This
example
helps
compare the cost of investing in the fund with the cost of investing in other
funds.
Let's say, hypothetically, that the annual return for shares of
the fund is 5% and that the fees and the annual operating expenses for shares of
the fund are exactly as described in the fee table. This example illustrates the
effect of fees and expenses, but is not meant to suggest actual or expected fees
and expenses or returns, all of which may vary. For every $10,000 you invested,
here's how much you would pay in total expenses if you sell all of your shares
at the end of each time period indicated:
|
1
year |
$
|
114
|
|
3
years |
$
|
356
|
|
5
years |
$
|
617
|
|
10
years |
$
|
1,363
|
Portfolio
Turnover
The
fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when fund
shares are held in a taxable account. These costs, which are not reflected in
annual operating expenses or in the example, affect the fund's performance.
During the most recent fiscal year, the fund's portfolio turnover rate
was 67 %
of the average value of its portfolio.
Principal
Investment Strategies
- Normally
investing at least 80% of assets in securities of issuers in emerging markets
and other investments that are tied economically to emerging markets. Emerging
markets include countries that have an emerging stock market as defined by
MSCI, countries or markets with low- to middle-income economies as classified
by the World Bank, and other countries or markets that the Adviser identifies
as having similar emerging markets characteristics.
- Normally
investing approximately 60% of assets in stocks and other equity securities
and the remainder in bonds and other debt securities, including lower-quality
debt securities (those of less than investment-grade quality, also referred to
as high yield debt securities or junk bonds), when its outlook is
neutral.
- Allocating
the fund's assets across emerging markets sectors, using different Fidelity
managers.
- Allocating
investments across different emerging markets countries.
- Analyzing
a security's structural features and current pricing, trading opportunities,
and the credit, currency, and economic risks of the security and its issuer to
select investments.
Principal
Investment Risks
Stock
markets are volatile and can decline significantly in response to adverse
issuer, political, regulatory, market, or economic developments. Different parts
of the market, including different market sectors, and different types of
securities can react differently to these developments.
Interest
rate increases can cause the price of a debt security to decrease.
- Foreign
and Emerging Markets Risk.
Foreign
markets, particularly emerging markets, can be more volatile than the U.S.
market due to increased risks of adverse issuer, political, regulatory, market,
or economic developments and can perform differently from the U.S.
market.
The
extent of economic development; political stability; market depth,
infrastructure, and capitalization; and regulatory oversight can be less than in
more developed markets. Emerging markets typically have less established legal,
accounting and financial reporting systems than those in more developed markets,
which may reduce the scope or quality of financial information available to
investors.
Emerging
markets can be subject to greater social, economic, regulatory, and political
uncertainties and can be extremely volatile.
Foreign
exchange rates also can be extremely volatile.
The
ability of an issuer of a debt security to repay principal prior to a security's
maturity can cause greater price volatility if interest rates change.
The
value of an individual security or particular type of security can be more
volatile than, and can perform differently from, the market as a whole.
Lower-quality
debt securities (those of less than investment-grade quality, also referred to
as high yield debt securities or junk bonds) and certain types of other
securities involve greater risk of default or price changes due to changes in
the credit quality of the issuer.
The
value of lower-quality debt securities and certain types of other securities can
be more volatile due to increased sensitivity to adverse issuer, political,
regulatory, market, or economic developments.
An
investment in the fund is not a deposit of a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency .
You
could lose money by investing in the fund.
Performance
The
following information is intended to help you understand the risks of investing
in the fund.
The
information illustrates the changes in the performance of the fund's shares from
year to year and compares the performance of the fund's shares to the
performance of a securities market index and a hypothetical composite of market
indexes over various periods of time. The
indexes have characteristics relevant to the fund's investment strategies. Index
descriptions appear in the "Additional Index Information" section of the
prospectus. Past
performance (before and after taxes) is not an indication of future
performance.
Visit
www.fidelity.com
for
more recent performance information.
