Fidelity Emerging Markets Fund

Fidelity Emerging Markets Fund Semi-Annual Management Report of Fund Performance September 30,

Caution Regarding Forward-looking Statements Certain portions of this report, including, but not limited to, Results of Operations and Recent Developments, may contain forward-looking statements about the Fund, including its strategy, risks, expected performance and condition. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as expects, anticipates, intends, plans, believes, estimates and similar forward-looking expressions or negative versions thereof. In addition, any statement that may be made concerning future performance, strategies or prospects, and possible future Fund action, is also a forward-looking statement. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about the Fund and economic factors. Accordingly, assumptions concerning future economic and other factors may prove to be incorrect at a future date. Forward-looking statements are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied in any forward-looking statements made by the Fund. Any number of important factors could contribute to these digressions, including, but not limited to, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, and catastrophic events. It should be stressed that the above-mentioned list of important factors is not exhaustive. You are encouraged to consider these and other factors carefully before making any investment decisions and you are urged to avoid placing undue reliance on forward-looking statements. Further, you should be aware of the fact that the Fund has no specific intention of updating any forward-looking statements whether as a result of new information, future events or otherwise, prior to the release of the next Management Report of Fund Performance.

Semi-Annual Management Report of Fund Performance as at September 30, Fidelity Emerging Markets Fund This semi-annual management report of fund performance contains financial highlights but does not contain the complete semi-annual financial statements for the investment fund. You can get a copy of the semi-annual financial statements at your request, and at no cost, by calling 1-800-263-4077, by writing to us at Fidelity Investments, 483 Bay St. Suite 300, Toronto ON M5G 2N7 or by visiting our website at www.fidelity.ca or SEDAR at www.sedar.com. Securityholders may also contact us using one of these methods to request a copy of the investment fund s proxy voting policies and procedures, proxy voting disclosure record or quarterly portfolio disclosure relating to the investment fund. Management Discussion of Fund Performance Results of Operations Fidelity Emerging Markets Fund (Fund), Series B, returned 11.7%, after fees and expenses, for the six-month period ended September 30,. The net returns of the other series of this Fund are similar to those of Series B, except for differences attributable to expense structures. Global equities, as represented by the MSCI World Index, returned 2.3%, in Canadian dollar terms, for the review period. Market Overview: Global equities registered positive returns amid signs of stabilization in Europe and positive economic data in the U.S. European markets, as represented by the MSCI Europe Index, returned 7.2%, outperforming other global equity markets, with supportive economic data and solid corporate earnings lifting equities. European markets were also supported by the victory of a centrist candidate in the French presidential election. Asian equities gained during the review period, with the MSCI AC (All Country) Asia Pacific Index returning 4.4%, after optimism about global economic growth and improved corporate earnings forecasts in the region boosted sentiment. U.S. markets lagged other global markets, with the S&P 500 Index returning 1.0%; the impact of positive economic data was offset by concerns regarding geopolitical tensions in the Korean peninsula and the implications of Hurricanes Harvey and Irma, as well as the Canadian dollar s appreciation against the U.S. dollar. Factors affecting performance: The Fund s benchmark, the MSCI Emerging Markets Index, returned 7.8% for the period under review. The Fund outperformed the benchmark, due to exposure to certain stocks in the consumer discretionary sector, where India-based jewellery retailer PC Jeweller and Brazil-based educational services provider Estacio Participacoes contributed to relative returns. In addition, exposure to certain stocks in the financials sector contributed, with an investment in Argentina-based bank Banco Macro and a lack of exposure to China-based China Construction Bank contributing to relative returns. Among other sectors, an investment in India-based household and personal care products firm Godrej Consumer Products, Brazil s health care benefits administrator and health management services provider Qualicorp and Abu Dhabi-based health care services providers NMC Health contributed to relative returns. In contrast, exposure to certain stocks in the real estate sector detracted, with a lack of exposure to China-based real estate firms such as China Evergrande Group and Sunac China Holdings detracting from relative returns. Investments in certain stocks in the materials sector also detracted, with Philippines-based chemicals company D&L Industries and India-based diversified metals and mining firm Hindustan Zinc making the top detractions. Among other sectors, a lack of exposure to South Korea-based semiconductors firm SK Hynix and a lowerthan-benchmark exposure to China-based retailing firm JD.Com detracted from relative returns. Portfolio Changes: During the review period, the Fund s exposures to the consumer discretionary and telecommunication services sectors were increased. In the consumer discretionary sector, positions were initiated in China-based e-commerce company JD.Com and India-based jewellery retailer PC Jeweller, owing to their strong growth prospects. In the telecommunication services sector, a position was initiated in Indonesia-based telecommunication services firm Telekomunikasi Indonesia Persero; the company is expected to benefit from stable competition in the mobile space and expanding broadband markets. In contrast, exposure to the consumer staples sector was reduced by selling positions in Brazil-based brewing company Ambev and Russiabased food and staples retailing firm Magnit; the portfolio manager found more attractive opportunities elsewhere. At the country level, exposure to China and India was increased. Country-level allocations are a result of the portfolio manager s bottom-up stock selection process and are not driven by top-down macro calls. Recent Developments Portfolio manager Sammy Simnegar continues to focus on companies with potential for growth, good management teams and dominant market share, and that operate in industries with high barriers to entry. He believes commodity and currency markets will continue to heavily influence prospects for emerging market stocks. He currently favours countries, such as India, that are embarking on significant structural reforms. He is also positive on the Philippines, believing the economic environment is getting better with rising consumer confidence. 1

