Fidelity Global Large Cap Class of the Fidelity Capital Structure Corp.

Fidelity Global Large Cap Class of the Fidelity Capital Structure Corp. Semi-Annual Management Report of Fund Performance May 31,

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 statements 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.

Semi-Annual Management Report of Fund Performance as at May 31, Fidelity Global Large Cap 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 1-8-263-477, by writing to us at Fidelity Investments, 483 Bay St. Suite 3, 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 Performance Results of Operations Fidelity Global Large Cap Class (Fund) invests substantially all of its assets in units of Fidelity Global Large Cap Fund (Underlying Fund). Fidelity Global Large Cap Class, Series B, returned 13.3%, after fees and expenses, for the six-month period ended May 31,. The net returns of the other series of this Fund are similar to those of Series B, except for differences attributable to expense structures. The MSCI World Index, broadly representing developed market equities, returned 13.4% (in Canadian dollar terms) for the same period. Market overview: Global equities registered positive returns during the review period, owing to the continued low-interest-rate environment around the world. European markets outperformed other geographies, with strong economic data boosting investor sentiment. Markets were also supported by the Dutch election results. U.S. markets registered strong performance, driven by positive economic data and optimism surrounding the proposed policies of the new U.S. administration. Asian markets also registered strong performance, with optimism about global economic growth and improved corporate earnings forecasts in the region boosting sentiment. Canadian markets, however, lagged global markets, after investors concerns about depressed oil prices, rising household debt and risks of a sharp correction in the housing market weighed on Canadian equities. Factors affecting performance: The Fund s benchmark, the MSCI ACWI (All Country World Index) Index, representative of developed and emerging market equities, returned 13.9% (in Canadian dollar terms) for the period under review. The Fund performed in line with its benchmark, after fees and expenses. However, before fees and expenses, it outperformed. The Underlying Fund s investments in the consumer discretionary and information technology sectors contributed to relative performance. In the consumer discretionary sector, investments in U.K.-based automotive parts manufacturing company Delphi Automotive contributed to relative performance. In the information technology sector, exposure to U.S.-based semiconductor companies Broadcom and Micron Technology contributed to relative performance. Other notable contributors to relative performance included French pharmaceutical company Ipsen Promesses and U.K.-based clay and concrete building products manufacturer Ibstock. In contrast, the Underlying Fund s exposure to the energy and consumer staples sectors detracted from relative performance. In the energy sector, the Underlying Fund s investment in U.S.-based oil and natural gas companies Hess Corporation and Pioneer Natural Resources detracted from relative performance. In the consumer staples sector, an investment in U.S-based retailer Kroger detracted from relative performance. Elsewhere, investments in U.S.-based pharmaceutical company Alexion Pharmaceuticals and U.S.-based technology company Apple detracted from relative performance. Portfolio changes: During the period under review, the portfolio manager kept sector weightings closely in line with the benchmark, with active management at the industry and security level driving incremental returns. Exposure to the technology hardware and equipment industry increased as a position was initiated in South Korean multinational electronics company Samsung Electronics, as the portfolio manager believes that the company is expected to benefit from its leadership in 3D NAND, a positive shift in DRAM supply/demand dynamics and OLED growth. In addition, exposure to the media industry increased as the portfolio manager initiated a position in U.S.-based mass media and entertainment company The Walt Disney Company due to his positive outlook for the stock. In contrast, exposure to the automobiles and components industry declined. In this industry, the Underlying Fund sold off its positions in U.K.-based automotive parts manufacturing company Delphi Automotive, Japanese automobile company Honda Motor, and German automaker Volkswagen, as the portfolio manager found attractive investment opportunities elsewhere. Recent Developments Lead Portfolio Manager Chandler Willett believes there is a greater likelihood of an uptick in inflation than in the previous quarter, and policy uncertainties provide for a volatile investment landscape. Chandler also believes global economies are entering a late cycle environment, and he is looking to achieve a balance between cyclical and non-cyclical exposure in the portfolio. 1

Fidelity Global Large Cap Class of the Fidelity Capital Structure Corp. Management Discussion of Fund Performance continued The Underlying Fund s sector weightings remain closely aligned with those of the eleven Global Industry Classification Standard (GICS) sectors of the MSCI ACWI (All Country World Index) Index, reflecting the portfolio managers intention to add value through stock selection, not through active sector allocation. However, stock selection may drive higher or lower industry allocations than those of the Index. As at May 31,, the Underlying Fund diverged most from the benchmark weightings by allocating more to the consumer durables and apparel industry and less to the technology hardware and equipment industry. In terms of country allocations, the U.S. accounted for the Fund s largest absolute exposure. The Underlying Fund deviated most significantly from the benchmark country weightings by having more exposure to the U.S. and less exposure to Japan. Independent Review Committee Effective February 28,, Helen M. Meyer retired from the Independent Review Committee and was replaced by James E. Cook as Chair. Also effective on that date, Frances Horodelski of Toronto, Ontario, became a member of the Independent Review Committee. 2

