fidelity global disciplined equity class of the fidelity

Annual Management Report of Fund PerformanceNovember 30, 2020

Fidelity Global Disciplined Equity® 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, 2020Fidelity Global Disciplined Equity® 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 Disciplined Equity® Class (Fund) aims to achieve long-term capital growth, and seeks a return similar to that of Fidelity Global Disciplined Equity® Fund (Underlying Fund) by investing substantially all of its assets in units of the Underlying Fund. The Underlying Fund, which is also managed by Fidelity, aims to achieve long-term capital growth by investing primarily in equity securities of companies anywhere in the world.

Strategies: The Underlying Fund aims to invest broadly in all sectors and regions that are represented in its benchmark, the MSCI ACWI (All Country World Index) Index, although not necessarily in the same proportions as those regions are represented in the Index. A team of portfolio managers chooses investments based on a thorough review of each company’s management, financial condition and potential for earnings growth over the long term. The portfolio managers regularly review the target allocations and rebalance them when necessary. The Underlying Fund may invest in companies of any size.

RiskThe risks associated with investing in this Fund are the same as for the Underlying Fund and remain as discussed in the simplified prospectus. Any changes in the Underlying Fund over the period have not affected the overall level of risk of the Fund. The Fund is suitable for medium to long-term investors who want to gain global equity exposure and can handle the volatility of returns generally associated with equity investments. Investors should be willing to accept a medium level of risk. The suitability of the investment has not changed from what has been disclosed in the prospectus. The Fund is not recommended for registered plans. Registered plan investors should consider Fidelity Global Disciplined Equity® Fund instead

Results of Operations:Fidelity Global Disciplined Equity Class, Series B, returned 13.7%, after fees and expenses, for the one-year period ended November 30, 2020. The net returns of the other series of this Fund are similar to those of Series B, except for differences attributable to expense structures. The Fund’s benchmark, the MSCI ACWI (All Country World Index) Index, returned 12.2%, in Canadian dollar terms, for the same period.

Market overview:

Global equities received support from fiscal and monetary policy intervention in response to economic disruption caused by the COVID-19 pandemic. Central banks across emerging and devel-oped markets reduced their benchmark interest rates to historic lows. The U.S. Federal Reserve, the European Central Bank and the Bank of Japan expanded pandemic emergency purchase programs aimed to keep borrowing costs low. Many governments also announced increased spending, with some reducing corporate taxes and providing direct income support to households and businesses in an attempt to encourage production and consumption. During the second half of the review period, advances in potential treatments for COVID-19 and optimism about a global economic recovery boosted investor sentiment. From a regional perspective, equities in Asia-Pacific (ex Japan), emerging markets and the U.S. advanced as stimulus measures took effect and market sentiment improved toward the end of the review period. European equities also gained amid optimism about economic recovery in the region.

Factors affecting performance:

The Fund outperformed its benchmark, the MSCI ACWI (All Country World Index) Index, after fees and expenses. The Underlying Fund’s investments in the food, beverage and tobacco industry, such as Canada-based food and mineral company SunOpta, contributed to relative performance. In addition, certain stocks in the semiconductors and semiconductor equipment industry, such as U.S.-based semiconductor company Marvell Technology and Nvidia contributed to relative performance. Elsewhere, an investment in Finland-based oil refining and market-ing company Neste OYJ contributed to relative returns.

In contrast, the Underlying Fund’s exposures to certain stocks in the technology hardware and equipment industry detracted, with a lower-than-benchmark exposure to U.S.-based consumer technology company Apple detracting from relative performance. Elsewhere, an investment in Brazil-based integrated oil and gas company Petroleo Brasileiro-Petrobras also detracted from relative performance.

Portfolio changes:

The Underlying Fund’s sector weightings remain closely aligned with the eleven Global Industry Classification Standard (GICS) sectors of the MSCI ACWI (All Country World Index) Index, reflecting the portfolio manager’s intention to add returns through stock selection, rather than through active sector allocation relative to the market. However, stock selection may drive higher or lower weightings, relative to the Index, at the sub-industry level.

The portfolio management team increased exposures to semiconductor and semiconductor equipment companies. In this industry, the portfolio manager introduced a position in Nvidia, a company the portfolio management team believes is attractively valued, and that has a dominant market position in its industry. In the pharmaceuticals, biotechnology and life sciences

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Management Discussion of Fund Performance – continued

industry, exposure was increased to U.S.-based consumer packaged goods company Johnson & Johnson, due to the portfolio manager’s view of its strong fundamentals and potential future growth prospects. Elsewhere, the portfolio manager increased exposures to Apple, in view of its attractive growth outlook.

In contrast, the portfolio managers closed several positions in the banking industry to seek what they believe to be more attractive opportunities elsewhere.

At the end of the review period, the Underlying Fund had its largest absolute exposure to the software and services industry and the capital goods industry. The Underlying Fund diverged the most from the benchmark sector weightings by having more exposures to the semiconductor and semiconductor equipment industry and less exposure to the banking industry.

Recent DevelopmentsAs the trajectory of global rates of COVID-19 infection remains uncertain, and the timeframe and speed of governmental easing of social distancing measures and travel restrictions unclear, it is not possible to predict the further impact of the COVID-19 pandemic on global capital markets. The prospectus has been updated to include additional risk factor disclosure regarding the possible risks arising from the COVID-19 pandemic.

Effective June 3, 2020, Robert Stansky replaced Chandler Willett as the lead portfolio manager of the Fund.

During the period under review, the portfolio management team made some minor adjustments to the sector positioning of the Underlying Fund, but continue a sector-neutral approach to investing. This approach still allows for meaningfully larger- and lower-than-benchmark allocations at the industry and individual stock levels. The portfolio management team remains consist-ent in their investment process, which is designed to deliver a cohesive portfolio that captures the best thinking of the team. Portfolio manager Robert Stansky is working with the sector leaders to remain focused on fundamental signals and research names that could benefit in post COVID environment.

