Fidelity Emerging Asia Fund

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Fidelity

®

_{Emerging Asia Fund}

Key Takeaways

• Sharply declining stock prices early in 2016, followed by a rally from mid-February onward, left the fund with a return of -2.47% for the six months ending April 30, 2016.

• The fund topped the -2.99% return of the benchmark MSCI AC (All Country) Asia ex Japan Index, aided by Portfolio Manager Colin Chickles' focus on companies with attractive valuations and strong or improving fundamentals.

• Stock selection in China and South Korea were noteworthy positives versus the MSCI index, whereas our picks in Taiwan detracted. Among sectors, stock picking in consumer staples and energy helped, modestly tempered by disappointing choices in health care.

• Colin is optimistic, based on his belief that most economies in Southeast Asia are in the process of stabilizing or improving for the first time in quite a while.

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-small-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.

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Colin Chickles Portfolio Manager

Fund Facts

Trading Symbol: FSEAX

Start Date: April 19, 1993

Size (in millions): $911.47

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 emerging-markets issuers and other investments that are tied economically to Asian emerging markets.

• We believe that emerging markets are not wholly efficient, with the potential for pricing disparities, especially among smaller-cap companies, due to less analyst coverage, lower disclosure standards and more-limited access to management. We strive to exploit these inefficiencies through in-depth fundamental analysis, working in concert with Fidelity's global research organization, which includes a team of dedicated "on-the-ground" emerging-markets specialists.

• The fund's disciplined value approach seeks to outperform the benchmark by investing in cheap stocks with strong or improving fundamentals.

• Portfolio construction is an important part of our investment process. We attempt to keep the fund's volatility profile similar to that of the overall market, while controlling sector deviations in an effort to add value chiefly through stock selection and also to limit the risks associated with sector timing.

Q&A

An interview with Portfolio Manager

Colin Chickles

Q: Colin, how did the fund perform for the six

months ending April 30, 2016฀

The fund returned -2.47%, topping the -2.99% return of the benchmark MSCI AC (All Country) Asia ex Japan Index but lagging our peer group average. Looking slightly longer term, the fund returned -18.22% over the past year, outpacing the -18.52% result of the MSCI index but lagging the peer group average.

Q: What's your investment philosophy and how

did it play out the past six months฀

My primary focus is exploiting market inefficiencies by identifying companies with attractive valuations and strong or improving fundamentals. Such inefficiencies tend to be more plentiful in emerging markets than developed ones, and I try to increase my chances of uncovering compelling opportunities by emphasizing smaller-cap stocks, a group that typically receives less-thorough analyst coverage. Within this context, I employ a disciplined value approach, although I also incorporate growth factors into my analysis. With that said, the period presented some difficult

challenges, with sharply falling stock prices early in 2016, followed by a rally that erased most of the decline. One problem for my style of investing was that most stocks of high-quality companies remained expensive, and much of the rally from mid-February onward was driven by lower-quality companies in which I generally have little interest. Amid all the volatility, though, it seemed to me that fundamentally most economies in the benchmark were getting better and moving toward stabilization, if not improvement. Even China, which has been highlighted in the press for its disappointing economy, seemed to be on the mend.

Just as noteworthy, from my perspective, was the

improvement I saw outside of China, in countries such as Indonesia – which I discuss in more detail later – South Korea, India and Thailand. Although we added value through stock selection in these markets, I remained hopeful that conditions would improve further and drive even better relative results for the fund.

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Q: What were some key contributors versus the

benchmark this period฀

Stock selection in China and South Korea was a noteworthy positive versus the benchmark. Among sectors, stock picking in consumer staples and energy helped.

Largely avoiding China Life Insurance was the fund's top contributor versus the MSCI index, given the stock's return of roughly -36%. I eliminated our stake in November because the fund owned two other China-based life insurance companies that I liked better for their valuations and cost controls. Although these two stocks detracted, the impact was relatively modest.

Elsewhere, overweighting Indonesia-based Gudang Garam added value. Consumer staples was one of the stronger sectors in the index during the market's recovery from its lows last fall, and this stock was driven by resurgent consumer demand for the firm's clove cigarettes. I trimmed the position as the stock rose toward a strong double-digit advance for the period.

