23.6611 $ 21.1549 $ 22.1239

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Financial Highlights – continued

Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp. Series T8

Periods ended November 30, 2020 2019 2018 2017K

The Series’ Net Assets per Security A Net assets, beginning of period B $ 21.67 $ 19.99 $ 21.53 $ 20.00Increase (decrease) from operations: Total revenue – .24 – –Total expenses (excluding distributions) (.56) (.52) (.55) (.45)Realized gains (losses) 2.21 .49 .24 .07Unrealized gains (losses) 6.28 3.22 (1.54) 4.95Total increase (decrease) from operationsB 7.93 3.43 (1.85) 4.57Distributions: From net investment income (excluding dividends) – – – –From dividends – (.26) – –From capital gains – – – –Return of capital (1.60) (1.60) (1.60) (1.47)Total distributionsB,C (1.60) (1.86) (1.60) (1.47)Net assets, end of periodB $ 27.98 $ 21.67 $ 19.99 $ 21.53Ratios and Supplemental Data Net asset value (000s) D $ 10,123 $ 7,319 $ 5,682 $ 1,378Securities outstandingD 363,520 338,564 284,774 64,064Management expense ratio E,L 2.48% 2.48% 2.49% 2.49%Management expense ratio before waivers or absorptions E,L 2.51% 2.51% 2.54% 2.59%Trading expense ratioG .17% .17% .28% .29%Portfolio turnover rateH 8.83% 8.62% 2.04% 2.92%Net asset value per security, end of period $ 27.9837 $ 21.6692 $ 19.9930 $ 21.5266

Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp. Series S5

Periods ended November 30, 2020 2019 2018 2017K

The Series’ Net Assets per Security A Net assets, beginning of period B $ 23.82 $ 21.24 $ 22.15 $ 20.00Increase (decrease) from operations: Total revenue – .26 – –Total expenses (excluding distributions) (.57) (.51) (.51) (.42)Realized gains (losses) 2.51 .52 .44 .05Unrealized gains (losses) 6.50 3.66 (.89) 3.95Total increase (decrease) from operationsB 8.44 3.93 (.96) 3.58Distributions: From net investment income (excluding dividends) – – – –From dividends – (.28) – –From capital gains – – – –Return of capital (1.03) (1.00) (1.00) (.92)Total distributionsB,C (1.03) (1.28) (1.00) (.92)Net assets, end of periodB $ 31.77 $ 23.82 $ 21.24 $ 22.15Ratios and Supplemental Data Net asset value (000s) D $ 2,871 $ 2,232 $ 1,834 $ 1,089Securities outstandingD 90,422 93,802 86,452 49,162Management expense ratio E,L 2.27% 2.26% 2.20% 2.26%Management expense ratio before waivers or absorptions E,L 2.29% 2.29% 2.23% 2.32%Trading expense ratioG .17% .17% .28% .29%Portfolio turnover rateH 8.83% 8.62% 2.04% 2.92%Net asset value per security, end of period $ 31.7744 $ 23.8182 $ 21.2390 $ 22.1533

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Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp. Series S8

Periods ended November 30, 2020 2019 2018 2017K

The Series’ Net Assets per Security A Net assets, beginning of period B $ 21.78 $ 20.05 $ 21.55 $ 20.00Increase (decrease) from operations: Total revenue – .24 – –Total expenses (excluding distributions) (.53) (.48) (.51) (.43)Realized gains (losses) 1.95 .49 .26 .07Unrealized gains (losses) 6.96 3.44 (1.57) 3.79Total increase (decrease) from operationsB 8.38 3.69 (1.82) 3.43Distributions: From net investment income (excluding dividends) – – – –From dividends – (.26) – –From capital gains – – – –Return of capital (1.60) (1.60) (1.60) (1.47)Total distributionsB,C (1.60) (1.86) (1.60) (1.47)Net assets, end of periodB $ 28.19 $ 21.78 $ 20.05 $ 21.55Ratios and Supplemental Data Net asset value (000s) D $ 10,397 $ 5,657 $ 4,376 $ 1,138Securities outstandingD 369,097 260,143 218,608 52,857Management expense ratio E,L 2.29% 2.28% 2.32% 2.33%Management expense ratio before waivers or absorptions E,L 2.32% 2.31% 2.35% 2.40%Trading expense ratioG .17% .17% .28% .29%Portfolio turnover rateH 8.83% 8.62% 2.04% 2.92%Net asset value per security, end of period $ 28.1946 $ 21.7798 $ 20.0504 $ 21.5524

Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp. Series E1

Periods ended November 30, 2020 2019 2018 2017 2016M

The Series’ Net Assets per Security A Net assets, beginning of period B $ 16.19 $ 13.81 $ 13.80 $ 11.58 $ 10.00Increase (decrease) from operations: Total revenue – .17 – – –Total expenses (excluding distributions) (.39) (.34) (.33) (.28) (.20)Realized gains (losses) 1.51 .35 .29 .64 .05Unrealized gains (losses) 5.55 2.36 (.42) 1.90 1.62Total increase (decrease) from operationsB 6.67 2.54 (.46) 2.26 1.47Distributions: From net investment income (excluding dividends) – – – – –From dividends – (.19) – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C – (.19) – – –Net assets, end of periodB $ 22.51 $ 16.19 $ 13.81 $ 13.80 $ 11.58Ratios and Supplemental Data Net asset value (000s) D $ 133,925 $ 72,660 $ 56,615 $ 34,831 $ 17,439Securities outstandingD 5,959,692 4,491,148 4,092,676 2,527,705 1,512,054Management expense ratio E,N 2.22% 2.22% 2.22% 2.22% 2.23%Management expense ratio before waivers or absorptions E,N 2.25% 2.25% 2.26% 2.28% 2.29%Trading expense ratioG .17% .17% .28% .29% .42%Portfolio turnover rateH 8.83% 8.62% 2.04% 2.92% 9.15%Net asset value per security, end of period $ 22.5126 $ 16.1953 $ 13.8135 $ 13.7994 $ 11.5831

