Fidelity Far East Fund - · PDF fileAsian markets were the best performing, ... selling positions in Galaxy Entertainment Group and South Korean water purifier maker Coway, ... under

Semi-Annual Management Report of Fund PerformanceSeptember 30, 2016

Fidelity Far East Fund

Caution Regarding Forward-looking Statements

Certain portions of this report, including, but not limited to, “Results of Operations” and “Recent Developments”, may contain forward-looking statements about the Fund, including its strategy, risks, expected performance and condition. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates” and similar forward-looking expressions or negative versions thereof.

In addition, any statement that may be made concerning future performance, strategies or prospects, and possible future Fund action, is also a forward-looking statement. Forward-looking statements are based on current expectations and projections about future events and are inher-ently 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 digres-sions, including, but not limited to, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, and catastrophic events.

It should be stressed that the above-mentioned list of important factors is not exhaustive. You are encouraged to consider these and other factors carefully before making any investment decisions and you are urged to avoid placing undue reliance on forward-looking statements. Further, you should be aware of the fact that the Fund has no specific intention of updating any forward-looking statements whether as a result of new information, future events or otherwise, prior to the release of the next Management Report of Fund Performance.

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Semi-Annual Management Report of Fund Performance as at September 30, 2016Fidelity Far East FundThis 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.

Security holders may also contact us using one of these methods to request a copy of the investment fund’s proxy voting policies and proce-dures, proxy voting disclosure record or quarterly portfolio disclosure relating to the investment fund.

Management Discussion of Fund PerformanceResults of Operations

Fidelity Far East Fund (Fund), Series B, returned 11.0%, after fees and expenses, for the six-month period ended September 30, 2016. 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 equi-ties, as represented by the MSCI World Index, returned 7.6% (in Canadian dollar terms).

Market overview:

Global equities performed well, with additional stimulus measures in China and other major economies boosting investor sentiment around the world. Global stocks dropped sharply after the U.K. voted to leave the European Union, but a strong bounce-back rally erased most of the losses. Asian markets were the best performing, amid signs of an economic stabilization in China and positive revisions to the corporate earnings growth outlook. U.S. equities gained on positive economic data. European markets also posted positive returns, driven by the Bank of England’s decision to lower its key interest rate and provide additional stimulus to support growth. Some encouraging macroeconomic reports further buoyed European equities, indicating that the European recovery remained on track despite Brexit uncertainty.

Factors affecting performance:

The Fund’s benchmark, the MSCI AC (All Country) Far East ex Japan Index, returned 12.7% for the period under review. The Fund underper-formed its benchmark primarily due to its holdings in the health care and materials sectors.

In the health care sector, positions in Hong Kong’s Sino Biopharmaceutical and Thailand’s Bumrungrad Hospital detracted from relative per-formance. In the materials sector, holdings in South Korea’s LG Chemical and Philippines-based D&L Industries, a provider of raw materials for the food, plastics, chemicals and aerosol industries, detracted from relative performance. The Fund’s holdings in the consumer discretionary sector also detracted from relative performance. In this sector, China-based Techtronic Industries, engage in the manufacturing and trading of electrical and electronic products, detracted from relative performance. It offset strong contributions from Shenzhou International Group, a Chinese clothing manufacturer.

In contrast, the Fund’s holdings in the information technology sector contributed to relative performance. In this sector, China’s Tencent Holdings, an internet, mobile and telecommunication services provider, and Taiwan Semiconductor Manufacturing Company made the top contributions.

Portfolio changes:

During the review period, portfolio managers Eileen Dibb and Bruce MacDonald increased exposure to the information technology and industri-als sectors. In the information technology sector, the portfolio manager increased exposure to China-based Tencent Holdings; the company is expected to benefit from increased internet penetration in China. In the industrials sector, a position was added in Singapore Technologies Engineering, owing to its strong fundamentals and growth prospects. Conversely, exposure was reduced to the consumer discretionary sector, by selling positions in Galaxy Entertainment Group and South Korean water purifier maker Coway, due to deteriorating fundamentals and growth outlook. Exposure was also reduced to the materials sector, by selling a position in LG Chemical; more attractive investment opportunities were found elsewhere.

At a geographic level, the Fund’s exposures to Indonesia and Taiwan were increased during the period, while exposure to Hong Kong was reduced. The Fund’s country positioning is the product of the portfolio managers’ fundamental stock selection process.

Effective August 1, 2016, Bruce MacDonald assumed portfolio co-management responsibilities for Fidelity Far East Fund, along with Eileen Dibb.

Recent Developments

Portfolio managers Eileen Dibb and Bruce MacDonald remain positive about the long-term prospects for the Asian markets and continue to find attractive investment opportunities in the region. They suggest that while China’s economy is still growing (albeit at a slower pace), it is now faced with the task of reducing excess capacity in key areas of the market, such as steel production and infrastructure development, and this is causing some headwinds. As a result, exporters to China such as Indonesia, Thailand, Singapore, Malaysia and Hong Kong have come

2


Management Discussion of Fund Performance – continued

under pressure. In addition, commodity price weakness and the slowdown in global growth have also dimmed the outlook for many countries in this region. Regardless, the managers focus on picking best-in-class companies that are driven by strong fundamentals and that have prospects of long-term secular growth; this enables them to navigate through market volatility. Moving forward, the managers are positive on the outlook for the region, despite near-term headwinds. Their focus on bottom-up stock selection should allow them to find opportunities in the region, especially where income growth and consumption levels are rising.