Yes Bank, a non-benchmark position, was part of the fund's exposure to India and a relative contributor. Here, I was attracted to the bank's valuation and its comparatively contained exposure to nonperforming loans, or NPLs. As in China, NPLs are a significant problem for the banking system in India. Many of India's NPLs are the result of companies that have overleveraged themselves in an attempt to develop power resources, because there is a massive power shortage in India, and the national power grid is not yet fully developed or reliable.

I'll also mention Petronet LNG, an India-headquartered distributor of liquefied natural gas. This position, another non-benchmark stake, was lifted by its inexpensive valuation to start the period and progress on the construction of a key state-owned pipeline the company plans to use.

Q: What about detractors฀

Stock picking in Taiwan detracted. On a sector basis, my choices in health care modestly hampered results. At the stock level, the shares of Taiwanese diversified financial firm Fubon Financial Holding, in which the fund had an overweighting, suffered a return of -25%. The company's considerable exposure to China was a negative for this stock, particularly when the Chinese yuan, or renminbi, was declining in early 2016. I thought this was one of the stronger and better-run companies in its niche, and maintained the position.

Avoiding South Korean steel producer Posco turned out to

Although I thought the stock was somewhat pricey, and the fund owned another Korean steel maker I considered more attractive, the entire group got a lift from the bounce in global commodity prices this period.

Another index name that hurt relative results because we didn't own it was Telkomunikasi Indonesia, a state-owned telecom services provider whose stock rallied nicely after selling off in the late summer and early fall. For a variety of reasons having to do with inadequate profit orientation and transparency, state-owned enterprises generally hold little interest for me.

Q: What are your thoughts at period end฀

I've been seeing improving economic conditions across many countries in the region. In some cases, such as Thailand, this merely means that the economy has stopped imploding and appears to be stabilizing. In others, such as India, progress is proceeding more slowly than I expected, but at least the economy seems to be moving in the right direction.

In China, we've seen same-store sales for many retailers move from double-digit negative numbers last year to small positives recently, which I think is a big step forward. Even the long-suffering industrial segment of China could benefit from the recent uptick in infrastructure spending. Although the government's capital spending is nowhere near what it was in the wake of the Great Recession of 2007–2009, it could help companies with ties to subways, roads and other areas where spending has increased.

Given this economic improvement, along with accommodative fiscal and monetary policy across the region, I'm fairly optimistic about the near-term prospects for companies in Emerging Asia. ■

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Colin Chickles on the prospects for

Indonesia:

"Although the fund remained underweighted in Indonesia the entire reporting period, this market intrigues me and is one I'm watching closely for attractive buying opportunities.

"During the past several years, the nation's currency has fallen considerably in value versus the U.S. dollar and the currencies of most of its Asian neighbors, making Indonesian goods and services more competitively priced than before. "Another positive for Indonesia, in my view, stems from the reform policies of President Joko Widodo, who was elected in July 2014. Widodo recently unveiled reforms intended to streamline licensing and land acquisition for infrastructure projects. He also made some business-friendly tax changes and eased the rules governing the ability of foreigners to open Indonesian bank accounts.

"Although the Indonesian stock market has rebounded considerably from its low in the fall of 2015, valuations here remain relatively reasonable, in my opinion.

"At the moment, picking stocks in Indonesia is complicated by the lack of rain from an El Niño weather pattern, which has created near-drought conditions. This handicap, coupled with the global slump in commodity prices, has presented challenges for a country that depends on commodities for more than half of its exports. "However, I believe these weather difficulties will ease at some point, and the nation should continue along its pro-business path.

Consequently, I am alert for opportunities to boost the fund's weighting here."

LARGEST CONTRIBUTORS VS. BENCHMARK

Holding Market Segment

Average Relative Weight Relative Contribution (basis points)*

China Life Insurance Co.

Ltd. (H Shares) Financials -0.69% 27 PT Gudang Garam Tbk Consumer Staples 0.38% 19 Yes Bank Ltd. Financials 0.70% 17 Petronet LNG Ltd. Energy 0.50% 17 Korea Petro Chemical

Industries Co. Ltd. Materials 0.49% 16 * 1 basis point = 0.01%.

