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Semi-Annual Management Report of Fund PerformanceMay 31, 2020

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

Caution Regarding Forward-looking Statements

Certain portions of this report, including, but not limited to, “Results of Operations” and “Recent Developments”, may contain forward-looking statements about the Fund, including its strategy, risks, expected performance and condition. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates” and similar forward-looking expressions or negative versions thereof.

In addition, any statement that may be made concerning future performance, strategies or prospects, and possible future Fund action, is also a forward-looking statement. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about the Fund and economic factors. Accordingly, assumptions concerning future economic and other factors may prove to be incorrect at a future date.

Forward-looking statements are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied in any forward-looking state-ments made by the Fund. Any number of important factors could contribute to these digressions, including, but not limited to, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, and catastrophic events.

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

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Semi-Annual Management Report of Fund Performance as at May 31, 2020Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp.This semi-annual management report of fund performance contains financial highlights but does not contain the complete semi-annual financial statements for the investment fund. You can get a copy of the semi-annual financial statements at your request, and at no cost, by calling 1-800-263-4077, by writing to us at Fidelity Investments, 483 Bay St. Suite 300, Toronto ON M5G 2N7 or by visiting our website at www.fidelity.ca or SEDAR at www.sedar.com.

Securityholders may also contact us using one of these methods to request a copy of the investment fund’s proxy voting policies and procedures, proxy voting disclosure record or quarterly portfolio disclosure relating to the investment fund.

Management Discussion of Fund PerformanceResults of Operations:Fidelity Canadian Growth Company Class (Fund) invests substantially all of its assets in securities of Fidelity Canadian Growth Company Fund (Underlying Fund).

Fidelity Canadian Growth Company Class, Series B, returned 5.7%, after fees and expenses, for the six-month period ended May 31, 2020. The net returns of the other series of this Fund are similar to those of Series B, except for differences attributable to expense structures. During the review period, Canadian equities, as represented by the S&P/TSX Composite Index, returned -9.3%.

Market overview:

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

Factors affecting performance:

The Fund’s benchmark returned -6.1% during the review period. The Fund’s benchmark is a combination 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. In this sector, investments in e-commerce com-pany Shopify, U.S.-based communications technology company Zoom Video Communications, and U.S.-based business communication platform operator Slack Technologies, contributed to relative returns. In addition, exposure to certain stocks in the consumer discretionary sector contributed to relative performance. In this sector, investments in U.S.-based online marketplace Etsy and U.S.-based e-commerce retailer Amazon contributed to relative returns.

In contrast, investments in certain stocks in the energy sector detracted from relative performance. In this sector, investments in oil and gas companies Canadian Natural Resources and Suncor Energy detracted from relative returns. In addition, certain stocks in the materials sector detracted from relative returns. In this sector, lower-than-benchmark exposure to gold mining company Barrick Gold, and an investment in integrated wood products company West Fraser Timber, detracted from relative returns. Among other sectors, investments in pharmaceutical company Bausch Health, and insurance company Manulife Financial, detracted from relative returns.

At the end of the review period, the Underlying Fund had no exposure to Manulife Financial.

Portfolio changes:

During the review period, the Underlying Fund’s exposure to the energy and materials sectors increased. In the energy sector, a position was initiated in Suncor Energy and exposure was increased to Canadian Natural Resources, as the portfolio manager believed these companies were attractively valued due to depressed oil prices. In the materials sector, a position was initiated in Barrick Gold, as the portfolio manager believed the current market backdrop is supportive of the gold price due to inflationary pressure.

In contrast, exposure to the financials and communication services sectors decreased. In the financials sector, positions were exited in Canadian banks such as Royal Bank of Canada and Toronto Dominion Bank, as the portfolio manager lost confidence in their outlook due to a weakened global economy. In the communication services sector, exposure was reduced to U.S.-based media and entertainment company Roku, and a position was exited in U.S.-based social media company Snap. The portfolio manager opted to invest in other opportunities he found having more attractive risk/reward profiles.

At the end of the review period, the Underlying Fund had its largest absolute exposure to the information technology sector, followed by the consumer discretionary sector. The Underlying Fund diverged most from its benchmark’s sector weightings by having more exposure to the information technology 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.

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Management Discussion of Fund Performance – continued

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. He has placed greater emphasis on companies participating in the digital transformation of the world, especially through the growth of cloud computing and e-commerce. Mr. Schmehl sees good potential in companies with the innovative edge to dominate their respective industries and, in some cases, create new industries altogether. Recently, he has been seeking opportunities in areas that he believes to have secular growth tailwinds, as well as certain travel-related companies.

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 $5,441,000 for the period ended May 31, 2020.

Administration Fee

Fidelity charges the Fund a fixed administration fee in place of certain variable expenses. Fidelity, in turn, pays all of the operating expenses of the Fund, other than certain specified fund costs (e.g. the fees and expenses of the Independent Review Committee, taxes, brokerage commissions and interest charges). The Fund pays an annual rate, which is calculated on a tiered basis, based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity administration fees of $669,000 for the period ended May 31, 2020.

