Fidelity Global Real Estate Fund

Annual Management Report of Fund PerformanceMarch 31, 2021

Fidelity Global Real Estate 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, 2021Fidelity Global Real Estate 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 Real Estate Fund (Fund) aims to achieve a high total investment return by investing primarily in securities of companies anywhere in the world that participate in the real estate industry.

Strategies: The Fund invests primarily in REITs (REITs) and in equity securities of companies that invest or operate primarily in the real estate sector. This includes companies that own, man-age, develop, finance and otherwise participate in the residential and commercial real estate industry. The Fund may invest in small, medium-sized and large companies, as well as REITs. It may hold cash and invest in fixed-income securities.

RiskThe risks associated with investing in the 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.

The Fund is suitable for long-term investors who want to gain exposure to real estate companies anywhere in the world, and can handle the volatility of returns generally associated with equity investments. Investors should be able 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:The Fidelity Global Real Estate Fund, Series B, returned 16.4%, after fees and expenses, for the one-year period ended March 31, 2021. The net returns of the other series of this Fund are similar to those of Series B, except for differences attributable to expense structures. During the review period, global equities, as represented by the MSCI World Index, returned 36.0% (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 developed and emerging markets reduced their benchmark interest rates to historic lows. The U.S. Federal Reserve, the European Central Bank and the Bank of Japan expanded pandemic emergency purchase programs aimed at keeping borrowing costs low. Toward the end of review period, value and small-cap equities rallied due to progress on multiple COVID-19 vaccines, economic data that pointed to a recovery and positive earnings expectations. European equities also gained as investors expressed relief following the U.K.’s orderly exit from the E.U., after both parties signed the new EU-UK Trade and Cooperation Agreement, which will govern their future trading and security relationship. In Asia, investor sentiment was supported by optimism about a recovery in corporate earnings and rising economic activity, particularly in China, which emerged from the most severe impacts of the COVID-19 pandemic at the start of 2021.

Factors affecting performance:

The Fund’s benchmark, the FTSE EPRA/NAREIT Developed Index, returned 20.2% for the review period. The Fund underperformed its benchmark, primarily due to lower-than-benchmark exposure to the retail and hotels real estate industries. In the retail industry, lack of exposure to U.S.-based commercial real estate company Simon Property Group and Australia-based shop-ping centre company Scentre Group detracted from relative performance. In the hotels industry, lack of exposure to U.S.-based Park Hotels & Resorts detracted from relative returns. Among other sectors, investments in U.S.-based REITs Digital Realty and UDR also detracted from relative returns.

In contrast, investments in the diversified and industrial real estate industries contributed to relative performance. In the diversified industry, investments in Australia-based operator of hous-ing communities Ingenia Communities and Australia-based REIT Arena contributed to relative performance. In industrial real estate, an investment in Canada-based Dream Industrial REIT and lower-than-benchmark exposure to Japan-based Nippon Prologis REIT contributed to relative performance.

At the end of the review period, the Fund had no exposure to Nippon Prologis REIT.

Portfolio changes:

During the review period, exposure to the diversified and industrial real estate industries was increased. In the diversified real estate industry, portfolio manager Steven Buller initiated a position in U.S.-based REIT VICI Properties, owing to what he believed to be strong earnings growth potential and an attractive valuation. In the industrial real estate industry, the portfolio manager initiated a position in U.K.-based REIT Segro, a company that offers strong long-term growth prospects.

In contrast, exposure to the offices and residential real estate industries was decreased; the portfolio manager found what he believed to be better investment opportunities elsewhere. In the retail industry, a position in U.S.-based commercial real estate company Boston Properties was exited. In the residential industry, the portfolio manager sold off the Fund’s position in U.S.-based REIT Equity Residential.

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Management Discussion of Fund Performance – continued

Recent DevelopmentsAs the trajectory of global rates of COVID-19 infection remains uncertain, and the timeframe and speed of governmental easing of social distancing measures and travel restrictions unclear, it is not possible to predict the further impact of the COVID-19 pandemic on global capital markets. The prospectus has been updated to include additional risk factor disclosure regarding the possible risks arising from the COVID-19 pandemic.

Portfolio manager Steven Buller continues to invest in long-term consistent growth opportunities, including industrial and data-centre REITs. Logistics facilities have benefited from the ongoing rapid growth in e-commerce, as well as from the need for inventory to be closer to population centres. Data centres house the specialized computer systems needed for cloud computing, e-commerce and other critical applications that have seen rapid demand growth, especially as more people work from home. On the other hand, the portfolio manager continues to see headwinds in the retail industry, owing to factors such as the rise in e-commerce, an excess of capital spending in the industry and increasing bankruptcy rates for retailers.

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 Fidelity Management & Research Company LLC, 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 $620,000 for the period ended March 31, 2021.

Administration Fee

Fidelity charges the Fund a fixed administration fee in place of certain variable expenses. Fidelity, in turn, pays all of the operating expenses of the Fund, other than certain specified fund costs (e.g. the fees and expenses of the Independent Review Committee, taxes, brokerage commissions and interest charges). The Fund pays an annual rate, which is calculated on a tiered basis, based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity administration fees of $79,000 for the period ended March 31, 2021.

Brokerage Commissions

The Fund may place a portion of its portfolio transactions with brokerage firms which are affiliates of Fidelity, provided it determines that these affiliates’ trade execution abilities and costs are comparable to those of non–affiliated, qualified brokerage firms, on an execution–only basis. Commissions paid to brokerage firms that are affiliates of Fidelity Investments were $1,000 for the period ended March 31, 2021. Fidelity receives standing instructions from the IRC in respect of policies and procedures governing best execution of transactions with affili-ates, which includes brokers affiliated to Fidelity Investments, at least once per year.

