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Semi-Annual Management Report of Fund PerformanceSeptember 30, 2017

Fidelity Global Telecommunications Fund

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 state-ments that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects”, “antici-pates”, “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, assump-tions 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 digres-sions, 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, unex-pected 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 September 30, 2017Fidelity Global Telecommunications FundThis 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 proce-dures, proxy voting disclosure record or quarterly portfolio disclosure relating to the investment fund.

Management Discussion of Fund PerformanceResults of Operations

Fidelity Global Telecommunications Fund (Fund), Series B, returned -2.6%, after fees and expenses, for the six-month period ended September 30, 2017. 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 2.3% (in Canadian dollar terms).

Market overview:

Global equities registered positive returns amid signs of stabilization in Europe and positive economic data in the U.S. European markets, as represented by the MSCI Europe Index, returned 7.2%, outperforming other global equity markets, with supportive economic data and solid corporate earnings lifting equities. European markets were also supported by the victory of a centrist candidate in the French presidential election. Asian equities gained during the review period, with the MSCI AC (All Country) Asia Pacific Index returning 4.4%, after optimism about global economic growth and improved corporate earnings forecasts in the region boosted sentiment. U.S. markets lagged other global markets, with the S&P 500 Index returning 1.0%; the impact of positive economic data was offset by concerns regarding geopolitical tensions in the Korean peninsula, the implications of hurricanes Harvey and Irma and the Canadian dollar’s appreciation against the U.S. dollar.

Factors affecting performance:

The Fund’s benchmark, the MSCI ACWI (All Country World Index) Telecommunications Index, returned -2.6% for the six-month period under review. The Fund marginally underperformed its benchmark after fees and expenses; however, it outperformed before fees and expenses. Security selection in the diversified telecommunication services industry helped performance, with a lower-than-benchmark exposure to U.S.-based AT&T and higher-than-benchmark exposures to Germany-based Deutsche Telecom, Netherlands-based Koninklijke KPN and New Zealand-based Spark New Zealand all contributing to relative performance. Among other industries, the Fund’s investment in Germany-based Internet services company United Internet contributed to relative performance.

In contrast, the Fund’s exposure to certain stocks in the wireless telecommunication services industry, detracted: an investment in Hong Kong-based SmarTone Telecommunications and a lack of exposure to Canada-based communications and media company Rogers Communications detracted from relative performance. Among other industries, the Fund’s investment in Sweden-based telecommunications equipment and services company Ericsson and a lack of exposure to Norway-based telecommunications company Telenor detracted from relative performance.

Positioning Changes:

Portfolio manager Aditya Shivram is positive about the outlook for the telecommunications services sector, as these companies should benefit from the increase in data usage due to the surge in social networking and video applications. The Fund focuses on holdings that stand to benefit from growing data demand, and the increasing demand for high-speed infrastructure for fixed-line broadband markets where consoli-dation can improve the monetization opportunities for telecommunications companies. Changes to regulation or market structure have the biggest impact on companies in the sector.

As a result, the portfolio manager increased exposure to the wireless telecommunications industry. In particular, the portfolio manager initi-ated investments in Indonesia-based wireless telecommunications services provider PT Sarana Menara Nusantara, owing to its attractive valuation. The portfolio manager also increased exposure to Hong Kong-based SmarTone Telecommunications, which is a well-run company with good returns, a strong balance sheet and a solid dividend yield. In contrast, exposure to the Internet software and services industry, which is not part of the benchmark index, was reduced during the review period; the portfolio manager found more attractive investment options elsewhere.

The Fund’s geographic allocations are a by-product of the manager’s bottom-up fundamental stock selection process, reflecting his intent to add value through stock selection instead of macro-level calls.

Recent Developments

Portfolio manager Aditya Shivram focuses on income-generating stocks and seeks capital appreciation opportunities related to the long-term secular themes of growing data demand, smartphone penetration, European market exposure and cable infrastructure growth. Restructuring

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Management Discussion of Fund Performance – continued

potential is also one of the key aspects of his stock selection process. He remains positive on the U.S., believing that industry pricing is cur-rently stable and that there are expectations of further consolidation.

At the end of the period, the Fund had its largest absolute exposure to the diversified telecommunication services industry, followed by the wireless telecommunication services industry. In terms of regional exposures, North America accounted for the Fund’s largest absolute exposure.

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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 has entered into sub-advisory agreements with a number of entities including FIL Limited to provide investment advice with respect to all or a portion of the invest-ments of the Fund. The sub-advisors arrange for 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 $35,000 for the period ended September 30, 2017.

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 $5,000 for the period ended September 30, 2017.

