fidelity global telecommunications fund

Annual Management Report of Fund PerformanceMarch 31, 2020

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 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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Annual Management Report of Fund Performance as at March 31, 2020Fidelity Global Telecommunications FundThis annual management report of fund performance contains financial highlights but does not contain the complete annual financial statements for the investment fund. You can get a copy of the annual financial statements at your request, and at no cost, by calling 1-800-263-4077, 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 PerformanceInvestment Objective and StrategiesInvestment Objective: Fidelity Global Telecommunications Fund (Fund) aims to achieve long-term capital growth by investing primarily in equity securities of companies anywhere in the world that are involved in the development, manufacture or sale of telecommunications services and/or equipment.

Strategies: The portfolio manager focuses primarily on a company’s fundamentals – its financial condition and its growth and earnings potential – when deciding whether or not to invest in the company. The portfolio manager also considers industry, market and economic conditions affecting the company. The Fund invests in companies the portfolio manager believes offer the potential for growth over the long term, and whose shares trade at prices reflecting attractive valuations. When making investment decisions, the portfolio manager also takes into account the amount the Fund has invested in different regions of the world. The Fund may invest in small, medium-sized and large companies, and may hold cash and fixed-income securities.

RiskThe risks associated with investing in this Fund remain as discussed in the prospectus. Any changes to the Fund over the period have not affected the overall level of risk of the Fund.

However, the recent international spread of COVID-19 has heightened certain risks associated with investing in this Fund, including Liquidity Risk and Large Transaction Risk.

Liquidity, as well as the value of an investment, may also be affected by factors that affect securities markets generally, such as general economic and political conditions, fluctuations in interest rates and factors unique to each issuer of the securities held by a mutual fund, such as changes in management, changes in strategic direction, achievement of strategic goals, merg-ers, acquisitions and divestitures, changes in distribution and dividend policies and other events.

COVID-19 has caused volatility and decline in global financial markets, as well as significant disruptions to global business activity, which have caused losses for investors. The impact of unanticipated market disruptions, including COVID-19, may cause exchanges to suspend trading and/or investment funds to suspend dealing (which could be for an extended period of time), may exacerbate pre-existing political, social or economic risk, and may disproportionately affect certain issuers, industries or types of securities. These impacts may have an effect on the performance of the Fund, the performance of the securities in which the Fund invests and may lead to an increase in the amount of redemptions experienced by the Fund (including redemptions by large investors). Each of these effects may lead to illiquidity and losses on your investment. Such unanticipated market disruptions, including COVID-19, may be short-term or may last for an extended period of time, and could have effects that cannot necessarily be presently foreseen. Even if general economic conditions change or improve, the value of an investment in the Fund could decline if the particular industries, sectors, companies or types of securities in which the Fund invests do not perform well or are adversely affected by such unanticipated events.

The Fund is suitable for long-term investors wishing to gain exposure to the telecommunications companies anywhere in the world and willing to accept a medium to high level of risk. The suitability of the investment has not changed from what has been disclosed in the prospectus.

Results of Operations:Fidelity Global Telecommunications Fund, Series B, returned -10.8%, after fees and expenses, for the one-year period ended March 31, 2020. The net returns of the other series of this Fund are similar to those of Series B, except for differences attributable to expense structures. During the review period, global equities, as represented by the MSCI World Index, returned -4.5% (in Canadian dollar terms).

Market overview:

Global equities declined as concerns related to the impact of the COVID-19 pandemic and its effect on global growth, coupled with plummeting oil prices, hampered investor sentiment. Oil prices declined after Russia and Saudi Arabia failed to reach a production cut agreement amid fears of falling global demand. In the first half of the review period, monetary policy easing and sustained global growth along with easing U.S.-China trade relations supported investor confidence. However, the global spread of COVID-19 and the ensuing shutdown of large parts of the global economy led to significant uncertainty, driving sharp market corrections. Some losses were contained after the U.S. Federal Reserve (Fed) reduced its key policy rates to lows last seen during the 2008-2009 global financial crisis. In March of 2020, the Fed lowered interest rates from a range of 1.50-1.75% to 0.00-0.25% in two emergency moves well ahead of the regular policy meeting. The U.S. also announced a stimulus package of $2 trillion to help shield the global economic impact of the COVID-19 pandemic. From a regional perspective, Asia Pacific ex Japan and emerging market equities declined during the period amid a global sell-off due to growing risk aversion in the light of the COVID-19 pandemic, offsetting optimism following the signing of phase one of the U.S.-China trade deal. European and U.S. equities also fell and economic disruptions and uncertainty created by the spread of COVID-19 resulted in heightened volatility, as the epicenter of the pandemic moved to Europe and the U.S. in March.