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 $222,000 for the period ended November 30, 2020.

Administration Fee

Fidelity charges the Fund a fixed administration fee in place of certain variable expenses. Fidelity, in turn, pays all of the operating expenses of the Fund, other than certain specified fund costs (e.g. the fees and expenses of the Independent Review Committee, taxes, brokerage commissions and interest charges). The Fund pays an annual rate, which is calculated on a tiered basis, based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity administration fees of $30,000 for the period ended November 30, 2020.

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Financial Highlights

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

Fidelity Global Disciplined Equity® Class of the Fidelity Capital Structure Corp. Series A

Periods ended November 30, 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 19.49 $ 17.32 $ 17.48 $ 16.77 $ 17.35Increase (decrease) from operations: Total revenue .41 .45 .23 .25 .16Total expenses (excluding distributions) (.50) (.46) (.46) (.42) (.42)Realized gains (losses) 1.67 .93 1.82 .80 2.69Unrealized gains (losses) .66 1.17 (1.58) 1.85 (3.35)Total increase (decrease) from operationsB 2.24 2.09 .01 2.48 (.93)Distributions: From net investment income (excluding dividends) – – – – –From dividends (.03) – – – –From capital gains – – – (1.77) (.10)Return of capital – – – – –Total distributionsB,C (.03) – – (1.77) (.10)Net assets, end of periodB $ 22.09 $ 19.49 $ 17.32 $ 17.48 $ 16.77Ratios and Supplemental Data Net asset value (000s) D $ 645 $ 822 $ 1,143 $ 1,368 $ 1,470Securities outstandingD 29,234 42,183 66,024 78,206 85,054Management expense ratio E,F 2.54% 2.55% 2.55% 2.60% 2.59%Management expense ratio before waivers or absorptions E,F 2.62% 2.62% 2.63% 2.68% 2.66%Trading expense ratioG .09% .11% .07% .13% .16%Portfolio turnover rateH 11.87% 7.80% 15.30% 9.43% 15.91%Net asset value per security, end of period $ 22.0941 $ 19.4938 $ 17.3175 $ 17.4819 $ 16.7742

Fidelity Global Disciplined Equity® Class of the Fidelity Capital Structure Corp. Series B

Periods ended November 30, 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 20.00 $ 17.73 $ 17.86 $ 17.14 $ 17.73Increase (decrease) from operations: Total revenue .35 .44 .23 .26 .16Total expenses (excluding distributions) (.47) (.43) (.43) (.40) (.39)Realized gains (losses) 1.59 .95 1.93 .82 2.82Unrealized gains (losses) 1.37 1.26 (1.82) 1.91 (3.56)Total increase (decrease) from operationsB 2.84 2.22 (.09) 2.59 (.97)Distributions: From net investment income (excluding dividends) – – – – –From dividends (.03) – – – –From capital gains – – – (1.85) (.15)Return of capital – – – – –Total distributionsB,C (.03) – – (1.85) (.15)Net assets, end of periodB $ 22.72 $ 20.00 $ 17.73 $ 17.86 $ 17.14Ratios and Supplemental Data Net asset value (000s) D $ 6,339 $ 6,054 $ 6,565 $ 7,634 $ 7,972Securities outstandingD 279,071 302,402 370,138 427,412 463,627Management expense ratio E,F 2.33% 2.33% 2.33% 2.38% 2.37%Management expense ratio before waivers or absorptions E,F 2.40% 2.39% 2.40% 2.45% 2.41%Trading expense ratioG .09% .11% .07% .13% .16%Portfolio turnover rateH 11.87% 7.80% 15.30% 9.43% 15.91%Net asset value per security, end of period $ 22.7176 $ 20.0037 $ 17.7310 $ 17.8608 $ 17.1410

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Financial Highlights – continued

Fidelity Global Disciplined Equity® Class of the Fidelity Capital Structure Corp. Series F

Periods ended November 30, 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 23.24 $ 20.37 $ 20.50 $ 19.71 $ 20.40Increase (decrease) from operations: Total revenue .38 .49 .25 .30 .18Total expenses (excluding distributions) (.28) (.25) (.25) (.24) (.24)Realized gains (losses) 1.80 1.10 2.08 .94 3.14Unrealized gains (losses) 1.68 1.47 (2.16) 2.15 (4.15)Total increase (decrease) from operationsB 3.58 2.81 (.08) 3.15 (1.06)Distributions: From net investment income (excluding dividends) – – – – –From dividends (.04) – – – –From capital gains – – (.23) (2.36) (.41)Return of capital – – – – –Total distributionsB,C (.04) – (.23) (2.36) (.41)Net assets, end of periodB $ 26.70 $ 23.24 $ 20.37 $ 20.50 $ 19.71Ratios and Supplemental Data Net asset value (000s) D $ 2,346 $ 2,021 $ 2,033 $ 1,785 $ 1,848Securities outstandingD 87,869 86,978 99,836 87,069 93,788Management expense ratio E,F 1.18% 1.19% 1.19% 1.26% 1.24%Management expense ratio before waivers or absorptions E,F 1.21% 1.22% 1.24% 1.33% 1.31%Trading expense ratioG .09% .11% .07% .13% .16%Portfolio turnover rateH 11.87% 7.80% 15.30% 9.43% 15.91%Net asset value per security, end of period $ 26.6984 $ 23.2407 $ 20.3651 $ 20.5046 $ 19.7067

Fidelity Global Disciplined Equity® Class of the Fidelity Capital Structure Corp. Series F5

