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Annual Management Report of Fund Performance November 30, 2019 Fidelity Global Natural Resources Class of the Fidelity Capital Structure Corp.

Fidelity Global Natural Resources Class of the Fidelity Capital … · 2 Fidelity Global Natural Resources Class of the Fidelity Capital Structure Corp. Management Discussion of Fund

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Page 1: Fidelity Global Natural Resources Class of the Fidelity Capital … · 2 Fidelity Global Natural Resources Class of the Fidelity Capital Structure Corp. Management Discussion of Fund

Annual Management Report of Fund PerformanceNovember 30, 2019

Fidelity Global Natural Resources Class of the Fidelity Capital Structure Corp.

Page 2: Fidelity Global Natural Resources Class of the Fidelity Capital … · 2 Fidelity Global Natural Resources Class of the Fidelity Capital Structure Corp. Management Discussion of Fund

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 Natural Resources 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 Natural Resources Class (Fund) aims to achieve long-term capital growth by seeking a return similar to that of Fidelity Global Natural Resources 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 own or develop natural resources or supply goods and services to those companies.

Strategies: When buying and selling securities for the Underlying Fund, the portfolio managers examine each company’s potential for success in light of its current financial condition, its industry position and economic and market conditions. The portfolio managers consider factors like growth potential, earnings estimates and quality of management. The Underlying Fund may shift its emphasis from one natural resource industry to another. It may hold cash, invest in fixed-income securities and invest in small, medium and large companies.

RiskThe risks associated with investing in this Fund are the same as for the Underlying Fund and remain as discussed in the prospectus. Any changes to the Underlying Fund over the period have not affected the overall level of risk of the Fund. The Fund is suitable for long-term investors who want to gain exposure to natural resource 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 Natural Resources Class, Series B, returned 3.1%, after fees and expenses, for the one-year period ending 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 review 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, with sustainability of earnings and attractive dividend yields among the key drivers of gains. Furthermore, the falling cost of capital generally 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, which triggered fears of a global recession, limited gains in global equities. Additionally, concerns that growth in the U.S. economy could be peaking after a ten-year-long expansion weakened investor sentiment. Investors also navigated several geopolitical risk events, such as rising tensions in the Middle East and developments related to Brexit. From a regional perspective, Asia-Pacific (ex-Japan) and emerging markets equities advanced, in part due to easing trade tensions and as a sharp drop in valuations 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 index returned 3.7% for the period under review. The Fund’s benchmark is the MSCI AC World Natural Resources Index. The Fund underperformed its benchmark after fees and expenses but outperformed before fees and expenses.

This outperformance was primarily due to the Underlying Fund’s exposure to certain stocks in the chemicals and construction materials industries. In the chemicals industry, investments in U.S.-based industrial chemicals producer Air Products and Chemicals, paint solutions provider Sherwin-Williams and agricultural products company FMC contributed to relative performance. In the construction materials industry, holdings in U.S.-based building materials suppliers Martin Marietta and Vulcan Materials contributed to relative returns. Among other industries, Canada-based fuel retailing company Parkland Fuel and Canada-based copper mining company Ero Copper contributed to relative returns.

In contrast, the Underlying Fund’s investments in paper and forest products companies, such as leading diversified woods products company West Fraser Timber and leading North American producer of industrial pressure-treated wood products Stella Jones, detracted from relative performance. In other industries, holdings in Canada-based methanol supplier and distributor Methanex, Ireland-based industrial gas supplier Linde and U.S.-based oil and gas company Concho Resources detracted from relative returns.

Portfolio changes:

During the review period, the Underlying Fund’s exposures to the chemicals and construction materials industries were increased. In the chemicals industry, the allocations to Air Products & Chemicals and paints and coating solutions company Sherwin-Williams were increased; the portfolio managers believe that the companies are attractively valued and have strong balance sheets. In the construction materials sector, the position in Vulcan Materials was increased on the belief that it offers attractive earnings growth prospects. An investment was also made in Canada-based renewable power platform operator Brookfield Renewable Partners, given its strong cash flow and dividend yield.

