Fidelity Global Equity Private Pool of the Fidelity Capital Structure Corp. · 1 Semi-Annual Management Report of Fund Performance as at May 31, 2019 Fidelity Global Equity Private

Semi-Annual Management Report of Fund PerformanceMay 31, 2019

Fidelity Global Equity Private Pool of the Fidelity Capital Structure Corp.

Caution Regarding Forward-looking Statements

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

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

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

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

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Semi-Annual Management Report of Fund Performance as at May 31, 2019Fidelity Global Equity Private Pool of the Fidelity Capital Structure Corp.This semi-annual management report of fund performance contains financial highlights but does not contain the complete semi-annual financial statements for the investment fund. You can get a copy of the semi-annual financial statements at your request, and at no cost, by calling 1-800-263-4077, by writing to us at Fidelity Investments, 483 Bay St. Suite 300, Toronto ON M5G 2N7 or by visiting our website at www.fidelity.ca or SEDAR at www.sedar.com.

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

Management Discussion of Fund PerformanceResults of OperationsFidelity Global Equity Private Pool (Fund) invests substantially all of its assets in securities of Fidelity Global Equity Investment Trust (Underlying Fund).

Fidelity Global Equity Private Pool, Series B, returned 3.1%, after fees and expenses, for the six-month period ended May 31, 2019. The net returns of the other series of this Fund are similar to those of Series B, except for differences attributable to expense structures. During the review period, global equities, as represented by the MSCI ACWI (All Country World Index) Index, returned 3.1% (in Canadian dollar terms).

Market overview:

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

Factors affecting performance:

The Fund underperformed its benchmark after fees and expenses. However, it outperformed before fees and expenses primarily due to Underlying Fund’s exposure to certain stocks in the health care sector. In the sector, investments in U.S.-based health care services and solutions provider Cerner Corporation and health care firm Baxter International, contributed to relative returns. In addition, exposure to certain stocks in the industrials sector contributed to relative performance. In the sector, investments in Spain-based infrastructure operator Ferrovial, and U.S.-based international technical professional services company Jacobs Engineering Group, contributed to relative returns.

In contrast, the Underlying Fund’s investments in certain stocks in the financials sector detracted from relative performance. In the sector, investments in Sweden-based independent online stockbroker Avanza Bank, and U.S.-based online brokerage services provider TD Ameritrade, detracted from relative returns. In addition, investments in certain stocks in the consumer discre-tionary sector detracted from relative returns. In the sector, investments in U.S.-listed travel luggage company Samsonite, and Denmark-based jewellery manufacturer and retailer Pandora detracted from relative returns.

Portfolio changes:

During the review period, exposure to the materials sector increased as the Underlying Fund initiated positions in Japan-based diversified chemical producer NOF Corporation. The portfolio manager believes the company has stable earnings and high profit margins, with good potential for margin expansion. In addition, the Fund’s exposure to the health care sector increased as the portfolio manager initiated a position in China-based pharmaceutical company Sinopharm Group. He believes the company will benefit from the Chinese drug reform, being the biggest drug distributor in the country.

In contrast, the Underlying Fund decreased exposure to the industrials sector during the period. The portfolio manager reduced exposure to France-based aerospace company Safran to fund other opportunities with more attractive risk/reward potentials.

Recent DevelopmentsPortfolio manager Patrice Quirion continues to take a long-term approach to investing, focusing on companies that have sustainable quality and are growing steadily with limited cyclicality. He is generally cautious about commodity-related firms, where there are significant factors beyond management’s control. The portfolio manager is focusing on global leaders, multinationals, and high-quality companies that can deliver good returns over the long term. He is also looking for companies that have characteristics similar to those of big leading multinationals but are global leaders in niche areas. Recently, Mr. Quirion has been finding more opportunities among value-oriented stocks, and stocks with cyclical exposures that have been overlooked by inves-tors. He believes that, despite short-term volatility, some of these cyclical stocks that were trading at depressed valuations offer good risk/reward potential over the long-term.

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.

