Fidelity Emerging Asia Fund

Fidelity Emerging Asia Fund Key Takeaways On December 31, 2016, John Dance assumed sole portfolio management responsibility for the fund, as former Co-Manager Colin Chickles retired from Fidelity. For the fiscal year ending October 31, 2017, the fund gained 33.28%, topping the 30.46% advance of the benchmark MSCI AC (All Country) Asia ex Japan Index. Markets in emerging Asia were aided by resilient domestic and external demand and a weaker U.S. dollar, providing a favorable environment for John's focus on what he considered to be attractive growth stories and high-quality firms. Versus the benchmark, positioning in information technology and stock selection in consumer staples were key positives. Overall, active management added value in eight of 11 market sectors. Real estate, health care and financials were minor detractors. Regionally, China was a key driver of the fund's outperformance; positioning in Hong Kong, Malaysia and India also contributed. Conversely, Taiwan and Philippines weighed on relative results, as did a small position in out-of-index Israel. John believes the structural advantages favoring the region remain intact, especially the rise of the consumer in India and China. However, he also thinks the markets' recent strong performance dictates caution and attention to valuations. MARKET RECAP The MSCI ACWI (All Country World Index) ex USA Index returned 23.85% for the 12 months ending October 31, 2017, helped partly by a generally weak U.S. dollar. Some favorable election results in continental Europe (+30%) suggested ebbing political uncertainty and near-term risk there, but the U.K. (+20%) faced more-mixed conditions ahead of its expected exit from the European Union. Despite central-bank easing and pressured recently by yen strength Japan (+18%) lagged the rest of the Asia-Pacific group (+22%). Commodity-price volatility slowed Canada (+17%), but the emergingmarkets group (+26%) sped ahead. Sector-wise, information technology (+47%) was driven by a surge among several Chinese internet-related names. Financials (+27%) rode rising interest rates that, at the same time, weighed on real estate (+17%), utilities (+16%), consumer staples (+14%) and telecommunication services (+9%) socalled "bond proxy" sectors. Materials (+28%) and industrials (+27%) responded to demand from China and price gains for certain commodities. In the energy sector (+20%), oil prices lost ground in the spring before rebounding through October 31 to end well above where they started 12 months ago. Lastly, health care (+14%) was hurt by early-period turmoil around drug pricing and health care legislation. Not FDIC Insured May Lose Value No Bank Guarantee

Q&A An interview with Manager John Dance Fund Facts Trading Symbol: John Dance Manager FSEAX Start Date: April 19, 1993 Size (in millions): $1,285.95 Investment Approach Fidelity Emerging Asia Fund is a regional equity strategy that seeks long-term capital appreciation by investing primarily in the common stocks of Asian emergingmarkets issuers and other investments that are tied economically to Asian emerging markets. We believe that markets are not wholly efficient, due to investor psychology, market microstructure and asymmetric information, which can lead to mispricings and create opportunities for active management. We strive to exploit these principles through in-depth fundamental analysis, working in concert with Fidelity's global research team. Our disciplined stock selection process focuses on companies with high potential for structural growth, solid free cash flow and consistently high returns. We seek to own companies with strong business models and improving customer-value propositions that are led by capable, focused management teams. construction is an important part of our investment process, and we use a proprietary risk-aware approach to help manage position sizing. Q: John, how did the fund perform for the fiscal year ending October 31, 2017 The fund recorded a healthy 33.28% return the past 12 months, topping the 30.46% advance of its benchmark, the MSCI AC (All Country) Asia ex Japan Index. What's more, the fund outpaced its peer group average by an even greater margin. Markets in emerging Asia were aided by resilient domestic and external demand and a weaker U.S. dollar, providing a favorable environment for my focus on what I considered to be attractive growth stories and high-quality firms. Q: Why was the fund able to outpace the benchmark this past year Despite some performance drag during the process of transitioning the portfolio to be more in line with my priorities, the fund did quite well overall. My management style has many similarities with that of the previous manager, which was a benefit while the two of us comanaged the fund for the first two months of the period. However, Colin was somewhat more value-oriented, whereas I place more emphasis on structural growth. Also, given my concerns about market valuations and the global macroeconomic environment, I wanted to concentrate the fund in my highest-conviction ideas. Consequently, during the period I reduced the number of portfolio holdings, ending October with 106 names. Fortunately, I was able to accomplish this repositioning without unduly hampering the fund's performance, and we were able to come out ahead of the benchmark. Compared with the benchmark, positioning in information technology and stock picks in consumer staples were major positives. Overall, active management added value in eight of 11 market sectors. Only real estate, health care and financials were detractors, and minor ones at that. Regionally, China was a key driver of the fund's outperformance, with positioning in Hong Kong, Malaysia and India also contributing. On the other hand, Taiwan and Philippines weighed on relative results, as did a small position in out-of-benchmark Israel. 2 For definitions, fund risks and other important information, please see the Definitions and Important section of this Q&A.

