Fidelity Monthly Income Class of the Fidelity Capital

Semi-Annual Management Report of Fund PerformanceMay 31, 2021

Fidelity Monthly Income Class of the Fidelity Capital Structure Corp.

Caution Regarding Forward-looking Statements

Certain portions of this report, including, but not limited to, “Results of Operations” and “Recent Developments”, may contain forward-looking statements about the Fund, including its strategy, risks, expected performance and condition. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates” and similar forward-looking expressions or negative versions thereof.

In addition, any statement that may be made concerning future performance, strategies or prospects, and possible future Fund action, is also a forward-looking statement. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about the Fund and economic factors. Accordingly, assumptions concerning future economic and other factors may prove to be incorrect at a future date.

Forward-looking statements are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied in any forward-looking state-ments made by the Fund. Any number of important factors could contribute to these digressions, including, but not limited to, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, and catastrophic events.

It should be stressed that the above-mentioned list of important factors is not exhaustive. You are encouraged to consider these and other factors carefully before making any investment decisions and you are urged to avoid placing undue reliance on forward-looking statements. Further, you should be aware of the fact that the Fund has no specific intention of updating any forward-looking statements whether as a result of new information, future events or otherwise, prior to the release of the next Management Report of Fund Performance.

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Semi-Annual Management Report of Fund Performance as at May 31, 2021Fidelity Monthly Income 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 1-800-263-4077, by writing to us at Fidelity Investments, 483 Bay St. Suite 300, Toronto ON M5G 2N7 or by visiting our website at www.fidelity.ca or SEDAR at www.sedar.com.

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

Management Discussion of Fund PerformanceResults of Operations:Fidelity Monthly Income Class (Fund) invests, either directly or indirectly through investments in other funds, primarily in a mix of equity and fixed-income securities.

Fidelity Monthly Income Class, Series B, returned 7.1%, after fees and expenses, for the six-month period ended May 31, 2021. The net returns of the other series of this Fund are similar to those of Series B, except for differences attributable to expense structures. Canadian equities, as represented by the S&P/TSX Composite Index, returned 16.4%, while Canadian investment-grade bonds, as measured by the FTSE Canada Universe Bond Index, returned -4.0% for the six-month review period.

Market overview:

Canadian markets gained over the review period. A combination of central bank policy and government stimulus measures, advances in the COVID-19 vaccine rollout, and optimism about global economic recovery all boosted investor sentiment. On the economic front, GDP growth continued to recover gradually with the phased reopening of the economy. Housing starts and resales are at historic highs, driven partly by low mortgage rates, and partly by limited supply. Canada’s economic recovery remains highly dependent on prospects for limiting COVID-19 cases, including the pace of vaccinations. Meanwhile, strong consumption and recovery in exports are expected to support economic growth.

Canadian investment-grade bond prices declined as yields rose to reflect greater confidence in the outlook for the Canadian and global economies, as well as higher inflation expectations. As vaccines are distributed and the economy reopens, consumer spending in the second half of this year and onward is expected to increase strongly. Housing starts and resales are at historic highs, driven partly by low mortgage rates, and partly by limited supply. Canada’s economic recovery remains highly dependent on prospects for limiting COVID-19 cases, including the pace of vaccinations. Meanwhile, strong growth in foreign demand and higher commodity prices are expected to drive a robust recovery in exports and business investment.

Factors affecting performance:

The Fund’s benchmark returned 6.0% for the six-month period under review. The Fund’s benchmark is composed of approximately 31.0% FTSE Canada Universe Bond Index, 21.0% S&P/TSX 60 Capped Index, 9.0% S&P 500 Index, 13.6% a market capitalization-weighted blend of four S&P/TSX industry groups (telecommunication services, utilities, oil and & gas storage & transportation, and REITs), 3.4% S&P U.S. REIT Index, 12.0% ICE BofA US High Yield Constrained Index – Hedged CAD, 5.0% ICE BofA All US Convertibles Index – Hedged CAD, and 5.0% J.P. Morgan Emerging Markets Bond Index Global Diversified Index – Hedged CAD.

The Fund’s outperformance of its benchmark was primarily attributable to exposure to Canadian core equities and investments in Canadian value equities. Among fixed-income securities, lower-than-benchmark exposure to, and investments in, Canadian investment-grade bonds contributed to relative performance. In contrast, out-of-benchmark exposure to both Canadian real return bonds and emerging markets debt in local currency detracted from relative performance.

In the Fund’s equity sub-portfolio, holdings in, and a larger-than-benchmark exposure to, the energy sector, as well as holdings in the consumer staples sector, contributed to relative performance. In the energy sector, investments in oil and gas companies Suncor Energy and Cenovus Energy contributed to relative performance. In the consumer staples sector, convenience stores chain Alimentation Couche Tard contributed to relative returns. In other sectors, a lack of exposure to cloud-based e-commerce platform company Shopify and U.S.-based consumer technology company Apple contributed to relative performance, as did an investment in Canada-based railway company Canadian National Railway.

In contrast, lower-than-benchmark exposure to the financials sector detracted from relative performance, with a lack of exposure to Bank of Montreal and Bank of Nova Scotia detracted from relative returns.

Portfolio changes:

During the review period, among equities, the Fund’s exposure to the consumer staples and communication services sectors was increased. In the consumer staples sector, the equity portfolio manager initiated positions in Alimentation Couche Tard, U.K.-based tobacco manufacturer British American Tobacco and U.K.-based multinational consumer goods company Unilever, owing to attractive valuations, in the manager’s view. In the communication services sector, the equity portfolio manager initiated a position in diversified media and telecommunications company Quebecor, believing it offers attractive long-term earnings growth potential and is currently trading at an attractive valuation, in the manager’s view.

In contrast, the Fund’s exposure to the energy sector was reduced; the equity portfolio manager closed positions in oil and gas producers Canadian Natural Resources, Imperial Oil and Enbridge, seeking other investment opportunities elsewhere.

During the review period, portfolio managers Geoff Stein and David Wolf decreased exposure to Canadian value equities in favour of Canadian core and Canadian high-income equities. Among fixed income securities, the portfolio managers increased exposure to U.S. convertible bonds, while decreasing exposure to emerging market debt, in favour of emerging market debt denominated in local currency.

Derivatives disclosure:

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Management Discussion of Fund Performance – continued

During the period under review, the Fund engaged in forward foreign currency contracts, in a manner consistent with its investment objectives and strategies, to hedge against the effect of currency fluctuations on the investment returns of the Fund. However, the use of forward contracts in this manner does not completely eliminate the impact of currency fluctuations on returns. The Fund’s returns will differ from the local currency returns of the Underlying Fund’s investments.

Recent DevelopmentsAs the trajectory of global rates of COVID-19 infection remains uncertain, and the timeframe and speed of governmental easing of social distancing measures and travel restrictions unclear, it is not possible to predict the further impact of the COVID-19 pandemic on global capital markets.

Portfolio managers Geoff Stein and David Wolf believe the unprecedented fiscal and monetary stimulus is providing continuing support, even with the progress of the rollout of the COVID-19 vaccines. The portfolio managers believe that long-term inflation risk has grown considerably as a result of the economic response. Further to that, the portfolio managers believe that future earnings estimates point to a strong recovery, and that corporate fundamentals are showing widespread improvement. They also believe that U.S. equities have been pushed to increasingly expensive levels compared with the rest of the world, where equities are marginally less expensive. The portfolio managers have been selective in their credit exposure, because credit spreads are approaching very tight levels amid renewed economic optimism. The portfolio managers also note that investor sentiment has become buoyant, and against this backdrop, they remain prudent and continue to maintain diversification in the Fund.

Effective June 1, 2020, the fund has been closed to new purchases and switches for registered plans, except for existing systematic transactions.

Related Party TransactionsManager and Portfolio Adviser

The Fund is managed by Fidelity Investments Canada ULC (Fidelity). Fidelity is part of a broader collection of companies collectively known as Fidelity Investments.

Fidelity provides or arranges for the provision of all general management and administrative services required by the Fund in its day–to–day operations, bookkeeping, record–keeping and other administrative services for the Fund.

Fidelity is the portfolio adviser to the Fund and it provides investment advisory services to the Fund. Fidelity has entered into sub-advisory agreements with a number of entities, includ-ing Fidelity Management & Research Company LLC, FIAM LLC and Fidelity Management & Research (Canada) ULC, to provide investment advice with respect to all or a portion of the investments of the Fund. The sub-advisors arrange for acquisition and disposition of portfolio investments, including all necessary brokerage arrangements. Prior to January 1, 2021, Fidelity had entered into a sub-advisory agreement with Fidelity (Canada) Asset Management ULC to provide investment advice with respect to all or a portion of the investments of the Fund and arranged for the acquisition and disposition of portfolio investments, including all necessary brokerage arrangements. Effective January 1, 2021, Fidelity (Canada) Asset Management ULC amalgamated with Fidelity. The name of the amalgamated entity is Fidelity Investments Canada ULC. The amalgamation did not result in any change to the day-to-day business, operations, management or control of Fidelity or the Fund. 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 $12,070,000 for the period ended May 31, 2021.

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 $1,212,000 for the period ended May 31, 2021.

Brokerage Commissions

The Fund may place a portion of its portfolio transactions with brokerage firms which are affiliates of Fidelity, provided it determines that these affiliates’ trade execution abilities and costs are comparable to those of non–affiliated, qualified brokerage firms, on an execution–only basis. Commissions paid to brokerage firms that are affiliates of Fidelity Investments were less than $500 for the period ended May 31, 2021. Fidelity receives standing instructions from the IRC in respect of policies and procedures governing best execution of transactions with affili-ates, which includes brokers affiliated to Fidelity Investments, at least once per year.