At the end of the review period, the Fund had its largest absolute exposure to the information technology sector. The Fund deviated the most from the benchmark weightings by having a larger exposure to the consumer discretionary sector and a lower exposure to the financials sector. In terms of country exposures, the Fund had its largest absolute exposure to Cayman Islands.

3

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. Fidelity has entered into sub-advisory agreements with a number of entities including FIAM LLC, to provide investment advice with respect to all or a portion of the investments of the Fund. The sub-advisors arrange for acquisition and disposi-tion 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 $3,167,000 for the period ended September 30, 2016.

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 commis-sions 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 $487,000 for the period ended September 30, 2016.

Brokerage Commissions

The Fund may place a portion of its portfolio transactions with brokerage firms which are affiliates of Fidelity, 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 were $0 for the period ended September 30, 2016. 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, at least once per year.

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Financial Highlights

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

Fidelity Far East Fund Series A

Six-months

ended

September 30,

Periods ended

March 31,2016 2016 2015 2014 2013 2012

The Series’ Net Assets per UnitA Net assets, beginning of period B $ 41.2334 $ 45.2583 $ 37.4909 $ 36.6367 $ 32.7266 $ 35.1692Increase (decrease) from operations: Total revenue .7293 1.4859 .9042 .8579 .7674 .8345Total expenses (excluding distributions) (.6309) (1.3055) (1.2500) (1.3501) (.8824) (.8682)Realized gains (losses) (.1994) 2.6981 3.5376 3.2466 1.5389 1.0017Unrealized gains (losses) 4.4164 (6.1294) 5.9669 (.0530) 2.2150 (2.9056)Total increase (decrease) from operationsB 4.3154 (3.2509) 9.1587 2.7014 3.6389 (1.9376)Distributions: From net investment income (excluding dividends) – (.3604) (.0556) (.0495) – –From dividends – – – – – (.0549)From capital gains – (.4150) (1.6838) (1.9183) – (.5949)Return of capital – – – – – –Total distributionsB,C – (.7754) (1.7394) (1.9678) – (.6498)Net assets, end of periodB $ 45.7137 $ 41.2334 $ 45.2583 $ 37.4909 $ 36.5627 $ 32.7266Ratios and Supplemental Data Net asset value (000s) D $ 26,040 $ 26,874 $ 37,380 $ 41,788 $ 61,870 $ 64,437Units outstandingD 569,778 652,456 825,921 1,113,460 1,688,751 1,966,639Management expense ratio E 2.55% 2.56% 2.62% 2.66% 2.64% 2.62%Management expense ratio before waivers or

absorptions E 2.60% 2.63% 2.66% 2.66% 2.64% 2.62%Trading expense ratioF .15% .16% .32% .74% .49% .30%Portfolio turnover rateG 13.05% 39.60% 59.21% 119.42% 93.06% 81.94%Net asset value per unit, end of period $ 45.7181 $ 41.2229 $ 45.2581 $ 37.4911 $ 36.6367 $ 32.7653A 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 holders of redeemable units per unit 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.

B Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of units outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per unit.

C Distributions were paid in cash or reinvested in additional units of the Fund, or both, and excludes distributions of management fee reductions to unitholders. Distributions are presented based on management’s best estimate of the tax character.D This information is provided as at period end of the year shown.E Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset values during the period,

including the Fund’s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. 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.

F 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.

G 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.

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Fidelity Far East Fund Series B

Six-months ended

September 30,

Periods ended

March 31,2016 2016 2015 2014 2013 2012

The Series’ Net Assets per UnitA Net assets, beginning of period B $ 41.4640 $ 45.5106 $ 37.6967 $ 36.8383 $ 32.8365 $ 35.2833Increase (decrease) from operations: Total revenue .7351 1.4738 .8863 .8333 .7674 .8277Total expenses (excluding distributions) (.5893) (1.2111) (1.1620) (1.2602) (.8077) (.7964)Realized gains (losses) (.1976) 2.7216 3.5179 3.1501 1.5704 .9674Unrealized gains (losses) 4.5386 (6.2868) 6.4261 .1431 2.2373 (2.7719)Total increase (decrease) from operationsB 4.4868 (3.3025) 9.6683 2.8663 3.7674 (1.7732)Distributions: From net investment income (excluding dividends) – (.4076) (.0587) (.0522) – –From dividends – – – – – (.0605)From capital gains – (.4695) (1.7775) (2.0247) – (.6557)Return of capital – – – – – –Total distributionsB,C – (.8771) (1.8362) (2.0769) – (.7162)Net assets, end of periodB $ 46.0176 $ 41.4640 $ 45.5106 $ 37.6967 $ 36.7639 $ 32.8365Ratios and Supplemental Data Net asset value (000s) D $ 278,906 $ 277,526 $ 348,268 $ 311,306 $ 327,389 $ 320,998Units outstandingD 6,058,479 6,692,291 7,649,536 8,254,065 8,887,204 9,764,104Management expense ratio E 2.34% 2.35% 2.39% 2.42% 2.42% 2.41%Management expense ratio before waivers or








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Financial Highlights – continued