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Fidelity Global Natural Resources Class of the Fidelity Capital Structure Corp.

Management Discussion of Fund Performance – continued

While the Underlying Fund retains its largest exposure to the oil, gas and consumable fuels industry, the position was trimmed by exiting positions in Enbridge, Occidental Petroleum and Concho Resources, and reducing the allocations to Exxon Mobil and Total SA; the managers believed there were more attractive opportunities elsewhere. Some of the proceeds were used to initiate a larger-than-benchmark position in oil and gas production and exploration company BP, and to increase the position in Canada-based fuel retailing company Parkland Fuel.

As at November 30, 2019, the Underlying Fund had its largest exposure to the oil, gas and consumable fuels industry, followed by the chemicals industry. The Underlying Fund diverged most from the benchmark’s industry weightings by having more exposure to independent power and renewable electricity producers and construction materials and less exposure to chemi-cals and metals and mining. These industry-level allocations are a result of the portfolio managers’ bottom-up stock selection process and are not driven by top-down macro analysis.

Recent DevelopmentsPortfolio managers Darren Lekkerkerker and Joe Overdevest continue to employ a research process focused on identifying commodity producers they believe will benefit most from develop-ments in commodity markets. In the energy sector, they are generally cautious on oil and gas over the long term but believe there could be select opportunities in the near term, with valuations for select companies appearing attractive relative to peers. In the materials sector, more emphasis is placed on high-quality companies with capable management teams and stock prices at what they consider reasonable valuations.

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 $203,000 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 $30,000 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 Natural Resources 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 $ 27.29 $ 28.76 $ 28.52 $ 26.89 $ 26.40Increase (decrease) from operations: Total revenue .94 .80 .17 – –Total expenses (excluding distributions) (.69) (.74) (.69) (.67) (.69)Realized gains (losses) .53 1.16 1.27 1.14 .85Unrealized gains (losses) .02 (2.16) (.76) 1.38 .70Total increase (decrease) from operationsB .80 (.94) (.01) 1.85 .86Distributions: From net investment income (excluding dividends) – – – – –From dividends (.62) (.36) – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C (.62) (.36) – – –Net assets, end of periodB $ 27.47 $ 27.29 $ 28.76 $ 28.52 $ 26.89Ratios and Supplemental Data Net asset value (000s) D $ 1,497 $ 2,473 $ 3,326 $ 4,689 $ 3,716Securities outstandingD 54,502 90,601 115,668 164,404 138,742Management expense ratio E,F 2.48% 2.46% 2.51% 2.54% 2.57%Management expense ratio before waivers or absorptions E,F 2.55% 2.55% 2.59% 2.61% 2.64%Trading expense ratioG .08% .09% .19% .35% .11%Portfolio turnover rateH 10.24% 27.19% 10.79% 33.04% 19.58%Net asset value per security, end of period $ 27.4683 $ 27.2910 $ 28.7567 $ 28.5229 $ 26.8894

Fidelity Global Natural Resources 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 $ 28.05 $ 29.51 $ 29.22 $ 27.49 $ 26.95Increase (decrease) from operations: Total revenue .80 .74 .17 – –Total expenses (excluding distributions) (.66) (.70) (.66) (.62) (.65)Realized gains (losses) .57 1.19 1.34 1.07 .90Unrealized gains (losses) .13 (2.33) (.90) .39 .12Total increase (decrease) from operationsB .84 (1.10) (.05) .84 .37Distributions: From net investment income (excluding dividends) – – – – –From dividends (.64) (.37) – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C (.64) (.37) – – –Net assets, end of periodB $ 28.28 $ 28.05 $ 29.51 $ 29.22 $ 27.49Ratios and Supplemental Data Net asset value (000s) D $ 4,580 $ 5,137 $ 5,671 $ 7,101 $ 9,412Securities outstandingD 161,587 180,865 192,134 243,121 342,176Management expense ratio E,F 2.30% 2.30% 2.33% 2.34% 2.38%Management expense ratio before waivers or absorptions E,F 2.37% 2.37% 2.39% 2.39% 2.42%Trading expense ratioG .08% .09% .19% .35% .11%Portfolio turnover rateH 10.24% 27.19% 10.79% 33.04% 19.58%Net asset value per security, end of period $ 28.2848 $ 28.0467 $ 29.5063 $ 29.2181 $ 27.4935

