Fidelity Concentrated Value Private Pool of the Fidelity Capital Structure Corp.

Fidelity Concentrated Value Private Pool of the Fidelity Capital Structure Corp. Semi-Annual Management Report of Fund Performance May 31, 18

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, 18 Fidelity Concentrated Value Private Pool 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, 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 Concentrated Value Private Pool (Fund) invests substantially all of its assets in securities of Fidelity Concentrated Value Investment Trust (Underlying Fund). Fidelity Concentrated Value Private Pool, Series B, returned -1.7%, after fees and expenses, for the six-month period ended May 31, 18. 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, Canadian equities, as represented by the S&P/TSX Composite Index, returned 1.4% (in Canadian dollar terms). Market overview: During the first half of the review period, Canadian equities underperformed global markets, weighed down by uncertainty about NAFTA renegotiations, the imposition of tariffs on aluminum and steel exports and high consumer debt levels. The potential collapse of NAFTA could hurt shares of auto parts, railroad and energy companies that depend on trade with the U.S. Toward the second half of the period, energy stocks gained ground, supported by higher crude oil prices. Rising interest rates and higher commodity prices boosted cyclical stocks, which make up nearly 65% of Canadian equities. The Canadian economy performed slightly weaker than expectations, with GDP growing at 1.3% in the first quarter of 18. The Bank of Canada raised interest rates once in the six-month period, prompted by healthy economic fundamentals, but expressed caution regarding the potential negative impact of NAFTA s uncertain future, which might have spillover effects on trade and business investments in Canada. Factors affecting performance: The Fund s benchmark returned 2.1% for the six-month period under review. The benchmark consists of a combination of the S&P/TSX 6 Capped Index (7.%) and the S&P 5 Index (.%). The Fund underperformed its benchmark, primarily due to the Underlying Fund s exposure to certain stocks in the health care sector. In this sector, an investment in U.S.-based generic pharmaceuticals manufacturer Akorn detracted from relative returns. Among other sectors, investments in Canadian utilities company Hydro One and Canadian telecommunications company Rogers Communications detracted from relative performance, as did lower-than-benchmark exposure to Canadian oil producer Suncor Energy, whose share price rose over the review period. At the end of the review period, the Underlying Fund did not have any exposure to Akorn and Suncor Energy. In contrast, the Underlying Fund s lower-than-benchmark exposure to the financials sector contributed to relative returns. Additionally, exposure to certain stocks in the consumer staples sector contributed to relative returns. In the latter sector, the Underlying Fund s investments in Canadian convenience store chain Alimentation Couche-Tard and U.S.-based food manufacturer Snyder s-lance contributed to relative returns. Among other sectors, lower-than-benchmark exposure to Canadian energy transportation and distribution company Enbridge and an investment in Canada-based information technology consulting firm CGI Group contributed to relative returns. At the end of the review period, the Underlying Fund did not have any exposure to Snyder s-lance. Portfolio changes: During the review period, the portfolio manager increased the Underlying Fund s exposure to the consumer staples sector. In the sector, exposures were added to Canadian convenience store chain Alimentation Couch-Tard and British tobacco company Imperial Brands, based on their relatively stable revenues and reasonable valuation. In contrast, exposure was reduced to the health care sector, by selling off holdings in U.S.-based pharmaceutical company Gilead Sciences; the portfolio manager opted to realize profits after the share price rallied during the review period. At the end of the period, Mr. Dupont allocated approximately 12% of the Underlying Fund s net assets to cash and cash equivalents. The Underlying Fund also held approximately 13% in U.S. Treasury bonds, which he considered equivalent to cash. Mr. Dupont notes that valuations for many stocks remain high, and he prefers to be patient and wait for opportunities that fit his strict investment criteria. At the end of the review period, the Underlying Fund had its largest absolute exposure to the consumer staples sector, followed by financials and materials. The Underlying Fund diverged the most from the benchmark s sector weightings by having more exposure to the consumer staples sector and less to the financials and energy sectors. Recent Developments Portfolio manager Dan Dupont remains focused on mitigating downside risk and remains cautious about overall market valuation levels. As a result, he has allocated a relatively higher-thanaverage amount to cash and cash equivalents. Mr. Dupont remains firm with respect to his investment principles, with the overarching goal of preserving capital. He is cautious on three areas of investment risk balance sheet, business and valuation noting that his relatively defensive positioning reflects the view that valuation risk is relatively high, and that it is one of 1

