Fidelity Global Telecommunications Fund

Semi-Annual Management Report of Fund Performance September 30, 2020 Caution Regarding Forward-looking Statements Certain portions of this report, including, but not limited to, “Results of Operations” and “Recent Developments”, may contain forward-looking statements about the Fund, including its strategy, risks, expected performance and condition. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates” and similar forward-looking expressions or negative versions thereof. In addition, any statement that may be made concerning future performance, strategies or prospects, and possible future Fund action, is also a forward-looking statement. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about the Fund and economic factors. Accordingly, assumptions concerning future economic and other factors may prove to be incorrect at a future date. Forward-looking statements are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied in any forward-looking statements made by the Fund. Any number of important factors could contribute to these digressions, including, but not limited to, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, and catastrophic events. It should be stressed that the above-mentioned list of important factors is not exhaustive. You are encouraged to consider these and other factors carefully before making any investment decisions and you are urged to avoid placing undue reliance on forward-looking statements. Further, you should be aware of the fact that the Fund has no specific intention of updating any forward-looking statements whether as a result of new information, future events or otherwise, prior to the release of the next Management Report of Fund Performance. Semi-Annual Management Report of Fund Performance as at September 30, 2020 Fidelity Global Telecommunications Fund 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 Performance Results of Operations: Fidelity Global Telecommunications Fund, Series B, returned 3.3%, after fees and expenses, for the six-month period ended September 30, 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 20.9% (in Canadian dollar terms). Market overview: Global equities received support from fiscal and monetary policy intervention in response to economic disruption caused by the COVID-19 pandemic. Central banks across emerging and developed markets reduced their benchmark interest rates to historic lows. The U.S. Federal Reserve (Fed), European Central Bank (ECB) and Bank of Japan expanded their pandemic emergency purchase programs to keep borrowing costs low. Many governments also announced increased spending, with some reducing corporate taxes and providing direct income support to households and businesses in an attempt to encourage production and consumption. However, fears of a second wave of infections, and volatility due to weakness in the technology sector and U.S. presidential elections, capped some gains in September. From a regional perspective, equities in Asia-Pacific (ex Japan) and the U.S. advanced as stimulus measures took effect and market sentiment improved toward the end of the review period. European equities also gained amid optimism about economic recovery in the region. Factors affecting performance: The Fund’s benchmark, the MSCI ACWI (All Country World Index) Telecommunications Index, returned 2.6% (in Canadian dollar terms) for the review period. The Fund outperformed its benchmark due to certain investments in the diversified telecommunication services industry and the communications equipment industry. Investments in Indonesia-based telecommunication tower operator Sarana Menara Nusantara, Israel-based telecommunication services company Bezeq Group, and Spark New Zealand, a New Zealand- based telecommunication services company, contributed to relative performance. In the communications equipment industry, an investment in Sweden-based multinational networking and telecommunication company Ericsson contributed to relative returns. Among other sectors, an investment in Hong Kong-based telecommunication and broadband services provider HKBN contributed to relative performance. In contrast, investments in wireless telecommunications services providers such as the China-based China Mobile, and lower-than-benchmark exposure to T-Mobile, a subsidiary of Germany- based telecom company Deutsche Telekom, detracted from relative returns. The Fund’s investments in Singapore-based Singapore Telecom, and Japan-based Nippon Telegraph & Telephone, detracted from relative performance. Portfolio Changes: Portfolio manager Aditya Shivram believes high-speed broadband networks are 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 portfolio manager initiated a holding in Norway-based diversified telecommunications company Telenor for its attractive valuation and positive risk/reward profile. In contrast, the holding in BT Group was closed for better opportunities elsewhere. 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 Developments As 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. The prospectus has been updated to include additional risk factor disclosure regarding the possible risks arising from the COVID-19 pandemic. The portfolio manager believes the only constant factor in the global telecommunications sector is innovation, which continually leads to new competitors and opportunities. He believes that applying 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. Further to its August 19, 2020 press release, Fidelity has decided to move forward with the termination of the Fund, which is expected to be completed on or around December 4, 2020. The Fund remains closed to new purchases by new investors. The IRC of the Fund has reviewed the termination and determined that it achieves a fair and reasonable result for the Fund.