Related Party Transactions Manager and Portfolio Adviser The Fund is managed by Fidelity Investments Canada ULC (Fidelity). Fidelity is part of a broader group 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 $249, for the period ended May 31,. 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 $39, for the period ended May 31,. 3

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 Large Cap Class of the Fidelity Capital Structure Corp. Series A ended May 31, Periods ended November 3, 15 14 13 12 Net assets, beginning of period B $ 17.4 $ 17.89 $ 15.11 $ 13.19 $ 9.9 $ 8.88 Total revenue.17.6.6.6.11 Total expenses (excluding distributions) (.23) (.44) (.45) (.38) (.32) (.24) Realized gains (losses).28 2.7.91.72.3 Unrealized gains (losses) 2.1 (2.46) 1.95 1.37 3.35.93 Total increase (decrease) from operations B 2.23 (.84) 2.48 1.77 3.39.81 From net investment income (excluding dividends) From dividends From capital gains (.66) (.4) Return of capital Total distributions B,C (.66) (.4) Net assets, end of period B $ 18.97 $ 17.4 $ 17.89 $ 15.11 $ 13.19 $ 9.9 Net asset value (s) D $ 4,213 $ 4,195 $ 6,9 $ 3,564 $ 2,51 $ 624 Securities outstanding D 222,126 238,864 342,9 235,819 189,613 62,969 Management expense ratio E,F 2.61% 2.62% 2.65% 2.7% 2.72% 2.54% Management expense ratio before waivers or absorptions E,F 2.67% 2.68% 2.7% 2.71% 2.72% 2.54% Trading expense ratio G.17%.16%.15%.22%.49%.35% Portfolio turnover rate H 6.54% 23.13% 7.82% 16.9% 22.51% 15.46% Net asset value per security, end of period $ 18.9662 $ 17.3994 $ 17.8852 $ 15.1141 $ 13.1891 $ 9.935 Fidelity Global Large Cap Class of the Fidelity Capital Structure Corp. Series B ended May 31, Periods ended November 3, 15 14 13 12 Net assets, beginning of period B $ 17.56 $ 18.6 $ 15.23 $ 13.26 $ 9.93 $ 8.89 Total revenue.18.7.7.3.14 Total expenses (excluding distributions) (.22) (.41) (.42) (.35) (.29) (.22) Realized gains (losses).28 2.34.94.74.31 Unrealized gains (losses) 1.99 (3.23) 1.92 1.43 3.41 1.2 Total increase (decrease) from operations B 2.23 (1.3) 2.52 1.89 3.46.93 From net investment income (excluding dividends) From dividends From capital gains (.71) (.8) Return of capital Total distributions B,C (.71) (.8) Net assets, end of period B $ 19.12 $ 17.56 $ 18.6 $ 15.23 $ 13.26 $ 9.93 Net asset value (s) D $ 7,777 $ 8,76 $ 16,67 $ 8,34 $ 6,361 $ 727 Securities outstanding D 46,15 498,317 892,458 547,691 479,8 73,295 Management expense ratio E,F 2.4% 2.4% 2.42% 2.45% 2.47% 2.37% Management expense ratio before waivers or absorptions E,F 2.45% 2.44% 2.45% 2.46% 2.47% 2.37% Trading expense ratio G.17%.16%.15%.22%.49%.35% Portfolio turnover rate H 6.54% 23.13% 7.82% 16.9% 22.51% 15.46% Net asset value per security, end of period $ 19.1226 $ 17.5657 $ 18.578 $ 15.2255 $ 13.2595 $ 9.9341 4