Fidelity Emerging Markets Fund Management Discussion of Fund Performance continued At the sector level, the Fund had its largest absolute exposure to the information technology sector, followed by the financial sector. The Fund diverged most from the benchmark sector weightings by having less exposure to the financials sector and more exposure to the consumer discretionary sector. 2

Related Party Transactions Manager and Portfolio Adviser The Fund is managed by Fidelity Investments Canada ULC (Fidelity). Fidelity is part of a broader group 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 FMR Co., Inc., 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 $362,000 for the period ended September 30,. 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 $47,000 for the period ended September 30,. Brokerage Commissions The Fund may place a portion of its portfolio transactions with brokerage firms which are affiliates of Fidelity Investments, including National Financial Services LLC, 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 $5,000 for the period ended September 30,. Fidelity receives standing instructions from the IRC in respect of policies and procedures governing best execution of transactions with affiliates, which includes brokers affiliated to Fidelity Investments, at least once per year. 3

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 Emerging Markets Fund Series A September 30, Periods ended March 31, 2016 2015 2014 2013 Net assets, beginning of period B $ 15.68 $ 13.62 $ 15.11 $ 13.34 $ 13.04 $ 13.03 Total revenue.20.39.24.22.30.31 Total expenses (excluding distributions) (.26) (.45) (.45) (.54) (.46) (.33) Realized gains (losses).62 (.37) (.39) (.01).11 1.08 Unrealized gains (losses) 1.16 2.33 (.99) 1.95.21 (1.21) Total increase (decrease) from operations B 1.72 1.90 (1.59) 1.62.15 (.15) From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions B,C Net assets, end of period B $ 17.50 $ 15.68 $ 13.62 $ 15.11 $ 13.34 $ 13.02 Net asset value (000s) D $ 8,035 $ 5,722 $ 7,873 $ 11,869 $ 15,097 $ 22,459 Securities outstanding D 461,162 365,162 578,604 785,208 1,130,986 1,722,353 Management expense ratio E,F 2.50% 2.54% 2.56% 2.62% 2.67% 2.65% Management expense ratio before waivers or absorptions E,F 2.55% 2.58% 2.63% 2.66% 2.67% 2.65% Trading expense ratio G.29%.34%.52%.65%.70%.69% Portfolio turnover rate H 38.27% 76.67% 88.88% 144.21% 197.36% 186.66% Net asset value per security, end of period $ 17.5013 $ 15.6820 $ 13.6287 $ 15.1094 $ 13.3419 $ 13.0399 Fidelity Emerging Markets Fund Series B September 30, Periods ended March 31, 2016 2015 2014 2013 Net assets, beginning of period B $ 16.07 $ 13.94 $ 15.42 $ 13.59 $ 13.26 $ 13.23 Total revenue.20.40.25.23.30.31 Total expenses (excluding distributions) (.24) (.42) (.42) (.52) (.44) (.30) Realized gains (losses).64 (.34) (.40) (.03).08 1.14 Unrealized gains (losses) 1.25 2.48 (.99) 2.10.32 (1.22) Total increase (decrease) from operations B 1.85 2.12 (1.57) 1.78.26 (.07) From net investment income (excluding dividends) From dividends (.01) From capital gains Return of capital