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Your CUSIP Results are as follows:

PAUL JAMES (CC RF-0522-1392)


Fidelity Emerging Markets Discovery Fund
Symbol:
FEDDX
CUSIP:
31618H549
Fund Number:
Inception Date:
11/1/2001
Net Assets:
$81,300,000.00 as of
9/30/2016
Portfolio Assets:
$81,300,000.00 as of
9/30/2016

A little about the Fund:


Focus on investing in smaller capitalization companies exposed to secular growth trends
of ascendant emerging market domestic economies. Normally investing at least 80% of
assets in securities of issuers in emerging markets (countries that have anemerging stock
market as defined by MSCI, countries or markets with low- to middle-income economies
as classified by the World Bank, and other countries or markets with similar emerging
characteristics) and other investments that are tied economically toemerging markets.
Normally investing primarily in common stocks. Investing in either "growth" stocks or
"value" stocks or both. Allocating investments across different emerging market
countries. Using fundamental analysis of factors such as each issuer'sfinancial condition
and industry position, as well as market and economic conditions to select investments.

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FEDDX Analysis - Fidelity Emerging Markets Discovery Fund | Fidelity Investments

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Morningstar Category: Diversified


Emerging Mkts

Fidelity Emerging Markets Discovery Fund: Portfolio Manager Q&A


APRIL 30, 2016

View as PDF

Fund Related Information


Portfolio Manager Q&A

Q&A
An interview with Co-Portfolio Managers Greg Lee and Tim Gannon

Greg, how did the fund perform for the six months ending April 30,
2016?

Fund Managers

Chairman's Message

Tim Gannon

Investment Approach

Gregory Lee

Would you please describe the fund's management structure?


What can you tell us about the energy and industrials subportfolios you manage?
What else contributed to relative performance?

My Mutual Funds
In order to view funds in your portfolio,
you must first log in . Please note this
feature requires that you have a specific
type of Fidelity account, such as a
brokerage account, IRA, or other nonworkplace account.

What other stocks helped?


Tim, how did your strategy influence results in the sleeves you manage?
Would you highlight some of your investments?

Greg Lee on the industrials subportfolio:


"The sleeve benefited from an overweighting in Latin America, which significantly outpaced the broader emerging-markets
benchmark. This outperformance was driven primarily by positive political developments in Brazil, which led to strong local
market performance, as well as an appreciating currency.
"This positive was compounded by the sleeve's ownership of firms with particularly depressed valuations relative to the quality
of their underlying businesses, such as major fund contributors Mills Estruturas e Servicos, Smiles, Tegma Gestao Logistica,
and Copa Holdings. Another big contributor was Aselsan, a Turkish defense company that performed well on the back of good
earnings results and an improving outlook for key Turkish defense programs.
"Turning to detractors, Global Ports Investments, a Russian container port operator, underperformed due to challenging
economic conditions in Russia. However, Global Ports remained a core holding because I thought the firm had a strong
competitive position in a structurally attractive industry with good long-term growth drivers, and its stock was trading at a very
cheap valuation. Another laggard was Alliance Global, a Filipino conglomerate that underperformed due to poor earnings
results. Execution and competition have been problems for two of the company's main subsidiaries. That said, I thought these
businesses, as well as the stock's valuation, remained attractive, so I held our position here."

Key Takeaways
For the six months ending April 30, 2016, the fund's share classes (excluding sales charges, if applicable) returned just
under 2% and outperformed the benchmark MSCI Emerging Markets SMID Cap Index.
Security selection drove the fund's performance versus the benchmark, as stock picking in eight of the fund's 10 sector
sleeves was positive.
From a geographic perspective, investments in Hong Kong, as well as in Canada-based firms with emerging-markets
exposure, proved helpful. However, choices in in South Korea hurt versus the benchmark.
https://fundresearch.fidelity.com/mutual-funds/analysis/31618H549#Tim%20Gannon

Page 1 of 3

FEDDX Analysis - Fidelity Emerging Markets Discovery Fund | Fidelity Investments

10/30/16, 11:10 AM

Picks in consumer discretionary, industrials, financials and information technology lifted performance most, whereas stock
selection in health care and consumer staples dragged on relative results.
At period end, Co-Portfolio Managers Tim Gannon and Greg Lee maintain that a disciplined portfolio-construction
framework should help the fund in its pursuit of consistent risk-adjusted relative returns over the long run.

