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Annual Management Report of Fund PerformanceNovember 30, 2019

Fidelity Emerging Markets 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, 2019Fidelity Emerging Markets 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 Emerging Markets Class (Fund) aims to achieve high total investment returns, and seeks a return similar to that of Fidelity Emerging Markets 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 high total investment returns by invest-ing primarily in equity securities of companies in emerging market countries.

Strategies: The Underlying Fund’s investments are normally diversified across different emerging markets. When buying and selling securities for the Underlying Fund, the portfolio manager examines each company’s potential for success in light of its current financial condition and industry position, as well as economic and market conditions. The portfolio manager considers factors like growth potential, earnings estimates and quality of management. The Underlying Fund may invest in small-, medium- and large-capitalization companies, and may hold cash and invest in fixed-income 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 period have not affected the Fund’s overall level of risk. The Fund is suitable for long-term investors who want to add emerging markets equities to their portfolios, can handle the volatility of returns generally associated with equity investments, and are willing to accept a high level of risk. The suitability of the investment has not changed from what is disclosed in the prospectus.

Results of Operations:Fidelity Emerging Markets Class, Series B, returned 14.0%, after fees and expenses, for the one-year period ended November 30, 2019. The net returns of the other series of this Fund are similar to those of Series B, except for differences attributable to expense structures. During the review period, global equities, as represented by the MSCI World Index, returned 14.5% (in Canadian dollar terms).

Market overview:

Emerging markets equities advanced during the review period, but lagged behind developed markets. Risk assets gained as trade war fears eased for most of the period under review, and the U.S. Federal Reserve (Fed) cut interest rates three times in 2019 to tackle risks to economic growth against the backdrop of muted inflationary pressure. Toward the end of the review period, concerns about the negative impact of U.S. government involvement in Hong Kong on U.S.-China trade negotiations prompted some volatility on the trade front. Meanwhile, China’s central bank decision to reduce its seven-day reverse repurchase rate, for the first time in more than four years, also enhanced confidence. The Taiwanese market also benefited as trade war fears abated, and an improving outlook for the technology sector in 2020 further supported Taiwanese stocks.

Factors affecting performance:

The Fund’s benchmark, the MSCI Emerging Markets Index, returned 7.6% during the review period. The Fund outperformed its benchmark primarily due to exposure to certain stocks in the consumer discretionary sector. In the sector, an investment in U.S.-based online retailing firm Mercadolibre, and China-based online retailing firm Meituan Dianping, contributed to relative returns. In addition, exposure to certain stocks in the consumer staples sector contributed to relative performance. In this sector, investments in China-based beverage firms Wuliangye Yibin and Kweichow Moutai contributed to relative returns. At the end of the review period, the Underlying Fund had no exposure to Wuliangye Yibin and Kweichow Moutai.

In contrast, higher-than-benchmark exposure to the real estate sector detracted from relative performance. In the sector, lack of exposure to China-based real estate firm Sunac China Ho, and an investment in Philippines-based real estate firm Ayala Land, detracted from relative returns. In addition, investments in certain stocks in the energy sector detracted from relative returns. In the sector, lack of exposure to Russia-based integrated oil and gas firm Gazprom, and the holding in India-based oil and gas refining and marketing firm Reliance Industries, detracted from relative performance.

At the end of the review period, the Underlying Fund had no exposure to Reliance Industries.

Portfolio changes:

During the review period, the Underlying Fund’s exposure to the energy and communication services sectors increased. In the energy sector, the portfolio manager increased exposure to Russia-based integrated oil and gas firm NK Lukoil, and initiated a position in China-based oil and gas exploration and production firm CNOOC. In the communication services sector, a position was initiated in China-based internet-related services firm Baidu, and exposure was increased to China-based conglomerate Tencent Holdings. The portfolio manager believed these companies have strong earnings growth potential and reasonable valuations.

In contrast, exposure to the consumer discretionary and consumer staples sectors decreased. In the consumer discretionary sector, the portfolio manager reduced exposure to China-based online retailing firm Alibaba. In the consumer staples sector, a position was exited in India-based food, beverage and tobacco firm ITC. The portfolio manager found potentially better invest-ment opportunities elsewhere.