Total distributions B,C (.01) Net assets, end of period B $ 17.96 $ 16.07 $ 13.94 $ 15.42 $ 13.59 $ 13.24 Net asset value (000s) D $ 27,043 $ 23,037 $ 22,985 $ 30,241 $ 30,190 $ 35,079 Securities outstanding D 1,506,366 1,429,447 1,647,800 1,958,279 2,216,760 2,646,388 Management expense ratio E,F 2.31% 2.34% 2.36% 2.40% 2.44% 2.43% Management expense ratio before waivers or absorptions E,F 2.35% 2.38% 2.41% 2.43% 2.44% 2.43% Trading expense ratio G.29%.34%.52%.65%.70%.69% Portfolio turnover rate H 38.27% 76.67% 88.88% 144.21% 197.36% 186.66% Net asset value per security, end of period $ 17.9572 $ 16.0735 $ 13.9429 $ 15.4273 $ 13.5933 $ 13.2552 4

Fidelity Emerging Markets Fund Series F September 30, Periods ended March 31, 2016 2015 2014 2013 Net assets, beginning of period B $ 18.67 $ 16.14 $ 17.65 $ 15.38 $ 14.83 $ 14.79 Total revenue.24.45.28.26.35.35 Total expenses (excluding distributions) (.17) (.30) (.30) (.41) (.31) (.18) Realized gains (losses).76 (.37) (.47) (.03).08 1.20 Unrealized gains (losses) 1.28 2.92 (1.06) 2.07.64 (1.32) Total increase (decrease) from operations B 2.11 2.70 (1.55) 1.89.76.06 From net investment income (excluding dividends) (.13) From dividends (.18) From capital gains Return of capital Total distributions B,C (.13) (.18) Net assets, end of period B $ 20.98 $ 18.67 $ 16.14 $ 17.65 $ 15.38 $ 14.81 Net asset value (000s) D $ 4,406 $ 2,682 $ 1,935 $ 2,349 $ 2,549 $ 1,435 Securities outstanding D 210,666 142,465 119,885 133,084 165,762 96,781 Management expense ratio E,F 1.19% 1.23% 1.23% 1.28% 1.31% 1.29% Management expense ratio before waivers or absorptions E,F 1.21% 1.25% 1.30% 1.31% 1.31% 1.29% Trading expense ratio G.29%.34%.52%.65%.70%.69% Portfolio turnover rate H 38.27% 76.67% 88.88% 144.21% 197.36% 186.66% Net asset value per security, end of period $ 20.9805 $ 18.6707 $ 16.1411 $ 17.6518 $ 15.3784 $ 14.8284 Fidelity Emerging Markets Fund Series O September 30, Periods ended March 31, 2016 2015 2014 2013 Net assets, beginning of period B $ 15.18 $ 13.13 $ 14.35 $ 12.42 $ 11.91 $ 11.88 Total revenue.19.37.21.25.29.28 Total expenses (excluding distributions) (.04) (.07) (.09) (.17) (.12) Realized gains (losses).62 (.28) (.49) (.15) 1.07 Unrealized gains (losses) 1.23 2.37 (.20) 2.38.88 (1.02) Total increase (decrease) from operations B 2.00 2.39 (.57) 2.30 1.04.33 From net investment income (excluding dividends) (.27) (.15) (.07) (.10) From dividends (.29) From capital gains Return of capital Total distributions B,C (.27) (.15) (.07) (.10) (.29) Net assets, end of period B $ 17.16 $ 15.18 $ 13.13 $ 14.35 $ 12.42 $ 11.89 Net asset value (000s) D $ 1,112,358 $ 990,408 $ 619,463 $ 262,250 $ 48,340 $ 14,713 Securities outstanding D 64,759,360 65,127,666 54,038,014 18,254,697 3,900,412 1,235,188 Management expense ratio % % % % % % Management expense ratio before waivers or absorptions % % % % % % Trading expense ratio G.29%.34%.52%.65%.70%.69% Portfolio turnover rate H 38.27% 76.67% 88.88% 144.21% 197.36% 186.66% Net asset value per security, end of period $ 17.1555 $ 15.1824 $ 13.1295 $ 14.3477 $ 12.4152 $ 11.9115 5