Periods ended November 30, 2020 2019 2018 2017 2016I

The Series’ Net Assets per Security A Net assets, beginning of period B $ 20.71 $ 19.10 $ 20.20 $ 20.47 $ 20.00Increase (decrease) from operations: Total revenue .33 .19 .01 .26 –Total expenses (excluding distributions) (.26) (.22) (.24) (.28) (.04)Realized gains (losses) 1.59 .95 .98 .95 .36Unrealized gains (losses) 1.37 (12.72) (1.65) 2.21 .40Total increase (decrease) from operationsB 3.03 (11.80) (.90) 3.14 .72Distributions: From net investment income (excluding dividends) – – – – –From dividends (.03) – – – –From capital gains – – (.19) (2.45) –Return of capital (1.00) (1.00) (1.00) (1.00) (.25)Total distributionsB,C (1.03) (1.00) (1.19) (3.45) (.25)Net assets, end of periodB $ 22.64 $ 20.71 $ 19.10 $ 20.20 $ 20.47Ratios and Supplemental Data Net asset value (000s) D $ 2 $ 1 $ 40 $ 1 $ 1Securities outstandingD 71 67 2,069 60 51Management expense ratio E,J 1.21% 1.21% 1.21% 1.42% 1.22%Management expense ratio before waivers or absorptions E,J 1.21% 1.23% 1.25% 1.42% 1.22%Trading expense ratioG .09% .11% .07% .13% .16%Portfolio turnover rateH 11.87% 7.80% 15.30% 9.43% 15.91%Net asset value per security, end of period $ 22.6413 $ 20.7089 $ 19.1040 $ 20.1969 $ 20.4730

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Fidelity Global Disciplined Equity® Class of the Fidelity Capital Structure Corp. Series F8

Periods ended November 30, 2020 2019 2018 2017 2016I

The Series’ Net Assets per Security A Net assets, beginning of period B $ 18.77 $ 17.73 $ 19.43 $ 20.32 $ 20.00Increase (decrease) from operations: Total revenue .36 .29 .24 .01 –Total expenses (excluding distributions) (.22) (.22) (.23) (.23) (.04)Realized gains (losses) 1.54 .97 1.91 .83 .36Unrealized gains (losses) .61 1.02 (1.79) 2.12 .39Total increase (decrease) from operationsB 2.29 2.06 .13 2.73 .71Distributions: From net investment income (excluding dividends) – – – – –From dividends (.03) – – – –From capital gains – – (.22) (2.42) –Return of capital (1.32) (1.34) (1.60) (1.60) (.40)Total distributionsB,C (1.35) (1.34) (1.82) (4.02) (.40)Net assets, end of periodB $ 20.05 $ 18.77 $ 17.73 $ 19.43 $ 20.32Ratios and Supplemental Data Net asset value (000s) D $ 126 $ 159 $ 91 $ 68 $ 1Securities outstandingD 6,278 8,494 5,141 3,515 51Management expense ratio E,J 1.22% 1.21% 1.21% 1.25% 1.22%Management expense ratio before waivers or absorptions E,J 1.25% 1.24% 1.26% 1.34% 1.22%Trading expense ratioG .09% .11% .07% .13% .16%Portfolio turnover rateH 11.87% 7.80% 15.30% 9.43% 15.91%Net asset value per security, end of period $ 20.0520 $ 18.7672 $ 17.7296 $ 19.4271 $ 20.3213

Fidelity Global Disciplined Equity® Class of the Fidelity Capital Structure Corp. Series T5

Periods ended November 30, 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 18.12 $ 16.94 $ 17.96 $ 18.12 $ 19.67Increase (decrease) from operations: Total revenue .32 .43 .30 .23 .16Total expenses (excluding distributions) (.46) (.44) (.46) (.46) (.48)Realized gains (losses) 1.42 .88 2.17 .84 2.92Unrealized gains (losses) 1.06 1.10 (2.13) 2.09 (3.22)Total increase (decrease) from operationsB 2.34 1.97 (.12) 2.70 (.62)Distributions: From net investment income (excluding dividends) – – – – –From dividends (.03) – – – –From capital gains – – – (1.90) (.11)Return of capital (.87) (.87) (.87) (.87) (.87)Total distributionsB,C (.90) (.87) (.87) (2.77) (.98)Net assets, end of periodB $ 19.53 $ 18.12 $ 16.94 $ 17.96 $ 18.12Ratios and Supplemental Data Net asset value (000s) D $ 147 $ 143 $ 164 $ 244 $ 200Securities outstandingD 7,509 7,910 9,695 13,580 11,049Management expense ratio E,F 2.60% 2.57% 2.56% 2.66% 2.65%Management expense ratio before waivers or absorptions E,F 2.68% 2.64% 2.65% 2.74% 2.71%Trading expense ratioG .09% .11% .07% .13% .16%Portfolio turnover rateH 11.87% 7.80% 15.30% 9.43% 15.91%Net asset value per security, end of period $ 19.5327 $ 18.1180 $ 16.9359 $ 17.9566 $ 18.1192

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Fidelity Global Disciplined Equity® Class of the Fidelity Capital Structure Corp. Series T8

Periods ended November 30, 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.58 $ 12.05 $ 13.28 $ 13.90 $ 15.60Increase (decrease) from operations: Total revenue .22 .35 .20 .21 .12Total expenses (excluding distributions) (.31) (.31) (.33) (.32) (.35)Realized gains (losses) .98 .62 1.49 .75 2.25Unrealized gains (losses) .24 .34 (1.00) 2.11 (2.52)Total increase (decrease) from operationsB 1.13 1.00 .36 2.75 (.50)Distributions: From net investment income (excluding dividends) – – – – –From dividends (.02) – – – –From capital gains – – – (1.47) (.11)Return of capital (.90) (.92) (1.14) (1.14) (1.14)Total distributionsB,C (.92) (.92) (1.14) (2.61) (1.25)Net assets, end of periodB $ 13.24 $ 12.58 $ 12.05 $ 13.28 $ 13.90Ratios and Supplemental Data Net asset value (000s) D $ 48 $ 84 $ 161 $ 422 $ 112Securities outstandingD 3,635 6,711 13,365 31,822 8,051Management expense ratio E,F 2.53% 2.53% 2.50% 2.52% 2.51%Management expense ratio before waivers or absorptions E,F 2.60% 2.61% 2.59% 2.60% 2.57%Trading expense ratioG .09% .11% .07% .13% .16%Portfolio turnover rateH 11.87% 7.80% 15.30% 9.43% 15.91%Net asset value per security, end of period $ 13.2447 $ 12.5797 $ 12.0536 $ 13.2756 $ 13.8990

