Fidelity Global Financial Services Class of the Fidelity ... · This annual management report of...

Annual Management Report of Fund PerformanceNovember 30, 2019

Fidelity Global Financial Services Class of the Fidelity Capital Structure Corp.

Caution Regarding Forward-looking Statements

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

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

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

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

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Annual Management Report of Fund Performance as at November 30, 2019Fidelity Global Financial Services 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 Global Financial Services Class (Fund) aims to achieve long-term capital growth, and seeks a return similar to that of Fidelity Global Financial Services Fund (Underlying Fund) by investing substantially all of its assets in securities of the Underlying Fund. The Underlying Fund, which is also managed by Fidelity, aims to achieve long-term capital growth by investing primarily in equity securities of companies anywhere in the world that provide financial services.

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 and industry position, as well as 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-sized and large companies. It 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 in the Underlying Fund over the period have not affected the overall level of risk of the Fund. The Underlying Fund is suitable for long-term investors who want to gain exposure to financial services companies located anywhere in the world, can handle the volatility of returns generally associated with equity investments, and are willing to accept a medium to high level of risk. The suitability of the investment has not changed from what has been disclosed in the prospectus.

Results of Operations:Fidelity Global Financial Services Class, Series B, returned 9.1%, after fees and expenses, for the one-year period ended November 30, 2019. The net returns of the other series of this Fund are similar to those of Series B, except for differences attributable to expense structures. Global equities, as measured by the MSCI World Index, returned 14.5% (in Canadian dollar terms) for the same period.

Market overview:

Monetary policy easing and sustained growth, particularly in the U.S., supported global equity markets. Lower interest rates and falling bond yields (interest income from bonds at a given price) resulted in a general preference for higher-quality companies, which tend to have low debt on their balance sheets, offer sustainability of earnings and often provide attractive dividend yields, compensating for some of the decline in bond yields. Fears that growth in the U.S. economy could be peaking after a ten-year expansion also contributed to a preference for high-quality companies. Furthermore, the falling cost of capital supported a sharp rise in share buybacks and lifted earnings per share (as fewer shares remain in issue for the same amount of earnings). However, escalating trade tensions between the U.S. and its leading trade partners triggered fears of a global recession and restricted gains in global equities. Investors faced several geopolitical downturns, such as rising tensions in the Middle East and Brexit-related developments. From a regional perspective, Asia-Pacific (ex-Japan) and emerging markets equities advanced, due in part to easing trade tensions and a sharp drop in valuations that attracted investor interest. European and U.S. equities advanced, led by a supportive monetary and fiscal policy framework.

Factors affecting performance:

The Fund’s benchmark, the MSCI ACWI (All Country World Index) Financials Index, returned 9.4% for the period under review. The Fund underperformed its benchmark after fees and expenses; however, before fees and expenses it outperformed.

The Fund’s exposure to certain stocks in the software & services industry, such as U.K.-based payment processing company Worldpay, and U.S.-based financial technology services company Global Payments, contributed to relative performance. At the end of the review period, the Underlying Fund did not hold a position in Worldpay. Certain holdings in the insurance industry, such as U.S.-based risk management product provider Assurant, and Germany-based diversified reinsurance services provider Hannover Re, also contributed to relative performance. Among other industries, France-based Ingenico, which provides technology to support secure electronic transactions, contributed to relative returns.

In contrast, the Underlying Fund’s exposure to certain stocks in the banking industry detracted from relative performance. In that industry, investments in Spain-based financial services company CaixaBank, U.S.-based Wells Fargo, and Netherlands-based ABN Amro, detracted from relative performance. At the end of the review period, the Underlying Fund had no exposure to CaixaBank.