Brokerage Commissions

The Fund may place a portion of its portfolio transactions with brokerage firms which are affiliates of Fidelity Investments, including National Financial Services LLC, 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 $0 for the period ended September 30, 2017. Fidelity receives standing instructions from the IRC in respect of policies and procedures governing best execution of transactions with affiliates, 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 Global Telecommunications Fund Series A

Six-months ended September 30, Periods ended March 31,

2017 2017 2016 2015 2014 2013The Series’ Net Assets per Security A Net assets, beginning of period B $ 7.56 $ 7.72 $ 7.50 $ 6.96 $ 5.58 $ 5.03Increase (decrease) from operations: Total revenue .20 .29 .28 .25 .50 .20Total expenses (excluding distributions) (.11) (.23) (.23) (.22) (.20) (.14)Realized gains (losses) .11 .61 .33 1.05 .65 .13Unrealized gains (losses) (.41) (.79) (.13) (.15) .50 .39Total increase (decrease) from operationsB (.21) (.12) .24 .92 1.44 .58Distributions: From net investment income (excluding dividends) – (.08) (.06) (.40) (.03) –From dividends – – – – – (.08)From capital gains – – – – – –Return of capital – – – – – –Total distributionsB,C – (.08) (.06) (.40) (.03) (.08)Net assets, end of periodB $ 7.36 $ 7.56 $ 7.72 $ 7.50 $ 6.96 $ 5.57Ratios and Supplemental Data Net asset value (000s) D $ 651 $ 638 $ 931 $ 790 $ 765 $ 795Securities outstandingD 88,446 84,332 120,561 104,614 109,013 142,524Management expense ratio E,F 2.54% 2.57% 2.58% 2.64% 2.69% 2.66%Management expense ratio before waivers or absorptions E,F 2.58% 2.61% 2.65% 2.68% 2.69% 2.66%Trading expense ratioG .02% .18% .04% .13% .14% .11%Portfolio turnover rateH 7.24% 28.43% 23.30% 41.59% 56.85% 58.16%Net asset value per security, end of period $ 7.3580 $ 7.5633 $ 7.7211 $ 7.4996 $ 6.9557 $ 5.5762

Fidelity Global Telecommunications Fund Series B


2017 2017 2016 2015 2014 2013The Series’ Net Assets per Security A Net assets, beginning of period B $ 7.58 $ 7.74 $ 7.52 $ 6.97 $ 5.59 $ 5.05Increase (decrease) from operations: Total revenue .20 .29 .27 .25 .52 .20Total expenses (excluding distributions) (.10) (.22) (.22) (.21) (.19) (.13)Realized gains (losses) .11 .62 .35 1.05 .66 .14Unrealized gains (losses) (.39) (.75) (.12) (.14) .47 .42Total increase (decrease) from operationsB (.18) (.06) .29 .95 1.46 .63Distributions: From net investment income (excluding dividends) – (.10) (.07) (.41) (.05) –From dividends – – – – – (.10)From capital gains – – – – – –Return of capital – – – – – –Total distributionsB,C – (.10) (.07) (.41) (.05) (.10)Net assets, end of periodB $ 7.38 $ 7.58 $ 7.74 $ 7.52 $ 6.97 $ 5.59Ratios and Supplemental Data Net asset value (000s) D $ 2,680 $ 3,056 $ 3,710 $ 3,616 $ 3,658 $ 3,484Securities outstandingD 362,363 403,370 479,312 480,554 522,209 623,268Management expense ratio E,F 2.35% 2.37% 2.39% 2.44% 2.46% 2.44%Management expense ratio before waivers or absorptions E,F 2.39% 2.41% 2.44% 2.46% 2.46% 2.44%Trading expense ratioG .02% .18% .04% .13% .14% .11%Portfolio turnover rateH 7.24% 28.43% 23.30% 41.59% 56.85% 58.16%Net asset value per security, end of period $ 7.3821 $ 7.5809 $ 7.7394 $ 7.5195 $ 6.9735 $ 5.5911

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Fidelity Global Telecommunications Fund Series F