1 Fidelity Global Telecommunications Fund Management Discussion of Fund Performance – continued

Related Party Transactions Manager and Portfolio Adviser The Fund is managed by Fidelity Investments Canada ULC (Fidelity). Fidelity is part of a broader collection of companies collectively known as Fidelity Investments. Fidelity provides or arranges for the provision of all general management and administrative services required by the Fund in its day–to–day operations, bookkeeping, record–keeping and other administrative services for the Fund. Fidelity is the portfolio adviser to the Fund and it provides investment advisory services to the Fund. Fidelity 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 $22,000 for the period ended September 30, 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 $3,000 for the period ended September 30, 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 September 30, 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.

2 Financial Highlights

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

Six-months ended September 30, Periods ended March 31, 2020 2020 2019 2018 2017 2016 The Series’ Net Assets per Security A Net assets, beginning of period B $ 6.47 $ 7.36 $ 7.12 $ 7.56 $ 7.72 $ 7.50 Increase (decrease) from operations: Total revenue .18 .28 .34 .31 .29 .28 Total expenses (excluding distributions) (.10) (.21) (.21) (.22) (.23) (.23) Realized gains (losses) (.26) .07 .15 .26 .61 .33 Unrealized gains (losses) .41 (.76) .03 (.70) (.79) (.13) Total increase (decrease) from operationsB .23 (.62) .31 (.35) (.12) .24 Distributions: 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 $ 6.68 $ 6.47 $ 7.36 $ 7.12 $ 7.56 $ 7.72 Ratios and Supplemental Data Net asset value (000s) D $ 231 $ 236 $ 380 $ 532 $ 638 $ 931 Securities outstandingD 34,615 36,543 51,603 74,464 84,332 120,561 Management expense ratio E,F 2.57% 2.55% 2.52% 2.52% 2.57% 2.58% Management expense ratio before waivers or absorptions E,F 2.65% 2.62% 2.59% 2.58% 2.61% 2.65% Trading expense ratioG .03% .01% .02% .03% .18% .04% Portfolio turnover rateH,I 3.89% 2.11% 15.87% 18.27% 28.43% 23.30% Net asset value per security, end of period $ 6.6754 $ 6.4682 $ 7.3596 $ 7.1263 $ 7.5633 $ 7.7211

Fidelity Global Telecommunications Fund Series B

Six-months ended September 30, Periods ended March 31, 2020 2020 2019 2018 2017 2016 The Series’ Net Assets per Security A Net assets, beginning of period B $ 6.48 $ 7.38 $ 7.14 $ 7.58 $ 7.74 $ 7.52 Increase (decrease) from operations: Total revenue .18 .28 .33 .31 .29 .27 Total expenses (excluding distributions) (.09) (.19) (.20) (.20) (.22) (.22) Realized gains (losses) (.28) .08 .15 .26 .62 .35 Unrealized gains (losses) .46 (.94) .07 (.72) (.75) (.12) Total increase (decrease) from operationsB .27 (.77) .35 (.35) (.06) .29 Distributions: 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 $ 6.70 $ 6.48 $ 7.38 $ 7.14 $ 7.58 $ 7.74 Ratios and Supplemental Data Net asset value (000s) D $ 1,759 $ 2,025 $ 2,613 $ 2,548 $ 3,056 $ 3,710 Securities outstandingD 262,582 312,233 354,280 356,711 403,370 479,312 Management expense ratio E,F 2.34% 2.33% 2.32% 2.34% 2.37% 2.39% Management expense ratio before waivers or absorptions E,F 2.41% 2.39% 2.39% 2.39% 2.41% 2.44% Trading expense ratioG .03% .01% .02% .03% .18% .04% Portfolio turnover rateH,I 3.89% 2.11% 15.87% 18.27% 28.43% 23.30% Net asset value per security, end of period $ 6.7012 $ 6.4852 $ 7.3771 $ 7.1426 $ 7.5809 $ 7.7394

