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Semi-Annual Management Report of Fund PerformanceMay 31, 2019

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

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

Management Discussion of Fund PerformanceResults of OperationsFidelity Global Consumer Industries Class (Fund) invests substantially all of its assets in securities of Fidelity Global Consumer Industries Fund (Underlying Fund).

Fidelity Global Consumer Industries Class, Series B, returned 7.7% after fees and expenses for the six-month period ended May 31, 2019. The net returns of the other series of this Fund are similar to those of Series B, except for differences attributable to expense structures. During the review period, global equities, as represented by the MSCI World Index, returned 3.1% in Canadian dollar terms.

Market overview:

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

Factors affecting performance:

The Fund’s benchmark, the MSCI ACWI (All Country World Index) Consumer Industries Index, returned 4.4% in Canadian dollar terms for the six-month period under review.

The Fund outperformed its benchmark primarily due to the Underlying Fund’s exposure to certain stocks in the luxury and personal care product manufacturers. The investments in France-based luxury conglomerate LVMH, luxury goods retailers Kering, and Germany-based leisure wear company Puma, contributed to relative returns. These companies, along with cosmetics and personal care products company L’Oreal, gained as the strength of brands and product innovation helped drive strong sales growth. Among other sectors, exposure to Switzerland-based hearing aid manufacturer Sonova Holdings, and lack of exposure to U.S.-based pharmacy and staples retailer Walgreens Boots Alliance, also contributed to relative returns.

In contrast, the Underlying Fund’s holdings in Spain-based fashion retailer Inditex declined on weak quarterly sales growth, while the Fund’s holding in PVH Corp, the owner and licensor of Tommy Hilfiger and Calvin Klein brands, detracted from relative returns. Among other industries, exposure to China-based internet and direct market retailer Alibaba detracted from relative performance.

Portfolio changes:

During the review period, exposure to the textile, apparel & luxury goods industry increased. Specifically, the portfolio manager initiated a position in Adidas, the Germany-based global sport-ing goods company. The portfolio manager believes the company is favourably positioned to benefit from strong structural growth drivers over the medium term, with stronger profit margins supported by greatly improved scale in the U.S., and greater utilization of e-commerce sales. The portfolio manager also initiated a new position in The Booking Holdings, in the internet and direct marketing retail industry. The portfolio manager believes it is a cash-generative and high-quality business with strong earnings growth potential and attractive valuations. Among other industries, a new position in Japan-based cosmetics firm Shiseido is, in the portfolio manager’s view, likely to benefit from enhanced brand recognition, and a growing preference for prestige brands in Asia and elsewhere.

In contrast, exposure to the media industry declined, as the portfolio manager closed the position in U.S.-based cable company Comcast. The portfolio manager also took profit in select food and staples holdings and reduced the Underlying Fund’s exposure to specialty retail businesses, where the portfolio manager believes, risk/reward characteristics had become less attractive.

As at May 31, 2019, the Underlying Fund’s largest absolute exposure was to the textiles, apparel and luxury goods industry, followed by the internet and direct marketing retail industry. The textiles, apparel and luxury goods industry accounted for a larger-than-benchmark allocation, while the automobiles industry had an allocation smaller than the benchmark.

Recent DevelopmentsPortfolio manager Aneta Wynimko believes companies that have unique intellectual property, and that continue to create intangible value, will grow faster than global GDP by benefiting from pricing power and/or rising volumes. In addition, such companies should be able to charge higher prices, and should typically have higher and improving gross margins and returns on invested capital compared with their peers.

Ms. Wynimko seeks to invest in businesses with pricing power, strong brands and valuable intellectual property. She prefers businesses that have high barriers to entry and where manage-ments have a differentiated strategy as they create valuable intellectual property. She prefers to invest in brands at an early stage of growth, or in companies that are well versed in manag-ing a cluster of brands in order to create a strong portfolio with a longer holding period.

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Management Discussion of Fund Performance – continued

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

Related Party TransactionsManager and Portfolio Adviser

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

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

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

The Fund pays Fidelity a monthly management and advisory fee for their services, based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity management and advisory fees of $87,000 for the period ended May 31, 2019.

Administration Fee

Fidelity charges the Fund a fixed administration fee in place of certain variable expenses. Fidelity, in turn, pays all of the operating expenses of the Fund, other than certain specified fund costs (e.g. the fees and expenses of the Independent Review Committee, taxes, brokerage commissions and interest charges). The Fund pays an annual rate, 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 $12,000 for the period ended May 31, 2019.