Fidelity Global Disciplined Equity® Class of the Fidelity Capital Structure Corp. Series S5

Periods ended November 30, 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 18.56 $ 17.31 $ 18.29 $ 18.46 $ 20.05Increase (decrease) from operations: Total revenue .31 .37 .19 .14 .20Total expenses (excluding distributions) (.43) (.41) (.42) (.42) (.45)Realized gains (losses) 1.43 .92 1.68 .84 3.28Unrealized gains (losses) 1.13 1.27 (1.67) 2.76 (4.77)Total increase (decrease) from operationsB 2.44 2.15 (.22) 3.32 (1.73)Distributions: From net investment income (excluding dividends) – – – – –From dividends (.03) – – – –From capital gains – – – (1.98) (.16)Return of capital (.89) (.89) (.89) (.89) (.89)Total distributionsB,C (.92) (.89) (.89) (2.87) (1.04)Net assets, end of periodB $ 20.07 $ 18.56 $ 17.31 $ 18.29 $ 18.46Ratios and Supplemental Data Net asset value (000s) D $ 131 $ 119 $ 105 $ 91 $ 59Securities outstandingD 6,551 6,435 6,096 5,002 3,219Management expense ratio E,F 2.35% 2.33% 2.28% 2.45% 2.43%Management expense ratio before waivers or absorptions E,F 2.42% 2.40% 2.35% 2.53% 2.48%Trading expense ratioG .09% .11% .07% .13% .16%Portfolio turnover rateH 11.87% 7.80% 15.30% 9.43% 15.91%Net asset value per security, end of period $ 20.0750 $ 18.5652 $ 17.3073 $ 18.2939 $ 18.4646

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Fidelity Global Disciplined Equity® Class of the Fidelity Capital Structure Corp. Series S8

Periods ended November 30, 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.77 $ 12.21 $ 13.43 $ 14.06 $ 15.77Increase (decrease) from operations: Total revenue .21 .31 .19 .16 .14Total expenses (excluding distributions) (.29) (.29) (.31) (.32) (.34)Realized gains (losses) .99 .63 1.35 .64 2.46Unrealized gains (losses) .76 .94 (1.20) 1.45 (3.07)Total increase (decrease) from operationsB 1.67 1.59 .03 1.93 (.81)Distributions: From net investment income (excluding dividends) – – – – –From dividends (.02) – – – –From capital gains – – – (1.51) (.13)Return of capital (.91) (.93) (1.15) (1.15) (1.15)Total distributionsB,C (.93) (.93) (1.15) (2.66) (1.27)Net assets, end of periodB $ 13.47 $ 12.77 $ 12.21 $ 13.43 $ 14.06Ratios and Supplemental Data Net asset value (000s) D $ 297 $ 328 $ 422 $ 397 $ 252Securities outstandingD 22,065 25,768 34,634 29,613 17,955Management expense ratio E,F 2.36% 2.37% 2.36% 2.44% 2.39%Management expense ratio before waivers or absorptions E,F 2.43% 2.44% 2.44% 2.51% 2.44%Trading expense ratioG .09% .11% .07% .13% .16%Portfolio turnover rateH 11.87% 7.80% 15.30% 9.43% 15.91%Net asset value per security, end of period $ 13.4652 $ 12.7660 $ 12.2104 $ 13.4256 $ 14.0610

Fidelity Global Disciplined Equity® Class of the Fidelity Capital Structure Corp. Series E1

Periods ended November 30, 2020 2019 2018 2017 2016K

The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.64 $ 11.19 $ 11.27 $ 10.81 $ 10.00Increase (decrease) from operations: Total revenue .29 .25 .13 .14 –Total expenses (excluding distributions) (.29) (.26) (.26) (.24) (.19)Realized gains (losses) 1.07 .61 1.15 .50 .69Unrealized gains (losses) .57 .78 (1.05) 1.14 .61Total increase (decrease) from operationsB 1.64 1.38 (.03) 1.54 1.10Distributions: From net investment income (excluding dividends) – – – – –From dividends (.02) – – – –From capital gains – – (.01) (1.18) –Return of capital – – – – –Total distributionsB,C (.02) – (.01) (1.18) –Net assets, end of periodB $ 14.36 $ 12.64 $ 11.19 $ 11.27 $ 10.81Ratios and Supplemental Data Net asset value (000s) D $ 2,237 $ 2,667 $ 2,418 $ 2,378 $ 1,696Securities outstandingD 155,146 211,052 216,115 211,053 156,917Management expense ratio E,L 2.25% 2.23% 2.22% 2.29% 2.30%Management expense ratio before waivers or absorptions E,L 2.31% 2.30% 2.29% 2.36% 2.34%Trading expense ratioG .09% .11% .07% .13% .16%Portfolio turnover rateH 11.87% 7.80% 15.30% 9.43% 15.91%Net asset value per security, end of period $ 14.3636 $ 12.6377 $ 11.1889 $ 11.2664 $ 10.8114

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Fidelity Global Disciplined Equity® Class of the Fidelity Capital Structure Corp. Series E1T5