2017 2017 2016 2015 2014 2013The Series’ Net Assets per Security A Net assets, beginning of period B $ 7.81 $ 7.98 $ 7.76 $ 7.20 $ 5.77 $ 5.21Increase (decrease) from operations: Total revenue .20 .29 .28 .25 .51 .20Total expenses (excluding distributions) (.07) (.13) (.13) (.13) (.12) (.07)Realized gains (losses) .11 .62 .30 1.26 .70 .16Unrealized gains (losses) (.44) (.39) (.28) (.25) .44 .45Total increase (decrease) from operationsB (.20) .39 .17 1.13 1.53 .73Distributions: From net investment income (excluding dividends) – (.19) (.17) (.51) (.13) –From dividends – – – – – (.16)From capital gains – – – – – –Return of capital – – – – – –Total distributionsB,C – (.19) (.17) (.51) (.13) (.16)Net assets, end of periodB $ 7.65 $ 7.81 $ 7.98 $ 7.76 $ 7.20 $ 5.77Ratios and Supplemental Data Net asset value (000s) D $ 105 $ 117 $ 110 $ 43 $ 26 $ 24Securities outstandingD 13,736 14,918 13,817 5,563 3,570 4,176Management expense ratio E,F 1.23% 1.25% 1.25% 1.29% 1.33% 1.30%Management expense ratio before waivers or absorptions E,F 1.25% 1.28% 1.31% 1.33% 1.33% 1.30%Trading expense ratioG .02% .18% .04% .13% .14% .11%Portfolio turnover rateH 7.24% 28.43% 23.30% 41.59% 56.85% 58.16%Net asset value per security, end of period $ 7.6491 $ 7.8117 $ 7.9786 $ 7.7560 $ 7.1979 $ 5.7723

Fidelity Global Telecommunications Fund Series O


2017 2017 2016 2015 2014 2013The Series’ Net Assets per Security A Net assets, beginning of period B $ 8.12 $ 8.29 $ 8.07 $ 7.49 $ 6.01 $ 5.43Increase (decrease) from operations: Total revenue .21 .31 .30 .27 .56 .22Total expenses (excluding distributions) (.02) (.04) (.04) (.04) (.03) –Realized gains (losses) .12 .64 .36 .94 .72 .15Unrealized gains (losses) (.42) (.85) (.15) .24 .45 .45Total increase (decrease) from operationsB (.11) .06 .48 1.41 1.70 .82Distributions: From net investment income (excluding dividends) – (.30) (.29) (.63) (.23) –From dividends – – – – – (.24)From capital gains – – – – – –Return of capital – – – – – –Total distributionsB,C – (.30) (.29) (.63) (.23) (.24)Net assets, end of periodB $ 8.00 $ 8.12 $ 8.29 $ 8.07 $ 7.49 $ 6.00Ratios and Supplemental Data Net asset value (000s) D $ 801 $ 901 $ 1,417 $ 1,121 $ 2,001 $ 1,762Securities outstandingD 99,940 110,700 170,472 137,985 266,784 293,320Management expense ratio –% –% –% —% —% —%Management expense ratio before waivers or absorptions —% —% —% —% —% —%Trading expense ratioG .02% .18% .04% .13% .14% .11%Portfolio turnover rateH 7.24% 28.43% 23.30% 41.59% 56.85% 58.16%Net asset value per security, end of period $ 8.0002 $ 8.1202 $ 8.2947 $ 8.0675 $ 7.4866 $ 6.0062

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Financial Highlights – continued

Fidelity Global Telecommunications Fund Series E1


2017 2017 2016I

The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.55 $ 9.75 $ 10.00Increase (decrease) from operations: Total revenue .24 .38 .05Total expenses (excluding distributions) (.13) (.27) (.04)Realized gains (losses) .14 .69 (.02)Unrealized gains (losses) (.43) (.98) .02Total increase (decrease) from operationsB (.18) (.18) .01Distributions: From net investment income (excluding dividends) – (.13) –From dividends – – –From capital gains – – –Return of capital – – –Total distributionsB,C – (.13) –Net assets, end of periodB $ 9.31 $ 9.55 $ 9.75Ratios and Supplemental Data Net asset value (000s) D $ 111 $ 118 $ 245Securities outstandingD 11,890 12,357 24,938Management expense ratio E,J 2.25% 2.29% 2.31%Management expense ratio before waivers or absorptions E,J 2.29% 2.32% 2.35%Trading expense ratioG .02% .18% .04%Portfolio turnover rateH 7.24% 28.43% 23.30%Net asset value per security, end of period $ 9.3081 $ 9.5544 $ 9.7539

Fidelity Global Telecommunications Fund Series E2


2017 2017 2016I

The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.55 $ 9.76 $ 10.00Increase (decrease) from operations: Total revenue .25 .36 .03Total expenses (excluding distributions) (.12) (.26) (.04)Realized gains (losses) .15 .85 .02Unrealized gains (losses) (.53) (1.00) (.25)Total increase (decrease) from operationsB (.25) (.05) (.24)Distributions: From net investment income (excluding dividends) – (.15) –From dividends – – –From capital gains – – –Return of capital – – –Total distributionsB,C – (.15) –Net assets, end of periodB $ 9.31 $ 9.55 $ 9.76Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1 $ 1Securities outstandingD 102 102 100Management expense ratio E,J 2.18% 2.14% 2.18%Management expense ratio before waivers or absorptions E,J 2.50% 2.55% 2.53%Trading expense ratioG .02% .18% .04%Portfolio turnover rateH 7.24% 28.43% 23.30%Net asset value per security, end of period $ 9.3121 $ 9.5545 $ 9.7555