Fidelity Global Large Cap Class of the Fidelity Capital Structure Corp. Series F ended May 31, Periods ended November 3, 15 14 13 12 Net assets, beginning of period B $ 18.46 $ 19.1 $ 15.85 $ 13.65 $.11 $ 8.95 Total revenue.16.7.6.2.19 Total expenses (excluding distributions) (.12) (.22) (.23) (.) (.16) (.13) Realized gains (losses).29 2.5.96.74.26 (.1) Unrealized gains (losses) 2.13 (2.6) 1.99 1.74 3.63 1.4 Total increase (decrease) from operations B 2.46 (.78) 2.8 2.35 3.75 1.9 From net investment income (excluding dividends) From dividends From capital gains (.96) (.31) Return of capital Total distributions B,C (.96) (.31) Net assets, end of period B $ 19.98 $ 18.46 $ 19.1 $ 15.85 $ 13.65 $.11 Net asset value (s) D $ 3,572 $ 2,974 $ 5,832 $ 2,9 $ 1,538 $ 6 Securities outstanding D 178,789 161,6 36,752 184,267 112,675 5,959 Management expense ratio E,F 1.23% 1.25% 1.26% 1.35% 1.35% 1.32% Management expense ratio before waivers or absorptions E,F 1.29% 1.32% 1.34% 1.36% 1.35% 1.32% Trading expense ratio G.17%.16%.15%.22%.49%.35% Portfolio turnover rate H 6.54% 23.13% 7.82% 16.9% 22.51% 15.46% Net asset value per security, end of period $ 19.9811 $ 18.4643 $ 19.113 $ 15.8478 $ 13.6462 $.53 Fidelity Global Large Cap Class of the Fidelity Capital Structure Corp. Series F5 ended May 31, Periods ended November 3, I Net assets, beginning of period B $.49 $. Total revenue. Total expenses (excluding distributions) (.13) (.5) Realized gains (losses).32.12 Unrealized gains (losses) 2.59.45 Total increase (decrease) from operations B 2.88.52 From net investment income (excluding dividends) From dividends From capital gains (1.6) Return of capital (.5) (.25) Total distributions B,C (1.56) (.25) Net assets, end of period B $ 21.64 $.49 Net asset value (s) D $ 36 $ 16 Securities outstanding D 16,6 7,87 Management expense ratio E,J 1.24% 1.26% Management expense ratio before waivers or absorptions E,J 1.31% 1.31% Trading expense ratio G.17%.16% Portfolio turnover rate H 6.54% 23.13% Net asset value per security, end of period $ 21.639 $.4872 5

Financial Highlights continued Fidelity Global Large Cap Class of the Fidelity Capital Structure Corp. Series F8 ended May 31, Periods ended November 3, I Net assets, beginning of period B $.34 $. Total revenue.11 Total expenses (excluding distributions) (.13) (.5) Realized gains (losses).31.13 Unrealized gains (losses) 2.58.62 Total increase (decrease) from operations B 2.87.7 From net investment income (excluding dividends) From dividends From capital gains (1.5) Return of capital (.8) (.4) Total distributions B,C (1.85) (.4) Net assets, end of period B $ 21.16 $.34 Net asset value (s) D $ 2,78 $ 974 Securities outstanding D 131,413 48,111 Management expense ratio E,J 1.24% 1.25% Management expense ratio before waivers or absorptions E,J 1.3% 1.31% Trading expense ratio G.17%.16% Portfolio turnover rate H 6.54% 23.13% Net asset value per security, end of period $ 21.158 $.3354 Fidelity Global Large Cap Class of the Fidelity Capital Structure Corp. Series T5 ended May 31, Periods ended November 3, 15 14 13 12 Net assets, beginning of period B $ 26.32 $ 28.39 $ 25.9 $ 22.84 $ 18. $ 17.11 Total revenue.28..16.9.18 Total expenses (excluding distributions) (.35) (.68) (.73) (.64) (.56) (.47) Realized gains (losses).41 2.89 1.46 1.39.49.1 Unrealized gains (losses) 3.2 (2.95) 2.49 2.5 5.76 2.91 Total increase (decrease) from operations B 3.36 (.73) 3.32 3.4 5.77 2.62 From net investment income (excluding dividends) From dividends From capital gains (1.) (.5) Return of capital (.63) (1.26) (1.24) (1.) (1.) (1.) Total distributions B,C (1.63) (1.31) (1.24) (1.) (1.) (1.) Net assets, end of period B $ 28.2 $ 26.32 $ 28.39 $ 25.9 $ 22.84 $ 18. Net asset value (s) D $ 126 $ 134 $ 154 $ 87 $ 85 $ 25 Securities outstanding D 4,511 5, 5,418 3,457 3,79 1,366 Management expense ratio E,F 2.6% 2.6% 2.66% 2.7% 2.72% 2.69% Management expense ratio before waivers or absorptions E,F 2.66% 2.66% 2.71% 2.71% 2.72% 2.69% Trading expense ratio G.17%.16%.15%.22%.49%.35% Portfolio turnover rate H 6.54% 23.13% 7.82% 16.9% 22.51% 15.46% Net asset value per security, end of period $ 28.156 $ 26.3187 $ 28.3891 $ 25.886 $ 22.8379 $ 18.33 6