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Management Discussion of Fund Performance – continued

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 $1,065,000 for the period ended May 31, 2019.

Administration Fee

Fidelity charges the Fund a fixed administration fee in place of certain variable expenses. Fidelity, in turn, pays all of the operating expenses of the Fund, other than certain specified fund costs (e.g. the fees and expenses of the Independent Review Committee, taxes, brokerage commissions and interest charges). The Fund pays an annual rate based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity administration fees of $155,000 for the period ended May 31, 2019.

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Financial Highlights

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

Fidelity Global Equity Private Pool of the Fidelity Capital Structure Corp. Series B

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

2019 2018 2017 2016 2015 2014The Series’ Net Assets per Security A Net assets, beginning of period B $ 22.81 $ 23.80 $ 20.83 $ 21.31 $ 18.50 $ 16.03Increase (decrease) from operations: Total revenue .77 .42 .55 .29 .48 .20Total expenses (excluding distributions) (.26) (.54) (.50) (.46) (.46) (.39)Realized gains (losses) .94 3.28 .45 1.11 .95 1.26Unrealized gains (losses) (.76) (4.40) 2.84 (1.31) 1.74 1.32Total increase (decrease) from operationsB .69 (1.24) 3.34 (.37) 2.71 2.40Distributions: From net investment income (excluding dividends) – – – – – –From dividends – (.02) (.02) – – –From capital gains – – (.34) (.14) – –Return of capital – – – – – –Total distributionsB,C – (.02) (.36) (.14) – –Net assets, end of periodB $ 23.51 $ 22.81 $ 23.80 $ 20.83 $ 21.31 $ 18.50Ratios and Supplemental Data Net asset value (000s) D $ 52,169 $ 55,019 $ 40,368 $ 33,450 $ 33,612 $ 23,361Securities outstandingD 2,218,801 2,411,511 1,702,167 1,605,084 1,587,922 1,262,954Management expense ratio E 2.24% 2.25% 2.26% 2.26% 2.26% 2.27%Management expense ratio before waivers or absorptions E 2.24% 2.25% 2.26% 2.26% 2.26% 2.27%Trading expense ratioF .13% .31% .09% .10% .09% .11%Portfolio turnover rateG 9.65% 8.04% 14.81% 29.29% 8.95% 16.86%Net asset value per security, end of period $ 23.5114 $ 22.8145 $ 23.8034 $ 20.8343 $ 21.3138 $ 18.4971

Fidelity Global Equity Private Pool of the Fidelity Capital Structure Corp. Series F


2019 2018 2017 2016 2015 2014The Series’ Net Assets per Security A Net assets, beginning of period B $ 23.01 $ 23.78 $ 20.83 $ 21.32 $ 18.31 $ 15.68Increase (decrease) from operations: Total revenue .71 .42 .55 .29 .02 .21Total expenses (excluding distributions) (.13) (.27) (.25) (.22) (.23) (.19)Realized gains (losses) .96 3.28 .45 1.09 .92 1.25Unrealized gains (losses) (.74) (4.45) 2.80 (1.40) 1.64 1.27Total increase (decrease) from operationsB .80 (1.02) 3.55 (.25) 2.35 2.54Distributions: From net investment income (excluding dividends) – – – – – –From dividends – (.02) (.02) – – –From capital gains – (.05) (.59) (.39) – –Return of capital – – – – – –Total distributionsB,C – (.07) (.61) (.39) – –Net assets, end of periodB $ 23.84 $ 23.01 $ 23.78 $ 20.83 $ 21.32 $ 18.31Ratios and Supplemental Data Net asset value (000s) D $ 66,610 $ 63,462 $ 42,379 $ 33,063 $ 34,759 $ 11,437Securities outstandingD 2,793,339 2,760,230 1,778,157 1,587,367 1,642,181 624,768Management expense ratio E 1.12% 1.12% 1.12% 1.11% 1.12% 1.13%Management expense ratio before waivers or absorptions E 1.12% 1.12% 1.12% 1.11% 1.12% 1.13%Trading expense ratioF .13% .31% .09% .10% .09% .11%Portfolio turnover rateG 9.65% 8.04% 14.81% 29.29% 8.95% 16.86%Net asset value per security, end of period $ 23.8405 $ 23.0068 $ 23.7851 $ 20.8301 $ 21.3260 $ 18.3059