LARGEST DETRACTORS VS. BENCHMARK

Holding Market Segment

Average Relative Weight Relative Contribution (basis points)*

Fubon Financial Holding

Co. Ltd. Financials 0.62% -16

POSCO Materials -0.38% -14

PT Telkomunikasi

Indonesia Tbk Series B Telecommunication Services -0.41% -13 Suzlon Energy Ltd. Industrials 0.24% -12 Cathay Financial Holding

Co. Ltd. Financials 0.56% -12 * 1 basis point = 0.01%. ASSET ALLOCATION Asset Class Portfolio Weight Portfolio Weight Six Months Ago International Equities 98.35% 96.06% Emerging Markets 96.74% 94.60% Developed Markets 1.61% 1.46% Tax-Advantaged Domiciles 0.00% 0.00% Domestic Equities 0.39% 0.71% Bonds 0.05% 0.04%

Cash & Net Other Assets 1.21% 3.19% 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.

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MARKET-SEGMENT DIVERSIFICATION

Market Segment Portfolio Weight Portfolio WeightSix Months Ago

Financials 31.46% 34.91% Information Technology 22.98% 22.40% Consumer Discretionary 9.29% 8.17% Telecommunication Services 5.88% 6.92% Industrials 5.75% 4.49% Consumer Staples 5.62% 3.73% Utilities 5.42% 6.02% Energy 5.26% 4.98% Materials 5.10% 3.36% Health Care 1.97% 1.78% Other 0.00% 0.00% COUNTRY DIVERSIFICATION Country Portfolio Weight Portfolio Weight Six Months Ago

China 22.14% 23.97% Hong Kong 22.06% 19.31% Korea (South) 18.30% 17.37% Taiwan 13.59% 12.97% India 9.82% 9.43% Singapore 3.80% 4.18% Thailand 2.31% 1.87% Malaysia 1.92% 2.17% Indonesia 1.88% 1.40% USA 1.58% 4.70% 10 LARGEST HOLDINGS

Holding Market Segment Portfolio Weight Portfolio WeightSix Months Ago Samsung Electronics Co. Ltd. Information _Technology 5.04% 6.14% Taiwan Semiconductor

Manufacturing Co. Ltd. Information Technology 4.53% 4.01% Tencent Holdings Ltd. Information _Technology 4.05% 3.61% AIA Group Ltd. Financials 2.80% 2.78% China Construction Bank Corp.

(H Shares) Financials 2.50% 2.64% Alibaba Group Holding Ltd.

Definitions and Important Information

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.

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 market capitalization weighted index that is designed to measure the investable equity market performance for global investors of Asia, excluding Japan. Index returns are adjusted for tax withholding rates applicable to U.S. based mutual funds organized as Massachusetts business trusts.

MSCI World ex USA Index captures large- and mid-cap

representation across developed-markets countries (excluding the U.S.). The index covers approximately 85% of the free float-adjusted market capitalization in each country.

MSCI Emerging Markets Index is a market capitalization-weighted

index designed to measure the investable equity market performance for global investors in emerging markets.

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

© 2016 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

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.

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.

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Manager Facts

Colin Chicklesis 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 Emerging Asia Fund (since October 2009) and Fidelity Advisor Emerging Asia Fund (since January 2010).

Prior to assuming his current management responsibilities, Colin was a research analyst on the Emerging Markets team at FMRCo in Boston from 2001 to 2009. During this time, he also co-managed Fidelity Series Emerging Markets Fund and Fidelity Emerging Markets Equity Central Fund from 2008 to 2009, as well as the emerging markets sleeve of Fidelity Total International Equity Fund from 2007 to 2009. Previously, Colin worked as an emerging markets analyst at Fidelity International Limited (FIL), Hong Kong from 1999 to 2001, as well as a quantitative analyst in FMRCo's Boston office from 1996 to 1999. Before joining Fidelity in 1996, Colin was an engineer/scientist working on the NASA Space Station project at McDonnell Douglas Space Systems Company from 1990 to 1993. He has been in the investments industry since 1996.

Colin earned his bachelor of science degree in aerospace engineering from the University of California, Los Angeles, his master of science degree in aerospace engineering from California State University, Long Beach, and his master of business administration degree from Duke University's Fuqua School of Business. He is also a Chartered Financial Analyst (CFA) charterholder.

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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.

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