Fidelity Global Large Cap Class of the Fidelity Capital Structure Corp. Series T8 ended May 31, Periods ended November 3, 15 14 13 12 Net assets, beginning of period B $ 22.16 $ 24.48 $ 22. $.77 $ 16.95 $ 16.72 Total revenue.21.12.12.1.12 Total expenses (excluding distributions) (.29) (.58) (.63) (.57) (.49) (.45) Realized gains (losses).35 2.7 1.65 1.23.53.3 Unrealized gains (losses) 2.51 (3.11) 2.72 2.25 5.8 2.5 Total increase (decrease) from operations B 2.78 (.99) 3.87 3.4 5.13 2. From net investment income (excluding dividends) From dividends From capital gains (.85) (.6) Return of capital (.8) (1.6) (1.6) (1.6) (1.6) (1.6) Total distributions B,C (1.65) (1.65) (1.6) (1.6) (1.6) (1.6) Net assets, end of period B $ 23.31 $ 22.16 $ 24.48 $ 22. $.77 $ 16.95 Net asset value (s) D $ 1,853 $ 1,974 $ 2,645 $ 2,722 $ 2,47 $ 88 Securities outstanding D 79,597 89,128 8,112 123,199 118,9 5,196 Management expense ratio E,F 2.59% 2.59% 2.61% 2.65% 2.59% 2.69% Management expense ratio before waivers or absorptions E,F 2.65% 2.65% 2.66% 2.66% 2.59% 2.69% Trading expense ratio G.17%.16%.15%.22%.49%.35% Portfolio turnover rate H 6.54% 23.13% 7.82% 16.9% 22.51% 15.46% Net asset value per security, end of period $ 23.366 $ 22.16 $ 24.4831 $ 22.984 $.7664 $ 16.9451 Fidelity Global Large Cap Class of the Fidelity Capital Structure Corp. Series S5 ended May 31, Periods ended November 3, 15 14 13 12 Net assets, beginning of period B $ 26.61 $ 28.71 $ 25.32 $ 22.98 $ 18.7 $ 17.13 Total revenue.25.13.6.19.34 Total expenses (excluding distributions) (.32) (.64) (.68) (.59) (.51) (.43) Realized gains (losses).42 3.36 1.76.97.39 (.2) Unrealized gains (losses) 3.4 (4.18) 3.38 2.48 7.64 2.2 Total increase (decrease) from operations B 3.39 (1.46) 4.59 2.91 7.7 1.9 From net investment income (excluding dividends) From dividends From capital gains (1.6) (.12) Return of capital (.64) (1.27) (1.25) (1.) (1.) (1.) Total distributions B,C (1.7) (1.39) (1.25) (1.) (1.) (1.) Net assets, end of period B $ 28.3 $ 26.61 $ 28.71 $ 25.32 $ 22.98 $ 18.7 Net asset value (s) D $ 242 $ 27 $ 252 $ $ 78 $ 9 Securities outstanding D 8,547,163 8,783 7,913 3,43 491 Management expense ratio E,F 2.37% 2.42% 2.44% 2.48% 2.46% 2.46% Management expense ratio before waivers or absorptions E,F 2.42% 2.47% 2.47% 2.48% 2.46% 2.46% Trading expense ratio G.17%.16%.15%.22%.49%.35% Portfolio turnover rate H 6.54% 23.13% 7.82% 16.9% 22.51% 15.46% Net asset value per security, end of period $ 28.343 $ 26.682 $ 28.7137 $ 25.3224 $ 22.9797 $ 18.69 7