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Financial Highlights – continued

Fidelity Global Equity Private Pool of the Fidelity Capital Structure Corp. Series F5


2019 2018 2017 2016 2015 2014The Series’ Net Assets per Security A Net assets, beginning of period B $ 29.95 $ 32.24 $ 29.43 $ 31.50 $ 28.19 $ 25.32Increase (decrease) from operations: Total revenue .90 .60 .77 .25 .50 –Total expenses (excluding distributions) (.17) (.34) (.33) (.32) (.34) (.30)Realized gains (losses) 1.23 4.54 .62 1.22 1.41 .91Unrealized gains (losses) (.75) (6.56) 4.19 (.69) 3.54 3.29Total increase (decrease) from operationsB 1.21 (1.76) 5.25 .46 5.11 3.90Distributions: From net investment income (excluding dividends) – – – – – –From dividends – (.02) (.03) – – –From capital gains – (.09) (.83) (.58) – –Return of capital (.65) (1.29) (1.29) (1.29) (1.29) (1.27)Total distributionsB,C (.65) (1.40) (2.15) (1.87) (1.29) (1.27)Net assets, end of periodB $ 30.38 $ 29.95 $ 32.24 $ 29.43 $ 31.50 $ 28.19Ratios and Supplemental Data Net asset value (000s) D $ 4,213 $ 4,245 $ 3,243 $ 2,790 $ 1,707 $ 536Securities outstandingD 138,853 141,927 100,770 95,035 54,268 19,022Management expense ratio E 1.09% 1.07% 1.07% 1.09% 1.10% 1.13%Management expense ratio before waivers or absorptions E 1.09% 1.07% 1.07% 1.09% 1.10% 1.13%Trading expense ratioF .13% .31% .09% .10% .09% .11%Portfolio turnover rateG 9.65% 8.04% 14.81% 29.29% 8.95% 16.86%Net asset value per security, end of period $ 30.3863 $ 29.9486 $ 32.2396 $ 29.4349 $ 31.4992 $ 28.1873

Fidelity Global Equity Private Pool of the Fidelity Capital Structure Corp. Series F8


2019 2018 2017 2016 2015 2014The Series’ Net Assets per Security A Net assets, beginning of period B $ 22.93 $ 25.29 $ 23.67 $ 25.95 $ 23.73 $ 21.83Increase (decrease) from operations: Total revenue .75 .40 .32 .56 .45 –Total expenses (excluding distributions) (.13) (.27) (.28) (.27) (.29) (.26)Realized gains (losses) .94 2.99 .46 1.78 1.18 .79Unrealized gains (losses) (.73) (4.47) 2.76 (3.72) 2.45 3.29Total increase (decrease) from operationsB .83 (1.35) 3.26 (1.65) 3.79 3.82Distributions: From net investment income (excluding dividends) – – – – – –From dividends – (.02) (.02) – – –From capital gains – (.05) (.66) (.47) – –Return of capital (.81) (1.62) (1.62) (1.62) (1.62) (1.62)Total distributionsB,C (.81) (1.69) (2.30) (2.09) (1.62) (1.62)Net assets, end of periodB $ 22.94 $ 22.93 $ 25.29 $ 23.67 $ 25.95 $ 23.73Ratios and Supplemental Data Net asset value (000s) D $ 2,370 $ 2,411 $ 1,193 $ 668 $ 1,279 $ 657Securities outstandingD 103,372 105,204 47,148 28,202 49,340 27,692Management expense ratio E 1.12% 1.09% 1.14% 1.13% 1.13% 1.13%Management expense ratio before waivers or absorptions E 1.12% 1.09% 1.14% 1.13% 1.13% 1.13%Trading expense ratioF .13% .31% .09% .10% .09% .11%Portfolio turnover rateG 9.65% 8.04% 14.81% 29.29% 8.95% 16.86%Net asset value per security, end of period $ 22.9405 $ 22.9265 $ 25.2958 $ 23.6745 $ 25.9487 $ 23.7265

