fidelity u.s. focused stock class of the fidelity capital

Annual Management Report of Fund PerformanceNovember 30, 2020

Fidelity U.S. Focused Stock 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 U.S. Focused Stock 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 U.S. Focused Stock Class (Fund) aims to achieve long-term capital growth and seeks a return similar to that of Fidelity U.S. Focused Stock Fund (Underlying Fund) by investing substantially all of its assets in securities of the Underlying Fund. The Underlying Fund, also managed by Fidelity, aims to achieve long-term capital growth by investing primarily in equity securities of U.S. companies.

Strategies: The portfolio manager focuses primarily on a company’s fundamentals – its financial condition as well as its growth and earnings potential – when deciding whether or not to invest in the company. The portfolio manager also considers industry, market and economic conditions affecting the company. The Underlying Fund invests in companies the portfolio manager sees as having strong balance sheets, quality management teams, the potential to realize above-average earnings growth, and shares that trade at prices reflecting attractive valua-tions. The Underlying Fund may concentrate its investments in relatively few companies and industries. It may invest up to approximately 10% of its net assets in non-U.S. equity securities.

RiskThe risks associated with investing in the Fund are the same as for the Underlying Fund and remain as discussed in the prospectus. Any changes to the Underlying Fund over the review 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 U.S. equity exposure, can handle the volatility of returns generally associated with equity investments, and are willing to accept a medium level of risk. The Fund is not recommended for registered plans. Registered plan investors should consider Fidelity U.S. Focused Stock Fund instead. The suitability of the investment has not changed from what has been disclosed in the prospectus.

Results of Operations:Fidelity U.S. Focused Stock Class, Series B, returned 28.5%, 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. During the review period, U.S. equities, as represented by the S&P 500 Index, returned 14.6%, in Canadian dollar terms.

Market overview:

U.S. equities registered solid gains over the review period. A combination of central bank and government stimulus measures, advances in potential treatments for COVID-19 and optimism about economic recovery supported positive investor sentiment. Gains for large-cap information technology stocks also drove markets. In an attempt to mitigate the impact of COVID-19 on the economy and financial markets, the U.S. Federal Reserve (the Fed) reduced its policy interest rates to a range of 0.00–0.25% in March 2020 from a range of 1.50–1.75% at the beginning of 2020. The Fed confirmed a lower-for-longer interest rate scenario, and officially moved to an average inflation-targeting framework. The U.S. government also passed a US$2 trillion fiscal stimulus plan in an effort to support the economy.

Factors affecting performance:

The Fund’s benchmark, the S&P 500 Index, returned 14.6% for the review period. The Fund outperformed its benchmark, primarily due to the Underlying Fund’s investments in the informa-tion technology and energy sector. In the information technology sector, small business-focused financial software provider Square, semiconductor and semiconductor equipment manu-facturer Nvidia Corp and Canada-based e-commerce platform operator Shopify contributed to relative performance. At the end of the review period, the Underlying Fund had no exposure to Shopify. In the energy sector, a lack of exposure to oil and gas companies Exxon Mobil and Chevron contributed to relative performance. Among other sectors, a lower-than-benchmark exposure to aerospace company Boeing and a larger-than-benchmark exposure to online retailer Amazon.com contributed to relative performance.

In contrast, the Underlying Fund’s investments in the health care sector, such as health insurance company Humana, scientific instruments and laboratory products company Thermo Fisher Scientific and biopharmaceuticals company Royalty Pharma, detracted from relative performance. Among other sectors, investments in banking firm Bank of America and staples retailing firm Costco Wholesale detracted from relative returns. At the end of the review period, the Underlying Fund had no exposure to Bank of America.

Portfolio changes:

During the review period, the Underlying Fund’s exposure to the consumer discretionary sector was increased by initiating new holdings in hotels, casino and golf course operator Caesars Entertainment, variety store company Dollar General and beauty store operator Ulta Beauty, given their attractive valuations. The Underlying Fund also increased exposure to the health care sector: the portfolio manager initiated new holdings in pharmaceuticals, biotechnology and life sciences company Thermo Fisher Scientific, Medicare-focused managed care service provider Humana and diversified medical technology conglomerate Danaher, given their sustainable growth outlook in the portfolio manager’s view. In contrast, the portfolio manager exited positions in medical devices and health care company Abbott Laboratories, pharmaceuticals company AstraZeneca and medical devices company Boston Scientific, preferring more attractive opportuni-ties elsewhere.

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Management Discussion of Fund Performance – continued

The Underlying Fund’s exposure to the financials sector was decreased when the portfolio manager exited positions in Bank of America, banking firm JP Morgan and credit rating agency Moody’s Corp, in the belief that opportunities with superior risk/reward ratio were available elsewhere. Among other sectors, the portfolio manager sold off holdings in online payment solutions provider Visa and outsourcing and consulting services provider Accenture, having found more attractive investment opportunities elsewhere.

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

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

Portfolio manager Stephen DuFour notes that markets have experienced heightened volatility over the review period as the impacts of COVID-19 were being priced in. Similar to past periods of volatility over his 30 years of investment experience, Mr. DuFour took advantage of this period to upgrade the portfolio. Mr. DuFour manages a concentrated portfolio by investing in companies he believes will, over time, offer growth at reasonable prices. He seeks investments he believes will grow earnings materially faster than the market and are still trading at attractive valuations. Sector and industry positioning are a result of Mr. DuFour’s best fundamental ideas rather than top-down sector calls. Mr. DuFour has an optimistic long-term view on U.S. markets as new technologies continue to emerge, and disruption in various industries may continue to enable him to find great opportunities. He believes that with higher uncertainty and volatility in the market, it is becoming increasingly important to use thorough, fundamental, bottom-up stock selection. In his opinion, the future market environment will truly be a stock-pickers’ market.