Financial Highlights continued Fidelity Global Large Cap Class of the Fidelity Capital Structure Corp. Series S8 ended May 31, Periods ended November 3, 15 14 13 12 Net assets, beginning of period B $ 22.42 $ 24.75 $ 22.28 $.88 $ 17.1 $ 16.74 Total revenue.25.11.8.32 Total expenses (excluding distributions) (.27) (.54) (.59) (.52) (.47) (.42) Realized gains (losses).35 2.3 1.49 1.2.57 (.2) Unrealized gains (losses) 2.41 (2.27) 2.94 2.38 5.44 1.94 Total increase (decrease) from operations B 2.74 (.51) 3.95 2.96 5.53 1.83 From net investment income (excluding dividends) From dividends From capital gains (.9) (.11) Return of capital (.8) (1.6) (1.6) (1.6) (1.6) (1.6) Total distributions B,C (1.7) (1.7) (1.6) (1.6) (1.6) (1.6) Net assets, end of period B $ 23.56 $ 22.42 $ 24.75 $ 22.28 $.88 $ 17.1 Net asset value (s) D $ 2,639 $ 3,887 $ 5,291 $ 3,564 $ 1,73 $ 9 Securities outstanding D 112,45 173,274 213,851 159,96 82,853 521 Management expense ratio E,F 2.4% 2.4% 2.42% 2.43% 2.46% 2.46% Management expense ratio before waivers or absorptions E,F 2.45% 2.45% 2.45% 2.43% 2.46% 2.46% Trading expense ratio G.17%.16%.15%.22%.49%.35% Portfolio turnover rate H 6.54% 23.13% 7.82% 16.9% 22.51% 15.46% Net asset value per security, end of period $ 23.5625 $ 22.417 $ 24.755 $ 22.2819 $.8776 $ 17.78 Fidelity Global Large Cap Class of the Fidelity Capital Structure Corp. Series E1 ended May 31, Periods ended November 3, K Net assets, beginning of period B $.81 $. Total revenue. Total expenses (excluding distributions) (.13) (.) Realized gains (losses).17.18 Unrealized gains (losses) 1. 1.2 Total increase (decrease) from operations B 1.34 1.1 From net investment income (excluding dividends) From dividends From capital gains (.44) Return of capital Total distributions B,C (.44) Net assets, end of period B $ 11.76 $.81 Net asset value (s) D $ 3,45 $ 3,577 Securities outstanding D 294,133 33,97 Management expense ratio E,L 2.33% 2.32% Management expense ratio before waivers or absorptions E,L 2.38% 2.37% Trading expense ratio G.17%.16% Portfolio turnover rate H 6.54% 23.13% Net asset value per security, end of period $ 11.7631 $.88 8

Fidelity Global Large Cap Class of the Fidelity Capital Structure Corp. Series E1T5 ended May 31, Periods ended November 3, K Net assets, beginning of period B $.75 $. Total revenue.18 Total expenses (excluding distributions) (.25) (.39) Realized gains (losses).33.34 Unrealized gains (losses) 2.35 2.14 Total increase (decrease) from operations B 2.61 2.9 From net investment income (excluding dividends) From dividends From capital gains (.84) Return of capital (.5) (.83) Total distributions B,C (1.34) (.83) Net assets, end of period B $ 22.6 $.75 Net asset value (s) D $ 82 $ 65 Securities outstanding D 3,735 3,152 Management expense ratio E,L 2.36% 2.36% Management expense ratio before waivers or absorptions E,L 2.41% 2.41% Trading expense ratio G.17%.16% Portfolio turnover rate H 6.54% 23.13% Net asset value per security, end of period $ 22.587 $.747 Fidelity Global Large Cap Class of the Fidelity Capital Structure Corp. Series E2 ended May 31, Periods ended November 3, K Net assets, beginning of period B $.82 $. Total revenue.7 Total expenses (excluding distributions) (.12) (.19) Realized gains (losses).17.17 Unrealized gains (losses) 1.53 1.26 Total increase (decrease) from operations B 1.65 1.24 From net investment income (excluding dividends) From dividends From capital gains (.45) Return of capital Total distributions B,C (.45) Net assets, end of period B $ 11.77 $.82 Net asset value (s) D $ 2,83 $ 832 Securities outstanding D 177,36 76,928 Management expense ratio E,L 2.23% 2.24% Management expense ratio before waivers or absorptions E,L 2.28% 2.28% Trading expense ratio G.17%.16% Portfolio turnover rate H 6.54% 23.13% Net asset value per security, end of period $ 11.7667 $.8153 9