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Financial Highlights – continued

Fidelity Global Natural Resources 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 $ 33.52 $ 34.87 $ 34.14 $ 31.77 $ 30.79Increase (decrease) from operations: Total revenue 1.04 .40 .20 – –Total expenses (excluding distributions) (.41) (.43) (.40) (.39) (.39)Realized gains (losses) .62 1.33 1.51 1.54 1.06Unrealized gains (losses) (.61) (6.66) (.67) 2.20 (.31)Total increase (decrease) from operationsB .64 (5.36) .64 3.35 .37Distributions: From net investment income (excluding dividends) – – – – –From dividends (.77) (.44) – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C (.77) (.44) – – –Net assets, end of periodB $ 34.18 $ 33.52 $ 34.87 $ 34.14 $ 31.77Ratios and Supplemental Data Net asset value (000s) D $ 2,066 $ 4,119 $ 1,254 $ 1,804 $ 1,116Securities outstandingD 60,451 122,870 35,959 53,259 35,119Management expense ratio E,F 1.21% 1.18% 1.20% 1.23% 1.24%Management expense ratio before waivers or absorptions E,F 1.24% 1.22% 1.28% 1.30% 1.34%Trading expense ratioG .08% .09% .19% .35% .11%Portfolio turnover rateH 10.24% 27.19% 10.79% 33.04% 19.58%Net asset value per security, end of period $ 34.1787 $ 33.5238 $ 34.8725 $ 34.1455 $ 31.7738

Fidelity Global Natural Resources 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 $ 11.31 $ 11.88 $ 11.76 $ 10.00Increase (decrease) from operations: Total revenue .30 .30 .07 –Total expenses (excluding distributions) (.26) (.27) (.26) (.20)Realized gains (losses) .24 .48 .54 .37Unrealized gains (losses) .06 (1.02) (.37) 1.64Total increase (decrease) from operationsB .34 (.51) (.02) 1.80Distributions: From net investment income (excluding dividends) – – – –From dividends (.26) (.15) – –From capital gains – – – –Return of capital – – – –Total distributionsB,C (.26) (.15) – –Net assets, end of periodB $ 11.41 $ 11.31 $ 11.88 $ 11.76Ratios and Supplemental Data Net asset value (000s) D $ 1,319 $ 1,280 $ 1,436 $ 1,669Securities outstandingD 115,627 113,224 120,815 141,891Management expense ratio E,J 2.23% 2.22% 2.28% 2.30%Management expense ratio before waivers or absorptions E,J 2.30% 2.30% 2.34% 2.34%Trading expense ratioG .08% .09% .19% .35%Portfolio turnover rateH 10.24% 27.19% 10.79% 33.04%Net asset value per security, end of period $ 11.4094 $ 11.3057 $ 11.8844 $ 11.7606

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Fidelity Global Natural Resources Class of the Fidelity Capital Structure Corp. Series E2