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Fidelity Global Equity Private Pool of the Fidelity Capital Structure Corp. Series I


2019 2018 2017 2016 2015 2014The Series’ Net Assets per Security A Net assets, beginning of period B $ 22.43 $ 23.40 $ 20.47 $ 20.93 $ 18.22 $ 15.82Increase (decrease) from operations: Total revenue .75 .56 .55 .31 .33 .21Total expenses (excluding distributions) (.27) (.53) (.53) (.50) (.51) (.42)Realized gains (losses) .93 3.67 .45 1.15 .92 1.24Unrealized gains (losses) (.73) (4.78) 2.79 (1.52) 1.60 1.39Total increase (decrease) from operationsB .68 (1.08) 3.26 (.57) 2.35 2.42Distributions: From net investment income (excluding dividends) – – – – – –From dividends – (.02) (.02) – – –From capital gains – – (.28) (.08) – –Return of capital – – – – – –Total distributionsB,C – (.02) (.30) (.08) – –Net assets, end of periodB $ 23.11 $ 22.43 $ 23.40 $ 20.47 $ 20.93 $ 18.22Ratios and Supplemental Data Net asset value (000s) D $ 21,987 $ 23,401 $ 21,821 $ 18,015 $ 20,638 $ 10,441Securities outstandingD 951,632 1,043,710 932,952 884,741 986,631 573,182Management expense ratio E 2.24% 2.24% 2.44% 2.52% 2.52% 2.50%Management expense ratio before waivers or absorptions E 2.24% 2.24% 2.44% 2.52% 2.52% 2.50%Trading expense ratioF .13% .31% .09% .10% .09% .11%Portfolio turnover rateG 9.65% 8.04% 14.81% 29.29% 8.95% 16.86%Net asset value per security, end of period $ 23.1115 $ 22.4277 $ 23.3987 $ 20.4658 $ 20.9308 $ 18.2150

Fidelity Global Equity Private Pool of the Fidelity Capital Structure Corp. Series I5


2019 2018 2017 2016 2015 2014The Series’ Net Assets per Security A Net assets, beginning of period B $ 27.66 $ 30.10 $ 27.49 $ 29.41 $ 26.74 $ 24.37Increase (decrease) from operations: Total revenue .56 .37 .82 .34 .15 .27Total expenses (excluding distributions) (.32) (.67) (.71) (.70) (.74) (.65)Realized gains (losses) 1.11 2.78 .58 1.38 1.30 1.70Unrealized gains (losses) (2.20) (4.73) 2.53 (1.49) .68 2.70Total increase (decrease) from operationsB (.85) (2.25) 3.22 (.48) 1.39 4.02Distributions: From net investment income (excluding dividends) – – – – – –From dividends – (.02) (.03) – – –From capital gains – – (.37) (.10) – –Return of capital (.62) (1.24) (1.24) (1.24) (1.24) (1.22)Total distributionsB,C (.62) (1.26) (1.64) (1.34) (1.24) (1.22)Net assets, end of periodB $ 27.87 $ 27.66 $ 30.10 $ 27.49 $ 29.41 $ 26.74Ratios and Supplemental Data Net asset value (000s) D $ 266 $ 539 $ 208 $ 322 $ 281 $ 271Securities outstandingD 9,559 19,483 6,931 11,746 9,575 10,147Management expense ratio E 2.22% 2.29% 2.50% 2.56% 2.58% 2.54%Management expense ratio before waivers or absorptions E 2.22% 2.29% 2.50% 2.56% 2.58% 2.54%Trading expense ratioF .13% .31% .09% .10% .09% .11%Portfolio turnover rateG 9.65% 8.04% 14.81% 29.29% 8.95% 16.86%Net asset value per security, end of period $ 27.8694 $ 27.6554 $ 30.0984 $ 27.4893 $ 29.4109 $ 26.7375