Portfolio changes:

During the review period, the Underlying Fund’s allocation to the insurance industry increased after the portfolio manager added exposure to France-based insurance provider AXA. The portfolio manager believed AXA was attractively valued following disappointment from its acquisition of XL Group, which resulted in higher property and casualty-related payouts than expected earlier. Among other insurers, the portfolio manager initiated a holding in specialty insurer Assurant, which provides housing and lifestyle solutions that support, protect and connect

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Management Discussion of Fund Performance – continued

major consumer purchases. The position was introduced as an idiosyncratic property & casualty opportunity, trading at a discount to peers despite having a much higher return on tangible equity. The portfolio manager believes Assurant is on track to transform itself into a less capital-intensive business and has significant differentiated growth opportunities. The Underlying Fund remains underweight in the capital markets sub-sector. However, the Underlying Fund increased exposure to selected quality stocks that have a re-rating potential. A new position was purchased in Swiss private bank Julius Baer. The portfolio manager believes wealth creation and high asset retention are secular tailwinds to the bank’s intermediate to long-term story.

In contrast, exposure to other banks was reduced as the portfolio manager found what he believes to be better investment opportunities elsewhere. In that industry, the portfolio manager exited positions in US Bancorp, CaixaBank SA and Australia & New Zealand Banking Group, among others.

Recent DevelopmentsThe Underlying Fund’s portfolio manager, Sotiris Boutsis, looks to invest in companies with improving stock-specific fundamentals, or where the firm’s ability to deliver earnings growth has been ignored by markets. He emphasizes quality and looks for businesses with high returns on assets and equity, which drives cash generation and growth. Mr. Boutsis also seeks strong management teams and enterprises that are asset rich, which should help protect against volatility. Top-down macroeconomic considerations also play an important role in his analysis, as the global financial sector is more sensitive to macroeconomic events than the market average. Though market participants have become more optimistic since the last quarter of 2018 due to a loosening of central bank policy, Mr. Boutsis has remained committed to investing in what he believes to be quality companies. Given the stage of the market cycle, he is focusing on fee income over margin plays, and certain industries, such as reinsurers, that are less correlated to the business cycle. He also likes others, such as insurance brokers, which he believes have limited balance sheet risk.

At the end of the review period, the Underlying Fund had its largest absolute allocation to the banking industry, followed by the insurance industry. The Fund differed most from its bench-mark by having lower exposure to the banking industry and a higher exposure to the insurance industry.

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

Related Party TransactionsManager and Portfolio Adviser

The Fund is managed by Fidelity Investments Canada ULC (Fidelity). Fidelity is part of a broader collection of companies collectively known as Fidelity Investments.

Fidelity provides or arranges for the provision of all general management and administrative services required by the Fund in its day–to–day operations, bookkeeping, record–keeping and other administrative services for the Fund.

Fidelity is the portfolio adviser to the Fund and it provides investment advisory services to the Fund. Fidelity provides investment advice with respect to the Fund’s investment portfolio and arranges for the acquisition and disposition of portfolio investments, including all necessary brokerage arrangements.

The Fund pays Fidelity a monthly management and advisory fee for their services, based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity management and advisory fees of $141,000 for the period ended November 30, 2019.

Administration Fee

Fidelity charges the Fund a fixed administration fee in place of certain variable expenses. Fidelity, in turn, pays all of the operating expenses of the Fund, other than certain specified fund costs (e.g. the fees and expenses of the Independent Review Committee, taxes, brokerage commissions and interest charges). The Fund pays an annual rate, which is calculated on a tiered basis, based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity administration fees of $20,000 for the period ended November 30, 2019.