Periods ended November 30, 2019 2018 2017 2016I

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.32 $ 11.90 $ 11.77 $ 10.00Increase (decrease) from operations: Total revenue .30 .53 .05 –Total expenses (excluding distributions) (.25) (.27) (.25) (.20)Realized gains (losses) .24 .51 .55 .45Unrealized gains (losses) .03 (.75) (.28) 1.47Total increase (decrease) from operationsB .32 .02 .07 1.72Distributions: From net investment income (excluding dividends) – – – –From dividends (.26) (.15) – –From capital gains – – – –Return of capital – – – –Total distributionsB,C (.26) (.15) – –Net assets, end of periodB $ 11.43 $ 11.32 $ 11.90 $ 11.77Ratios and Supplemental Data Net asset value (000s) D $ 186 $ 168 $ 425 $ 343Securities outstandingD 16,280 14,875 35,750 29,121Management expense ratio E,J 2.21% 2.17% 2.20% 2.22%Management expense ratio before waivers or absorptions E,J 2.28% 2.25% 2.27% 2.26%Trading expense ratioG .08% .09% .19% .35%Portfolio turnover rateH 10.24% 27.19% 10.79% 33.04%Net asset value per security, end of period $ 11.4303 $ 11.3230 $ 11.8978 $ 11.7685

Fidelity Global Natural Resources Class of the Fidelity Capital Structure Corp. Series E3

Periods ended November 30, 2019 2018 2017 2016I

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.37 $ 11.94 $ 11.79 $ 10.00Increase (decrease) from operations: Total revenue .03 .08 .01 –Total expenses (excluding distributions) (.24) (.27) (.25) (.18)Realized gains (losses) .06 .41 1.08 .50Unrealized gains (losses) (11.92) (2.16) 2.51 2.89Total increase (decrease) from operationsB (12.07) (1.94) 3.35 3.21Distributions: From net investment income (excluding dividends) – – – –From dividends (.26) (.15) – –From capital gains – – – –Return of capital – – – –Total distributionsB,C (.26) (.15) – –Net assets, end of periodB $ 11.51 $ 11.37 $ 11.94 $ 11.79Ratios and Supplemental Data Net asset value (000s) D $ 26 $ 240 $ 44 $ 1Securities outstandingD 2,287 21,154 3,728 100Management expense ratio E,J 2.11% 2.14% 2.18% 2.13%Management expense ratio before waivers or absorptions E,J 2.20% 2.21% 2.28% 2.29%Trading expense ratioG .08% .09% .19% .35%Portfolio turnover rateH 10.24% 27.19% 10.79% 33.04%Net asset value per security, end of period $ 11.5074 $ 11.3660 $ 11.9374 $ 11.7943

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Financial Highlights – continued

Fidelity Global Natural Resources Class of the Fidelity Capital Structure Corp. Series P1

Periods ended November 30, 2019 2018 2017 2016K

The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.74 $ 11.17 $ 10.93 $ 10.00Increase (decrease) from operations: Total revenue .28 .14 .02 –Total expenses (excluding distributions) (.12) (.13) (.12) (.11)Realized gains (losses) .23 .45 .50 .47Unrealized gains (losses) .04 (1.60) .12 1.08Total increase (decrease) from operationsB .43 (1.14) .52 1.44Distributions: From net investment income (excluding dividends) – – – –From dividends (.25) (.14) – –From capital gains – – – –Return of capital – – – –Total distributionsB,C (.25) (.14) – –Net assets, end of periodB $ 10.96 $ 10.74 $ 11.17 $ 10.93Ratios and Supplemental Data Net asset value (000s) D $ 1,059 $ 888 $ 350 $ 169Securities outstandingD 96,608 82,644 31,331 15,506Management expense ratio E,L 1.11% 1.13% 1.12% 1.14%Management expense ratio before waivers or absorptions E,L 1.14% 1.17% 1.20% 1.20%Trading expense ratioG .08% .09% .19% .35%Portfolio turnover rateH 10.24% 27.19% 10.79% 33.04%Net asset value per security, end of period $ 10.9605 $ 10.7450 $ 11.1713 $ 10.9292

Fidelity Global Natural Resources Class of the Fidelity Capital Structure Corp. Series P2