MARKET RECAP
Despite a robust second-half rally, international equities declined for the six months ending April 30, 2016. The major-market
MSCI World ex USA Index returned -2.08%, with resource-rich Canada (+8%) and Asia Pacific ex Japan (+4%) the only
regions to post a positive result. The MSCI Emerging Markets Index essentially broke even. Following an October surge,
largely driven by the U.S. Federal Reserve's decision to delay raising target interest rates until mid-December, investors faced
new-year news of an economic slowdown in China, coupled with persistent commodity weakness and U.S.-dollar strength. A
volatile February saw central banks in Europe, Japan and China take aggressive action aimed at reigniting their economies;
the Fed added fuel by softening its schedule for future rate hikes. Stocks rallied over the final third of the period, capping the
strongest two-month gain since early 2012. Within developed markets, small-cap stocks handily outpaced large-caps, and
growth bettered value-oriented stocks. Volatility and falling bond yields aided traditionally defensive and dividend-rich sectors,
notably telecommunication services, utilities and consumer staples. Rebounding commodity prices powered an impressive
turnaround in energy and materials near period end leading both into the black with pronounced effects in resource-heavy
emerging markets.

FISCAL PERFORMANCE SUMMARY


Periods ending APRIL 30, 2016

Cumulative

Annualized

6 Month

YTD

1 Year

3 Year

5 Year

10 Year/
LOF1

Fidelity Emerging Markets Discovery Fund Gross


Expense Ratio: 1.56%2

1.99%

5.71%

-11.69%

-3.26%

--

3.79%

MSCI Emerging Market Small Mid Cap (TR)

0.24%

4.50%

-16.01%

-3.27%

-3.66%

1.17%

-0.26%

5.03%

-15.37%

-4.55%

-4.31%

--

% Rank in Morningstar Category (1% = Best)

--

--

19%

27%

--

--

# of Funds in Morningstar Category

--

--

847

584

408

--

Morningstar Diversified Emerging Mkts

1 Life

of Fund (LOF) if performance is less than 10 years. Fund inception date: 11/01/2011.
This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that
fiscal year.
This fund has a short term trading fee 2.00% for shares held less than 90 days.Past performance is no guarantee of future results.
Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if
multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn
more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, advisor.fidelity.com, or
401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any.
Cumulative total returns are reported as of the period indicated. Please see the last page(s) of this Q&A document for most-recent
calendar-quarter performance.
2

Portfolio Manager Bios


Tim Gannon
CO-MANAGER

Tim Gannon is a quantitative analyst at Fidelity Management & Research Company (FMRCo), the investment
advisor for Fidelity's family of mutual funds. Fidelity Investments is a leading provider of investment
management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and other financial
products and services to more than 20 million individuals, institutions and financial intermediaries. In this role,
he is responsible for building stock selection models, providing portfolio construction guidance, researching
investment strategies, and for managing health care and technology portfolios within the Emerging Markets
Stock Selector product.Prior to joining Fidelity in his current role in May 2006, Tim was a quantitative analyst at Gartmore
Global Investments from 1999 to 2006. During this time, Tim also worked as an assistant portfolio manager. He has been in
the investments industry since 1999.Tim earned his bachelor of arts degree in economics from Duke University. He is also a
Chartered Financial Analyst (CFA) charterholder.
https://fundresearch.fidelity.com/mutual-funds/analysis/31618H549#Tim%20Gannon