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Fidelity Global Equity Private Pool of the Fidelity Capital Structure Corp. Series I8


2019 2018 2017 2016 2015 2014The Series’ Net Assets per Security A Net assets, beginning of period B $ 19.72 $ 22.19 $ 20.93 $ 23.10 $ 21.59 $ 20.27Increase (decrease) from operations: Total revenue .63 .31 .65 .36 .37 .43Total expenses (excluding distributions) (.24) (.49) (.54) (.55) (.60) (.53)Realized gains (losses) .80 2.28 .45 1.28 1.05 2.01Unrealized gains (losses) (.61) (3.64) 2.82 (1.90) 1.63 1.25Total increase (decrease) from operationsB .58 (1.54) 3.38 (.81) 2.45 3.16Distributions: From net investment income (excluding dividends) – – – – – –From dividends – (.01) (.02) – – –From capital gains – – (.28) (.08) – –Return of capital (.81) (1.62) (1.62) (1.62) (1.62) (1.62)Total distributionsB,C (.81) (1.63) (1.92) (1.70) (1.62) (1.62)Net assets, end of periodB $ 19.50 $ 19.72 $ 22.19 $ 20.93 $ 23.10 $ 21.59Ratios and Supplemental Data Net asset value (000s) D $ 841 $ 859 $ 397 $ 497 $ 323 $ 396Securities outstandingD 43,178 43,561 17,872 23,766 13,973 18,335Management expense ratio E 2.29% 2.29% 2.51% 2.57% 2.58% 2.56%Management expense ratio before waivers or absorptions E 2.29% 2.29% 2.51% 2.57% 2.58% 2.56%Trading expense ratioF .13% .31% .09% .10% .09% .11%Portfolio turnover rateG 9.65% 8.04% 14.81% 29.29% 8.95% 16.86%Net asset value per security, end of period $ 19.4973 $ 19.7171 $ 22.1924 $ 20.9277 $ 23.1012 $ 21.5906

Fidelity Global Equity Private Pool of the Fidelity Capital Structure Corp. Series S5


2019 2018 2017 2016 2015 2014The Series’ Net Assets per Security A Net assets, beginning of period B $ 28.35 $ 30.83 $ 28.18 $ 30.14 $ 27.32 $ 24.83Increase (decrease) from operations: Total revenue .86 .57 .68 .37 .13 .27Total expenses (excluding distributions) (.32) (.68) (.66) (.63) (.68) (.60)Realized gains (losses) 1.17 4.31 .60 1.49 1.33 1.81Unrealized gains (losses) (.83) (5.65) 3.70 (1.22) 2.24 1.84Total increase (decrease) from operationsB .88 (1.45) 4.32 – 3.02 3.33Distributions: From net investment income (excluding dividends) – – – – – –From dividends – (.02) (.03) – – –From capital gains – – (.47) (.19) – –Return of capital (.63) (1.27) (1.27) (1.27) (1.27) (1.25)Total distributionsB,C (.63) (1.29) (1.77) (1.45) (1.27) (1.25)Net assets, end of periodB $ 28.58 $ 28.35 $ 30.83 $ 28.18 $ 30.14 $ 27.32Ratios and Supplemental Data Net asset value (000s) D $ 4,891 $ 3,161 $ 2,616 $ 1,858 $ 1,545 $ 442Securities outstandingD 171,197 111,608 84,914 66,041 51,343 16,183Management expense ratio E 2.23% 2.23% 2.24% 2.24% 2.30% 2.30%Management expense ratio before waivers or absorptions E 2.23% 2.23% 2.24% 2.24% 2.30% 2.30%Trading expense ratioF .13% .31% .09% .10% .09% .11%Portfolio turnover rateG 9.65% 8.04% 14.81% 29.29% 8.95% 16.86%Net asset value per security, end of period $ 28.5849 $ 28.3534 $ 30.8350 $ 28.1770 $ 30.1374 $ 27.3169