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Financial Highlights

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

Fidelity Monthly Income Class of the Fidelity Capital Structure Corp. Series A

Six-months ended May 31, Periods ended November 30,

2021 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 15.13 $ 14.66 $ 13.54 $ 13.90 $ 13.75 $ 13.29Increase (decrease) from operations: Total revenue .30 .55 .52 .48 .42 .47Total expenses (excluding distributions) (.19) (.34) (.33) (.32) (.32) (.31)Realized gains (losses) 1.04 .56 .40 .34 .28 .32Unrealized gains (losses) (.07) (.40) .67 (.80) .03 .22Total increase (decrease) from operationsB 1.08 .37 1.26 (.30) .41 .69Distributions: From net investment income (excluding dividends) – – – – – –From dividends (.09) (.17) (.13) (.13) (.08) (.04)From capital gains – – – – (.18) (.21)Return of capital – – – – – –Total distributionsB,C (.09) (.17) (.13) (.13) (.26) (.25)Net assets, end of periodB $ 16.09 $ 15.13 $ 14.66 $ 13.54 $ 13.90 $ 13.75Ratios and Supplemental Data Net asset value (000s) D $ 49,757 $ 61,603 $ 108,550 $ 159,247 $ 293,799 $ 388,304Securities outstandingD 3,093,433 4,069,910 7,408,865 11,742,738 21,116,738 28,263,993Management expense ratio E,F 2.29% 2.30% 2.29% 2.29% 2.29% 2.28%Management expense ratio before waivers or absorptions E,F 2.32% 2.33% 2.32% 2.33% 2.33% 2.33%Trading expense ratioG .07% .06% .04% .01% .02% .03%Portfolio turnover rateH 20.34% 41.64% 53.70% 41.38% 32.19% 36.19%Net asset value per security, end of period $ 16.0909 $ 15.1256 $ 14.6606 $ 13.5424 $ 13.9030 $ 13.7504

Fidelity Monthly Income Class of the Fidelity Capital Structure Corp. Series B


2021 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 15.20 $ 14.70 $ 13.55 $ 13.88 $ 13.73 $ 13.30Increase (decrease) from operations: Total revenue .29 .52 .52 .47 .42 .49Total expenses (excluding distributions) (.17) (.31) (.30) (.29) (.29) (.28)Realized gains (losses) 1.04 .58 .43 .33 .26 .29Unrealized gains (losses) (.08) (.18) .65 (.75) .05 .17Total increase (decrease) from operationsB 1.08 .61 1.30 (.24) .44 .66Distributions: From net investment income (excluding dividends) – – – – – –From dividends (.09) (.17) (.13) (.13) (.09) (.07)From capital gains – – – – (.21) (.24)Return of capital – – – – – –Total distributionsB,C (.09) (.17) (.13) (.13) (.30) (.31)Net assets, end of periodB $ 16.19 $ 15.20 $ 14.70 $ 13.55 $ 13.88 $ 13.73Ratios and Supplemental Data Net asset value (000s) D $ 442,259 $ 454,002 $ 502,236 $ 553,972 $ 811,477 $ 855,897Securities outstandingD 27,310,256 29,872,300 34,159,157 40,875,293 58,406,786 62,352,621Management expense ratio E,I 2.07% 2.08% 2.08% 2.07% 2.08% 2.07%Management expense ratio before waivers or absorptions E,I 2.09% 2.10% 2.09% 2.10% 2.12% 2.11%Trading expense ratioG .07% .06% .04% .01% .02% .03%Portfolio turnover rateH 20.34% 41.64% 53.70% 41.38% 32.19% 36.19%Net asset value per security, end of period $ 16.1868 $ 15.1998 $ 14.7005 $ 13.5491 $ 13.8791 $ 13.7308

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Financial Highlights – continued

Fidelity Monthly Income Class of the Fidelity Capital Structure Corp. Series F


2021 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 15.49 $ 14.81 $ 13.50 $ 13.68 $ 13.58 $ 13.31Increase (decrease) from operations: Total revenue .30 .53 .52 .47 .41 .41Total expenses (excluding distributions) (.08) (.14) (.14) (.13) (.13) (.13)Realized gains (losses) 1.06 .58 .44 .33 .26 .30Unrealized gains (losses) (.08) (.22) .64 (.76) .04 .27Total increase (decrease) from operationsB 1.20 .75 1.46 (.09) .58 .86Distributions: From net investment income (excluding dividends) – – – – – –From dividends (.09) (.17) (.13) (.12) (.13) (.22)From capital gains – – – (.02) (.36) (.39)Return of capital – – – – – –Total distributionsB,C (.09) (.17) (.13) (.14) (.49) (.61)Net assets, end of periodB $ 16.59 $ 15.49 $ 14.81 $ 13.50 $ 13.68 $ 13.58Ratios and Supplemental Data Net asset value (000s) D $ 232,811 $ 233,263 $ 249,166 $ 245,173 $ 350,861 $ 342,077Securities outstandingD 14,025,500 15,045,786 16,845,060 18,139,522 25,621,491 25,305,517Management expense ratio E,F .93% .93% .93% .93% .93% .93%Management expense ratio before waivers or absorptions E,F .93% .93% .93% .94% .94% .93%Trading expense ratioG .07% .06% .04% .01% .02% .03%Portfolio turnover rateH 20.34% 41.64% 53.70% 41.38% 32.19% 36.19%Net asset value per security, end of period $ 16.5912 $ 15.4904 $ 14.8100 $ 13.4950 $ 13.6853 $ 13.5812

Fidelity Monthly Income Class of the Fidelity Capital Structure Corp. Series F5


2021 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 17.02 $ 16.88 $ 15.99 $ 16.86 $ 17.37 $ 17.54Increase (decrease) from operations: Total revenue .32 .60 .60 .57 .52 .55Total expenses (excluding distributions) (.09) (.16) (.16) (.16) (.16) (.17)Realized gains (losses) 1.16 .65 .51 .41 .33 .41Unrealized gains (losses) (.08) (.25) .74 (.95) .06 .35Total increase (decrease) from operationsB 1.31 .84 1.69 (.13) .75 1.14Distributions: From net investment income (excluding dividends) – – – – – –From dividends (.10) (.19) (.15) (.15) (.16) (.28)From capital gains – – – (.02) (.46) (.52)Return of capital (.30) (.60) (.64) (.64) (.63) (.51)Total distributionsB,C (.40) (.79) (.79) (.81) (1.25) (1.31)Net assets, end of periodB $ 17.92 $ 17.02 $ 16.88 $ 15.99 $ 16.86 $ 17.37Ratios and Supplemental Data Net asset value (000s) D $ 52,732 $ 52,492 $ 57,146 $ 57,301 $ 85,392 $ 85,589Securities outstandingD 2,944,989 3,091,336 3,394,710 3,585,122 5,057,924 4,964,478Management expense ratio E,F .92% .93% .93% .93% .93% .93%Management expense ratio before waivers or absorptions E,F .92% .93% .93% .93% .93% .93%Trading expense ratioG .07% .06% .04% .01% .02% .03%Portfolio turnover rateH 20.34% 41.64% 53.70% 41.38% 32.19% 36.19%Net asset value per security, end of period $ 17.9180 $ 17.0172 $ 16.8763 $ 15.9867 $ 16.8626 $ 17.3714

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Fidelity Monthly Income Class of the Fidelity Capital Structure Corp. Series F8


2021 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.44 $ 12.82 $ 12.60 $ 13.77 $ 14.76 $ 15.45Increase (decrease) from operations: Total revenue .23 .44 .47 .45 .44 .46Total expenses (excluding distributions) (.06) (.12) (.12) (.12) (.13) (.14)Realized gains (losses) .84 .49 .39 .31 .27 .31Unrealized gains (losses) (.07) (.15) .56 (.69) .02 .32Total increase (decrease) from operationsB .94 .66 1.30 (.05) .60 .95Distributions: From net investment income (excluding dividends) – – – – – –From dividends (.07) (.14) (.12) (.12) (.13) (.25)From capital gains – – – (.02) (.39) (.46)Return of capital (.42) (.92) (.97) (.98) (1.09) (.98)Total distributionsB,C (.49) (1.06) (1.09) (1.12) (1.61) (1.68)Net assets, end of periodB $ 12.89 $ 12.44 $ 12.82 $ 12.60 $ 13.77 $ 14.76Ratios and Supplemental Data Net asset value (000s) D $ 39,748 $ 38,170 $ 38,890 $ 41,080 $ 53,153 $ 52,855Securities outstandingD 3,081,259 3,070,531 3,033,084 3,257,830 3,862,326 3,581,028Management expense ratio E,F .91% .92% .92% .92% .92% .91%Management expense ratio before waivers or absorptions E,F .91% .92% .92% .92% .93% .91%Trading expense ratioG .07% .06% .04% .01% .02% .03%Portfolio turnover rateH 20.34% 41.64% 53.70% 41.38% 32.19% 36.19%Net asset value per security, end of period $ 12.8915 $ 12.4391 $ 12.8203 $ 12.6014 $ 13.7705 $ 14.7649