Factors affecting performance:

The Fund’s benchmark, the MSCI ACWI (All Country World Index) Telecommunications Index, returned -3.8% (in Canadian dollar terms) for the review period.

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Management Discussion of Fund Performance – continued

The Fund underperformed its benchmark due to a lower-than-benchmark allocation to the wireless telecommunication services industry. Lack of exposure to NTT Docomo, the predominant mobile phone operator in Japan, detracted from relative performance, as did the Fund’s holding in Hong Kong-based SmarTone Telecommunications. Holdings in the integrated telecommuni-cations services industry, such as BT Group, and China Unicom (Hong Kong) Ltd., also detracted from relative returns.

However, investments in integrated telecommunications services providers such as the Spain-based telecommunication services provider Telefonica, and Hong Kong-based HKBN, contributed to relative returns. Among other industries, the Fund’s exposure to American Tower Corp, a U.S.-based equity real estate investment trust (REIT) that owns and operates wireless and broadcast communications infrastructure in several countries, contributed to relative performance.

Portfolio Changes:

Portfolio manager Aditya Shivram believes high-speed broadband networks is a key focus in the telecommunication services sector. The portfolio manager believes certain telecommunication companies offer good value, such as those providing key infrastructure to support higher data usage as the industry makes the transition to fifth-generation (5G) mobile technology. Against this backdrop, the portfolio manager retained most of the Fund’s holdings that were selected for, in his view, their strong long-term growth prospects. The Fund’s holding in New Zealand-based Spark New Zealand was increased due to, in the portfolio manager’s view, its strong balance sheet as well as for improvements in earnings due to cost reductions.

In contrast, in the diversified telecommunications services industry, the Fund’s exposure to AT&T declined, as the portfolio manager believes the company faces a rapidly changing competi-tive landscape.

At the end of the review period, the Fund had its largest absolute exposure to the diversified telecommunication services industry, followed by the wireless telecommunication services industry.

Recent DevelopmentsAs the trajectory of global rates of COVID-19 infection remains uncertain, and the timeframe and speed for 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.

The portfolio manager believes the only constant factor in the global telecommunications sector is innovation, which continually leads to new competitors and opportunities. The portfolio manager believes that employing a deeper understanding of the underlying technology is key to identifying attractive investment ideas. The portfolio manager seeks to give investors unique exposure to global telecommunications services stocks, actively identifying what he believes to be good investment opportunities from across the world, including emerging markets.

The GICS (Global Industry Classification Standard) industry benchmark was adjusted after the close of business on September 28, 2018, where the Telecommunication Services sector was reconstituted and renamed as the Communication Services sector. Telecommunication Services is now an industry group within the new Communication Services sector.

On March 12, 2020, Fidelity announced the proposed termination of the Fund effective on or around June 19, 2020. Further to its April 1, 2020 press release, Fidelity has decided to postpone the proposed termination of the Fund to a future date. The IRC of the Fund has reviewed the proposed termination of the Fund and determined that it achieves a fair and reason-able result for the Fund. The Fund is closed to new purchases.

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 including FIL Limited 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.

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 $53,000 for the period ended March 31, 2020.

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 $7,000 for the period ended March 31, 2020.

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 $0 for the period ended March 31, 2020. 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

Periods ended March 31, 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 7.36 $ 7.12 $ 7.56 $ 7.72 $ 7.50Increase (decrease) from operations: Total revenue .28 .34 .31 .29 .28Total expenses (excluding distributions) (.21) (.21) (.22) (.23) (.23)Realized gains (losses) .07 .15 .26 .61 .33Unrealized gains (losses) (.76) .03 (.70) (.79) (.13)Total increase (decrease) from operationsB (.62) .31 (.35) (.12) .24Distributions: From net investment income (excluding dividends) (.09) (.10) (.07) (.08) (.06)From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C (.09) (.10) (.07) (.08) (.06)Net assets, end of periodB $ 6.47 $ 7.36 $ 7.12 $ 7.56 $ 7.72Ratios and Supplemental Data Net asset value (000s) D $ 236 $ 380 $ 532 $ 638 $ 931Securities outstandingD 36,543 51,603 74,464 84,332 120,561Management expense ratio E,F 2.55% 2.52% 2.52% 2.57% 2.58%Management expense ratio before waivers or absorptions E,F 2.62% 2.59% 2.58% 2.61% 2.65%Trading expense ratioG .01% .02% .03% .18% .04%Portfolio turnover rateH,I 2.11% 15.87% 18.27% 28.43% 23.30%Net asset value per security, end of period $ 6.4682 $ 7.3596 $ 7.1263 $ 7.5633 $ 7.7211