Related Party TransactionsManager and Portfolio Adviser

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

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

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

The Fund pays Fidelity a monthly management and advisory fee for their services, based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity management and advisory fees of $1,487,000 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 $165,000 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 U.S. Focused Stock 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 $ 22.22 $ 19.42 $ 16.77 $ 14.34 $ 14.38Increase (decrease) from operations: Total revenue .08 .10 .13 .09 .18Total expenses (excluding distributions) (.63) (.52) (.47) (.38) (.36)Realized gains (losses) 1.89 1.30 .99 1.30 1.43Unrealized gains (losses) 4.99 2.00 1.97 2.24 (1.43)Total increase (decrease) from operationsB 6.33 2.88 2.62 3.25 (.17)Distributions: From net investment income (excluding dividends) – – – – –From dividends – – (.01) (.01) –From capital gains – – – (.86) –Return of capital – – – – –Total distributionsB,C – – (.01) (.87) –Net assets, end of periodB $ 28.52 $ 22.22 $ 19.42 $ 16.77 $ 14.34Ratios and Supplemental Data Net asset value (000s) D $ 10,483 $ 10,783 $ 11,792 $ 10,903 $ 12,261Securities outstandingD 370,187 485,285 606,938 647,640 855,044Management expense ratio E,F 2.53% 2.54% 2.54% 2.57% 2.58%Management expense ratio before waivers or absorptions E,F 2.60% 2.61% 2.62% 2.66% 2.66%Trading expense ratioG .06% .06% .05% .09% .10%Portfolio turnover rateH 18.02% 15.10% 11.53% 7.85% 3.39%Net asset value per security, end of period $ 28.5156 $ 22.2238 $ 19.4220 $ 16.7736 $ 14.3395

Fidelity U.S. Focused Stock 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 $ 22.86 $ 19.94 $ 17.18 $ 14.69 $ 14.70Increase (decrease) from operations: Total revenue .06 .09 .13 .08 .23Total expenses (excluding distributions) (.60) (.50) (.44) (.36) (.34)Realized gains (losses) 1.93 1.33 1.02 1.31 1.47Unrealized gains (losses) 5.36 2.00 1.96 2.35 (1.86)Total increase (decrease) from operationsB 6.75 2.92 2.67 3.38 (.51)Distributions: From net investment income (excluding dividends) – – – – –From dividends – – (.01) (.01) –From capital gains – – – (.91) –Return of capital – – – – –Total distributionsB,C – – (.01) (.92) –Net assets, end of periodB $ 29.39 $ 22.86 $ 19.94 $ 17.18 $ 14.69Ratios and Supplemental Data Net asset value (000s) D $ 26,700 $ 16,283 $ 14,234 $ 11,981 $ 11,146Securities outstandingD 912,031 712,458 713,768 692,835 758,183Management expense ratio E,F 2.34% 2.33% 2.33% 2.35% 2.38%Management expense ratio before waivers or absorptions E,F 2.40% 2.39% 2.40% 2.43% 2.44%Trading expense ratioG .06% .06% .05% .09% .10%Portfolio turnover rateH 18.02% 15.10% 11.53% 7.85% 3.39%Net asset value per security, end of period $ 29.3877 $ 22.8621 $ 19.9388 $ 17.1830 $ 14.6867

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Financial Highlights – continued

Fidelity U.S. Focused Stock 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 $ 27.17 $ 23.42 $ 20.16 $ 17.24 $ 17.06Increase (decrease) from operations: Total revenue .09 .10 .15 .09 .23Total expenses (excluding distributions) (.36) (.30) (.26) (.21) (.20)Realized gains (losses) 2.35 1.57 1.19 1.54 1.68Unrealized gains (losses) 6.01 2.44 2.29 2.68 (1.83)Total increase (decrease) from operationsB 8.09 3.81 3.37 4.10 (.12)Distributions: From net investment income (excluding dividends) – – – – –From dividends – – (.01) (.02) –From capital gains – – (.22) (1.28) –Return of capital – – – – –Total distributionsB,C – – (.23) (1.30) –Net assets, end of periodB $ 35.33 $ 27.17 $ 23.42 $ 20.16 $ 17.24Ratios and Supplemental Data Net asset value (000s) D $ 13,680 $ 9,779 $ 7,309 $ 6,076 $ 5,603Securities outstandingD 383,214 359,794 312,069 303,396 325,048Management expense ratio E,F 1.18% 1.18% 1.18% 1.20% 1.21%Management expense ratio before waivers or absorptions E,F 1.21% 1.21% 1.23% 1.29% 1.30%Trading expense ratioG .06% .06% .05% .09% .10%Portfolio turnover rateH 18.02% 15.10% 11.53% 7.85% 3.39%Net asset value per security, end of period $ 35.3325 $ 27.1702 $ 23.4237 $ 20.1592 $ 17.2449

Fidelity U.S. Focused Stock Class of the Fidelity Capital Structure Corp. Series F5

Periods ended November 30, 2020 2019I

The Series’ Net Assets per Security A Net assets, beginning of period B $ 23.08 $ 20.00Increase (decrease) from operations: Total revenue .06 –Total expenses (excluding distributions) (.30) (.26)Realized gains (losses) 1.87 1.46Unrealized gains (losses) 5.67 .67Total increase (decrease) from operationsB 7.30 1.87Distributions: From net investment income (excluding dividends) – –From dividends – –From capital gains – –Return of capital (1.03) (1.00)Total distributionsB,C (1.03) (1.00)Net assets, end of periodB $ 28.83 $ 23.08Ratios and Supplemental Data Net asset value (000s) D $ 392 $ 174Securities outstandingD 13,605 9,364Management expense ratio E,J 1.18% 1.19%Management expense ratio before waivers or absorptions E,J 1.20% 1.22%Trading expense ratioG .06% .06%Portfolio turnover rateH 18.02% 15.10%Net asset value per security, end of period $ 28.8295 $ 23.0837