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Financial Highlights

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

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

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

2020 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 50.52 $ 43.21 $ 43.27 $ 36.42 $ 34.77 $ 31.13Increase (decrease) from operations: Total revenue .22 .63 – – – –Total expenses (excluding distributions) (.61) (1.17) (1.14) (.98) (.85) (.86)Realized gains (losses) 4.91 1.11 .93 2.23 2.27 5.99Unrealized gains (losses) (2.11) 7.00 (1.07) 5.55 2.25 (1.63)Total increase (decrease) from operationsB 2.41 7.57 (1.28) 6.80 3.67 3.51Distributions: 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 $ 53.35 $ 50.52 $ 43.21 $ 43.27 $ 36.42 $ 34.77Ratios and Supplemental Data Net asset value (000s) D $ 92,839 $ 98,689 $ 104,901 $ 71,855 $ 44,953 $ 24,760Securities outstandingD 1,740,142 1,952,520 2,431,005 1,664,884 1,234,061 711,747Management expense ratio E,F 2.48% 2.48% 2.48% 2.47% 2.47% 2.50%Management expense ratio before waivers or absorptions E,F 2.51% 2.51% 2.53% 2.57% 2.56% 2.56%Trading expense ratioG .17% .17% .28% .29% .42% .23%Portfolio turnover rateH 8.32% 8.62% 2.04% 2.92% 9.15% 22.40%Net asset value per security, end of period $ 53.3587 $ 50.5190 $ 43.2061 $ 43.2732 $ 36.4166 $ 34.7681

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


2020 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 51.96 $ 44.35 $ 44.32 $ 37.23 $ 35.56 $ 31.77Increase (decrease) from operations: Total revenue (.04) .59 – – – –Total expenses (excluding distributions) (.57) (1.10) (1.07) (.92) (.80) (.80)Realized gains (losses) 5.05 1.12 .92 2.18 3.10 5.60Unrealized gains (losses) (1.26) 7.69 (1.34) 5.79 .72 (1.60)Total increase (decrease) from operationsB 3.18 8.30 (1.49) 7.05 3.02 3.20Distributions: 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 $ 54.93 $ 51.96 $ 44.35 $ 44.32 $ 37.23 $ 35.56Ratios and Supplemental Data Net asset value (000s) D $ 194,263 $ 180,275 $ 160,237 $ 101,707 $ 58,096 $ 54,005Securities outstandingD 3,536,309 3,469,261 3,614,301 2,297,618 1,565,369 1,518,859Management expense ratio E,F 2.28% 2.28% 2.27% 2.27% 2.27% 2.29%Management expense ratio before waivers or absorptions E,F 2.30% 2.30% 2.31% 2.34% 2.33% 2.32%Trading expense ratioG .17% .17% .28% .29% .42% .23%Portfolio turnover rateH 8.32% 8.62% 2.04% 2.92% 9.15% 22.40%Net asset value per security, end of period $ 54.9389 $ 51.9638 $ 44.3471 $ 44.3260 $ 37.2318 $ 35.5594

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Financial Highlights – continued

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


2020 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 62.04 $ 52.36 $ 51.73 $ 43.40 $ 41.51 $ 36.67Increase (decrease) from operations: Total revenue .03 .70 – – – –Total expenses (excluding distributions) (.34) (.65) (.63) (.53) (.47) (.47)Realized gains (losses) 6.05 1.34 1.08 2.49 1.99 6.36Unrealized gains (losses) (2.32) 8.72 (1.84) 6.74 3.81 (1.44)Total increase (decrease) from operationsB 3.42 10.11 (1.39) 8.70 5.34 4.45Distributions: 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 $ 65.97 $ 62.04 $ 52.36 $ 51.73 $ 43.40 $ 41.51Ratios and Supplemental Data Net asset value (000s) D $ 263,985 $ 250,917 $ 210,303 $ 129,785 $ 72,092 $ 32,688Securities outstandingD 4,010,065 4,041,534 4,202,372 2,512,610 1,670,544 789,372Management expense ratio E,F 1.13% 1.13% 1.14% 1.13% 1.13% 1.15%Management expense ratio before waivers or absorptions E,F 1.13% 1.14% 1.15% 1.20% 1.20% 1.21%Trading expense ratioG .17% .17% .28% .29% .42% .23%Portfolio turnover rateH 8.32% 8.62% 2.04% 2.92% 9.15% 22.40%Net asset value per security, end of period $ 65.9752 $ 62.0470 $ 52.3570 $ 51.7355 $ 43.4042 $ 41.5141