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Fidelity Global Equity Private Pool of the Fidelity Capital Structure Corp. Series S8


2019 2018 2017 2016 2015 2014The Series’ Net Assets per Security A Net assets, beginning of period B $ 20.39 $ 22.87 $ 21.54 $ 23.74 $ 22.06 $ 20.61Increase (decrease) from operations: Total revenue .62 .41 .31 .34 .12 .35Total expenses (excluding distributions) (.23) (.48) (.49) (.47) (.52) (.48)Realized gains (losses) .83 2.76 .44 1.26 1.09 1.80Unrealized gains (losses) (.57) (4.14) 2.83 (1.56) 1.55 .73Total increase (decrease) from operationsB .65 (1.45) 3.09 (.43) 2.24 2.40Distributions: From net investment income (excluding dividends) – – – – – –From dividends – (.01) (.02) – – –From capital gains – – (.37) (.17) – –Return of capital (.81) (1.62) (1.62) (1.62) (1.62) (1.62)Total distributionsB,C (.81) (1.63) (2.01) (1.79) (1.62) (1.62)Net assets, end of periodB $ 20.20 $ 20.39 $ 22.87 $ 21.54 $ 23.74 $ 22.06Ratios and Supplemental Data Net asset value (000s) D $ 2,067 $ 1,957 $ 1,152 $ 505 $ 570 $ 156Securities outstandingD 102,556 96,178 50,362 23,443 24,107 7,065Management expense ratio E 2.22% 2.17% 2.22% 2.17% 2.21% 2.26%Management expense ratio before waivers or absorptions E 2.22% 2.17% 2.22% 2.17% 2.21% 2.26%Trading expense ratioF .13% .31% .09% .10% .09% .11%Portfolio turnover rateG 9.65% 8.04% 14.81% 29.29% 8.95% 16.86%Net asset value per security, end of period $ 20.2012 $ 20.3922 $ 22.8695 $ 21.5454 $ 23.7370 $ 22.0563

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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 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.G 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.

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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 B 1.800% 55.56% 44.44%

Series F 0.800% — 100.00%

Series F5 0.800% — 100.00%

Series F8 0.800% — 100.00%

Series I 1.800% 55.56% 44.44%

Series I5 1.800% 55.56% 44.44%

Series I8 1.800% 55.56% 44.44%

Series S5 1.800% 55.56% 44.44%

Series S8 1.800% 55.56% 44.44%

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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.

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 B

40

30

20

10

0

-10

2019

3.1

2018

-4.1

2017

16.2

2016

-1.6

2015

15.2

2014

15.4

2013

33.2

2012

10.3

2011

-2.1

2010

1.7

2009

6.7

Fiscal Years

(%)

Series F

40

30

20

10

0

-10

2019

3.6

2018

-3.0

2017

17.5

2016

-0.4

2015

16.5

2014

16.7

2013

34.7

2012

11.5

2011

-1.0

2010

2.8

2009

2.6

Fiscal Years

(%)

Commencement of Operations is October 5, 2009

Series F5

40

30

20

10

0

-10

2019

3.6

2018

-3.0

2017

17.6

2016

-0.4

2015

16.5

2014

16.7

2013

34.6

2012

11.4

2011

-1.1

2010

2.7

2009

2.6

Fiscal Years

(%)


Series F8

40

30

20

10

0

-10

2019

3.6

2018

-3.0

2017

17.5

2016

-0.5

2015

16.5

2014

16.7

2013

34.6

2012

11.4

2011

-1.1

2010

2.7

2009

2.6

Fiscal Years

(%)


Series I

40

30

20

10

0

-10

2019

3.0

2018

-4.1

2017

16.0

2016

-1.8

2015

14.9

2014

15.2

2013

32.9

2012

10.0

2011

-2.4

2010

1.5

2009

6.4

Fiscal Years

(%)

Series I5

40

30

20

10

0

-10

2019

3.0

2018

-4.1

2017

15.9

2016

-1.9

2015

14.8

2014

15.1

2013

32.8

2012

9.9

2011

-2.5

2010

1.4

2009

6.2

Fiscal Years

(%)