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Fidelity U.S. Focused Stock Class of the Fidelity Capital Structure Corp. Series F8

Periods ended November 30, 2020 2019I

The Series’ Net Assets per Security A Net assets, beginning of period B $ 22.47 $ 20.00Increase (decrease) from operations: Total revenue .03 –Total expenses (excluding distributions) (.29) (.24)Realized gains (losses) 1.78 1.12Unrealized gains (losses) 5.24 1.47Total increase (decrease) from operationsB 6.76 2.35Distributions: From net investment income (excluding dividends) – –From dividends – –From capital gains – –Return of capital (1.60) (1.60)Total distributionsB,C (1.60) (1.60)Net assets, end of periodB $ 27.39 $ 22.47Ratios and Supplemental Data Net asset value (000s) D $ 1,437 $ 36Securities outstandingD 52,482 8,695Management expense ratio E,J 1.13% 1.14%Management expense ratio before waivers or absorptions E,J 1.16% 1.16%Trading expense ratioG .06% .06%Portfolio turnover rateH 18.02% 15.10%Net asset value per security, end of period $ 27.3859 $ 22.4703

Fidelity U.S. Focused Stock 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 $ 27.01 $ 24.83 $ 22.33 $ 19.93 $ 20.88Increase (decrease) from operations: Total revenue .07 .13 .19 .10 .26Total expenses (excluding distributions) (.74) (.65) (.61) (.52) (.52)Realized gains (losses) 2.25 1.65 1.34 1.74 2.04Unrealized gains (losses) 6.78 2.32 2.66 3.14 (2.18)Total increase (decrease) from operationsB 8.36 3.45 3.58 4.46 (.40)Distributions: From net investment income (excluding dividends) – – – – –From dividends – – (.01) (.02) –From capital gains – – – (1.19) –Return of capital (1.34) (1.32) (.98) (.87) (.87)Total distributionsB,C (1.34) (1.32) (.99) (2.08) (.87)Net assets, end of periodB $ 33.13 $ 27.01 $ 24.83 $ 22.33 $ 19.93Ratios and Supplemental Data Net asset value (000s) D $ 666 $ 347 $ 373 $ 366 $ 347Securities outstandingD 20,110 12,853 15,064 16,436 17,453Management expense ratio E,F 2.47% 2.51% 2.54% 2.56% 2.59%Management expense ratio before waivers or absorptions E,F 2.53% 2.58% 2.62% 2.65% 2.67%Trading expense ratioG .06% .06% .05% .09% .10%Portfolio turnover rateH 18.02% 15.10% 11.53% 7.85% 3.39%Net asset value per security, end of period $ 33.1347 $ 27.0121 $ 24.8332 $ 22.3332 $ 19.9310

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Fidelity U.S. Focused Stock 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 $ 18.41 $ 17.35 $ 15.94 $ 14.63 $ 15.74Increase (decrease) from operations: Total revenue .06 .08 .08 .08 .18Total expenses (excluding distributions) (.49) (.44) (.42) (.37) (.38)Realized gains (losses) 1.52 1.12 .89 1.29 1.53Unrealized gains (losses) 3.95 1.58 1.33 2.22 (1.45)Total increase (decrease) from operationsB 5.04 2.34 1.88 3.22 (.12)Distributions: From net investment income (excluding dividends) – – – – –From dividends – – (.01) (.01) –From capital gains – – – (.88) –Return of capital (1.35) (1.35) (1.07) (1.04) (1.04)Total distributionsB,C (1.35) (1.35) (1.08) (1.93) (1.04)Net assets, end of periodB $ 22.08 $ 18.41 $ 17.35 $ 15.94 $ 14.63Ratios and Supplemental Data Net asset value (000s) D $ 2,791 $ 2,332 $ 2,071 $ 1,065 $ 1,099Securities outstandingD 126,534 126,727 119,457 66,828 75,170Management expense ratio E,F 2.45% 2.47% 2.49% 2.52% 2.55%Management expense ratio before waivers or absorptions E,F 2.52% 2.54% 2.57% 2.61% 2.63%Trading expense ratioG .06% .06% .05% .09% .10%Portfolio turnover rateH 18.02% 15.10% 11.53% 7.85% 3.39%Net asset value per security, end of period $ 22.0844 $ 18.4128 $ 17.3462 $ 15.9426 $ 14.6330

Fidelity U.S. Focused Stock 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 $ 27.78 $ 25.49 $ 22.88 $ 20.42 $ 21.35Increase (decrease) from operations: Total revenue .08 .06 .20 .10 .41Total expenses (excluding distributions) (.71) (.62) (.57) (.49) (.49)Realized gains (losses) 2.25 1.58 1.37 1.80 2.14Unrealized gains (losses) 5.74 3.98 2.71 3.18 (3.40)Total increase (decrease) from operationsB 7.36 5.00 3.71 4.59 (1.34)Distributions: From net investment income (excluding dividends) – – – – –From dividends – – (.01) (.02) –From capital gains – – – (1.26) –Return of capital (1.37) (1.35) (1.00) (.89) (.89)Total distributionsB,C (1.37) (1.35) (1.01) (2.17) (.89)Net assets, end of periodB $ 34.13 $ 27.78 $ 25.49 $ 22.88 $ 20.42Ratios and Supplemental Data Net asset value (000s) D $ 960 $ 764 $ 323 $ 391 $ 273Securities outstandingD 28,128 27,546 12,707 17,114 13,392Management expense ratio E,F 2.32% 2.34% 2.34% 2.38% 2.40%Management expense ratio before waivers or absorptions E,F 2.38% 2.40% 2.42% 2.46% 2.46%Trading expense ratioG .06% .06% .05% .09% .10%Portfolio turnover rateH 18.02% 15.10% 11.53% 7.85% 3.39%Net asset value per security, end of period $ 34.1323 $ 27.7799 $ 25.4889 $ 22.8770 $ 20.4177