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Financial Highlights

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

Fidelity Global Consumer Industries Class of the Fidelity Capital Structure Corp. Series A

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

2019 2018 2017 2016 2015 2014The Series’ Net Assets per Security A Net assets, beginning of period B $ 31.12 $ 30.57 $ 25.93 $ 26.68 $ 22.16 $ 19.20Increase (decrease) from operations: Total revenue – – – – – –Total expenses (excluding distributions) (.41) (.81) (.72) (.69) (.65) (.55)Realized gains (losses) 1.57 1.12 2.95 2.70 1.39 1.12Unrealized gains (losses) 1.09 (.19) 2.90 (2.69) 3.56 2.22Total increase (decrease) from operationsB 2.25 .12 5.13 (.68) 4.29 2.79Distributions: From net investment income (excluding dividends) – – – – – –From dividends – – – – – –From capital gains – – (.75) – – –Return of capital – – – – – –Total distributionsB,C – – (.75) – – –Net assets, end of periodB $ 33.49 $ 31.12 $ 30.57 $ 25.93 $ 26.68 $ 22.16Ratios and Supplemental Data Net asset value (000s) D $ 2,795 $ 3,076 $ 2,592 $ 2,899 $ 1,905 $ 1,497Securities outstandingD 83,462 98,666 84,818 111,827 71,404 67,545Management expense ratio E,F 2.53% 2.52% 2.58% 2.60% 2.63% 2.74%Management expense ratio before waivers or absorptions E,F 2.61% 2.61% 2.66% 2.66% 2.70% 2.75%Trading expense ratioG .11% .10% .07% .09% .05% .11%Portfolio turnover rateH 8.45% 16.71% 24.50% 42.01% 17.78% 13.41%Net asset value per security, end of period $ 33.4883 $ 31.1249 $ 30.5747 $ 25.9254 $ 26.6843 $ 22.1566

Fidelity Global Consumer Industries Class of the Fidelity Capital Structure Corp. Series B


2019 2018 2017 2016 2015 2014The Series’ Net Assets per Security A Net assets, beginning of period B $ 31.96 $ 31.34 $ 26.58 $ 27.31 $ 22.63 $ 19.57Increase (decrease) from operations: Total revenue – – – – – –Total expenses (excluding distributions) (.39) (.77) (.69) (.65) (.62) (.52)Realized gains (losses) 1.57 1.13 3.41 3.04 1.43 1.17Unrealized gains (losses) 1.39 .19 2.40 (2.90) 3.54 2.31Total increase (decrease) from operationsB 2.57 .55 5.12 (.51) 4.35 2.96Distributions: From net investment income (excluding dividends) – – – – – –From dividends – – – – – –From capital gains – – (.82) – – –Return of capital – – – – – –Total distributionsB,C – – (.82) – – –Net assets, end of periodB $ 34.43 $ 31.96 $ 31.34 $ 26.58 $ 27.31 $ 22.63Ratios and Supplemental Data Net asset value (000s) D $ 3,021 $ 3,145 $ 2,990 $ 4,693 $ 3,912 $ 2,555Securities outstandingD 87,746 97,324 95,431 176,547 143,615 112,936Management expense ratio E,F 2.35% 2.34% 2.40% 2.40% 2.43% 2.51%Management expense ratio before waivers or absorptions E,F 2.41% 2.42% 2.47% 2.45% 2.47% 2.52%Trading expense ratioG .11% .10% .07% .09% .05% .11%Portfolio turnover rateH 8.45% 16.71% 24.50% 42.01% 17.78% 13.41%Net asset value per security, end of period $ 34.4255 $ 31.9615 $ 31.3440 $ 26.5811 $ 27.3056 $ 22.6256

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Financial Highlights – continued

Fidelity Global Consumer Industries Class of the Fidelity Capital Structure Corp. Series F