Financial Highlights continued Fidelity Global Large Cap Class of the Fidelity Capital Structure Corp. Series E3 ended May 31, Periods ended November 3, K Net assets, beginning of period B $.84 $. Total revenue.7 Total expenses (excluding distributions) (.9) (.17) Realized gains (losses).16.17 Unrealized gains (losses) 1.43.84 Total increase (decrease) from operations B 1.57.84 From net investment income (excluding dividends) From dividends From capital gains (.48) Return of capital Total distributions B,C (.48) Net assets, end of period B $ 11.77 $.84 Net asset value (s) D $ 1 $ 1 Securities outstanding D 5 Management expense ratio E,L 2.% 1.99% Management expense ratio before waivers or absorptions E,L 2.34% 2.39% Trading expense ratio G.17%.16% Portfolio turnover rate H 6.54% 23.13% Net asset value per security, end of period $ 11.7691 $.837 Fidelity Global Large Cap Class of the Fidelity Capital Structure Corp. Series E4 ended May 31, Periods ended November 3, K Net assets, beginning of period B $.84 $. Total revenue.2 Total expenses (excluding distributions) (.12) (.17) Realized gains (losses).16.17 Unrealized gains (losses) 1.46.84 Total increase (decrease) from operations B 1.52.84 From net investment income (excluding dividends) From dividends From capital gains (.48) Return of capital Total distributions B,C (.48) Net assets, end of period B $ 11.77 $.84 Net asset value (s) D $ 6 $ 1 Securities outstanding D 531 Management expense ratio E,L 2.13% 1.99% Management expense ratio before waivers or absorptions E,L 2.17% 2.39% Trading expense ratio G.17%.16% Portfolio turnover rate H 6.54% 23.13% Net asset value per security, end of period $ 11.7693 $.837

Fidelity Global Large Cap Class of the Fidelity Capital Structure Corp. Series E5 ended May 31, Periods ended November 3, K Net assets, beginning of period B $.84 $. Total revenue. Total expenses (excluding distributions) (.11) (.17) Realized gains (losses).17.17 Unrealized gains (losses) 1.27.84 Total increase (decrease) from operations B 1.43.84 From net investment income (excluding dividends) From dividends From capital gains (.48) Return of capital Total distributions B,C (.48) Net assets, end of period B $ 11.77 $.84 Net asset value (s) D $ 1 $ 1 Securities outstanding D 5 Management expense ratio E,L 1.98% 1.99% Management expense ratio before waivers or absorptions E,L 2.23% 2.39% Trading expense ratio G.17%.16% Portfolio turnover rate H 6.54% 23.13% Net asset value per security, end of period $ 11.7742 $.838 Fidelity Global Large Cap Class of the Fidelity Capital Structure Corp. Series P1 ended May 31, Periods ended November 3, M Net assets, beginning of period B $ 9.66 $. Total revenue.8 Total expenses (excluding distributions) (.6) (.11) Realized gains (losses).15.44 Unrealized gains (losses) 1.23.11 Total increase (decrease) from operations B 1.4.44 From net investment income (excluding dividends) From dividends From capital gains (.51) (.16) Return of capital Total distributions B,C (.51) (.16) Net assets, end of period B $.45 $ 9.66 Net asset value (s) D $ 2, $ 1,339 Securities outstanding D 192,364 138,597 Management expense ratio E,N 1.16% 1.16% Management expense ratio before waivers or absorptions E,N 1.23% 1.22% Trading expense ratio G.17%.16% Portfolio turnover rate H 6.54% 23.13% Net asset value per security, end of period $.458 $ 9.663 11

Financial Highlights continued Fidelity Global Large Cap Class of the Fidelity Capital Structure Corp. Series P2 ended May 31, Periods ended November 3, M Net assets, beginning of period B $ 9.67 $. Total revenue.8 Total expenses (excluding distributions) (.5) (.) Realized gains (losses).15. Unrealized gains (losses) 1.1.36 Total increase (decrease) from operations B 1.19.46 From net investment income (excluding dividends) From dividends From capital gains (.52) (.16) Return of capital Total distributions B,C (.52) (.16) Net assets, end of period B $.46 $ 9.67 Net asset value (s) D $ 182 $ 156 Securities outstanding D 17,388 16,127 Management expense ratio E,N 1.8% 1.8% Management expense ratio before waivers or absorptions E,N 1.14% 1.14% Trading expense ratio G.17%.16% Portfolio turnover rate H 6.54% 23.13% Net asset value per security, end of period $.458 $ 9.6741 Fidelity Global Large Cap Class of the Fidelity Capital Structure Corp. Series P3 ended May 31, Periods ended November 3, M Net assets, beginning of period B $ 9.68 $. Total revenue.9 Total expenses (excluding distributions) (.5) (.) Realized gains (losses).15 7.98 Unrealized gains (losses) 1.13 (7.17) Total increase (decrease) from operations B 1.32.7 From net investment income (excluding dividends) From dividends From capital gains (.53) (.16) Return of capital Total distributions B,C (.53) (.16) Net assets, end of period B $.46 $ 9.68 Net asset value (s) D $ 5 $ 179 Securities outstanding D 19,574 18,53 Management expense ratio E,N 1.3% 1.% Management expense ratio before waivers or absorptions E,N 1.% 1.% Trading expense ratio G.17%.16% Portfolio turnover rate H 6.54% 23.13% Net asset value per security, end of period $.4583 $ 9.6796 12