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Management Discussion of Fund Performance – continued

Recent DevelopmentsEffective October 1, 2019, portfolio manager Sammy Simnegar moved on and Sam Polyak has become sole portfolio manager of the Underlying Fund.

Sam Polyak continues to focus on companies with potential for growth, good management teams, and dominant market share, as well as companies that operate in industries with high barriers to entry. He believes emerging markets should continue to benefit from longer-term tailwinds, especially the rise of the emerging markets middle class. However, selectivity remains important in his view.

The portfolio manager continues to position the Underlying Fund for an expanding global economy, but he remains cautious about recent economic slowing, trade conflict, disruptions from technology, demographic challenges and social pressures. Accordingly, he has concentrated the Underlying Fund in a smaller number of holdings he believes offer an attractive mix of quality, growth, momentum and valuation.

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 $155,000 for the period ended November 30, 2019.

Administration Fee

Fidelity charges the Fund a fixed administration fee in place of certain variable expenses. Fidelity, in turn, pays all of the operating expenses of the Fund, other than certain specified fund costs (e.g. the fees and expenses of the Independent Review Committee, taxes, brokerage commissions and interest charges). The Fund pays an annual rate, which is calculated on a tiered basis, based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity administration fees of $22,000 for the period ended November 30, 2019.

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Financial Highlights

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

Fidelity Emerging Markets Class of the Fidelity Capital Structure Corp. Series A

Periods ended November 30, 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.44 $ 10.57 $ 7.93 $ 7.87 $ 7.82Increase (decrease) from operations: Total revenue .15 .14 .15 .09 .05Total expenses (excluding distributions) (.26) (.26) (.24) (.20) (.21)Realized gains (losses) .27 .56 .26 .17 .26Unrealized gains (losses) 1.15 (1.73) 2.43 (.03) (.01)Total increase (decrease) from operationsB 1.31 (1.29) 2.60 .02 .08Distributions: From net investment income (excluding dividends) – – – – –From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C – – – – –Net assets, end of periodB $ 10.74 $ 9.44 $ 10.57 $ 7.93 $ 7.87Ratios and Supplemental Data Net asset value (000s) D $ 1,372 $ 1,432 $ 1,459 $ 1,020 $ 1,004Securities outstandingD 127,586 151,485 138,152 128,687 127,247Management expense ratio E,F 2.54% 2.53% 2.54% 2.57% 2.57%Management expense ratio before waivers or absorptions E,F 2.61% 2.61% 2.63% 2.64% 2.64%Trading expense ratioG .60% .24% .29% .35% .65%Portfolio turnover rateH 33.63% 65.07% 18.32% 21.18% 17.69%Net asset value per security, end of period $ 10.7388 $ 9.4379 $ 10.5723 $ 7.9269 $ 7.8704

Fidelity Emerging Markets Class of the Fidelity Capital Structure Corp. Series B

Periods ended November 30, 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.61 $ 10.74 $ 8.03 $ 7.96 $ 7.90Increase (decrease) from operations: Total revenue .16 .13 .16 .12 .04Total expenses (excluding distributions) (.24) (.25) (.22) (.19) (.20)Realized gains (losses) .27 .58 .26 .16 .26Unrealized gains (losses) 1.24 (1.67) 2.45 (.17) (.10)Total increase (decrease) from operationsB 1.43 (1.21) 2.65 (.08) .01Distributions: From net investment income (excluding dividends) – – – – –From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C – – – – –Net assets, end of periodB $ 10.95 $ 9.61 $ 10.74 $ 8.03 $ 7.96Ratios and Supplemental Data Net asset value (000s) D $ 2,367 $ 2,662 $ 2,777 $ 1,646 $ 2,542Securities outstandingD 214,434 277,094 258,484 205,568 319,284Management expense ratio E,F 2.33% 2.33% 2.36% 2.39% 2.42%Management expense ratio before waivers or absorptions E,F 2.39% 2.41% 2.43% 2.43% 2.46%Trading expense ratioG .60% .24% .29% .35% .65%Portfolio turnover rateH 33.63% 65.07% 18.32% 21.18% 17.69%Net asset value per security, end of period $ 10.9498 $ 9.6056 $ 10.7396 $ 8.0332 $ 7.9619