Page 2 of 3

FEDDX Analysis - Fidelity Emerging Markets Discovery Fund | Fidelity Investments

10/30/16, 11:10 AM

Gregory Lee
CO-MANAGER

Gregory Lee is a portfolio manager at Fidelity Management & Research Company (FMRCo), the investment
advisor for Fidelity's family of mutual funds. Fidelity Investments is a leading provider of investment
management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and other financial
products and services to more than 20 million individuals, institutions and financial intermediaries. In this role,
Greg co-manages several global emerging market funds and is responsible for managing the funds'
investments in the industrials sector. Prior to assuming his current position in 2012, Greg was an emerging
markets equity analyst from 2010 to 2012 and a U.S. equity analyst from 2007 to 2010. Before joining Fidelity in 2007, Greg
worked as an equity research associate at Raymond James & Associates from 2002 to 2005, where he was responsible for
covering stocks in the technology and defense sectors. He has been in the investments industry since 2002.Greg earned his
bachelor of arts degree in economics from the University of Pennsylvania and his master of business administration degree
from New York University. He is also a Chartered Financial Analyst (CFA) charterholder.
Back to top

The "Mutual Funds" area at the top of each page allows access to mutual fund holdings with individual and joint Fidelity non-retirement
accounts. Individual stock positions, ETFs and 529 funds are not available through this view. For the full list of your holdings visit Portfolio
Summary.
Mutual Funds are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as of
the official market close (typically 4p.m.) and prices are generally available between 5 p.m. and 6p.m.
Watch a brief video to learn about using the new mutual fund library to evaluate funds
1. No Transaction Fee Fidelity funds are available without paying a trading fee to Fidelity or a sales load to the fund. However, the fund may charge a
short-term trading or redemption fee to protect the interests of long-term shareholders of the fund. Shares are subject to the fund's management and
operating expenses. See Expenses & Fees for more information.

Generally, data on Fidelity mutual funds is provided by FMR, LLC, Morningstar ratings and data on non-Fidelity mutual funds is provided by
Morningstar, Inc. and data on non-mutual fund products is provided by the product's investment manager, trustee or issuer or the plan sponsor whose
plan is offering the product to participants. Although Fidelity believes the data gathered from these third-party sources is reliable, it does not review
such information and cannot warrant it to be accurate, complete or timely. Fidelity is not responsible for any damages or losses arising from any use
of this third-party information.

Before investing, consider the investment objectives, risks, charges and expenses of the fund or annuity and its investment
options. Contact Fidelity for a free prospectus and, if available, summary prospectus containing this information. Read it
carefully.

1998 - 2016 FMR LLC.


All rights reserved.
Terms of Use Privacy Security Site Map

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FEDDX - Fidelity Emerging Markets Discovery Fund | Fidelity Investments

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FEDDX

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Morningstar Snapshot*

Morningstar Category: Diversified


Emerging Mkts

AS OF 9/30/2016; MORNINGSTAR CATEGORY: DIVERSIFIED EMERGING MKTS

Overall Rating

Returns
LOW

AVG

Expenses
HIGH

LOW

AVG

Risk of this Category


HIGH

LOWER

Fund Related Information


HIGHER

Portfolio Manager Q&A


Chairman's Message

*Data provided by Morningstar.

Investment Approach

Performance 2

Details

AS OF 9/30/2016

My Mutual Funds

Morningstar Category

Average Annual Returns


YTD (Daily)*

1 Yr

3 Yr

5 Yr

Life

+17.41%

+17.69%

+2.26%

--

+5.68%

Diversified
Emerging Mkts

Fund Inception

11/1/2011

NAV

$12.34

10/28/2016

*AS OF 10/28/2016; Value is cumulative

Exp Ratio (Gross)

1.56%

12/30/2015

1Y

3Y

5Y

1.45%

12/30/2015

AS OF 9/30/2016; MORNINGSTAR CATEGORY: DIVERSIFIED EMERGING MKTS

YTD

($15.60 per $1000)

Exp Ratio (Net)

Hypothetical Growth of $10,000 3, 4


10Y

In order to view funds in your portfolio,


you must first log in . Please note this
feature requires that you have a specific
type of Fidelity account, such as a
brokerage account, IRA, or other nonworkplace account.