Fidelity Monthly Income Class of the Fidelity Capital Structure Corp. Series T5


2021 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 15.19 $ 15.34 $ 14.78 $ 15.82 $ 16.33 $ 16.50Increase (decrease) from operations: Total revenue .31 .57 .56 .53 .49 .58Total expenses (excluding distributions) (.18) (.35) (.35) (.35) (.37) (.38)Realized gains (losses) 1.04 .57 .43 .37 .33 .40Unrealized gains (losses) (.07) (.50) .72 (.89) .03 .27Total increase (decrease) from operationsB 1.10 .29 1.36 (.34) .48 .87Distributions: From net investment income (excluding dividends) – – – – – –From dividends (.08) (.17) (.14) (.14) (.10) (.05)From capital gains – – – – (.21) (.26)Return of capital (.31) (.61) (.64) (.64) (.68) (.73)Total distributionsB,C (.39) (.78) (.78) (.78) (.99) (1.04)Net assets, end of periodB $ 15.84 $ 15.19 $ 15.34 $ 14.78 $ 15.82 $ 16.33Ratios and Supplemental Data Net asset value (000s) D $ 7,241 $ 9,555 $ 20,806 $ 34,574 $ 62,661 $ 86,556Securities outstandingD 457,381 629,679 1,356,138 2,340,972 3,962,594 5,301,800Management expense ratio E,F 2.29% 2.30% 2.29% 2.28% 2.27% 2.27%Management expense ratio before waivers or absorptions E,F 2.31% 2.33% 2.32% 2.31% 2.31% 2.31%Trading expense ratioG .07% .06% .04% .01% .02% .03%Portfolio turnover rateH 20.34% 41.64% 53.70% 41.38% 32.19% 36.19%Net asset value per security, end of period $ 15.8388 $ 15.1845 $ 15.3366 $ 14.7802 $ 15.8227 $ 16.3307

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Fidelity Monthly Income Class of the Fidelity Capital Structure Corp. Series T8


2021 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.10 $ 11.62 $ 11.60 $ 12.84 $ 13.82 $ 14.50Increase (decrease) from operations: Total revenue .22 .42 .43 .43 .41 .51Total expenses (excluding distributions) (.13) (.26) (.27) (.28) (.31) (.33)Realized gains (losses) .76 .43 .34 .31 .27 .31Unrealized gains (losses) (.07) (.34) .56 (.73) .04 .20Total increase (decrease) from operationsB .78 .25 1.06 (.27) .41 .69Distributions: From net investment income (excluding dividends) – – – – – –From dividends (.06) (.13) (.11) (.11) (.08) (.05)From capital gains – – – – (.18) (.23)Return of capital (.38) (.85) (.91) (.92) (1.12) (1.15)Total distributionsB,C (.44) (.98) (1.02) (1.03) (1.38) (1.43)Net assets, end of periodB $ 11.42 $ 11.10 $ 11.62 $ 11.60 $ 12.84 $ 13.82Ratios and Supplemental Data Net asset value (000s) D $ 5,004 $ 6,160 $ 11,536 $ 19,073 $ 37,740 $ 50,514Securities outstandingD 438,942 556,125 994,280 1,647,293 2,943,784 3,660,728Management expense ratio E,F 2.26% 2.28% 2.28% 2.27% 2.27% 2.25%Management expense ratio before waivers or absorptions E,F 2.29% 2.31% 2.30% 2.31% 2.31% 2.30%Trading expense ratioG .07% .06% .04% .01% .02% .03%Portfolio turnover rateH 20.34% 41.64% 53.70% 41.38% 32.19% 36.19%Net asset value per security, end of period $ 11.4220 $ 11.0995 $ 11.6240 $ 11.6013 $ 12.8429 $ 13.8195

Fidelity Monthly Income Class of the Fidelity Capital Structure Corp. Series S5


2021 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 15.50 $ 15.60 $ 14.99 $ 16.00 $ 16.51 $ 16.68Increase (decrease) from operations: Total revenue .29 .55 .56 .53 .50 .58Total expenses (excluding distributions) (.17) (.32) (.32) (.32) (.34) (.35)Realized gains (losses) 1.05 .59 .47 .37 .32 .37Unrealized gains (losses) (.08) (.29) .70 (.84) .05 .28Total increase (decrease) from operationsB 1.09 .53 1.41 (.26) .53 .88Distributions: From net investment income (excluding dividends) – – – – – –From dividends (.09) (.18) (.14) (.14) (.10) (.08)From capital gains – – – – (.25) (.30)Return of capital (.30) (.60) (.64) (.64) (.68) (.70)Total distributionsB,C (.39) (.78) (.78) (.78) (1.03) (1.08)Net assets, end of periodB $ 16.19 $ 15.50 $ 15.60 $ 14.99 $ 16.00 $ 16.51Ratios and Supplemental Data Net asset value (000s) D $ 86,013 $ 83,138 $ 96,524 $ 104,584 $ 138,202 $ 145,477Securities outstandingD 5,308,050 5,364,831 6,190,940 6,980,673 8,647,646 8,842,493Management expense ratio E,I 2.07% 2.07% 2.07% 2.06% 2.07% 2.05%Management expense ratio before waivers or absorptions E,I 2.08% 2.09% 2.08% 2.09% 2.11% 2.09%Trading expense ratioG .07% .06% .04% .01% .02% .03%Portfolio turnover rateH 20.34% 41.64% 53.70% 41.38% 32.19% 36.19%Net asset value per security, end of period $ 16.1899 $ 15.4950 $ 15.5993 $ 14.9868 $ 15.9991 $ 16.5054

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Fidelity Monthly Income Class of the Fidelity Capital Structure Corp. Series S8


2021 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.33 $ 11.84 $ 11.79 $ 13.02 $ 13.99 $ 14.67Increase (decrease) from operations: Total revenue .21 .41 .43 .43 .41 .47Total expenses (excluding distributions) (.13) (.24) (.25) (.26) (.28) (.30)Realized gains (losses) .77 .45 .37 .29 .26 .34Unrealized gains (losses) (.06) (.16) .52 (.66) .04 .29Total increase (decrease) from operationsB .79 .46 1.07 (.20) .43 .79Distributions: From net investment income (excluding dividends) – – – – – –From dividends (.06) (.13) (.11) (.11) (.09) (.07)From capital gains – – – – (.21) (.26)Return of capital (.38) (.86) (.92) (.93) (1.11) (1.13)Total distributionsB,C (.44) (.99) (1.03) (1.04) (1.41) (1.46)Net assets, end of periodB $ 11.67 $ 11.33 $ 11.84 $ 11.79 $ 13.02 $ 13.99Ratios and Supplemental Data Net asset value (000s) D $ 95,476 $ 93,994 $ 97,690 $ 90,822 $ 115,437 $ 125,769Securities outstandingD 8,195,439 8,309,726 8,262,698 7,740,114 8,878,716 9,000,320Management expense ratio E,I 2.08% 2.09% 2.08% 2.07% 2.08% 2.07%Management expense ratio before waivers or absorptions E,I 2.10% 2.11% 2.10% 2.10% 2.12% 2.11%Trading expense ratioG .07% .06% .04% .01% .02% .03%Portfolio turnover rateH 20.34% 41.64% 53.70% 41.38% 32.19% 36.19%Net asset value per security, end of period $ 11.6711 $ 11.3305 $ 11.8391 $ 11.7891 $ 13.0214 $ 13.9948

Fidelity Monthly Income Class of the Fidelity Capital Structure Corp. Series E1


2021 2020 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.76 $ 11.37 $ 10.48 $ 10.73 $ 10.62 $ 10.00Increase (decrease) from operations: Total revenue .22 .40 .40 .36 .33 .13Total expenses (excluding distributions) (.13) (.23) (.23) (.22) (.22) (.18)Realized gains (losses) .80 .44 .35 .25 .20 .29Unrealized gains (losses) (.06) (.14) .46 (.57) .03 .39Total increase (decrease) from operationsB .83 .47 .98 (.18) .34 .63Distributions: From net investment income (excluding dividends) – – – – – –From dividends (.07) (.13) (.10) (.10) (.07) (.04)From capital gains – – – – (.16) –Return of capital – – – – – –Total distributionsB,C (.07) (.13) (.10) (.10) (.23) (.04)Net assets, end of periodB $ 12.53 $ 11.76 $ 11.37 $ 10.48 $ 10.73 $ 10.62Ratios and Supplemental Data Net asset value (000s) D $ 264,153 $ 247,678 $ 254,459 $ 228,570 $ 330,925 $ 303,617Securities outstandingD 21,071,043 21,046,328 22,310,748 21,816,128 30,832,591 28,563,399Management expense ratio E,K 2.04% 2.05% 2.04% 2.04% 2.04% 2.04%Management expense ratio before waivers or absorptions E,K 2.06% 2.07% 2.06% 2.06% 2.08% 2.08%Trading expense ratioG .07% .06% .04% .01% .02% .03%Portfolio turnover rateH 20.34% 41.64% 53.70% 41.38% 32.19% 36.19%Net asset value per security, end of period $ 12.5285 $ 11.7628 $ 11.3728 $ 10.4781 $ 10.7294 $ 10.6151

8


Fidelity Monthly Income Class of the Fidelity Capital Structure Corp. Series E1T5


