Fidelity Emerging Markets Class of the Fidelity Capital Structure Corp.

Fidelity Emerging Markets Class of the Fidelity Capital Structure Corp. Annual Management Report of Fund Performance November 3,

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.

Annual Management Report of Fund Performance as at November 3, Fidelity Emerging Markets Class of the Fidelity Capital Structure Corp. This annual management report of fund performance contains financial highlights but does not contain the complete annual financial statements for the investment fund. You can get a copy of the annual financial statements at your request, and at no cost, by calling 1-8-263-77, 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 Investment Objective and Strategies Investment Objective: Fidelity Emerging Markets Class (Fund) aims to achieve high total investment returns. It seeks a return similar to that of Fidelity Emerging Markets Fund (Underlying Fund), by investing substantially all of its assets in securities of the Underlying Fund. The Underlying Fund, also managed by Fidelity, aims to achieve high total investment returns by investing primarily in equity securities of companies in emerging market countries. Strategies: The Underlying Fund s investments are normally diversified across different emerging markets. When buying and selling securities for the Underlying Fund, the portfolio manager examines each company s potential for success in light of its current financial condition, its industry position and economic and market conditions. The portfolio manager considers factors like growth potential, earnings estimates and quality of management. The Underlying Fund may invest in small-, medium- and large-capitalization companies, and may hold cash and invest in fixed-income securities. Risk The risks associated with investing in the Fund are the same as for the Underlying Fund and remain as discussed in the prospectus. Any changes to the Underlying Fund over the period have not affected the Fund s overall level of risk. The Fund is suitable for long-term investors who want to add emerging markets equities to their portfolios, can handle the volatility of returns generally associated with equity investments and are willing to accept a high level of risk. The suitability of the investment has not changed from what is disclosed in the prospectus. Results of Operations Fidelity Emerging Markets Class, Series B, returned 33.7%, after fees and expenses, for the one-year period ended November 3,. 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 18.5% in Canadian dollar terms for the same period. Market Overview: Global equities registered positive returns amid signs of stabilization in China and Europe, and positive U.S. economic data. European markets trended higher, as the MSCI Europe Index gained 24.7%, underpinned by positive economic data and the victory of centrist candidate in the French presidential election. Asian equities gained during the review period, with the MSCI AC (All Country) Asia Pacific Index returning 23.2%, after optimism about global economic growth and improved corporate earnings forecasts in the region boosted sentiment. U.S. markets also registered strong performance, with the S&P 5 Index returning 17.7%, driven by positive economic data and optimism surrounding the proposed policies of the new U.S. administration. Strong returns were partially offset by the Canadian dollar appreciation against the U.S. dollar. Canadian markets lagged global markets, with the S&P/TSX Composite Index returning 9.6%, as investor concerns over depressed oil prices, rising household debt, and risks of a correction in the housing market weighed on Canadian equities. Factors affecting performance: The Fund s benchmark, the MSCI Emerging Markets Index, returned 27.7% for the period under review. The Fund outperformed its benchmark primarily due to the Underlying Fund s investments in certain stocks in the consumer discretionary sector, where India-based jewellery retailer PC Jeweller, and Brazil-based educational services provider Estacio Participacoes, both contributed to relative returns. In addition, certain stocks in the financials sector contributed. Within this sector, holdings in India-based Indusind Bank and a lack of exposure to Bank of China contributed to relative returns. Among other sectors, an investment in India-based household and personal care products firm Godrej Consumer Products and a lack of exposure to Chinese telecommunications services company China Mobile contributed to relative returns. In contrast, the Underlying Fund s investments in certain stocks in the materials sector also detracted from relative returns, with Philippines-based chemicals company D&L Industries being the top detractor. Additionally, certain stocks in the real estate sector detracted, particularly the lack of exposure to Chinese real estate firms China Evergrande Group and Sunac China Holdings. Among other sectors, a lack 1