One factor boosting our performance in China was the fund's exposure to local-currency A-shares listed on the Shanghai and Shenzhen stock exchanges and formerly available mainly to China's domestic investors. Although they were out-of-benchmark positions, several of these stocks were among our top relative contributors. Recent programs linking China's mainland exchanges with the one in Hong Kong have made A-shares more accessible to international investors, which allowed me to take advantage of what I considered some attractively valued opportunities with a number of new positions this period. Q: Which stocks merit mention as contributors versus the benchmark Our top relative contributor was Hangzhou Hikvision Digital, the world's largest manufacturer of security cameras. This stock was a new position for the fund this period, as my research revealed that the company was taking market share both in its home market of China and abroad. The ongoing threat of global terrorism and crime drove this firm's improving fortunes, lifting our position here to a gain of 155%. In addition to its global security-camera business, the firm also was making inroads in applications related to machine vision also known as industrial image processing and artificial intelligence (AI) in China. Another leading relative contributor and the fund's ninthlargest holding at period end was China's Kweichow Moutai. The company makes baijiu, a strong spirit distilled from fermented grains. The firm is the largest and oldest producer of this traditional beverage. Against the backdrop of steady growth in demand for alcoholic beverages, our position here roughly doubled in value this period. China-based pharma firm Jiangsu Hengrui Medicine also helped. With its strong line of existing offerings and a promising pipeline of products in development, I thought Jiangsu one of China's leading drug makers by sales was positioned to benefit from the rapidly increasing demand for health care there. In turn, health care demand is being driven by the dynamic growth of China's middle class, one of the larger "megatrends" I'm watching. All three of the stocks I just mentioned represented A- shares that weren't part of the fund's benchmark. manufacturing practices. I sold both positions in favor of other stocks in the pharmaceuticals, biotechnology & life sciences group that I thought had better prospects. HKT full name HKT Trust and HKT Limited also detracted. The Hong Kong-based telecommunicationservices provider offered a relatively inexpensive, defensive stock with a generous dividend yield, and I like to own a few stocks in this category to balance the more-aggressive holdings in the portfolio. That said, in their rush to buy more growth-oriented names, investors bypassed this stock, which suffered a single-digit decline this period. I took advantage of the weakness to add to our position here. Not owning the shares of South Korea-based digital memory maker SK Hynix also worked against us, as this index name roughly doubled in value. The memory market was exceptionally strong this period, driven by demand from data centers, AI applications, the auto market and other sources. The fund had a modest overweighting in Samsung Electronics, which has a memory business and which I liked better overall. Samsung had a slightly positive impact on our relative performance, and it was the secondbest contributor in absolute terms. Q: What's your outlook at period end, John I believe the structural advantages favoring the region remain intact, especially the rise of the consumer in India and China. I'm also encouraged by signs of stabilization or acceleration in a number of economies in the region. However, I also think the markets' recent strong performance dictates caution and attention to valuations. Rising rates in some markets notably, the United States and, earlier in 2017, in China also could represent a headwind for stock prices at some point. Q: What about detractors The fund owned two India-based generic-drug makers Sun Pharmaceutical Industries and Divi's Laboratories that were hurt by regulatory headwinds. Production at both companies was curtailed as they attempted to address warning letters from the U.S. Food and Drug Administration citing deviations from what U.S. officials considered good 3 For definitions, fund risks and other important information, please see the Definitions and Important section of this Q&A.