2021 2020 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 19.28 $ 19.40 $ 18.63 $ 19.87 $ 20.50 $ 20.00Increase (decrease) from operations: Total revenue .36 .68 .70 .66 .62 .26Total expenses (excluding distributions) (.21) (.39) (.39) (.39) (.41) (.34)Realized gains (losses) 1.31 .75 .59 .45 .36 .51Unrealized gains (losses) (.11) (.31) .83 (1.01) .07 .61Total increase (decrease) from operationsB 1.35 .73 1.73 (.29) .64 1.04Distributions: From net investment income (excluding dividends) – – – – – –From dividends (.11) (.22) (.17) (.18) (.13) (.08)From capital gains – – – – (.32) –Return of capital (.38) (.75) (.80) (.79) (.84) (.73)Total distributionsB,C (.49) (.97) (.97) (.97) (1.29) (.81)Net assets, end of periodB $ 20.15 $ 19.28 $ 19.40 $ 18.63 $ 19.87 $ 20.50Ratios and Supplemental Data Net asset value (000s) D $ 58,225 $ 55,938 $ 60,897 $ 62,702 $ 83,798 $ 66,792Securities outstandingD 2,891,180 2,903,122 3,140,981 3,367,489 4,219,290 3,262,807Management expense ratio E,K 2.02% 2.03% 2.01% 2.01% 2.01% 2.01%Management expense ratio before waivers or absorptions E,K 2.04% 2.05% 2.03% 2.04% 2.05% 2.04%Trading expense ratioG .07% .06% .04% .01% .02% .03%Portfolio turnover rateH 20.34% 41.64% 53.70% 41.38% 32.19% 36.19%Net asset value per security, end of period $ 20.1514 $ 19.2816 $ 19.3993 $ 18.6259 $ 19.8734 $ 20.4975



2021 2020 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.77 $ 11.38 $ 10.48 $ 10.73 $ 10.61 $ 10.00Increase (decrease) from operations: Total revenue .22 .40 .39 .36 .33 .13Total expenses (excluding distributions) (.13) (.23) (.23) (.21) (.21) (.18)Realized gains (losses) .79 .45 .36 .24 .21 .28Unrealized gains (losses) (.07) (.13) .47 (.56) – .35Total increase (decrease) from operationsB .81 .49 .99 (.17) .33 .58Distributions: From net investment income (excluding dividends) – – – – – –From dividends (.07) (.13) (.10) (.10) (.07) (.04)From capital gains – – – – (.16) –Return of capital – – – – – –Total distributionsB,C (.07) (.13) (.10) (.10) (.23) (.04)Net assets, end of periodB $ 12.54 $ 11.77 $ 11.38 $ 10.48 $ 10.73 $ 10.61Ratios and Supplemental Data Net asset value (000s) D $ 85,442 $ 70,481 $ 69,481 $ 55,860 $ 81,077 $ 66,629Securities outstandingD 6,833,422 5,992,400 6,149,371 5,333,053 7,556,497 6,272,648Management expense ratio E,K 2.02% 2.01% 2.02% 2.01% 2.01% 2.02%Management expense ratio before waivers or absorptions E,K 2.03% 2.03% 2.03% 2.04% 2.05% 2.06%Trading expense ratioG .07% .06% .04% .01% .02% .03%Portfolio turnover rateH 20.34% 41.64% 53.70% 41.38% 32.19% 36.19%Net asset value per security, end of period $ 12.5381 $ 11.7706 $ 11.3762 $ 10.4790 $ 10.7273 $ 10.6130

9



2021 2020 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 19.31 $ 19.41 $ 18.64 $ 19.88 $ 20.51 $ 20.00Increase (decrease) from operations: Total revenue .35 .68 .68 .69 .63 .26Total expenses (excluding distributions) (.21) (.38) (.39) (.38) (.40) (.33)Realized gains (losses) 1.31 .76 .65 .47 .35 .37Unrealized gains (losses) (.11) (.63) .79 (1.25) .03 .35Total increase (decrease) from operationsB 1.34 .43 1.73 (.47) .61 .64Distributions: From net investment income (excluding dividends) – – – – – –From dividends (.11) (.22) (.17) (.18) (.13) (.09)From capital gains – – – – (.33) –Return of capital (.38) (.75) (.80) (.79) (.83) (.72)Total distributionsB,C (.49) (.97) (.97) (.97) (1.29) (.81)Net assets, end of periodB $ 20.18 $ 19.31 $ 19.41 $ 18.64 $ 19.88 $ 20.51Ratios and Supplemental Data Net asset value (000s) D $ 10,303 $ 8,644 $ 10,573 $ 7,015 $ 13,898 $ 10,237Securities outstandingD 510,697 447,889 544,679 376,526 699,704 499,327Management expense ratio E,K 1.99% 1.99% 2.00% 1.97% 1.98% 1.96%Management expense ratio before waivers or absorptions E,K 2.01% 2.01% 2.01% 2.00% 2.02% 1.99%Trading expense ratioG .07% .06% .04% .01% .02% .03%Portfolio turnover rateH 20.34% 41.64% 53.70% 41.38% 32.19% 36.19%Net asset value per security, end of period $ 20.1804 $ 19.3054 $ 19.4152 $ 18.6371 $ 19.8765 $ 20.5069



2021 2020 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.78 $ 11.38 $ 10.48 $ 10.73 $ 10.61 $ 10.00Increase (decrease) from operations: Total revenue .22 .40 .42 .36 .33 .13Total expenses (excluding distributions) (.13) (.23) (.22) (.21) (.21) (.17)Realized gains (losses) .80 .38 .28 .26 .21 .30Unrealized gains (losses) (.08) (.26) .44 (.62) .01 .43Total increase (decrease) from operationsB .81 .29 .92 (.21) .34 .68Distributions: From net investment income (excluding dividends) – – – – – –From dividends (.07) (.13) (.10) (.10) (.07) (.04)From capital gains – – – – (.17) –Return of capital – – – – – –Total distributionsB,C (.07) (.13) (.10) (.10) (.24) (.04)Net assets, end of periodB $ 12.55 $ 11.78 $ 11.38 $ 10.48 $ 10.73 $ 10.61Ratios and Supplemental Data Net asset value (000s) D $ 14,255 $ 12,028 $ 7,722 $ 10,320 $ 11,562 $ 15,684Securities outstandingD 1,136,205 1,021,670 678,548 985,181 1,078,176 1,484,057Management expense ratio E,K 1.98% 2.00% 1.97% 1.99% 1.98% 2.00%Management expense ratio before waivers or absorptions E,K 2.00% 2.02% 1.98% 2.01% 2.02% 2.03%Trading expense ratioG .07% .06% .04% .01% .02% .03%Portfolio turnover rateH 20.34% 41.64% 53.70% 41.38% 32.19% 36.19%Net asset value per security, end of period $ 12.5509 $ 11.7803 $ 11.3840 $ 10.4809 $ 10.7275 $ 10.6146

10




2021 2020 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 19.35 $ 19.45 $ 18.65 $ 19.88 $ 20.50 $ 20.00Increase (decrease) from operations: Total revenue .35 .70 .70 .65 .62 .46Total expenses (excluding distributions) (.21) (.37) (.37) (.37) (.40) (.34)Realized gains (losses) 1.30 .69 .59 .45 .41 (.38)Unrealized gains (losses) (.11) (.65) .79 (.87) (.50) (.43)Total increase (decrease) from operationsB 1.33 .37 1.71 (.14) .13 (.68)Distributions: From net investment income (excluding dividends) – – – – – –From dividends (.11) (.22) (.17) (.18) (.13) (.08)From capital gains – – – – (.31) –Return of capital (.38) (.75) (.80) (.79) (.84) (.72)Total distributionsB,C (.49) (.97) (.97) (.97) (1.28) (.81)Net assets, end of periodB $ 20.22 $ 19.35 $ 19.45 $ 18.65 $ 19.88 $ 20.50Ratios and Supplemental Data Net asset value (000s) D $ 1,825 $ 1,456 $ 2,354 $ 1,725 $ 1,610 $ 224Securities outstandingD 90,241 75,241 121,034 92,517 80,983 10,930Management expense ratio E,K 2.03% 1.95% 1.91% 1.91% 2.02% 2.05%Management expense ratio before waivers or absorptions E,K 2.04% 1.97% 1.92% 1.94% 2.07% 2.09%Trading expense ratioG .07% .06% .04% .01% .02% .03%Portfolio turnover rateH 20.34% 41.64% 53.70% 41.38% 32.19% 36.19%Net asset value per security, end of period $ 20.2232 $ 19.3482 $ 19.4474 $ 18.6505 $ 19.8789 $ 20.4969



2021 2020 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.78 $ 11.38 $ 10.48 $ 10.72 $ 10.62 $ 10.00Increase (decrease) from operations: Total revenue .22 .38 .39 .42 .32 .13Total expenses (excluding distributions) (.13) (.23) (.22) (.21) (.21) (.17)Realized gains (losses) .81 .48 .37 .29 .21 .30Unrealized gains (losses) (.06) .12 .39 (.93) .02 .48Total increase (decrease) from operationsB .84 .75 .93 (.43) .34 .73Distributions: From net investment income (excluding dividends) – – – – – –From dividends (.07) (.13) (.10) (.10) (.07) (.04)From capital gains – – – – (.17) –Return of capital – – – – – –Total distributionsB,C (.07) (.13) (.10) (.10) (.24) (.04)Net assets, end of periodB $ 12.55 $ 11.78 $ 11.38 $ 10.48 $ 10.72 $ 10.62Ratios and Supplemental Data Net asset value (000s) D $ 8,676 $ 7,991 $ 5,324 $ 2,197 $ 5,961 $ 10,081Securities outstandingD 691,662 678,701 468,063 209,898 556,186 949,746Management expense ratio E,K 1.98% 1.99% 1.94% 1.99% 2.00% 1.96%Management expense ratio before waivers or absorptions E,K 2.00% 2.00% 1.96% 2.02% 2.04% 2.00%Trading expense ratioG .07% .06% .04% .01% .02% .03%Portfolio turnover rateH 20.34% 41.64% 53.70% 41.38% 32.19% 36.19%Net asset value per security, end of period $ 12.5480 $ 11.7777 $ 11.3794 $ 10.4747 $ 10.7216 $ 10.6153