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Financial Highlights – continued

Fidelity Emerging Markets Class of the Fidelity Capital Structure Corp. Series F

Periods ended November 30, 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.66 $ 11.78 $ 8.71 $ 8.54 $ 8.38Increase (decrease) from operations: Total revenue .18 .13 .06 .10 .05Total expenses (excluding distributions) (.14) (.14) (.13) (.11) (.11)Realized gains (losses) .30 .68 .23 .18 .28Unrealized gains (losses) 1.33 (2.02) 2.33 (.02) .06Total increase (decrease) from operationsB 1.67 (1.35) 2.49 .15 .27Distributions: From net investment income (excluding dividends) – – – – –From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C – – – – –Net assets, end of periodB $ 12.29 $ 10.66 $ 11.78 $ 8.71 $ 8.54Ratios and Supplemental Data Net asset value (000s) D $ 2,922 $ 2,391 $ 2,201 $ 544 $ 1,267Securities outstandingD 239,569 224,312 187,912 61,904 148,327Management expense ratio E,F 1.19% 1.20% 1.19% 1.24% 1.25%Management expense ratio before waivers or absorptions E,F 1.22% 1.25% 1.27% 1.31% 1.37%Trading expense ratioG .60% .24% .29% .35% .65%Portfolio turnover rateH 33.63% 65.07% 18.32% 21.18% 17.69%Net asset value per security, end of period $ 12.2922 $ 10.6622 $ 11.7851 $ 8.7146 $ 8.5409

Fidelity Emerging Markets Class of the Fidelity Capital Structure Corp. Series E1

Periods ended November 30, 2019 2018 2017 2016I

The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.77 $ 14.27 $ 10.67 $ 10.00Increase (decrease) from operations: Total revenue .17 .18 .18 –Total expenses (excluding distributions) (.32) (.32) (.29) (.20)Realized gains (losses) .38 .73 .34 .20Unrealized gains (losses) 1.65 (2.01) 3.21 .74Total increase (decrease) from operationsB 1.88 (1.42) 3.44 .74Distributions: From net investment income (excluding dividends) – – – –From dividends – – – –From capital gains – – – –Return of capital – – – –Total distributionsB,C – – – –Net assets, end of periodB $ 14.57 $ 12.77 $ 14.27 $ 10.67Ratios and Supplemental Data Net asset value (000s) D $ 1,039 $ 832 $ 1,106 $ 587Securities outstandingD 71,195 65,263 77,532 55,014Management expense ratio E,J 2.25% 2.27% 2.30% 2.32%Management expense ratio before waivers or absorptions E,J 2.32% 2.35% 2.37% 2.37%Trading expense ratioG .60% .24% .29% .35%Portfolio turnover rateH 33.63% 65.07% 18.32% 21.18%Net asset value per security, end of period $ 14.5704 $ 12.7700 $ 14.2664 $ 10.6663

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The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.81 $ 14.31 $ 10.68 $ 10.00Increase (decrease) from operations: Total revenue .15 .14 .11 –Total expenses (excluding distributions) (.31) (.31) (.27) (.19)Realized gains (losses) .39 .90 .32 .21Unrealized gains (losses) 1.04 (2.75) 3.24 .44Total increase (decrease) from operationsB 1.27 (2.02) 3.40 .46Distributions: From net investment income (excluding dividends) – – – –From dividends – – – –From capital gains – – – –Return of capital – – – –Total distributionsB,C – – – –Net assets, end of periodB $ 14.63 $ 12.81 $ 14.31 $ 10.68Ratios and Supplemental Data Net asset value (000s) D $ 862 $ 487 $ 337 $ 168Securities outstandingD 58,904 38,041 23,543 15,771Management expense ratio E,J 2.20% 2.19% 2.14% 2.15%Management expense ratio before waivers or absorptions E,J 2.27% 2.27% 2.22% 2.19%Trading expense ratioG .60% .24% .29% .35%Portfolio turnover rateH 33.63% 65.07% 18.32% 21.18%Net asset value per security, end of period $ 14.6298 $ 12.8142 $ 14.3083 $ 10.6817