Fidelity Concentrated Value Private Pool of the Fidelity Capital Structure Corp. Management Discussion of Fund Performance continued the most important risks value investors face today. Mr. Dupont continues to meet with companies and leverages Fidelity s global resources to monitor ongoing developments. He practises what he calls aggressive patience, waiting for market corrections and then rapidly deploying capital to take advantage of pricing dislocations. Related Party Transactions Manager 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 $3,46, for the period ended May 31, 18. 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 based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity administration fees of $412, for the period ended May 31, 18. 2

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 Concentrated Value Private Pool of the Fidelity Capital Structure Corp. Series B May 31, Periods ended November, Net assets, beginning of period B $ 16.83 $ 17. $ 15.82 $ 15.23 $ 13.76 $ 9.82 Total revenue.35.7.39.31.2.22 Total expenses (excluding distributions) (.17) (.36) (.35) (.34) (.31) (.26) Realized gains (losses).25.89.91.73.33.97 Unrealized gains (losses) (.8) (.33).54.2 1.51 2.95 Total increase (decrease) from operations B (.37).27 1.49.72 1.55 3.87 From dividends (.18) (.14) (.16) (.7) From capital gains (.37) (.4) Return of capital Total distributions B,C (.55) (.17) (.16) (.7) Net assets, end of period B $ 16.54 $ 16.83 $ 17. $ 15.82 $ 15.23 $ 13.76 Net asset value (s) D $ 128,872 $ 173,345 $ 18,898 $ 134,48 $ 129,132 $ 97,53 Securities outstanding D 7,783,911,295,137,591,35 8,488,758 8,481,396 7,86,19 Management expense ratio E 2.14% 2.14% 2.14% 2.14% 2.15% 2.16% Management expense ratio before waivers or absorptions E 2.14% 2.14% 2.14% 2.14% 2.15% 2.16% Portfolio turnover rate G 2.68% 11.23% 4.23%.82% 8.68% 3.42% Net asset value per security, end of period $ 16.5438 $ 16.8339 $ 17.17 $ 15.8175 $ 15.2254 $ 13.761 Fidelity Concentrated Value Private Pool of the Fidelity Capital Structure Corp. Series F May 31, Periods ended November, Net assets, beginning of period B $ 17.5 $ 17.78 $ 16.46 $ 15.66 $ 14. $ 9.88 Total revenue.35.37.29..2.44 Total expenses (excluding distributions) (.9) (.18) (.17) (.17) (.15) (.13) Realized gains (losses).26.56.95.75.33.99 Unrealized gains (losses) (.76) (.28).73.7 1.6 2.74 Total increase (decrease) from operations B (.24).47 1.8.95 1.79 4.5 From dividends (.19) (.14) (.16) (.7) From capital gains (.59) (.22) Return of capital Total distributions B,C (.78) (.36) (.16) (.7) Net assets, end of period B $ 17. $ 17.5 $ 17.78 $ 16.46 $ 15.66 $ 14. Net asset value (s) D $ 236,865 $ 269,418 $ 236,553 $ 1,373 $ 9,333 $ 71,36 Securities outstanding D 13,684,831 15,389,355 13,232,352 7,936,232 6,98,312 5,75,428 Management expense ratio E 1.2% 1.2% 1.2% 1.2% 1.2% 1.3% Management expense ratio before waivers or absorptions E 1.2% 1.2% 1.2% 1.2% 1.2% 1.3% Portfolio turnover rate G 2.68% 11.23% 4.23%.82% 8.68% 3.42% Net asset value per security, end of period $ 17.2968 $ 17.522 $ 17.7856 $ 16.4556 $ 15.66 $ 13.9961 3