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Fidelity U.S. Focused Stock 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 $ 19.18 $ 18.02 $ 16.50 $ 15.11 $ 16.18Increase (decrease) from operations: Total revenue .05 .07 .12 .05 .18Total expenses (excluding distributions) (.47) (.41) (.39) (.34) (.35)Realized gains (losses) 1.58 1.15 .96 1.25 1.59Unrealized gains (losses) 4.04 1.60 1.88 1.80 (1.51)Total increase (decrease) from operationsB 5.20 2.41 2.57 2.76 (.09)Distributions: From net investment income (excluding dividends) – – – – –From dividends – – (.01) (.01) –From capital gains – – – (.95) –Return of capital (1.41) (1.41) (1.07) (1.04) (1.04)Total distributionsB,C (1.41) (1.41) (1.08) (2.00) (1.04)Net assets, end of periodB $ 23.06 $ 19.18 $ 18.02 $ 16.50 $ 15.11Ratios and Supplemental Data Net asset value (000s) D $ 4,855 $ 2,630 $ 1,875 $ 1,494 $ 1,370Securities outstandingD 207,634 128,935 104,190 90,342 86,472Management expense ratio E,F 2.23% 2.22% 2.24% 2.27% 2.28%Management expense ratio before waivers or absorptions E,F 2.29% 2.28% 2.31% 2.34% 2.34%Trading expense ratioG .06% .06% .05% .09% .10%Portfolio turnover rateH 18.02% 15.10% 11.53% 7.85% 3.39%Net asset value per security, end of period $ 23.0591 $ 19.1776 $ 18.0230 $ 16.4961 $ 15.1118

Fidelity U.S. Focused Stock 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 $ 17.09 $ 14.90 $ 12.83 $ 10.97 $ 10.00Increase (decrease) from operations: Total revenue .05 .05 .08 .06 –Total expenses (excluding distributions) (.44) (.36) (.32) (.26) (.20)Realized gains (losses) 1.46 .99 .74 .97 .92Unrealized gains (losses) 3.91 1.37 1.43 1.83 .23Total increase (decrease) from operationsB 4.98 2.05 1.93 2.60 .95Distributions: From net investment income (excluding dividends) – – – – –From dividends – – (.01) (.01) –From capital gains – – – (.69) –Return of capital – – – – –Total distributionsB,C – – (.01) (.70) –Net assets, end of periodB $ 21.99 $ 17.09 $ 14.90 $ 12.83 $ 10.97Ratios and Supplemental Data Net asset value (000s) D $ 22,425 $ 11,833 $ 7,624 $ 4,574 $ 3,524Securities outstandingD 1,019,546 692,133 511,784 356,448 321,250Management expense ratio E,L 2.25% 2.25% 2.26% 2.27% 2.29%Management expense ratio before waivers or absorptions E,L 2.32% 2.31% 2.34% 2.35% 2.34%Trading expense ratioG .06% .06% .05% .09% .10%Portfolio turnover rateH 18.02% 15.10% 11.53% 7.85% 3.39%Net asset value per security, end of period $ 21.9939 $ 17.0958 $ 14.8967 $ 12.8316 $ 10.9702

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Fidelity U.S. Focused Stock Class of the Fidelity Capital Structure Corp. Series E1T5


The Series’ Net Assets per Security A Net assets, beginning of period B $ 28.85 $ 26.43 $ 23.71 $ 21.16 $ 20.00Increase (decrease) from operations: Total revenue .03 .11 .39 .11 –Total expenses (excluding distributions) (.70) (.60) (.58) (.49) (.40)Realized gains (losses) 2.41 1.73 1.37 1.83 1.81Unrealized gains (losses) 8.08 3.10 2.52 3.24 .57Total increase (decrease) from operationsB 9.82 4.34 3.70 4.69 1.99Distributions: From net investment income (excluding dividends) – – – – –From dividends – – (.01) (.02) –From capital gains – – – (1.33) –Return of capital (1.42) (1.40) (1.04) (.92) (.77)Total distributionsB,C (1.42) (1.40) (1.05) (2.27) (.77)Net assets, end of periodB $ 35.51 $ 28.85 $ 26.43 $ 23.71 $ 21.16Ratios and Supplemental Data Net asset value (000s) D $ 891 $ 181 $ 85 $ 292 $ 296Securities outstandingD 25,142 4,822 3,217 12,320 14,018Management expense ratio E,L 2.16% 2.19% 2.27% 2.30% 2.30%Management expense ratio before waivers or absorptions E,L 2.22% 2.25% 2.35% 2.37% 2.36%Trading expense ratioG .06% .06% .05% .09% .10%Portfolio turnover rateH 18.02% 15.10% 11.53% 7.85% 3.39%Net asset value per security, end of period $ 35.5109 $ 28.8501 $ 26.4347 $ 23.7127 $ 21.1641