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Financial Highlights

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

Fidelity Global Real Estate Fund Series A

Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 13.29 $ 15.53 $ 13.71 $ 13.53 $ 13.81Increase (decrease) from operations: Total revenue .66 .52 .58 .48 .53Total expenses (excluding distributions) (.43) (.47) (.42) (.44) (.40)Realized gains (losses) (.19) .61 .51 4.62 .31Unrealized gains (losses) 2.17 (2.61) 1.20 (4.33) (.50)Total increase (decrease) from operationsB 2.21 (1.95) 1.87 .33 (.06)Distributions: From net investment income (excluding dividends) (.29) (.10) (.14) (.10) (.31)From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C (.29) (.10) (.14) (.10) (.31)Net assets, end of periodB $ 15.13 $ 13.29 $ 15.53 $ 13.71 $ 13.53Ratios and Supplemental Data Net asset value (000s) D $ 2,035 $ 2,675 $ 3,818 $ 3,993 $ 6,523Securities outstandingD 134,686 201,313 245,787 296,905 482,309Management expense ratio E,F 2.51% 2.49% 2.49% 2.52% 2.56%Management expense ratio before waivers or absorptions E,F 2.58% 2.56% 2.56% 2.58% 2.59%Trading expense ratioG .05% .10% .06% .11% .11%Portfolio turnover rateH,I 39.86% 55.10% 40.16% 50.55% 40.95%Net asset value per security, end of period $ 15.1341 $ 13.2883 $ 15.5333 $ 13.7002 $ 13.5255

Fidelity Global Real Estate Fund Series B

Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 13.33 $ 15.58 $ 13.75 $ 13.57 $ 13.86Increase (decrease) from operations: Total revenue .66 .52 .58 .49 .53Total expenses (excluding distributions) (.40) (.44) (.39) (.42) (.38)Realized gains (losses) (.18) .61 .52 4.67 .33Unrealized gains (losses) 2.19 (3.02) 1.25 (4.41) (.48)Total increase (decrease) from operationsB 2.27 (2.33) 1.96 .33 –Distributions: From net investment income (excluding dividends) (.32) (.13) (.17) (.13) (.33)From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C (.32) (.13) (.17) (.13) (.33)Net assets, end of periodB $ 15.18 $ 13.33 $ 15.58 $ 13.75 $ 13.57Ratios and Supplemental Data Net asset value (000s) D $ 14,064 $ 17,020 $ 20,045 $ 20,335 $ 27,040Securities outstandingD 926,300 1,276,598 1,285,451 1,480,908 1,989,916Management expense ratio E,F 2.32% 2.31% 2.31% 2.33% 2.37%Management expense ratio before waivers or absorptions E,F 2.38% 2.38% 2.38% 2.39% 2.41%Trading expense ratioG .05% .10% .06% .11% .11%Portfolio turnover rateH,I 39.86% 55.10% 40.16% 50.55% 40.95%Net asset value per security, end of period $ 15.1830 $ 13.3319 $ 15.5813 $ 13.7441 $ 13.5739

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Financial Highlights – continued

Fidelity Global Real Estate Fund Series F

Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 13.45 $ 15.72 $ 13.88 $ 13.70 $ 13.99Increase (decrease) from operations: Total revenue .67 .53 .58 .52 .53Total expenses (excluding distributions) (.24) (.27) (.24) (.26) (.22)Realized gains (losses) (.16) .62 .52 4.42 .33Unrealized gains (losses) 2.05 (3.15) 1.22 (4.20) (.43)Total increase (decrease) from operationsB 2.32 (2.27) 2.08 .48 .21Distributions: From net investment income (excluding dividends) (.50) (.31) (.33) (.30) (.49)From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C (.50) (.31) (.33) (.30) (.49)Net assets, end of periodB $ 15.31 $ 13.45 $ 15.72 $ 13.88 $ 13.70Ratios and Supplemental Data Net asset value (000s) D $ 5,228 $ 5,345 $ 5,051 $ 7,207 $ 5,215Securities outstandingD 342,026 397,301 321,294 519,533 380,163Management expense ratio E,F 1.18% 1.19% 1.19% 1.19% 1.23%Management expense ratio before waivers or absorptions E,F 1.21% 1.23% 1.22% 1.22% 1.26%Trading expense ratioG .05% .10% .06% .11% .11%Portfolio turnover rateH,I 39.86% 55.10% 40.16% 50.55% 40.95%Net asset value per security, end of period $ 15.3122 $ 13.4521 $ 15.7193 $ 13.8715 $ 13.7029

Fidelity Global Real Estate Fund Series F5

Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 18.89 $ 23.21 $ 21.61 $ 22.52 $ 24.24Increase (decrease) from operations: Total revenue .93 .75 .90 .84 .96Total expenses (excluding distributions) (.34) (.39) (.36) (.43) (.38)Realized gains (losses) (.25) 1.16 .81 6.62 .55Unrealized gains (losses) 2.99 (6.17) 1.89 (5.59) (.64)Total increase (decrease) from operationsB 3.33 (4.65) 3.24 1.44 .49Distributions: From net investment income (excluding dividends) (.67) (.45) (.50) (.47) (.82)From dividends – – – – –From capital gains – – – – –Return of capital (1.13) (1.15) (1.18) (1.20) (1.24)Total distributionsB,C (1.80) (1.60) (1.68) (1.67) (2.06)Net assets, end of periodB $ 20.33 $ 18.89 $ 23.21 $ 21.61 $ 22.52Ratios and Supplemental Data Net asset value (000s) D $ 151 $ 164 $ 338 $ 338 $ 269Securities outstandingD 7,455 8,694 14,561 15,662 11,954Management expense ratio E,F 1.21% 1.20% 1.20% 1.21% 1.24%Management expense ratio before waivers or absorptions E,F 1.24% 1.23% 1.24% 1.23% 1.27%Trading expense ratioG .05% .10% .06% .11% .11%Portfolio turnover rateH,I 39.86% 55.10% 40.16% 50.55% 40.95%Net asset value per security, end of period $ 20.3254 $ 18.8882 $ 23.2139 $ 21.5953 $ 22.5178

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Fidelity Global Real Estate Fund Series F8

Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 15.14 $ 19.05 $ 18.39 $ 19.90 $ 22.15Increase (decrease) from operations: Total revenue .72 .61 .75 .71 .80Total expenses (excluding distributions) (.27) (.31) (.30) (.38) (.34)Realized gains (losses) (.27) .94 .67 6.08 .51Unrealized gains (losses) 2.61 (1.76) 1.53 (5.59) (.72)Total increase (decrease) from operationsB 2.79 (.52) 2.65 .82 .25Distributions: From net investment income (excluding dividends) (.53) (.36) (.41) (.40) (.74)From dividends – – – – –From capital gains – – – – –Return of capital (1.35) (1.38) (1.66) (1.78) (1.83)Total distributionsB,C (1.88) (1.74) (2.07) (2.18) (2.57)Net assets, end of periodB $ 15.82 $ 15.14 $ 19.05 $ 18.39 $ 19.90Ratios and Supplemental Data Net asset value (000s) D $ 70 $ 93 $ 85 $ 85 $ 96Securities outstandingD 4,420 6,157 9,714 4,650 4,842Management expense ratio E,F 1.20% 1.20% 1.20% 1.21% 1.24%Management expense ratio before waivers or absorptions E,F 1.24% 1.23% 1.23% 1.24% 1.27%Trading expense ratioG .05% .10% .06% .11% .11%Portfolio turnover rateH,I 39.86% 55.10% 40.16% 50.55% 40.95%Net asset value per security, end of period $ 15.8203 $ 15.1349 $ 19.0515 $ 18.3784 $ 19.9031

Fidelity Global Real Estate Fund Series O

Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 13.46 $ 15.74 $ 13.90 $ 13.74 $ 14.04Increase (decrease) from operations: Total revenue .67 .53 .60 .47 .54Total expenses (excluding distributions) (.07) (.07) (.07) (.07) (.05)Realized gains (losses) (.17) .61 .53 1.54 .31Unrealized gains (losses) 2.11 (2.99) 1.34 (1.02) (.55)Total increase (decrease) from operationsB 2.54 (1.92) 2.40 .92 .25Distributions: From net investment income (excluding dividends) (.68) (.52) (.51) (.48) (.67)From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C (.68) (.52) (.51) (.48) (.67)Net assets, end of periodB $ 15.31 $ 13.46 $ 15.74 $ 13.90 $ 13.74Ratios and Supplemental Data Net asset value (000s) D $ 92,814 $ 90,649 $ 101,237 $ 76,215 $ 411,763Securities outstandingD 6,115,009 6,775,380 6,253,920 5,462,750 30,036,832Management expense ratio J –% –% –% —% .01%Management expense ratio before waivers or absorptions J —% —% —% —% .01%Trading expense ratioG .05% .10% .06% .11% .11%Portfolio turnover rateH,I 39.86% 55.10% 40.16% 50.55% 40.95%Net asset value per security, end of period $ 15.3094 $ 13.4577 $ 15.7355 $ 13.8889 $ 13.7381

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Fidelity Global Real Estate Fund Series T5

Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.95 $ 14.73 $ 13.74 $ 14.33 $ 15.43Increase (decrease) from operations: Total revenue .59 .48 .59 .50 .58Total expenses (excluding distributions) (.38) (.43) (.41) (.46) (.44)Realized gains (losses) (.13) .71 .50 4.48 .35Unrealized gains (losses) 1.79 (1.26) 1.43 (4.16) (.58)Total increase (decrease) from operationsB 1.87 (.50) 2.11 .36 (.09)Distributions: From net investment income (excluding dividends) (.25) (.09) (.13) (.10) (.34)From dividends – – – – –From capital gains – – – – –Return of capital (.76) (.77) (.78) (.78) (.80)Total distributionsB,C (1.01) (.86) (.91) (.88) (1.14)Net assets, end of periodB $ 12.81 $ 11.95 $ 14.73 $ 13.74 $ 14.33Ratios and Supplemental Data Net asset value (000s) D $ 29 $ 26 $ 64 $ 110 $ 218Securities outstandingD 2,280 2,175 4,322 8,046 15,236Management expense ratio E,F 2.52% 2.50% 2.53% 2.55% 2.54%Management expense ratio before waivers or absorptions E,F 2.60% 2.57% 2.60% 2.60% 2.58%Trading expense ratioG .05% .10% .06% .11% .11%Portfolio turnover rateH,I 39.86% 55.10% 40.16% 50.55% 40.95%Net asset value per security, end of period $ 12.8104 $ 11.9523 $ 14.7308 $ 13.7299 $ 14.3316

Fidelity Global Real Estate Fund Series T8

Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 7.75 $ 9.77 $ 9.45 $ 10.25 $ 11.42Increase (decrease) from operations: Total revenue .37 .31 .38 .36 .42Total expenses (excluding distributions) (.25) (.29) (.29) (.33) (.33)Realized gains (losses) (.10) .41 .34 3.39 .26Unrealized gains (losses) 1.20 (.71) .84 (3.19) (.33)Total increase (decrease) from operationsB 1.22 (.28) 1.27 .23 .02Distributions: From net investment income (excluding dividends) (.15) (.05) (.08) (.06) (.23)From dividends – – – – –From capital gains – – – – –Return of capital (.71) (.72) (.88) (.94) (.95)Total distributionsB,C (.86) (.77) (.96) (1.00) (1.18)Net assets, end of periodB $ 8.09 $ 7.75 $ 9.77 $ 9.45 $ 10.25Ratios and Supplemental Data Net asset value (000s) D $ 245 $ 278 $ 1,549 $ 1,560 $ 1,870Securities outstandingD 30,325 35,897 158,592 165,223 182,448Management expense ratio E,F 2.59% 2.58% 2.58% 2.60% 2.64%Management expense ratio before waivers or absorptions E,F 2.66% 2.66% 2.66% 2.66% 2.67%Trading expense ratioG .05% .10% .06% .11% .11%Portfolio turnover rateH,I 39.86% 55.10% 40.16% 50.55% 40.95%Net asset value per security, end of period $ 8.0859 $ 7.7505 $ 9.7701 $ 9.4498 $ 10.2547

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Fidelity Global Real Estate Fund Series S5

Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 12.04 $ 14.83 $ 13.82 $ 14.42 $ 15.52Increase (decrease) from operations: Total revenue .57 .49 .57 .51 .58Total expenses (excluding distributions) (.36) (.42) (.39) (.44) (.42)Realized gains (losses) (.16) .53 .51 4.74 .37Unrealized gains (losses) 1.82 (3.57) 1.23 (4.51) (.66)Total increase (decrease) from operationsB 1.87 (2.97) 1.92 .30 (.13)Distributions: From net investment income (excluding dividends) (.27) (.11) (.16) (.13) (.35)From dividends – – – – –From capital gains – – – – –Return of capital (.76) (.77) (.78) (.79) (.80)Total distributionsB,C (1.03) (.88) (.94) (.92) (1.15)Net assets, end of periodB $ 12.91 $ 12.04 $ 14.83 $ 13.82 $ 14.42Ratios and Supplemental Data Net asset value (000s) D $ 603 $ 644 $ 530 $ 485 $ 710Securities outstandingD 46,828 53,557 35,802 35,239 49,368Management expense ratio E,F 2.36% 2.35% 2.35% 2.37% 2.42%Management expense ratio before waivers or absorptions E,F 2.42% 2.42% 2.42% 2.42% 2.46%Trading expense ratioG .05% .10% .06% .11% .11%Portfolio turnover rateH,I 39.86% 55.10% 40.16% 50.55% 40.95%Net asset value per security, end of period $ 12.9104 $ 12.0369 $ 14.8294 $ 13.8168 $ 14.4187

Fidelity Global Real Estate Fund Series S8

Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 7.83 $ 9.85 $ 9.53 $ 10.33 $ 11.51Increase (decrease) from operations: Total revenue .38 .32 .41 .36 .42Total expenses (excluding distributions) (.23) (.27) (.26) (.31) (.30)Realized gains (losses) (.07) .42 .37 3.37 .26Unrealized gains (losses) 1.16 (2.45) .96 (3.19) (.38)Total increase (decrease) from operationsB 1.24 (1.98) 1.48 .23 –Distributions: From net investment income (excluding dividends) (.18) (.08) (.11) (.09) (.26)From dividends – – – – –From capital gains – – – – –Return of capital (.71) (.72) (.88) (.94) (.96)Total distributionsB,C (.89) (.80) (.99) (1.03) (1.22)Net assets, end of periodB $ 8.17 $ 7.83 $ 9.85 $ 9.53 $ 10.33Ratios and Supplemental Data Net asset value (000s) D $ 5,329 $ 2,855 $ 2,699 $ 1,354 $ 1,893Securities outstandingD 653,046 365,515 274,569 142,581 183,624Management expense ratio E,F 2.34% 2.31% 2.30% 2.33% 2.37%Management expense ratio before waivers or absorptions E,F 2.41% 2.38% 2.37% 2.38% 2.41%Trading expense ratioG .05% .10% .06% .11% .11%Portfolio turnover rateH,I 39.86% 55.10% 40.16% 50.55% 40.95%Net asset value per security, end of period $ 8.1690 $ 7.8258 $ 9.8554 $ 9.5268 $ 10.3337

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Fidelity Global Real Estate Fund Series E1

Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.91 $ 11.58 $ 10.22 $ 10.09 $ 10.30Increase (decrease) from operations: Total revenue .50 .39 .43 .37 .41Total expenses (excluding distributions) (.30) (.32) (.29) (.31) (.28)Realized gains (losses) (.13) .40 .38 3.43 .26Unrealized gains (losses) 1.59 (2.81) 1.04 (3.28) (.46)Total increase (decrease) from operationsB 1.66 (2.34) 1.56 .21 (.07)Distributions: From net investment income (excluding dividends) (.25) (.10) (.13) (.10) (.25)From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C (.25) (.10) (.13) (.10) (.25)Net assets, end of periodB $ 11.28 $ 9.91 $ 11.58 $ 10.22 $ 10.09Ratios and Supplemental Data Net asset value (000s) D $ 5,770 $ 5,421 $ 3,908 $ 3,236 $ 3,899Securities outstandingD 511,399 547,117 338,243 316,817 386,487Management expense ratio E,K 2.25% 2.25% 2.25% 2.27% 2.31%Management expense ratio before waivers or absorptions E,K 2.32% 2.31% 2.32% 2.32% 2.34%Trading expense ratioG .05% .10% .06% .11% .11%Portfolio turnover rateH,I 39.86% 55.10% 40.16% 50.55% 40.95%Net asset value per security, end of period $ 11.2838 $ 9.9085 $ 11.5780 $ 10.2128 $ 10.0872

Fidelity Global Real Estate Fund Series E1T5

Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 15.84 $ 19.50 $ 18.18 $ 18.96 $ 20.41Increase (decrease) from operations: Total revenue .83 .66 .75 .66 .86Total expenses (excluding distributions) (.47) (.54) (.51) (.56) (.55)Realized gains (losses) .04 .51 .67 5.62 .33Unrealized gains (losses) 1.86 (5.78) 1.68 (4.57) (2.08)Total increase (decrease) from operationsB 2.26 (5.15) 2.59 1.15 (1.44)Distributions: From net investment income (excluding dividends) (.37) (.16) (.21) (.18) (.48)From dividends – – – – –From capital gains – – – – –Return of capital (1.00) (1.01) (1.02) (1.03) (1.05)Total distributionsB,C (1.37) (1.17) (1.23) (1.21) (1.53)Net assets, end of periodB $ 16.99 $ 15.84 $ 19.50 $ 18.18 $ 18.96Ratios and Supplemental Data Net asset value (000s) D $ 658 $ 91 $ 44 $ 38 $ 85Securities outstandingD 38,727 5,769 2,265 2,119 4,491Management expense ratio E,K 2.31% 2.30% 2.30% 2.32% 2.34%Management expense ratio before waivers or absorptions E,K 2.38% 2.37% 2.37% 2.37% 2.37%Trading expense ratioG .05% .10% .06% .11% .11%Portfolio turnover rateH,I 39.86% 55.10% 40.16% 50.55% 40.95%Net asset value per security, end of period $ 16.9909 $ 15.8344 $ 19.5035 $ 18.1697 $ 18.9599