Fidelity Emerging Markets Class of the Fidelity Capital Structure Corp. Management Discussion of Fund Performance continued of exposure to South Korea-based semiconductors firm SK Hynix, and lower-than-benchmark exposure to Chinese multinational automotive manufacturing company Geely Automobile Holdings, detracted from relative returns. Portfolio Changes: During the review period, the Underlying Fund s exposures to the financials and information technology sectors were increased. In the financials sector, positions were initiated in China-based insurance company Ping An Insurance, as it is expected to benefit from increased domestic demand for insurance products. In the information technology sector, exposure was increased to South Korea-based multinational electronics company Samsung Electronics, and Hong Kong-based e-commerce company Tencent Holdings, owing to their strong fundamentals and growth prospects. In contrast, exposure to the consumer staples sector was reduced by selling positions in Brazil-based brewing company Ambev and Indiabased fast-moving consumer goods firm ITC. The portfolio manager found more attractive opportunities elsewhere. At the country level, exposure to China and Turkey was increased. Country-level allocations are a result of the portfolio manager s bottom-up stock selection process and are not driven by top-down macro calls. Recent Developments Portfolio manager Sammy Simnegar continues to focus on companies with potential for growth, good management teams and dominant market share. He also favours companies that operate in industries with high barriers to entry. Mr. Simnegar believes that commodity and currency markets will continue to heavily influence prospects for emerging market stocks. He currently favours countries such as India that are embarking on significant structural reforms. He is also positive on the Philippines, believing the economic environment is getting better with rising consumer confidence. At the sector level, the Underlying Fund had its largest exposure to information technology, followed by financials. The Underlying Fund diverged most from the benchmark sector weightings by having less exposure to the energy sector and more exposure to the consumer discretionary sector. 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 $14, for the period ended November 3,. 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 $16, for the period ended November 3,. 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 Emerging Markets Class of the Fidelity Capital Structure Corp. Series A Periods ended November 3, Net assets, beginning of period B $ 7.93 $ 7.87 $ 7.82 $ 7.49 $ 6.98 Total revenue.15.9.5.7.19 Total expenses (excluding distributions) (.24) (.) (.21) (.) (.) Realized gains (losses).26.17.26.11.4 Unrealized gains (losses) 2.43 (.3) (.1).26.47 Total increase (decrease) from operations B 2..2.8.25.5 From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions B,C Net assets, end of period B $ 1.57 $ 7.93 $ 7.87 $ 7.82 $ 7.49 Net asset value (s) D $ 1,459 $ 1, $ 1,4 $ 1,286 $ 1,771 Securities outstanding D 138,152 128,687 127,247 164,37 236,348 Management expense ratio E,F 2.54% 2.57% 2.57% 2.69% 2.72% Management expense ratio before waivers or absorptions E,F 2.63% 2.64% 2.64% 2.7% 2.72% Trading expense ratio G.29%.35%.65% 1.14%.46% Portfolio turnover rate H 18.32% 21.18% 17.69% 15.39% 15.39% Net asset value per security, end of period $ 1.5723 $ 7.9269 $ 7.874 $ 7.8246 $ 7.4911 Fidelity Emerging Markets Class of the Fidelity Capital Structure Corp. Series B Periods ended November 3, Net assets, beginning of period B $ 8.3 $ 7.96 $ 7.9 $ 7.55 $ 7.3 Total revenue.16.12.4.6. Total expenses (excluding distributions) (.22) (.19) (.) (.19) (.18) Realized gains (losses).26.16.26.12.4 Unrealized gains (losses) 2.45 (.17) (.1).33.45 Total increase (decrease) from operations B 2.65 (.8).1.32.5 From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions B,C Net assets, end of period B $ 1.74 $ 8.3 $ 7.96 $ 7.9 $ 7.55 Net asset value (s) D $ 2,777 $ 1,646 $ 2,542 $ 2,629 $ 2,935 Securities outstanding D 258,484 5,568 319,284 332,625 388,638 Management expense ratio E,F 2.36% 2.39% 2.42% 2.5% 2.5% Management expense ratio before waivers or absorptions E,F 2.43% 2.43% 2.46% 2.51% 2.5% Trading expense ratio G.29%.35%.65% 1.14%.46% Portfolio turnover rate H 18.32% 21.18% 17.69% 15.39% 15.39% Net asset value per security, end of period $ 1.7396 $ 8.332 $ 7.9619 $ 7.946 $ 7.553 3