3 Financial Highlights – continued

Fidelity Global Telecommunications Fund Series F

Six-months ended September 30, Periods ended March 31, 2020 2020 2019 2018 2017 2016 The Series’ Net Assets per Security A Net assets, beginning of period B $ 6.68 $ 7.60 $ 7.35 $ 7.81 $ 7.98 $ 7.76 Increase (decrease) from operations: Total revenue .19 .29 .33 .34 .29 .28 Total expenses (excluding distributions) (.06) (.12) (.12) (.13) (.13) (.13) Realized gains (losses) (.39) .09 .15 .25 .62 .30 Unrealized gains (losses) .75 (1.14) .12 (.87) (.39) (.28) Total increase (decrease) from operationsB .49 (.88) .48 (.41) .39 .17 Distributions: 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 $ 6.94 $ 6.68 $ 7.60 $ 7.35 $ 7.81 $ 7.98 Ratios and Supplemental Data Net asset value (000s) D $ 65 $ 134 $ 134 $ 72 $ 117 $ 110 Securities outstandingD 9,313 20,077 17,685 9,843 14,918 13,817 Management expense ratio E,F 1.20% 1.20% 1.19% 1.22% 1.25% 1.25% Management expense ratio before waivers or absorptions E,F 1.24% 1.23% 1.23% 1.25% 1.28% 1.31% Trading expense ratioG .03% .01% .02% .03% .18% .04% Portfolio turnover rateH,I 3.89% 2.11% 15.87% 18.27% 28.43% 23.30% Net asset value per security, end of period $ 6.9371 $ 6.6763 $ 7.5975 $ 7.3578 $ 7.8117 $ 7.9786

Fidelity Global Telecommunications Fund Series O

Six-months ended September 30, Periods ended March 31, 2020 2020 2019 2018 2017 2016 The Series’ Net Assets per Security A Net assets, beginning of period B $ 6.93 $ 7.89 $ 7.64 $ 8.12 $ 8.29 $ 8.07 Increase (decrease) from operations: Total revenue .20 .30 .36 .33 .31 .30 Total expenses (excluding distributions) (.01) (.03) (.04) (.03) (.04) (.04) Realized gains (losses) (.33) .09 .15 .28 .64 .36 Unrealized gains (losses) .68 (1.07) .14 (.77) (.85) (.15) Total increase (decrease) from operationsB .54 (.71) .61 (.19) .06 .48 Distributions: 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 $ 7.24 $ 6.93 $ 7.89 $ 7.64 $ 8.12 $ 8.29 Ratios and Supplemental Data Net asset value (000s) D $ 604 $ 1,046 $ 1,044 $ 751 $ 901 $ 1,417 Securities outstandingD 83,319 150,708 132,112 98,055 110,700 170,472 Management expense ratio –% –% –% —% —% —% Management expense ratio before waivers or absorptions —% —% —% —% —% —% Trading expense ratioG .03% .01% .02% .03% .18% .04% Portfolio turnover rateH,I 3.89% 2.11% 15.87% 18.27% 28.43% 23.30% Net asset value per security, end of period $ 7.2444 $ 6.9300 $ 7.8889 $ 7.6434 $ 8.1202 $ 8.2947