Fidelity Global Telecommunications Fund Series B

Periods ended March 31, 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 7.38 $ 7.14 $ 7.58 $ 7.74 $ 7.52Increase (decrease) from operations: Total revenue .28 .33 .31 .29 .27Total expenses (excluding distributions) (.19) (.20) (.20) (.22) (.22)Realized gains (losses) .08 .15 .26 .62 .35Unrealized gains (losses) (.94) .07 (.72) (.75) (.12)Total increase (decrease) from operationsB (.77) .35 (.35) (.06) .29Distributions: From net investment income (excluding dividends) (.11) (.11) (.09) (.10) (.07)From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C (.11) (.11) (.09) (.10) (.07)Net assets, end of periodB $ 6.48 $ 7.38 $ 7.14 $ 7.58 $ 7.74Ratios and Supplemental Data Net asset value (000s) D $ 2,025 $ 2,613 $ 2,548 $ 3,056 $ 3,710Securities outstandingD 312,233 354,280 356,711 403,370 479,312Management expense ratio E,F 2.33% 2.32% 2.34% 2.37% 2.39%Management expense ratio before waivers or absorptions E,F 2.39% 2.39% 2.39% 2.41% 2.44%Trading expense ratioG .01% .02% .03% .18% .04%Portfolio turnover rateH,I 2.11% 15.87% 18.27% 28.43% 23.30%Net asset value per security, end of period $ 6.4852 $ 7.3771 $ 7.1426 $ 7.5809 $ 7.7394

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Financial Highlights – continued

Fidelity Global Telecommunications Fund Series F

Periods ended March 31, 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 7.60 $ 7.35 $ 7.81 $ 7.98 $ 7.76Increase (decrease) from operations: Total revenue .29 .33 .34 .29 .28Total expenses (excluding distributions) (.12) (.12) (.13) (.13) (.13)Realized gains (losses) .09 .15 .25 .62 .30Unrealized gains (losses) (1.14) .12 (.87) (.39) (.28)Total increase (decrease) from operationsB (.88) .48 (.41) .39 .17Distributions: From net investment income (excluding dividends) (.20) (.20) (.18) (.19) (.17)From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C (.20) (.20) (.18) (.19) (.17)Net assets, end of periodB $ 6.68 $ 7.60 $ 7.35 $ 7.81 $ 7.98Ratios and Supplemental Data Net asset value (000s) D $ 134 $ 134 $ 72 $ 117 $ 110Securities outstandingD 20,077 17,685 9,843 14,918 13,817Management expense ratio E,F 1.20% 1.19% 1.22% 1.25% 1.25%Management expense ratio before waivers or absorptions E,F 1.23% 1.23% 1.25% 1.28% 1.31%Trading expense ratioG .01% .02% .03% .18% .04%Portfolio turnover rateH,I 2.11% 15.87% 18.27% 28.43% 23.30%Net asset value per security, end of period $ 6.6763 $ 7.5975 $ 7.3578 $ 7.8117 $ 7.9786

Fidelity Global Telecommunications Fund Series O

Periods ended March 31, 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 7.89 $ 7.64 $ 8.12 $ 8.29 $ 8.07Increase (decrease) from operations: Total revenue .30 .36 .33 .31 .30Total expenses (excluding distributions) (.03) (.04) (.03) (.04) (.04)Realized gains (losses) .09 .15 .28 .64 .36Unrealized gains (losses) (1.07) .14 (.77) (.85) (.15)Total increase (decrease) from operationsB (.71) .61 (.19) .06 .48Distributions: From net investment income (excluding dividends) (.30) (.31) (.29) (.30) (.29)From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C (.30) (.31) (.29) (.30) (.29)Net assets, end of periodB $ 6.93 $ 7.89 $ 7.64 $ 8.12 $ 8.29Ratios and Supplemental Data Net asset value (000s) D $ 1,046 $ 1,044 $ 751 $ 901 $ 1,417Securities outstandingD 150,708 132,112 98,055 110,700 170,472Management expense ratio –% –% –% —% —%Management expense ratio before waivers or absorptions —% —% —% —% —%Trading expense ratioG .01% .02% .03% .18% .04%Portfolio turnover rateH,I 2.11% 15.87% 18.27% 28.43% 23.30%Net asset value per security, end of period $ 6.9300 $ 7.8889 $ 7.6434 $ 8.1202 $ 8.2947