Financial Highlights continued Fidelity Emerging Markets Class of the Fidelity Capital Structure Corp. Series F Periods ended November 3, Net assets, beginning of period B $ 8.71 $ 8.54 $ 8.38 $ 7.92 $ 7.29 Total revenue.6.1.5.5.18 Total expenses (excluding distributions) (.13) (.11) (.11) (.11) (.11) Realized gains (losses).23.18.28.13.4 Unrealized gains (losses) 2.33 (.2).6.49.42 Total increase (decrease) from operations B 2.49.15.27.56.53 From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions B,C Net assets, end of period B $ 11.78 $ 8.71 $ 8.54 $ 8.38 $ 7.92 Net asset value (s) D $ 2,1 $ 544 $ 1,267 $ 1,23 $ 735 Securities outstanding D 187,912 61,94 148,327 146,736 92,792 Management expense ratio E,F 1.19% 1.24% 1.25% 1.42% 1.43% Management expense ratio before waivers or absorptions E,F 1.27% 1.31% 1.37% 1.45% 1.43% Trading expense ratio G.29%.35%.65% 1.14%.46% Portfolio turnover rate H 18.32% 21.18% 17.69% 15.39% 15.39% Net asset value per security, end of period $ 11.7851 $ 8.7146 $ 8.59 $ 8.3794 $ 7.9213 Fidelity Emerging Markets Class of the Fidelity Capital Structure Corp. Series E1 Periods ended November 3, I Net assets, beginning of period B $ 1.67 $ 1. Total revenue.18 Total expenses (excluding distributions) (.29) (.) Realized gains (losses).34. Unrealized gains (losses) 3.21.74 Total increase (decrease) from operations B 3.44.74 From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions B,C Net assets, end of period B $ 14.27 $ 1.67 Net asset value (s) D $ 1,16 $ 587 Securities outstanding D 77,532 55,14 Management expense ratio E,J 2.3% 2.32% Management expense ratio before waivers or absorptions E,J 2.37% 2.37% Trading expense ratio G.29%.35% Portfolio turnover rate H 18.32% 21.18% Net asset value per security, end of period $ 14.2664 $ 1.6663 4

Fidelity Emerging Markets Class of the Fidelity Capital Structure Corp. Series E2 Periods ended November 3, I Net assets, beginning of period B $ 1.68 $ 1. Total revenue.11 Total expenses (excluding distributions) (.27) (.19) Realized gains (losses).32.21 Unrealized gains (losses) 3.24.44 Total increase (decrease) from operations B 3..46 From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions B,C Net assets, end of period B $ 14.31 $ 1.68 Net asset value (s) D $ 337 $ 168 Securities outstanding D 23,543 15,771 Management expense ratio E,J 2.14% 2.15% Management expense ratio before waivers or absorptions E,J 2.22% 2.19% Trading expense ratio G.29%.35% Portfolio turnover rate H 18.32% 21.18% Net asset value per security, end of period $ 14.383 $ 1.6817 Fidelity Emerging Markets Class of the Fidelity Capital Structure Corp. Series E3 Periods ended November 3, I Net assets, beginning of period B $ 1.69 $ 1. Total revenue.6 Total expenses (excluding distributions) (.28) (.17) Realized gains (losses).13.19 Unrealized gains (losses) 4.15.67 Total increase (decrease) from operations B 4.6.69 From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions B,C Net assets, end of period B $ 14.34 $ 1.69 Net asset value (s) D $ 34 $ 1 Securities outstanding D 2,339 1 Management expense ratio E,J 2.12% 2.% Management expense ratio before waivers or absorptions E,J 2.25% 2.38% Trading expense ratio G.29%.35% Portfolio turnover rate H 18.32% 21.18% Net asset value per security, end of period $ 14.3383 $ 1.6941 5