9


Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.91 $ 11.58 $ 10.22 $ 10.09 $ 10.30Increase (decrease) from operations: Total revenue .51 .40 .44 .36 .39Total expenses (excluding distributions) (.29) (.32) (.28) (.30) (.26)Realized gains (losses) (.10) .46 .39 3.68 .27Unrealized gains (losses) 1.58 (2.30) .91 (3.59) (.26)Total increase (decrease) from operationsB 1.70 (1.76) 1.46 .15 .14Distributions: From net investment income (excluding dividends) (.25) (.11) (.14) (.11) (.26)From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C (.25) (.11) (.14) (.11) (.26)Net assets, end of periodB $ 11.28 $ 9.91 $ 11.58 $ 10.22 $ 10.09Ratios and Supplemental Data Net asset value (000s) D $ 876 $ 616 $ 387 $ 290 $ 259Securities outstandingD 77,671 62,140 33,458 28,421 25,678Management expense ratio E,K 2.20% 2.19% 2.19% 2.18% 2.21%Management expense ratio before waivers or absorptions E,K 2.27% 2.26% 2.26% 2.23% 2.24%Trading expense ratioG .05% .10% .06% .11% .11%Portfolio turnover rateH,I 39.86% 55.10% 40.16% 50.55% 40.95%Net asset value per security, end of period $ 11.2782 $ 9.9054 $ 11.5776 $ 10.2121 $ 10.0851


Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.92 $ 11.59 $ 10.22 $ 10.09 $ 10.30Increase (decrease) from operations: Total revenue .40 .39 .41 .34 .46Total expenses (excluding distributions) (.26) (.31) (.28) (.28) (.27)Realized gains (losses) (.07) .46 .42 4.12 .20Unrealized gains (losses) 1.45 (2.19) 2.18 (4.10) (.75)Total increase (decrease) from operationsB 1.52 (1.65) 2.73 .08 (.36)Distributions: From net investment income (excluding dividends) (.26) (.12) (.14) (.13) (.28)From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C (.26) (.12) (.14) (.13) (.28)Net assets, end of periodB $ 11.30 $ 9.92 $ 11.59 $ 10.22 $ 10.09Ratios and Supplemental Data Net asset value (000s) D $ 5 $ 62 $ 69 $ 1 $ 18Securities outstandingD 445 6,218 5,908 104 1,743Management expense ratio E,K 2.13% 2.12% 2.14% 2.01% 2.04%Management expense ratio before waivers or absorptions E,K 2.20% 2.19% 2.21% 2.07% 2.07%Trading expense ratioG .05% .10% .06% .11% .11%Portfolio turnover rateH,I 39.86% 55.10% 40.16% 50.55% 40.95%Net asset value per security, end of period $ 11.2976 $ 9.9201 $ 11.5948 $ 10.2200 $ 10.0954

10



Periods ended March 31, 2021 2020 2019 2018 2017L

The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.88 $ 11.55 $ 10.19 $ 10.07 $ 10.00Increase (decrease) from operations: Total revenue .72 .38 .42 .37 .06Total expenses (excluding distributions) (.31) (.29) (.27) (.29) (.05)Realized gains (losses) (.30) .54 .39 3.50 .08Unrealized gains (losses) 1.82 (1.14) .93 (3.33) (.02)Total increase (decrease) from operationsB 1.93 (.51) 1.47 .25 .07Distributions: From net investment income (excluding dividends) (.27) (.13) (.15) (.13) –From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C (.27) (.13) (.15) (.13) –Net assets, end of periodB $ 11.27 $ 9.88 $ 11.55 $ 10.19 $ 10.07Ratios and Supplemental Data Net asset value (000s) D $ 69 $ 14 $ 29 $ 14 $ 13Securities outstandingD 6,126 1,375 2,497 1,341 1,325Management expense ratio E,M 2.05% 2.02% 2.08% 2.12% 2.01%Management expense ratio before waivers or absorptions E,M 2.12% 2.09% 2.15% 2.17% 2.03%Trading expense ratioG .05% .10% .06% .11% .11%Portfolio turnover rateH,I 39.86% 55.10% 40.16% 50.55% 40.95%Net asset value per security, end of period $ 11.2646 $ 9.8837 $ 11.5528 $ 10.1886 $ 10.0718

Fidelity Global Real Estate Fund Series P1

Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.61 $ 11.24 $ 9.92 $ 9.80 $ 10.01Increase (decrease) from operations: Total revenue .48 .38 .42 .37 .41Total expenses (excluding distributions) (.17) (.18) (.16) (.18) (.16)Realized gains (losses) (.14) .45 .38 3.32 .22Unrealized gains (losses) 1.65 (2.18) .87 (3.22) (.52)Total increase (decrease) from operationsB 1.82 (1.53) 1.51 .29 (.05)Distributions: From net investment income (excluding dividends) (.37) (.24) (.25) (.22) (.36)From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C (.37) (.24) (.25) (.22) (.36)Net assets, end of periodB $ 10.94 $ 9.61 $ 11.24 $ 9.92 $ 9.80Ratios and Supplemental Data Net asset value (000s) D $ 1,805 $ 2,103 $ 1,954 $ 1,661 $ 1,097Securities outstandingD 164,936 218,726 173,811 167,537 111,963Management expense ratio E,N 1.10% 1.11% 1.12% 1.12% 1.16%Management expense ratio before waivers or absorptions E,N 1.13% 1.14% 1.15% 1.15% 1.18%Trading expense ratioG .05% .10% .06% .11% .11%Portfolio turnover rateH,I 39.86% 55.10% 40.16% 50.55% 40.95%Net asset value per security, end of period $ 10.9423 $ 9.6131 $ 11.2392 $ 9.9166 $ 9.7961