11

Series I8

40

30

20

10

0

-10

2019

3.0

2018

-4.1

2017

15.9

2016

-1.9

2015

14.8

2014

15.1

2013

32.8

2012

10.0

2011

-2.4

2010

1.4

2009

6.4

Fiscal Years

(%)

Series S5

40

30

20

10

0

-10

2019

3.1

2018

-4.1

2017

16.2

2016

-1.6

2015

15.1

2014

15.4

2013

33.2

2012

10.3

2011

-2.2

2010

1.7

2009

6.7

Fiscal Years

(%)

Series S8

40

30

20

10

0

-10

2019

3.1

2018

-4.0

2017

16.3

2016

-1.5

2015

15.3

2014

15.4

2013

33.1

2012

10.2

2011

-2.2

2010

1.7

2009

6.7

Fiscal Years

(%)

12


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

% of Fund’s Net Assets as at

5/31/19


11/30/18

Industrials 28.7 30.3

Consumer Discretionary 20.1 18.9

Financials 13.9 13.0

Health Care 12.3 10.7

Information Technology 8.5 10.1

Materials 4.4 0.0

Communication Services 3.8 5.3

Energy 1.9 2.4

Consumer Staples 1.5 0.5

Cash and Cash Equivalents 5.1 7.9

Net Other Assets (Liabilities) (0.2) 0.9

Geographic Mix


5/31/19


11/30/18

United States of America 29.8 28.3

Germany 8.3 5.5

United Kingdom 8.1 11.5

Japan 7.9 4.5

France 4.7 3.9

Ireland 3.5 2.5

Canada 3.5 4.2

Denmark 3.5 4.0

Switzerland 2.6 2.1

Bermuda 2.6 4.5

Spain 2.4 2.3

Cayman Islands 2.0 2.3

Australia 2.0 0.5

Sweden 1.8 2.3

Korea (South) 1.7 0.0

Bailiwick of Jersey 1.7 1.6

Mexico 1.7 1.5

Brazil 1.6 1.5

Luxembourg 1.4 2.0

Netherlands 1.3 2.0

China 1.0 0.0

Others (Individually Less Than 1%) 2.0 4.2

Cash and Cash Equivalents 5.1 7.9

Net Other Assets (Liabilities) (0.2) 0.9

Top Issuers

% of Fund’s Net Assets

1. Fidelity U.S. Money Market Investment Trust – Series O 5.1

2. Frontdoor, Inc. 2.7

3. ARAMARK Holdings Corp. 2.7

4. Brenntag AG 2.4

5. Ferrovial SA 2.4

6. NOF Corp. 2.4

7. SAP SE 2.3

8. Colfax Corp. 2.3

9. Meggitt PLC 2.2

10. AECOM 2.2

11. Cerner Corp. 2.1

12. Jacobs Engineering Group, Inc. 2.1

13. Bridgestone Corp. 2.1

14. DCC PLC 2.0

15. Compass Group PLC 2.0

16. Vipshop Holdings Ltd. 2.0

17. Alphabet, Inc. 2.0

18. AmerisourceBergen Corp. 2.0

19. The Weir Group PLC 2.0

20. Orica Ltd. 2.0

21. BNP Paribas SA 2.0

22. CDK Global, Inc. 1.9

23. Julius Baer Group Ltd. 1.9

24. Baxter International, Inc. 1.9

25. Enbridge, Inc. 1.9

56.6

Total Fund Net Assets $155,403,000

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

All tables within the Summary of Investment Portfolio section, except the Top Issuers table, contain audited annual information (unaudited as at semi-annual period end).

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

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

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

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

CustodianState Street Trust Company of CanadaToronto, Ontario

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

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

Documents

Fidelity Global Equity Private Pool of the Fidelity Capital Structure Corp. · 1 Semi-Annual Management Report of Fund Performance as at May 31, 2019 Fidelity Global Equity Private