Fidelity Far East Fund Series F

Six-months

ended

September 30,

Periods ended

March 31,2016 2016 2015 2014 2013 2012

The Series’ Net Assets per UnitA Net assets, beginning of period B $ 42.9281 $ 47.1402 $ 39.0752 $ 38.2123 $ 33.9884 $ 36.5332Increase (decrease) from operations: Total revenue .7565 1.5032 .8933 .8417 .7963 .8568Total expenses (excluding distributions) (.3637) (.7387) (.7450) (.8729) (.4421) (.4296)Realized gains (losses) (.2002) 2.7379 3.6062 3.1760 1.6355 .8885Unrealized gains (losses) 4.6988 (6.4636) 7.0652 .2650 2.3018 (2.7733)Total increase (decrease) from operationsB 4.8914 (2.9612) 10.8197 3.4098 4.2915 (1.4576)Distributions: From net investment income (excluding dividends) – (.6796) (.0765) (.0660) – –From dividends – – – – (.3447) (.0942)From capital gains – (.7828) (2.3158) (2.5596) – (1.0216)Return of capital – – – – – –Total distributionsB,C – (1.4624) (2.3923) (2.6256) (.3447) (1.1158)Net assets, end of periodB $ 47.9119 $ 42.9281 $ 47.1402 $ 39.0752 $ 38.1351 $ 33.9884Ratios and Supplemental Data Net asset value (000s) D $ 43,712 $ 41,422 $ 49,296 $ 36,470 $ 31,847 $ 30,426Units outstandingD 911,517 966,794 1,047,000 933,328 833,425 894,142Management expense ratio E 1.23% 1.22% 1.27% 1.32% 1.27% 1.25%Management expense ratio before waivers or








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Fidelity Far East Fund Series F5

Six-months

ended

September 30,

Periods ended

March 31,2016 2016 2015 2014A

The Series’ Net Assets per UnitB Net assets, beginning of period C $ 19.8470 $ 22.8894 $ 19.8107 $ 20.0000Increase (decrease) from operations: Total revenue .2143 .7031 .4310 .4683Total expenses (excluding distributions) (.1509) (.3437) (.3966) (.6131)Realized gains (losses) (.0852) 1.3281 1.8103 1.7850Unrealized gains (losses) 1.5331 (3.0156) 3.4648 .4017Total increase (decrease) from operationsC 1.5113 (1.3281) 5.3095 2.0419Distributions: From net investment income (excluding dividends) – (.3233) (.0364) (.0342)From dividends – – – –From capital gains – (.3723) (1.1016) (1.3229)Return of capital (.5550) (1.0468) (.9188) (.8951)Total distributionsC,D (.5550) (1.7424) (2.0568) (2.2522)Net assets, end of periodC $ 21.5515 $ 19.8470 $ 22.8894 $ 19.8107Ratios and Supplemental Data Net asset value (000s) E $ 133 $ 1 $ 1 $ 1Units outstandingE 6,175 67 62 56Management expense ratio F 1.23% 1.20% 1.37% 1.35%Management expense ratio before waivers or absorptions F 1.28% 1.20% 1.37% 1.35%Trading expense ratioG .15% .16% .32% .74%Portfolio turnover rateH 13.05% 39.60% 59.21% 119.42%Net asset value per unit, end of period $ 21.5536 $ 19.8420 $ 22.8894 $ 19.8100A For the period April 17, 2013 (commencement of sale of units) to March 31, 2014.B This information is derived from the Fund’s audited annual and/or unaudited interim financial statements. The net assets attributable to holders of redeemable units per unit 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.C Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of units outstanding over the financial period. This table is not

intended to be a reconciliation of beginning to ending net assets per unit.D Distributions were paid in cash or reinvested in additional units of the Fund, or both, and excludes distributions of management fee reductions to unitholders. Distributions are presented based on management’s best estimate of the tax character.E This information is provided as at period end of the year shown.F 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,


G The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund’s pro-rata share of estimated trading costs incurred in any underlying investment fund, if applicable.

H The Fund’s portfolio turnover rate indicates how actively the Fund’s portfolio adviser manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher the Fund’s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. For periods greater than six months, but less than a full fiscal year, the portfolio turnover rate is annualized.

8


Fidelity Far East Fund Series F8

Six-months

ended

September 30,

Periods ended

March 31,2016 2016 2015 2014A

The Series’ Net Assets per UnitB Net assets, beginning of period C $ 18.3745 $ 21.6280 $ 19.2917 $ 20.0000Increase (decrease) from operations: Total revenue .3056 .6726 .4343 .2686Total expenses (excluding distributions) (.1436) (.3333) (.3577) (.6132)Realized gains (losses) (.0441) 1.2436 1.7350 1.1736Unrealized gains (losses) 1.9394 (2.8356) 3.2428 .3676Total increase (decrease) from operationsC 2.0573 (1.2527) 5.0544 1.1966Distributions: From net investment income (excluding dividends) – (.2968) (.0358) (.0335)From dividends – – – –From capital gains – (.3419) (1.0854) (1.2955)Return of capital (.6846) (1.3980) (1.4692) (1.4323)Total distributionsC,D (.6846) (2.0367) (2.5904) (2.7613)Net assets, end of periodC $ 19.7722 $ 18.3745 $ 21.6280 $ 19.2917Ratios and Supplemental Data Net asset value (000s) E $ 163 $ 79 $ 90 $ 75Units outstandingE 8,262 4,288 4,152 3,911Management expense ratio F 1.24% 1.23% 1.28% 1.32%Management expense ratio before waivers or absorptions F 1.28% 1.31% 1.32% 1.32%Trading expense ratioG .15% .16% .32% .74%Portfolio turnover rateH 13.05% 39.60% 59.21% 119.42%Net asset value per unit, end of period $ 19.7741 $ 18.3697 $ 21.6279 $ 19.2916A For the period April 17, 2013 (commencement of sale of units) to March 31, 2014.B This information is derived from the Fund’s audited annual and/or unaudited interim financial statements. The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value