11



2021 2020 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 19.37 $ 19.44 $ 18.65 $ 19.88 $ 20.50 $ 20.00Increase (decrease) from operations: Total revenue .72 .70 .69 .65 .59 .26Total expenses (excluding distributions) (.19) (.36) (.39) (.35) (.43) (.33)Realized gains (losses) 1.33 .78 .70 (1.96) 1.88 .02Unrealized gains (losses) (.23) (.26) 1.03 1.41 (1.16) .01Total increase (decrease) from operationsB 1.63 .86 2.03 (.25) .88 (.04)Distributions: From net investment income (excluding dividends) – – – – – –From dividends (.11) (.22) (.17) (.18) (.13) (.09)From capital gains – – – – (.32) –Return of capital (.38) (.75) (.80) (.79) (.84) (.72)Total distributionsB,C (.49) (.97) (.97) (.97) (1.29) (.81)Net assets, end of periodB $ 20.26 $ 19.37 $ 19.44 $ 18.65 $ 19.88 $ 20.50Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 194 $ 1,054 $ 1 $ 1 $ 483Securities outstandingD 66 10,030 54,204 58 55 23,566Management expense ratio E,K 1.82% 1.85% 1.97% 1.91% 2.01% 1.99%Management expense ratio before waivers or absorptions E,K 1.84% 1.87% 1.98% 1.91% 2.04% 2.03%Trading expense ratioG .07% .06% .04% .01% .02% .03%Portfolio turnover rateH 20.34% 41.64% 53.70% 41.38% 32.19% 36.19%Net asset value per security, end of period $ 20.2641 $ 19.3677 $ 19.4419 $ 18.6495 $ 19.8840 $ 20.5005



2021 2020 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.79 $ 11.39 $ 10.48 $ 10.73 $ 10.62 $ 10.00Increase (decrease) from operations: Total revenue .22 .41 .40 .38 .34 .11Total expenses (excluding distributions) (.12) (.22) (.22) (.21) (.21) (.17)Realized gains (losses) .80 .50 .34 .30 .19 .11Unrealized gains (losses) (.07) (.45) .48 (.70) .05 .20Total increase (decrease) from operationsB .83 .24 1.00 (.23) .37 .25Distributions: From net investment income (excluding dividends) – – – – – –From dividends (.07) (.13) (.10) (.10) (.07) (.05)From capital gains – – – – (.18) –Return of capital – – – – – –Total distributionsB,C (.07) (.13) (.10) (.10) (.25) (.05)Net assets, end of periodB $ 12.57 $ 11.79 $ 11.39 $ 10.48 $ 10.73 $ 10.62Ratios and Supplemental Data Net asset value (000s) D $ 7,132 $ 6,325 $ 11,939 $ 10,883 $ 21,573 $ 8,749Securities outstandingD 567,743 536,518 1,048,691 1,038,766 2,012,097 824,273Management expense ratio E,K 1.94% 1.95% 1.94% 1.94% 1.94% 1.92%Management expense ratio before waivers or absorptions E,K 1.95% 1.97% 1.96% 1.97% 1.98% 1.96%Trading expense ratioG .07% .06% .04% .01% .02% .03%Portfolio turnover rateH 20.34% 41.64% 53.70% 41.38% 32.19% 36.19%Net asset value per security, end of period $ 12.5668 $ 11.7927 $ 11.3893 $ 10.4831 $ 10.7257 $ 10.6160

12


Fidelity Monthly Income Class of the Fidelity Capital Structure Corp. Series P1


2021 2020 2019 2018 2017 2016L

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.68 $ 11.17 $ 10.17 $ 10.32 $ 10.24 $ 10.00Increase (decrease) from operations: Total revenue .22 .40 .39 .35 .31 .26Total expenses (excluding distributions) (.06) (.11) (.10) (.09) (.09) (.09)Realized gains (losses) .80 .44 .34 .23 .17 .18Unrealized gains (losses) (.06) (.14) .44 (.53) .04 .26Total increase (decrease) from operationsB .90 .59 1.07 (.04) .43 .61Distributions: From net investment income (excluding dividends) – – – – – –From dividends (.07) (.13) (.10) (.09) (.09) (.17)From capital gains – – – (.02) (.27) (.30)Return of capital – – – – – –Total distributionsB,C (.07) (.13) (.10) (.11) (.36) (.46)Net assets, end of periodB $ 12.52 $ 11.68 $ 11.17 $ 10.17 $ 10.32 $ 10.24Ratios and Supplemental Data Net asset value (000s) D $ 226,568 $ 213,285 $ 209,039 $ 166,460 $ 195,621 $ 125,044Securities outstandingD 18,109,957 18,279,205 18,697,473 16,329,408 18,939,381 12,227,096Management expense ratio E,M .90% .90% .90% .90% .91% .90%Management expense ratio before waivers or absorptions E,M .90% .90% .90% .91% .91% .90%Trading expense ratioG .07% .06% .04% .01% .02% .03%Portfolio turnover rateH 20.34% 41.64% 53.70% 41.38% 32.19% 36.19%Net asset value per security, end of period $ 12.5150 $ 11.6835 $ 11.1671 $ 10.1724 $ 10.3154 $ 10.2387

Fidelity Monthly Income Class of the Fidelity Capital Structure Corp. Series P1T5


2021 2020 2019 2018 2017 2016L

The Series’ Net Assets per Security A Net assets, beginning of period B $ 19.50 $ 19.33 $ 18.31 $ 19.31 $ 19.89 $ 20.00Increase (decrease) from operations: Total revenue .37 .68 .68 .65 .60 .51Total expenses (excluding distributions) (.10) (.18) (.18) (.17) (.18) (.18)Realized gains (losses) 1.33 .74 .59 .43 .34 .31Unrealized gains (losses) (.10) (.21) .81 (1.02) .05 .45Total increase (decrease) from operationsB 1.50 1.03 1.90 (.11) .81 1.08Distributions: From net investment income (excluding dividends) – – – – – –From dividends (.11) (.22) (.17) (.17) (.18) (.33)From capital gains – – – (.03) (.53) (.59)Return of capital (.34) (.69) (.74) (.73) (.72) (.58)Total distributionsB,C (.45) (.91) (.91) (.93) (1.43) (1.50)Net assets, end of periodB $ 20.54 $ 19.50 $ 19.33 $ 18.31 $ 19.31 $ 19.89Ratios and Supplemental Data Net asset value (000s) D $ 51,143 $ 51,389 $ 54,751 $ 46,478 $ 63,435 $ 45,211Securities outstandingD 2,491,400 2,634,464 2,829,108 2,540,845 3,287,354 2,287,913Management expense ratio E,M .89% .90% .89% .90% .91% .90%Management expense ratio before waivers or absorptions E,M .89% .90% .90% .90% .91% .90%Trading expense ratioG .07% .06% .04% .01% .02% .03%Portfolio turnover rateH 20.34% 41.64% 53.70% 41.38% 32.19% 36.19%Net asset value per security, end of period $ 20.5382 $ 19.5029 $ 19.3331 $ 18.3057 $ 19.3064 $ 19.8897

13



2021 2020 2019 2018 2017 2016L

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.69 $ 11.17 $ 10.17 $ 10.32 $ 10.24 $ 10.00Increase (decrease) from operations: Total revenue .22 .40 .38 .35 .32 .23Total expenses (excluding distributions) (.06) (.10) (.10) (.09) (.09) (.09)Realized gains (losses) .79 .44 .35 .25 .17 .16Unrealized gains (losses) (.06) (.20) .44 (.55) – .31Total increase (decrease) from operationsB .89 .54 1.07 (.04) .40 .60Distributions: From net investment income (excluding dividends) – – – – – –From dividends (.07) (.13) (.10) (.09) (.10) (.17)From capital gains – – – (.02) (.28) (.30)Return of capital – – – – – –Total distributionsB,C (.07) (.13) (.10) (.11) (.38) (.46)Net assets, end of periodB $ 12.52 $ 11.69 $ 11.17 $ 10.17 $ 10.32 $ 10.24Ratios and Supplemental Data Net asset value (000s) D $ 70,607 $ 56,867 $ 60,701 $ 41,786 $ 61,980 $ 44,431Securities outstandingD 5,636,359 4,856,288 5,406,553 4,108,962 6,043,382 4,342,151Management expense ratio E,M .87% .88% .88% .88% .89% .88%Management expense ratio before waivers or absorptions E,M .87% .88% .88% .88% .90% .89%Trading expense ratioG .07% .06% .04% .01% .02% .03%Portfolio turnover rateH 20.34% 41.64% 53.70% 41.38% 32.19% 36.19%Net asset value per security, end of period $ 12.5202 $ 11.6864 $ 11.1699 $ 10.1728 $ 10.3154 $ 10.2380