The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.85 $ 14.34 $ 10.69 $ 10.00Increase (decrease) from operations: Total revenue .27 .21 .06 –Total expenses (excluding distributions) (.30) (.30) (.28) (.17)Realized gains (losses) .33 .83 .13 .19Unrealized gains (losses) 2.05 (.93) 4.15 .67Total increase (decrease) from operationsB 2.35 (.19) 4.06 .69Distributions: From net investment income (excluding dividends) – – – –From dividends – – – –From capital gains – – – –Return of capital – – – –Total distributionsB,C – – – –Net assets, end of periodB $ 14.69 $ 12.85 $ 14.34 $ 10.69Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 47 $ 34 $ 1Securities outstandingD 71 3,692 2,339 100Management expense ratio E,J 2.13% 2.14% 2.12% 2.00%Management expense ratio before waivers or absorptions E,J 2.20% 2.21% 2.25% 2.38%Trading expense ratioG .60% .24% .29% .35%Portfolio turnover rateH 33.63% 65.07% 18.32% 21.18%Net asset value per security, end of period $ 14.6867 $ 12.8537 $ 14.3383 $ 10.6941

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The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.88 $ 14.35 $ 10.70 $ 10.00Increase (decrease) from operations: Total revenue .03 .21 .21 –Total expenses (excluding distributions) (.29) (.28) (.25) (.17)Realized gains (losses) .50 .72 .35 .19Unrealized gains (losses) 6.27 (2.12) 3.34 .68Total increase (decrease) from operationsB 6.51 (1.47) 3.65 .70Distributions: From net investment income (excluding dividends) – – – –From dividends – – – –From capital gains – – – –Return of capital – – – –Total distributionsB,C – – – –Net assets, end of periodB $ 14.74 $ 12.88 $ 14.35 $ 10.70Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1 $ 1 $ 1Securities outstandingD 100 100 100 100Management expense ratio E,J 2.07% 1.96% 2.03% 1.94%Management expense ratio before waivers or absorptions E,J 2.16% 2.25% 2.26% 2.33%Trading expense ratioG .60% .24% .29% .35%Portfolio turnover rateH 33.63% 65.07% 18.32% 21.18%Net asset value per security, end of period $ 14.7378 $ 12.8820 $ 14.3489 $ 10.6985

Fidelity Emerging Markets Class of the Fidelity Capital Structure Corp. Series P1

Periods ended November 30, 2019 2018 2017 2016K

The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.46 $ 13.76 $ 10.17 $ 10.00Increase (decrease) from operations: Total revenue .17 .12 .20 .10Total expenses (excluding distributions) (.16) (.15) (.14) (.12)Realized gains (losses) .37 .78 .33 .23Unrealized gains (losses) 1.41 (2.50) 3.03 (.13)Total increase (decrease) from operationsB 1.79 (1.75) 3.42 .08Distributions: From net investment income (excluding dividends) – – – –From dividends – – – –From capital gains – – – –Return of capital – – – –Total distributionsB,C – – – –Net assets, end of periodB $ 14.37 $ 12.46 $ 13.76 $ 10.17Ratios and Supplemental Data Net asset value (000s) D $ 2,247 $ 1,765 $ 991 $ 514Securities outstandingD 156,355 141,729 72,359 50,984Management expense ratio E,L 1.13% 1.13% 1.15% 1.17%Management expense ratio before waivers or absorptions E,L 1.16% 1.18% 1.23% 1.23%Trading expense ratioG .60% .24% .29% .35%Portfolio turnover rateH 33.63% 65.07% 18.32% 21.18%Net asset value per security, end of period $ 14.3715 $ 12.4557 $ 13.7597 $ 10.1704