9

Fidelity Far East Fund Series O

Six-months ended

September 30,

Periods ended

March 31,2016 2016 2015 2014 2013 2012

The Series’ Net Assets per UnitA Net assets, beginning of period B $ 43.7925 $ 48.1167 $ 39.8842 $ 39.0417 $ 34.7308 $ 37.3325Increase (decrease) from operations: Total revenue .7768 1.6102 .9310 .8890 .8080 .8430Total expenses (excluding distributions) (.0948) (.1822) (.2183) (.3631) – –Realized gains (losses) (.2312) 2.5391 3.7184 3.3085 1.7156 .8162Unrealized gains (losses) 4.8352 (7.0402) 7.0292 .2385 2.4649 (2.5528)Total increase (decrease) from operationsB 5.2860 (3.0731) 11.4603 4.0729 4.9885 (.8936)Distributions: From net investment income (excluding dividends) – (.9806) (.0952) (.0821) – –From dividends – – – – (.8243) (.1315)From capital gains – (1.1294) (2.8843) (3.1847) – (1.4265)Return of capital – – – – – –Total distributionsB,C – (2.1100) (2.9795) (3.2668) (.8243) (1.5580)Net assets, end of periodB $ 49.1747 $ 43.7925 $ 48.1167 $ 39.8842 $ 38.9628 $ 34.7308Ratios and Supplemental Data Net asset value (000s) D $ 53,881 $ 51,985 $ 110,094 $ 90,672 $ 96,785 $ 88,108Units outstandingD 1,093,750 1,185,219 2,279,175 2,270,572 2,479,005 2,533,888Management expense ratio E –% –% –% –% –% –%Management expense ratio before waivers or

absorptions E –% –% –% –% –% –%Trading expense ratioF .15% .16% .32% .74% .49% .30%Portfolio turnover rateG 13.05% 39.60% 59.21% 119.42% 93.06% 81.94%Net asset value per unit, end of period $ 49.1791 $ 43.7813 $ 48.1167 $ 39.8844 $ 39.0417 $ 34.7718A 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,



C Distributions were paid in cash or reinvested in additional units of the Fund, or both. Distributions are presented based on management’s best estimate of the tax character.D This information is provided as at period end of the year shown.E No fees are charged to the Series, but investors may be charged a negotiated management fee.F 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.G 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.

10


Fidelity Far East Fund Series T5

Six-months

ended

September 30,

Periods ended

March 31,2016 2016 2015 2014A

The Series’ Net Assets per UnitB Net assets, beginning of period C $ 19.8713 $ 22.9025 $ 19.8476 $ 20.0000Increase (decrease) from operations: Total revenue .3497 .7518 .5222 .3789Total expenses (excluding distributions) (.2969) (.6514) (.6803) (.9039)Realized gains (losses) (.0908) 1.3294 1.8988 1.0637Unrealized gains (losses) 2.4795 (3.8433) 2.3501 2.4377Total increase (decrease) from operationsC 2.4415 (2.4135) 4.0908 2.9764Distributions: From net investment income (excluding dividends) – (.1680) (.0278) (.0258)From dividends – – – –From capital gains – (.1936) (.8432) (.9963)Return of capital (.5610) (1.0572) (.9368) (.8999)Total distributionsC,D (.5610) (1.4188) (1.8078) (1.9220)Net assets, end of periodC $ 21.4413 $ 19.8713 $ 22.9025 $ 19.8476Ratios and Supplemental Data Net asset value (000s) E $ 87 $ 58 $ 21 $ 29Units outstandingE 4,086 2,956 927 1,461Management expense ratio F 2.47% 2.61% 2.79% 2.83%Management expense ratio before waivers or absorptions F 2.51% 2.73% 2.83% 2.83%Trading expense ratioG .15% .16% .32% .74%Portfolio turnover rateH 13.05% 39.60% 59.21% 119.42%Net asset value per unit, end of period $ 21.4436 $ 19.8663 $ 22.9024 $ 19.8474A For the period April 17, 2013 (commencement of sale of units) to March 31, 2014.B This information is derived from the Fund’s audited annual and/or unaudited interim financial statements. The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value






11

Fidelity Far East Fund Series T8

Six-months

ended

September 30,

Periods ended

March 31,2016 2016 2015 2014A

The Series’ Net Assets per UnitB Net assets, beginning of period C $ 18.3291 $ 21.6223 $ 19.3138 $ 20.0000Increase (decrease) from operations: Total revenue .3190 1.2352 .4309 .2819Total expenses (excluding distributions) (.2799) (.6318) (.6397) (.8877)Realized gains (losses) (.1168) 1.4719 1.7169 1.2723Unrealized gains (losses) 2.0188 (3.8956) 3.3338 (.2040)Total increase (decrease) from operationsC 1.9411 (1.8203) 4.8419 .6425Distributions: From net investment income (excluding dividends) – (.1589) (.0269) (.0256)From dividends – – – –From capital gains – (.1829) (.8139) (.9897)Return of capital (.7158) (1.4476) (1.4996) (1.4403)Total distributionsC,D (.7158) (1.7894) (2.3404) (2.4556)Net assets, end of periodC $ 19.5507 $ 18.3291 $ 21.6223 $ 19.3138Ratios and Supplemental Data Net asset value (000s) E $ 62 $ 58 $ 67 $ 45Units outstandingE 3,185 3,156 3,118 2,342Management expense ratio F 2.60% 2.62% 2.71% 2.78%Management expense ratio before waivers or absorptions F 2.65% 2.76% 2.79% 2.78%Trading expense ratioG .15% .16% .32% .74%Portfolio turnover rateH 13.05% 39.60% 59.21% 119.42%Net asset value per unit, end of period $ 19.5527 $ 18.3245 $ 21.6222 $ 19.3138A For the period April 17, 2013 (commencement of sale of units) to March 31, 2014.B This information is derived from the Fund’s audited annual and/or unaudited interim financial statements. The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value