Fidelity Global Large Cap Class of the Fidelity Capital Structure Corp. Series P4 ended May 31, Periods ended November 3, M Net assets, beginning of period B $ 9.68 $. Total revenue.8 Total expenses (excluding distributions) (.5) (.9) Realized gains (losses).15. Unrealized gains (losses) 1.18.48 Total increase (decrease) from operations B 1.36.59 From net investment income (excluding dividends) From dividends From capital gains (.53) (.16) Return of capital Total distributions B,C (.53) (.16) Net assets, end of period B $.46 $ 9.68 Net asset value (s) D $ 2,43 $ 1,781 Securities outstanding D 232,323 183,97 Management expense ratio E,N.98%.97% Management expense ratio before waivers or absorptions E,N 1.4% 1.4% Trading expense ratio G.17%.16% Portfolio turnover rate H 6.54% 23.13% Net asset value per security, end of period $.46 $ 9.6824 13

Financial Highlights continued Financial Highlights Footnotes A This information is derived from the Fund s audited annual and/or unaudited interim financial statements. Periods beginning on or after January 1, 13 follow International Financial Reporting Standards (IFRS) and periods prior to January 1, 13 follow Canadian Generally Accepted Accounting Principles (Canadian GAAP). 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, 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, may not foot due to this rounding change. B C D E F G H 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. 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. This information is provided as at period end of the year shown. 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. Effective November 1, 14, 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. 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. The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser manages its portfolio investments. A portfolio turnover rate of % is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher the Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. For periods greater than six months, but less than a full fiscal year, the portfolio turnover rate is annualized. I For the period September 16, (commencement of sale of securities) to November 3,. J Effective September,, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. K For the period February 5, (commencement of sale of securities) to November 3,. L Effective February 9,, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. M For the period December 4, 15 (commencement of sale of securities) to November 3,. N Effective December 8, 15, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. 14

Management and Advisory Fees Fidelity 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 % 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.% 35.4% 64.6% Series B 1.85% 54.5% 45.95% Series F.85%.% Series F5.85%.% Series F8.85%.% Series T5 2.% 33.21% 66.79% Series T8 2.% 27.43% 72.57% Series S5 1.85% 54.5% 45.95% Series S8 1.85% 54.5% 45.95% Series E1 1.825% 54.79% 45.21% Series E1T5 1.825% 54.79% 45.21% Series E2 1.8% 55.56% 44.44% Series E3 1.775% 56.34% 43.66% Series E4 1.725% 57.97% 42.3% Series E5 1.7% 58.82% 41.18% Series P1.825%.% Series P2.8%.% Series P3.775%.% Series P4.725%.% 15

Fidelity Global Large Cap Class of the Fidelity Capital Structure Corp. Past Performance The 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. Year-by-Year Returns The 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 Series F5 11 12 13 14 15 4 3 - - -11.2 11.5 33.2 14.6 18.3-2.5 13.2-3.7 14. Commencement of Operations is April 4, 11 Series B Commencement of Operations is September 16, Series F8 11 12 13 14 15 4 3 - - -11.1 11.7 33.5 14.8 18.6-2.3 13.3-3.7 14. Commencement of Operations is April 4, 11 Series F Commencement of Operations is September 16, Series T5 11 12 13 14 15 11 12 13 14 15 4 3 - - -.5 12.9 35. 16.1 19.9-1.2 14. 4 3 - - -11.3 11.4 33.2 14.5 18.3-2.5 13.2 Commencement of Operations is April 4, 11 Commencement of Operations is April 4, 11 16

Series T8 Series E1T5 11 12 13 14 15 4 3 - - -11.3 11.4 33.4 14.6 18.4-2.5 13.2-8. 13.4 Commencement of Operations is April 4, 11 Series S5 Commencement of Operations is February 5, Series E2 11 12 13 14 15 4 3 - - -11.1 11.6 33.5 14.8 18.6-2.3 13.4-8.2 13.5 Commencement of Operations is April 4, 11 Series S8 Commencement of Operations is February 5, Series E3 11 12 13 14 15 4 3 - - -11.2 11.6 33.5 14.9 18.6-2.3 13.4-8.4 13.5 Commencement of Operations is April 4, 11 Commencement of Operations is February 5, Series E1 Series E4 8.1 13.4 8.4 13.5 - - Commencement of Operations is February 5, Commencement of Operations is February 5, 17