The Series’ Net Assets per Security A Net assets, beginning of period B $ 20.85 $ 19.43 $ 20.55 $ 20.74 $ 20.00Increase (decrease) from operations: Total revenue .33 .40 .14 .28 –Total expenses (excluding distributions) (.47) (.45) (.47) (.47) (.39)Realized gains (losses) 1.58 1.04 1.60 .96 1.37Unrealized gains (losses) 1.26 1.48 (1.99) 2.28 1.11Total increase (decrease) from operationsB 2.70 2.47 (.72) 3.05 2.09Distributions: From net investment income (excluding dividends) – – – – –From dividends (.03) – – – –From capital gains – – – (2.23) –Return of capital (1.00) (1.00) (1.00) (1.00) (.83)Total distributionsB,C (1.03) (1.00) (1.00) (3.23) (.83)Net assets, end of periodB $ 22.56 $ 20.85 $ 19.43 $ 20.55 $ 20.74Ratios and Supplemental Data Net asset value (000s) D $ 113 $ 97 $ 81 $ 34 $ 30Securities outstandingD 5,026 4,659 4,169 1,644 1,468Management expense ratio E,L 2.30% 2.29% 2.32% 2.37% 2.36%Management expense ratio before waivers or absorptions E,L 2.37% 2.36% 2.39% 2.44% 2.41%Trading expense ratioG .09% .11% .07% .13% .16%Portfolio turnover rateH 11.87% 7.80% 15.30% 9.43% 15.91%Net asset value per security, end of period $ 22.5623 $ 20.8545 $ 19.4324 $ 20.5533 $ 20.7439



The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.64 $ 11.19 $ 11.27 $ 10.81 $ 10.00Increase (decrease) from operations: Total revenue .19 .27 .11 .06 –Total expenses (excluding distributions) (.28) (.26) (.26) (.24) (.19)Realized gains (losses) .96 .59 1.06 .50 .70Unrealized gains (losses) .76 .79 (1.46) 1.28 .57Total increase (decrease) from operationsB 1.63 1.39 (.55) 1.60 1.08Distributions: From net investment income (excluding dividends) – – – – –From dividends (.02) – – – –From capital gains – – (.01) (1.18) –Return of capital – – – – –Total distributionsB,C (.02) – (.01) (1.18) –Net assets, end of periodB $ 14.36 $ 12.64 $ 11.19 $ 11.27 $ 10.81Ratios and Supplemental Data Net asset value (000s) D $ 601 $ 623 $ 583 $ 323 $ 105Securities outstandingD 42,423 49,338 52,103 28,655 9,706Management expense ratio E,L 2.24% 2.23% 2.23% 2.28% 2.27%Management expense ratio before waivers or absorptions E,L 2.31% 2.30% 2.30% 2.35% 2.32%Trading expense ratioG .09% .11% .07% .13% .16%Portfolio turnover rateH 11.87% 7.80% 15.30% 9.43% 15.91%Net asset value per security, end of period $ 14.3643 $ 12.6367 $ 11.1883 $ 11.2681 $ 10.8144

9



The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.67 $ 11.20 $ 11.28 $ 10.84 $ 10.00Increase (decrease) from operations: Total revenue .39 .25 – .15 –Total expenses (excluding distributions) (.27) (.25) (.25) (.23) (.17)Realized gains (losses) 1.22 .60 .58 .52 .69Unrealized gains (losses) .54 .87 .64 1.21 .32Total increase (decrease) from operationsB 1.88 1.47 .97 1.65 .84Distributions: From net investment income (excluding dividends) – – – – –From dividends (.02) – – – –From capital gains – – (.03) (1.21) –Return of capital – – – – –Total distributionsB,C (.02) – (.03) (1.21) –Net assets, end of periodB $ 14.43 $ 12.67 $ 11.20 $ 11.28 $ 10.84Ratios and Supplemental Data Net asset value (000s) D $ 68 $ 1 $ 1 $ 1 $ 1Securities outstandingD 4,711 113 113 112 100Management expense ratio E,L 2.14% 2.02% 2.13% 2.13% 1.99%Management expense ratio before waivers or absorptions E,L 2.21% 2.34% 2.21% 2.41% 2.39%Trading expense ratioG .09% .11% .07% .13% .16%Portfolio turnover rateH 11.87% 7.80% 15.30% 9.43% 15.91%Net asset value per security, end of period $ 14.4270 $ 12.6740 $ 11.1987 $ 11.2757 $ 10.8382


Periods ended November 30, 2020 2019 2018 2017M

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.47 $ 10.15 $ 10.21 $ 10.00Increase (decrease) from operations: Total revenue .30 .23 .13 –Total expenses (excluding distributions) (.24) (.22) (.22) (.18)Realized gains (losses) 1.11 .55 1.06 .40Unrealized gains (losses) (.52) .77 (1.03) 1.10Total increase (decrease) from operationsB .65 1.33 (.06) 1.32Distributions: From net investment income (excluding dividends) – – – –From dividends (.02) – – –From capital gains – – (.02) (1.10)Return of capital – – – –Total distributionsB,C (.02) – (.02) (1.10)Net assets, end of periodB $ 13.07 $ 11.47 $ 10.15 $ 10.21Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 21 $ 18 $ 18Securities outstandingD 113 1,802 1,802 1,797Management expense ratio E,N 2.11% 2.11% 2.12% 2.17%Management expense ratio before waivers or absorptions E,N 2.18% 2.18% 2.19% 2.24%Trading expense ratioG .09% .11% .07% .13%Portfolio turnover rateH 11.87% 7.80% 15.30% 9.43%Net asset value per security, end of period $ 13.0654 $ 11.4729 $ 10.1451 $ 10.2149

10


Fidelity Global Disciplined Equity® Class of the Fidelity Capital Structure Corp. Series P1