2019 2018 2017 2016 2015 2014The Series’ Net Assets per Security A Net assets, beginning of period B $ 37.85 $ 36.71 $ 31.14 $ 31.62 $ 25.89 $ 22.14Increase (decrease) from operations: Total revenue – – – – – –Total expenses (excluding distributions) (.24) (.46) (.40) (.38) (.36) (.33)Realized gains (losses) 1.73 1.50 4.25 5.16 1.66 1.39Unrealized gains (losses) 1.69 (.54) 3.19 (6.29) 4.25 2.78Total increase (decrease) from operationsB 3.18 .50 7.04 (1.52) 5.55 3.85Distributions: From net investment income (excluding dividends) – – – – – –From dividends – – – – – –From capital gains – (.01) (1.33) – – –Return of capital – – – – – –Total distributionsB,C – (.01) (1.33) – – –Net assets, end of periodB $ 41.00 $ 37.85 $ 36.71 $ 31.14 $ 31.62 $ 25.89Ratios and Supplemental Data Net asset value (000s) D $ 1,384 $ 1,077 $ 803 $ 1,145 $ 2,596 $ 401Securities outstandingD 33,767 28,457 21,869 36,769 81,808 15,489Management expense ratio E,F 1.20% 1.20% 1.21% 1.22% 1.20% 1.39%Management expense ratio before waivers or absorptions E,F 1.24% 1.26% 1.29% 1.29% 1.30% 1.41%Trading expense ratioG .11% .10% .07% .09% .05% .11%Portfolio turnover rateH 8.45% 16.71% 24.50% 42.01% 17.78% 13.41%Net asset value per security, end of period $ 41.0040 $ 37.8539 $ 36.7114 $ 31.1396 $ 31.6255 $ 25.8862

Fidelity Global Consumer Industries Class of the Fidelity Capital Structure Corp. Series E1


2019 2018 2017 2016I

The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.11 $ 11.87 $ 10.07 $ 10.00Increase (decrease) from operations: Total revenue – – – –Total expenses (excluding distributions) (.14) (.29) (.25) (.19)Realized gains (losses) .58 .43 1.13 .33Unrealized gains (losses) .46 (.05) 1.02 (.04)Total increase (decrease) from operationsB .90 .09 1.90 .10Distributions: From net investment income (excluding dividends) – – – –From dividends – – – –From capital gains – – (.32) –Return of capital – – – –Total distributionsB,C – – (.32) –Net assets, end of periodB $ 13.05 $ 12.11 $ 11.87 $ 10.07Ratios and Supplemental Data Net asset value (000s) D $ 1,241 $ 1,219 $ 1,122 $ 1,049Securities outstandingD 95,038 100,609 94,452 104,244Management expense ratio E,J 2.29% 2.30% 2.31% 2.32%Management expense ratio before waivers or absorptions E,J 2.36% 2.37% 2.38% 2.37%Trading expense ratioG .11% .10% .07% .09%Portfolio turnover rateH 8.45% 16.71% 24.50% 42.01%Net asset value per security, end of period $ 13.0505 $ 12.1139 $ 11.8741 $ 10.0671

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Fidelity Global Consumer Industries Class of the Fidelity Capital Structure Corp. Series E2


2019 2018 2017 2016I

The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.13 $ 11.88 $ 10.08 $ 10.00Increase (decrease) from operations: Total revenue – – – –Total expenses (excluding distributions) (.14) (.28) (.24) (.19)Realized gains (losses) .58 .42 1.10 .48Unrealized gains (losses) .50 .06 1.54 .10Total increase (decrease) from operationsB .94 .20 2.40 .39Distributions: From net investment income (excluding dividends) – – – –From dividends – – – –From capital gains – – (.33) –Return of capital – – – –Total distributionsB,C – – (.33) –Net assets, end of periodB $ 13.08 $ 12.13 $ 11.88 $ 10.08Ratios and Supplemental Data Net asset value (000s) D $ 251 $ 233 $ 275 $ 40Securities outstandingD 19,194 19,194 23,129 3,976Management expense ratio E,J 2.21% 2.21% 2.22% 2.24%Management expense ratio before waivers or absorptions E,J 2.28% 2.29% 2.29% 2.28%Trading expense ratioG .11% .10% .07% .09%Portfolio turnover rateH 8.45% 16.71% 24.50% 42.01%Net asset value per security, end of period $ 13.0756 $ 12.1323 $ 11.8836 $ 10.0750

Fidelity Global Consumer Industries Class of the Fidelity Capital Structure Corp. Series P1