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


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 .29 – – –Total expenses (excluding distributions) (.14) (.27) (.27) (.25) (.04)Realized gains (losses) 2.43 .55 .45 .80 –Unrealized gains (losses) (1.90) 3.74 (1.12) 3.89 1.00Total increase (decrease) from operationsB .68 4.31 (.94) 4.44 .96Distributions: From net investment income (excluding dividends) – – – – –From dividends – (.30) – – –From capital gains – – – (.21) –Return of capital (.50) (1.00) (1.00) (1.00) (.25)Total distributionsB,C (.50) (1.30) (1.00) (1.21) (.25)Net assets, end of periodB $ 26.33 $ 25.28 $ 22.24 $ 22.91 $ 20.14Ratios and Supplemental Data Net asset value (000s) D $ 3,428 $ 4,510 $ 4,254 $ 2,412 $ 210Securities outstandingD 130,320 178,483 191,212 105,402 15,377Management expense ratio E,J 1.14% 1.13% 1.13% 1.14% 1.17%Management expense ratio before waivers or absorptions E,J 1.14% 1.13% 1.14% 1.20% 1.22%Trading expense ratioG .17% .17% .28% .29% .42%Portfolio turnover rateH 8.32% 8.62% 2.04% 2.92% 9.15%Net asset value per security, end of period $ 26.3307 $ 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


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 (.05) .25 – – –Total expenses (excluding distributions) (.12) (.25) (.26) (.24) (.02)Realized gains (losses) 2.19 .51 .33 .07 –Unrealized gains (losses) (.24) 3.36 (1.09) 4.29 .42Total increase (decrease) from operationsB 1.78 3.87 (1.02) 4.12 .40Distributions: From net investment income (excluding dividends) – – – – –From dividends – (.27) – – –From capital gains – – – (.28) –Return of capital (.80) (1.60) (1.60) (1.60) (.40)Total distributionsB,C (.80) (1.87) (1.60) (1.88) (.40)Net assets, end of periodB $ 23.45 $ 22.88 $ 20.76 $ 22.01 $ 19.99Ratios and Supplemental Data Net asset value (000s) D $ 5,835 $ 4,957 $ 3,916 $ 1,589 $ 1Securities outstandingD 248,979 216,740 188,705 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 8.32% 8.62% 2.04% 2.92% 9.15%Net asset value per security, end of period $ 23.4513 $ 22.8787 $ 20.7553 $ 22.0108 $ 19.9929

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


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 .41 .31 – –Total expenses (excluding distributions) (.28) (.56) (.57) (.46)Realized gains (losses) 2.29 .53 .23 .07Unrealized gains (losses) (2.02) 3.16 (.74) 3.92Total increase (decrease) from operationsB .40 3.44 (1.08) 3.53Distributions: From net investment income (excluding dividends) – – – –From dividends – (.28) – –From capital gains – – – –Return of capital (.50) (1.00) (1.00) (.92)Total distributionsB,C (.50) (1.28) (1.00) (.92)Net assets, end of periodB $ 24.44 $ 23.66 $ 21.16 $ 22.12Ratios and Supplemental Data Net asset value (000s) D $ 3,388 $ 4,360 $ 5,339 $ 1,609Securities outstandingD 139,068 184,386 252,525 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 8.32% 8.62% 2.04% 2.92%Net asset value per security, end of period $ 24.4424 $ 23.6611 $ 21.1549 $ 22.1239

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


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 .02 .24 – –Total expenses (excluding distributions) (.25) (.52) (.55) (.45)Realized gains (losses) 2.07 .49 .24 .07Unrealized gains (losses) (.73) 3.22 (1.54) 4.95Total increase (decrease) from operationsB 1.11 3.43 (1.85) 4.57Distributions: From net investment income (excluding dividends) – – – –From dividends – (.26) – –From capital gains – – – –Return of capital (.80) (1.60) (1.60) (1.47)Total distributionsB,C (.80) (1.86) (1.60) (1.47)Net assets, end of periodB $ 22.01 $ 21.67 $ 19.99 $ 21.53Ratios and Supplemental Data Net asset value (000s) D $ 7,160 $ 7,319 $ 5,682 $ 1,378Securities outstandingD 325,895 338,564 284,774 64,064Management expense ratio E,L 2.48% 2.48% 2.49% 2.49%Management expense ratio before waivers or absorptions E,L 2.50% 2.51% 2.54% 2.59%Trading expense ratioG .17% .17% .28% .29%Portfolio turnover rateH 8.32% 8.62% 2.04% 2.92%Net asset value per security, end of period $ 22.0112 $ 21.6692 $ 19.9930 $ 21.5266

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


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 .06 .26 – –Total expenses (excluding distributions) (.26) (.51) (.51) (.42)Realized gains (losses) 2.30 .52 .44 .05Unrealized gains (losses) (1.18) 3.66 (.89) 3.95Total increase (decrease) from operationsB .92 3.93 (.96) 3.58Distributions: From net investment income (excluding dividends) – – – –From dividends – (.28) – –From capital gains – – – –Return of capital (.50) (1.00) (1.00) (.92)Total distributionsB,C (.50) (1.28) (1.00) (.92)Net assets, end of periodB $ 24.63 $ 23.82 $ 21.24 $ 22.15Ratios and Supplemental Data Net asset value (000s) D $ 2,191 $ 2,232 $ 1,834 $ 1,089Securities outstandingD 89,008 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 8.32% 8.62% 2.04% 2.92%Net asset value per security, end of period $ 24.6355 $ 23.8182 $ 21.2390 $ 22.1533