12


Fidelity Far East Fund Series S5

Six-months

ended

September 30,

Periods ended

March 31,2016 2016 2015 2014A

The Series’ Net Assets per UnitB Net assets, beginning of period C $ 19.8645 $ 22.9018 $ 19.8345 $ 20.0000Increase (decrease) from operations: Total revenue .3634 1.4621 .2220 .4358Total expenses (excluding distributions) (.2896) (.7040) (.6189) (.8420)Realized gains (losses) (.5437) 2.1236 1.5104 1.6062Unrealized gains (losses) 3.0904 (2.9282) 4.8788 .3913Total increase (decrease) from operationsC 2.6205 (.0465) 5.9923 1.5913Distributions: From net investment income (excluding dividends) – (.1912) (.0295) (.0279)From dividends – – – –From capital gains – (.2202) (.8947) (1.0781)Return of capital (.5598) (1.0548) (.9324) (.8987)Total distributionsC,D (.5598) (1.4662) (1.8566) (2.0047)Net assets, end of periodC $ 21.4407 $ 19.8645 $ 22.9018 $ 19.8345Ratios and Supplemental Data Net asset value (000s) E $ 9 $ 5 $ 306 $ 2Units outstandingE 403 268 13,410 100Management expense ratio F 2.42% 2.43% 2.46% 2.47%Management expense ratio before waivers or absorptions F 2.46% 2.56% 2.56% 2.47%Trading expense ratioG .15% .16% .32% .74%Portfolio turnover rateH 13.05% 39.60% 59.21% 119.42%Net asset value per unit, end of period $ 21.4431 $ 19.8595 $ 22.9017 $ 19.8338A For the period April 17, 2013 (commencement of sale of units) to March 31, 2014.B This information is derived from the Fund’s audited annual and/or unaudited interim financial statements. The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value






13

Fidelity Far East Fund Series S8

Six-months

ended

September 30,

Periods ended

March 31,2016 2016 2015 2014A

The Series’ Net Assets per UnitB Net assets, beginning of period C $ 18.3403 $ 21.6294 $ 19.2939 $ 20.0000Increase (decrease) from operations: Total revenue .3234 .7732 .2131 .4233Total expenses (excluding distributions) (.2645) (.5755) (.5768) (.8159)Realized gains (losses) (.1148) 2.2150 1.5833 1.7545Unrealized gains (losses) 2.1440 (11.1527) 1.3289 .3961Total increase (decrease) from operationsC 2.0881 (8.7400) 2.5485 1.7580Distributions: From net investment income (excluding dividends) – (.1957) (.0282) (.0273)From dividends – – – –From capital gains – (.2255) (.8523) (1.0565)Return of capital (.7092) (1.4376) (1.4928) (1.4383)Total distributionsC,D (.7092) (1.8588) (2.3733) (2.5221)Net assets, end of periodC $ 19.5898 $ 18.3403 $ 21.6294 $ 19.2939Ratios and Supplemental Data Net asset value (000s) E $ 28 $ 24 $ 1 $ 1Units outstandingE 1,450 1,293 64 57Management expense ratio F 2.41% 2.28% 2.46% 2.47%Management expense ratio before waivers or absorptions F 2.45% 2.38% 2.54% 2.47%Trading expense ratioG .15% .16% .32% .74%Portfolio turnover rateH 13.05% 39.60% 59.21% 119.42%Net asset value per unit, end of period $ 19.5917 $ 18.3356 $ 21.6294 $ 19.2930A For the period April 17, 2013 (commencement of sale of units) to March 31, 2014.B This information is derived from the Fund’s audited annual and/or unaudited interim financial statements. The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value






14


Fidelity Far East Fund Series E1

Six-months ended

September 30,

Periods ended

March 31,2016 2016A

The Series’ Net Assets per UnitB Net assets, beginning of period C $ 10.3122 $ 10.0000Increase (decrease) from operations: Total revenue .1749 .0251Total expenses (excluding distributions) (.1354) (.0371)Realized gains (losses) (.0093) (.0469)Unrealized gains (losses) 1.1159 .7232Total increase (decrease) from operationsC 1.1461 .6643Distributions: From net investment income (excluding dividends) – –From dividends – –From capital gains – –Return of capital – –Total distributionsC,D – –Net assets, end of periodC $ 11.4554 $ 10.3122Ratios and Supplemental Data Net asset value (000s) E $ 26,408 $ 12,981Units outstandingE 2,305,030 1,259,114Management expense ratio F 2.26% 2.28%Management expense ratio before waivers or absorptions F 2.31% 2.33%Trading expense ratioG .15% .16%Portfolio turnover rateH 13.05% 39.60%Net asset value per unit, end of period $ 11.4565 $ 10.3096A For the period February 5, 2016 (commencement of sale of units) to March 31, 2016.B This information is derived from the Fund’s audited annual and/or unaudited interim financial statements. The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value



including the Fund’s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. 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.



