fidelity global health care class of the fidelity capital ......this annual management report of...

Annual Management Report of Fund PerformanceNovember 30, 2019

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

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

Management Discussion of Fund PerformanceInvestment Objective and StrategiesInvestment Objective: Fidelity Global Health Care Class (Fund) aims to achieve long-term capital growth, and seeks a return similar to that of Fidelity Global Health Care Fund (Underlying Fund) by investing substantially all of its assets in units of the Underlying Fund. The Underlying Fund, which is also managed by Fidelity, aims to achieve long-term capital growth by invest-ing in equity securities of companies anywhere in the world that design, make or sell products or services related to health care and medicine.

Strategies: The health care industry includes biotechnology firms, health management organizations and companies involved in hospital management, medical products and pharmaceuticals. 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. Factors considered include growth potential, earnings estimates and quality of management. The Underlying Fund may invest in small-, medium- and large-capitalization companies.

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 overall level of risk of the Fund. The Fund is suitable for long-term investors who want to gain exposure to health care companies anywhere in the world, and can handle the volatility of returns generally associated with equity investments. To invest in this Fund, investors should be able to accept a medium to high level of risk. The suitability of the investment has not changed from what has been disclosed in the prospectus.

Results of Operations:Fidelity Global Health Care Class, Series B, returned 11.9%, 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. Global equities, as represented by the MSCI World Index, returned 14.5% in Canadian dollar terms for the review period.

Market overview:

Monetary policy easing and sustained growth, particularly in the U.S., supported global equity markets. Lower interest rates and falling bond yields (interest income from bonds at a given price) resulted in a general preference for higher-quality companies, which tend to have low debt on their balance sheets, offer sustainability of earnings and often provide attractive dividend yields, compensating for some of the decline in bond yields. Fears that growth in the U.S. economy could be peaking after a ten-year expansion also contributed to a preference for high-quality companies. Furthermore, the falling cost of capital supported a sharp rise in share buybacks and lifted earnings per share (as fewer shares remain in issue for the same amount of earnings). However, escalating trade tensions between the U.S. and its leading trade partners triggered fears of a global recession and restricted gains in global equities. Investors faced several geopolitical downturns, such as rising tensions in the Middle East and Brexit-related developments. European and U.S. equities advanced, led by a supportive monetary and fiscal policy framework.

Factors affecting performance:

The Fund’s benchmark, the MSCI ACWI (All Country World Index) Health Care Index, returned 9.5% for the one-year period under review.

The Fund outperformed its benchmark, primarily due to the Underlying Fund’s investments in, and lower-than-benchmark exposure to, the pharmaceuticals industry. In this industry, lower-than-benchmark holdings in U.S.-based biopharmaceutical company Pfizer, and diversified health care conglomerate Johnson & Johnson, contributed to relative performance, as their share prices declined. At the end of the review period, the Underlying Fund did not hold Pfizer and Johnson & Johnson. The Underlying Fund’s holdings in the biotechnology industry, particularly in Australia-based global specialty biotechnology company CSL, contributed to relative returns. Among other industries, Switzerland-based hearing care solutions company Sonova, and health care solutions-focused company Danaher, contributed to relative returns.

In contrast, having no exposure to the health care technology industry detracted from relative performance. Certain holdings in the life sciences tools & services industry, such as a position in U.S.-based health information technology and clinical research company IQVIA, and U.S.-based genetic research company Illumina, detracted from relative performance. Among other sec-tors, a lower-than-benchmark position in Switzerland-based pharmaceuticals company Novartis, and a position in U.K.-based medical device manufacturer LivaNova, detracted from relative returns.

Portfolio changes:

Portfolio managers Alex Gold and Judith Finegold take a bottom-up approach to stock selection and use Fidelity’s research capabilities to tap global investment opportunities in this sector.

During the review period, the Underlying Fund’s exposure to the life sciences tools & services industry increased after the portfolio managers initiated a position in U.S.-based clinical research organization ICON. The portfolio managers believe ICON stock is compellingly valued both on an absolute basis and relative to peers, while its underlying fundamentals continue to improve.

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Management Discussion of Fund Performance – continued

The portfolio managers also introduced a position in Switzerland-based Novartis, in the belief that its transition toward a more focused specialist pharma company would prove rewarding over the long term.