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Fidelity Global Telecommunications Fund Series P1


2017 2017 2016K

The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.47 $ 9.68 $ 10.00Increase (decrease) from operations: Total revenue .25 .26 .07Total expenses (excluding distributions) (.07) (.15) (.04)Realized gains (losses) .14 1.27 .06Unrealized gains (losses) (.50) (1.34) (.06)Total increase (decrease) from operationsB (.18) .04 .02Distributions: From net investment income (excluding dividends) – (.25) (.21)From dividends – – –From capital gains – – –Return of capital – – –Total distributionsB,C – (.25) (.21)Net assets, end of periodB $ 9.28 $ 9.47 $ 9.68Ratios and Supplemental Data Net asset value (000s) D $ 167 $ 170 $ 1Securities outstandingD 18,015 17,909 102Management expense ratio E,L 1.07% 1.09% 1.16%Management expense ratio before waivers or absorptions E,L 1.08% 1.11% 1.23%Trading expense ratioG .02% .18% .04%Portfolio turnover rateH 7.24% 28.43% 23.30%Net asset value per security, end of period $ 9.2828 $ 9.4722 $ 9.6775

Fidelity Global Telecommunications Fund Series P2


2017 2017 2016M

The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.67 $ 9.89 $ 10.00Increase (decrease) from operations: Total revenue .25 .36 .03Total expenses (excluding distributions) (.08) (.16) (.01)Realized gains (losses) .13 .86 –Unrealized gains (losses) (.31) (1.09) (.14)Total increase (decrease) from operationsB (.01) (.03) (.12)Distributions: From net investment income (excluding dividends) – (.25) –From dividends – – –From capital gains – – –Return of capital – – –Total distributionsB,C – (.25) –Net assets, end of periodB $ 9.48 $ 9.67 $ 9.89Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 5 $ 5Securities outstandingD 103 553 538Management expense ratio E,N 1.05% 1.08% 1.08%Management expense ratio before waivers or absorptions E,N 1.05% 1.13% 1.16%Trading expense ratioG .02% .18% .04%Portfolio turnover rateH 7.24% 28.43% 23.30%Net asset value per security, end of period $ 9.4808 $ 9.6722 $ 9.8809

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Financial Highlights – continued

Financial Highlights FootnotesA This information is derived from the Fund’s audited annual and/or unaudited interim financial statements. Periods beginning on or after January 1, 2013 follow International Financial Reporting Standards (IFRS) and periods prior to January

1, 2013 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, 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. Distributions are presented based on management’s best estimate of the tax character.

D This information is provided as at period end of the year shown.E Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset values during the

period, including the Fund’s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable.F Effective November 1, 2014, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at

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

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

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

I For the period February 5, 2016 (commencement of sale of securities) to March 31, 2016.J Effective February 9, 2016, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its

sole discretion. It is not known when such waivers will be terminated.K For the period December 4, 2015 (commencement of sale of securities) to March 31, 2016.L Effective December 8, 2015, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at

its sole discretion. It is not known when such waivers will be terminated.M For the period March 11, 2016 (commencement of sale of securities) to March 31, 2016.N Effective March 15, 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.

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Management and Advisory Fees

Fidelity serves as manager and investment advisor of 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. 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 the general investment management expenses. Dealer compensation represents cash commissions paid by Fidelity to registered dealers during the period and includes upfront deferred sales charge and trailing commissions. This amount may, in certain circumstances, exceed 100% of the fees earned by Fidelity during the period. For new Funds or Series the amounts presented may not be indicative of longer term operating periods.

Management Fees

Dealer Compensation

Investment management, administration

and other

Series A 2.000% 39.70% 60.30%Series B 1.850% 54.05% 45.95%Series F 0.850% — 100.00%Series E1 1.825% 54.79% 45.21%Series E2 1.800% 55.56% 44.44%Series P1 0.825% — 100.00%Series P2 0.800% — 100.00%

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

Year-by-Year Returns

The following bar chart shows the Fund’s annual performance for each of the years shown, and illustrates how the Fund’s performance was changed from year to year. In percentage terms, the bar chart shows how much an investment made on the first day of each financial year would have grown or decreased by the last day of each financial year. For each Series in the Year-by-Year Returns table below, the most recent returns stated are for the current six month period.