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


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 (.06) .24 – –Total expenses (excluding distributions) (.24) (.48) (.51) (.43)Realized gains (losses) 2.07 .49 .26 .07Unrealized gains (losses) (.84) 3.44 (1.57) 3.79Total increase (decrease) from operationsB .93 3.69 (1.82) 3.43Distributions: From net investment income (excluding dividends) – – – –From dividends – (.26) – –From capital gains – – – –Return of capital (.80) (1.60) (1.60) (1.47)Total distributionsB,C (.80) (1.86) (1.60) (1.47)Net assets, end of periodB $ 22.15 $ 21.78 $ 20.05 $ 21.55Ratios and Supplemental Data Net asset value (000s) D $ 5,901 $ 5,657 $ 4,376 $ 1,138Securities outstandingD 266,766 260,143 218,608 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 8.32% 8.62% 2.04% 2.92%Net asset value per security, end of period $ 22.1504 $ 21.7798 $ 20.0504 $ 21.5524

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


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 (.04) .17 – – –Total expenses (excluding distributions) (.17) (.34) (.33) (.28) (.20)Realized gains (losses) 1.57 .35 .29 .64 .05Unrealized gains (losses) (.45) 2.36 (.42) 1.90 1.62Total increase (decrease) from operationsB .91 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 $ 17.12 $ 16.19 $ 13.81 $ 13.80 $ 11.58Ratios and Supplemental Data Net asset value (000s) D $ 82,003 $ 72,660 $ 56,615 $ 34,831 $ 17,439Securities outstandingD 4,786,009 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 8.32% 8.62% 2.04% 2.92% 9.15%Net asset value per security, end of period $ 17.1272 $ 16.1953 $ 13.8135 $ 13.7994 $ 11.5831

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


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 (.35) .19 – –Total expenses (excluding distributions) (.24) (.48) (.47) (.26)Realized gains (losses) 2.16 .50 .30 .05Unrealized gains (losses) (.49) 3.45 (.87) 3.52Total increase (decrease) from operationsB 1.08 3.66 (1.04) 3.31Distributions: From net investment income (excluding dividends) – – – –From dividends – (.27) – –From capital gains – – – –Return of capital (.50) (1.00) (1.00) (.67)Total distributionsB,C (.50) (1.27) (1.00) (.67)Net assets, end of periodB $ 23.66 $ 22.89 $ 20.44 $ 21.34Ratios and Supplemental Data Net asset value (000s) D $ 1,562 $ 1,277 $ 731 $ 269Securities outstandingD 66,027 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 8.32% 8.62% 2.04% 2.92%Net asset value per security, end of period $ 23.6641 $ 22.8920 $ 20.4366 $ 21.3374



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 (.03) .19 – – –Total expenses (excluding distributions) (.17) (.33) (.32) (.27) (.20)Realized gains (losses) 1.58 .36 .29 .74 .05Unrealized gains (losses) (.48) 2.03 (.41) 1.69 1.51Total increase (decrease) from operationsB .90 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 $ 17.17 $ 16.23 $ 13.84 $ 13.81 $ 11.59Ratios and Supplemental Data Net asset value (000s) D $ 25,143 $ 22,317 $ 22,401 $ 13,413 $ 9,221Securities outstandingD 1,476,698 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 8.32% 8.62% 2.04% 2.92% 9.15%Net asset value per security, end of period $ 17.1704 $ 16.2302 $ 13.8351 $ 13.8118 $ 11.5924

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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 (.25) .03 – –Total expenses (excluding distributions) (.23) (.46) (.49) (.27)Realized gains (losses) 2.19 .51 2.45 .04Unrealized gains (losses) (.44) 3.23 (1.34) 1.68Total increase (decrease) from operationsB 1.27 3.31 .62 1.45Distributions: From net investment income (excluding dividends) – – – –From dividends – (.27) – –From capital gains – – – –Return of capital (.50) (1.00) (1.00) (.67)Total distributionsB,C (.50) (1.27) (1.00) (.67)Net assets, end of periodB $ 23.66 $ 22.88 $ 20.40 $ 21.32Ratios and Supplemental Data Net asset value (000s) D $ 727 $ 568 $ 29 $ 138Securities outstandingD 30,744 24,852 1,416 6,481Management expense ratio E,P 2.13% 2.05% 2.23% 2.23%Management expense ratio before waivers or absorptions E,P 2.16% 2.08% 2.27% 2.29%Trading expense ratioG .17% .17% .28% .29%Portfolio turnover rateH 8.32% 8.62% 2.04% 2.92%Net asset value per security, end of period $ 23.6596 $ 22.8809 $ 20.3972 $ 21.3190