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Financial Highlights – continued

Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp. Series E1T5

Periods ended November 30, 2020 2019 2018 2017O

The Series’ Net Assets per Security A Net assets, beginning of period B $ 22.89 $ 20.44 $ 21.34 $ 20.00Increase (decrease) from operations: Total revenue – .19 – –Total expenses (excluding distributions) (.54) (.48) (.47) (.26)Realized gains (losses) 1.86 .50 .30 .05Unrealized gains (losses) 8.21 3.45 (.87) 3.52Total increase (decrease) from operationsB 9.53 3.66 (1.04) 3.31Distributions: From net investment income (excluding dividends) – – – –From dividends – (.27) – –From capital gains – – – –Return of capital (1.03) (1.00) (1.00) (.67)Total distributionsB,C (1.03) (1.27) (1.00) (.67)Net assets, end of periodB $ 30.51 $ 22.89 $ 20.44 $ 21.34Ratios and Supplemental Data Net asset value (000s) D $ 2,869 $ 1,277 $ 731 $ 269Securities outstandingD 94,168 55,835 35,807 12,589Management expense ratio E,P 2.21% 2.21% 2.14% 2.16%Management expense ratio before waivers or absorptions E,P 2.24% 2.24% 2.17% 2.22%Trading expense ratioG .17% .17% .28% .29%Portfolio turnover rateH 8.83% 8.62% 2.04% 2.92%Net asset value per security, end of period $ 30.5114 $ 22.8920 $ 20.4366 $ 21.3374

Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp. Series E2

Periods ended November 30, 2020 2019 2018 2017 2016M

The Series’ Net Assets per Security A Net assets, beginning of period B $ 16.23 $ 13.84 $ 13.81 $ 11.59 $ 10.00Increase (decrease) from operations: Total revenue – .19 – – –Total expenses (excluding distributions) (.38) (.33) (.32) (.27) (.20)Realized gains (losses) 1.55 .36 .29 .74 .05Unrealized gains (losses) 5.46 2.03 (.41) 1.69 1.51Total increase (decrease) from operationsB 6.63 2.25 (.44) 2.16 1.37Distributions: From net investment income (excluding dividends) – – – – –From dividends – (.19) – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C – (.19) – – –Net assets, end of periodB $ 22.57 $ 16.23 $ 13.84 $ 13.81 $ 11.59Ratios and Supplemental Data Net asset value (000s) D $ 40,628 $ 22,317 $ 22,401 $ 13,413 $ 9,221Securities outstandingD 1,804,047 1,377,112 1,619,073 971,145 798,879Management expense ratio E,N 2.17% 2.17% 2.17% 2.17% 2.15%Management expense ratio before waivers or absorptions E,N 2.20% 2.20% 2.21% 2.24% 2.21%Trading expense ratioG .17% .17% .28% .29% .42%Portfolio turnover rateH 8.83% 8.62% 2.04% 2.92% 9.15%Net asset value per security, end of period $ 22.5726 $ 16.2302 $ 13.8351 $ 13.8118 $ 11.5924

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Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp. Series E2T5

Periods ended November 30, 2020 2019 2018 2017O

The Series’ Net Assets per Security A Net assets, beginning of period B $ 22.88 $ 20.40 $ 21.32 $ 20.00Increase (decrease) from operations: Total revenue – .03 – –Total expenses (excluding distributions) (.53) (.46) (.49) (.27)Realized gains (losses) 1.76 .51 2.45 .04Unrealized gains (losses) 8.44 3.23 (1.34) 1.68Total increase (decrease) from operationsB 9.67 3.31 .62 1.45Distributions: From net investment income (excluding dividends) – – – –From dividends – (.27) – –From capital gains – – – –Return of capital (1.03) (1.00) (1.00) (.67)Total distributionsB,C (1.03) (1.27) (1.00) (.67)Net assets, end of periodB $ 30.51 $ 22.88 $ 20.40 $ 21.32Ratios and Supplemental Data Net asset value (000s) D $ 1,472 $ 568 $ 29 $ 138Securities outstandingD 48,259 24,852 1,416 6,481Management expense ratio E,P 2.14% 2.05% 2.23% 2.23%Management expense ratio before waivers or absorptions E,P 2.17% 2.08% 2.27% 2.29%Trading expense ratioG .17% .17% .28% .29%Portfolio turnover rateH 8.83% 8.62% 2.04% 2.92%Net asset value per security, end of period $ 30.5143 $ 22.8809 $ 20.3972 $ 21.3190

Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp. Series E3

Periods ended November 30, 2020 2019 2018 2017 2016M

The Series’ Net Assets per Security A Net assets, beginning of period B $ 16.24 $ 13.84 $ 13.81 $ 11.59 $ 10.00Increase (decrease) from operations: Total revenue – .12 – – –Total expenses (excluding distributions) (.38) (.32) (.31) (.27) (.20)Realized gains (losses) 1.38 .33 .18 .73 .05Unrealized gains (losses) 5.21 2.52 (.23) 1.67 2.20Total increase (decrease) from operationsB 6.21 2.65 (.36) 2.13 2.06Distributions: From net investment income (excluding dividends) – – – – –From dividends – (.19) – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C – (.19) – – –Net assets, end of periodB $ 22.60 $ 16.24 $ 13.84 $ 13.81 $ 11.59Ratios and Supplemental Data Net asset value (000s) D $ 16,677 $ 8,577 $ 6,682 $ 2,842 $ 1,789Securities outstandingD 739,968 527,803 482,518 205,782 154,983Management expense ratio E,N 2.12% 2.13% 2.13% 2.16% 2.17%Management expense ratio before waivers or absorptions E,N 2.14% 2.16% 2.17% 2.23% 2.23%Trading expense ratioG .17% .17% .28% .29% .42%Portfolio turnover rateH 8.83% 8.62% 2.04% 2.92% 9.15%Net asset value per security, end of period $ 22.6025 $ 16.2411 $ 13.8415 $ 13.8111 $ 11.5865