Series A

302010

0-10-20-30

2017

-2.7

2017

-0.9

2016

3.7

2015

14.2

2014

25.2

2013

12.7

2012

-0.4

2011

14.0

2010

3.9

2009

-22.5

2008

-6.7

Fiscal Years

(%)

Series B

302010

0-10-20-30

2017

-2.6

2017

-0.7

2016

3.8

2015

14.4

2014

25.4

2013

12.9

2012

-0.2

2011

14.3

2010

4.2

2009

-22.3

2008

-6.5

Fiscal Years

(%)

Series F

302010

0-10-20-30

2017

-2.1

2017

0.4

2016

5.0

2015

15.7

2014

26.9

2013

14.1

2012

0.9

2011

15.6

2010

5.3

2009

-21.4

2008

-5.6

Fiscal Years

(%)

Series O

302010

0-10-20-30

2017

-1.5

2017

1.7

2016

6.4

2015

17.2

2014

28.6

2013

15.6

2012

2.2

2011

17.0

2010

6.8

2009

-20.2

2008

-4.0

Fiscal Years

(%)

Series E1

0

-5

2017

-2.6

2017

-0.6

2016

-2.5

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series E2

0

-5

2017

-2.5

2017

-0.5

2016

-2.4

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

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Series P1

5

0

-5

2017

-2.0

2017

0.5

2016

-1.2

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P2

5

0

-5

2017

-2.0

2017

0.5

2016

-1.2

Fiscal Years

(%)

Commencement of Operations is March 11, 2016

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Summary of Investment Portfolio as at September 30, 2017Sector Mix

% of Fund’s Net Assets

as at 9/30/17


as at 3/31/17

Diversified Telecommunication Services 61.0 60.1

Wireless Telecommunication Services 33.2 29.8

Media 1.7 1.9Internet Software & Services 1.0 1.6Others (Individually Less Than 1%) 1.8 1.8Cash and Cash Equivalents 1.4 4.6Net Other Assets (Liabilities) (0.1) 0.2

Geographic Mix


as at 9/30/17


as at 3/31/17

United States of America 23.4 22.9Japan 16.3 15.3United Kingdom 10.2 10.4Germany 8.4 9.2Hong Kong 8.0 8.2France 4.9 4.9Singapore 4.4 4.7Netherlands 2.7 2.5New Zealand 2.5 2.7Taiwan 2.5 2.5Indonesia 2.3 0.7Italy 2.2 2.0Mexico 2.0 1.6Cayman Islands 2.0 2.1Spain 1.6 1.6Bermuda 1.1 0.4Australia 1.0 0.0Luxembourg 1.0 1.2Others (Individually Less Than 1%) 2.2 2.3Cash and Cash Equivalents 1.4 4.6Net Other Assets (Liabilities) (0.1) 0.2

Top Issuers


1. AT&T, Inc. 10.22. Verizon Communications, Inc. 10.03. Deutsche Telekom AG 7.44. SoftBank Corp. 6.55. China Mobile Ltd. 5.96. KDDI Corp. 5.07. Orange SA 4.98. Nippon Telegraph & Telephone Corp. 4.89. Vodafone Group PLC 4.810. BT Group PLC 4.711. Singapore Telecommunications Ltd. 4.412. Koninklijke KPN NV 2.713. Far EasTone Telecommunications Co. Ltd. 2.514. Spark New Zealand Ltd. 2.515. T-Mobile U.S., Inc. 2.316. Telecom Italia SpA 2.217. China Unicom Ltd. 2.118. America Movil S.A.B. de CV 2.019. HKBN Ltd. 2.020. Telefonica SA 1.621. PT Sarana Menara Nusantara Tbk 1.522. Cash and Cash Equivalents 1.423. SmarTone Telecommunications Hldgs Ltd 1.124. Telstra Corp. Ltd. 1.0

25. SES SA 1.094.5

Total Fund Net Assets $4,510,000

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 or Fidelity U.S. Money Market Fund will be able to maintain its net asset value at a constant amount. The breakdown of Fund investments is presented to illustrate the way in which a Fund may invest, and may not be representative of a Fund’s current or future investments. A Fund’s investments may change at any time.

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Fidelity Investments Canada ULC483 Bay Street, Suite 300Toronto, Ontario M5G 2N7

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

CustodianState Street Trust Company of CanadaToronto, Ontario

Portfolio AdviserFidelity Investments Canada ULCToronto, Ontario

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

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

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