Periods ended November 30, 2020 2019 2018 2017 2016O

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.34 $ 9.93 $ 10.00 $ 9.61 $ 10.00Increase (decrease) from operations: Total revenue .19 .22 .11 .14 .06Total expenses (excluding distributions) (.13) (.12) (.11) (.11) (.11)Realized gains (losses) .90 .53 .96 .45 1.33Unrealized gains (losses) .66 .96 (.99) 1.12 (.97)Total increase (decrease) from operationsB 1.62 1.59 (.03) 1.60 .31Distributions: From net investment income (excluding dividends) – – – – –From dividends (.02) – – – –From capital gains – – (.12) (1.16) (.20)Return of capital – – – – –Total distributionsB,C (.02) – (.12) (1.16) (.20)Net assets, end of periodB $ 13.04 $ 11.34 $ 9.93 $ 10.00 $ 9.61Ratios and Supplemental Data Net asset value (000s) D $ 1,779 $ 1,706 $ 1,380 $ 1,182 $ 950Securities outstandingD 136,488 150,475 139,020 118,223 98,853Management expense ratio E,P 1.11% 1.12% 1.12% 1.17% 1.15%Management expense ratio before waivers or absorptions E,P 1.15% 1.16% 1.17% 1.25% 1.22%Trading expense ratioG .09% .11% .07% .13% .16%Portfolio turnover rateH 11.87% 7.80% 15.30% 9.43% 15.91%Net asset value per security, end of period $ 13.0374 $ 11.3404 $ 9.9299 $ 9.9958 $ 9.6073

Fidelity Global Disciplined Equity® Class of the Fidelity Capital Structure Corp. Series P1T5

Periods ended November 30, 2020 2019Q

The Series’ Net Assets per Security A Net assets, beginning of period B $ 22.93 $ 20.00Increase (decrease) from operations: Total revenue .38 .45Total expenses (excluding distributions) (.24) (.22)Realized gains (losses) 1.76 1.07Unrealized gains (losses) 1.57 2.79Total increase (decrease) from operationsB 3.47 4.09Distributions: From net investment income (excluding dividends) – –From dividends (.03) –From capital gains – –Return of capital (1.00) (1.00)Total distributionsB,C (1.03) (1.00)Net assets, end of periodB $ 25.25 $ 22.93Ratios and Supplemental Data Net asset value (000s) D $ 67 $ 53Securities outstandingD 2,639 2,298Management expense ratio E,R 1.05% 1.05%Management expense ratio before waivers or absorptions E,R 1.08% 1.08%Trading expense ratioG .09% .11%Portfolio turnover rateH 11.87% 7.80%Net asset value per security, end of period $ 25.2460 $ 22.9354

11



The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.36 $ 9.94 $ 10.00 $ 9.61 $ 10.00Increase (decrease) from operations: Total revenue .19 .10 .09 .15 .06Total expenses (excluding distributions) (.12) (.11) (.11) (.10) (.10)Realized gains (losses) .89 .56 .89 .45 1.23Unrealized gains (losses) .72 .35 (.94) 1.06 (1.27)Total increase (decrease) from operationsB 1.68 .90 (.07) 1.56 (.08)Distributions: From net investment income (excluding dividends) – – – – –From dividends (.02) – – – –From capital gains – – (.13) (1.17) (.20)Return of capital – – – – –Total distributionsB,C (.02) – (.13) (1.17) (.20)Net assets, end of periodB $ 13.06 $ 11.36 $ 9.94 $ 10.00 $ 9.61Ratios and Supplemental Data Net asset value (000s) D $ 652 $ 512 $ 181 $ 123 $ 126Securities outstandingD 49,953 45,092 18,242 12,322 13,111Management expense ratio E,P 1.06% 1.05% 1.06% 1.11% 1.08%Management expense ratio before waivers or absorptions E,P 1.09% 1.08% 1.11% 1.19% 1.14%Trading expense ratioG .09% .11% .07% .13% .16%Portfolio turnover rateH 11.87% 7.80% 15.30% 9.43% 15.91%Net asset value per security, end of period $ 13.0615 $ 11.3562 $ 9.9354 $ 9.9999 $ 9.6132



The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.39 $ 9.95 $ 10.04 $ 9.62 $ 10.00Increase (decrease) from operations: Total revenue – .22 .12 .13 .16Total expenses (excluding distributions) (.12) (.09) (.09) (.07) (.09)Realized gains (losses) .49 .54 1.03 .46 2.10Unrealized gains (losses) 3.48 .76 (1.01) 1.07 (2.92)Total increase (decrease) from operationsB 3.85 1.43 .05 1.59 (.76)Distributions: From net investment income (excluding dividends) – – – – –From dividends (.02) – – – –From capital gains – – (.16) (1.17) (.20)Return of capital – – – – –Total distributionsB,C (.02) – (.16) (1.17) (.20)Net assets, end of periodB $ 13.11 $ 11.39 $ 9.95 $ 10.04 $ 9.62Ratios and Supplemental Data Net asset value (000s) D $ 263 $ 1 $ 1 $ 1 $ 1Securities outstandingD 20,063 118 118 116 102Management expense ratio E,P .99% .94% .93% .80% 1.02%Management expense ratio before waivers or absorptions E,P 1.02% .94% 1.05% 1.11% 1.09%Trading expense ratioG .09% .11% .07% .13% .16%Portfolio turnover rateH 11.87% 7.80% 15.30% 9.43% 15.91%Net asset value per security, end of period $ 13.1117 $ 11.3864 $ 9.9523 $ 10.0357 $ 9.6245

12



Periods ended November 30, 2020 2019 2018 2017 2016S

The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.70 $ 11.09 $ 11.19 $ 10.73 $ 10.00Increase (decrease) from operations: Total revenue .22 .25 .14 .14 –Total expenses (excluding distributions) (.11) (.10) (.11) (.07) (.05)Realized gains (losses) 1.00 .61 1.15 .51 .42Unrealized gains (losses) .86 .86 (1.11) 1.18 .41Total increase (decrease) from operationsB 1.97 1.62 .07 1.76 .78Distributions: From net investment income (excluding dividends) – – – – –From dividends (.02) – – – –From capital gains – – (.18) (1.31) –Return of capital – – – – –Total distributionsB,C (.02) – (.18) (1.31) –Net assets, end of periodB $ 14.64 $ 12.70 $ 11.09 $ 11.19 $ 10.73Ratios and Supplemental Data Net asset value (000s) D $ 2 $ 1 $ 1 $ 1 $ 1Securities outstandingD 116 115 115 114 100Management expense ratio E,T .82% .87% .92% .74% .97%Management expense ratio before waivers or absorptions E,T 1.01% .88% 1.02% 1.09% 1.02%Trading expense ratioG .09% .11% .07% .13% .16%Portfolio turnover rateH 11.87% 7.80% 15.30% 9.43% 15.91%Net asset value per security, end of period $ 14.6377 $ 12.6966 $ 11.0898 $ 11.1885 $ 10.7296