($14.50 per $1000)

Redemption Fee

2.00%

14k

Redemption Period

90 days

13k

Minimum to Invest 5

$2,500.00

12k

Turnover Rate

63%

4/30/2016

Portfolio Net Assets ($M)

$81.30

9/30/2016

10k
9k

Share Class Net Assets


($M)
9/30/2016

12 Month Low-High
8k
2012

2013

2014

2015

$63.67

$9.35 - $12.49

9/30/2016

2016

Top 10 Holdings 6
Fidelity Emerging Markets Discovery Fund

MSCI EM SMID Cap (TR)

AS OF 9/30/2016

Diversified Emerging Mkts

Compare Chart | Fund Facts Search


The performance data featured represents past performance, which is no guarantee of future
results. Investment return and principal value of an investment will fluctuate; therefore, you may
have a gain or loss when you sell your shares. Current performance may be higher or lower than
the performance data quoted.

11.05%

TOP 10 HOLDINGS

58.COM INC ADR


MANAPPURAM FINANCE LTD

Fund Manager(s)

SMILES SA

Gregory R Lee since 6/21/2014


James J Hayes since 6/21/2014

TECHTRONIC INDUSTRIES CO LTD

https://fundresearch.fidelity.com/mutual-funds/summary/31618H549

TONG REN TANG TECH CO H

Page 1 of 3

FEDDX - Fidelity Emerging Markets Discovery Fund | Fidelity Investments

10/30/16, 10:33 AM

Sam Polyak since 6/21/2014

QINGDAO HAIER CO LTD A

Tim M Gannon since 6/21/2014

ADVANTECH CO LTD
AKSA (AKRILIK KIMYA SANAYI)
HUANGSHAN TOURISM DEV CO LTD B

Fund Overview

ARCOS DORADOS HOLDINGS INC A

Objective

% of Total Portfolio

Seeks capital appreciation.

11.05%

Total # of holdings: 195 as of 9/30/2016


Total # of issuers: 182 as of 9/30/2016

Strategy
Focus on investing in smaller capitalization companies exposed to secular growth trends
of ascendant emerging market domestic economies. Normally investing at least 80% of
assets in securities of issuers in emerging markets (countries that have an emerging stock
market as defined by MSCI, countries or markets with low- to middle-income economies
as classified by the World Bank, and other countries or markets with similar emerging
characteristics) and other investments that are tied economically to emerging markets.
Normally investing primarily in common stocks. Investing in either "growth" stocks or
"value" stocks or both. Allocating investments across different emerging market countries.
Using fundamental analysis of factors such as each issuer's financial condition and
industry position, as well as market and economic conditions to select investments.

Risk
Stock markets, especially foreign markets, are volatile and can decline significantly in
response to adverse issuer, political, regulatory, market, or economic developments.
Foreign securities are subject to interest rate, currency exchange rate, economic, and
political risks, all of which are magnified in emerging markets. The securities of smaller,
less well-known companies can be more volatile than those of larger companies. The fund
may have additional volatility because it can invest a significant portion of assets in
securities of a small number of individual issuers.

Additional Disclosures
This description is only intended to provide a brief overview of the mutual fund. Read the
fund's prospectus for more detailed information about the fund.
Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the
returns would have been lower.

Quarter-End Average Annual Total Returns 3, 2


AS OF 9/30/2016; FUND INCEPTION 11/1/2011
EXPENSE RATIO (GROSS): 1.56% AS OF 12/30/2015

1 Yr

3 Yr

5 Yr

10 Yr

Life

Fidelity Emerging Markets Discovery Fund

17.69%

2.26%

MSCI EM SMID Cap (TR)

13.01%

0.46%

--

--

5.68%

3.96%

5.49%

Diversified Emerging Mkts

15.24%

-0.36%

3.68%

2.34%

3.49%

--

Before Taxes

After Taxes on Distributions


Fidelity Emerging Markets Discovery Fund

17.82%

2.12%

--

--

5.46%

Diversified Emerging Mkts

13.71%

-1.24%

2.93%

2.36%

--

After taxes on distributions and sale of fund shares


Fidelity Emerging Markets Discovery Fund
Diversified Emerging Mkts

10.48%

1.89%

--

--

4.51%

8.18%

-0.64%

2.62%

2.66%

--

The "Mutual Funds" area at the top of each page allows access to mutual fund holdings with individual and joint Fidelity non-retirement
accounts. Individual stock positions, ETFs and 529 funds are not available through this view. For the full list of your holdings visit Portfolio
Summary.
Mutual Funds are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as of
the official market close (typically 4p.m.) and prices are generally available between 5 p.m. and 6p.m.
Watch a brief video to learn about using the new mutual fund library to evaluate funds
2016 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content