Financial Highlights continued Fidelity Emerging Markets Class of the Fidelity Capital Structure Corp. Series E4 Periods ended November 3, I Net assets, beginning of period B $ 1.7 $ 1. Total revenue.21 Total expenses (excluding distributions) (.25) (.17) Realized gains (losses).35.19 Unrealized gains (losses) 3.34.68 Total increase (decrease) from operations B 3.65.7 From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions B,C Net assets, end of period B $ 14.35 $ 1.7 Net asset value (s) D $ 1 $ 1 Securities outstanding D 1 1 Management expense ratio E,J 2.3% 1.94% Management expense ratio before waivers or absorptions E,J 2.26% 2.33% Trading expense ratio G.29%.35% Portfolio turnover rate H 18.32% 21.18% Net asset value per security, end of period $ 14.3489 $ 1.6985 Fidelity Emerging Markets Class of the Fidelity Capital Structure Corp. Series P1 Periods ended November 3, K Net assets, beginning of period B $ 1.17 $ 1. Total revenue..1 Total expenses (excluding distributions) (.14) (.12) Realized gains (losses).33.23 Unrealized gains (losses) 3.3 (.13) Total increase (decrease) from operations B 3.42.8 From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions B,C Net assets, end of period B $ 13.76 $ 1.17 Net asset value (s) D $ 991 $ 514 Securities outstanding D 72,359 5,984 Management expense ratio E,L 1.15% 1.17% Management expense ratio before waivers or absorptions E,L 1.23% 1.23% Trading expense ratio G.29%.35% Portfolio turnover rate H 18.32% 21.18% Net asset value per security, end of period $ 13.7597 $ 1.174 6

Fidelity Emerging Markets Class of the Fidelity Capital Structure Corp. Series P2 Periods ended November 3, K Net assets, beginning of period B $ 1.18 $ 1. Total revenue..9 Total expenses (excluding distributions) (.13) (.11) Realized gains (losses).34.24 Unrealized gains (losses) 3.11 (.31) Total increase (decrease) from operations B 3.52 (.8) From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions B,C Net assets, end of period B $ 13.78 $ 1.18 Net asset value (s) D $ 274 $ 23 Securities outstanding D,322 22,9 Management expense ratio E,L 1.7% 1.9% Management expense ratio before waivers or absorptions E,L 1.15% 1.15% Trading expense ratio G.29%.35% Portfolio turnover rate H 18.32% 21.18% Net asset value per security, end of period $ 13.781 $ 1.1778 Fidelity Emerging Markets Class of the Fidelity Capital Structure Corp. Series P3 Periods ended November 3, K Net assets, beginning of period B $ 1.18 $ 1. Total revenue.21.11 Total expenses (excluding distributions) (.12) (.1) Realized gains (losses).34. Unrealized gains (losses) 3.21.26 Total increase (decrease) from operations B 3.64.47 From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions B,C Net assets, end of period B $ 13.79 $ 1.18 Net asset value (s) D $ 313 $ 213 Securities outstanding D 22,725,894 Management expense ratio E,L 1.2% 1.4% Management expense ratio before waivers or absorptions E,L 1.1% 1.1% Trading expense ratio G.29%.35% Portfolio turnover rate H 18.32% 21.18% Net asset value per security, end of period $ 13.7935 $ 1.1821 7

Financial Highlights continued Fidelity Emerging Markets Class of the Fidelity Capital Structure Corp. Series P4 Periods ended November 3, M Net assets, beginning of period B $ 1. Total revenue Total expenses (excluding distributions) (.1) Realized gains (losses).4 Unrealized gains (losses).72 Total increase (decrease) from operations B.75 From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions B,C Net assets, end of period B $ 1.75 Net asset value (s) D $ 1 Securities outstanding D 1 Management expense ratio E,N.79% Management expense ratio before waivers or absorptions E,N 1.12% Trading expense ratio G.29% Portfolio turnover rate H 18.32% Net asset value per security, end of period $ 1.7456 Fidelity Emerging Markets Class of the Fidelity Capital Structure Corp. Series P5 Periods ended November 3, M Net assets, beginning of period B $ 1. Total revenue Total expenses (excluding distributions) (.2) Realized gains (losses).4 Unrealized gains (losses).69 Total increase (decrease) from operations B.71 From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions B,C Net assets, end of period B $ 1.74 Net asset value (s) D $ 2,279 Securities outstanding D 212,98 Management expense ratio E,N.9% Management expense ratio before waivers or absorptions E,N.99% Trading expense ratio G.29% Portfolio turnover rate H 18.32% Net asset value per security, end of period $ 1.74 8