The Series’ Net Assets per Security A Net assets, beginning of period B $ 17.13 $ 14.92 $ 12.85 $ 10.98 $ 10.00Increase (decrease) from operations: Total revenue .04 .08 .10 .06 –Total expenses (excluding distributions) (.42) (.34) (.31) (.25) (.20)Realized gains (losses) 1.46 1.04 .75 1.00 .97Unrealized gains (losses) 3.74 1.41 1.49 1.59 (.07)Total increase (decrease) from operationsB 4.82 2.19 2.03 2.40 .70Distributions: From net investment income (excluding dividends) – – – – –From dividends – – (.01) (.01) –From capital gains – – (.01) (.70) –Return of capital – – – – –Total distributionsB,C – – (.02) (.71) –Net assets, end of periodB $ 22.06 $ 17.13 $ 14.92 $ 12.85 $ 10.98Ratios and Supplemental Data Net asset value (000s) D $ 5,256 $ 2,996 $ 2,925 $ 1,951 $ 1,668Securities outstandingD 238,291 174,884 196,140 151,868 151,913Management expense ratio E,L 2.16% 2.17% 2.17% 2.20% 2.23%Management expense ratio before waivers or absorptions E,L 2.22% 2.24% 2.25% 2.28% 2.29%Trading expense ratioG .06% .06% .05% .09% .10%Portfolio turnover rateH 18.02% 15.10% 11.53% 7.85% 3.39%Net asset value per security, end of period $ 22.0591 $ 17.1305 $ 14.9177 $ 12.8464 $ 10.9821

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Fidelity U.S. Focused Stock Class of the Fidelity Capital Structure Corp. Series E2T5


The Series’ Net Assets per Security A Net assets, beginning of period B $ 28.85 $ 26.45 $ 23.72 $ 21.22 $ 20.00Increase (decrease) from operations: Total revenue .08 .04 .29 .13 –Total expenses (excluding distributions) (.69) (.61) (.54) (.47) (.33)Realized gains (losses) 2.39 2.04 1.68 1.88 1.76Unrealized gains (losses) 6.70 14.06 4.74 3.32 .55Total increase (decrease) from operationsB 8.48 15.53 6.17 4.86 1.99Distributions: From net investment income (excluding dividends) – – – – –From dividends – – (.01) (.02) –From capital gains – – (.02) (1.41) –Return of capital (1.42) (1.40) (1.04) (.92) (.77)Total distributionsB,C (1.42) (1.40) (1.07) (2.35) (.77)Net assets, end of periodB $ 35.51 $ 28.85 $ 26.45 $ 23.72 $ 21.22Ratios and Supplemental Data Net asset value (000s) D $ 625 $ 369 $ 15 $ 97 $ 1Securities outstandingD 17,588 12,787 579 4,104 4,764Management expense ratio E,L 2.17% 2.17% 2.17% 2.19% 1.95%Management expense ratio before waivers or absorptions E,L 2.23% 2.23% 2.25% 2.27% 2.34%Trading expense ratioG .06% .06% .05% .09% .10%Portfolio turnover rateH 18.02% 15.10% 11.53% 7.85% 3.39%Net asset value per security, end of period $ 35.5144 $ 28.8548 $ 26.4454 $ 23.7156 $ 21.2238



The Series’ Net Assets per Security A Net assets, beginning of period B $ 17.14 $ 14.92 $ 12.85 $ 10.99 $ 10.00Increase (decrease) from operations: Total revenue .01 .08 .12 .06 –Total expenses (excluding distributions) (.44) (.34) (.30) (.25) (.19)Realized gains (losses) 1.23 .87 .71 .93 .90Unrealized gains (losses) 4.86 1.13 2.18 1.82 .35Total increase (decrease) from operationsB 5.66 1.74 2.71 2.56 1.06Distributions: From net investment income (excluding dividends) – – – – –From dividends – – (.01) (.01) –From capital gains – – (.02) (.71) –Return of capital – – – – –Total distributionsB,C – – (.03) (.72) –Net assets, end of periodB $ 22.08 $ 17.14 $ 14.92 $ 12.85 $ 10.99Ratios and Supplemental Data Net asset value (000s) D $ 7,055 $ 375 $ 283 $ 62 $ 314Securities outstandingD 320,977 21,887 18,990 4,834 28,590Management expense ratio E,L 2.15% 2.12% 2.15% 2.18% 2.18%Management expense ratio before waivers or absorptions E,L 2.21% 2.19% 2.22% 2.25% 2.24%Trading expense ratioG .06% .06% .05% .09% .10%Portfolio turnover rateH 18.02% 15.10% 11.53% 7.85% 3.39%Net asset value per security, end of period $ 22.0825 $ 17.1442 $ 14.9183 $ 12.8462 $ 10.9853

10




The Series’ Net Assets per Security A Net assets, beginning of period B $ 17.19 $ 14.94 $ 12.88 $ 11.01 $ 10.00Increase (decrease) from operations: Total revenue .08 – .09 .06 –Total expenses (excluding distributions) (.37) (.34) (.28) (.23) (.17)Realized gains (losses) 1.34 1.05 .77 .98 .90Unrealized gains (losses) 4.42 .85 1.55 1.79 .28Total increase (decrease) from operationsB 5.47 1.56 2.13 2.60 1.01Distributions: From net investment income (excluding dividends) – – – – –From dividends – – (.01) (.01) –From capital gains – – (.04) (.73) –Return of capital – – – – –Total distributionsB,C – – (.05) (.74) –Net assets, end of periodB $ 22.19 $ 17.19 $ 14.94 $ 12.88 $ 11.01Ratios and Supplemental Data Net asset value (000s) D $ 931 $ 978 $ 2 $ 1 $ 1Securities outstandingD 41,958 56,886 107 107 100Management expense ratio E,L 1.93% 2.06% 1.96% 1.95% 1.93%Management expense ratio before waivers or absorptions E,L 1.99% 2.12% 2.23% 2.30% 2.32%Trading expense ratioG .06% .06% .05% .09% .10%Portfolio turnover rateH 18.02% 15.10% 11.53% 7.85% 3.39%Net asset value per security, end of period $ 22.1852 $ 17.1880 $ 14.9389 $ 12.8671 $ 11.0071