Financial Highlights continued Fidelity Concentrated Value Private Pool of the Fidelity Capital Structure Corp. Series F5 May 31, Periods ended November, Net assets, beginning of period B $ 27.6 $ 28.85 $ 27.97 $ 27.88 $ 26.13 $ 19.25 Total revenue.54.39.73.5.3.89 Total expenses (excluding distributions) (.13) (.28) (.28) (.28) (.28) (.24) Realized gains (losses).4 1.11 1.57 1.32.56 1.87 Unrealized gains (losses) (1.23) (.36).86.39 2.88 5.34 Total increase (decrease) from operations B (.42).86 2.88 1.48 3. 7.86 From dividends (.) (.23) (.28) (.13) From capital gains (.95) (.38) Return of capital (.66) (1.32) (1.32) (1.32) (1.29) (1.) Total distributions B,C (.66) (2.57) (1.93) (1.6) (1.42) (1.) Net assets, end of period B $ 26.8 $ 27.6 $ 28.85 $ 27.97 $ 27.88 $ 26.13 Net asset value (s) D $ 21,379 $ 26,945 $ 24,133 $ 18,619 $ 7,991 $ 3,784 Securities outstanding D 819,853 996,685 7,797 67,273 286,565 144,88 Management expense ratio E 1.1% 1.% 1.% 1.% 1.2% 1.3% Management expense ratio before waivers or absorptions E 1.1% 1.% 1.% 1.% 1.2% 1.3% Portfolio turnover rate G 2.68% 11.23% 4.23%.82% 8.68% 3.42% Net asset value per security, end of period $ 26.786 $ 27.612 $ 28.847 $ 27.967 $ 27.8842 $ 26.13 Fidelity Concentrated Value Private Pool of the Fidelity Capital Structure Corp. Series F8 May 31, Periods ended November, Net assets, beginning of period B $ 22.8 $ 25.24 $ 25.31 $ 26.4 $ 25.13 $ 18.95 Total revenue.37.36.5.21.3.5 Total expenses (excluding distributions) (.11) (.24) (.25) (.27) (.26) (.23) Realized gains (losses).34 1. 1.41 1.22.56 1.82 Unrealized gains (losses) (.74) (.55) 1.5 (.19) 2.76 5.58 Total increase (decrease) from operations B (.14).57 2.71.98 3.9 7.67 From dividends (.25) (.) (.25) (.12) From capital gains (.83) (.34) Return of capital (1.1) (2.2) (2.2) (2.2) (1.98) (1.49) Total distributions B,C (1.1) (3.) (2.56) (2.28) (2.) (1.49) Net assets, end of period B $ 21.51 $ 22.8 $ 25.24 $ 25.31 $ 26.4 $ 25.13 Net asset value (s) D $ 13,419 $,696 $ 13,86 $ 4,444 $ 3,129 $ 1,584 Securities outstanding D 624,521 469,76 543,381 175,725 1,159 63,21 Management expense ratio E 1.1% 1.2% 1.1% 1.2% 1.2% 1.2% Management expense ratio before waivers or absorptions E 1.1% 1.2% 1.1% 1.2% 1.2% 1.2% Portfolio turnover rate G 2.68% 11.23% 4.23%.82% 8.68% 3.42% Net asset value per security, end of period $ 21.53 $ 22.7984 $ 25.248 $ 25.85 $ 26.415 $ 25.1299 4