Financial Highlights continued Fidelity Emerging Markets Fund Series E1 September 30, Periods ended March 31, 2016 I Net assets, beginning of period B $ 11.86 $ 10.28 $ 10.00 Total revenue.15.28.02 Total expenses (excluding distributions) (.18) (.30) (.05) Realized gains (losses).49 (.19) (.08) Unrealized gains (losses).87 1.79.78 Total increase (decrease) from operations B 1.33 1.58.68 From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions B,C Net assets, end of period B $ 13.26 $ 11.86 $ 10.28 Net asset value (000s) D $ 4,176 $ 2,836 $ 1,371 Securities outstanding D 314,999 239,019 133,755 Management expense ratio E,J 2.21% 2.26% 2.28% Management expense ratio before waivers or absorptions E,J 2.26% 2.29% 2.33% Trading expense ratio G.29%.34%.52% Portfolio turnover rate H 38.27% 76.67% 88.88% Net asset value per security, end of period $ 13.2629 $ 11.8668 $ 10.2837 Fidelity Emerging Markets Fund Series E2 September 30, Periods ended March 31, 2016 I Net assets, beginning of period B $ 11.87 $ 10.28 $ 10.00 Total revenue.15.28.02 Total expenses (excluding distributions) (.17) (.29) (.05) Realized gains (losses).47 (.19) (.08) Unrealized gains (losses).56 1.63.80 Total increase (decrease) from operations B 1.01 1.43.69 From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions B,C Net assets, end of period B $ 13.27 $ 11.87 $ 10.28 Net asset value (000s) D $ 560 $ 453 $ 110 Securities outstanding D 42,242 38,775 10,679 Management expense ratio E,J 2.18% 2.22% 2.22% Management expense ratio before waivers or absorptions E,J 2.22% 2.25% 2.27% Trading expense ratio G.29%.34%.52% Portfolio turnover rate H 38.27% 76.67% 88.88% Net asset value per security, end of period $ 13.2665 $ 11.8710 $ 10.2845 6