11

Fidelity Global Real Estate Fund Series P1T5


The Series’ Net Assets per Security A Net assets, beginning of period B $ 16.92 $ 20.70 $ 19.21 $ 19.93 $ 20.00Increase (decrease) from operations: Total revenue .84 .54 .80 .71 .16Total expenses (excluding distributions) (.29) (.29) (.30) (.33) (.08)Realized gains (losses) (.03) (6.72) .73 6.92 .14Unrealized gains (losses) 2.40 26.23 1.84 (6.57) (.04)Total increase (decrease) from operationsB 2.92 19.76 3.07 .73 .18Distributions: From net investment income (excluding dividends) (.62) (.41) (.50) (.46) –From dividends – – – – –From capital gains – – – – –Return of capital (.92) (.95) (.97) (.99) (.25)Total distributionsB,C (1.54) (1.36) (1.47) (1.45) (.25)Net assets, end of periodB $ 18.29 $ 16.92 $ 20.70 $ 19.21 $ 19.93Ratios and Supplemental Data Net asset value (000s) D $ 6 $ 5 $ 1 $ 1 $ 1Securities outstandingD 322 308 58 54 51Management expense ratio E,M 1.11% 1.13% 1.01% .90% 1.24%Management expense ratio before waivers or absorptions E,M 1.16% 1.14% 1.32% 1.20% 1.25%Trading expense ratioG .05% .10% .06% .11% .11%Portfolio turnover rateH,I 39.86% 55.10% 40.16% 50.55% 40.95%Net asset value per security, end of period $ 18.2914 $ 16.9145 $ 20.7035 $ 19.1995 $ 19.9254


Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.62 $ 11.25 $ 9.93 $ 9.80 $ 10.01Increase (decrease) from operations: Total revenue .46 .37 .42 .35 .43Total expenses (excluding distributions) (.15) (.17) (.15) (.17) (.15)Realized gains (losses) (.16) .43 .38 2.41 .25Unrealized gains (losses) 1.68 (3.27) .80 (2.04) (.46)Total increase (decrease) from operationsB 1.83 (2.64) 1.45 .55 .07Distributions: From net investment income (excluding dividends) (.37) (.25) (.26) (.23) (.37)From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C (.37) (.25) (.26) (.23) (.37)Net assets, end of periodB $ 10.95 $ 9.62 $ 11.25 $ 9.93 $ 9.80Ratios and Supplemental Data Net asset value (000s) D $ 441 $ 539 $ 396 $ 385 $ 419Securities outstandingD 40,251 55,987 35,234 38,829 42,727Management expense ratio E,N 1.03% 1.03% 1.02% 1.05% 1.07%Management expense ratio before waivers or absorptions E,N 1.06% 1.06% 1.05% 1.07% 1.09%Trading expense ratioG .05% .10% .06% .11% .11%Portfolio turnover rateH,I 39.86% 55.10% 40.16% 50.55% 40.95%Net asset value per security, end of period $ 10.9524 $ 9.6220 $ 11.2483 $ 9.9256 $ 9.8046

12


Fidelity Global Real Estate Fund Series P2T5


The Series’ Net Assets per Security A Net assets, beginning of period B $ 16.92 $ 20.71 $ 19.20 $ 19.93 $ 20.00Increase (decrease) from operations: Total revenue .83 .66 .80 .71 .16Total expenses (excluding distributions) (.26) (.31) (.29) (.35) (.06)Realized gains (losses) (15.31) 1.36 .71 7.00 .15Unrealized gains (losses) 17.68 (5.26) 1.73 (6.57) (.06)Total increase (decrease) from operationsB 2.94 (3.55) 2.95 .79 .19Distributions: From net investment income (excluding dividends) (.64) (.44) (.48) (.45) –From dividends – – – – –From capital gains – – – – –Return of capital (.92) (.95) (.97) (.99) (.25)Total distributionsB,C (1.56) (1.39) (1.45) (1.44) (.25)Net assets, end of periodB $ 18.31 $ 16.92 $ 20.71 $ 19.20 $ 19.93Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1 $ 1,071 $ 1,014 $ 1,105Securities outstandingD 68 63 51,726 52,839 55,436Management expense ratio E,M .98% 1.03% 1.03% 1.04% 1.06%Management expense ratio before waivers or absorptions E,M .98% 1.06% 1.06% 1.06% 1.06%Trading expense ratioG .05% .10% .06% .11% .11%Portfolio turnover rateH,I 39.86% 55.10% 40.16% 50.55% 40.95%Net asset value per security, end of period $ 18.3054 $ 16.9235 $ 20.7116 $ 19.1909 $ 19.9348


Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.65 $ 11.28 $ 9.94 $ 9.81 $ 10.01Increase (decrease) from operations: Total revenue .53 .37 .42 .37 .42Total expenses (excluding distributions) (.16) (.16) (.13) (.17) (.10)Realized gains (losses) (.03) .37 (.74) 3.56 .11Unrealized gains (losses) 1.22 (4.08) 2.06 (3.68) .45Total increase (decrease) from operationsB 1.56 (3.50) 1.61 .08 .88Distributions: From net investment income (excluding dividends) (.38) (.25) (.26) (.23) (.40)From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C (.38) (.25) (.26) (.23) (.40)Net assets, end of periodB $ 10.98 $ 9.65 $ 11.28 $ 9.94 $ 9.81Ratios and Supplemental Data Net asset value (000s) D $ 199 $ 92 $ 1 $ 1 $ 248Securities outstandingD 18,107 9,517 111 108 25,298Management expense ratio E,N .96% .97% .79% .99% .89%Management expense ratio before waivers or absorptions E,N .99% 1.01% .79% 1.01% .89%Trading expense ratioG .05% .10% .06% .11% .11%Portfolio turnover rateH,I 39.86% 55.10% 40.16% 50.55% 40.95%Net asset value per security, end of period $ 10.9801 $ 9.6460 $ 11.2765 $ 9.9356 $ 9.8069