2019 2018 2017 2016K

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.92 $ 11.56 $ 9.80 $ 10.00Increase (decrease) from operations: Total revenue – – – –Total expenses (excluding distributions) (.07) (.13) (.11) (.11)Realized gains (losses) .56 .43 1.02 1.04Unrealized gains (losses) .47 .03 1.65 (1.17)Total increase (decrease) from operationsB .96 .33 2.56 (.24)Distributions: From net investment income (excluding dividends) – – – –From dividends – – – –From capital gains – (.02) (.43) –Return of capital – – – –Total distributionsB,C – (.02) (.43) –Net assets, end of periodB $ 12.91 $ 11.92 $ 11.56 $ 9.80Ratios and Supplemental Data Net asset value (000s) D $ 1,409 $ 1,151 $ 610 $ 196Securities outstandingD 109,114 96,618 52,784 19,950Management expense ratio E,L 1.13% 1.09% 1.08% 1.12%Management expense ratio before waivers or absorptions E,L 1.16% 1.14% 1.15% 1.17%Trading expense ratioG .11% .10% .07% .09%Portfolio turnover rateH 8.45% 16.71% 24.50% 42.01%Net asset value per security, end of period $ 12.9122 $ 11.9159 $ 11.5583 $ 9.8005

6

Financial Highlights – continued



2019 2018 2017 2016K

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.92 $ 11.56 $ 9.81 $ 10.00Increase (decrease) from operations: Total revenue – – – –Total expenses (excluding distributions) (.06) (.13) (.11) (.10)Realized gains (losses) .55 .44 .90 .75Unrealized gains (losses) .57 (.09) .81 (.85)Total increase (decrease) from operationsB 1.06 .22 1.60 (.20)Distributions: From net investment income (excluding dividends) – – – –From dividends – – – –From capital gains – (.02) (.43) –Return of capital – – – –Total distributionsB,C – (.02) (.43) –Net assets, end of periodB $ 12.93 $ 11.92 $ 11.56 $ 9.81Ratios and Supplemental Data Net asset value (000s) D $ 1,074 $ 895 $ 687 $ 579Securities outstandingD 83,103 75,081 59,392 59,047Management expense ratio E,L 1.03% 1.04% 1.06% 1.08%Management expense ratio before waivers or absorptions E,L 1.06% 1.09% 1.14% 1.14%Trading expense ratioG .11% .10% .07% .09%Portfolio turnover rateH 8.45% 16.71% 24.50% 42.01%Net asset value per security, end of period $ 12.9276 $ 11.9244 $ 11.5631 $ 9.8068



2019 2018 2017M

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.30 $ 10.96 $ 10.00Increase (decrease) from operations: Total revenue – – –Total expenses (excluding distributions) (.06) (.11) (.02)Realized gains (losses) .54 .40 .11Unrealized gains (losses) .47 .08 .87Total increase (decrease) from operationsB .95 .37 .96Distributions: From net investment income (excluding dividends) – – –From dividends – – –From capital gains – (.03) –Return of capital – – –Total distributionsB,C – (.03) –Net assets, end of periodB $ 12.25 $ 11.30 $ 10.96Ratios and Supplemental Data Net asset value (000s) D $ 402 $ 371 $ 359Securities outstandingD 32,836 32,836 32,753Management expense ratio E,N .98% .98% .98%Management expense ratio before waivers or absorptions E,N 1.02% 1.04% 1.08%Trading expense ratioG .11% .10% .07%Portfolio turnover rateH 8.45% 16.71% 24.50%Net asset value per security, end of period $ 12.2507 $ 11.2975 $ 10.9569

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

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

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

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

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

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

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

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

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

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

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

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

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

Management Fees

Dealer Compensation

Investment management, administration

and other

Series A 2.000% 24.86% 75.14%

Series B 1.850% 54.05% 45.95%

Series F 0.850% — 100.00%

Series E1 1.825% 54.79% 45.21%

Series E2 1.800% 55.56% 44.44%

Series P1 0.825% — 100.00%

Series P2 0.800% — 100.00%

Series P3 0.775% — 100.00%

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

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

Year-by-Year ReturnsThe following bar chart shows the Fund’s annual performance for each of the years shown, and illustrates how the Fund’s performance was changed from year to year. In percentage terms, the bar chart shows how much an investment made on the first day of each financial year would have grown or decreased by the last day of each financial year. For each Series in the Year-by-Year Returns table below, the most recent returns stated are for the current six month period.