Financial Highlights Footnotes A B C D E F G H This information is derived from the Fund s audited annual and/or unaudited interim financial statements. Periods beginning on or after January 1, follow International Financial Reporting Standards (IFRS) and periods prior to January 1, 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. 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,, 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 1% 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, (commencement of sale of securities) to November 3,. J 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. K For the period December 4, (commencement of sale of securities) to November 3,. L Effective December 8,, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. M For the period September 22, (commencement of sale of securities) to November 3,. N Effective September 26,, 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. 9

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 1% 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.% 87.54% 12.46% Series B 1.85% 54.5% 45.95% Series F.85% 1.% Series E1 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 P1.825% 1.% Series P2.8% 1.% Series P3.775% 1.% Series P4.725% 1.% Series P5.7% 1.% 1

Fidelity Emerging Markets 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. 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 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. Series A Series E1 12 12 - - - -51.7 52.8 1.8-14.3 -.3 7.3 4.5.6.7 33.4 - - - -51.7 53.2 11. -14.1 -.1 7.5 4.7.7 1. 33.8 Commencement of Operations is June 2, Series B Commencement of Operations is February 5, Series E2 12 12 - - - -51.7 53.2 11. -14.1 -.1 7.5 4.7.7.9 33.7 - - - -51.7 53.2 11. -14.1 -.1 7.5 4.7.7 1.1 34. Commencement of Operations is June 2, Series F Commencement of Operations is February 5, Series E3 12 12 - - - -51.4 54.6 12.2-13.2 1. 8.7 5.8 1.9 2. 35.2 - - - -51.7 53.2 11. -14.1 -.1 7.5 4.7.7 1.2 34.1 Commencement of Operations is June 2, Commencement of Operations is February 5, 11

Fidelity Emerging Markets Class of the Fidelity Capital Structure Corp. Past Performance continued Series E4 Series P3 12 12 - - - -51.7 53.2 11. -14.1 -.1 7.5 4.7.7 1.3 34.1 - - - -51.4 54.6 12.2-13.2 1. 8.7 5.8 1.9 2.3 35.5 Commencement of Operations is February 5, Series P1 Commencement of Operations is December 4, Series P4 12 12 - - - -51.4 54.6 12.2-13.2 1. 8.7 5.8 1.9 2.2 35.3 - - - -51.4 54.6 12.2-13.2 1. 8.7 5.8 1.9 2. 35.3 Commencement of Operations is December 4, Series P2 Commencement of Operations is September 22, Series P5 12 12 - - - -51.4 54.6 12.2-13.2 1. 8.7 5.8 1.9 2.2 35.4 - - - -51.4 54.6 12.2-13.2 1. 8.7 5.8 1.9 2. 35.3 Commencement of Operations is December 4, Commencement of Operations is September 22, Annual Compound Returns This table shows the Fund s historical annual compound total returns for the periods indicated, compared with a broad-based index, the MSCI World Index and the Fund s benchmark, the MSCI Emerging Markets Index, as described below. 12