Even with the introduction of Novartis, the Underlying Fund’s exposure to the broader pharmaceuticals industry declined, as the portfolio managers found better opportunities elsewhere. They also believe some companies in this segment could be impacted by the political rhetoric of the 2020 U.S. presidential election.

As at November 30, 2019, the Underlying Fund’s largest absolute exposure was to the health care equipment and supplies industry, followed by the pharmaceuticals industry. The Underlying Fund varied most from its benchmark weightings by allocating more to the health care equipment and supplies industry and less to the pharmaceuticals industry.

At the end of the review period, the Underlying Fund had its largest absolute country exposure to the U.S. Country and sector-level allocations are driven by the portfolio manager’s bottom-up stock selection process.

Recent DevelopmentsThe investment philosophy of portfolio managers Alex Gold and Judith Finegold is currently driven by a belief that the market’s ability to forecast earnings is limited, which makes the evalu-ation of historical performance important. The portfolio managers focus on what they believe to be quality companies with high earnings visibility, as well as high and sustainable returns on invested capital. Given the sector’s structural growth drivers and opportunities to establish and sustain high returns via innovation, they also focus on management’s allocation of capital, and alignment of remuneration incentives.

The portfolio managers believe health care is currently caught up in the political rhetoric of the next U.S. presidential election – even though it isn’t occurring until November 2020. Drug pricing, always a sensitive topic, is at the forefront of debate with multiple proposals on the table by the current US administration. In the view of the portfolio managers, this uncertain, near-term backdrop should not distract us from the long-term structural growth of the health care sector. An increasing number of patients will continue to need drugs and medical procedures in the future as the population ages and the world economy continues to develop.The portfolio managers continue to like medtech companies that are bringing innovative solutions such as robotic surgery, minimally invasive surgery, and utilising gene sequencing to deliver better outcomes. These companies will ultimately create cost savings for health care systems.

Within pharma, the portfolio managers remain significantly underweight the sector on account of lower visibility, lower growth and the fact that revenue growth has to be replenished with persistent patent expiries through R&D and M&A, both of which tend to generate low returns in their view.

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 $377,000 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 $51,000 for the period ended November 30, 2019.

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Financial Highlights

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

Fidelity Global Health Care 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 $ 24.18 $ 20.98 $ 18.22 $ 20.52 $ 17.23Increase (decrease) from operations: Total revenue – – – – –Total expenses (excluding distributions) (.62) (.55) (.50) (.51) (.52)Realized gains (losses) 1.23 .90 .74 .98 2.08Unrealized gains (losses) 2.04 2.71 2.38 (2.88) .39Total increase (decrease) from operationsB 2.65 3.06 2.62 (2.41) 1.94Distributions: From net investment income (excluding dividends) – – – – –From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C – – – – –Net assets, end of periodB $ 27.00 $ 24.18 $ 20.98 $ 18.22 $ 20.52Ratios and Supplemental Data Net asset value (000s) D $ 4,644 $ 4,435 $ 3,610 $ 4,448 $ 4,834Securities outstandingD 171,970 183,598 172,101 245,818 235,622Management expense ratio E,F 2.53% 2.48% 2.53% 2.57% 2.61%Management expense ratio before waivers or absorptions E,F 2.60% 2.56% 2.61% 2.63% 2.67%Trading expense ratioG .03% .04% .07% .02% .06%Portfolio turnover rateH 21.00% 22.78% 21.70% 21.35% 52.62%Net asset value per security, end of period $ 27.0050 $ 24.1757 $ 20.9764 $ 18.2165 $ 20.5156

Fidelity Global Health Care 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 $ 24.85 $ 21.53 $ 18.66 $ 20.98 $ 17.59Increase (decrease) from operations: Total revenue – – – – –Total expenses (excluding distributions) (.59) (.53) (.48) (.48) (.49)Realized gains (losses) 1.25 .95 .78 1.03 2.03Unrealized gains (losses) 2.15 2.68 2.47 (3.05) 1.01Total increase (decrease) from operationsB 2.81 3.10 2.77 (2.51) 2.56Distributions: From net investment income (excluding dividends) – – – – –From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C – – – – –Net assets, end of periodB $ 27.81 $ 24.85 $ 21.53 $ 18.66 $ 20.98Ratios and Supplemental Data Net asset value (000s) D $ 10,015 $ 9,769 $ 8,952 $ 8,624 $ 13,767Securities outstandingD 359,990 393,291 416,667 462,563 660,725Management expense ratio E,F 2.33% 2.33% 2.35% 2.38% 2.40%Management expense ratio before waivers or absorptions E,F 2.40% 2.40% 2.42% 2.43% 2.44%Trading expense ratioG .03% .04% .07% .02% .06%Portfolio turnover rateH 21.00% 22.78% 21.70% 21.35% 52.62%Net asset value per security, end of period $ 27.8121 $ 24.8504 $ 21.5281 $ 18.6587 $ 20.9770