Fidelity Concentrated Value Private Pool of the Fidelity Capital Structure Corp. Series I May 31, Periods ended November, Net assets, beginning of period B $ 16.67 $ 16.92 $ 15.65 $ 15.11 $ 13.7 $ 9.8 Total revenue.35.24.5.26.2.5 Total expenses (excluding distributions) (.17) (.39) (.39) (.38) (.35) (.) Realized gains (losses).25.68.9.72.31.99 Unrealized gains (losses) (.8) (.32).4. 1.51 2.59 Total increase (decrease) from operations B (.37).21 1.42.7 1.49 3.77 From dividends (.18) (.13) (.16) (.7) From capital gains (.32) Return of capital Total distributions B,C (.5) (.13) (.16) (.7) Net assets, end of period B $ 16.38 $ 16.67 $ 16.92 $ 15.65 $ 15.11 $ 13.7 Net asset value (s) D $ 76,878 $ 6,717 $ 6,2 $ 83,814 $ 66,769 $ 55,332 Securities outstanding D 4,692,919 6,44,949 6,446,379 5,357,328 4,418,823 4,4,14 Management expense ratio E 2.13% 2.33% 2.41% 2.42% 2.44% 2.44% Management expense ratio before waivers or absorptions E 2.13% 2.33% 2.41% 2.42% 2.44% 2.44% Portfolio turnover rate G 2.68% 11.23% 4.23%.82% 8.68% 3.42% Net asset value per security, end of period $ 16.3818 $ 16.6685 $ 16.9177 $ 15.6538 $ 15.1 $ 13.6955 Fidelity Concentrated Value Private Pool of the Fidelity Capital Structure Corp. Series I5 May 31, Periods ended November, Net assets, beginning of period B $ 25.63 $ 27.32 $ 26.53 $ 26.87 $ 25.55 $ 19.8 Total revenue.47.23 2.62.85.3 1.95 Total expenses (excluding distributions) (.27) (.62) (.66) (.66) (.64) (.57) Realized gains (losses).38.76 1.5 1.24.5 1.89 Unrealized gains (losses) (1.7) (1.) (1.34) (.9) 3.7 3.72 Total increase (decrease) from operations B (.49) (.73) 2.13 1.34 2.96 6.99 From dividends (.28) (.22) (.27) (.13) From capital gains (.5) Return of capital (.64) (1.29) (1.29) (1.29) (1.26) (.99) Total distributions B,C (.64) (2.7) (1.5) (1.55) (1.39) (.99) Net assets, end of period B $ 24.54 $ 25.63 $ 27.32 $ 26.53 $ 26.87 $ 25.55 Net asset value (s) D $ 1,1 $ 1,3 $ 1,339 $ 3,633 $ 4,577 $ 1,693 Securities outstanding D 44,851 51,945 49,73 137,46 17,351 66,249 Management expense ratio E 2.16% 2.38% 2.47% 2.46% 2.43% 2.43% Management expense ratio before waivers or absorptions E 2.16% 2.38% 2.47% 2.46% 2.43% 2.43% Portfolio turnover rate G 2.68% 11.23% 4.23%.82% 8.68% 3.42% Net asset value per security, end of period $ 24.5369 $ 25.6311 $ 27.3184 $ 26.5311 $ 26.875 $ 25.5478 5

Financial Highlights continued Fidelity Concentrated Value Private Pool of the Fidelity Capital Structure Corp. Series I8 May 31, Periods ended November, Net assets, beginning of period B $ 21.52 $ 23.84 $ 23.99 $ 25.8 $ 24.56 $ 18.79 Total revenue.34.35 1.1.58.2.8 Total expenses (excluding distributions) (.22) (.53) (.59) (.61) (.6) (.54) Realized gains (losses).32.97 1.32 1.15.45 1.75 Unrealized gains (losses) (.74) (.49). (.1) 2.7 5.9 Total increase (decrease) from operations B (.). 2.4 1.11 2.57 7.19 From dividends (.24) (.19) (.24) (.12) From capital gains (.43) Return of capital (.99) (1.97) (1.97) (1.97) (1.93) (1.48) Total distributions B,C (.99) (2.64) (2.16) (2.22) (2.5) (1.48) Net assets, end of period B $.15 $ 21.52 $ 23.84 $ 23.99 $ 25.8 $ 24.56 Net asset value (s) D $ 3,7 $ 3,536 $ 2,534 $ 8,572 $ 9,268 $ 1,845 Securities outstanding D 183,641 164,79 6,369 357,737 369,486 75,118 Management expense ratio E 2.17% 2.37% 2.46% 2.46% 2.45% 2.45% Management expense ratio before waivers or absorptions E 2.17% 2.37% 2.46% 2.46% 2.45% 2.45% Portfolio turnover rate G 2.68% 11.23% 4.23%.82% 8.68% 3.42% Net asset value per security, end of period $.1487 $ 21.5181 $ 23.8449 $ 23.9864 $ 25.839 $ 24.5645 Fidelity Concentrated Value Private Pool of the Fidelity Capital Structure Corp. Series S5 May 31, Periods ended November, Net assets, beginning of period B $ 25.92 $ 27.64 $ 26.81 $ 27.7 $ 25.67 $ 19.13 Total revenue.53.4.74.74.2.91 Total expenses (excluding distributions) (.27) (.57) (.58) (.59) (.57) (.51) Realized gains (losses).38 1. 1.51 1.25.5 1.9 Unrealized gains (losses) (1.16) (.52).78.1 2.87 5.3 Total increase (decrease) from operations B (.52).41 2.45 1.41 2.82 7.32 From dividends (.28) (.22) (.27) (.13) From capital gains (.59) (.6) Return of capital (.65) (1.29) (1.29) (1.29) (1.27) (1.) Total distributions B,C (.65) (2.16) (1.57) (1.56) (1.39) (1.) Net assets, end of period B $ 24.82 $ 25.92 $ 27.64 $ 26.81 $ 27.7 $ 25.67 Net asset value (s) D $ 7,289 $ 8,8 $ 9,213 $ 7,884 $ 8,235 $ 3,253 Securities outstanding D 293,778 34,76 346,324 294,182 4,1 126,724 Management expense ratio E 2.15% 2.15% 2.16% 2.16% 2.17% 2.18% Management expense ratio before waivers or absorptions E 2.15% 2.15% 2.16% 2.16% 2.17% 2.18% Portfolio turnover rate G 2.68% 11.23% 4.23%.82% 8.68% 3.42% Net asset value per security, end of period $ 24.8217 $ 25.9234 $ 27.6445 $ 26.8161 $ 27.73 $ 25.6662 6