Year-by-Year
Returns
|
|
2012
|
2013
|
2014
|
2015
|
2016
|
2017
|
2018
|
2019
|
2020
|
2021
|
|
|
20.23 %
|
0.97 %
|
-
2.73 %
|
-
6.96 %
|
12.22 %
|
29.59 %
|
-
14.18 %
|
21.71 %
|
17.44 %
|
-
5.11 %
|
|
During
the periods shown in the chart: |
Returns
|
Quarter
ended |
|
Highest
Quarter Return |
21.25 %
|
June
30, 2020 |
|
Lowest
Quarter Return |
-
23.66 %
|
March
31, 2020 |
|
Year-to-Date
Return |
-
29.33 %
|
September
30, 2022 |
Average
Annual Returns
After-tax
returns are calculated using the historical highest individual federal marginal
income tax rates, but do not reflect the impact of state or local taxes.
Actual
after-tax returns may differ depending on your individual circumstances.
The
after-tax returns shown are not relevant if you hold your shares in a retirement
account or in another tax-deferred arrangement, such as an employee benefit plan
(profit sharing, 401(k), or 403(b) plan). Return
After Taxes on Distributions and Sale of Fund Shares may be higher than other
returns for the same period due to a tax benefit of realizing a capital loss
upon the sale of fund shares.
|
For
the periods ended December 31, 2021 |
Past
1
year
|
Past
5
years
|
Past
10
years
|
|
Fidelity®
Total Emerging Markets Fund |
|
|
|
|
Return
Before Taxes |
-
5.11
%
|
8.57
%
|
6.40
%
|
|
Return
After Taxes on Distributions |
-
5.57
%
|
7.94
%
|
5.85
%
|
|
Return
After Taxes on Distributions and Sale of Fund Shares
|
-
2.70 %
|
6.65
%
|
5.03
%
|
|
MSCI
Emerging Markets Index
(reflects
no deduction for fees or expenses) |
-
2.53
%
|
9.90
%
|
5.53
%
|
|
Fidelity
Total Emerging Markets Composite Index℠
(reflects
no deduction for fees or expenses) |
-
2.00
%
|
7.90
%
|
5.49
%
|
|
|
|
|
|
Investment
Adviser
Fidelity
Management & Research Company LLC (FMR) (the Adviser) is the fund's manager.
FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong
Kong) Limited, and Fidelity Management & Research (Japan) Limited and other
investment advisers serve as sub-advisers for the fund.
Portfolio
Manager(s)
Sam
Polyak (Co-Portfolio Manager) has managed the fund since 2011.
Gregory
Lee (Co-Portfolio Manager) has managed the fund since 2012.
Xiaoting
Zhao (Co-Portfolio Manager) has managed the fund since 2015.
Timothy
Gill (Co-Portfolio Manager) has managed the fund since 2017.
Di
Chen (Co-Portfolio Manager) has managed the fund since 2020.
Guillermo
de las Casas (Co-Portfolio Manager) has managed the fund since 2020.
It
is expected that Mr. de las Casas will transition off of the fund effective on
or about June 30, 2023.
Nader
Nazmi (Co-Portfolio Manager) has managed the fund since 2020.
Will
Pruett (Co-Portfolio Manager) has managed the fund since 2020.
Priyanshu
Bakshi (Co-Portfolio Manager) has managed the fund since 2021.
Takamitsu
Nishikawa (Co-Portfolio Manager) has managed the fund since 2021.
Lewis
Chung (Co-Portfolio Manager) has managed the fund since 2022.
Purchase
and Sale of Shares
You
may buy or sell shares through a Fidelity ®
brokerage
or mutual fund account, through a retirement account, or through an investment
professional.
You
may buy or sell shares in various ways:
Internet
www.fidelity.com
Phone
Fidelity
Automated Service Telephone (FAST ®
)
1-800-544-5555
To
reach a Fidelity representative 1-800-544-6666
Mail
|
Additional
purchases:
Fidelity
Investments
P.O.
Box 770001
Cincinnati,
OH 45277-0003 |
Redemptions:
Fidelity
Investments
P.O.
Box 770001
Cincinnati,
OH 45277-0035 |
TDD
- Service
for the Deaf and Hearing Impaired
1-800-544-0118
The
price to buy one share is its net asset value per share (NAV). Shares will be
bought at the NAV next calculated after an order is received in proper
form.
The
price to sell one share is its NAV. Shares will be sold at the NAV next
calculated after an order is received in proper form.