4 Fidelity Global Telecommunications Fund Series E1

Six-months ended September 30, Periods ended March 31, 2020 2020 2019 2018 2017 2016J The Series’ Net Assets per Security A Net assets, beginning of period B $ 8.17 $ 9.29 $ 8.99 $ 9.55 $ 9.75 $ 10.00 Increase (decrease) from operations: Total revenue .23 .34 .41 .38 .38 .05 Total expenses (excluding distributions) (.11) (.24) (.25) (.25) (.27) (.04) Realized gains (losses) (.31) .13 .18 .33 .69 (.02) Unrealized gains (losses) .48 (1.65) .10 (.84) (.98) .02 Total increase (decrease) from operationsB .29 (1.42) .44 (.38) (.18) .01 Distributions: 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 $ 8.44 $ 8.17 $ 9.29 $ 8.99 $ 9.55 $ 9.75 Ratios and Supplemental Data Net asset value (000s) D $ 95 $ 102 $ 80 $ 84 $ 118 $ 245 Securities outstandingD 11,275 12,493 8,638 9,472 12,357 24,938 Management expense ratio E,K 2.26% 2.24% 2.22% 2.24% 2.29% 2.31% Management expense ratio before waivers or absorptions E,K 2.33% 2.31% 2.29% 2.29% 2.32% 2.35% Trading expense ratioG .03% .01% .02% .03% .18% .04% Portfolio turnover rateH,I 3.89% 2.11% 15.87% 18.27% 28.43% 23.30% Net asset value per security, end of period $ 8.4446 $ 8.1699 $ 9.2960 $ 9.0019 $ 9.5544 $ 9.7539

Fidelity Global Telecommunications Fund Series E2

Six-months ended September 30, Periods ended March 31, 2020 2020 2019 2018 2017 2016J The Series’ Net Assets per Security A Net assets, beginning of period B $ 8.16 $ 9.29 $ 8.99 $ 9.55 $ 9.76 $ 10.00 Increase (decrease) from operations: Total revenue .23 .30 .42 .38 .36 .03 Total expenses (excluding distributions) (.10) (.22) (.23) (.25) (.26) (.04) Realized gains (losses) (.26) .20 .19 .33 .85 .02 Unrealized gains (losses) .16 (3.25) .08 (.90) (1.00) (.25) Total increase (decrease) from operationsB .03 (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 $ 8.44 $ 8.16 $ 9.29 $ 8.99 $ 9.55 $ 9.76 Ratios and Supplemental Data Net asset value (000s) D $ 2 $ 1 $ 1 $ 1 $ 1 $ 1 Securities outstandingD 239 106 105 103 102 100 Management expense ratio E,K 2.13% 2.18% 2.17% 2.16% 2.14% 2.18% Management expense ratio before waivers or absorptions E,K 2.34% 2.38% 2.58% 2.53% 2.55% 2.53% Trading expense ratioG .03% .01% .02% .03% .18% .04% Portfolio turnover rateH,I 3.89% 2.11% 15.87% 18.27% 28.43% 23.30% Net asset value per security, end of period $ 8.4448 $ 8.1646 $ 9.2920 $ 9.0014 $ 9.5545 $ 9.7555

5 Financial Highlights – continued

Fidelity Global Telecommunications Fund Series P1

Six-months ended September 30, Periods ended March 31, 2020 2020 2019 2018 2017 2016L The Series’ Net Assets per Security A Net assets, beginning of period B $ 8.09 $ 9.21 $ 8.91 $ 9.47 $ 9.68 $ 10.00 Increase (decrease) from operations: Total revenue .25 .34 .50 .36 .26 .07 Total expenses (excluding distributions) (.07) (.14) (.13) (.14) (.15) (.04) Realized gains (losses) (.41) .11 .17 .34 1.27 .06 Unrealized gains (losses) .91 (1.30) (.57) (.88) (1.34) (.06) Total increase (decrease) from operationsB .68 (.99) (.03) (.32) .04 .02 Distributions: 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 $ 8.41 $ 8.09 $ 9.21 $ 8.91 $ 9.47 $ 9.68 Ratios and Supplemental Data Net asset value (000s) D $ 9 $ 17 $ 11 $ 219 $ 170 $ 1 Securities outstandingD 1,106 2,135 1,148 24,596 17,909 102 Management expense ratio E,M 1.15% 1.15% 1.07% 1.06% 1.09% 1.16% Management expense ratio before waivers or absorptions E,M 1.18% 1.18% 1.10% 1.09% 1.11% 1.23% Trading expense ratioG .03% .01% .02% .03% .18% .04% Portfolio turnover rateH,I 3.89% 2.11% 15.87% 18.27% 28.43% 23.30% Net asset value per security, end of period $ 8.4099 $ 8.0912 $ 9.2082 $ 8.9213 $ 9.4722 $ 9.6775