15


Six-months

ended

September 30,

Periods ended

March 31,2016 2016A

The Series’ Net Assets per UnitB Net assets, beginning of period C $ 10.3152 $ 10.0000Increase (decrease) from operations: Total revenue .1854 .0256Total expenses (excluding distributions) (.1362) (.0351)Realized gains (losses) (.0096) (.0499)Unrealized gains (losses) 1.2692 .6323Total increase (decrease) from operationsC 1.3088 .5729Distributions: From net investment income (excluding dividends) – –From dividends – –From capital gains – –Return of capital – –Total distributionsC,D – –Net assets, end of periodC $ 11.4567 $ 10.3152Ratios and Supplemental Data Net asset value (000s) E $ 1,889 $ 488Units outstandingE 164,855 47,277Management expense ratio F 2.23% 2.23%Management expense ratio before waivers or absorptions F 2.28% 2.27%Trading expense ratioG .15% .16%Portfolio turnover rateH 13.05% 39.60%Net asset value per unit, end of period $ 11.4578 $ 10.3125A For the period February 5, 2016 (commencement of sale of units) to March 31, 2016.B This information is derived from the Fund’s audited annual and/or unaudited interim financial statements. The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value






16



Six-months

ended

September 30,

Periods ended

March 31,2016 2016A

The Series’ Net Assets per UnitB Net assets, beginning of period C $ 10.3170 $ 10.0000Increase (decrease) from operations: Total revenue .1711 .0287Total expenses (excluding distributions) (.1163) (.0323)Realized gains (losses) .0384 (.0490)Unrealized gains (losses) .7827 .8367Total increase (decrease) from operationsC .8759 .7841Distributions: From net investment income (excluding dividends) – –From dividends – –From capital gains – –Return of capital – –Total distributionsC,D – –Net assets, end of periodC $ 11.4619 $ 10.3170Ratios and Supplemental Data Net asset value (000s) E $ 225 $ 26Units outstandingE 19,608 2,480Management expense ratio F 2.19% 2.17%Management expense ratio before waivers or absorptions F 2.23% 2.23%Trading expense ratioG .15% .16%Portfolio turnover rateH 13.05% 39.60%Net asset value per unit, end of period $ 11.4630 $ 10.3143A For the period February 5, 2016 (commencement of sale of units) to March 31, 2016.B This information is derived from the Fund’s audited annual and/or unaudited interim financial statements. The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value






17


Six-months

ended

September 30,

Periods ended

March 31,2016 2016A

The Series’ Net Assets per UnitB Net assets, beginning of period C $ 10.3166 $ 10.0000Increase (decrease) from operations: Total revenue .1800 .0200Total expenses (excluding distributions) (.1200) (.0300)Realized gains (losses) (.0300) (.0400)Unrealized gains (losses) 1.1200 .3700Total increase (decrease) from operationsC 1.1500 .3200Distributions: From net investment income (excluding dividends) – –From dividends – –From capital gains – –Return of capital – –Total distributionsC,D – –Net assets, end of periodC $ 11.4724 $ 10.3166Ratios and Supplemental Data Net asset value (000s) E $ 1 $ 1Units outstandingE 100 100Management expense ratio F 1.94% 2.06%Management expense ratio before waivers or absorptions F 2.33% 2.47%Trading expense ratioG .15% .16%Portfolio turnover rateH 13.05% 39.60%Net asset value per unit, end of period $ 11.4735 $ 10.3139A For the period February 5, 2016 (commencement of sale of units) to March 31, 2016.B This information is derived from the Fund’s audited annual and/or unaudited interim financial statements. The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value






18


Fidelity Far East Fund Series P1

Six-months

ended

September 30,

Periods ended

March 31,2016 2016A

The Series’ Net Assets per UnitB Net assets, beginning of period C $ 9.1272 $ 10.0000Increase (decrease) from operations: Total revenue .1692 .0536Total expenses (excluding distributions) (.0753) (.0486)Realized gains (losses) (.0339) .2331Unrealized gains (losses) 1.0389 (.5951)Total increase (decrease) from operationsC 1.0989 (.3570)Distributions: From net investment income (excluding dividends) – (.1445)From dividends – –From capital gains – (.1665)Return of capital – –Total distributionsC,D – (.3110)Net assets, end of periodC $ 10.1920 $ 9.1272Ratios and Supplemental Data Net asset value (000s) E $ 8,863 $ 6,946Units outstandingE 869,447 761,127Management expense ratio F 1.16% 1.15%Management expense ratio before waivers or absorptions F 1.20% 1.20%Trading expense ratioG .15% .16%Portfolio turnover rateH 13.05% 39.60%Net asset value per unit, end of period $ 10.1930 $ 9.1248A For the period December 4, 2015 (commencement of sale of units) to March 31, 2016.B This information is derived from the Fund’s audited annual and/or unaudited interim financial statements. The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value



including the Fund’s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. 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.