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Financial Highlights – continued

Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp. Series E3T5

Periods ended November 30, 2020 2019 2018 2017O

The Series’ Net Assets per Security A Net assets, beginning of period B $ 22.88 $ 20.42 $ 21.33 $ 20.00Increase (decrease) from operations: Total revenue – .38 – –Total expenses (excluding distributions) (.52) (.47) (.48) (.26)Realized gains (losses) 2.26 .53 .81 .05Unrealized gains (losses) 7.30 2.97 2.21 2.19Total increase (decrease) from operationsB 9.04 3.41 2.54 1.98Distributions: From net investment income (excluding dividends) – – – –From dividends – (.27) – –From capital gains – – – –Return of capital (1.03) (1.00) (1.00) (.67)Total distributionsB,C (1.03) (1.27) (1.00) (.67)Net assets, end of periodB $ 30.50 $ 22.88 $ 20.42 $ 21.33Ratios and Supplemental Data Net asset value (000s) D $ 2 $ 2,081 $ 2,469 $ 2,332Securities outstandingD 60 90,962 121,318 109,712Management expense ratio E,P 2.17% 2.17% 2.17% 2.17%Management expense ratio before waivers or absorptions E,P 2.20% 2.20% 2.22% 2.24%Trading expense ratioG .17% .17% .28% .29%Portfolio turnover rateH 8.83% 8.62% 2.04% 2.92%Net asset value per security, end of period $ 30.4974 $ 22.8794 $ 20.4195 $ 21.3280

Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp. Series E4

Periods ended November 30, 2020 2019 2018 2017 2016M

The Series’ Net Assets per Security A Net assets, beginning of period B $ 16.28 $ 13.87 $ 13.84 $ 11.61 $ 10.00Increase (decrease) from operations: Total revenue – .38 – – –Total expenses (excluding distributions) (.39) (.31) (.30) (.26) (.19)Realized gains (losses) .73 .40 .43 .10 –Unrealized gains (losses) 10.21 1.57 (.20) 2.16 1.29Total increase (decrease) from operationsB 10.55 2.04 (.07) 2.00 1.10Distributions: From net investment income (excluding dividends) – – – – –From dividends – (.19) – – –From capital gains – – – (.01) –Return of capital – – – – –Total distributionsB,C – (.19) – (.01) –Net assets, end of periodB $ 22.66 $ 16.28 $ 13.87 $ 13.84 $ 11.61Ratios and Supplemental Data Net asset value (000s) D $ 5,895 $ 946 $ 2,200 $ 2,393 $ 103Securities outstandingD 260,097 58,138 158,632 172,955 8,829Management expense ratio E,N 2.07% 2.09% 2.06% 2.08% 2.10%Management expense ratio before waivers or absorptions E,N 2.10% 2.11% 2.10% 2.15% 2.18%Trading expense ratioG .17% .17% .28% .29% .42%Portfolio turnover rateH 8.83% 8.62% 2.04% 2.92% 9.15%Net asset value per security, end of period $ 22.6631 $ 16.2782 $ 13.8688 $ 13.8374 $ 11.6099

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Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp. Series E4T5

Periods ended November 30, 2020 2019Q

The Series’ Net Assets per Security A Net assets, beginning of period B $ 20.79 $ 20.00Increase (decrease) from operations: Total revenue – –Total expenses (excluding distributions) (.47) (.26)Realized gains (losses) 1.93 .25Unrealized gains (losses) 6.94 4.19Total increase (decrease) from operationsB 8.40 4.18Distributions: From net investment income (excluding dividends) – –From dividends – (.25)From capital gains – –Return of capital (1.02) (.67)Total distributionsB,C (1.02) (.92)Net assets, end of periodB $ 27.64 $ 20.79Ratios and Supplemental Data Net asset value (000s) D $ 4,766 $ 1,026Securities outstandingD 172,492 49,341Management expense ratio E,R 2.08% 2.11%Management expense ratio before waivers or absorptions E,R 2.11% 2.14%Trading expense ratioG .17% .17%Portfolio turnover rateH 8.83% 8.62%Net asset value per security, end of period $ 27.6326 $ 20.7886

Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp. Series E5

Periods ended November 30, 2020 2019 2018 2017O

The Series’ Net Assets per Security A Net assets, beginning of period B $ 13.02 $ 11.07 $ 11.03 $ 10.00Increase (decrease) from operations: Total revenue – .15 – –Total expenses (excluding distributions) (.23) (.23) (.24) (.12)Realized gains (losses) 4.82 .29 .06 .02Unrealized gains (losses) (5.90) 1.81 .27 1.17Total increase (decrease) from operationsB (1.31) 2.02 .09 1.07Distributions: From net investment income (excluding dividends) – – – –From dividends – (.15) – –From capital gains – – – –Return of capital – – – –Total distributionsB,C – (.15) – –Net assets, end of periodB $ 18.18 $ 13.02 $ 11.07 $ 11.03Ratios and Supplemental Data Net asset value (000s) D $ 2 $ 494 $ 445 $ 1,199Securities outstandingD 101 37,907 40,170 4,494Management expense ratio E,P 1.85% 1.87% 2.03% 1.93%Management expense ratio before waivers or absorptions E,P 1.88% 1.89% 2.07% 1.99%Trading expense ratioG .17% .17% .28% .29%Portfolio turnover rateH 8.83% 8.62% 2.04% 2.92%Net asset value per security, end of period $ 18.1819 $ 13.0238 $ 11.0701 $ 11.0367

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Financial Highlights – continued

Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp. Series P1

Periods ended November 30, 2020 2019 2018 2017 2016S

The Series’ Net Assets per Security A Net assets, beginning of period B $ 14.97 $ 12.62 $ 12.46 $ 10.46 $ 10.00Increase (decrease) from operations: Total revenue – .18 – – –Total expenses (excluding distributions) (.18) (.15) (.14) (.12) (.11)Realized gains (losses) 1.42 .33 .24 .47 .30Unrealized gains (losses) 5.00 1.97 (.60) 1.83 1.11Total increase (decrease) from operationsB 6.24 2.33 (.50) 2.18 1.31Distributions: From net investment income (excluding dividends) – – – – –From dividends – (.18) – – –From capital gains – – – (.12) (.62)Return of capital – – – – –Total distributionsB,C – (.18) – (.12) (.62)Net assets, end of periodB $ 21.05 $ 14.97 $ 12.62 $ 12.46 $ 10.46Ratios and Supplemental Data Net asset value (000s) D $ 168,142 $ 95,662 $ 85,207 $ 46,603 $ 15,816Securities outstandingD 7,997,920 6,387,130 6,739,711 3,751,445 1,507,074Management expense ratio E,T 1.08% 1.08% 1.08% 1.09% 1.08%Management expense ratio before waivers or absorptions E,T 1.08% 1.08% 1.10% 1.15% 1.15%Trading expense ratioG .17% .17% .28% .29% .42%Portfolio turnover rateH 8.83% 8.62% 2.04% 2.92% 9.15%Net asset value per security, end of period $ 21.0454 $ 14.9682 $ 12.6220 $ 12.4636 $ 10.4567

Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp. Series P1T5

Periods ended November 30, 2020 2019 2018 2017O

The Series’ Net Assets per Security A Net assets, beginning of period B $ 23.57 $ 20.78 $ 21.46 $ 20.00Increase (decrease) from operations: Total revenue – .18 – –Total expenses (excluding distributions) (.27) (.24) (.25) (.13)Realized gains (losses) 2.85 .52 .29 .05Unrealized gains (losses) 6.63 3.34 (1.10) .09Total increase (decrease) from operationsB 9.21 3.80 (1.06) .01Distributions: From net investment income (excluding dividends) – – – –From dividends – (.28) – –From capital gains – – – –Return of capital (1.03) (1.00) (1.00) (.67)Total distributionsB,C (1.03) (1.28) (1.00) (.67)Net assets, end of periodB $ 31.81 $ 23.57 $ 20.78 $ 21.46Ratios and Supplemental Data Net asset value (000s) D $ 5,290 $ 4,114 $ 1,832 $ 663Securities outstandingD 182,109 173,250 88,204 30,890Management expense ratio E,P 1.08% 1.08% 1.09% 1.09%Management expense ratio before waivers or absorptions E,P 1.08% 1.08% 1.11% 1.16%Trading expense ratioG .17% .17% .28% .29%Portfolio turnover rateH 8.83% 8.62% 2.04% 2.92%Net asset value per security, end of period $ 31.8097 $ 23.5665 $ 20.7814 $ 21.4631

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Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp. Series P2

Periods ended November 30, 2020 2019 2018 2017 2016S

The Series’ Net Assets per Security A Net assets, beginning of period B $ 14.98 $ 12.62 $ 12.46 $ 10.46 $ 10.00Increase (decrease) from operations: Total revenue – .16 – – –Total expenses (excluding distributions) (.17) (.14) (.14) (.12) (.10)Realized gains (losses) 1.33 .33 .27 .45 .13Unrealized gains (losses) 5.23 2.02 (.36) 1.83 1.14Total increase (decrease) from operationsB 6.39 2.37 (.23) 2.16 1.16Distributions: From net investment income (excluding dividends) – – – – –From dividends – (.18) – – –From capital gains – – – (.12) (.62)Return of capital – – – – –Total distributionsB,C – (.18) – (.12) (.62)Net assets, end of periodB $ 21.07 $ 14.98 $ 12.62 $ 12.46 $ 10.46Ratios and Supplemental Data Net asset value (000s) D $ 70,276 $ 34,833 $ 29,248 $ 17,965 $ 6,345Securities outstandingD 3,335,556 2,338,382 2,316,592 1,444,204 606,745Management expense ratio E,T 1.03% 1.03% 1.04% 1.04% 1.04%Management expense ratio before waivers or absorptions E,T 1.03% 1.03% 1.05% 1.11% 1.11%Trading expense ratioG .17% .17% .28% .29% .42%Portfolio turnover rateH 8.83% 8.62% 2.04% 2.92% 9.15%Net asset value per security, end of period $ 21.0689 $ 14.9790 $ 12.6241 $ 12.4646 $ 10.4580

Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp. Series P2T5

Periods ended November 30, 2020 2019 2018 2017U

The Series’ Net Assets per Security A Net assets, beginning of period B $ 24.26 $ 21.35 $ 22.01 $ 20.00Increase (decrease) from operations: Total revenue – .29 – –Total expenses (excluding distributions) (.26) (.23) (.23) (.08)Realized gains (losses) 1.67 .54 .44 .04Unrealized gains (losses) 8.11 3.75 (1.19) 1.99Total increase (decrease) from operationsB 9.52 4.35 (.98) 1.95Distributions: From net investment income (excluding dividends) – – – –From dividends – (.29) – –From capital gains – – – –Return of capital (1.04) (1.00) (1.00) (.42)Total distributionsB,C (1.04) (1.29) (1.00) (.42)Net assets, end of periodB $ 32.82 $ 24.26 $ 21.35 $ 22.01Ratios and Supplemental Data Net asset value (000s) D $ 3,952 $ 1,604 $ 1,466 $ 880Securities outstandingD 120,497 66,216 68,748 39,995Management expense ratio E,V .99% .99% 1.00% 1.03%Management expense ratio before waivers or absorptions E,V .99% .99% 1.01% 1.09%Trading expense ratioG .17% .17% .28% .29%Portfolio turnover rateH 8.83% 8.62% 2.04% 2.92%Net asset value per security, end of period $ 32.8176 $ 24.2649 $ 21.3535 $ 22.0066

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Financial Highlights – continued

Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp. Series P3

Periods ended November 30, 2020 2019 2018 2017 2016S

The Series’ Net Assets per Security A Net assets, beginning of period B $ 15.01 $ 12.64 $ 12.47 $ 10.46 $ 10.00Increase (decrease) from operations: Total revenue – .17 – – –Total expenses (excluding distributions) (.16) (.14) (.13) (.11) (.10)Realized gains (losses) 1.84 .32 .24 .51 .15Unrealized gains (losses) 1.85 2.26 (.19) 1.61 1.57Total increase (decrease) from operationsB 3.53 2.61 (.08) 2.01 1.63Distributions: From net investment income (excluding dividends) – – – – –From dividends – (.18) – – –From capital gains – – – (.13) (.62)Return of capital – – – – –Total distributionsB,C – (.18) – (.13) (.62)Net assets, end of periodB $ 21.12 $ 15.01 $ 12.64 $ 12.47 $ 10.46Ratios and Supplemental Data Net asset value (000s) D $ 22,937 $ 19,228 $ 16,201 $ 9,160 $ 4,890Securities outstandingD 1,077,632 1,281,311 1,281,544 735,531 467,255Management expense ratio E,T .98% .98% .97% .98% .98%Management expense ratio before waivers or absorptions E,T .98% .98% .98% 1.05% 1.05%Trading expense ratioG .17% .17% .28% .29% .42%Portfolio turnover rateH 8.83% 8.62% 2.04% 2.92% 9.15%Net asset value per security, end of period $ 21.1199 $ 15.0065 $ 12.6416 $ 12.4716 $ 10.4645

Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp. Series P3T5

Periods ended November 30, 2020 2019 2018 2017W

The Series’ Net Assets per Security A Net assets, beginning of period B $ 23.41 $ 20.62 $ 21.27 $ 20.00Increase (decrease) from operations: Total revenue – .01 – –Total expenses (excluding distributions) (.25) (.23) (.22) (.04)Realized gains (losses) .77 .47 .74 .03Unrealized gains (losses) 11.81 3.51 (5.90) .87Total increase (decrease) from operationsB 12.33 3.76 (5.38) .86Distributions: From net investment income (excluding dividends) – – – –From dividends – (.28) – –From capital gains – – – –Return of capital (1.03) (1.00) (1.00) (.25)Total distributionsB,C (1.03) (1.28) (1.00) (.25)Net assets, end of periodB $ 31.62 $ 23.41 $ 20.62 $ 21.27Ratios and Supplemental Data Net asset value (000s) D $ 590 $ 82 $ 1 $ 1,244Securities outstandingD 18,687 3,495 53 58,706Management expense ratio E,X .97% .99% .99% .98%Management expense ratio before waivers or absorptions E,X .97% .99% 1.01% 1.04%Trading expense ratioG .17% .17% .28% .29%Portfolio turnover rateH 8.83% 8.62% 2.04% 2.92%Net asset value per security, end of period $ 31.6216 $ 23.4094 $ 20.6193 $ 21.2705

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Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp. Series P4

Periods ended November 30, 2020 2019 2018 2017 2016S

The Series’ Net Assets per Security A Net assets, beginning of period B $ 15.06 $ 12.68 $ 12.50 $ 10.48 $ 10.00Increase (decrease) from operations: Total revenue – .16 – – –Total expenses (excluding distributions) (.15) (.13) (.13) (.10) (.09)Realized gains (losses) 1.86 .32 .13 1.44 .01Unrealized gains (losses) 2.68 2.16 (.92) 1.28 .99Total increase (decrease) from operationsB 4.39 2.51 (.92) 2.62 .90Distributions: From net investment income (excluding dividends) – – – – –From dividends – (.18) – – –From capital gains – – – (.14) (.62)Return of capital – – – – –Total distributionsB,C – (.18) – (.14) (.62)Net assets, end of periodB $ 21.20 $ 15.06 $ 12.68 $ 12.50 $ 10.48Ratios and Supplemental Data Net asset value (000s) D $ 10,947 $ 6,828 $ 6,131 $ 1,148 $ 1,399Securities outstandingD 516,243 453,486 483,687 91,861 133,540Management expense ratio E,T .90% .91% .94% .93% .93%Management expense ratio before waivers or absorptions E,T .90% .91% .95% 1.00% 1.00%Trading expense ratioG .17% .17% .28% .29% .42%Portfolio turnover rateH 8.83% 8.62% 2.04% 2.92% 9.15%Net asset value per security, end of period $ 21.2049 $ 15.0558 $ 12.6762 $ 12.4979 $ 10.4794

Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp. Series P4T5

Periods ended November 30, 2020 2019 2018 2017W

The Series’ Net Assets per Security A Net assets, beginning of period B $ 23.41 $ 20.62 $ 21.27 $ 20.00Increase (decrease) from operations: Total revenue – .52 – –Total expenses (excluding distributions) (.23) (.20) (.21) (.03)Realized gains (losses) 2.34 .52 .40 .01Unrealized gains (losses) 7.24 4.16 1.88 1.54Total increase (decrease) from operationsB 9.35 5.00 2.07 1.52Distributions: From net investment income (excluding dividends) – – – –From dividends – (.28) – –From capital gains – – – –Return of capital (1.03) (1.00) (1.00) (.25)Total distributionsB,C (1.03) (1.28) (1.00) (.25)Net assets, end of periodB $ 31.63 $ 23.41 $ 20.62 $ 21.27Ratios and Supplemental Data Net asset value (000s) D $ 12 $ 8 $ 110 $ 87Securities outstandingD 372 360 5,354 4,068Management expense ratio E,X .93% .94% .94% .94%Management expense ratio before waivers or absorptions E,X .93% .94% .95% 1.00%Trading expense ratioG .17% .17% .28% .29%Portfolio turnover rateH 8.83% 8.62% 2.04% 2.92%Net asset value per security, end of period $ 31.6328 $ 23.4059 $ 20.6189 $ 21.2678

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Financial Highlights – continued

Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp. Series P5

Periods ended November 30, 2020 2019 2018 2017 2016S

The Series’ Net Assets per Security A Net assets, beginning of period B $ 15.07 $ 12.68 $ 12.49 $ 10.48 $ 10.00Increase (decrease) from operations: Total revenue – .17 – – –Total expenses (excluding distributions) (.14) (.12) (.11) (.10) (.07)Realized gains (losses) 1.76 .32 .28 .71 .02Unrealized gains (losses) 3.65 1.77 (.10) 1.50 .62Total increase (decrease) from operationsB 5.27 2.14 .07 2.11 .57Distributions: From net investment income (excluding dividends) – – – – –From dividends – (.18) – – –From capital gains – – – (.14) (.62)Return of capital – – – – –Total distributionsB,C – (.18) – (.14) (.62)Net assets, end of periodB $ 21.23 $ 15.07 $ 12.68 $ 12.49 $ 10.48Ratios and Supplemental Data Net asset value (000s) D $ 6,579 $ 6,864 $ 10,093 $ 7,742 $ 8,795Securities outstandingD 401,303 455,580 796,181 619,757 838,896Management expense ratio E,T .85% .85% .85% .86% .87%Management expense ratio before waivers or absorptions E,T .85% .85% .87% .93% .94%Trading expense ratioG .17% .17% .28% .29% .42%Portfolio turnover rateH 8.83% 8.62% 2.04% 2.92% 9.15%Net asset value per security, end of period $ 21.2329 $ 15.0658 $ 12.6763 $ 12.4913 $ 10.4836

Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp. Series P5T5

Periods ended November 30, 2020 2019 2018 2017W

The Series’ Net Assets per Security A Net assets, beginning of period B $ 23.44 $ 20.63 $ 21.27 $ 20.00Increase (decrease) from operations: Total revenue – .29 – –Total expenses (excluding distributions) (.21) (.19) (.19) (.03)Realized gains (losses) 2.73 .52 .52 .01Unrealized gains (losses) 6.62 3.46 .01 1.33Total increase (decrease) from operationsB 9.14 4.08 .34 1.31Distributions: From net investment income (excluding dividends) – – – –From dividends – (.28) – –From capital gains – – – –Return of capital (1.03) (1.00) (1.00) (.25)Total distributionsB,C (1.03) (1.28) (1.00) (.25)Net assets, end of periodB $ 31.71 $ 23.44 $ 20.63 $ 21.27Ratios and Supplemental Data Net asset value (000s) D $ 9,344 $ 8,294 $ 8,039 $ 7,733Securities outstandingD 294,670 353,800 389,633 363,574Management expense ratio E,X .85% .85% .85% .88%Management expense ratio before waivers or absorptions E,X .85% .85% .87% .94%Trading expense ratioG .17% .17% .28% .29%Portfolio turnover rateH 8.83% 8.62% 2.04% 2.92%Net asset value per security, end of period $ 31.7107 $ 23.4436 $ 20.6334 $ 21.2682

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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 September 16, 2016 (commencement of sale of securities) to November 30, 2016.J 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.K For the period January 6, 2017 (commencement of sale of securities) to November 30, 2017.L Effective January 10, 2017, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at

any time, at its sole discretion. It is not known when such waivers will be terminated.M For the period February 5, 2016 (commencement of sale of securities) to November 30, 2016.N 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.O For the period April 21, 2017 (commencement of sale of securities) to November 30, 2017.P Effective April 25, 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.Q For the period April 17, 2019 (commencement of sale of securities) to November 30, 2019.R Effective April 19, 2019, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at

any time, at its sole discretion. It is not known when such waivers will be terminated.S For the period December 4, 2015 (commencement of sale of securities) to November 30, 2016.T 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.U For the period July 14, 2017 (commencement of sale of securities) to November 30, 2017.V 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.W For the period September 22, 2017 (commencement of sale of securities) to November 30, 2017.X 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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18

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% 50.74% 49.26%

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% 62.69% 37.31%

Series T8 2.000% 64.13% 35.87%

Series S5 1.850% 54.05% 45.95%

Series S8 1.850% 54.05% 45.95%

Series E1 1.825% 54.79% 45.21%

Series E1T5 1.825% 54.79% 45.21%

Series E2 1.800% 55.56% 44.44%

Series E2T5 1.800% 55.56% 44.44%

Series E3 1.775% 56.34% 43.66%

Series E3T5 1.775% 56.34% 43.66%

Series E4 1.725% 57.97% 42.03%

Series E4T5 1.725% 57.97% 42.03%

Series E5 1.675% 59.70% 40.30%

Series P1 0.825% — 100.00%

Series P1T5 0.825% — 100.00%

Series P2 0.800% — 100.00%

Series P2T5 0.800% — 100.00%

Series P3 0.775% — 100.00%

Series P3T5 0.775% — 100.00%

Series P4 0.725% — 100.00%

Series P4T5 0.725% — 100.00%

Series P5 0.675% — 100.00%

Series P5T5 0.675% — 100.00%

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19

Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp.

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.

Series A

5040302010

0-10

2020

38.6

2019

18.3

2018

-0.2

2017

18.8

2016

10.5

2015

11.7

2014

18.2

2013

45.1

2012

8.9

2011

-3.6

Fiscal Years

(%)

Series B

5040302010

0-10

2020

38.9

2019

18.6

2018

0.0

2017

19.1

2016

10.7

2015

11.9

2014

18.4

2013

45.4

2012

9.1

2011

-3.4

Fiscal Years

(%)

Series F

5040302010

0-10

2020

40.5

2019

19.9

2018

1.2

2017

20.5

2016

12.0

2015

13.2

2014

19.8

2013

47.0

2012

10.4

2011

-2.3

Fiscal Years

(%)

Series F5

5040302010

0-10

2020

40.5

2019

19.9

2018

1.2

2017

20.4

2016

1.9

Fiscal Years

(%)

Commencement of Operations is September 16, 2016

Series F8

5040302010

0-10

2020

40.6

2019

19.9

2018

1.2

2017

20.5

2016

2.0

Fiscal Years

(%)

Commencement of Operations is September 16, 2016

Series T5

40

30

20

10

0

-10

2020

38.6

2019

18.3

2018

-0.1

2017

15.6

Fiscal Years

(%)

Commencement of Operations is January 6, 2017

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20

Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp.