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Fidelity Global Telecommunications Fund Series E1

Periods ended March 31, 2020 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.29 $ 8.99 $ 9.55 $ 9.75 $ 10.00Increase (decrease) from operations: Total revenue .34 .41 .38 .38 .05Total expenses (excluding distributions) (.24) (.25) (.25) (.27) (.04)Realized gains (losses) .13 .18 .33 .69 (.02)Unrealized gains (losses) (1.65) .10 (.84) (.98) .02Total increase (decrease) from operationsB (1.42) .44 (.38) (.18) .01Distributions: From net investment income (excluding dividends) (.14) (.15) (.12) (.13) –From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C (.14) (.15) (.12) (.13) –Net assets, end of periodB $ 8.17 $ 9.29 $ 8.99 $ 9.55 $ 9.75Ratios and Supplemental Data Net asset value (000s) D $ 102 $ 80 $ 84 $ 118 $ 245Securities outstandingD 12,493 8,638 9,472 12,357 24,938Management expense ratio E,K 2.24% 2.22% 2.24% 2.29% 2.31%Management expense ratio before waivers or absorptions E,K 2.31% 2.29% 2.29% 2.32% 2.35%Trading expense ratioG .01% .02% .03% .18% .04%Portfolio turnover rateH,I 2.11% 15.87% 18.27% 28.43% 23.30%Net asset value per security, end of period $ 8.1699 $ 9.2960 $ 9.0019 $ 9.5544 $ 9.7539

Fidelity Global Telecommunications Fund Series E2

Periods ended March 31, 2020 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.29 $ 8.99 $ 9.55 $ 9.76 $ 10.00Increase (decrease) from operations: Total revenue .30 .42 .38 .36 .03Total expenses (excluding distributions) (.22) (.23) (.25) (.26) (.04)Realized gains (losses) .20 .19 .33 .85 .02Unrealized gains (losses) (3.25) .08 (.90) (1.00) (.25)Total increase (decrease) from operationsB (2.97) .46 (.44) (.05) (.24)Distributions: From net investment income (excluding dividends) (.15) (.16) (.13) (.15) –From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C (.15) (.16) (.13) (.15) –Net assets, end of periodB $ 8.16 $ 9.29 $ 8.99 $ 9.55 $ 9.76Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1 $ 1 $ 1 $ 1Securities outstandingD 106 105 103 102 100Management expense ratio E,K 2.18% 2.17% 2.16% 2.14% 2.18%Management expense ratio before waivers or absorptions E,K 2.38% 2.58% 2.53% 2.55% 2.53%Trading expense ratioG .01% .02% .03% .18% .04%Portfolio turnover rateH,I 2.11% 15.87% 18.27% 28.43% 23.30%Net asset value per security, end of period $ 8.1646 $ 9.2920 $ 9.0014 $ 9.5545 $ 9.7555

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Financial Highlights – continued

Fidelity Global Telecommunications Fund Series P1

Periods ended March 31, 2020 2019 2018 2017 2016L

The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.21 $ 8.91 $ 9.47 $ 9.68 $ 10.00Increase (decrease) from operations: Total revenue .34 .50 .36 .26 .07Total expenses (excluding distributions) (.14) (.13) (.14) (.15) (.04)Realized gains (losses) .11 .17 .34 1.27 .06Unrealized gains (losses) (1.30) (.57) (.88) (1.34) (.06)Total increase (decrease) from operationsB (.99) (.03) (.32) .04 .02Distributions: From net investment income (excluding dividends) (.24) (.26) (.23) (.25) (.21)From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C (.24) (.26) (.23) (.25) (.21)Net assets, end of periodB $ 8.09 $ 9.21 $ 8.91 $ 9.47 $ 9.68Ratios and Supplemental Data Net asset value (000s) D $ 17 $ 11 $ 219 $ 170 $ 1Securities outstandingD 2,135 1,148 24,596 17,909 102Management expense ratio E,M 1.15% 1.07% 1.06% 1.09% 1.16%Management expense ratio before waivers or absorptions E,M 1.18% 1.10% 1.09% 1.11% 1.23%Trading expense ratioG .01% .02% .03% .18% .04%Portfolio turnover rateH,I 2.11% 15.87% 18.27% 28.43% 23.30%Net asset value per security, end of period $ 8.0912 $ 9.2082 $ 8.9213 $ 9.4722 $ 9.6775