Fidelity U.S. Focused Stock Class of the Fidelity Capital Structure Corp. Series P1

Periods ended November 30, 2020 2019 2018 2017 2016M

The Series’ Net Assets per Security A Net assets, beginning of period B $ 15.89 $ 13.69 $ 11.78 $ 10.08 $ 10.00Increase (decrease) from operations: Total revenue .04 .04 .09 .04 .14Total expenses (excluding distributions) (.20) (.16) (.14) (.12) (.11)Realized gains (losses) 1.36 .90 .69 .84 1.04Unrealized gains (losses) 3.38 1.72 1.64 1.94 (.95)Total increase (decrease) from operationsB 4.58 2.50 2.28 2.70 .13Distributions: From net investment income (excluding dividends) – – – – –From dividends – – (.01) (.01) –From capital gains – – (.14) (.75) –Return of capital – – – – –Total distributionsB,C – – (.15) (.76) –Net assets, end of periodB $ 20.68 $ 15.89 $ 13.69 $ 11.78 $ 10.08Ratios and Supplemental Data Net asset value (000s) D $ 18,047 $ 8,102 $ 4,235 $ 3,101 $ 1,756Securities outstandingD 860,312 509,788 314,597 263,172 166,233Management expense ratio E,N 1.10% 1.10% 1.11% 1.12% 1.14%Management expense ratio before waivers or absorptions E,N 1.12% 1.13% 1.16% 1.21% 1.22%Trading expense ratioG .06% .06% .05% .09% .10%Portfolio turnover rateH 18.02% 15.10% 11.53% 7.85% 3.39%Net asset value per security, end of period $ 20.6806 $ 15.8938 $ 13.6891 $ 11.7823 $ 10.0794

11

Fidelity U.S. Focused Stock Class of the Fidelity Capital Structure Corp. Series P1T5

Periods ended November 30, 2020O

The Series’ Net Assets per Security A

Net assets, beginning of period B $ 20.00Increase (decrease) from operations:Total revenue .01Total expenses (excluding distributions) (.05)Realized gains (losses) .53Unrealized gains (losses) (.35)Total increase (decrease) from operationsB .14Distributions:From net investment income (excluding dividends) –From dividends –From capital gains –Return of capital (.33)Total distributionsB,C (.33)Net assets, end of periodB $ 19.73Ratios and Supplemental DataNet asset value (000s) D $ 186Securities outstandingD 9,420Management expense ratio E,P 1.06%Management expense ratio before waivers or absorptions E,P 1.09%Trading expense ratioG .06%Portfolio turnover rateH 18.02%Net asset value per security, end of period $ 19.7328



The Series’ Net Assets per Security A Net assets, beginning of period B $ 15.93 $ 13.71 $ 11.80 $ 10.09 $ 10.00Increase (decrease) from operations: Total revenue .04 .06 .05 .06 .07Total expenses (excluding distributions) (.18) (.15) (.13) (.11) (.10)Realized gains (losses) 1.34 .93 .70 .95 1.02Unrealized gains (losses) 4.11 1.19 1.13 1.68 (.60)Total increase (decrease) from operationsB 5.31 2.03 1.75 2.58 .38Distributions: From net investment income (excluding dividends) – – – – –From dividends – – (.01) (.01) –From capital gains – – (.15) (.76) –Return of capital – – – – –Total distributionsB,C – – (.16) (.77) –Net assets, end of periodB $ 20.75 $ 15.93 $ 13.71 $ 11.80 $ 10.09Ratios and Supplemental Data Net asset value (000s) D $ 8,550 $ 4,689 $ 4,248 $ 3,287 $ 2,261Securities outstandingD 412,111 294,413 311,115 278,611 224,136Management expense ratio E,N 1.00% 1.01% 1.02% 1.03% 1.05%Management expense ratio before waivers or absorptions E,N 1.03% 1.04% 1.07% 1.12% 1.13%Trading expense ratioG .06% .06% .05% .09% .10%Portfolio turnover rateH 18.02% 15.10% 11.53% 7.85% 3.39%Net asset value per security, end of period $ 20.7467 $ 15.9267 $ 13.7073 $ 11.7969 $ 10.0888

12




The Series’ Net Assets per Security A Net assets, beginning of period B $ 15.94 $ 13.71 $ 11.80 $ 10.09 $ 10.00Increase (decrease) from operations: Total revenue .05 .06 .09 .05 –Total expenses (excluding distributions) (.17) (.14) (.13) (.10) (.10)Realized gains (losses) 1.33 .92 .65 .89 1.05Unrealized gains (losses) 4.14 1.38 1.22 1.69 (.43)Total increase (decrease) from operationsB 5.35 2.22 1.83 2.53 .52Distributions: From net investment income (excluding dividends) – – – – –From dividends – – (.01) (.01) –From capital gains – – (.15) (.77) –Return of capital – – – – –Total distributionsB,C – – (.16) (.78) –Net assets, end of periodB $ 20.77 $ 15.94 $ 13.71 $ 11.80 $ 10.09Ratios and Supplemental Data Net asset value (000s) D $ 7,373 $ 2,589 $ 2,226 $ 895 $ 750Securities outstandingD 369,523 162,480 162,377 75,865 74,255Management expense ratio E,N .96% .96% .98% .99% 1.01%Management expense ratio before waivers or absorptions E,N .99% .99% 1.02% 1.08% 1.09%Trading expense ratioG .06% .06% .05% .09% .10%Portfolio turnover rateH 18.02% 15.10% 11.53% 7.85% 3.39%Net asset value per security, end of period $ 20.7697 $ 15.9372 $ 13.7119 $ 11.7999 $ 10.0946