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Financial Highlights

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

Fidelity Global Financial Services Class of the Fidelity Capital Structure Corp. Series A

Periods ended November 30, 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 21.98 $ 23.08 $ 19.39 $ 19.22 $ 16.14Increase (decrease) from operations: Total revenue .76 .63 .33 .14 –Total expenses (excluding distributions) (.55) (.57) (.52) (.46) (.47)Realized gains (losses) .99 1.38 1.17 1.72 .77Unrealized gains (losses) .14 (2.35) 2.74 (.98) 2.88Total increase (decrease) from operationsB 1.34 (.91) 3.72 .42 3.18Distributions: From net investment income (excluding dividends) – – – – –From dividends (.08) (.14) (.11) (.22) –From capital gains – – (.03) – –Return of capital – – – – –Total distributionsB,C (.08) (.14) (.14) (.22) –Net assets, end of periodB $ 23.85 $ 21.98 $ 23.08 $ 19.39 $ 19.22Ratios and Supplemental Data Net asset value (000s) D $ 726 $ 1,558 $ 2,327 $ 1,531 $ 1,437Securities outstandingD 30,458 70,912 100,791 78,974 74,756Management expense ratio E,F 2.48% 2.46% 2.47% 2.53% 2.58%Management expense ratio before waivers or absorptionsE,F 2.55% 2.54% 2.55% 2.59% 2.65%Trading expense ratioG .12% .05% .21% .08% .01%Portfolio turnover rateH 9.31% 28.25% 33.57% 31.69% 17.11%Net asset value per security, end of period $ 23.8493 $ 21.9753 $ 23.0917 $ 19.3905 $ 19.2202

Fidelity Global Financial Services Class of the Fidelity Capital Structure Corp. Series B

Periods ended November 30, 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 22.40 $ 23.48 $ 19.74 $ 19.53 $ 16.38Increase (decrease) from operations: Total revenue .62 .56 .37 .17 –Total expenses (excluding distributions) (.53) (.54) (.50) (.44) (.45)Realized gains (losses) 1.05 1.40 1.20 1.94 .80Unrealized gains (losses) .63 (2.46) 2.88 (2.04) 2.69Total increase (decrease) from operationsB 1.77 (1.04) 3.95 (.37) 3.04Distributions: From net investment income (excluding dividends) – – – – –From dividends (.08) (.15) (.12) (.22) –From capital gains – – (.06) – –Return of capital – – – – –Total distributionsB,C (.08) (.15) (.18) (.22) –Net assets, end of periodB $ 24.34 $ 22.40 $ 23.48 $ 19.74 $ 19.53Ratios and Supplemental Data Net asset value (000s) D $ 3,979 $ 4,935 $ 5,167 $ 3,889 $ 5,449Securities outstandingD 162,090 220,629 220,120 197,561 278,936Management expense ratio E,F 2.32% 2.32% 2.35% 2.38% 2.41%Management expense ratio before waivers or absorptions E,F 2.39% 2.40% 2.42% 2.43% 2.45%Trading expense ratioG .12% .05% .21% .08% .01%Portfolio turnover rateH 9.31% 28.25% 33.57% 31.69% 17.11%Net asset value per security, end of period $ 24.3453 $ 22.3967 $ 23.4990 $ 19.7350 $ 19.5348

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Financial Highlights – continued

Fidelity Global Financial Services Class of the Fidelity Capital Structure Corp. Series F

Periods ended November 30, 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 26.15 $ 27.09 $ 22.78 $ 22.30 $ 18.47Increase (decrease) from operations: Total revenue .64 .51 .23 .56 –Total expenses (excluding distributions) (.32) (.32) (.30) (.26) (.27)Realized gains (losses) 1.25 1.59 1.22 3.01 .93Unrealized gains (losses) 1.29 (2.83) 1.64 (8.33) (.43)Total increase (decrease) from operationsB 2.86 (1.05) 2.79 (5.03) .23Distributions: From net investment income (excluding dividends) – – – – –From dividends (.09) (.17) (.13) (.26) –From capital gains – – (.34) – –Return of capital – – – – –Total distributionsB,C (.09) (.17) (.47) (.26) –Net assets, end of periodB $ 28.75 $ 26.15 $ 27.09 $ 22.78 $ 22.30Ratios and Supplemental Data Net asset value (000s) D $ 1,839 $ 1,670 $ 972 $ 628 $ 3,561Securities outstandingD 63,757 63,846 35,809 27,569 160,320Management expense ratio E,F 1.19% 1.18% 1.21% 1.24% 1.23%Management expense ratio before waivers or absorptions E,F 1.22% 1.23% 1.29% 1.32% 1.32%Trading expense ratioG .12% .05% .21% .08% .01%Portfolio turnover rateH 9.31% 28.25% 33.57% 31.69% 17.11%Net asset value per security, end of period $ 28.7546 $ 26.1546 $ 27.1326 $ 22.7839 $ 22.3002