The
fund is open for business each day the New York Stock Exchange (NYSE) is
open.
There
is no purchase minimum for fund shares.
Tax
Information
Distributions
you receive from the fund are subject to federal income tax and generally will
be taxed as ordinary income or capital gains, and may also be subject to state
or local taxes, unless you are investing through a tax-advantaged retirement
account (in which case you may be taxed later, upon withdrawal of your
investment from such account).
Payments
to Broker-Dealers and Other Financial Intermediaries
The
fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their
affiliates may pay intermediaries, which may include banks, broker-dealers,
retirement plan sponsors, administrators, or service-providers (who may be
affiliated with the Adviser or FDC), for the sale of fund shares and related
services. These payments may create a conflict of interest by influencing your
intermediary and your investment professional to recommend the fund over another
investment. Ask your investment professional or visit your intermediary's web
site for more information.
Fund
Basics
Investment
Objective
Fidelity®
Emerging Markets Discovery Fund seeks capital appreciation.
Principal
Investment Strategies
The
Adviser normally invests at least 80% of the fund's assets in securities of
issuers in emerging markets and other investments that are tied economically to
emerging markets. Emerging markets include countries that have an emerging stock
market as defined by MSCI, countries or markets with low- to middle-income
economies as classified by the World Bank, and other countries or markets that
the Adviser identifies as having similar emerging markets characteristics.
Emerging markets tend to have relatively low gross national product per capita
compared to the world's major economies and may have the potential for rapid
economic growth. The Adviser normally invests the fund's assets primarily in
common stocks.
Although
the Adviser focuses on investing the fund's assets in securities issued by
small- and medium-sized companies, the Adviser may also make substantial
investments in securities issued by larger companies.
The
Adviser normally allocates the fund's investments across different emerging
markets countries.
The
Adviser is not constrained by any particular investment style. At any given
time, the Adviser may tend to buy "growth" stocks or "value" stocks, or a
combination of both types. In buying and selling securities for the fund, the
Adviser relies on fundamental analysis, which involves a bottom-up assessment of
a company's potential for success in light of factors including its financial
condition, earnings outlook, strategy, management, industry position, and
economic and market conditions.
If
the Adviser's strategies do not work as intended, the fund may not achieve its
objective.
Investment
Objective
Fidelity®
Total Emerging Markets Fund seeks income and capital growth.
Principal
Investment Strategies
The
Adviser normally invests at least 80% of the fund's assets in securities of
issuers in emerging markets and other investments that are tied economically to
emerging markets. Emerging markets include countries that have an emerging stock
market as defined by MSCI, countries or markets with low- to middle-income
economies as classified by the World Bank, and other countries or markets that
the Adviser identifies as having similar emerging markets characteristics.
Emerging markets tend to have relatively low gross national product per capita
compared to the world's major economies and may have the potential for rapid
economic growth.
When
the Adviser's outlook is neutral, it will invest approximately 60% of the fund's
assets in stocks and other equity securities and the remainder in bonds and
other debt securities, including lower-quality debt securities (those of less
than investment-grade quality, also referred to as high yield debt securities or
junk bonds). The Adviser may vary from this target if it believes stocks or
bonds offer more favorable opportunities, but will always invest at least 20% of
the fund's assets in bonds and other debt securities.
With
respect to the fund's equity investments, the Adviser allocates the fund's
assets across emerging markets sectors, using different Fidelity managers to
handle investments. At present, those sectors include communication services,
consumer discretionary, consumer staples, energy, financials, health care,
industrials, information technology, materials, real estate, and
utilities.
With
respect to the fund's bond and debt investments, the Adviser may invest in debt
securities of non-emerging markets foreign issuers and lower-quality debt
securities (those of less than investment-grade quality, also referred to as
high yield debt securities or junk bonds) of U.S. issuers.
The
Adviser normally allocates the fund's investments across different emerging
markets countries.
With
respect to the fund's equity investments, the Adviser relies on fundamental
analysis, which involves a bottom-up assessment of a company's potential for
success in light of factors including its financial condition, earnings outlook,
strategy, management, industry position, and economic and market
conditions.