The Series’ Net Assets per Security A Net assets, beginning of period B $ 15.97 $ 13.73 $ 11.81 $ 10.11 $ 10.00Increase (decrease) from operations: Total revenue .02 .06 .09 .05 .01Total expenses (excluding distributions) (.15) (.12) (.11) (.09) (.08)Realized gains (losses) 1.38 .92 .70 .90 .98Unrealized gains (losses) 3.60 1.39 1.40 1.46 (.03)Total increase (decrease) from operationsB 4.85 2.25 2.08 2.32 .88Distributions: From net investment income (excluding dividends) – – – – –From dividends – – (.01) (.01) –From capital gains – – (.17) (.78) –Return of capital – – – – –Total distributionsB,C – – (.18) (.79) –Net assets, end of periodB $ 20.84 $ 15.97 $ 13.73 $ 11.81 $ 10.11Ratios and Supplemental Data Net asset value (000s) D $ 151 $ 35 $ 30 $ 26 $ 29Securities outstandingD 7,237 2,211 2,211 2,180 2,863Management expense ratio E,N .84% .84% .84% .85% .87%Management expense ratio before waivers or absorptions E,N .87% .87% .89% .94% .95%Trading expense ratioG .06% .06% .05% .09% .10%Portfolio turnover rateH 18.02% 15.10% 11.53% 7.85% 3.39%Net asset value per security, end of period $ 20.8441 $ 15.9752 $ 13.7263 $ 11.8118 $ 10.1061

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 December 14, 2018 (commencement of sale of securities) to November 30, 2019.J 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.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 December 4, 2015 (commencement of sale of securities) to November 30, 2016.N Effective December 8, 2015, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver

at any time, at its sole discretion. It is not known when such waivers will be terminated.O For the period August 28, 2020 (commencement of sale of securities) to November 30, 2020.P Effective September 1, 2020, 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% 59.08% 40.92%

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% 36.94% 63.06%

Series T8 2.000% 68.02% 31.98%

Series S5 1.850% 54.05% 45.95%

Series S8 1.850% 54.05% 45.95%

Series E1 1.825% 54.79% 45.21%

Series E1T5 1.825% 54.79% 45.21%

Series E2 1.800% 55.56% 44.44%

Series E2T5 1.800% 55.56% 44.44%

Series E3 1.775% 56.34% 43.66%

Series 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

40

30

20

10

0

-10

2020

28.3

2019

14.4

2018

15.8

2017

24.4

2016

-0.3

2015

16.1

2014

16.1

2013

39.1

2012

9.6

2011

-0.6

Fiscal Years

(%)

Series B

40

30

20

10

0

-10

2020

28.5

2019

14.7

2018

16.1

2017

24.7

2016

-0.1

2015

16.4

2014

16.3

2013

39.2

2012

9.7

2011

-0.4

Fiscal Years

(%)

Series F

5040302010

0-10

2020

30.0

2019

16.0

2018

17.4

2017

26.1

2016

1.1

2015

17.8

2014

17.7

2013

40.8

2012

10.9

2011

0.6

Fiscal Years

(%)

Series F5

30

20

10

0

-10

2020

30.0

2019

20.8

Fiscal Years

(%)

Commencement of Operations is December 14, 2018

Series F8

40

30

20

10

0

-10

2020

30.1

2019

21.0

Fiscal Years

(%)


Series T5

40

30

20

10

0

-10

2020

28.3

2019

14.5

2018

15.9

2017

24.4

2016

-0.3

2015

16.1

2014

16.1

2013

39.0

2012

9.4

2011

-0.8

Fiscal Years

(%)

16


Past Performance – continued

Series T8

40

30

20

10

0

-10

2020

28.4

2019

14.5

2018

15.9

2017

24.5

2016

-0.3

2015

16.2

2014

16.2

2013

39.0

2012

9.4

2011

-0.8

Fiscal Years

(%)

Series S5

40

30

20

10

0

-10

2020

28.5

2019

14.7

2018

16.1

2017

24.6

2016

-0.1

2015

16.3

2014

16.4

2013

39.3

2012

9.9

2011

-0.4

Fiscal Years

(%)

Series S8

40

30

20

10

0

-10

2020

28.7

2019

14.8

2018

16.2

2017

24.8

2016

0.0

2015

16.5

2014

16.6

2013

39.4

2012

9.7

2011

-0.5

Fiscal Years

(%)

Series E1

40

30

20

10

0

-10

2020

28.7

2019

14.8

2018

16.2

2017

24.8

2016

0.0

2015

16.4

2014

16.3

2013

39.2

2012

9.7

2011

-0.4

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series E1T5

40

30

20

10

0

-10

2020

28.8

2019

14.8

2018

16.1

2017

24.7

2016

0.0

2015

16.3

2014

16.4

2013

39.3

2012

9.9

2011

-0.4

Fiscal Years

(%)