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 (.15) .12 – – –Total expenses (excluding distributions) (.17) (.32) (.31) (.27) (.20)Realized gains (losses) 1.57 .33 .18 .73 .05Unrealized gains (losses) (.89) 2.52 (.23) 1.67 2.20Total increase (decrease) from operationsB .36 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 $ 17.18 $ 16.24 $ 13.84 $ 13.81 $ 11.59Ratios and Supplemental Data Net asset value (000s) D $ 10,331 $ 8,577 $ 6,682 $ 2,842 $ 1,789Securities outstandingD 601,082 527,803 482,518 205,782 154,983Management 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 8.32% 8.62% 2.04% 2.92% 9.15%Net asset value per security, end of period $ 17.1867 $ 16.2411 $ 13.8415 $ 13.8111 $ 11.5865

10




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 .01 .38 – –Total expenses (excluding distributions) (.24) (.47) (.48) (.26)Realized gains (losses) 2.20 .53 .81 .05Unrealized gains (losses) (.70) 2.97 2.21 2.19Total increase (decrease) from operationsB 1.27 3.41 2.54 1.98Distributions: From net investment income (excluding dividends) – – – –From dividends – (.27) – –From capital gains – – – –Return of capital (.50) (1.00) (1.00) (.67)Total distributionsB,C (.50) (1.27) (1.00) (.67)Net assets, end of periodB $ 23.65 $ 22.88 $ 20.42 $ 21.33Ratios and Supplemental Data Net asset value (000s) D $ 2,152 $ 2,081 $ 2,469 $ 2,332Securities outstandingD 90,963 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 8.32% 8.62% 2.04% 2.92%Net asset value per security, end of period $ 23.6553 $ 22.8794 $ 20.4195 $ 21.3280



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 (.51) .38 – – –Total expenses (excluding distributions) (.16) (.31) (.30) (.26) (.19)Realized gains (losses) 1.57 .40 .43 .10 –Unrealized gains (losses) 3.81 1.57 (.20) 2.16 1.29Total increase (decrease) from operationsB 4.71 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 $ 17.23 $ 16.28 $ 13.87 $ 13.84 $ 11.61Ratios and Supplemental Data Net asset value (000s) D $ 2,733 $ 946 $ 2,200 $ 2,393 $ 103Securities outstandingD 158,596 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 8.32% 8.62% 2.04% 2.92% 9.15%Net asset value per security, end of period $ 17.2289 $ 16.2782 $ 13.8688 $ 13.8374 $ 11.6099

11


Six-months ended May 31,

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 (.06) –Total expenses (excluding distributions) (.21) (.26)Realized gains (losses) 2.00 .25Unrealized gains (losses) (.02) 4.19Total increase (decrease) from operationsB 1.71 4.18Distributions: From net investment income (excluding dividends) – –From dividends – (.25)From capital gains – –Return of capital (.50) (.67)Total distributionsB,C (.50) (.92)Net assets, end of periodB $ 21.45 $ 20.79Ratios and Supplemental Data Net asset value (000s) D $ 1,182 $ 1,026Securities outstandingD 55,103 49,341Management expense ratio E,R 2.09% 2.11%Management expense ratio before waivers or absorptions E,R 2.11% 2.14%Trading expense ratioG .17% .17%Portfolio turnover rateH 8.32% 8.62%Net asset value per security, end of period $ 21.4533 $ 20.7886



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 1.20 .15 – –Total expenses (excluding distributions) (.12) (.23) (.24) (.12)Realized gains (losses) 1.22 .29 .06 .02Unrealized gains (losses) (2.98) 1.81 .27 1.17Total increase (decrease) from operationsB (.68) 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 $ 13.80 $ 13.02 $ 11.07 $ 11.03Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 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 8.32% 8.62% 2.04% 2.92%Net asset value per security, end of period $ 13.7999 $ 13.0238 $ 11.0701 $ 11.0367

12


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


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 (.04) .18 – – –Total expenses (excluding distributions) (.08) (.15) (.14) (.12) (.11)Realized gains (losses) 1.46 .33 .24 .47 .30Unrealized gains (losses) (.52) 1.97 (.60) 1.83 1.11Total increase (decrease) from operationsB .82 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 $ 15.92 $ 14.97 $ 12.62 $ 12.46 $ 10.46Ratios and Supplemental Data Net asset value (000s) D $ 102,870 $ 95,662 $ 85,207 $ 46,603 $ 15,816Securities outstandingD 6,461,373 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 8.32% 8.62% 2.04% 2.92% 9.15%Net asset value per security, end of period $ 15.9174 $ 14.9682 $ 12.6220 $ 12.4636 $ 10.4567