Fidelity Concentrated Value Private Pool of the Fidelity Capital Structure Corp. Series S8 May 31, Periods ended November, Net assets, beginning of period B $ 21.8 $ 24.16 $ 24.27 $ 25.29 $ 24.69 $ 18.82 Total revenue.43.29.73.59.3.8 Total expenses (excluding distributions) (.22) (.49) (.52) (.54) (.53) (.48) Realized gains (losses).32.86 1.35 1.16.53 1.8 Unrealized gains (losses) (.94) (.7).63 (.8) 2.78 5.8 Total increase (decrease) from operations B (.41).59 2.18 1.13 2.81 7. From dividends (.24) (.19) (.24) (.12) From capital gains (.51) (.6) Return of capital (.99) (1.98) (1.98) (1.98) (1.94) (1.48) Total distributions B,C (.99) (2.73) (2.23) (2.23) (2.6) (1.48) Net assets, end of period B $.42 $ 21.8 $ 24.16 $ 24.27 $ 25.29 $ 24.69 Net asset value (s) D $ 11,725 $ 14,167 $ 9,98 $ 8,196 $ 9,76 $ 4,862 Securities outstanding D 574,54 65,334 413,144 337,774 383,842 196,947 Management expense ratio E 2.15% 2.16% 2.16% 2.15% 2.13% 2.13% Management expense ratio before waivers or absorptions E 2.15% 2.16% 2.16% 2.15% 2.13% 2.13% Portfolio turnover rate G 2.68% 11.23% 4.23%.82% 8.68% 3.42% Net asset value per security, end of period $.4238 $ 21.814 $ 24.1635 $ 24.2668 $ 25.2874 $ 24.6858 7

Financial Highlights continued Financial Highlights Footnotes A B C D E F G 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, 17 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, 17 may not foot due to this rounding change. 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. 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. 8

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 B 1.75% 57.14% 42.86% Series F.75%.% Series F5.75%.% Series F8.75%.% Series I 1.75% 57.14% 42.86% Series I5 1.75% 57.14% 42.86% Series I8 1.75% 57.14% 42.86% Series S5 1.75% 57.14% 42.86% Series S8 1.75% 57.14% 42.86% 9