Fidelity Global Financial Services Class of the Fidelity Capital Structure Corp. Series E1

Periods ended November 30, 2019 2018 2017 2016I

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

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Periods ended November 30, 2019 2018 2017 2016I

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


Periods ended November 30, 2019 2018 2017K

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

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Fidelity Global Financial Services Class of the Fidelity Capital Structure Corp. Series P1

Periods ended November 30, 2019 2018 2017 2016M

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


Periods ended November 30, 2019 2018 2017 2016M

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

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Periods ended November 30, 2019 2018 2017O

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




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Financial Highlights FootnotesA This information is derived from the Fund’s audited annual and/or unaudited interim financial statements. The net assets attributable to securityholders per security presented in the financial statements may differ from the net asset

value calculated for fund pricing purposes. An explanation of these differences can be found in the notes to financial statements. For reporting periods ending after January 1, 2017 per security comparative figures (except for net asset value per security, end of period) have been conformed to the current rounding presentation of two decimal places. As a result, reporting periods ending prior to January 1, 2017 may not foot due to this rounding change.

B Net assets and distributions are based on the actual number of securities outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of securities outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per security.

C Distributions were paid in cash or reinvested in additional securities of the Fund, or both, and excludes any applicable distributions of management fee reduction to securityholders.D This information is provided as at period end of the year shown.E Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset

values during the period, including the Fund’s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable.F Effective November 1, 2014, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver

at any time, at its sole discretion. It is not known when such waivers will be terminated.G The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund’s pro-rata share of estimated

trading costs incurred in any underlying investment fund, if applicable.H The Fund’s portfolio turnover rate indicates how actively the Fund’s portfolio adviser manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its

portfolio once in the course of the year. The higher the Fund’s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. For periods greater than six months, but less than a full fiscal year, the portfolio turnover rate is annualized.

I For the period February 5, 2016 (commencement of sale of securities) to November 30, 2016.J Effective February 9, 2016, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at

any time, at its sole discretion. It is not known when such waivers will be terminated.K For the period July 14, 2017 (commencement of sale of securities) to November 30, 2017.L Effective July 18, 2017, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any

time, at its sole discretion. It is not known when such waivers will be terminated.M For the period December 4, 2015 (commencement of sale of securities) to November 30, 2016.N Effective December 8, 2015, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver

at any time, at its sole discretion. It is not known when such waivers will be terminated.O For the period September 22, 2017 (commencement of sale of securities) to November 30, 2017.P Effective September 26, 2017, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver

at any time, at its sole discretion. It is not known when such waivers will be terminated.

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Management and Advisory FeesFidelity serves as manager of the Fund. The Fund pays Fidelity a monthly management fee for its services, based on the net asset value of each Series, calculated daily and payable monthly. Fidelity uses these management fees to pay for sales and trailing commissions to registered dealers on the distribution of the Fund securities, as well as for general investment management expenses. Dealer compensation represents cash commissions paid by Fidelity to registered dealers during the period and includes upfront deferred sales charge and trailing commissions. This amount may, in certain circumstances, exceed 100% of the fees earned by Fidelity during the period. For new Funds or Series the amounts presented may not be indicative of longer term operating periods.