LARGEST CONTRIBUTORS VS. BENCHMARK John Dance on China's push toward sustainable growth: "China's Communist Party hosted its 19 th congress in October. The party meets every five years to decide on leadership and themes that the government wants to emphasize in the coming five-year period. "Aside from consolidating the power of Xi Jinping, the current president, this recent congress was noteworthy for its emphasis on the quality of the nation's growth rather than its quantity, i.e., the pace of its expansion. "For years, China's government spent lavishly on new factories and other projects, often with little regard to their economic feasibility. The result has been a high level of systemic debt, a property bubble and the rise of so-called 'zombie banks,' which due to government support continue operating despite being saddled with large numbers of nonperforming loans. "The new focus on higher-quality, sustainable growth should be a positive one, in my view. The government will be looking to add value by providing more goods and services desired by China's rapidly expanding middle class. By targeting projects for which there is strong and expanding demand, I think the government should be able to improve the nation's financial standing over the longer term. "This new vision for the country also plays into my approach of targeting companies I believe capable of delivering stable growth over a three- to five-year period, and it is why I have increased the fund's exposure to China-based companies, mainly those providing various consumer items." Holding Hangzhou Hikvision Digital Co. Ltd. Class A Kweichow Moutai Co. Ltd. (A Shares) China Mobile Ltd. Jiangsu Hengrui Medicine Co. Ltd. (A Shares) Tencent Holdings Ltd. * 1 basis point = 0.01%. Market Segment Average Relative Relative Contribution (basis points)* 0.83% 85 Consumer Staples 1.25% 76 Telecommunication Services -1.56% 67 Health Care 1.28% 55 LARGEST DETRACTORS VS. BENCHMARK Holding Sun Pharmaceutical Industries Ltd. SK Hynix, Inc. HKT Trust/HKT Ltd. unit Amara Raja Batteries Ltd. Evergrande Real Estate Group Ltd. * 1 basis point = 0.01%. Market Segment 1.38% 51 Average Relative Relative Contribution (basis points)* Health Care 0.61% -54 Telecommunication Services -0.76% -46 0.95% -40 Industrials 0.45% -38 Real Estate -0.15% -34 4 For definitions, fund risks and other important information, please see the Definitions and Important section of this Q&A.

MARKET-SEGMENT DIVERSIFICATION Market Segment Six Months Ago 33.69% 31.19% Financials 18.75% 17.64% Consumer Discretionary 7.69% 9.04% Industrials 7.01% 6.98% Consumer Staples 5.80% 6.85% Health Care 5.63% 7.13% Utilities 4.83% 4.32% Energy 4.74% 4.08% Real Estate 3.90% 4.60% Materials 3.22% 2.58% Telecommunication Services 2.87% 2.81% Other 0.00% 0.00% COUNTRY DIVERSIFICATION Country Six Months Ago China 25.15% 23.62% Hong Kong 20.87% 21.31% India 17.75% 15.47% Korea (South) 12.72% 12.78% Taiwan 11.03% 14.00% Indonesia 2.30% 3.58% Japan 2.00% -- Thailand 1.98% 2.47% United States 1.77% 2.65% Australia 1.51% -- Singapore 1.32% 1.01% Philippines 1.26% -- 10 LARGEST HOLDINGS Holding Tencent Holdings Ltd. Alibaba Group Holding Ltd. sponsored ADR Taiwan Semiconductor Manufacturing Co. Ltd. Market Segment Samsung Electronics Co. Ltd. Six Months Ago 6.94% 6.17% 6.01% 4.25% 5.69% 5.62% 5.37% 6.19% AIA Group Ltd. Financials 2.84% 2.82% Reliance Industries Ltd. Energy 2.21% 1.57% China Construction Bank Corp. (H Shares) Housing Development Finance Corp. Ltd. Kweichow Moutai Co. Ltd. (A Shares) Jiangsu Hengrui Medicine Co. Ltd. (A Shares) Financials 1.97% 2.16% Financials 1.73% 1.71% Consumer Staples 1.59% 1.24% Health Care 1.52% 1.27% 10 Largest Holdings as a % of Net Assets 35.87% 33.64% Total Number of Holdings 107 129 The 10 largest holdings are as of the end of the reporting period, and may not be representative of the fund's current or future investments. Holdings do not include money market investments. ASSET ALLOCATION Asset Class Six Months Ago International Equities 98.13% 97.22% Emerging Markets 94.70% 95.69% Developed Markets 3.43% 1.53% Tax-Advantaged Domiciles 0.00% 0.00% Domestic Equities 0.00% 0.00% Bonds 0.00% 0.00% Cash & Net Other Assets 1.87% 2.78% Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number. "Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation. 5 For definitions, fund risks and other important information, please see the Definitions and Important section of this Q&A.

FISCAL PERFORMANCE SUMMARY: Periods ending October 31, 2017 6 Month Cumulative YTD 1 3 Annualized 5 10 / LOF 1 Fidelity Emerging Asia Fund Gross Expense Ratio: 1.16% 2 19.99% 41.51% 33.28% 10.91% 10.22% 0.97% MSCI AC Asia Ex Japan (Net Mass) Linked Index 18.35% 37.12% 30.46% 8.86% 8.51% 2.61% Fidelity Emerging Asia Fund Linked Index 18.35% 37.12% 30.46% 8.86% 8.51% 2.56% Morningstar Fund Pacific/Asia ex-japan Stk 15.05% 32.13% 25.59% 7.45% 7.87% 2.81% % Rank in Morningstar Category (1% = Best) -- -- 11% 13% 8% 91% # of Funds in Morningstar Category -- -- 86 67 53 22 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 04/19/1993. 2 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 1.50% 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, institutional.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 calendarquarter performance. 6 For definitions, fund risks and other important information, please see the Definitions and Important section of this Q&A.