Fidelity Concentrated Value Private Pool 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 Yearby-Year Returns table below, the most recent returns stated are for the current six month period. Series B Series F8 12 13 14 15 16 17 18 12 13 14 15 16 17 18 5 4 - -1.8 4.2 11.2 4.9 9.2 1.7-1.7 5 4 - -1.3 41.7 12.4 6.1.5 2.9-1.2 Commencement of Operations is May 9, 12 Commencement of Operations is May 9, 12 Series F Series I 12 13 14 15 16 17 18 12 13 14 15 16 17 18 5 4 - -1.2 41.7 12.4 6.1.5 2.9-1.2 4 - -2. 39.8.8 4.6 8.9 1.5-1.7 Commencement of Operations is May 9, 12 Commencement of Operations is May 9, 12 Series F5 Series I5 12 13 14 15 16 17 18 12 13 14 15 16 17 18 5 4 - -1.2 41.7 12.4 6.1.5 2.9-1.2 4 - -2.1 39.8.9 4.6 8.9 1.5-1.7 Commencement of Operations is May 9, 12 Commencement of Operations is May 9, 12

Series I8 12 13 14 15 16 17 18 4-2. 39.7.9 4.5 8.8 1.5-1.7 - Commencement of Operations is May 9, 12 Series S5 12 13 14 15 16 17 18 5 4 - -1.8 4.1 11.2 4.9 9.2 1.7-1.7 Commencement of Operations is May 9, 12 Series S8 12 13 14 15 16 17 18 5 4 - -1.9 4.2 11.2 4.9 9.2 1.7-1.7 Commencement of Operations is May 9, 12 11

Fidelity Concentrated Value Private Pool of the Fidelity Capital Structure Corp. Summary of Investment Portfolio as at May 31, 18 Sector Mix % of Fund s Net Assets as at 5/31/18 % of Fund s Net Assets as at 11//17 Consumer Staples 15.7 9.2 Financials 12.8 14.6 Investment Companies 9.7 8.2 Information Technology 9. 8.4 Telecommunication Services 8.7 7.5 Industrials 8.1 4.9 Energy 4.1 6.7 Materials 3. 1.5 Utilities 2.2 2.3 Consumer Discretionary 1.8. Others (Individually Less Than 1%). 3.9 Foreign Bonds 22. 11.8 Cash and Cash Equivalents 3.2 21.8 Net Other Assets (Liabilities) (.3) (.8) Market Capitalization % of Fund s Net Assets as at 5/31/18 % of Fund s Net Assets as at 11//17 Large 59.2 5.3 Mid 15.7 16.8 Small.. 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. Geographic Mix % of Fund s Net Assets as at 5/31/18 % of Fund s Net Assets as at 11//17 Canada 5.3 49.8 United States of America 37.6 26.3 United Kingdom 4.6. Netherlands 2.8 2.9 Bailiwick of Jersey 1.8. Cash and Cash Equivalents 3.2 21.8 Net Other Assets (Liabilities) (.3) (.8) Top Issuers % of Fund s Net Assets 1. U.S. Treasury Obligations * 22. 2. SPDR Gold Trust ETF 9.7 3. Imperial Tobacco Group PLC 4.6 4. Rogers Communications, Inc. 4.1 5. Fairfax Financial Holdings Ltd. 3.5 6. Loblaw Companies Ltd. 3.3 7. Thomson Reuters Corp. 3.2 8. Cash and Cash Equivalents 3.2 9. CGI Group, Inc. 3.1. Open Text Corp. 3.1 11. Empire Co. Ltd. 3. 12. Monsanto Co. 3. 13. SNC-Lavalin Group, Inc. 2.9 14. Orbital ATK, Inc. 2.9 15. NXP Semiconductors NV 2.8 16. Metro, Inc. 2.7 17. TELUS Corp. 2.6 18. TMX Group Ltd. 2.4 19. Canadian National Railway Co. 2.3. Hydro One Ltd. 2.2 21. TransCanada Corp. 2. 22. BCE, Inc. 2. 23. WPP PLC 1.8 24. Imperial Oil Ltd. 1.4 25. Alimentation Couche-Tard, Inc. 1.2 * Bond Issuer Total Fund Net Assets $5,998, 95. Where applicable, the information in the above tables includes the Fund s pro-rata share of the investment in any Fidelity managed 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, Toronto ON M5G 2N7 or by visiting our web site at www.fidelity.ca or SEDAR at www.sedar.com. 12

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 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, 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. Fidelity Investments is a registered trademark of Fidelity Investments Canada ULC. 62.1538E 1.953346.5 FICL-UCVP-CS-MRFPS-718