Periods ended November 30, 2019 2018 2017 2016K

The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.77 $ 11.19 $ 10.94 $ 10.00Increase (decrease) from operations: Total revenue .29 .30 .01 –Total expenses (excluding distributions) (.11) (.12) (.10) (.10)Realized gains (losses) .23 .41 .70 .22Unrealized gains (losses) .07 .08 (.88) .76Total increase (decrease) from operationsB .48 .67 (.27) .88Distributions: From net investment income (excluding dividends) – – – –From dividends (.25) (.14) – –From capital gains – – – –Return of capital – – – –Total distributionsB,C (.25) (.14) – –Net assets, end of periodB $ 11.00 $ 10.77 $ 11.19 $ 10.94Ratios and Supplemental Data Net asset value (000s) D $ 84 $ 87 $ 358 $ 22Securities outstandingD 7,637 8,062 31,972 2,039Management expense ratio E,L 1.04% 1.01% .99% 1.07%Management expense ratio before waivers or absorptions E,L 1.08% 1.07% 1.06% 1.14%Trading expense ratioG .08% .09% .19% .35%Portfolio turnover rateH 10.24% 27.19% 10.79% 33.04%Net asset value per security, end of period $ 11.0010 $ 10.7727 $ 11.1921 $ 10.9361

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Fidelity Global Natural Resources Class of the Fidelity Capital Structure Corp. Series P3

Periods ended November 30, 2019 2018 2017 2016M

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.03 $ 11.45 $ 11.19 $ 10.00Increase (decrease) from operations: Total revenue .30 .54 .06 –Total expenses (excluding distributions) (.11) (.11) (.11) (.08)Realized gains (losses) .23 .62 .53 .42Unrealized gains (losses) .07 (5.16) (.29) .88Total increase (decrease) from operationsB .49 (4.11) .19 1.22Distributions: From net investment income (excluding dividends) – – – –From dividends (.25) (.15) – –From capital gains – – – –Return of capital – – – –Total distributionsB,C (.25) (.15) – –Net assets, end of periodB $ 11.27 $ 11.03 $ 11.45 $ 11.19Ratios and Supplemental Data Net asset value (000s) D $ 355 $ 340 $ 172 $ 304Securities outstandingD 31,498 30,808 15,057 27,185Management expense ratio E,N 1.00% .99% 1.01% 1.02%Management expense ratio before waivers or absorptions E,N 1.03% 1.04% 1.09% 1.09%Trading expense ratioG .08% .09% .19% .35%Portfolio turnover rateH 10.24% 27.19% 10.79% 33.04%Net asset value per security, end of period $ 11.2735 $ 11.0346 $ 11.4479 $ 11.1880

Fidelity Global Natural Resources Class of the Fidelity Capital Structure Corp. Series P4

Periods ended November 30, 2019 2018 2017O

The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.34 $ 10.73 $ 10.00Increase (decrease) from operations: Total revenue .28 .12 –Total expenses (excluding distributions) (.10) (.11) (.01)Realized gains (losses) .22 .44 .68Unrealized gains (losses) .07 (.94) 3.59Total increase (decrease) from operationsB .47 (.49) 4.26Distributions: From net investment income (excluding dividends) – – –From dividends (.24) (.14) –From capital gains – – –Return of capital – – –Total distributionsB,C (.24) (.14) –Net assets, end of periodB $ 10.57 $ 10.34 $ 10.73Ratios and Supplemental Data Net asset value (000s) D $ 318 $ 304 $ 140Securities outstandingD 30,038 29,381 13,038Management expense ratio E,P .94% .94% .88%Management expense ratio before waivers or absorptions E,P .97% .99% 1.07%Trading expense ratioG .08% .09% .19%Portfolio turnover rateH 10.24% 27.19% 10.79%Net asset value per security, end of period $ 10.5734 $ 10.3427 $ 10.7320

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Financial Highlights – continued

Fidelity Global Natural Resources Class of the Fidelity Capital Structure Corp. Series P5