Fidelity Global Telecommunications Fund Series P2

Periods ended March 31, 2020 2019 2018 2017 2016N

The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.41 $ 9.11 $ 9.67 $ 9.88 $ 10.00Increase (decrease) from operations: Total revenue .35 .42 .46 .36 .03Total expenses (excluding distributions) (.10) (.11) (.15) (.16) (.01)Realized gains (losses) .10 .19 .28 .86 –Unrealized gains (losses) (1.24) .09 (.67) (1.09) (.14)Total increase (decrease) from operationsB (.89) .59 (.08) (.03) (.12)Distributions: From net investment income (excluding dividends) (.28) (.29) (.24) (.25) –From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C (.28) (.29) (.24) (.25) –Net assets, end of periodB $ 8.26 $ 9.41 $ 9.11 $ 9.67 $ 9.88Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1 $ 1 $ 5 $ 5Securities outstandingD 112 109 105 553 538Management expense ratio E,O .81% .84% 1.01% 1.08% 1.08%Management expense ratio before waivers or absorptions E,O .81% .84% 1.01% 1.13% 1.16%Trading expense ratioG .01% .02% .03% .18% .04%Portfolio turnover rateH,I 2.11% 15.87% 18.27% 28.43% 23.30%Net asset value per security, end of period $ 8.2648 $ 9.4101 $ 9.1181 $ 9.6722 $ 9.8809

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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. 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 Prior period amounts may have been adjusted.J For the period February 5, 2016 (commencement of sale of securities) to March 31, 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 March 31, 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 March 11, 2016 (commencement of sale of securities) to March 31, 2016.O 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 FeesFidelity 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% 47.33% 52.67%

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.

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.

Series A

30

20

10

0

-10

-20

2020

-11.0

2019

4.7

2018

-4.9

2017

-0.9

2016

3.7

2015

14.2

2014

25.2

2013

12.7

2012

-0.4

2011

14.0

Fiscal Years

(%)

Series B

30

20

10

0

-10

-20

2020

-10.8

2019

4.9

2018

-4.7

2017

-0.7

2016

3.8

2015

14.4

2014

25.4

2013

12.9

2012

-0.2

2011

14.3

Fiscal Years

(%)

Series F

30

20

10

0

-10

2020

-9.8

2019

6.1

2018

-3.6

2017

0.4

2016

5.0

2015

15.7

2014

26.9

2013

14.1

2012

0.9

2011

15.6

Fiscal Years

(%)

Series O

30

20

10

0

-10

2020

-8.7

2019

7.4

2018

-2.5

2017

1.7

2016

6.4

2015

17.2

2014

28.6

2013

15.6

2012

2.2

2011

17.0

Fiscal Years

(%)

Series E1

30

20

10

0

-10

-20

2020

-10.8

2019

5.0

2018

-4.6

2017

-0.6

2016

3.9

2015

14.4

2014

25.4

2013

12.9

2012

-0.2

2011

14.3

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series E2

30

20

10

0

-10

-20

2020

-10.7

2019

5.0

2018

-4.5

2017

-0.5

2016

3.9

2015

14.4

2014

25.4

2013

12.9

2012

-0.2

2011

14.3

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

10


Past Performance – continued

Series P1

30

20

10

0

-10

2020

-9.8

2019

6.2

2018

-3.5

2017

0.5

2016

5.0

2015

15.7

2014

26.9

2013

14.1

2012

0.9

2011

15.6

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P2

30

20

10

0

-10

2020

-9.5

2019

6.4

2018

-3.4

2017

0.5

2016

5.1

2015

15.7

2014

26.9

2013

14.1

2012

0.9

2011

15.6

Fiscal Years

(%)

Commencement of Operations is March 11, 2016

Annual Compound ReturnsThis table shows the Fund’s historical annual compound total returns for the periods indicated, compared with a broad-based index, the MSCI World Index, and the Fund’s benchmark, the MSCI ACWI (All Country World Index) Telecommunications Index, as described below.