Management Fees

Dealer Compensation

Investment management, administration

and other

Series A 2.000% 25.74% 74.26%

Series B 1.850% 54.05% 45.95%

Series F 0.850% — 100.00%

Series E1 1.825% 54.79% 45.21%

Series E2 1.800% 55.56% 44.44%

Series E3 1.775% 56.34% 43.66%

Series P1 0.825% — 100.00%

Series P2 0.800% — 100.00%

Series P3 0.775% — 100.00%

Series P4 0.725% — 100.00%

Series P5 0.675% — 100.00%

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

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

Year-by-Year ReturnsThe following bar chart shows the Fund’s annual performance for each of the years shown, and illustrates how the Fund’s performance was changed from year to year. In percentage terms, the bar chart shows how much an investment made on the first day of each financial year would have grown or decreased by the last day of each financial year.

Series A

40302010

0-10-20

2019

8.9

2018

-4.2

2017

19.9

2016

2.0

2015

19.1

2014

12.6

2013

33.8

2012

19.2

2011

-11.0

2010

-4.9

Fiscal Years

(%)

Series B

40302010

0-10-20

2019

9.1

2018

-4.1

2017

20.0

2016

2.2

2015

19.3

2014

12.9

2013

34.0

2012

19.4

2011

-10.8

2010

-4.7

Fiscal Years

(%)

Series F

40

30

20

10

0

-10

2019

10.3

2018

-3.0

2017

21.4

2016

3.3

2015

20.7

2014

14.1

2013

35.4

2012

20.7

2011

-9.9

2010

-3.7

Fiscal Years

(%)

Series E1

40302010

0-10-20

2019

9.2

2018

-4.0

2017

20.1

2016

2.3

2015

19.3

2014

12.9

2013

34.0

2012

19.4

2011

-10.8

2010

-4.7

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series E2

40302010

0-10-20

2019

9.2

2018

-4.0

2017

20.2

2016

2.3

2015

19.3

2014

12.9

2013

34.0

2012

19.4

2011

-10.8

2010

-4.7

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series E3

40302010

0-10-20

2019

9.5

2018

-3.8

2017

20.2

2016

2.2

2015

19.3

2014

12.9

2013

34.0

2012

19.4

2011

-10.8

2010

-4.7

Fiscal Years

(%)

Commencement of Operations is July 14, 2017

12


Past Performance – continued

Series P1

40

30

20

10

0

-10

2019

10.4

2018

-2.9

2017

21.5

2016

3.4

2015

20.7

2014

14.1

2013

35.4

2012

20.7

2011

-9.9

2010

-3.7

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P2

40

30

20

10

0

-10

2019

10.6

2018

-2.8

2017

21.9

2016

3.7

2015

20.7

2014

14.1

2013

35.4

2012

20.7

2011

-9.9

2010

-3.7

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P3

40

30

20

10

0

-10

2019

10.8

2018

-2.5

2017

21.5

2016

3.3

2015

20.7

2014

14.1

2013

35.4

2012

20.7

2011

-9.9

2010

-3.7

Fiscal Years

(%)

Commencement of Operations is September 22, 2017

Series P4

40

30

20

10

0

-10

2019

10.8

2018

-2.5

2017

21.5

2016

3.3

2015

20.7

2014

14.1

2013

35.4

2012

20.7

2011

-9.9

2010

-3.7

Fiscal Years

(%)


Series P5

40

30

20

10

0

-10

2019

10.8

2018

-2.5

2017

21.5

2016

3.3

2015

20.7

2014

14.1

2013

35.4

2012

20.7

2011

-9.9

2010

-3.7

Fiscal Years

(%)


Annual Compound ReturnsThis table shows the Fund’s historical annual compound total returns for the periods indicated, compared with a broad-based index, the MSCI World Index and the Fund’s benchmark, the MSCI ACWI (All Country World Index) Financials Index, as described below.