2021 2020 2019 2018 2017 2016L

The Series’ Net Assets per Security A Net assets, beginning of period B $ 19.51 $ 19.33 $ 18.31 $ 19.31 $ 19.89 $ 20.00Increase (decrease) from operations: Total revenue .36 .68 .69 .65 .59 .47Total expenses (excluding distributions) (.10) (.17) (.17) (.17) (.17) (.18)Realized gains (losses) 1.32 .75 .57 .44 .36 .23Unrealized gains (losses) (.12) (.40) .77 (.98) .06 .27Total increase (decrease) from operationsB 1.46 .86 1.86 (.06) .84 .80Distributions: From net investment income (excluding dividends) – – – – – –From dividends (.11) (.22) (.17) (.17) (.18) (.33)From capital gains – – – (.04) (.54) (.59)Return of capital (.34) (.69) (.74) (.73) (.72) (.58)Total distributionsB,C (.45) (.91) (.91) (.94) (1.44) (1.50)Net assets, end of periodB $ 20.55 $ 19.51 $ 19.33 $ 18.31 $ 19.31 $ 19.89Ratios and Supplemental Data Net asset value (000s) D $ 16,729 $ 14,461 $ 14,905 $ 14,506 $ 18,691 $ 20,275Securities outstandingD 814,477 741,609 773,723 792,705 939,848 1,027,194Management expense ratio E,M .87% .88% .88% .87% .86% .87%Management expense ratio before waivers or absorptions E,M .87% .88% .88% .88% .87% .87%Trading expense ratioG .07% .06% .04% .01% .02% .03%Portfolio turnover rateH 20.34% 41.64% 53.70% 41.38% 32.19% 36.19%Net asset value per security, end of period $ 20.5468 $ 19.5086 $ 19.3353 $ 18.3051 $ 19.3092 $ 19.8901

14




2021 2020 2019 2018 2017 2016L

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.70 $ 11.17 $ 10.17 $ 10.31 $ 10.24 $ 10.00Increase (decrease) from operations: Total revenue .21 .38 .39 .36 .31 .20Total expenses (excluding distributions) (.06) (.10) (.09) (.09) (.09) (.09)Realized gains (losses) .79 .45 .33 .25 .20 (.07)Unrealized gains (losses) (.08) .07 .43 (.64) (.02) .02Total increase (decrease) from operationsB .86 .80 1.06 (.12) .40 .06Distributions: From net investment income (excluding dividends) – – – – – –From dividends (.07) (.13) (.10) (.09) (.10) (.17)From capital gains – – – (.02) (.28) (.30)Return of capital – – – – – –Total distributionsB,C (.07) (.13) (.10) (.11) (.38) (.47)Net assets, end of periodB $ 12.53 $ 11.70 $ 11.17 $ 10.17 $ 10.31 $ 10.24Ratios and Supplemental Data Net asset value (000s) D $ 12,177 $ 9,105 $ 7,499 $ 9,923 $ 14,683 $ 10,817Securities outstandingD 971,982 781,029 671,315 976,039 1,424,405 1,057,460Management expense ratio E,M .84% .84% .84% .84% .88% .84%Management expense ratio before waivers or absorptions E,M .85% .84% .84% .84% .88% .84%Trading expense ratioG .07% .06% .04% .01% .02% .03%Portfolio turnover rateH 20.34% 41.64% 53.70% 41.38% 32.19% 36.19%Net asset value per security, end of period $ 12.5319 $ 11.6971 $ 11.1740 $ 10.1720 $ 10.3117 $ 10.2391



2021 2020 2019 2018 2017N

The Series’ Net Assets per Security A Net assets, beginning of period B $ 19.79 $ 19.69 $ 18.71 $ 19.81 $ 20.00Increase (decrease) from operations: Total revenue .36 .69 .70 .67 .52Total expenses (excluding distributions) (.10) (.17) (.17) (.16) (.14)Realized gains (losses) 1.28 .69 .61 .45 .25Unrealized gains (losses) (.24) (1.55) .84 (1.05) .03Total increase (decrease) from operationsB 1.30 (.34) 1.98 (.09) .66Distributions: From net investment income (excluding dividends) – – – – –From dividends (.11) (.22) (.17) (.18) (.16)From capital gains – – – (.05) –Return of capital (.39) (.78) (.83) (.82) (.76)Total distributionsB,C (.50) (1.00) (1.00) (1.05) (.92)Net assets, end of periodB $ 20.80 $ 19.79 $ 19.69 $ 18.71 $ 19.81Ratios and Supplemental Data Net asset value (000s) D $ 1,747 $ 724 $ 1,521 $ 1,408 $ 1,646Securities outstandingD 84,007 36,602 77,241 75,233 100,746Management expense ratio O,P .86% .86% .86% .83% .83%Management expense ratio before waivers or absorptions O,P .86% .86% .86% .83% .84%Trading expense ratioG .07% .06% .04% .01% .02%Portfolio turnover rateH 20.34% 41.64% 53.70% 41.38% 32.19%Net asset value per security, end of period $ 20.8021 $ 19.7926 $ 19.6898 $ 18.7092 $ 19.8067

15



2021 2020 2019 2018 2017 2016L

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.71 $ 11.18 $ 10.17 $ 10.31 $ 10.24 $ 10.00Increase (decrease) from operations: Total revenue .24 .39 .39 .35 .32 .18Total expenses (excluding distributions) (.05) (.09) (.09) (.08) (.08) (.08)Realized gains (losses) .79 .44 .33 .23 .14 .23Unrealized gains (losses) (.03) (.10) .44 (.54) .08 .31Total increase (decrease) from operationsB .95 .64 1.07 (.04) .46 .63Distributions: From net investment income (excluding dividends) – – – – – –From dividends (.07) (.13) (.10) (.09) (.10) (.17)From capital gains – – – (.03) (.28) (.30)Return of capital – – – – – –Total distributionsB,C (.07) (.13) (.10) (.12) (.38) (.47)Net assets, end of periodB $ 12.55 $ 11.71 $ 11.18 $ 10.17 $ 10.31 $ 10.24Ratios and Supplemental Data Net asset value (000s) D $ 5,951 $ 7,155 $ 8,140 $ 8,182 $ 10,841 $ 5,114Securities outstandingD 474,346 608,868 728,263 804,650 1,051,449 500,031Management expense ratio E,M .78% .79% .79% .79% .82% .80%Management expense ratio before waivers or absorptions E,M .78% .79% .79% .79% .82% .80%Trading expense ratioG .07% .06% .04% .01% .02% .03%Portfolio turnover rateH 20.34% 41.64% 53.70% 41.38% 32.19% 36.19%Net asset value per security, end of period $ 12.5509 $ 11.7098 $ 11.1799 $ 10.1718 $ 10.3132 $ 10.2385



2021 2020 2019 2018 2017N

The Series’ Net Assets per Security A Net assets, beginning of period B $ 19.83 $ 19.71 $ 18.72 $ 19.82 $ 20.00Increase (decrease) from operations: Total revenue .38 .70 .68 .74 .62Total expenses (excluding distributions) (.09) (.17) (.14) (.16) (.12)Realized gains (losses) 1.35 1.43 (.51) .43 1.43Unrealized gains (losses) (.15) 8.97 1.95 (1.64) (2.31)Total increase (decrease) from operationsB 1.49 10.93 1.98 (.63) (.38)Distributions: From net investment income (excluding dividends) – – – – –From dividends (.11) (.22) (.17) (.18) (.16)From capital gains – – – (.05) –Return of capital (.39) (.78) (.83) (.82) (.75)Total distributionsB,C (.50) (1.00) (1.00) (1.05) (.91)Net assets, end of periodB $ 20.85 $ 19.83 $ 19.71 $ 18.72 $ 19.82Ratios and Supplemental Data Net asset value (000s) D $ 529 $ 540 $ 1 $ 1 $ 625Securities outstandingD 25,367 27,240 58 55 31,517Management expense ratio O,P .80% .80% .76% .80% .80%Management expense ratio before waivers or absorptions O,P .80% .81% .76% .80% .81%Trading expense ratioG .07% .06% .04% .01% .02%Portfolio turnover rateH 20.34% 41.64% 53.70% 41.38% 32.19%Net asset value per security, end of period $ 20.8459 $ 19.8246 $ 19.7062 $ 18.7169 $ 19.8177

16




2021 2020 2019 2018 2017 2016L

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.71 $ 11.18 $ 10.17 $ 10.31 $ 10.24 $ 10.00Increase (decrease) from operations: Total revenue .22 .34 .39 .40 .30 .58Total expenses (excluding distributions) (.05) (.09) (.09) (.08) (.08) (.07)Realized gains (losses) .80 .46 .34 .42 .21 .05Unrealized gains (losses) (.06) (.24) .46 (1.24) .09 (.68)Total increase (decrease) from operationsB .91 .47 1.10 (.50) .52 (.13)Distributions: From net investment income (excluding dividends) – – – – – –From dividends (.07) (.13) (.10) (.09) (.10) (.18)From capital gains – – – (.03) (.29) (.30)Return of capital – – – – – –Total distributionsB,C (.07) (.13) (.10) (.12) (.39) (.47)Net assets, end of periodB $ 12.55 $ 11.71 $ 11.18 $ 10.17 $ 10.31 $ 10.24Ratios and Supplemental Data Net asset value (000s) D $ 6,852 $ 6,360 $ 780 $ 703 $ 2,614 $ 14,072Securities outstandingD 546,072 543,335 69,829 69,206 253,560 1,375,671Management expense ratio E,M .76% .76% .76% .76% .76% .75%Management expense ratio before waivers or absorptions E,M .76% .77% .76% .76% .76% .76%Trading expense ratioG .07% .06% .04% .01% .02% .03%Portfolio turnover rateH 20.34% 41.64% 53.70% 41.38% 32.19% 36.19%Net asset value per security, end of period $ 12.5528 $ 11.7105 $ 11.1764 $ 10.1668 $ 10.3116 $ 10.2386