Series E2

40

30

20

10

0

-10

2020

28.8

2019

14.8

2018

16.3

2017

24.9

2016

0.1

2015

16.4

2014

16.3

2013

39.2

2012

9.7

2011

-0.4

Fiscal Years

(%)


Series E2T5

40

30

20

10

0

-10

2020

28.8

2019

14.8

2018

16.3

2017

24.9

2016

0.3

2015

16.3

2014

16.4

2013

39.3

2012

9.9

2011

-0.4

Fiscal Years

(%)


Series E3

40

30

20

10

0

-10

2020

28.8

2019

14.9

2018

16.3

2017

24.9

2016

0.1

2015

16.4

2014

16.3

2013

39.2

2012

9.7

2011

-0.4

Fiscal Years

(%)


17

Series E4

40

30

20

10

0

-10

2020

29.1

2019

15.1

2018

16.5

2017

25.2

2016

0.3

2015

16.4

2014

16.3

2013

39.2

2012

9.7

2011

-0.4

Fiscal Years

(%)


Series P1

5040302010

0-10

2020

30.1

2019

16.1

2018

17.5

2017

26.2

2016

1.2

2015

17.8

2014

17.7

2013

40.8

2012

10.9

2011

0.6

Fiscal Years

(%)


Series P1T5

40

30

20

10

0

-10

2020

30.1

2019

20.8

Fiscal Years

(%)

Commencement of Operations is August 28, 2020

Series P2

5040302010

0-10

2020

30.3

2019

16.2

2018

17.6

2017

26.4

2016

1.3

2015

17.8

2014

17.7

2013

40.8

2012

10.9

2011

0.6

Fiscal Years

(%)


Series P3

5040302010

0-10

2020

30.3

2019

16.2

2018

17.7

2017

26.4

2016

1.3

2015

17.8

2014

17.7

2013

40.8

2012

10.9

2011

0.6

Fiscal Years

(%)


Series P4

5040302010

0-10

2020

30.5

2019

16.4

2018

17.8

2017

26.5

2016

1.5

2015

17.8

2014

17.7

2013

40.8

2012

10.9

2011

0.6

Fiscal Years

(%)


Annual Compound ReturnsThis table shows the Fund’s historical annual compound total returns for the periods indicated, compared with the Fund’s benchmark, the S&P 500 Index, as described below.

18


Past Performance – continued

Average Annual Total ReturnsPast 1 year

Past 3 years

Past 5 years

Past 10 years

Since Inception

Series A 28.3% 19.4% 16.1% 15.7% n/aSeries B 28.5% 19.6% 16.3% 15.9% n/aSeries F 30.0% 21.0% 17.7% 17.3% n/aSeries F5 30.0% n/a n/a n/a 25.9%Series F8 30.1% n/a n/a n/a 26.0%Series T5 28.3% 19.4% 16.1% 15.7% n/aSeries T8 28.4% 19.5% 16.2% 15.7% n/aSeries S5 28.5% 19.6% 16.3% 16.0% n/aSeries S8 28.7% 19.7% 16.5% 16.0% n/aSeries E1 28.7% 19.7% 16.4% 16.0% n/aSeries E1T5 28.8% 19.7% 16.5% 16.0% n/aSeries E2 28.8% 19.8% 16.5% 16.0% n/aSeries E2T5 28.8% 19.8% 16.6% 16.1% n/aSeries E3 28.8% 19.9% 16.6% 16.1% n/aSeries E4 29.1% 20.1% 16.8% 16.2% n/aSeries P1 30.1% 21.1% 17.8% 17.3% n/aSeries P1T5 30.1% n/a n/a n/a 25.9%Series P2 30.3% 21.2% 17.9% 17.4% n/aSeries P3 30.3% 21.3% 17.9% 17.4% n/aSeries P4 30.5% 21.4% 18.1% 17.5% n/aS&P 500® Index 14.6% 13.4% 13.4% 16.9% 18.8%

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

The S&P 500 Index is a widely recognized index of 500 U.S. common stocks of large and mid-capitalization companies.

Each Series will have different 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

% of Fund’s Net Assets as at

11/30/19

Information Technology 33.7 39.4

Consumer Discretionary 17.7 7.4

Health Care 16.7 12.5

Communication Services 10.7 11.1

Industrials 9.8 7.5

Consumer Staples 5.3 1.5

Financials 5.1 13.1

Others (Individually Less Than 1%) 0.9 6.1

Cash and Cash Equivalents 0.5 1.4

Net Other Assets (Liabilities) (0.4) 0.0

Top Issuers

% of Fund’s Net Assets

1. Microsoft Corp. 5.5

2. Square, Inc. 5.0

3. PayPal Holdings, Inc. 4.9

4. MasterCard, Inc. 4.9

5. Alphabet, Inc. 4.8

6. Union Pacific Corp. 4.6

7. Amazon.com, Inc. 4.6

8. Estee Lauder Companies, Inc. 4.3

9. Caesars Entertainment, Inc. 4.2

10. S&P Global, Inc. 4.2

11. UnitedHealth Group, Inc. 4.1

12. Facebook, Inc. 4.0

13. Adobe, Inc. 3.5

14. Thermo Fisher Scientific, Inc. 3.5

15. Humana, Inc. 3.4

16. Cintas Corp. 2.8

17. Apple, Inc. 2.3

18. NVIDIA Corp. 2.2

19. Danaher Corp. 2.1

20. Dollar General Corp. 2.0

21. Marvell Technology Group Ltd. 1.8

22. Salesforce.com, Inc. 1.6

23. Royalty Pharma PLC 1.5

24. The Walt Disney Co. 1.4

25. Clarivate Analytics PLC 1.4

84.6

Total Fund Net Assets $133,506,000

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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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

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

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