Past Performance – continued

Series T8

40

30

20

10

0

-10

2020

38.6

2019

18.3

2018

-0.1

2017

15.6

Fiscal Years

(%)

Commencement of Operations is January 6, 2017

Series S5

40

30

20

10

0

-10

2020

38.9

2019

18.6

2018

0.1

2017

15.8

Fiscal Years

(%)

Commencement of Operations is January 6, 2017

Series S8

40

30

20

10

0

-10

2020

38.9

2019

18.6

2018

0.0

2017

15.8

Fiscal Years

(%)

Commencement of Operations is January 6, 2017

Series E1

5040302010

0-10

2020

39.0

2019

18.6

2018

0.1

2017

19.2

2016

10.8

2015

11.9

2014

18.4

2013

45.4

2012

9.1

2011

-3.4

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series E1T5

40

30

20

10

0

-10

2020

39.0

2019

18.6

2018

0.2

2017

15.9

Fiscal Years

(%)

Commencement of Operations is April 21, 2017

Series E2

5040302010

0-10

2020

39.1

2019

18.7

2018

0.2

2017

19.2

2016

10.9

2015

11.9

2014

18.4

2013

45.4

2012

9.1

2011

-3.4

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series E2T5

40

30

20

10

0

-10

2020

39.1

2019

18.8

2018

0.1

2017

15.8

Fiscal Years

(%)

Commencement of Operations is April 21, 2017

Series E3

5040302010

0-10

2020

39.2

2019

18.7

2018

0.2

2017

19.2

2016

10.8

2015

11.9

2014

18.4

2013

45.4

2012

9.1

2011

-3.4

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

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21

Series E3T5

40

30

20

10

0

-10

2020

39.0

2019

18.7

2018

0.2

2017

15.9

Fiscal Years

(%)

Commencement of Operations is April 21, 2017

Series E4

5040302010

0-10

2020

39.2

2019

18.8

2018

0.2

2017

19.3

2016

11.0

2015

11.9

2014

18.4

2013

45.4

2012

9.1

2011

-3.4

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series E4T5

40

30

20

10

0

-10

2020

39.2

2019

18.7

2018

0.1

2017

15.8

Fiscal Years

(%)

Commencement of Operations is April 17, 2019

Series E5

5040302010

0-10

2020

39.6

2019

19.0

2018

0.3

2017

19.3

2016

10.7

2015

11.9

2014

18.4

2013

45.4

2012

9.1

2011

-3.4

Fiscal Years

(%)

Commencement of Operations is April 21, 2017

Series P1

5040302010

0-10

2020

40.6

2019

20.0

2018

1.3

2017

20.5

2016

12.1

2015

13.2

2014

19.8

2013

47.0

2012

10.4

2011

-2.3

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P1T5

5040302010

0-10

2020

40.6

2019

20.0

2018

1.2

2017

20.5

2016

1.9

Fiscal Years

(%)

Commencement of Operations is April 21, 2017

Series P2

5040302010

0-10

2020

40.7

2019

20.1

2018

1.3

2017

20.6

2016

12.1

2015

13.2

2014

19.8

2013

47.0

2012

10.4

2011

-2.3

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P2T5

5040302010

0-10

2020

40.7

2019

20.1

2018

1.3

2017

20.5

2016

1.9

Fiscal Years

(%)

Commencement of Operations is July 14, 2017

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22

Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp.

Past Performance – continued

Series P3

5040302010

0-10

2020

40.7

2019

20.1

2018

1.4

2017

20.6

2016

12.1

2015

13.2

2014

19.8

2013

47.0

2012

10.4

2011

-2.3

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P3T5

5040302010

0-10

2020

40.8

2019

20.2

2018

1.4

2017

20.5

2016

1.9

Fiscal Years

(%)

Commencement of Operations is September 22, 2017

Series P4

5040302010

0-10

2020

40.8

2019

20.2

2018

1.4

2017

20.8

2016

12.3

2015

13.2

2014

19.8

2013

47.0

2012

10.4

2011

-2.3

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P4T5

5040302010

0-10

2020

40.8

2019

20.2

2018

1.4

2017

20.5

2016

1.9

Fiscal Years

(%)

Commencement of Operations is September 22, 2017

Series P5

5040302010

0-10

2020

40.9

2019

20.3

2018

1.5

2017

20.7

2016

12.3

2015

13.2

2014

19.8

2013

47.0

2012

10.4

2011

-2.3

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P5T5

5040302010

0-10

2020

40.9

2019

20.3

2018

1.5

2017

20.5

2016

1.9

Fiscal Years

(%)

Commencement of Operations is September 22, 2017

Annual Compound ReturnsThis table shows the Fund’s historical annual compound total returns for the periods indicated, compared with a broad-based index, the S&P/TSX Composite Index, and the Fund’s bench-mark, as described below.