Series A

30

20

10

0

-10

2019

7.6

2018

1.8

2017

21.3

2016

-2.8

2015

20.4

2014

15.4

2013

28.9

2012

15.8

2011

-0.7

2010

11.0

2009

11.9

Fiscal Years

(%)

Series B

30

20

10

0

-10

2019

7.7

2018

2.0

2017

21.6

2016

-2.7

2015

20.7

2014

15.6

2013

29.2

2012

16.0

2011

-0.4

2010

11.3

2009

12.2

Fiscal Years

(%)

Series F

40

30

20

10

0

-10

2019

8.3

2018

3.1

2017

23.0

2016

-1.5

2015

22.2

2014

16.9

2013

30.5

2012

17.3

2011

0.6

2010

12.4

2009

13.3

Fiscal Years

(%)

Series E1

30

20

10

0

-10

2019

7.7

2018

2.0

2017

21.7

2016

-2.6

2015

20.7

2014

15.6

2013

29.2

2012

16.0

2011

-0.4

2010

11.3

2009

12.2

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series E2

30

20

10

0

-10

2019

7.8

2018

2.1

2017

21.8

2016

-2.5

2015

20.7

2014

15.6

2013

29.2

2012

16.0

2011

-0.4

2010

11.3

2009

12.2

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series P1

40

30

20

10

0

-10

2019

8.4

2018

3.3

2017

23.2

2016

-1.4

2015

22.2

2014

16.9

2013

30.5

2012

17.3

2011

0.6

2010

12.4

2009

13.3

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

10


Past Performance – continued

Series P2

40

30

20

10

0

-10

2019

8.4

2018

3.3

2017

23.2

2016

-1.3

2015

22.2

2014

16.9

2013

30.5

2012

17.3

2011

0.6

2010

12.4

2009

13.3

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P3

40

30

20

10

0

-10

2019

8.4

2018

3.4

2017

23.1

2016

-1.5

2015

22.2

2014

16.9

2013

30.5

2012

17.3

2011

0.6

2010

12.4

2009

13.3

Fiscal Years

(%)

Commencement of Operations is September 22, 2017

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

% of Fund’s Net Assets as at

5/31/19


11/30/18

Textiles, Apparel & Luxury Goods 19.3 16.9

Internet & Direct Marketing Retail 18.0 13.5

Beverages 13.6 11.9

Personal Products 11.9 11.9

Food Products 7.2 8.0

Hotels, Restaurants & Leisure 5.2 6.5

Food & Staples Retailing 4.5 6.3

Entertainment 4.3 5.2

Household Products 3.3 3.4

Specialty Retail 2.3 5.3

Interactive Media & Services 2.1 1.9

Health Care Equipment & Supplies 1.7 1.5

Banks 1.1 0.9

Others (Individually Less Than 1%) 2.1 5.7

Cash and Cash Equivalents 3.3 0.9

Net Other Assets (Liabilities) 0.1 0.2

Geographic Mix


5/31/19


11/30/18

United States of America 38.5 44.7

France 15.0 12.0

Switzerland 7.6 5.7

United Kingdom 7.5 10.1

Cayman Islands 5.8 4.4

Germany 5.0 2.9

Canada 1.0 1.4

Japan 4.2 4.7

Italy 2.9 3.3

Netherlands 2.8 2.5

South Africa 2.0 0.9

Others (Individually Less Than 1%) 4.3 6.3

Cash and Cash Equivalents 3.3 0.9

Net Other Assets (Liabilities) 0.1 0.2

Top Issuers

% of Fund’s Net Assets

1. Amazon.com, Inc. 9.8

2. LVMH Moet Hennessy – Louis Vuitton SA 6.7

3. Nestle SA 5.9

4. L’Oreal SA 4.5

5. Walmart, Inc. 4.1

6. The Coca-Cola Co. 4.0

7. Alibaba Group Holding Ltd. 4.0

8. Colgate-Palmolive Co. 3.3

9. Fidelity U.S. Money Market Investment Trust – Series O 3.3

10. Diageo PLC 3.2

11. NIKE, Inc. 2.6

12. Heineken NV 2.2

13. adidas AG 2.1

14. Puma Ag 2.0

15. Naspers Ltd. 2.0

16. Kao Corp. 1.8

17. Estee Lauder Companies, Inc. 1.8

18. The Walt Disney Co. 1.8

19. Alphabet, Inc. 1.8

20. PepsiCo, Inc. 1.7

21. Unilever PLC 1.7

22. Sonova Holding AG 1.7

23. Davide Campari-Milano SpA 1.6

24. Marriott International, Inc. 1.6

25. Kering SA 1.5

76.7

Total Fund Net Assets $11,577,000

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

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

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

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

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