13


Periods ended March 31, 2021 2020 2019 2018O

The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.93 $ 11.61 $ 10.25 $ 10.00Increase (decrease) from operations: Total revenue .51 .39 .44 .26Total expenses (excluding distributions) (.15) (.16) (.14) (.12)Realized gains (losses) (.10) .45 .39 3.39Unrealized gains (losses) 1.52 (2.31) .97 (3.03)Total increase (decrease) from operationsB 1.78 (1.63) 1.66 .50Distributions: From net investment income (excluding dividends) (.41) (.28) (.28) (.26)From dividends – – – –From capital gains – – – –Return of capital – – – –Total distributionsB,C (.41) (.28) (.28) (.26)Net assets, end of periodB $ 11.30 $ 9.93 $ 11.61 $ 10.25Ratios and Supplemental Data Net asset value (000s) D $ 337 $ 285 $ 299 $ 257Securities outstandingD 29,813 28,729 25,772 25,094Management expense ratio E,P .85% .85% .85% .85%Management expense ratio before waivers or absorptions E,P .88% .88% .88% .89%Trading expense ratioG .05% .10% .06% .11%Portfolio turnover rateH,I 39.86% 55.10% 40.16% 50.55%Net asset value per security, end of period $ 11.3041 $ 9.9321 $ 11.6125 $ 10.2472

14


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 Included in the management expense ratio above are tax related costs (2021: – %, 2020: – %, 2019: – %, 2018: – %, 2017: .01%).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 January 6, 2017 (commencement of sale of securities) to March 31, 2017.M Effective January 10, 2017, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at

any time, at its sole discretion. It is not known when such waivers will be terminated.N 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.O For the period July 14, 2017 (commencement of sale of securities) to March 31, 2018.P Effective July 18, 2017, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any

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

15

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% 33.53% 66.47%

Series B 1.850% 54.05% 45.95%

Series F 0.850% — 100.00%

Series F5 0.850% — 100.00%

Series F8 0.850% — 100.00%

Series T5 2.000% 25.02% 74.98%

Series T8 2.000% 23.95% 76.05%

Series S5 1.850% 54.05% 45.95%

Series S8 1.850% 54.05% 45.95%

Series E1 1.825% 54.79% 45.21%

Series E1T5 1.825% 54.79% 45.21%

Series E2 1.800% 55.56% 44.44%

Series E3 1.775% 56.34% 43.66%

Series E4 1.725% 57.97% 42.03%

Series P1 0.825% — 100.00%

Series P1T5 0.825% — 100.00%

Series P2 0.800% — 100.00%

Series P2T5 0.800% — 100.00%

Series P3 0.775% — 100.00%

Series P4 0.725% — 100.00%

16


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

40302010

0-10-20

2021

16.2

2020

-13.9

2019

14.5

2018

2.0

2017

0.3

2016

2.7

2015

31.3

2014

8.0

2013

20.3

2012

3.3

Fiscal Years

(%)

Series B

40302010

0-10-20

2021

16.4

2020

-13.8

2019

14.7

2018

2.2

2017

0.5

2016

2.9

2015

31.5

2014

8.3

2013

20.6

2012

3.5

Fiscal Years

(%)

Series F

40302010

0-10-20

2021

17.7

2020

-12.8

2019

16.0

2018

3.3

2017

1.6

2016

4.1

2015

33.1

2014

9.6

2013

21.9

2012

4.7

Fiscal Years

(%)

Series F5

40302010

0-10-20

2021

17.7

2020

-12.8

2019

16.0

2018

3.3

2017

1.6

2016

4.1

2015

33.0

2014

4.8

Fiscal Years

(%)

Commencement of Operations is April 17, 2013

Series F8

40302010

0-10-20

2021

17.7

2020

-12.8

2019

16.0

2018

3.3

2017

1.6

2016

4.1

2015

32.9

2014

4.8

Fiscal Years

(%)

Commencement of Operations is April 17, 2013

Series O

40302010

0-10-20

2021

19.1

2020

-11.7

2019

17.4

2018

4.6

2017

2.8

2016

5.4

2015

34.8

2014

11.0

2013

23.5

2012

6.0

Fiscal Years

(%)

17

Series T5

40302010

0-10-20

2021

16.1

2020

-13.9

2019

14.4

2018

2.0

2017

0.3

2016

2.8

2015

31.2

2014

7.9

2013

20.2

2012

3.2

Fiscal Years

(%)

Series T8

40302010

0-10-20

2021

16.1

2020

-14.1

2019

14.4

2018

1.9

2017

0.2

2016

2.6

2015

31.1

2014

7.9

2013

20.2

2012

3.2

Fiscal Years

(%)

Series S5

40302010

0-10-20

2021

16.3

2020

-13.8

2019

14.7

2018

2.2

2017

0.4

2016

2.8

2015

31.4

2014

8.1

2013

20.5

2012

3.4

Fiscal Years

(%)

Series S8

40302010

0-10-20

2021

16.4

2020

-13.7

2019

14.7

2018

2.2

2017

0.5

2016

2.9

2015

31.5

2014

8.2

2013

20.5

2012

3.4

Fiscal Years

(%)

Series E1

40302010

0-10-20

2021

16.5

2020

-13.7

2019

14.8

2018

2.2

2017

0.5

2016

2.9

2015

31.5

2014

8.3

2013

20.6

2012

3.5

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series E1T5

40302010

0-10-20

2021

16.4

2020

-13.8

2019

14.7

2018

2.2

2017

0.5

2016

2.8

2015

31.4

2014

8.1

2013

20.5

2012

3.4

Fiscal Years

(%)


Series E2

40302010

0-10-20

2021

16.5

2020

-13.7

2019

14.8

2018

2.3

2017

0.6

2016

2.9

2015

31.5

2014

8.3

2013

20.6

2012

3.5

Fiscal Years

(%)


Series E3

40302010

0-10-20

2021

16.6

2020

-13.6

2019

15.0

2018

2.5

2017

0.9

2016

2.9

2015

31.5

2014

8.3

2013

20.6

2012

3.5

Fiscal Years

(%)


18


Past Performance – continued

Series E4

40302010

0-10-20

2021

16.9

2020

-13.5

2019

15.0

2018

2.4

2017

0.5

2016

2.9

2015

31.5

2014

8.3

2013

20.6

2012

3.5

Fiscal Years

(%)

Commencement of Operations is January 6, 2017

Series P1

40302010

0-10-20

2021

17.8

2020

-12.7

2019

16.1

2018

3.4

2017

1.7

2016

4.1

2015

33.1

2014

9.6

2013

21.9

2012

4.7

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P1T5

40302010

0-10-20

2021

17.8

2020

-12.8

2019

16.2

2018

3.6

2017

1.6

2016

4.1

2015

33.0

2014

4.8

Fiscal Years

(%)