13

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

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

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

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

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

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

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

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

I For the period September 16, 2016 (commencement of sale of securities) to November 30, 2016.J Effective September 20, 2016, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver

at any time, at its sole discretion. It is not known when such waivers will be terminated.K For the period February 5, 2016 (commencement of sale of securities) to November 30, 2016.L 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.M For the period January 6, 2017 (commencement of sale of securities) to November 30, 2017.N Effective January 10, 2017, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at

any time, at its sole discretion. It is not known when such waivers will be terminated.O For the period December 4, 2015 (commencement of sale of securities) to November 30, 2016.P 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.Q For the period December 14, 2018 (commencement of sale of securities) to November 30, 2019.R Effective December 18, 2018, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver

at any time, at its sole discretion. It is not known when such waivers will be terminated.S For the period May 13, 2016 (commencement of sale of securities) to November 30, 2016.T Effective May 17, 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.

14

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% 25.33% 74.67%

Series B 1.850% 54.05% 45.95%

Series F 0.850% — 100.00%

Series F5 0.850% — 100.00%

Series F8 0.850% — 100.00%

Series T5 2.000% 24.94% 75.06%

Series T8 2.000% 25.00% 75.00%

Series S5 1.850% 54.05% 45.95%

Series S8 1.850% 54.05% 45.95%

Series E1 1.825% 54.79% 45.21%

Series E1T5 1.825% 54.79% 45.21%

Series E2 1.800% 55.56% 44.44%

Series E3 1.775% 56.34% 43.66%

Series E4 1.725% 57.97% 42.03%

Series P1 0.825% — 100.00%

Series P1T5 0.825% — 100.00%

Series P2 0.800% — 100.00%

Series P3 0.775% — 100.00%

Series P4 0.725% — 100.00%

15


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

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

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

Series A

30

20

10

0

-10

2020

13.5

2019

12.6

2018

-0.9

2017

16.3

2016

-2.7

2015

18.3

2014

14.6

2013

28.3

2012

7.7

2011

-4.9

Fiscal Years

(%)

Series B

30

20

10

0

-10

2020

13.7

2019

12.8

2018

-0.7

2017

16.5

2016

-2.5

2015

18.5

2014

14.9

2013

28.7

2012

8.0

2011

-4.7

Fiscal Years

(%)

Series F

40

30

20

10

0

-10

2020

15.0

2019

14.1

2018

0.4

2017

17.8

2016

-1.3

2015

20.0

2014

16.2

2013

30.1

2012

9.1

2011

-3.7

Fiscal Years

(%)

Series F5

20

10

0

-10

2020

15.0

2019

14.1

2018

0.4

2017

17.7

2016

3.6

Fiscal Years

(%)

Commencement of Operations is September 16, 2016

Series F8

20

10

0

-10

2020

15.0

2019

14.1

2018

0.4

2017

17.8

2016

3.6

Fiscal Years

(%)

Commencement of Operations is September 16, 2016

Series T5

30

20

10

0

-10

2020

13.4

2019

12.6

2018

-0.9

2017

16.2

2016

-2.7

2015

18.2

2014

14.6

2013

28.3

2012

7.7

2011

-5.0

Fiscal Years

(%)

16


Past Performance – continued

Series T8

30

20

10

0

-10

2020

13.5

2019

12.6

2018

-0.9

2017

16.4

2016

-2.6

2015

18.4

2014

14.7

2013

28.4

2012

7.7

2011

-4.9

Fiscal Years

(%)

Series S5

30

20

10

0

-10

2020

13.7

2019

12.8

2018

-0.7

2017

16.5

2016

-2.5

2015

18.5

2014

14.9

2013

28.6

2012

7.9

2011

-4.8

Fiscal Years

(%)

Series S8

30

20

10

0

-10

2020

13.7

2019

12.8

2018

-0.7

2017

16.5

2016

-2.5

2015

18.4

2014

14.9

2013

28.6

2012

7.9

2011

-4.8

Fiscal Years

(%)

Series E1

30

20

10

0

-10

2020

13.8

2019

13.0

2018

-0.6

2017

16.6

2016

-2.4

2015

18.5

2014

14.9

2013

28.7

2012

8.0

2011

-4.7

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series E1T5

30

20

10

0

-10

2020

13.7

2019

12.9

2018

-0.7

2017

16.5

2016

-2.5

2015

18.5

2014

14.9

2013

28.6

2012

7.9

2011

-4.8

Fiscal Years

(%)


Series E2

30

20

10

0

-10

2020

13.8

2019

13.0

2018

-0.6

2017

16.7

2016

-2.4

2015

18.5

2014

14.9

2013

28.7

2012

8.0

2011

-4.7

Fiscal Years

(%)


Series E3

30

20

10

0

-10

2020

14.0

2019

13.2

2018

-0.4

2017

16.8

2016

-2.1

2015

18.5

2014

14.9

2013

28.7

2012

8.0

2011

-4.7

Fiscal Years

(%)


Series E4

30

20

10

0

-10

2020

14.0

2019

13.1

2018

-0.5

2017

16.8

2016

-2.5

2015

18.5

2014

14.9

2013

28.7

2012

8.0

2011

-4.7

Fiscal Years

(%)