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The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.48 $ 13.78 $ 10.18 $ 10.00Increase (decrease) from operations: Total revenue .17 .12 .20 .09Total expenses (excluding distributions) (.14) (.14) (.13) (.11)Realized gains (losses) .34 .73 .34 .24Unrealized gains (losses) .89 (2.78) 3.11 (.31)Total increase (decrease) from operationsB 1.26 (2.07) 3.52 (.08)Distributions: From net investment income (excluding dividends) – – – –From dividends – – – –From capital gains – – – –Return of capital – – – –Total distributionsB,C – – – –Net assets, end of periodB $ 14.42 $ 12.48 $ 13.78 $ 10.18Ratios and Supplemental Data Net asset value (000s) D $ 892 $ 543 $ 274 $ 230Securities outstandingD 61,866 43,522 20,322 22,609Management expense ratio E,L 1.02% 1.05% 1.07% 1.09%Management expense ratio before waivers or absorptions E,L 1.05% 1.10% 1.15% 1.15%Trading expense ratioG .60% .24% .29% .35%Portfolio turnover rateH 33.63% 65.07% 18.32% 21.18%Net asset value per security, end of period $ 14.4194 $ 12.4839 $ 13.7810 $ 10.1778



The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.49 $ 13.79 $ 10.18 $ 10.00Increase (decrease) from operations: Total revenue .07 .45 .21 .11Total expenses (excluding distributions) (.14) (.14) (.12) (.10)Realized gains (losses) .31 .81 .34 .20Unrealized gains (losses) .47 (2.25) 3.21 .26Total increase (decrease) from operationsB .71 (1.13) 3.64 .47Distributions: From net investment income (excluding dividends) – – – –From dividends – – – –From capital gains – – – –Return of capital – – – –Total distributionsB,C – – – –Net assets, end of periodB $ 14.44 $ 12.49 $ 13.79 $ 10.18Ratios and Supplemental Data Net asset value (000s) D $ 22 $ 1 $ 313 $ 213Securities outstandingD 1,502 82 22,725 20,894Management expense ratio E,L .97% 1.00% 1.02% 1.04%Management expense ratio before waivers or absorptions E,L .99% 1.07% 1.10% 1.10%Trading expense ratioG .60% .24% .29% .35%Portfolio turnover rateH 33.63% 65.07% 18.32% 21.18%Net asset value per security, end of period $ 14.4453 $ 12.4918 $ 13.7935 $ 10.1821

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Periods ended November 30, 2019 2018 2017M

The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.75 $ 10.75 $ 10.00Increase (decrease) from operations: Total revenue .15 – –Total expenses (excluding distributions) (.10) (.10) (.01)Realized gains (losses) .28 .63 .04Unrealized gains (losses) 1.19 (2.02) .72Total increase (decrease) from operationsB 1.52 (1.49) .75Distributions: From net investment income (excluding dividends) – – –From dividends – – –From capital gains – – –Return of capital – – –Total distributionsB,C – – –Net assets, end of periodB $ 11.27 $ 9.75 $ 10.75Ratios and Supplemental Data Net asset value (000s) D $ 301 $ 260 $ 1Securities outstandingD 26,688 26,688 100Management expense ratio E,N .94% .94% .79%Management expense ratio before waivers or absorptions E,N .98% .99% 1.12%Trading expense ratioG .60% .24% .29%Portfolio turnover rateH 33.63% 65.07% 18.32%Net asset value per security, end of period $ 11.2690 $ 9.7489 $ 10.7456


Periods ended November 30, 2019 2018 2017M

The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.75 $ 10.74 $ 10.00Increase (decrease) from operations: Total revenue .15 .24 –Total expenses (excluding distributions) (.08) (.10) (.02)Realized gains (losses) .28 .45 .04Unrealized gains (losses) 1.19 (.93) .69Total increase (decrease) from operationsB 1.54 (.34) .71Distributions: From net investment income (excluding dividends) – – –From dividends – – –From capital gains – – –Return of capital – – –Total distributionsB,C – – –Net assets, end of periodB $ 11.29 $ 9.75 $ 10.74Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1 $ 2,279Securities outstandingD 100 100 212,098Management expense ratio E,N .77% .87% .90%Management expense ratio before waivers or absorptions E,N .77% .94% .99%Trading expense ratioG .60% .24% .29%Portfolio turnover rateH 33.63% 65.07% 18.32%Net asset value per security, end of period $ 11.2937 $ 9.7537 $ 10.7440