19


Six-months

ended

September 30,

Periods ended

March 31,2016 2016A

The Series’ Net Assets per UnitB Net assets, beginning of period C $ 9.1298 $ 10.0000Increase (decrease) from operations: Total revenue .1387 .0554Total expenses (excluding distributions) (.0650) (.0466)Realized gains (losses) (.0211) .2351Unrealized gains (losses) 1.0747 (.6429)Total increase (decrease) from operationsC 1.1273 (.3990)Distributions: From net investment income (excluding dividends) – (.1445)From dividends – –From capital gains – (.1665)Return of capital – –Total distributionsC,D – (.3110)Net assets, end of periodC $ 10.1973 $ 9.1298Ratios and Supplemental Data Net asset value (000s) E $ 2,470 $ 1,276Units outstandingE 242,177 139,812Management expense ratio F 1.08% 1.07%Management expense ratio before waivers or absorptions F 1.13% 1.12%Trading expense ratioG .15% .16%Portfolio turnover rateH 13.05% 39.60%Net asset value per unit, end of period $ 10.1983 $ 9.1274A For the period December 4, 2015 (commencement of sale of units) to March 31, 2016.B This information is derived from the Fund’s audited annual and/or unaudited interim financial statements. The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value






20



Six-months

ended

September 30,

Periods ended

March 31,2016 2016A

The Series’ Net Assets per UnitB Net assets, beginning of period C $ 9.1307 $ 10.0000Increase (decrease) from operations: Total revenue .0685 .0822Total expenses (excluding distributions) (.0567) (.0453)Realized gains (losses) (.0231) .1020Unrealized gains (losses) 1.6802 (.6800)Total increase (decrease) from operationsC 1.6689 (.5411)Distributions: From net investment income (excluding dividends) – (.1445)From dividends – –From capital gains – (.1665)Return of capital – –Total distributionsC,D – (.3110)Net assets, end of periodC $ 10.2055 $ 9.1307Ratios and Supplemental Data Net asset value (000s) E $ 49 $ 1Units outstandingE 4,839 103Management expense ratio F 1.01% .98%Management expense ratio before waivers or absorptions F 1.06% 1.04%Trading expense ratioG .15% .16%Portfolio turnover rateH 13.05% 39.60%Net asset value per unit, end of period $ 10.2065 $ 9.1284A For the period December 4, 2015 (commencement of sale of units) to March 31, 2016.B This information is derived from the Fund’s audited annual and/or unaudited interim financial statements. The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value






21


Six-months

ended

September 30,

Periods ended

March 31,2016 2016A

The Series’ Net Assets per UnitB Net assets, beginning of period C $ 9.1341 $ 10.0000Increase (decrease) from operations: Total revenue .1616 .0372Total expenses (excluding distributions) (.0651) (.0422)Realized gains (losses) (.0337) .3159Unrealized gains (losses) 1.0110 (.6538)Total increase (decrease) from operationsC 1.0738 (.3429)Distributions: From net investment income (excluding dividends) – (.1445)From dividends – –From capital gains – (.1665)Return of capital – –Total distributionsC,D – (.3110)Net assets, end of periodC $ 10.2076 $ 9.1341Ratios and Supplemental Data Net asset value (000s) E $ 9 $ 8Units outstandingE 891 891Management expense ratio F .97% .97%Management expense ratio before waivers or absorptions F .99% .97%Trading expense ratioG .15% .16%Portfolio turnover rateH 13.05% 39.60%Net asset value per unit, end of period $ 10.2086 $ 9.1318A For the period December 4, 2015 (commencement of sale of units) to March 31, 2016.B This information is derived from the Fund’s audited annual and/or unaudited interim financial statements. The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value






22

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 units, 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 Classes/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% 31.05% 68.95%Series B 1.850% 54.05% 45.95%Series F 0.850% — 100.00%Series F5 0.850% — 100.00%Series F8 0.850% — 100.00%Series T5 2.000% 193.97% -93.97%Series T8 2.000% 25.00% 75.00%Series S5 1.850% 54.05% 45.95%Series S8 1.850% 54.05% 45.95%Series E1 1.825% 54.79% 45.21%Series 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%Series P4 0.725% — 100.00%

23


Past PerformanceThe performance information shown assumes that all distributions made by the Fund in the periods shown were reinvested in additional securi-ties 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

40302010

0-10-20-30

2016

10.9

2016

-7.3

2015

26.2

2014

8.1

2013

11.5

2012

-5.0

2011

13.7

2010

34.4

2009

-24.1

2008

3.9

2007

25.3

Fiscal Years

Percentage (%)

Series B

40302010

0-10-20-30

2016

11.0

2016

-7.1

2015

26.5

2014

8.3

2013

11.7

2012

-4.8

2011

14.0

2010

34.8

2009

-23.9

2008

4.2

2007

25.7

Fiscal Years

Percentage (%)

Series F

40302010

0-10-20-30

2016

11.6

2016

-6.1

2015

27.9

2014

9.5

2013

13.0

2012

-3.7

2011

15.3

2010

36.2

2009

-23.0

2008

5.3

2007

27.1

Fiscal Years

Percentage (%)

24


Past Performance – continued

Series F5

30

20

10

0

-10

2016

11.6

2016

-6.1

2015

27.8

2014

10.6

Fiscal Years

Percentage (%)

Commencement of Operations is April 17, 2013

Series F8

30

20

10

0

-10

2016

11.6

2016

-6.1

2015

27.9

2014

10.7

Fiscal Years

Percentage (%)


Series O

40302010

0-10-20-30

2016

12.3

2016

-4.9

2015

29.6

2014

11.0

2013

14.4

2012

-2.5

2011

16.7

2010

38.0

2009

-22.1

2008

6.7

2007

28.9

Fiscal Years

Percentage (%)