Fidelity Emerging Markets Fund Series E3 September 30, Periods ended March 31, 2016 I Net assets, beginning of period B $ 11.88 $ 10.28 $ 10.00 Total revenue.15.27.02 Total expenses (excluding distributions) (.17) (.28) (.04) Realized gains (losses).44 (.14) (.08) Unrealized gains (losses).40 2.75.38 Total increase (decrease) from operations B.82 2.60.28 From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions B,C Net assets, end of period B $ 13.29 $ 11.88 $ 10.28 Net asset value (000s) D $ 626 $ 73 $ 1 Securities outstanding D 47,079 6,111 100 Management expense ratio E,J 2.12% 2.17% 2.06% Management expense ratio before waivers or absorptions E,J 2.18% 2.20% 2.48% Trading expense ratio G.29%.34%.52% Portfolio turnover rate H 38.27% 76.67% 88.88% Net asset value per security, end of period $ 13.2919 $ 11.8846 $ 10.2872 Fidelity Emerging Markets Fund Series E4 September 30, Periods ended March 31, 2016 I Net assets, beginning of period B $ 11.90 $ 10.28 $ 10.00 Total revenue.07.29.02 Total expenses (excluding distributions) (.17) (.27) (.04) Realized gains (losses).88 (.23) (.08) Unrealized gains (losses).77 1.84.38 Total increase (decrease) from operations B 1.55 1.63.28 From net investment income (excluding dividends) (.01) From dividends From capital gains Return of capital Total distributions B,C (.01) Net assets, end of period B $ 13.33 $ 11.90 $ 10.28 Net asset value (000s) D $ 1 $ 1 $ 1 Securities outstanding D 100 100 100 Management expense ratio E,J 2.09% 1.91% 2.06% Management expense ratio before waivers or absorptions E,J 2.13% 2.19% 2.48% Trading expense ratio G.29%.34%.52% Portfolio turnover rate H 38.27% 76.67% 88.88% Net asset value per security, end of period $ 13.3262 $ 11.9010 $ 10.2872 7

Financial Highlights continued Fidelity Emerging Markets Fund Series P1 September 30, Periods ended March 31, 2016 K Net assets, beginning of period B $ 11.25 $ 9.73 $ 10.00 Total revenue.15.27.04 Total expenses (excluding distributions) (.10) (.16) (.06) Realized gains (losses).48 (.18) (.15) Unrealized gains (losses).79 1.42.20 Total increase (decrease) from operations B 1.32 1.35.02 From net investment income (excluding dividends) (.09) From dividends From capital gains Return of capital Total distributions B,C (.09) Net assets, end of period B $ 12.64 $ 11.25 $ 9.73 Net asset value (000s) D $ 1,187 $ 582 $ 295 Securities outstanding D 93,831 55,560 23,870 Management expense ratio E,L 1.11% 1.14% 1.14% Management expense ratio before waivers or absorptions E,L 1.13% 1.16% 1.19% Trading expense ratio G.29%.34%.52% Portfolio turnover rate H 38.27% 76.67% 88.88% Net asset value per security, end of period $ 12.6423 $ 11.2526 $ 9.7303 Fidelity Emerging Markets Fund Series P2 September 30, Periods ended March 31, 2016 K Net assets, beginning of period B $ 11.25 $ 9.73 $ 10.00 Total revenue.14.26.04 Total expenses (excluding distributions) (.10) (.15) (.06) Realized gains (losses).44 (.15) (.17) Unrealized gains (losses).95 2.02.24 Total increase (decrease) from operations B 1.43 1.98.04 From net investment income (excluding dividends) (.09) From dividends From capital gains Return of capital Total distributions B,C (.09) Net assets, end of period B $ 12.65 $ 11.25 $ 9.73 Net asset value (000s) D $ 73 $ 155 $ 68 Securities outstanding D 5,806 13,793 7,022 Management expense ratio E,L 1.05% 1.07% 1.08% Management expense ratio before waivers or absorptions E,L 1.06% 1.09% 1.12% Trading expense ratio G.29%.34%.52% Portfolio turnover rate H 38.27% 76.67% 88.88% Net asset value per security, end of period $ 12.6517 $ 11.2561 $ 9.7323 8

Fidelity Emerging Markets Fund Series P3 September 30, M Net assets, beginning of period B $ 10.00 Total revenue.12 Total expenses (excluding distributions) (.07) Realized gains (losses).38 Unrealized gains (losses).51 Total increase (decrease) from operations B.94 From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions B,C Net assets, end of period B $ 10.87 Net asset value (000s) D $ 84 Securities outstanding D 7,701 Management expense ratio E,N.97% Management expense ratio before waivers or absorptions E,N.99% Trading expense ratio G.29% Portfolio turnover rate H 38.27% Net asset value per security, end of period $ 10.8736 9