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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% 40.16% 59.84%

Series B 1.850% 54.05% 45.95%

Series F 0.850% — 100.00%

Series E1 1.825% 54.79% 45.21%

Series E2 1.800% 55.56% 44.44%

Series E3 1.775% 56.34% 43.66%

Series E4 1.725% 57.97% 42.03%

Series P1 0.825% — 100.00%

Series P2 0.800% — 100.00%

Series P3 0.775% — 100.00%

Series P4 0.725% — 100.00%

Series P5 0.675% — 100.00%

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

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

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

Series A

40302010

0-10-20

2019

13.8

2018

-10.7

2017

33.4

2016

0.7

2015

0.6

2014

4.5

2013

7.3

2012

-0.3

2011

-14.3

2010

10.8

Fiscal Years

(%)

Series B

40302010

0-10-20

2019

14.0

2018

-10.6

2017

33.7

2016

0.9

2015

0.7

2014

4.7

2013

7.5

2012

-0.1

2011

-14.1

2010

11.0

Fiscal Years

(%)

Series F

40302010

0-10-20

2019

15.3

2018

-9.5

2017

35.2

2016

2.0

2015

1.9

2014

5.8

2013

8.7

2012

1.0

2011

-13.2

2010

12.2

Fiscal Years

(%)

Series E1

40302010

0-10-20

2019

14.1

2018

-10.5

2017

33.8

2016

1.0

2015

0.7

2014

4.7

2013

7.5

2012

-0.1

2011

-14.1

2010

11.0

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series E2

40302010

0-10-20

2019

14.2

2018

-10.4

2017

34.0

2016

1.1

2015

0.7

2014

4.7

2013

7.5

2012

-0.1

2011

-14.1

2010

11.0

Fiscal Years

(%)


Series E3

40302010

0-10-20

2019

14.3

2018

-10.4

2017

34.1

2016

1.2

2015

0.7

2014

4.7

2013

7.5

2012

-0.1

2011

-14.1

2010

11.0

Fiscal Years

(%)


12


Past Performance – continued

Series E4

40302010

0-10-20

2019

14.4

2018

-10.2

2017

34.1

2016

1.3

2015

0.7

2014

4.7

2013

7.5

2012

-0.1

2011

-14.1

2010

11.0

Fiscal Years

(%)


Series P1

40302010

0-10-20

2019

15.4

2018

-9.5

2017

35.3

2016

2.2

2015

1.9

2014

5.8

2013

8.7

2012

1.0

2011

-13.2

2010

12.2

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P2

40302010

0-10-20

2019

15.5

2018

-9.4

2017

35.4

2016

2.2

2015

1.9

2014

5.8

2013

8.7

2012

1.0

2011

-13.2

2010

12.2

Fiscal Years

(%)


Series P3

40302010

0-10-20

2019

15.6

2018

-9.4

2017

35.5

2016

2.3

2015

1.9

2014

5.8

2013

8.7

2012

1.0

2011

-13.2

2010

12.2

Fiscal Years

(%)


Series P4

40302010

0-10-20

2019

15.6

2018

-9.3

2017

35.3

2016

2.0

2015

1.9

2014

5.8

2013

8.7

2012

1.0

2011

-13.2

2010

12.2

Fiscal Years

(%)

Commencement of Operations is September 22, 2017

Series P5

40302010

0-10-20

2019

15.8

2018

-9.2

2017

35.3

2016

2.0

2015

1.9

2014

5.8

2013

8.7

2012

1.0

2011

-13.2

2010

12.2

Fiscal Years

(%)

Commencement of Operations is September 22, 2017

Annual Compound ReturnsThis table shows the Fund’s historical annual compound total returns for the periods indicated, compared with a broad-based index, the MSCI World Index, and the Fund’s benchmark, the MSCI Emerging Markets Index, as described below.