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Financial Highlights – continued

Fidelity Global Health Care 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 $ 29.80 $ 25.53 $ 21.87 $ 24.30 $ 20.14Increase (decrease) from operations: Total revenue – – – – –Total expenses (excluding distributions) (.36) (.32) (.29) (.29) (.30)Realized gains (losses) 1.47 1.08 .92 1.20 2.13Unrealized gains (losses) 3.01 3.42 2.93 (3.67) .24Total increase (decrease) from operationsB 4.12 4.18 3.56 (2.76) 2.07Distributions: From net investment income (excluding dividends) – – – – –From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C – – – – –Net assets, end of periodB $ 33.73 $ 29.80 $ 25.53 $ 21.87 $ 24.30Ratios and Supplemental Data Net asset value (000s) D $ 2,837 $ 2,663 $ 1,455 $ 1,539 $ 4,821Securities outstandingD 84,090 89,619 58,073 69,727 199,656Management expense ratio E,F 1.20% 1.20% 1.20% 1.21% 1.25%Management expense ratio before waivers or absorptions E,F 1.23% 1.25% 1.27% 1.28% 1.34%Trading expense ratioG .03% .04% .07% .02% .06%Portfolio turnover rateH 21.00% 22.78% 21.70% 21.35% 52.62%Net asset value per security, end of period $ 33.7323 $ 29.8024 $ 25.5240 $ 21.8651 $ 24.2977

Fidelity Global Health Care 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 $ 12.55 $ 10.86 $ 9.40 $ 10.00Increase (decrease) from operations: Total revenue – – – –Total expenses (excluding distributions) (.29) (.26) (.23) (.19)Realized gains (losses) .64 .44 .39 .42Unrealized gains (losses) 1.17 1.53 1.36 (.90)Total increase (decrease) from operationsB 1.52 1.71 1.52 (.67)Distributions: From net investment income (excluding dividends) – – – –From dividends – – – –From capital gains – – – –Return of capital – – – –Total distributionsB,C – – – –Net assets, end of periodB $ 14.06 $ 12.55 $ 10.86 $ 9.40Ratios and Supplemental Data Net asset value (000s) D $ 2,956 $ 2,376 $ 1,260 $ 1,177Securities outstandingD 210,250 189,358 116,005 125,110Management expense ratio E,J 2.24% 2.24% 2.27% 2.28%Management expense ratio before waivers or absorptions E,J 2.31% 2.31% 2.33% 2.33%Trading expense ratioG .03% .04% .07% .02%Portfolio turnover rateH 21.00% 22.78% 21.70% 21.35%Net asset value per security, end of period $ 14.0588 $ 12.5498 $ 10.8623 $ 9.4042

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The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.56 $ 10.87 $ 9.41 $ 10.00Increase (decrease) from operations: Total revenue – – – –Total expenses (excluding distributions) (.28) (.25) (.23) (.19)Realized gains (losses) .66 .55 .42 .42Unrealized gains (losses) 1.26 1.02 .73 (.77)Total increase (decrease) from operationsB 1.64 1.32 .92 (.54)Distributions: From net investment income (excluding dividends) – – – –From dividends – – – –From capital gains – – – –Return of capital – – – –Total distributionsB,C – – – –Net assets, end of periodB $ 14.07 $ 12.56 $ 10.87 $ 9.41Ratios and Supplemental Data Net asset value (000s) D $ 515 $ 373 $ 605 $ 177Securities outstandingD 36,556 29,457 55,662 18,789Management expense ratio E,J 2.20% 2.20% 2.24% 2.26%Management expense ratio before waivers or absorptions E,J 2.27% 2.28% 2.32% 2.30%Trading expense ratioG .03% .04% .07% .02%Portfolio turnover rateH 21.00% 22.78% 21.70% 21.35%Net asset value per security, end of period $ 14.0757 $ 12.5615 $ 10.8707 $ 9.4083