Financial Highlights continued Financial Highlights Footnotes A B C D E F G H This information is derived from the Fund s audited annual and/or unaudited interim financial statements. Periods beginning on or after January 1, 2013 follow International Financial Reporting Standards (IFRS) and periods prior to January 1, 2013 follow Canadian Generally Accepted Accounting Principles (Canadian GAAP). 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, 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, may not foot due to this rounding change. 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. 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. This information is provided as at period end of the year shown. 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. 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. 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. 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 For the period February 5, 2016 (commencement of sale of securities) to March 31, 2016. J 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. K For the period December 4, 2015 (commencement of sale of securities) to March 31, 2016. L 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. M For the period April 21, (commencement of sale of securities) to September 30,. N Effective April 25,, 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. 10

Management and Advisory Fees Fidelity serves as manager and investment advisor of the Fund. The Fund pays Fidelity a monthly management and advisory fee for their services, based on the net asset value of each Series, calculated daily and payable monthly. Fidelity uses these management fees to pay for sales and trailing commissions to registered dealers on the distribution of the Fund securities, as well as for the general investment management expenses. Dealer compensation represents cash commissions paid by Fidelity to registered dealers during the period and includes upfront deferred sales charge and trailing commissions. This amount may, in certain circumstances, exceed 100% of the fees earned by Fidelity during the period. For new Funds or Series the amounts presented may not be indicative of longer term operating periods. Management Fees Dealer Compensation Investment management, administration and other Series A 2.000% 74.45% 25.55% Series B 1.850% 54.05% 45.95% Series F 0.850% 100.00% Series E1 1.825% 54.79% 45.21% Series E2 1.800% 55.56% 44.44% Series E3 1.775% 56.34% 43.66% Series E4 1.725% 57.97% 42.03% Series P1 0.825% 100.00% Series P2 0.800% 100.00% Series P3 0.775% 100.00% 11

Fidelity Emerging Markets Fund Past Performance The performance information shown assumes that all distributions made by the Fund in the periods shown were reinvested in additional securities of the Fund. The performance information does not take into account sales, redemption, distribution or other optional charges that would have reduced returns or performance. How the Fund has performed in the past does not necessarily indicate how it will perform in the future. Year-by-Year Returns The following bar chart shows the Fund s annual performance for each of the years shown, and illustrates how the Fund s performance was changed from year to year. In percentage terms, the bar chart shows how much an investment made on the first day of each financial year would have grown or decreased by the last day of each financial year. For each Series in the Year-by-Year Returns table below, the most recent returns stated are for the current six month period. Series A Series O 2008 2009 2010 2011 2012 2013 2014 2015 2016 2008 2009 2010 2011 2012 2013 2014 2015 2016 50 40 30 20 10 0-10 -20-30 -40-50 6.0-45.5 48.1 10.1-11.0-0.2 2.5 13.2-9.8 15.1 11.6 60 50 40 30 20 10 0-10 -20-30 -40-50 9.3-43.8 52.4 13.0-8.7 2.4 5.3 16.2-7.5 18.0 13.0 Series B Series E1 2008 2009 2010 2011 2012 2013 2014 2015 2016 2016 50 40 30 20 10 0-10 -20-30 -40-50 6.2-45.4 48.5 10.4-10.9 0.0 2.7 13.5-9.6 15.3 11.7 20 10 0-10 2.8 15.4 11.8 Series F Commencement of Operations is February 5, 2016 2008 2009 2010 2011 2012 2013 2014 2015 2016 Series E2 60 50 40 30 20 10 0-10 -20-30 -40-50 7.4-44.7 50.2 11.6-9.9 1.1 3.9 14.8-8.6 16.6 12.4 20 10 0 2016 2.8 15.4 11.8-10 Commencement of Operations is February 5, 2016 12

Series E3 Series P3 2016 20 2.9 15.5 11.8 10 8.7 10 0 5 0-5 -10-10 Commencement of Operations is February 5, 2016 Commencement of Operations is April 21, Series E4 2016 20 2.9 15.8 12.0 10 0-10 Commencement of Operations is February 5, 2016 Series P1 2016 20-2.7 16.7 12.4 15 10 5 0-5 Commencement of Operations is December 4, 2015 Series P2 2016 20-2.7 16.8 12.4 15 10 5 0-5 Commencement of Operations is December 4, 2015 13