Past 1 year Past 3 years Past 5 years Since Inception Average Annual Total Returns Fidelity Emerging Markets Class Series A 33.4% 1.5% 8.7%.6% Fidelity Emerging Markets Class Series B 33.7% 1.8% 8.9%.8% Fidelity Emerging Markets Class Series F 35.2% 12.% 1.1% 1.9% Fidelity Emerging Markets Class Series E1 33.8% 1.8% 8.9%.8% Fidelity Emerging Markets Class Series E2 34.% 1.9% 8.9%.8% Fidelity Emerging Markets Class Series E3 34.1% 11.% 9.%.9% Fidelity Emerging Markets Class Series E4 34.1% 11.% 9.%.9% Fidelity Emerging Markets Class Series P1 35.3% 12.1% 1.1% 1.9% Fidelity Emerging Markets Class Series P2 35.4% 12.2% 1.2% 1.9% Fidelity Emerging Markets Class Series P3 35.5% 12.2% 1.2% 1.9% Fidelity Emerging Markets Class Series P4 35.3% 12.1% 1.1% 1.9% Fidelity Emerging Markets Class Series P5 35.3% 12.1% 1.1% 1.9% MSCI Emerging Markets Index 27.7% 11.% 1.6% 4.7% MSCI World Index 18.5% 12.7% 17.7% 8.4% The period used for the since inception MSCI Emerging Markets Index and MSCI World Index returns are based on Series A which has been in existence the longest compared to all Series with less than 1 years of operations. A discussion of the performance of the fund can be found in the Results of Operations section of this report. The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI World Index is a market capitalization weighted index composed of companies representative of the market structure of Developed Market countries in North America, Europe and the Asia/Pacific Region. Each Series will have different returns due to differences in management fees and expenses. 13

Fidelity Emerging Markets Class of the Fidelity Capital Structure Corp. Summary of Investment Portfolio as at November 3, Sector Mix % of Fund s Net Assets as at 11/3/17 % of Fund s Net Assets as at 11/3/16 Information Technology 29.7 26.9 Financials 19.6 16.9 Consumer Discretionary 15.6 13.8 Industrials 8.3 7.9 Consumer Staples 7.2 13.8 Materials 5.9 7.2 Health Care 3.1 5.7 Energy 2.6 1.5 Real Estate 2.2 1.6 Utilities 2.1 1.6 Telecommunication Services 1.5.5 Cash and Cash Equivalents 1.9. Net Other Assets (Liabilities).3 2.6 Geographic Mix % of Fund s Net Assets as at 11/3/17 % of Fund s Net Assets as at 11/3/16 Cayman Islands 15.8 12.8 India 13.5 11.1 China 7.9 2. Korea (South) 7. 7.1 Brazil 6.9 1.2 South Africa 6.5 7.2 United States of America 5.7 1.7 Taiwan 5. 5.5 Mexico 3.9 7.1 United Kingdom 2.5 1. Philippines 2.4 2.8 Turkey 2.2. Argentina 2. 1. France 2..5 Hong Kong 1.7 1.6 Indonesia 1.5 3.2 Israel 1.5.6 Netherlands 1.5.6 Russia 1.3 2.8 Switzerland 1..7 Others (Individually Less Than 1%) 6. 8.9 Cash and Cash Equivalents 1.9. Net Other Assets (Liabilities).3 2.6 Top Issuers % of Fund s Net Assets 1. Tencent Holdings Ltd. 6. 2. Samsung Electronics Co. Ltd. 5.5 3. Alibaba Group Holding Ltd. 4.2 4. Taiwan Semiconductor Manufacturing Co. Ltd. 4. 5. Naspers Ltd. 2.7 6. Cash and Cash Equivalents 1.9 7. Baidu.com, Inc. 1.7 8. Ping An Insurance (Group) Co. of China Ltd. 1.5 9. Sberbank of Russia 1.3 1. Housing Development Finance Corp. Ltd. 1.3 11. Itau Unibanco Holding SA 1.2 12. Reliance Industries Ltd. 1.2 13. NetEase, Inc. 1. 14. Fomento Economico Mexicano S.A.B. de CV.8 15. LG Chemical Ltd..8 16. Yum China Holdings, Inc..8 17. Maruti Suzuki India Ltd..8 18. PT Bank Central Asia Tbk.8 19. BM&F Bovespa SA.8. FirstRand Ltd..8 21. Credicorp Ltd..8 22. PT Bank Rakyat Indonesia Tbk.7 23. Itausa-Investimentos Itau SA.7 24. LG Household & Health Care Ltd..7 25. New Oriental Education & Technology Group, Inc..7 Total Fund Net Assets $11,798, 42.7 Where applicable, the information in the above tables includes the Fund s pro-rata share of the investment in any Fidelity Managed Underlying Fund. 14

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 1-8-263-77, 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. 15

Fidelity Capital Structure Corp. 7 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 1-8-263-77 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. 62.17E 1.886181.19 FICL-EMP-CS-MRFPA-218