The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.63 $ 10.90 $ 9.42 $ 10.00Increase (decrease) from operations: Total revenue – – – –Total expenses (excluding distributions) (.25) (.23) (.23) (.18)Realized gains (losses) .64 .48 .25 .34Unrealized gains (losses) 1.17 1.48 .36 .89Total increase (decrease) from operationsB 1.56 1.73 .38 1.05Distributions: From net investment income (excluding dividends) – – – –From dividends – – – –From capital gains – – – –Return of capital – – – –Total distributionsB,C – – – –Net assets, end of periodB $ 14.19 $ 12.63 $ 10.90 $ 9.42Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1 $ 1 $ 1Securities outstandingD 100 100 100 100Management expense ratio E,J 1.95% 1.97% 2.17% 2.21%Management expense ratio before waivers or absorptions E,J 2.27% 2.33% 2.24% 2.27%Trading expense ratioG .03% .04% .07% .02%Portfolio turnover rateH 21.00% 22.78% 21.70% 21.35%Net asset value per security, end of period $ 14.1867 $ 12.6291 $ 10.9019 $ 9.4218

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The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.65 $ 10.92 $ 9.43 $ 10.00Increase (decrease) from operations: Total revenue – – – –Total expenses (excluding distributions) (.25) (.23) (.21) (.17)Realized gains (losses) .64 .48 .40 .42Unrealized gains (losses) 1.17 1.48 1.30 (.82)Total increase (decrease) from operationsB 1.56 1.73 1.49 (.57)Distributions: From net investment income (excluding dividends) – – – –From dividends – – – –From capital gains – – – –Return of capital – – – –Total distributionsB,C – – – –Net assets, end of periodB $ 14.21 $ 12.65 $ 10.92 $ 9.43Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1 $ 1 $ 1Securities outstandingD 100 100 100 100Management expense ratio E,J 1.93% 1.96% 1.97% 2.05%Management expense ratio before waivers or absorptions E,J 2.25% 2.31% 2.37% 2.46%Trading expense ratioG .03% .04% .07% .02%Portfolio turnover rateH 21.00% 22.78% 21.70% 21.35%Net asset value per security, end of period $ 14.2112 $ 12.6480 $ 10.9166 $ 9.4253

Fidelity Global Health Care 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 $ 12.15 $ 10.41 $ 8.91 $ 10.00Increase (decrease) from operations: Total revenue – – – –Total expenses (excluding distributions) (.14) (.13) (.11) (.11)Realized gains (losses) .65 .40 .38 .50Unrealized gains (losses) 1.47 1.82 1.21 (2.11)Total increase (decrease) from operationsB 1.98 2.09 1.48 (1.72)Distributions: From net investment income (excluding dividends) – – – –From dividends – – – –From capital gains – – – –Return of capital – – – –Total distributionsB,C – – – –Net assets, end of periodB $ 13.77 $ 12.15 $ 10.41 $ 8.91Ratios and Supplemental Data Net asset value (000s) D $ 3,175 $ 1,564 $ 467 $ 430Securities outstandingD 230,646 128,709 44,888 48,219Management expense ratio E,L 1.12% 1.13% 1.10% 1.13%Management expense ratio before waivers or absorptions E,L 1.16% 1.18% 1.17% 1.19%Trading expense ratioG .03% .04% .07% .02%Portfolio turnover rateH 21.00% 22.78% 21.70% 21.35%Net asset value per security, end of period $ 13.7664 $ 12.1531 $ 10.4065 $ 8.9075

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Periods ended November 30, 2019 2018 2017 2016K

The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.20 $ 10.43 $ 8.93 $ 10.00Increase (decrease) from operations: Total revenue – – – –Total expenses (excluding distributions) (.13) (.11) (.10) (.10)Realized gains (losses) .61 .46 .34 .34Unrealized gains (losses) .32 1.34 .63 (.06)Total increase (decrease) from operationsB .80 1.69 .87 .18Distributions: From net investment income (excluding dividends) – – – –From dividends – – – –From capital gains – – – –Return of capital – – – –Total distributionsB,C – – – –Net assets, end of periodB $ 13.83 $ 12.20 $ 10.43 $ 8.93Ratios and Supplemental Data Net asset value (000s) D $ 210 $ 316 $ 210 $ 162Securities outstandingD 15,153 25,901 20,179 18,113Management expense ratio E,L 1.03% 1.04% 1.06% 1.07%Management expense ratio before waivers or absorptions E,L 1.06% 1.10% 1.13% 1.13%Trading expense ratioG .03% .04% .07% .02%Portfolio turnover rateH 21.00% 22.78% 21.70% 21.35%Net asset value per security, end of period $ 13.8282 $ 12.1961 $ 10.4314 $ 8.9254