Commencement of Operations is January 6, 2017

17

Series P1

40

30

20

10

0

-10

2020

15.1

2019

14.2

2018

0.5

2017

18.0

2016

-1.2

2015

20.0

2014

16.2

2013

30.1

2012

9.1

2011

-3.7

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P1T5

20

10

0

-10

2020

15.2

2019

14.3

2018

0.4

2017

17.7

2016

3.6

Fiscal Years

(%)


Series P2

40

30

20

10

0

-10

2020

15.2

2019

14.3

2018

0.6

2017

18.0

2016

-1.2

2015

20.0

2014

16.2

2013

30.1

2012

9.1

2011

-3.7

Fiscal Years

(%)


Series P3

40

30

20

10

0

-10

2020

15.3

2019

14.4

2018

0.7

2017

18.4

2016

-1.1

2015

20.0

2014

16.2

2013

30.1

2012

9.1

2011

-3.7

Fiscal Years

(%)


Series P4

40

30

20

10

0

-10

2020

15.4

2019

14.5

2018

0.7

2017

18.5

2016

-1.2

2015

20.0

2014

16.2

2013

30.1

2012

9.1

2011

-3.7

Fiscal Years

(%)

Commencement of Operations is May 13, 2016

Annual Compound ReturnsThis table shows the Fund’s historical annual compound total returns for the periods indicated, compared with the Fund’s benchmark, the MSCI ACWI (All Country World Index) Index.

18


Past Performance – continued

Average Annual Total ReturnsPast 1 year

Past 3 years

Past 5 years

Past 10 years

Since Inception

Series A 13.5% 8.2% 7.4% 9.8% n/aSeries B 13.7% 8.4% 7.7% 10.1% n/aSeries F 15.0% 9.7% 8.9% 11.3% n/aSeries F5 15.0% 9.6% n/a n/a 11.9%Series F8 15.0% 9.6% n/a n/a 12.0%Series T5 13.4% 8.1% 7.4% 9.8% n/aSeries T8 13.5% 8.2% 7.5% 9.9% n/aSeries S5 13.7% 8.4% 7.7% 10.0% n/aSeries S8 13.7% 8.4% 7.6% 10.0% n/aSeries E1 13.8% 8.5% 7.8% 10.1% n/aSeries E1T5 13.7% 8.4% 7.7% 10.1% n/aSeries E2 13.8% 8.5% 7.8% 10.1% n/aSeries E3 14.0% 8.7% 8.0% 10.2% n/aSeries E4 14.0% 8.7% 7.9% 10.2% n/aSeries P1 15.1% 9.7% 9.0% 11.4% n/aSeries P1T5 15.2% 9.7% n/a n/a 12.0%Series P2 15.2% 9.8% 9.1% 11.4% n/aSeries P3 15.3% 9.9% 9.2% 11.5% n/aSeries P4 15.4% 10.0% 9.3% 11.5% n/aMSCI ACWI (All Country World Index) Index 12.2% 9.2% 10.2% 12.0% 11.8%

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

The MSCI ACWI (All Country World Index) Index is an unmanaged, free float-adjusted, market capitalization-weighted index composed of stocks of companies located in countries throughout the world. It is designed to measure equity market performance in global developed and emerging markets. 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.

19


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

% of Fund’s Net Assets as at

11/30/20


11/30/19

Information Technology 20.8 16.6

Financials 13.5 16.4

Consumer Discretionary 12.4 10.6

Health Care 11.6 11.8

Industrials 9.6 10.4

Communication Services 9.1 8.5

Consumer Staples 7.5 8.2

Materials 4.7 4.5

Utilities 3.3 3.1

Energy 3.2 4.9

Real Estate 2.3 3.3

Others (Individually Less Than 1%) 0.1 0.0

Cash and Cash Equivalents 0.2 1.4

Net Other Assets (Liabilities) 1.7 0.3

Geographic Mix


11/30/20


11/30/19

United States of America 54.7 54.1

France 5.1 4.1

Canada 4.4 3.1

Cayman Islands 4.4 3.2

Japan 3.4 4.3

Netherlands 2.9 1.1

Ireland 2.7 2.3

Belgium 2.6 0.8

United Kingdom 2.1 7.2

Switzerland 1.6 1.9

Spain 1.6 0.6

Germany 1.6 2.5

Korea (South) 1.5 1.1

Bermuda 1.4 1.2

Hong Kong 1.2 1.0

Finland 1.2 0.0

Sweden 1.1 1.6

Bailiwick of Jersey 1.1 0.7

Others (Individually Less Than 1%) 3.5 7.5

Cash and Cash Equivalents 0.2 1.4

Net Other Assets (Liabilities) 1.7 0.3

Top Issuers

% of Fund’s Net Assets

1. Microsoft Corp. 3.6

2. Apple, Inc. 2.5

3. Alphabet, Inc. 2.1

4. Johnson & Johnson 2.0

5. Alibaba Group Holding Ltd. 1.9

6. Amazon.com, Inc. 1.9

7. Citigroup, Inc. 1.6

8. NXP Semiconductors NV 1.6

9. Danaher Corp. 1.6

10. Deutsche Post AG 1.6

11. Samsung Electronics Co. Ltd. 1.5

12. Facebook, Inc. 1.5

13. Sony Corp. 1.4

14. Ingersoll-Rand PLC 1.4

15. Marvell Technology Group Ltd. 1.4

16. Salesforce.com, Inc. 1.3

17. Linde PLC 1.3

18. AstraZeneca PLC 1.3

19. NVIDIA Corp. 1.3

20. Brookfield Renewable Corp. 1.3

21. BNP Paribas SA 1.3

22. Total SA 1.3

23. Fortune Brands Home & Security Inc. 1.2

24. Tencent Holdings Ltd. 1.2

25. LVMH Moet Hennessy Louis Vuitton SE 1.2

40.3

Total Fund Net Assets $15,866,000

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.

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