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


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 .40 .18 – –Total expenses (excluding distributions) (.12) (.24) (.25) (.13)Realized gains (losses) 2.31 .52 .29 .05Unrealized gains (losses) (1.37) 3.34 (1.10) .09Total increase (decrease) from operationsB 1.22 3.80 (1.06) .01Distributions: From net investment income (excluding dividends) – – – –From dividends – (.28) – –From capital gains – – – –Return of capital (.50) (1.00) (1.00) (.67)Total distributionsB,C (.50) (1.28) (1.00) (.67)Net assets, end of periodB $ 24.52 $ 23.57 $ 20.78 $ 21.46Ratios and Supplemental Data Net asset value (000s) D $ 3,281 $ 4,114 $ 1,832 $ 663Securities outstandingD 133,851 173,250 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 8.32% 8.62% 2.04% 2.92%Net asset value per security, end of period $ 24.5175 $ 23.5665 $ 20.7814 $ 21.4631

13



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 (.11) .16 – – –Total expenses (excluding distributions) (.07) (.14) (.14) (.12) (.10)Realized gains (losses) 1.45 .33 .27 .45 .13Unrealized gains (losses) (.41) 2.02 (.36) 1.83 1.14Total increase (decrease) from operationsB .86 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 $ 15.93 $ 14.98 $ 12.62 $ 12.46 $ 10.46Ratios and Supplemental Data Net asset value (000s) D $ 37,277 $ 34,833 $ 29,248 $ 17,965 $ 6,345Securities outstandingD 2,355,018 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 8.32% 8.62% 2.04% 2.92% 9.15%Net asset value per security, end of period $ 15.9336 $ 14.9790 $ 12.6241 $ 12.4646 $ 10.4580



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 (.54) .29 – –Total expenses (excluding distributions) (.11) (.23) (.23) (.08)Realized gains (losses) 2.28 .54 .44 .04Unrealized gains (losses) (.90) 3.75 (1.19) 1.99Total increase (decrease) from operationsB .73 4.35 (.98) 1.95Distributions: From net investment income (excluding dividends) – – – –From dividends – (.29) – –From capital gains – – – –Return of capital (.50) (1.00) (1.00) (.42)Total distributionsB,C (.50) (1.29) (1.00) (.42)Net assets, end of periodB $ 25.27 $ 24.26 $ 21.35 $ 22.01Ratios and Supplemental Data Net asset value (000s) D $ 2,418 $ 1,604 $ 1,466 $ 880Securities outstandingD 95,703 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 8.32% 8.62% 2.04% 2.92%Net asset value per security, end of period $ 25.2714 $ 24.2649 $ 21.3535 $ 22.0066

14




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 .11 .17 – – –Total expenses (excluding distributions) (.07) (.14) (.13) (.11) (.10)Realized gains (losses) 1.49 .32 .24 .51 .15Unrealized gains (losses) (2.67) 2.26 (.19) 1.61 1.57Total increase (decrease) from operationsB (1.14) 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 $ 15.97 $ 15.01 $ 12.64 $ 12.47 $ 10.46Ratios and Supplemental Data Net asset value (000s) D $ 15,322 $ 19,228 $ 16,201 $ 9,160 $ 4,890Securities outstandingD 959,541 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 8.32% 8.62% 2.04% 2.92% 9.15%Net asset value per security, end of period $ 15.9679 $ 15.0065 $ 12.6416 $ 12.4716 $ 10.4645



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 (1.35) .01 – –Total expenses (excluding distributions) (.11) (.23) (.22) (.04)Realized gains (losses) 2.35 .47 .74 .03Unrealized gains (losses) 1.71 3.51 (5.90) .87Total increase (decrease) from operationsB 2.60 3.76 (5.38) .86Distributions: From net investment income (excluding dividends) – – – –From dividends – (.28) – –From capital gains – – – –Return of capital (.50) (1.00) (1.00) (.25)Total distributionsB,C (.50) (1.28) (1.00) (.25)Net assets, end of periodB $ 24.36 $ 23.41 $ 20.62 $ 21.27Ratios and Supplemental Data Net asset value (000s) D $ 451 $ 82 $ 1 $ 1,244Securities outstandingD 18,588 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 8.32% 8.62% 2.04% 2.92%Net asset value per security, end of period $ 24.3597 $ 23.4094 $ 20.6193 $ 21.2705

15



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 .49 .16 – – –Total expenses (excluding distributions) (.07) (.13) (.13) (.10) (.09)Realized gains (losses) 1.52 .32 .13 1.44 .01Unrealized gains (losses) (3.20) 2.16 (.92) 1.28 .99Total increase (decrease) from operationsB (1.26) 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 $ 16.02 $ 15.06 $ 12.68 $ 12.50 $ 10.48Ratios and Supplemental Data Net asset value (000s) D $ 3,556 $ 6,828 $ 6,131 $ 1,148 $ 1,399Securities outstandingD 221,887 453,486 483,687 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 8.32% 8.62% 2.04% 2.92% 9.15%Net asset value per security, end of period $ 16.0251 $ 15.0558 $ 12.6762 $ 12.4979 $ 10.4794