Fidelity Global Telecommunications Fund Series P2

Six-months ended September 30, Periods ended March 31, 2020 2020 2019 2018 2017 2016N The Series’ Net Assets per Security A Net assets, beginning of period B $ 8.26 $ 9.41 $ 9.11 $ 9.67 $ 9.88 $ 10.00 Increase (decrease) from operations: Total revenue .23 .35 .42 .46 .36 .03 Total expenses (excluding distributions) (.04) (.10) (.11) (.15) (.16) (.01) Realized gains (losses) (.33) .10 .19 .28 .86 – Unrealized gains (losses) .48 (1.24) .09 (.67) (1.09) (.14) Total increase (decrease) from operationsB .34 (.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 $ 8.60 $ 8.26 $ 9.41 $ 9.11 $ 9.67 $ 9.88 Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1 $ 1 $ 1 $ 5 $ 5 Securities outstandingD 112 112 109 105 553 538 Management expense ratio E,O .84% .81% .84% 1.01% 1.08% 1.08% Management expense ratio before waivers or absorptions E,O .84% .81% .84% 1.01% 1.13% 1.16% Trading expense ratioG .03% .01% .02% .03% .18% .04% Portfolio turnover rateH,I 3.89% 2.11% 15.87% 18.27% 28.43% 23.30% Net asset value per security, end of period $ 8.6031 $ 8.2648 $ 9.4101 $ 9.1181 $ 9.6722 $ 9.8809

6 Financial Highlights Footnotes A 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.

7 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.

Investment management, Management Dealer administration Fees Compensation and other Series A 2.000% 27.95% 72.05% 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%

8 Fidelity Global Telecommunications Fund Past Performance The performance information shown assumes that all distributions made by the Fund in the periods shown were reinvested in additional securities of the Fund. The performance information does not take into account sales, redemption, distribution or other optional charges that would have reduced returns or performance. How the Fund has performed in the past does not necessarily indicate how it will perform in the future. The performance data shown for the period occurring prior to the commencement of operations of a series P or E is that of the corresponding series F or F5 (for series P) or B or S5 (for series E). Series F, F5, B and S5 have higher combined management and administration fees than the applicable series P and E. Had a series P or E existed since the commencement of operations of series F, F5, B or S5, the returns of the applicable series P or E would have been higher. Year-by-Year Returns The following bar chart shows the Fund’s annual performance for each of the years shown, and illustrates how the Fund’s performance was changed from year to year. In percentage terms, the bar chart shows how much an investment made on the first day of each financial year would have grown or decreased by the last day of each financial year. 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 Series O

Fiscal Years 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2020 Fiscal Years 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2020

(%) 14.0 -0.4 12.7 25.2 14.2 3.7 -0.9 -4.9 4.7 -11.0 3.2 (%) 17.0 2.2 15.6 28.6 17.2 6.4 1.7 -2.5 7.4 -8.7 4.5 30 30

20 20 10 10 0 -10 0 -20 -10

Series B Series E1

Fiscal Years 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2020 Fiscal Years 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2020

(%) 14.3 -0.2 12.9 25.4 14.4 3.8 -0.7 -4.7 4.9 -10.8 3.3 (%) 14.3 -0.2 12.9 25.4 14.4 3.9 -0.6 -4.6 5.0 -10.8 3.4 30 30 20 20 10 10 0 0 -10 -10 -20 -20

Commencement of Operations is February 5, 2016 Series F

Fiscal Years 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2020 Series E2 Fiscal Years 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2020 (%) 15.6 0.9 14.1 26.9 15.7 5.0 0.4 -3.6 6.1 -9.8 3.9 30 (%) 14.3 -0.2 12.9 25.4 14.4 3.9 -0.5 -4.5 5.0 -10.7 3.4 20 30 20 10 10 0 0 -10 -10 -20