13

Average Annual Total ReturnsPast 1 year

Past 3 years

Past 5 years

Past 10 years

Series A 13.8% 10.6% 6.5% 3.8%Series B 14.0% 10.9% 6.7% 4.0%Series F 15.3% 12.1% 8.0% 5.2%Series E1 14.1% 11.0% 6.8% 4.1%Series E2 14.2% 11.1% 6.9% 4.1%Series E3 14.3% 11.2% 7.0% 4.1%Series E4 14.4% 11.3% 7.0% 4.2%Series P1 15.4% 12.2% 8.0% 5.2%Series P2 15.5% 12.3% 8.1% 5.3%Series P3 15.6% 12.4% 8.1% 5.3%Series P4 15.6% 12.4% 8.1% 5.3%Series P5 15.8% 12.5% 8.1% 5.3%MSCI Emerging Markets Index 7.6% 9.0% 6.7% 6.1%MSCI World Index 14.5% 11.9% 11.1% 11.9%

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

The MSCI Emerging Markets Index is a free float-adjusted, market capitalization-weighted index that is designed to measure the equity market performance of 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 due to differences in management fees and expenses.

14


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

% of Fund’s Net Assets as at

11/30/19


11/30/18

Financials 21.8 22.6

Information Technology 19.4 18.0

Materials 12.4 10.4

Consumer Discretionary 11.0 18.4

Communication Services 8.9 9.3

Energy 8.3 4.9

Industrials 8.3 5.5

Consumer Staples 5.7 8.3

Real Estate 3.0 2.3

Others (Individually Less Than 1%) 0.0 1.5

Cash and Cash Equivalents 2.1 0.0

Net Other Assets (Liabilities) (0.9) (1.2)

Geographic Mix


11/30/19


11/30/18

China 19.5 8.7

Cayman Islands 16.3 13.9

Korea (South) 12.0 5.7

Taiwan 11.2 7.3

Brazil 8.6 12.0

Russia 6.6 3.5

Hong Kong 4.4 1.0

India 4.4 13.3

Peru 3.1 0.0

Mexico 2.4 0.3

Israel 2.3 0.0

United States of America 1.7 9.9

Singapore 1.6 0.0

Philippines 1.4 2.5

South Africa 1.2 5.6

Indonesia 1.1 2.2

Thailand 1.0 0.7

Others (Individually Less Than 1%) 0.0 14.6

Cash and Cash Equivalents 2.1 0.0

Net Other Assets (Liabilities) (0.9) (1.2)

Top Issuers

% of Fund’s Net Assets

1. Samsung Electronics Co. Ltd. 9.0

2. Tencent Holdings Ltd. 6.9

3. Taiwan Semiconductor Manufacturing Co. Ltd. 6.1

4. Industrial & Commercial Bank of China Ltd. 4.4

5. Haier Smart Home Co. Ltd. 3.7

6. China Merchants Bank Co. Ltd. 3.2

7. Compania de Minas Buenaventura SA 3.1

8. China Resources Beer Holdings Co. Ltd. 3.0

9. Shinhan Financial Group Co. Ltd. 3.0

10. Lukoil PJSC 2.5

11. Elbit Systems Ltd. 2.3

12. Li Ning Co. Ltd. 2.2

13. Shenzhen Inovance Technology Co. Ltd. 2.1

14. Suzano Papel e Celulose SA 2.1

15. Sberbank of Russia 2.1

16. Fidelity U.S. Money Market Investment Trust – Series O 2.1

17. MMC Norilsk Nickel PJSC 2.0

18. Baidu.com, Inc. 2.0

19. Petroleo Brasileiro SA – Petrobras 1.8

20. Airtac International Group 1.8

21. IRB Brasil Resseguros SA 1.7

22. MercadoLibre, Inc. 1.7

23. China Life Insurance Co. Ltd. 1.6

24. CapitaLand Ltd. 1.6

25. Yageo Corp. 1.6

73.6

Total Fund Net Assets $12,027,000

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

CustodianState Street Trust Company of CanadaToronto, Ontario

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

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