Periods ended November 30, 2019 2018 2017O

The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.35 $ 10.73 $ 10.00Increase (decrease) from operations: Total revenue .29 .08 –Total expenses (excluding distributions) (.08) (.10) (.02)Realized gains (losses) .22 .33 .25Unrealized gains (losses) .06 (1.01) .34Total increase (decrease) from operationsB .49 (.70) .57Distributions: From net investment income (excluding dividends) – – –From dividends (.24) (.14) –From capital gains – – –Return of capital – – –Total distributionsB,C (.24) (.14) –Net assets, end of periodB $ 10.60 $ 10.35 $ 10.73Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1 $ 327Securities outstandingD 104 101 30,514Management expense ratio E,P .77% .87% .90%Management expense ratio before waivers or absorptions E,P .77% .92% .99%Trading expense ratioG .08% .09% .19%Portfolio turnover rateH 10.24% 27.19% 10.79%Net asset value per security, end of period $ 10.5999 $ 10.3522 $ 10.7296

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

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

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

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

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

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

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

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

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

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

at any time, at its sole discretion. It is not known when such waivers will be terminated.M For the period March 11, 2016 (commencement of sale of securities) to November 30, 2016.N Effective March 15, 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 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% 29.17% 70.83%

Series B 1.850% 54.05% 45.95%

Series F 0.850% — 100.00%

Series E1 1.825% 54.79% 45.21%

Series E2 1.800% 55.56% 44.44%

Series E3 1.775% 56.34% 43.66%

Series 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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Fidelity Global Natural Resources Class of the Fidelity Capital Structure Corp.

Past PerformanceThe performance information shown assumes that all distributions made by the Fund in the periods shown were reinvested in additional securities of the Fund. The performance information does not take into account sales, redemption, distribution or other optional charges 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

30

20

10

0

-10

2019

2.9

2018

-3.8

2017

0.8

2016

6.1

2015

1.8

2014

7.6

2013

18.5

2012

-4.4

2011

-6.9

2010

21.4

Fiscal Years

(%)

Series B

30

20

10

0

-10

2019

3.1

2018

-3.7

2017

1.0

2016

6.3

2015

2.0

2014

7.8

2013

18.7

2012

-4.2

2011

-6.8

2010

21.6

Fiscal Years

(%)

Series F

30

20

10

0

-10

2019

4.2

2018

-2.6

2017

2.1

2016

7.5

2015

3.2

2014

8.9

2013

20.0

2012

-3.1

2011

-5.8

2010

22.9

Fiscal Years

(%)

Series E1

30

20

10

0

-10

2019

3.2

2018

-3.6

2017

1.1

2016

6.3

2015

2.0

2014

7.8

2013

18.7

2012

-4.2

2011

-6.8

2010

21.6

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series E2

30

20

10

0

-10

2019

3.2

2018

-3.6

2017

1.1

2016

6.4

2015

2.0

2014

7.8

2013

18.7

2012

-4.2

2011

-6.8

2010

21.6

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series E3

30

20

10

0

-10

2019

3.5

2018

-3.5

2017

1.2

2016

6.6

2015

2.0

2014

7.8

2013

18.7

2012

-4.2

2011

-6.8

2010

21.6

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

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Fidelity Global Natural Resources Class of the Fidelity Capital Structure Corp.

Past Performance – continued

Series P1

30

20

10

0

-10

2019

4.3

2018

-2.5

2017

2.2

2016

7.6

2015

3.2

2014

8.9

2013

20.0

2012

-3.1

2011

-5.8

2010

22.9

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P2

30

20

10

0

-10

2019

4.4

2018

-2.5

2017

2.3

2016

7.6

2015

3.2

2014

8.9

2013

20.0

2012

-3.1

2011

-5.8

2010

22.9

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P3

30

20

10

0

-10

2019

4.5

2018

-2.3

2017

2.3

2016

7.6

2015

3.2

2014

8.9

2013

20.0

2012

-3.1

2011

-5.8

2010

22.9

Fiscal Years

(%)

Commencement of Operations is March 11, 2016

Series P4

30

20

10

0

-10

2019

4.5

2018

-2.3

2017

2.2

2016

7.5

2015

3.2

2014

8.9

2013

20.0

2012

-3.1

2011

-5.8

2010

22.9

Fiscal Years

(%)