Series P2

40302010

0-10-20

2021

17.9

2020

-12.6

2019

16.2

2018

3.5

2017

1.8

2016

4.2

2015

33.1

2014

9.6

2013

21.9

2012

4.7

Fiscal Years

(%)


Series P2T5

40302010

0-10-20

2021

17.9

2020

-12.6

2019

16.2

2018

3.5

2017

1.6

2016

4.1

2015

33.0

2014

4.8

Fiscal Years

(%)


Series P3

40302010

0-10-20

2021

18.0

2020

-12.6

2019

16.4

2018

3.6

2017

2.0

2016

4.2

2015

33.1

2014

9.6

2013

21.9

2012

4.7

Fiscal Years

(%)


Series P4

40302010

0-10-20

2021

18.1

2020

-12.5

2019

16.4

2018

3.6

2017

1.6

2016

4.1

2015

33.1

2014

9.6

2013

21.9

2012

4.7

Fiscal Years

(%)

Commencement of Operations is July 14, 2017

19

Annual Compound ReturnsThis table shows the Fund’s historical annual compound total returns for the periods indicated, compared with a broad-based benchmark, the MSCI World Index, and the Fund’s benchmark, the FTSE EPRA/NAREIT Developed Index.

Average Annual Total ReturnsPast 1 year

Past 3 years

Past 5 years

Past 10 years

Since Inception

Series A 16.2% 4.6% 3.2% 7.8% n/aSeries B 16.4% 4.8% 3.4% 8.0% n/aSeries F 17.7% 6.0% 4.6% 9.3% n/aSeries F5 17.7% 6.0% 4.5% n/a 7.8%Series F8 17.7% 6.0% 4.6% n/a 7.8%Series O 19.1% 7.3% 5.8% 10.6% n/aSeries T5 16.1% 4.6% 3.2% 7.8% n/aSeries T8 16.1% 4.5% 3.1% 7.7% n/aSeries S5 16.3% 4.8% 3.4% 7.9% n/aSeries S8 16.4% 4.8% 3.4% 8.0% n/aSeries E1 16.5% 4.9% 3.5% 8.1% n/aSeries E1T5 16.4% 4.8% 3.4% 8.0% n/aSeries E2 16.5% 4.9% 3.5% 8.1% n/aSeries E3 16.6% 5.0% 3.7% 8.2% n/aSeries E4 16.9% 5.1% 3.7% 8.1% n/aSeries P1 17.8% 6.1% 4.6% 9.3% n/aSeries P1T5 17.8% 6.1% 4.7% n/a 7.8%Series P2 17.9% 6.2% 4.7% 9.4% n/aSeries P2T5 17.9% 6.2% 4.7% n/a 7.9%Series P3 18.0% 6.3% 4.9% 9.4% n/aSeries P4 18.1% 6.3% 4.8% 9.4% n/aFTSE EPRA/NAREIT Developed Index 20.2% 4.2% 3.2% 8.5% 6.6%MSCI World Index 36.0% 11.9% 12.7% 12.7% 13.9%

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

The FTSE EPRA/NAREIT Developed Index was developed by the European Public Real Estate Association (EPRA), a common interest group aiming to promote, develop and represent the European public real estate sector, and the North American Association of REITs (NAREIT), the representative voice of the US REIT industry. The index series is designed to reflect the stock performance of companies engaged in specific aspects of the North American, European and Asian real estate markets. The MSCI World Index is a market-capitalization-weighted index composed of companies representative of the market structure of developed market countries in North America, Europe and the Asia/Pacific region.

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

20


Summary of Investment Portfolio as at March 31, 2021Sector Mix

% of Fund’s Net Assets as at

3/31/21


3/31/20

Real Estate 99.0 98.0

Others (Individually Less Than 1%) 0.0 0.1

Cash and Cash Equivalents 1.0 1.1

Net Other Assets (Liabilities) 0.0 0.8

Geographic Mix


3/31/21


3/31/20

United States of America 53.6 52.1

Japan 8.9 10.7

Germany 5.3 7.3

Australia 4.9 3.8

Singapore 4.5 6.2

Canada 3.8 1.7

Hong Kong 3.6 1.8

United Kingdom 3.3 4.6

France 3.0 2.7

Ireland 1.8 2.0

Bailiwick of Guernsey 1.3 1.1

Luxembourg 1.3 0.0

Cayman Islands 1.2 1.7

Belgium 1.0 0.0

Others (Individually Less Than 1%) 1.5 2.4

Cash and Cash Equivalents 1.0 1.1

Net Other Assets (Liabilities) 0.0 0.8

Top Issuers

% of Fund’s Net Assets

1. Prologis (REIT), Inc. 7.2

2. Digital Realty Trust, Inc. 4.5

3. Duke Realty Corp. 3.8

4. Vonovia SE 3.2

5. Welltower, Inc. 3.2

6. Mitsui Fudosan Co. Ltd. 3.1

7. Mitsubishi Estate Co. Ltd. 2.8

8. Ventas, Inc. 2.4

9. UOL Group Ltd. 2.3

10. UDR, Inc. 2.3

11. Equity Lifestyle Properties, Inc. 2.1

12. Instone Real Estate Group BV 2.1

13. Dream Indl Real Estate Investment Trust 2.0

14. Extra Space Storage, Inc. 2.0

15. Sino Land Ltd. 1.9

16. Hibernia (REIT) PLC 1.8

17. Link (REIT) 1.7

18. Mid-America Apartment Communities, Inc. 1.7

19. CubeSmart 1.6

20. Gaming And Leisure Properties 1.6

21. Invitation Homes, Inc. 1.6

22. Sun Communities, Inc. 1.6

23. American Homes 4 Rent 1.5

24. National Storage Reit 1.5

25. Equinix, Inc. 1.5

61.0

Total Fund Net Assets $131,553,000

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

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

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Documents

Fidelity Global Real Estate Fund