Average Annual Total ReturnsPast 1 year

Past 3 years

Past 5 years

Past 10 years

Series A (11.0)% (4.0)% (1.9)% 5.2%Series B (10.8)% (3.8)% (1.7)% 5.4%Series F (9.8)% (2.7)% (0.6)% 6.6%Series O (8.7)% (1.5)% 0.7% 8.0%Series E1 (10.8)% (3.7)% (1.6)% 5.5%Series E2 (10.7)% (3.6)% (1.5)% 5.5%Series P1 (9.8)% (2.6)% (0.5)% 6.7%Series P2 (9.5)% (2.4)% (0.3)% 6.7%MSCI ACWI (All Country World Index) Telecommunications Index (3.8)% (1.2)% 1.3% 7.7%MSCI World Index (4.5)% 4.2% 5.7% 10.2%

A discussion of Fund performance can be found in the Results of Operations section of this report.

The MSCI ACWI (All Country World Index) Telecommunications Index is an unmanaged index considered representative of the global telecommunications sector. The MSCI World Index is a market-capitalization-weighted index composed of companies representative of the market structure of developed market countries in North America, Europe and the Asia/Pacific region.

Each series of the Fund will have varying returns due to differences in management fees and expenses.

11


Summary of Investment Portfolio as at March 31, 2020Sector Mix

% of Fund’s Net Assets as at

3/31/20


3/31/19

Diversified Telecommunication Services 61.6 64.6

Wireless Telecommunication Services 28.8 30.3

Communications Equipment 1.8 1.6

Equity Real Estate Investment Trusts (Reits) 1.8 1.2

Others (Individually Less Than 1%) 0.4 0.8

Cash and Cash Equivalents 5.4 0.8

Net Other Assets (Liabilities) 0.2 0.7

Geographic Mix


3/31/20


3/31/19

United States of America 21.7 23.3

Japan 15.1 12.5

Hong Kong 8.5 10.1

Germany 6.2 6.7

United Kingdom 5.8 7.8

France 4.5 4.9

Singapore 4.5 4.6

Cayman Islands 3.8 3.1

New Zealand 3.3 2.8

Netherlands 2.9 3.2

Taiwan 2.5 2.3

Australia 2.4 2.3

Finland 2.3 1.4

Indonesia 1.9 2.2

Sweden 1.8 1.6

Israel 1.6 1.3

Bermuda 1.4 2.0

Italy 1.3 1.7

Mexico 1.1 1.1

Spain 1.0 1.4

Others (Individually Less Than 1%) 0.8 2.2

Cash and Cash Equivalents 5.4 0.8

Net Other Assets (Liabilities) 0.2 0.7

Top Issuers

% of Fund’s Net Assets

1. Verizon Communications, Inc. 9.2

2. AT&T, Inc. 7.8

3. China Mobile Ltd. 7.3

4. Deutsche Telekom AG 6.2

5. Fidelity U.S. Money Market Investment Trust – Series O 5.3

6. SoftBank Group Corp. 5.2

7. Nippon Telegraph & Telephone Corp. 5.1

8. KDDI Corp. 4.8

9. Orange SA 4.5

10. Singapore Telecommunications Ltd. 4.5

11. HKBN Ltd. 3.8

12. Spark New Zealand Ltd. 3.3

13. BT Group PLC 3.0

14. Koninklijke KPN NV 2.9

15. T-Mobile U.S., Inc. 2.9

16. Vodafone Group PLC 2.8

17. Far EasTone Telecommunications Co. Ltd. 2.5

18. Telstra Corp. Ltd. 2.4

19. Elisa Corp. 2.3

20. Ericsson 1.8

21. American Tower Corp. 1.8

22. Bezeq The Israel Telecommunication Corp. Ltd. 1.6

23. PT Sarana Menara Nusantara Tbk 1.5

24. SmarTone Telecommunications Hldgs Ltd 1.4

25. Telecom Italia SpA 1.3

95.2

Total Fund Net Assets $3,561,000

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

All tables within the Summary of Investment Portfolio section, except the Top Issuers table, contain audited annual information.

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.

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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

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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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