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23

Average Annual Total ReturnsPast 1 year

Past 3 years

Past 5 years

Past 10 years

Since Inception

Series A 38.6% 17.9% 16.5% 15.8% n/aSeries B 38.9% 18.1% 16.8% 16.0% n/aSeries F 40.5% 19.5% 18.1% 17.3% n/aSeries F5 40.5% 19.5% n/a n/a 19.2%Series F8 40.6% 19.5% n/a n/a 19.2%Series T5 38.6% 17.9% n/a n/a 17.8%Series T8 38.6% 17.9% n/a n/a 17.8%Series S5 38.9% 18.2% n/a n/a 18.0%Series S8 38.9% 18.1% n/a n/a 18.0%Series E1 39.0% 18.2% 16.9% 16.0% n/aSeries E1T5 39.0% 18.2% n/a n/a 18.1%Series E2 39.1% 18.3% 16.9% 16.1% n/aSeries E2T5 39.1% 18.3% n/a n/a 18.1%Series E3 39.2% 18.3% 16.9% 16.1% n/aSeries E3T5 39.0% 18.2% n/a n/a 18.1%Series E4 39.2% 18.3% 17.0% 16.1% n/aSeries E4T5 39.2% 18.3% n/a n/a 18.1%Series E5 39.6% 18.6% 17.1% 16.2% n/aSeries P1 40.6% 19.5% 18.2% 17.4% n/aSeries P1T5 40.6% 19.5% n/a n/a 19.3%Series P2 40.7% 19.6% 18.2% 17.4% n/aSeries P2T5 40.7% 19.6% n/a n/a 19.3%Series P3 40.7% 19.7% 18.3% 17.4% n/aSeries P3T5 40.8% 19.7% n/a n/a 19.4%Series P4 40.8% 19.7% 18.4% 17.5% n/aSeries P4T5 40.8% 19.7% n/a n/a 19.4%Series P5 40.9% 19.8% 18.5% 17.5% n/aSeries P5T5 40.9% 19.8% n/a n/a 19.5%Fidelity Canadian Growth Company Blend Index 7.5% 8.0% 9.9% 9.3% 9.8%S&P/TSX Composite Index 4.3% 5.6% 8.3% 6.0% 7.5%

The period used for the since inception Fidelity Canadian Growth Company Blend Index and S&P/TSX Composite Index returns are based on Series F5 which has been in existence the long-est compared to all Series with less than 10 years of operations.

A discussion of Fund performance can be found in the Results of Operations section of this report.

In the above table, we compare the Fund’s annual compound returns with a broad index, the S&P/TSX Composite Index, and with a narrow index consisting of a combination of the S&P/TSX Capped Composite Index (70.0%) and the S&P 500 Index (30.0%). The narrow index was changed to its current blend concurrent with changes we made to the investment strategies of this Fund, which allow the portfolio manager greater flexibility to invest the Fund in larger capitalization and non-domestic equity securities. For more information on the Fund’s invest-ment objective and strategies, please refer to the Fund’s Simplified Prospectus.

The S&P/TSX Composite Index is an index of stocks generally considered to represent the Canadian equity market. The S&P/TSX Capped Composite Index is the same as the S&P/TSX Composite Index except that it is adjusted quarterly so that no single stock has a relative weight in the Index greater than 10.0%. The S&P 500 index is a widely recognized index of 500 U.S. common stocks of large and mid-capitalization companies. The S&P/TSX Completion Index is a market-capitalization-weighted, total-return index comprising all stocks within the S&P/TSX Composite Index excluding the members of the S&P/TSX 60 Index. It represents small- and mid-cap equities within the S&P/TSX Composite Index.

Each series of the Fund will have varying returns because of differences in management fees and expenses.

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24

Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp.

Summary of Investment Portfolio as at November 30, 2020Sector Mix

% of Fund’s Net Assets as at

11/30/20

% of Fund’s Net Assets as at

11/30/19

Industrials 25.8 5.3

Information Technology 22.6 29.2

Materials 11.2 7.2

Consumer Discretionary 10.5 12.0

Financials 9.4 17.9

Energy 6.4 0.4

Utilities 6.0 1.0

Health Care 4.9 11.1

Communication Services 3.5 7.7

Others (Individually Less Than 1%) 1.3 6.0

Canadian Bonds 0.0 0.2

Cash and Cash Equivalents 0.5 2.4

Net Other Assets (Liabilities) (2.1) (0.4)

Market Capitalization

% of Fund’s Net Assets as at

11/30/20

% of Fund’s Net Assets as at

11/30/19

Large 79.5 64.2

Mid 17.2 28.5

Small 3.5 2.7

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

% of Fund’s Net Assets as at

11/30/20

% of Fund’s Net Assets as at

11/30/19

Canada 52.9 50.1

United States of America 41.8 36.0

Liberia 2.3 0.0

Bermuda 1.8 1.0

Netherlands 1.1 6.0

Others (Individually Less Than 1%) 1.7 4.9

Cash and Cash Equivalents 0.5 2.4

Net Other Assets (Liabilities) (2.1) (0.4)

Top Issuers

% of Fund’s Net Assets

1. Shopify, Inc. 5.6

2. Canadian Pacific Railway Ltd. 5.4

3. Royal Bank of Canada 4.7

4. Square, Inc. 4.0

5. Unity Software, Inc. 3.3

6. Air Canada 3.3

7. Brookfield Renewable Corp. 3.1

8. Canadian Natural Resources Ltd. 2.7

9. Sunrun, Inc. 2.5

10. SolarEdge Technologies, Inc. 2.5

11. Royal Caribbean Cruises Ltd. 2.3

12. 10X Genomics, Inc. 2.3

13. Etsy, Inc. 2.3

14. Snowflake Computing, Inc. 2.2

15. Dollarama, Inc. 2.2

16. Agnico Eagle Mines Ltd. 2.2

17. Southwest Airlines Co. 2.2

18. Roku, Inc. 2.2

19. Ballard Power Systems, Inc. 2.1

20. Cummins, Inc. 1.9

21. Carrier Global Corp. 1.8

22. Brookfield Renewable Energy Partners LP 1.8

23. Methanex Corp. 1.7

24. Uber Technologies, Inc. 1.6

25. Air Products & Chemicals, Inc. 1.5

67.4

Total Fund Net Assets $1,310,882,000

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.

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.

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Page 28: Fidelity Canadian Growth Company Class of the Fidelity ... · Fidelity Canadian Growth Company Class, Series B, returned 18.6%, after fees ... the Underlying Fund’s exposure to

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.

1.824520.115 FICL-CGC-CS-MRFPA-0221

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

62.107193E

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