13

Average Annual Total ReturnsPast 1 year

Past 3 years

Past 5 years

Past 10 years

Series A 8.9% 7.7% 8.7% 8.7%Series B 9.1% 7.9% 8.9% 8.9%Series F 10.3% 9.1% 10.1% 10.1%Series E1 9.2% 8.0% 9.0% 9.0%Series E2 9.2% 8.0% 9.0% 9.0%Series E3 9.5% 8.2% 9.1% 9.0%Series P1 10.4% 9.2% 10.2% 10.2%Series P2 10.6% 9.4% 10.4% 10.2%Series P3 10.8% 9.5% 10.4% 10.2%Series P4 10.8% 9.5% 10.4% 10.2%Series P5 10.8% 9.5% 10.4% 10.2%MSCI ACWI (All Country World Index) Financials Index Blend 9.4% 8.3% 8.3% 8.8%MSCI World Index 14.5% 11.9% 11.1% 11.9%

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

The MSCI ACWI (All Country World Index) Financials Index is an unmanaged index considered representative of the financial sector. The MSCI World Index is a market capitalization weighted index composed of companies representative of the market structure of developed market countries in North America, Europe and the Asia/Pacific region.

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

14


Summary of Investment Portfolio as at November 30, 2019Sector Mix

% of Fund’s Net Assets as at

11/30/19


11/30/18

Banks 34.0 52.1

Insurance 32.7 21.2

Capital Markets 13.1 10.9

Diversified Financial Services 6.0 7.6

IT Services 5.8 2.0

Software 2.2 0.0

Electronic Equipment & Components 1.6 0.0

Internet & Direct Marketing Retail 1.1 0.0

Real Estate Management & Development 1.1 0.0

Others (Individually Less Than 1%) 0.4 3.3

Cash and Cash Equivalents 1.8 2.8

Net Other Assets (Liabilities) 0.2 0.1

Geographic Mix


11/30/19


11/30/18

United States of America 47.6 48.0

France 8.8 1.6

Germany 6.3 6.1

United Kingdom 5.3 6.3

Hong Kong 4.2 4.8

Japan 3.8 4.7

Switzerland 3.5 2.1

India 3.3 2.9

China 3.1 2.6

Bermuda 1.9 1.2

Brazil 1.9 1.9

Italy 1.6 0.7

Netherlands 1.3 1.0

Cayman Islands 1.1 0.0

Indonesia 1.0 0.7

Others (Individually Less Than 1%) 3.3 12.5

Cash and Cash Equivalents 1.8 2.8

Net Other Assets (Liabilities) 0.2 0.1

Top Issuers

% of Fund’s Net Assets

1. JPMorgan Chase & Co. 6.6

2. Bank of America Corp. 3.9

3. AXA SA 3.4

4. Morgan Stanley 3.4

5. Allianz SE 3.3

6. Citigroup, Inc. 3.3

7. AIA Group Ltd. 3.1

8. Berkshire Hathaway, Inc. 2.4

9. Wells Fargo & Co. 2.3

10. Assurant, Inc. 2.2

11. Hartford Financial Services Group, Inc. 2.1

12. BNP Paribas SA 2.0

13. Julius Baer Group Ltd. 2.0

14. Intercontinental Exchange, Inc. 1.8

15. Fidelity National Information Services, Inc. 1.8

16. Ping An Insurance Group Co. of China Ltd. 1.8

17. Societe Generale 1.8

18. Fidelity U.S. Money Market Investment Trust – Series O 1.8

19. Charles Schwab Corp. 1.8

20. Hannover Reuck SE 1.7

21. Legal & General Group PLC 1.7

22. Voya Financial, Inc. 1.7

23. Willis Group Holdings PLC 1.6

24. UniCredit SpA 1.6

25. Arthur J. Gallagher & Co. 1.6

60.7

Total Fund Net Assets $8,342,000

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.

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.

1.824526.114 FICL-FFS-CS-MRFPA-0220

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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