2021 2020 2019 2018 2017Q

The Series’ Net Assets per Security A Net assets, beginning of period B $ 20.09 $ 19.96 $ 18.93 $ 20.03 $ 20.00Increase (decrease) from operations: Total revenue .38 .75 .71 .65 .25Total expenses (excluding distributions) (.09) (.16) (.16) (.15) (.06)Realized gains (losses) 1.37 .76 .61 .41 –Unrealized gains (losses) (.11) (.01) .86 (.85) .27Total increase (decrease) from operationsB 1.55 1.34 2.02 .06 .46Distributions: From net investment income (excluding dividends) – – – – –From dividends (.11) (.23) (.18) (.18) (.06)From capital gains – – – (.06) –Return of capital (.39) (.77) (.82) (.82) (.36)Total distributionsB,C (.50) (1.00) (1.00) (1.06) (.42)Net assets, end of periodB $ 21.14 $ 20.09 $ 19.96 $ 18.93 $ 20.03Ratios and Supplemental Data Net asset value (000s) D $ 7,228 $ 6,870 $ 10,307 $ 9,812 $ 8,942Securities outstandingD 341,958 341,958 516,460 518,246 446,390Management expense ratio O,R .76% .76% .76% .76% .76%Management expense ratio before waivers or absorptions O,R .76% .77% .76% .77% .77%Trading expense ratioG .07% .06% .04% .01% .02%Portfolio turnover rateH 20.34% 41.64% 53.70% 41.38% 32.19%Net asset value per security, end of period $ 21.1371 $ 20.0906 $ 19.9569 $ 18.9329 $ 20.0325

17

Financial Highlights FootnotesA This information is derived from the Fund’s audited annual and/or unaudited interim financial statements. The net assets attributable to securityholders per security presented in the financial statements may differ from the net asset

value calculated for fund pricing purposes. An explanation of these differences can be found in the notes to financial statements. For reporting periods ending after January 1, 2017 per security comparative figures (except for net asset value per security, end of period) have been conformed to the current rounding presentation of two decimal places. As a result, reporting periods ending prior to January 1, 2017 may not foot due to this rounding change.

B Net assets and distributions are based on the actual number of securities outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of securities outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per security.

C Distributions were paid in cash or reinvested in additional securities of the Fund, or both, and excludes any applicable distributions of management fee reduction to securityholders.D This information is provided as at period end of the year shown.E Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset

values during the period, including the Fund’s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable, (2021: – %, 2020: .01%, 2019: .01%, 2018: .01%, 2017: .01%, 2016: – % ).F Effective October 1, 2015, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at

any time, at its sole discretion. It is not known when such waivers will be terminated.G The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund’s pro-rata share of estimated

trading costs incurred in any underlying investment fund, if applicable.H The Fund’s portfolio turnover rate indicates how actively the Fund’s portfolio adviser manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its

portfolio once in the course of the year. The higher the Fund’s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. For periods greater than six months, but less than a full fiscal year, the portfolio turnover rate is annualized. The portfolio turnover rate excludes any adjustment for in-kind transactions.

I Effective November 1, 2014, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated.

J For the period February 5, 2016 (commencement of sale of securities) to November 30, 2016.K Effective February 9, 2016, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at

any time, at its sole discretion. It is not known when such waivers will be terminated.L For the period December 4, 2015 (commencement of sale of securities) to November 30, 2016.M Effective December 8, 2015, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver

at any time, at its sole discretion. It is not known when such waivers will be terminated.N For the period January 26, 2017 (commencement of sale of securities) to November 30, 2017.O 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, (2021: – %, 2020: .01%, 2019: .01%, 2018: .01%, 2017: .01% ).P Effective January 30, 2017, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at

any time, at its sole discretion. It is not known when such waivers will be terminated.Q For the period July 14, 2017 (commencement of sale of securities) to November 30, 2017.R Effective July 18, 2017, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any

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

18

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

Management Fees

Dealer Compensation

Investment management, administration

and other

Series A 1.850% 34.12% 65.88%

Series B 1.700% 58.82% 41.18%

Series F 0.700% — 100.00%

Series F5 0.700% — 100.00%

Series F8 0.700% — 100.00%

Series T5 1.850% 30.31% 69.69%

Series T8 1.850% 30.63% 69.37%

Series S5 1.700% 58.82% 41.18%

Series S8 1.700% 58.82% 41.18%

Series E1 1.700% 58.82% 41.18%

Series E1T5 1.700% 58.82% 41.18%

Series E2 1.675% 59.70% 40.30%

Series E2T5 1.675% 59.70% 40.30%

Series E3 1.675% 59.70% 40.30%

Series E3T5 1.675% 59.70% 40.30%

Series E4 1.650% 60.61% 39.39%

Series E4T5 1.650% 60.61% 39.39%

Series E5 1.600% 62.50% 37.50%

Series P1 0.700% — 100.00%

Series P1T5 0.700% — 100.00%

Series P2 0.675% — 100.00%

Series P2T5 0.675% — 100.00%

Series P3 0.675% — 100.00%

Series P3T5 0.675% — 100.00%

Series P4 0.650% — 100.00%

Series P4T5 0.650% — 100.00%

Series P5 0.600% — 100.00%

Series P5T5 0.600% — 100.00%

19


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

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

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

15

10

5

0

-5

2021

7.0

2020

4.4

2019

9.2

2018

-1.7

2017

3.0

2016

5.5

2015

1.6

2014

8.1

2013

12.7

2012

5.9

2011

2.3

Fiscal Years

(%)

Commencement of Operations is September 28, 2011

Series B

15

10

5

0

-5

2021

7.1

2020

4.6

2019

9.5

2018

-1.5

2017

3.3

2016

5.7

2015

1.9

2014

8.3

2013

13.0

2012

6.1

2011

2.3

Fiscal Years

(%)


Series F

15

10

5

0

-5

2021

7.7

2020

5.8

2019

10.7

2018

-0.3

2017

4.5

2016

6.9

2015

3.1

2014

9.6

2013

14.3

2012

7.3

2011

2.4

Fiscal Years

(%)


Series F5

15

10

5

0

-5

2021

7.7

2020

5.8

2019

10.7

2018

-0.3

2017

4.5

2016

6.9

2015

3.1

2014

9.6

2013

14.3

2012

7.3

2011

2.5

Fiscal Years

(%)


Series F8

15

10

5

0

-5

2021

7.7

2020

5.8

2019

10.7

2018

-0.3

2017

4.5

2016

6.9

2015

3.1

2014

9.6

2013

14.3

2012

7.3

2011

2.5

Fiscal Years

(%)


Series T5

15

10

5

0

-5

2021

7.0

2020

4.4

2019

9.2

2018

-1.7

2017

3.1

2016

5.5

2015

1.7

2014

8.1

2013

12.7

2012

5.9

2011

2.3

Fiscal Years

(%)


20


Past Performance – continued

Series T8

15

10

5

0

-5

2021

7.0

2020

4.4

2019

9.3

2018

-1.7

2017

3.1

2016

5.5

2015

1.7

2014

8.1

2013

12.7

2012

5.8

2011

2.3

Fiscal Years

(%)


Series S5

15

10

5

0

-5

2021

7.1

2020

4.6

2019

9.5

2018

-1.5

2017

3.3

2016

5.7

2015

1.9

2014

8.3

2013

13.0

2012

6.1

2011

2.3

Fiscal Years

(%)


Series S8

15

10

5

0

-5

2021

7.1

2020

4.6

2019

9.5

2018

-1.5

2017

3.3

2016

5.7

2015

1.9

2014

8.3

2013

13.0

2012

6.1

2011

2.4

Fiscal Years

(%)


Series E1

15

10

5

0

-5

2021

7.1

2020

4.7

2019

9.5

2018

-1.4

2017

3.3

2016

5.8

2015

1.9

2014

8.3

2013

13.0

2012

6.1

2011

2.3

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series E1T5

15

10

5

0

-5

2021

7.1

2020

4.7

2019

9.5

2018

-1.4

2017

3.3

2016

5.8

2015

1.9

2014

8.3

2013

13.0

2012

6.1

2011

2.3

Fiscal Years

(%)


Series E2

15

10

5

0

-5

2021

7.1

2020

4.7

2019

9.5

2018

-1.4

2017

3.3

2016

5.8

2015

1.9

2014

8.3

2013

13.0

2012

6.1

2011

2.3

Fiscal Years

(%)


Series E2T5

15

10

5

0

-5

2021

7.1

2020

4.7

2019

9.6

2018

-1.4

2017

3.4

2016

5.9

2015

1.9

2014

8.3

2013

13.0

2012

6.1

2011

2.3

Fiscal Years

(%)


Series E3

15

10

5

0

-5

2021

7.1

2020

4.7

2019

9.6

2018

-1.4

2017

3.4

2016

5.8

2015

1.9

2014

8.3

2013

13.0

2012

6.1

2011

2.3

Fiscal Years

(%)


21

Series E3T5

15

10

5

0

-5

2021

7.1

2020

4.8

2019

9.7

2018

-1.3

2017

3.3

2016

5.8

2015

1.9

2014

8.3

2013

13.0

2012

6.1

2011

2.3

Fiscal Years

(%)


Series E4

15

10

5

0

-5

2021

7.1

2020

4.7

2019

9.6

2018

-1.4

2017

3.3

2016

5.8

2015

1.9

2014

8.3

2013

13.0

2012

6.1

2011

2.3

Fiscal Years

(%)