https://fundresearch.fidelity.com/mutual-funds/summary/31618H549

Page 2 of 3

FEDDX - Fidelity Emerging Markets Discovery Fund | Fidelity Investments

10/30/16, 10:33 AM

providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content
providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for
fund performance, you should check the fund's current prospectus or other product materials for the most up-to-date information concerning
applicable loads, fees and expenses.
1. No Transaction Fee Fidelity funds are available without paying a trading fee to Fidelity or a sales load to the fund. However, the fund may charge a
short-term trading or redemption fee to protect the interests of long-term shareholders of the fund. Shares are subject to the fund's management and
operating expenses. See Expenses & Fees for more information.
2. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are
reported as of the period indicated. Life of fund figures are reported as of the commencement date to the period indicated and are cumulative if the
fund is less than one year old. Total returns do not reflect the fund's [%] sales charge. If sales charges were included, total returns would have been
lower.
3. The Morningstar Category Average is the average return for the peer group based on the returns of each individual fund within the group, for the
period shown. This average assumes reinvestment of dividends.
4. This chart illustrates the performance of a hypothetical $10,000 investment made in this investment product (and a benchmark or category
average, if shown) from the beginning date shown or on the inception date of the product (whichever is later). The inception date used for products
with underlying funds, or multiple shares classes, or are offered as a separate account, strategy or sub account, may be the inception date of the
underlying fund, the earliest share class of the product, or the date composite performance for the product was first made available. The product's
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dividends, if any, but do not reflect any fees or expenses. It is not possible to invest in an index. Past performance is no guarantee of future results.
This chart is not intended to imply any future performance of the investment product.
5. Initial minimum investments into group retirement accounts such as Fidelity Simplified Employee Pension-IRA, Keogh, Self-Employed 401(k), and
Non-Fidelity Prototype Retirement accounts are $500 or higher. There is no minimum for additional investments in any type of Fidelity fund you
already own.
6. Any holdings, asset allocation, diversification breakdowns or other composition data shown are as of the date indicated and are subject to change
at any time. They may not be representative of the fund's current or future investments. The Top Ten Holdings and Top 5 Issuers do not include
money market instruments or futures contracts, if any. Depository receipts are normally combined with the underlying security. Some breakdowns
may be intentionally limited to a particular asset class or other subset of the fund's entire portfolio, particularly in multi-asset class funds where the
attributes of the equity and fixed income portions are different.
Under the asset allocation section, international (or foreign) assets may be reported differently depending on how an investment option reports its
holdings. Some do not report international (or foreign) holdings here, but instead report them in a "Regional Diversification" section. Some report
them in this section in addition to the equity, bond and other allocation shown. Others report international (or foreign) holding as a subset of the equity
and bond allocations shown. If the allocation without the foreign component equals (or rounds to) 100%, then international (or foreign) is a subset of
the equity and bond percentage shown.

Generally, data on Fidelity mutual funds is provided by FMR, LLC, Morningstar ratings and data on non-Fidelity mutual funds is provided by
Morningstar, Inc. and data on non-mutual fund products is provided by the product's investment manager, trustee or issuer or the plan sponsor whose
plan is offering the product to participants. Although Fidelity believes the data gathered from these third-party sources is reliable, it does not review
such information and cannot warrant it to be accurate, complete or timely. Fidelity is not responsible for any damages or losses arising from any use
of this third-party information.

Before investing, consider the investment objectives, risks, charges and expenses of the fund or annuity and its investment
options. Contact Fidelity for a free prospectus and, if available, summary prospectus containing this information. Read it
carefully.

1998 - 2016 FMR LLC.


All rights reserved.
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