Fidelity Global Large Cap Class of the Fidelity Capital Structure Corp. Past Performance continued Series E5 Series P4 8.4 13.6 15-1.5 14.2 5 - -5 Commencement of Operations is February 5, Commencement of Operations is December 4, 15 Series P1 15-1.7 14.1 5-5 Commencement of Operations is December 4, 15 Series P2 15-1.6 14.1 5-5 Commencement of Operations is December 4, 15 Series P3 15-1.5 14.1 5-5 Commencement of Operations is December 4, 15 18

Fidelity Global Large Cap Class of the Fidelity Capital Structure Corp. Summary of Investment Portfolio as at May 31, Sector Mix % of Fund s Net Assets as at 5/31/17 % of Fund s Net Assets as at 11/3/16 Financials 18.4 19.2 Information Technology 17.1 15.6 Consumer Discretionary 12.6 12.3 Health Care.7.7 Industrials.4.9 Consumer Staples 9.5 9.3 Energy 5.9 7.3 Materials 4.9 5.2 Telecommunication Services 3.3 3.4 Real Estate 3. 3. Utilities 2.2 2.1 Cash and Cash Equivalents.4.7 Net Other Assets (Liabilities) 1.6.3 Market Capitalization % of Fund s Net Assets as at 5/31/17 % of Fund s Net Assets as at 11/3/16 Large 86.4 86.3 Mid 9.5 11.5 Small 2.2 1.5 Geographic Mix % of Fund s Net Assets as at 5/31/17 % of Fund s Net Assets as at 11/3/16 United States of America 55.1 6.4 United Kingdom 5.8 4.7 Japan 3.8 3.7 France 3.2 2.9 Germany 3.2 4.1 Bailiwick of Jersey 2.8 2.8 Switzerland 2.6 1.1 Sweden 2.6 2.8 Ireland 2.4 1.6 Korea (South) 2.2. Netherlands 1.5 1.9 New Zealand 1.5 1.1 Hong Kong 1.4 1.2 Singapore 1.4 1.1 Austria 1.. Belgium 1. 2.3 South Africa 1..8 Thailand 1..7 Others (Individually Less Than 1%) 4.5 5.8 Cash and Cash Equivalents.4.7 Net Other Assets (Liabilities) 1.6.3 Market Capitalization is a measure of the size of a company. It is calculated by multiplying the current share price by the number of outstanding common shares of the company. The Fund defines small cap as less than $2 billion, mid cap as between $2 billion and $ billion, and large cap as over $ billion in capitalization. 19

Summary of Investment Portfolio as at May 31, continued Top 25 Issuers % of Fund s Net Assets 1. Alphabet, Inc. 2.8 2. Citigroup, Inc. 1.8 3. Intel Corp. 1.7 4. Salesforce.com, Inc. 1.6 5. Visa, Inc. 1.6 6. Samsung Electronics Co. Ltd. 1.6 7. AIA Group Ltd. 1.4 8. Vertex Pharmaceuticals, Inc. 1.4 9. Amazon.com, Inc. 1.4. Broadcom Ltd. 1.4 11. Standard Chartered PLC 1.4 12. Newell Brands, Inc. 1.4 13. Regions Financial Corp. 1.4 % of Fund s Net Assets 14. Ingersoll-Rand PLC 1.4 15. FedEx Corp. 1.3 16. Partners Group Holding AG 1.3 17. Danaher Corp. 1.3 18. Hess Corp. 1.3 19. Nestle SA 1.3. Pioneer Natural Resources Co. 1.2 21. Comcast Corp. 1.2 22. PayPal Holdings, Inc. 1.2 23. Ibstock PLC 1.2 24. Ipsen SA 1.2 25. Home Depot, Inc. 1.2 Total Fund Net Assets $34,16, 36. Where applicable, the information in the above tables includes the Fund s pro-rata share of the investment in any Fidelity Underlying Fund. 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 1-8-263-477, by writing to us at Fidelity Investments Canada ULC, 483 Bay St. Suite 3, Toronto ON M5G 2N7 or by visiting our web site at www.fidelity.ca or SEDAR at www.sedar.com.

Fidelity Capital Structure Corp. 47 2nd Street S.W., Suite 8 Calgary, Alberta T2P 2Y3 Manager and Registrar Fidelity Investments Canada ULC 483 Bay Street, Suite 3 Toronto, Ontario M5G 2N7 Custodian State Street Trust Company of Canada Toronto, Ontario Visit us online at www.fidelity.ca or call Fidelity Client Services at 1-8-263-477 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 or Fidelity U.S. Money Market Fund 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. Fidelity Investments is a registered trademark of Fidelity Investments Canada ULC. 62.174E 1.93488.5 FICL-GLC-CS-MRFPS-717