Fidelity Emerging Markets Fund Summary of Investment Portfolio as at September 30, Sector Mix % of Fund s Net Assets as at 9/30/17 % of Fund s Net Assets as at 3/31/17 Information Technology 30.6 28.7 Financials 16.3 16.4 Consumer Discretionary 16.2 14.1 Consumer Staples 9.2 13.4 Industrials 7.7 6.9 Materials 6.8 7.9 Health Care 4.1 5.3 Telecommunication Services 2.3 0.5 Utilities 2.3 1.7 Real Estate 1.8 1.2 Energy 1.7 2.5 Others (Individually Less Than 1%) 0.0 0.0 Cash and Cash Equivalents 1.5 0.7 Net Other Assets (Liabilities) (0.5) 0.7 Geographic Mix % of Fund s Net Assets as at 9/30/17 % of Fund s Net Assets as at 3/31/17 Cayman Islands 16.6 13.0 India 13.2 11.8 United States of America 7.3 7.8 Brazil 6.8 9.4 China 6.7 4.9 South Africa 6.0 6.7 Korea (South) 5.9 8.1 Taiwan 5.2 5.5 Mexico 5.0 6.6 United Kingdom 3.5 3.1 Philippines 2.7 3.0 Indonesia 2.4 2.0 Hong Kong 2.2 2.3 Turkey 1.6 0.5 Netherlands 1.6 1.0 France 1.5 1.0 Israel 1.5 1.1 Russia 1.2 2.7 Argentina 1.0 0.0 Switzerland 1.0 0.3 Others (Individually Less Than 1%) 6.1 7.8 Cash and Cash Equivalents 1.5 0.7 Net Other Assets (Liabilities) (0.5) 0.7 Top Issuers % of Fund s Net Assets 1. Samsung Electronics Co. Ltd. 5.5 2. Tencent Holdings Ltd. 5.4 3. Alibaba Group Holding Ltd. 4.4 4. Taiwan Semiconductor Manufacturing Co. Ltd. 4.0 5. Naspers Ltd. 2.3 6. Baidu.com, Inc. 1.8 7. Cash and Cash Equivalents 1.5 8. Itau Unibanco Holding SA 1.4 9. Housing Development Finance Corp. Ltd. 1.2 10. Sberbank of Russia 1.2 11. Reliance Industries Ltd. 1.1 12. JD.com, Inc. 0.9 13. PC Jeweller Ltd. 0.9 14. Ctrip.com International Ltd. 0.9 15. NetEase, Inc. 0.9 16. PT Bank Central Asia Tbk 0.9 17. PT Telkomunikasi Indonesia Tbk 0.8 18. Yum China Holdings, Inc. 0.8 19. BM&F Bovespa SA 0.8 20. Fomento Economico Mexicano S.A.B. de CV 0.8 21. New Oriental Education & Technology Group, Inc. 0.8 22. Credicorp Ltd. 0.8 23. CEMEX S.A.B. de CV 0.8 24. FirstRand Ltd. 0.7 25. Maruti Suzuki India Ltd. 0.7 Total Fund Net Assets $1,157,215,000 41.3 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 14

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. 15

Fidelity Investments Canada ULC 483 Bay Street, Suite 300 Toronto, Ontario M5G 2N7 Manager, Transfer Agent and Registrar Fidelity Investments Canada ULC 483 Bay Street, Suite 300 Toronto, Ontario M5G 2N7 Custodian State Street Trust Company of Canada Toronto, Ontario Portfolio Adviser Fidelity Investments Canada ULC Toronto, Ontario Visit us online at www.fidelity.ca or call Fidelity Client Services at 1-800-263-4077 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 or Fidelity U.S. Money Market Fund 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. Fidelity Investments is a registered trademark of Fidelity Investments Canada ULC. 62.107324E 1.822441.112 FICL-EMP-MRFPS-1117