Periods ended November 30, 2019 2018 2017 2016M

The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.51 $ 10.70 $ 9.15 $ 10.00Increase (decrease) from operations: Total revenue – – – –Total expenses (excluding distributions) (.13) (.11) (.10) (.02)Realized gains (losses) .64 .56 .47 .08Unrealized gains (losses) 1.80 .67 1.26 (.99)Total increase (decrease) from operationsB 2.31 1.12 1.63 (.93)Distributions: From net investment income (excluding dividends) – – – –From dividends – – – –From capital gains – – – –Return of capital – – – –Total distributionsB,C – – – –Net assets, end of periodB $ 14.19 $ 12.51 $ 10.70 $ 9.15Ratios and Supplemental Data Net asset value (000s) D $ 326 $ 128 $ 637 $ 168Securities outstandingD 22,938 10,207 59,544 18,366Management expense ratio E,N 1.00% .99% 1.00% 1.03%Management expense ratio before waivers or absorptions E,N 1.03% 1.04% 1.09% 1.08%Trading expense ratioG .03% .04% .07% .02%Portfolio turnover rateH 21.00% 22.78% 21.70% 21.35%Net asset value per security, end of period $ 14.1908 $ 12.5123 $ 10.6966 $ 9.1473

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Periods ended November 30, 2019 2018 2017O

The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.59 $ 10.73 $ 10.00Increase (decrease) from operations: Total revenue – – –Total expenses (excluding distributions) (.12) (.10) (.01)Realized gains (losses) .94 .62 .14Unrealized gains (losses) .04 1.66 .60Total increase (decrease) from operationsB .86 2.18 .73Distributions: From net investment income (excluding dividends) – – –From dividends – – –From capital gains – – –Return of capital – – –Total distributionsB,C – – –Net assets, end of periodB $ 14.30 $ 12.59 $ 10.73Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1 $ 1Securities outstandingD 100 100 100Management expense ratio E,P .92% .93% .80%Management expense ratio before waivers or absorptions E,P .95% 1.02% 1.16%Trading expense ratioG .03% .04% .07%Portfolio turnover rateH 21.00% 22.78% 21.70%Net asset value per security, end of period $ 14.2979 $ 12.5900 $ 10.7277

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

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

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

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

Management Fees

Dealer Compensation

Investment management, administration

and other

Series A 2.000% 48.50% 51.50%

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%

11


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

5040302010

0-10-20

2019

11.7

2018

15.3

2017

15.2

2016

-11.2

2015

19.0

2014

31.4

2013

40.4

2012

13.8

2011

2.3

2010

-1.0

Fiscal Years

(%)

Series B

5040302010

0-10-20

2019

11.9

2018

15.4

2017

15.4

2016

-11.1

2015

19.3

2014

31.6

2013

40.7

2012

14.0

2011

2.5

2010

-0.8

Fiscal Years

(%)

Series F

5040302010

0-10

2019

13.2

2018

16.8

2017

16.7

2016

-10.0

2015

20.6

2014

33.0

2013

42.2

2012

15.2

2011

3.6

2010

0.2

Fiscal Years

(%)

Series E1

5040302010

0-10-20

2019

12.0

2018

15.5

2017

15.5

2016

-11.0

2015

19.3

2014

31.6

2013

40.7

2012

14.0

2011

2.5

2010

-0.8

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series E2

5040302010

0-10-20

2019

12.1

2018

15.6

2017

15.5

2016

-10.9

2015

19.3

2014

31.6

2013

40.7

2012

14.0

2011

2.5

2010

-0.8

Fiscal Years

(%)


Series E3

5040302010

0-10-20

2019

12.3

2018

15.8

2017

15.7

2016

-10.8

2015

19.3

2014

31.6

2013

40.7

2012

14.0

2011

2.5

2010

-0.8

Fiscal Years

(%)