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) (.10) (.20) (.21) (.03)Realized gains (losses) 2.25 .52 .40 .01Unrealized gains (losses) (.67) 4.16 1.88 1.54Total increase (decrease) from operationsB 1.48 5.00 2.07 1.52Distributions: From net investment income (excluding dividends) – – – –From dividends – (.28) – –From capital gains – – – –Return of capital (.50) (1.00) (1.00) (.25)Total distributionsB,C (.50) (1.28) (1.00) (.25)Net assets, end of periodB $ 24.36 $ 23.41 $ 20.62 $ 21.27Ratios and Supplemental Data Net asset value (000s) D $ 9 $ 8 $ 110 $ 87Securities outstandingD 365 360 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 8.32% 8.62% 2.04% 2.92%Net asset value per security, end of period $ 24.3621 $ 23.4059 $ 20.6189 $ 21.2678

16




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 .05 .17 – – –Total expenses (excluding distributions) (.06) (.12) (.11) (.10) (.07)Realized gains (losses) 1.48 .32 .28 .71 .02Unrealized gains (losses) (1.16) 1.77 (.10) 1.50 .62Total increase (decrease) from operationsB .31 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 $ 16.04 $ 15.07 $ 12.68 $ 12.49 $ 10.48Ratios and Supplemental Data Net asset value (000s) D $ 6,419 $ 6,864 $ 10,093 $ 7,742 $ 8,795Securities outstandingD 400,110 455,580 796,181 619,757 838,896Management 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 8.32% 8.62% 2.04% 2.92% 9.15%Net asset value per security, end of period $ 16.0423 $ 15.0658 $ 12.6763 $ 12.4913 $ 10.4836



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 .26 .29 – –Total expenses (excluding distributions) (.10) (.19) (.19) (.03)Realized gains (losses) 2.28 .52 .52 .01Unrealized gains (losses) (.90) 3.46 .01 1.33Total increase (decrease) from operationsB 1.54 4.08 .34 1.31Distributions: From net investment income (excluding dividends) – – – –From dividends – (.28) – –From capital gains – – – –Return of capital (.50) (1.00) (1.00) (.25)Total distributionsB,C (.50) (1.28) (1.00) (.25)Net assets, end of periodB $ 24.41 $ 23.44 $ 20.63 $ 21.27Ratios and Supplemental Data Net asset value (000s) D $ 7,194 $ 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 8.32% 8.62% 2.04% 2.92%Net asset value per security, end of period $ 24.4142 $ 23.4436 $ 20.6334 $ 21.2682

17

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.

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% 47.25% 52.75%

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% 96.77% 3.23%

Series T8 2.000% 52.56% 47.44%

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%

19


Past PerformanceThe performance information shown assumes that all distributions made by the Fund in the periods shown were reinvested in additional securities of the Fund. The performance information does not take into account sales, redemption, distribution or other optional charges, or income taxes payable by any investor that would have reduced returns or performance. How the Fund has performed in the past does not necessarily indicate how it will perform in the future.

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

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

Series A

5040302010

0-10

2020

5.6

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

2010

13.8

Fiscal Years

(%)

Series B

5040302010

0-10

2020

5.7

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

2010

14.0

Fiscal Years

(%)

Series F

5040302010

0-10

2020

6.3

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

2010

15.3

Fiscal Years

(%)

Series F5

30

20

10

0

-10

2020

6.3

2019

19.9

2018

1.2

2017

20.4

2016

1.9

Fiscal Years

(%)

Commencement of Operations is September 16, 2016

Series F8

30

20

10

0

-10

2020

6.3

2019

19.9

2018

1.2

2017

20.5

2016

2.0

Fiscal Years

(%)


Series T5

20

15

10

5

0

-5

2020

5.6

2019

18.3

2018

-0.1

2017

15.6

Fiscal Years

(%)

Commencement of Operations is January 6, 2017

20


Past Performance – continued

Series T8

20

15

10

5

0

-5

2020

5.6

2019

18.3

2018

-0.1

2017

15.6

Fiscal Years

(%)


Series S5

20

10

0

-10

2020

5.7

2019

18.6

2018

0.1

2017

15.8

Fiscal Years

(%)


Series S8

20

10

0

-10

2020

5.7

2019

18.6

2018

0.0

2017

15.8

Fiscal Years

(%)


Series E1

5040302010

0-10

2020

5.8

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

2010

14.0

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series E1T5

20

10

0

-10

2020

5.8

2019

18.6

2018

0.2

2017

15.9

Fiscal Years

(%)

Commencement of Operations is April 21, 2017

Series E2

5040302010

0-10

2020

5.8

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

2010

14.0

Fiscal Years

(%)


Series E2T5

20

10

0

-10

2020

5.8

2019

18.8

2018

0.1

2017

15.8

Fiscal Years

(%)