Commencement of Operations is September 22, 2017

Series P5

30

20

10

0

-10

2019

4.7

2018

-2.2

2017

2.2

2016

7.5

2015

3.2

2014

8.9

2013

20.0

2012

-3.1

2011

-5.8

2010

22.9

Fiscal Years

(%)

Commencement of Operations is September 22, 2017

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

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Average Annual Total ReturnsPast 1 year

Past 3 years

Past 5 years

Past 10 years

Series A 2.9% (0.1)% 1.5% 4.0%Series B 3.1% 0.1% 1.7% 4.2%Series F 4.2% 1.2% 2.8% 5.4%Series E1 3.2% 0.2% 1.7% 4.2%Series E2 3.2% 0.2% 1.8% 4.3%Series E3 3.5% 0.4% 1.9% 4.3%Series P1 4.3% 1.3% 2.9% 5.4%Series P2 4.4% 1.4% 3.0% 5.4%Series P3 4.5% 1.4% 3.0% 5.4%Series P4 4.5% 1.4% 3.0% 5.4%Series P5 4.7% 1.5% 3.0% 5.5%MSCI ACWI (All Country World Index) Natural Resources Index 3.7% 4.3% 5.4% 4.6%MSCI World Index 14.5% 11.9% 11.1% 11.9%

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

The MSCI ACWI (All Country World Index) Natural Resources Index is an unmanaged index considered representative of the natural resources 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 will have different returns because of differences in management fees and expenses.

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Fidelity Global Natural Resources Class of the Fidelity Capital Structure Corp.

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

% of Fund’s Net Assets as at

11/30/19

% of Fund’s Net Assets as at

11/30/18

Oil, Gas & Consumable Fuels 48.3 56.2

Chemicals 21.0 16.9

Metals & Mining 12.6 6.2

Construction Materials 6.4 1.5Independent Power and Renewable Electricity

Producers 3.6 0.0

Paper & Forest Products 3.6 3.8

Containers & Packaging 3.1 8.9

Investment Companies 0.0 2.2

Cash and Cash Equivalents 1.2 4.2

Net Other Assets (Liabilities) 0.2 0.1

Geographic Mix

% of Fund’s Net Assets as at

11/30/19

% of Fund’s Net Assets as at

11/30/18

United States of America 53.5 58.6

Canada 24.5 21.8

United Kingdom 10.8 5.3

Bermuda 3.6 0.0

France 3.1 6.5

India 2.5 1.7

Others (Individually Less Than 1%) 0.6 1.8

Cash and Cash Equivalents 1.2 4.2

Net Other Assets (Liabilities) 0.2 0.1

Top Issuers

% of Fund’s Net Assets

1. Exxon Mobil Corp. 6.3

2. Chevron Corp. 5.8

3. Air Products & Chemicals, Inc. 5.5

4. Royal Dutch Shell PLC 5.1

5. Sherwin-Williams Co. 5.1

6. Parkland Fuel Corp. 4.3

7. Brookfield Renewable Energy Partners LP 3.6

8. Texas Pacific Land Trust 3.6

9. Vulcan Materials Co. 3.5

10. Total SA 3.1

11. ConocoPhillips Co. 3.1

12. BP PLC 3.1

13. Martin Marietta Materials, Inc. 2.9

14. FMC Corp. 2.8

15. Rio Tinto PLC 2.6

16. Reliance Industries Ltd. 2.5

17. First Quantum Minerals Ltd. 2.5

18. ERO Copper Corp. 2.3

19. Methanex Corp. 2.3

20. Ivanhoe Mines Ltd. 2.3

21. Marathon Petroleum Corp. 2.2

22. West Fraser Timber Co. Ltd. 1.9

23. Barrick Gold Corp. 1.8

24. CCL Industries, Inc. 1.7

25. Suncor Energy, Inc. 1.7

81.6

Total Fund Net Assets $11,481,000

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

All tables within the Summary of Investment Portfolio section, except the Top Issuers table, contain audited annual information.

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

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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.

1.824528.114 FICL-FNR-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

62.107291E

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