12


Past Performance – continued

Series E4

5040302010

0-10-20

2019

12.4

2018

15.9

2017

15.8

2016

-10.8

2015

19.3

2014

31.6

2013

40.7

2012

14.0

2011

2.5

2010

-0.8

Fiscal Years

(%)


Series P1

5040302010

0-10

2019

13.3

2018

16.8

2017

16.8

2016

-9.9

2015

20.6

2014

33.0

2013

42.2

2012

15.2

2011

3.6

2010

0.2

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P2

5040302010

0-10

2019

13.4

2018

16.9

2017

16.9

2016

-9.7

2015

20.6

2014

33.0

2013

42.2

2012

15.2

2011

3.6

2010

0.2

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P3

5040302010

0-10

2019

13.4

2018

17.0

2017

16.9

2016

-10.0

2015

20.6

2014

33.0

2013

42.2

2012

15.2

2011

3.6

2010

0.2

Fiscal Years

(%)

Commencement of Operations is September 16, 2016

Series P4

5040302010

0-10

2019

13.6

2018

17.4

2017

16.8

2016

-10.0

2015

20.6

2014

33.0

2013

42.2

2012

15.2

2011

3.6

2010

0.2

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 ACWI (All Country World Index) Health Care Index, as described below.

13

Average Annual Total ReturnsPast 1 year

Past 3 years

Past 5 years

Past 10 years

Series A 11.7% 14.0% 9.4% 12.8%Series B 11.9% 14.2% 9.6% 13.0%Series F 13.2% 15.5% 10.9% 14.2%Series E1 12.0% 14.3% 9.7% 13.0%Series E2 12.1% 14.4% 9.7% 13.0%Series E3 12.3% 14.6% 9.9% 13.1%Series E4 12.4% 14.7% 9.9% 13.1%Series P1 13.3% 15.6% 10.9% 14.3%Series P2 13.4% 15.7% 11.0% 14.3%Series P3 13.4% 15.8% 11.0% 14.3%Series P4 13.6% 15.9% 11.1% 14.3%MSCI ACWI (All Country World Index) Health Care Index 9.5% 13.8% 10.8% 15.2%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 ACWI (All Country World Index) Health Care Index is an unmanaged index considered representative of the health care sector. The MSCI World Index is a market capitalization weighted index composed of companies representative of the market structure of developed market countries in North America, Europe and the Asia/Pacific region.

Each series of the Fund will have varying returns because of 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

Health Care Equipment & Supplies 32.6 34.4

Pharmaceuticals 23.2 27.0

Biotechnology 18.3 15.3

Health Care Providers & Services 13.1 12.5

Life Sciences Tools & Services 10.8 6.7

Others (Individually Less Than 1%) 0.2 0.4

Cash and Cash Equivalents 1.5 3.3

Net Other Assets (Liabilities) 0.3 0.4

Geographic Mix


11/30/19


11/30/18

United States of America 60.1 59.9

Switzerland 12.0 9.2

Ireland 7.6 3.9

Australia 4.5 5.3

United Kingdom 3.9 7.3

Denmark 3.3 2.1

Japan 2.8 0.0

France 2.3 3.1

Spain 1.6 1.4

Others (Individually Less Than 1%) 0.1 4.1

Cash and Cash Equivalents 1.5 3.3

Net Other Assets (Liabilities) 0.3 0.4

Top Issuers

% of Fund’s Net Assets

1. UnitedHealth Group, Inc. 6.1

2. Boston Scientific Corp. 4.9

3. CSL Ltd. 4.5

4. Amgen, Inc. 4.4

5. Novartis AG 4.2

6. Stryker Corp. 4.1

7. Roche Holding AG 4.1

8. Medtronic PLC 4.0

9. Thermo Fisher Scientific, Inc. 3.7

10. Abbott Laboratories 3.5

11. AbbVie, Inc. 3.4

12. AstraZeneca PLC 3.2

13. Becton, Dickinson & Co. 3.0

14. Baxter International, Inc. 3.0

15. Anthem, Inc. 2.7

16. ICON PLC 2.6

17. Danaher Corp. 2.6

18. Cigna Corp. 2.5

19. Sanofi SA 2.3

20. Sonova Holding AG 2.3

21. Zimmer Biomet Holdings, Inc. 2.3

22. Illumina, Inc. 1.8

23. Humana, Inc. 1.8

24. Novo Nordisk A/S 1.7

25. Grifols SA 1.6

80.3

Total Fund Net Assets $24,676,000

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

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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