Series E3

5040302010

0-10

2020

5.8

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

2010

14.0

Fiscal Years

(%)


21

Series E3T5

20

10

0

-10

2020

5.8

2019

18.7

2018

0.2

2017

15.9

Fiscal Years

(%)


Series E4

5040302010

0-10

2020

5.8

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

2010

14.0

Fiscal Years

(%)


Series E4T5

20

10

0

-10

2020

5.8

2019

18.7

2018

0.1

2017

15.8

Fiscal Years

(%)


Series E5

5040302010

0-10

2020

6.0

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

2010

14.0

Fiscal Years

(%)


Series P1

5040302010

0-10

2020

6.3

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

2010

15.3

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P1T5

30

20

10

0

-10

2020

6.4

2019

20.0

2018

1.2

2017

20.5

2016

1.9

Fiscal Years

(%)


Series P2

5040302010

0-10

2020

6.4

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

2010

15.3

Fiscal Years

(%)


Series P2T5

30

20

10

0

-10

2020

6.4

2019

20.1

2018

1.3

2017

20.5

2016

1.9

Fiscal Years

(%)

Commencement of Operations is July 14, 2017

22


Past Performance – continued

Series P3

5040302010

0-10

2020

6.4

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

2010

15.3

Fiscal Years

(%)


Series P3T5

30

20

10

0

-10

2020

6.4

2019

20.2

2018

1.4

2017

20.5

2016

1.9

Fiscal Years

(%)


Series P4

5040302010

0-10

2020

6.4

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

2010

15.3

Fiscal Years

(%)


Series P4T5

30

20

10

0

-10

2020

6.4

2019

20.2

2018

1.4

2017

20.5

2016

1.9

Fiscal Years

(%)


Series P5

5040302010

0-10

2020

6.5

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

2010

15.3

Fiscal Years

(%)


Series P5T5

30

20

10

0

-10

2020

6.5

2019

20.3

2018

1.5

2017

20.5

2016

1.9

Fiscal Years

(%)


23


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

% of Fund’s Net Assets as at

5/31/20


11/30/19

Information Technology 34.1 29.2

Consumer Discretionary 14.1 12.0

Materials 13.1 7.2

Industrials 10.3 5.3

Health Care 7.5 11.1

Energy 6.9 0.4

Consumer Staples 5.1 5.0

Communication Services 3.4 7.7

Utilities 2.2 1.0

Financials 1.6 17.9

Others (Individually Less Than 1%) 0.0 1.0

Canadian Bonds 0.1 0.2

Cash and Cash Equivalents 1.0 2.4

Net Other Assets (Liabilities) 0.6 (0.4)

Market Capitalization


5/31/20


11/30/19

Large 80.2 64.2

Mid 12.6 28.5

Small 3.6 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


5/31/20


11/30/19

Canada 47.7 50.1

United States of America 44.0 36.0

Netherlands 2.4 6.0

Bermuda 2.2 1.0

Japan 2.0 1.7

Others (Individually Less Than 1%) 0.0 3.2

Cash and Cash Equivalents 1.0 2.4

Net Other Assets (Liabilities) 0.7 (0.4)

Top Issuers

% of Fund’s Net Assets

1. Shopify, Inc. 9.4

2. Slack Technologies, Inc. 5.1

3. Agnico Eagle Mines Ltd. 4.3

4. Canadian Pacific Railway Ltd. 4.0

5. Barrick Gold Corp. 3.5

6. Suncor Energy, Inc. 3.3

7. Roku, Inc. 3.3

8. Valeant Pharmaceuticals International, Inc. 3.2

9. Okta, Inc. 3.2

10. Zoom Video Communications, Inc. 3.1

11. Canadian Natural Resources Ltd. 3.1

12. Etsy, Inc. 2.9

13. Alimentation Couche-Tard, Inc. 2.9

14. Uber Technologies, Inc. 2.8

15. Amazon.com, Inc. 2.7

16. The Booking Holdings, Inc. 2.4

17. Elastic NV 2.3

18. Regeneron Pharmaceuticals, Inc. 2.2

19. Brookfield Renewable Energy Partners LP 2.2

20. Peloton Interactive, Inc. 2.0

21. Square, Inc. 2.0

22. Welcia Holdings Co. Ltd. 2.0

23. MongoDB, Inc. 1.9

24. Visa, Inc. 1.7

25. Air Canada 1.6

77.1

Total Fund Net Assets $884,598,000

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

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

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

1.831556.114 FICL-CGC-CS-MRFPS-0720

Fidelity Capital Structure Corp.407 2nd Street S.W., Suite 820Calgary, Alberta T2P 2Y3

Manager and RegistrarFidelity Investments Canada ULC483 Bay Street, Suite 300Toronto, Ontario M5G 2N7

CustodianState Street Trust Company of CanadaToronto, Ontario

Visit us online atwww.fidelity.caor call Fidelity Client Servicesat 1-800-263-4077

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

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