Series E4T5

15

10

5

0

-5

2021

7.2

2020

4.9

2019

9.6

2018

-1.3

2017

3.4

2016

5.8

2015

1.9

2014

8.3

2013

13.0

2012

6.1

2011

2.3

Fiscal Years

(%)


Series E5

15

10

5

0

-5

2021

7.1

2020

4.8

2019

9.6

2018

-1.4

2017

3.4

2016

5.9

2015

1.9

2014

8.3

2013

13.0

2012

6.1

2011

2.3

Fiscal Years

(%)


Series P1

15

10

5

0

-5

2021

7.7

2020

5.9

2019

10.8

2018

-0.3

2017

4.5

2016

7.0

2015

3.1

2014

9.6

2013

14.3

2012

7.3

2011

2.4

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P1T5

15

10

5

0

-5

2021

7.7

2020

5.9

2019

10.8

2018

-0.3

2017

4.5

2016

7.0

2015

3.1

2014

9.6

2013

14.3

2012

7.3

2011

2.5

Fiscal Years

(%)


Series P2

15

10

5

0

-5

2021

7.7

2020

5.9

2019

10.8

2018

-0.3

2017

4.5

2016

7.0

2015

3.1

2014

9.6

2013

14.3

2012

7.3

2011

2.4

Fiscal Years

(%)


Series P2T5

15

10

5

0

-5

2021

7.7

2020

5.9

2019

10.8

2018

-0.3

2017

4.5

2016

7.0

2015

3.1

2014

9.6

2013

14.3

2012

7.3

2011

2.5

Fiscal Years

(%)


22


Past Performance – continued

Series P3

15

10

5

0

-5

2021

7.7

2020

5.9

2019

10.8

2018

-0.2

2017

4.5

2016

7.1

2015

3.1

2014

9.6

2013

14.3

2012

7.3

2011

2.4

Fiscal Years

(%)


Series P3T5

15

10

5

0

-5

2021

7.7

2020

5.9

2019

10.8

2018

-0.2

2017

4.6

2016

6.9

2015

3.1

2014

9.6

2013

14.3

2012

7.3

2011

2.5

Fiscal Years

(%)

Commencement of Operations is January 26, 2017

Series P4

15

10

5

0

-5

2021

7.8

2020

6.0

2019

10.9

2018

-0.2

2017

4.6

2016

7.1

2015

3.1

2014

9.6

2013

14.3

2012

7.3

2011

2.4

Fiscal Years

(%)


Series P4T5

15

10

5

0

-5

2021

7.8

2020

6.0

2019

10.9

2018

-0.2

2017

4.6

2016

6.9

2015

3.1

2014

9.6

2013

14.3

2012

7.3

2011

2.5

Fiscal Years

(%)

Commencement of Operations is January 26, 2017

Series P5

15

10

5

0

-5

2021

7.8

2020

6.0

2019

10.9

2018

-0.2

2017

4.6

2016

7.1

2015

3.1

2014

9.6

2013

14.3

2012

7.3

2011

2.4

Fiscal Years

(%)


Series P5T5

15

10

5

0

-5

2021

7.8

2020

6.0

2019

10.9

2018

-0.2

2017

4.5

2016

6.9

2015

3.1

2014

9.6

2013

14.3

2012

7.3

2011

2.5

Fiscal Years

(%)

Commencement of Operations is July 14, 2017

23


Summary of Investment Portfolio as at May 31, 2021Asset Mix

% of Fund’s Net Assets as at

5/31/21


11/30/20

Canadian Equities 31.5 34.0

Foreign Bonds 27.1 24.2

Canadian Bonds 19.8 20.3

Foreign Equities 15.5 15.2

Foreign Preferred Securities 0.5 0.5

Canadian Preferred Securities 0.0 0.1

Cash and Cash Equivalents 4.3 4.2

Net Other Assets (Liabilities) 1.3 1.5

Sector Mix


5/31/21


11/30/20

Consumer Staples 9.3 6.8

Communication Services 7.8 6.4

Energy 5.2 11.8

Financials 5.0 6.6

Real Estate 4.9 3.8

Utilities 4.6 4.5

Industrials 3.3 2.8

Investment Companies 1.9 1.9

Materials 1.7 1.1

Information Technology 1.6 2.0

Consumer Discretionary 1.1 1.4

Others (Individually Less Than 1%) 1.0 0.7

Foreign Bonds 27.1 24.2

Canadian Bonds 19.9 20.3



Derivative Exposure


5/31/21


11/30/20

Forward Foreign Currency Contracts 0.5 0.8

Futures Contracts 0.0 0.0

Forward Foreign Currency Contracts percentage is calculated by dividing the net unrealized gain/loss of all contracts held by total net assets.

Futures Contracts percentage is calculated by dividing the sum of the notional amount by total net assets.

Geographic Mix


5/31/21


11/30/20

Canada 51.3 54.4

United States of America 29.3 27.8

United Kingdom 4.3 2.6

Bermuda 1.0 0.9

Others (Individually Less Than 1%) 8.5 8.6



Maturity Diversification

Years


5/31/21


11/30/20

0 – 1 8.7 5.5

1 – 3 4.9 5.3

3 – 5 9.8 8.1

Over 5 27.8 29.8

Quality Diversification


5/31/21


11/30/20

AAA 9.5 5.4

AA 6.5 6.3

A 3.2 3.4

BBB 5.9 6.6

BB and Below 15.6 17.0

Not Rated 6.7 6.4

Equities 47.0 49.2

Short-Term Investments and Net Other Assets 5.6 5.7

We have used ratings from Moody’s Investors Service, Inc. Where Moody’s® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

24

Summary of Investment Portfolio as at May 31, 2021 – continued

Top Issuers

% of Fund’s Net Assets

1. Fidelity Canadian Bond Fund – Series O 18.7

2. Fidelity Dividend Plus Fund – Series O 13.6

3. Fidelity American High Yield Fund – Series O 11.0

4. Fidelity Convertible Securities Multi-Asset Base Fund – Series O 5.8

5. Fidelity Emerging Markets Debt Multi-Asset Base Fund – Series O 4.8

6. U.S. Treasury Obligations * 3.9

7. Fidelity Canadian Money Market Investment Trust – Series O 3.18. Fidelity High Income Commercial Real Estate Multi-Asset Base Fund

– Series O 2.59. Fidelity Canadian Real Return Bond Index Multi-Asset Base Fund –

Series O 2.4

10. Imperial Brands PLC 2.311. Fidelity Emerging Markets Local Currency Debt Multi-Asset Base

Fund – Series O 1.9

% of Fund’s Net Assets

12. Ishares Gold Trust 1.8

13. Suncor Energy, Inc. 1.6

14. Alimentation Couche-Tard, Inc. 1.6

15. Rogers Communications, Inc. 1.4

16. BCE, Inc. 1.2

17. Metro, Inc. 1.2

18. The Toronto-Dominion Bank 1.1

19. Fortis, Inc. 1.0

20. Quebecor, Inc. 1.0

21. Fidelity Floating Rate High Income Multi-Asset Base Fund – Series O 0.9

22. Loblaw Companies Ltd. 0.9

23. TMX Group Ltd. 0.9

24. British American Tobacco PLC 0.7

25. TELUS Corp. 0.7

86.0

* Bond Issuer

Total Fund Net Assets $1,860,597,000

Where applicable, the information in the above tables includes the Fund’s pro-rata share of the investment in any Fidelity managed underlying fund.

The summary of investment portfolio may change due to ongoing portfolio transactions of the investment fund. The most recent annual report, semi-annual report, quarterly report, fund facts document or simplified prospectus for the investment fund and/or underlying fund is available at no cost, by calling 1-800-263-4077, by writing to us at Fidelity Investments Canada ULC, 483 Bay St. Suite 300, Toronto ON M5G 2N7 or by visiting our web site at www.fidelity.ca or SEDAR at www.sedar.com.

Fidelity’s mutual funds are sold by registered Investment Professionals. Each Fund has a simplified prospectus, which contains important information on the Fund, including its investment objective, purchase options, and applicable charges. Please obtain a copy of the prospectus, read it carefully, and consult your Investment Professional before investing. As with any investment, there are risks to investing in mutual funds. There is no assurance that any Fund will achieve its investment objective, and its net asset value, yield, and investment return will fluctuate from time to time with market conditions. Investors may experience a gain or loss when they sell their securities in any Fidelity Fund. Fidelity Global Funds may be more volatile than other Fidelity Funds as they concentrate investments in one sector and in fewer issuers; no single Fund is intended to be a complete diversified investment program. Past performance is no assurance or indicator of future returns. There is no assurance that either Fidelity Canadian Money Market Fund, Fidelity Canadian Money Market Investment Trust, Fidelity U.S. Money Market Fund or Fidelity U.S. Money Market Investment Trust will be able to maintain its net asset value at a constant amount. The breakdown of Fund investments is presented to illustrate the way in which a Fund may invest, and may not be representative of a Fund’s current or future investments. A Fund’s investments may change at any time.

1.935183.109 FICL-MIC-CS-MRFPS-0721

Fidelity Capital Structure Corp.407 2nd Street S.W., Suite 820Calgary, Alberta T2P 2Y3

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

CustodianState Street Trust Company of CanadaToronto, Ontario

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

62.110721E

®Fidelity Investments is a registered trademark of Fidelity Investments Canada ULC.

Documents

Fidelity Monthly Income Class of the Fidelity Capital