Commencement of Operations is February 5, 2016

9 Fidelity Global Telecommunications Fund Past Performance – continued

Series P1

Fiscal Years 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2020

(%) 15.6 0.9 14.1 26.9 15.7 5.0 0.5 -3.5 6.2 -9.8 3.9 30

-10

Commencement of Operations is December 4, 2015

Series P2

Fiscal Years 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2020

(%) 15.6 0.9 14.1 26.9 15.7 5.1 0.5 -3.4 6.4 -9.5 4.1 30

-10

Commencement of Operations is March 11, 2016

10 Fidelity Global Telecommunications Fund Summary of Investment Portfolio as at September 30, 2020 Sector Mix Top Issuers

% of Fund’s % of Fund’s Net Assets as at Net Assets as at % of Fund’s 9/30/20 3/31/20 Net Assets Diversified Telecommunication Services 66.7 61.6 1. Verizon Communications, Inc. 9.4 Wireless Telecommunication Services 27.5 28.8 2. AT&T, Inc. 9.1 Communications Equipment 2.6 1.8 3. Deutsche Telekom AG 7.8 Equity Real Estate Investment Trusts (Reits) 2.1 1.8 4. SoftBank Group Corp. 6.8 Others (Individually Less Than 1%) 0.5 0.4 5. China Mobile Ltd. 6.6 Cash and Cash Equivalents 0.2 5.4 6. HKBN Ltd. 4.9 Net Other Assets (Liabilities) 0.4 0.2 7. Spark New Zealand Ltd. 4.6 8. KDDI Corp. 4.4 Geographic Mix 9. Nippon Telegraph & Telephone Corp. 4.3 10. Singapore Telecommunications Ltd. 4.2 % of Fund’s % of Fund’s Net Assets as at Net Assets as at 11. Orange SA 4.1 9/30/20 3/31/20 12. Telstra Corp. Ltd. 3.3 United States of America 22.4 21.7 13. Koninklijke KPN NV 3.1 Japan 15.5 15.1 14. Bezeq The Israel Telecommunication Corp. Ltd. 2.7 Germany 7.8 6.2 15. Ericsson 2.6 Hong Kong 7.7 8.5 16. Elisa Corp. 2.3 Cayman Islands 4.9 3.8 17. Far EasTone Telecommunications Co. Ltd. 2.1 New Zealand 4.6 3.3 18. American Tower Corp. 2.1 Singapore 4.2 4.5 19. Vodafone Group PLC 2.0 France 4.1 4.5 20. PT Sarana Menara Nusantara Tbk 1.9 Australia 3.3 2.4 21. T-Mobile U.S., Inc. 1.8 Netherlands 3.1 2.9 22. Telenor ASA 1.7 Israel 2.7 1.6 23. Telecom Italia SpA 1.4 Sweden 2.6 1.8 24. SmarTone Telecommunications Holdings Ltd. 1.4 Indonesia 2.5 1.9 25. America Movil S.A.B. de CV 1.2 Finland 2.3 2.3 95.8

Taiwan 2.1 2.5 Total Fund Net Assets $2,766,000 United Kingdom 2.0 5.8 Norway 1.7 0.0 Italy 1.4 1.3 Bermuda 1.4 1.4 Mexico 1.2 1.1 Others (Individually Less Than 1%) 1.9 1.8 Cash and Cash Equivalents 0.2 5.4 Net Other Assets (Liabilities) 0.4 0.2

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 Investments Canada ULC 483 Bay Street, Suite 300 Toronto, Ontario M5G 2N7 Manager, Transfer Agent and Registrar Fidelity Investments Canada ULC 483 Bay Street, Suite 300 Toronto, Ontario M5G 2N7 Custodian State Street Trust Company of Canada Toronto, Ontario Portfolio Adviser Fidelity Investments Canada ULC Toronto, Ontario

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