Definitions and Important Unless otherwise disclosed to you, in providing this information, Fidelity is not undertaking to provide impartial investment advice, act as an impartial adviser, or to give advice in a fiduciary capacity. FUND RISKS 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 risks are particularly significant for funds that focus on a single country or region. IMPORTANT FUND INFORMATION Relative positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmark is provided to assess performance. Effective 12/18/17, the fund's redemption fee has been removed. rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1%. % Rank in Morningstar Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges. Multiple share classes of a fund have a common portfolio but impose different expense structures. RELATIVE WEIGHTS Relative weights represents the % of fund assets in a particular market segment, asset class or credit quality relative to the benchmark. A positive number represents an overweight, and a negative number is an underweight. The fund's benchmark is listed immediately under the fund name in the Performance Summary. INDICES It is not possible to invest directly in an index. All indices represented are unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted. Fidelity Emerging Asia Fund Linked Index represents the performance of the MSCI AC (All Country) Asia ex Japan Index since December 1, 2010, and the MSCI AC (All Country) Far East ex Japan Index prior to that date. MSCI All Country Asia ex Japan Index (Net MA Tax) is a marketcapitalization weighted index that is designed to measure the investable equity market performance for global investors of Asia, excluding Japan. Index returns show for periods prior to December 1, 2010 are returns of the MSCI All Country Asia ex Japan Index (Gross). MSCI ACWI (All Country World Index) ex USA Index is a marketcapitalization-weighted index that is designed to measure the investable equity market performance for global investors of developed and emerging markets, excluding the United States. MARKET-SEGMENT WEIGHTS Market-segment weights illustrate examples of sectors or industries in which the fund may invest, and may not be representative of the fund's current or future investments. Should not be construed or used as a recommendation for any sector or industry. RANKING INFORMATION 2017 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content 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 mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses. % Rank in Morningstar Category is the fund's total-return percentile 7

Manager Facts John Dance is a portfolio manager in the Hong Kong office 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 manages Fidelity Pacific Basin Fund (since 2013) as well as Fidelity Emerging Asia Fund and Fidelity Advisor Emerging Asia Fund (both since 2016). Prior to assuming his current responsibilities, Mr. Dance served as co-sector leader of the combined Consumer Discretionary and Consumer Staples team from 2011 to 2013. During this time, he was responsible for covering the international retail industry and for managing the consumer discretionary sub-portfolio of Fidelity International Equity Central Fund. Previously, Mr. Dance was a research analyst at Fidelity International Limited (FIL) from 2006 to 2011, where he covered shipping and airlines industries within the Asia Ex-Japan region. Before joining Fidelity in 2006, Mr. Dance worked as an analyst at Deutsche Asset Management in Sydney, Australia from 2004 to 2006. He has been in the investments industry since 2004. Mr. Dance earned his bachelor of commerce degree, with honors (first class), in finance from The University of Sydney and his diploma of financial markets from the Securities Institute of Australia. 8 For definitions, fund risks and other important information, please see the Definitions and Important section of this Q&A.

PERFORMANCE SUMMARY: Quarter ending December 31, 2017 1 3 Annualized 5 10 / LOF 1 Fidelity Emerging Asia Fund Gross Expense Ratio: 1.10% 2 46.36% 12.27% 9.57% 2.78% 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 04/19/1993. 2 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. 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, institutional.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. Before investing in any mutual fund, please carefully consider the investment objectives, risks, charges, and expenses. For this and other information, call or write Fidelity for a free prospectus or, if available, a summary prospectus. Read it carefully before you invest. Past performance is no guarantee of future results. Views expressed are through the end of the period stated and do not necessarily represent the views of Fidelity. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund. The securities mentioned are not necessarily holdings invested in by the portfolio manager(s) or FMR LLC. References to specific company securities should not be construed as recommendations or investment advice. included on this page is as of the most recent calendar quarter. S&P 500 is a registered service mark of Standard & Poor's Financial Services LLC. Other third-party marks appearing herein are the property of their respective owners. All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, Smithfield, RI 02917. Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917. 2018 FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. 725944.6.0 Diversification does not ensure a profit or guarantee against a loss.