25

Series T5

30

20

10

0

-10

2016

11.0

2016

-7.4

2015

26.1

2014

9.1

Fiscal Years

Percentage (%)


Series T8

30

20

10

0

-10

2016

10.9

2016

-7.4

2015

26.1

2014

9.2

Fiscal Years

Percentage (%)


Series S5

30

20

10

0

-10

2016

11.0

2016

-7.2

2015

26.5

2014

9.4

Fiscal Years

Percentage (%)


26



Series S8

30

20

10

0

-10

2016

11.0

2016

-7.0

2015

26.5

2014

9.4

Fiscal Years

Percentage (%)


Series E1

20

10

0

-10

2016

11.1

2016

3.1

Fiscal Years

Percentage (%)

Commencement of Operations is February 5, 2016

Series E2

20

10

0

-10

2016

11.1

2016

3.1

Fiscal Years

Percentage (%)


27

Series E3

20

10

0

-10

2016

11.1

2016

3.1

Fiscal Years

Percentage (%)


Series E4

20

10

0

-10

2016

11.2

2016

3.1

Fiscal Years

Percentage (%)


Series P1

15

10

5

0

-5

-10

2016

11.7

2016

-5.9

Fiscal Years

Percentage (%)

Commencement of Operations is December 4, 2015

28



Series P2

15

10

5

0

-5

-10

2016

11.7

2016

-5.8

Fiscal Years

Percentage (%)


Series P3

15

10

5

0

-5

-10

2016

11.8

2016

-5.8

Fiscal Years

Percentage (%)


Series P4

15

10

5

0

-5

-10

2016

11.8

2016

-5.8

Fiscal Years

Percentage (%)


29


Summary of Investment Portfolio as at September 30, 2016Sector Mix as of September 30, 2016

% of Fund’s Net Assets

Information Technology 32.6Financials 17.4Consumer Discretionary 14.1Consumer Staples 8.9Utilities 6.6Health Care 6.6Industrials 4.8Real Estate 4.6Telecommunication Services 1.9Others (Individually Less Than 1%) 0.3Cash and Cash Equivalents 2.1Net Other Assets (Liabilities) 0.1

Geographic Mix as of September 30, 2016


Cayman Islands 20.4Korea (South) 18.6Hong Kong 14.6China 11.3Taiwan 11.2Philippines 6.1Indonesia 4.5Singapore 3.5India 2.4Thailand 1.8Australia 1.5Bermuda 1.1Others (Individually Less Than 1%) 0.8Cash and Cash Equivalents 2.1Net Other Assets (Liabilities) 0.1

Top 25 Issuers


1. Taiwan Semiconductor Manufacturing Co. Ltd. 10.5

2. Tencent Holdings Ltd. 10.13. Techtronic Industries Co. Ltd. 5.84. AIA Group Ltd. 4.85. Shenzhou International Group

Holdings Ltd. 4.06. Samsung Electronics Co. Ltd. 4.07. SM Prime Holdings, Inc. 3.68. KT&G Corp. 3.29. LG Household & Health Care Ltd. 3.110. Korea Electric Power Corp. 3.011. China Construction Bank Corp. 2.412. Guangdong Investment Ltd. 2.313. Jollibee Food Corp. 2.214. Cash and Cash Equivalents 2.115. Jiangsu Hengrui Medicine Co. Ltd. 2.116. NCSOFT Corp. 2.117. HDFC Bank Ltd. 2.018. Industrial & Commercial Bank of

China Ltd. 2.019. Singapore Technologies Engineering Ltd. 1.920. BOC Hong Kong (Holdings) Ltd. 1.721. AAC Technology Holdings, Inc. 1.722. AMOREPACIFIC Corp. 1.623. ComfortDelgro Corp. Ltd. 1.624. PT Telkomunikasi Indonesia Tbk 1.5

25. Ramsay Health Care Ltd. 1.580.8

Total Fund Net Assets $442,693,000

The summary of investment portfolio may change due to ongoing portfolio transactions of the investment fund. The most recent annual report, semi-annual report, quarterly report, fund facts document or simplified prospectus for the investment fund and/or underlying fund is available at no cost, by calling 1-800-263-4077, by writing to us at Fidelity Investments Canada ULC, 483 Bay St. Suite 300, Toronto ON M5G 2N7 or by visiting our web site at www.fidelity.ca or SEDAR at www.sedar.com.

Fidelity’s mutual funds are sold by registered Investment Professionals. Each Fund has a simplified prospectus, which contains important information on the Fund, including its investment objective, purchase options, and applicable charges. Please obtain a copy of the prospectus, read it carefully, and consult your Investment Professional before investing. As with any investment, there are risks to investing in mutual funds. There is no assurance that any Fund will achieve its investment objective, and its net asset value, yield, and investment return will fluctuate from time to time with market conditions. Investors may experience a gain or loss when they sell their units 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.

1.822443.111 FICL-FE-MRFPS-1116

Fidelity Investments Canada ULC483 Bay Street, Suite 300Toronto, Ontario M5G 2N7

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

CustodianState Street Trust Company of CanadaToronto, Ontario

Portfolio AdviserFidelity Investments Canada ULCToronto, Ontario

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

62.107326E

® Fidelity Investments is a registered trademark of FMR LLC.

Documents

Fidelity Far East Fund - · PDF fileAsian markets were the best performing, ... selling positions in Galaxy Entertainment Group and South Korean water purifier maker Coway, ... under