With
respect to the fund's bond and debt investments, the Adviser generally analyzes
a security's structural features and current price compared to its long-term
value and any short-term trading opportunities resulting from market
inefficiencies. The Adviser's analysis also considers the credit, currency, and
economic risks associated with the security and the country of its
issuer.
If
the Adviser's strategies do not work as intended, the fund may not achieve its
objective.
Description
of Principal Security Types
Equity
securities represent
an ownership interest, or the right to acquire an ownership interest, in an
issuer. Different types of equity securities provide different voting and
dividend rights and priority in the event of the bankruptcy of the
issuer. Equity securities include common stocks, preferred stocks,
convertible securities, and warrants.
Debt
securities are
used by issuers to borrow money. The issuer usually pays a fixed, variable, or
floating rate of interest, and must repay the amount borrowed, usually at the
maturity of the security. Some debt securities, such as zero coupon bonds,
do not pay current interest but are sold at a discount from their face
values. Debt securities include corporate bonds, government securities
(including Treasury securities), repurchase agreements, money market securities,
mortgage and other asset-backed securities, loans and loan participations, and
other securities believed to have debt-like characteristics, including hybrids
and synthetic securities.
Derivatives
are
investments whose values are tied to an underlying asset, instrument, currency,
or index. Derivatives include futures, options, forwards, and swaps, such
as interest rate swaps (exchanging a floating rate for a fixed rate), total
return swaps (exchanging a floating rate for the total return of an index,
security, or other instrument or investment) and credit default swaps (buying or
selling credit default protection).
Forward-settling
securities involve
a commitment to purchase or sell specific securities when issued, or at a
predetermined price or yield. When a fund does not already own or have the right
to obtain securities equivalent in kind and amount, a commitment to sell
securities is equivalent to a short sale. Payment and delivery take place after
the customary settlement period.
Principal
Investment Risks
Many
factors affect each fund's performance. Developments that disrupt global
economies and financial markets, such as pandemics and epidemics, may magnify
factors that affect a fund's performance. A fund's share price changes daily
based on changes in market conditions and interest rates and in response to
other economic, political, or financial developments. A fund's reaction to these
developments will be affected by the types and maturities of securities in which
the fund invests, the financial condition, industry and economic sector, and
geographic location of an issuer, and the fund's level of investment in the
securities of that issuer. Because each fund concentrates its investments in a
particular group of countries, the fund's performance is expected to be closely
tied to social, political, and economic conditions within that group of
countries and to be more volatile than the performance of more geographically
diversified funds. When you sell your shares they may be worth more or less than
what you paid for them, which means that you could lose money by investing in a
fund.
T
he
following factors can significantly affect a fund's performance:
Stock
Market Volatility .
The value of equity securities fluctuates in response to issuer, political,
market, and economic developments. Fluctuations, especially in foreign markets,
can be dramatic over the short as well as long term, and different parts of the
market, including different market sectors, and different types of equity
securities can react differently to these developments. For example, stocks of
companies in one sector can react differently from those in another, large cap
stocks can react differently from small cap stocks, and "growth" stocks can
react differently from "value" stocks. Issuer, political, or economic
developments can affect a single issuer, issuers within an industry or economic
sector or geographic region, or the market as a whole. Changes in the financial
condition of a single issuer can impact the market as a whole. Terrorism and
related geo-political risks have led, and may in the future lead, to increased
short-term market volatility and may have adverse long-term effects on world
economies and markets generally.
Interest
Rate Changes. Debt
securities, including money market securities, have varying levels of
sensitivity to changes in interest rates. In general, the price of a debt
security can fall when interest rates rise and can rise when interest rates
fall. Securities with longer maturities and certain types of securities, such as
mortgage securities and the securities of issuers in the financial services
sector, can be more sensitive to interest rate changes, meaning the longer the
maturity of a security, the greater the impact a change in interest rates could
have on the security's price. Short-term and long-term interest rates do not
necessarily move in the same amount or the same direction. Short-term securities
tend to react to changes in short-term interest rates, and long-term securities
tend to react to changes in long-term interest rates. Securities with floating
interest rates can be less sensitive to interest rate changes, but may decline
in value if their interest rates do not rise as much as interest rates in
general. Securities whose payment at maturity is based on the movement of all or
part of an index and inflation-protected debt securities may react differently
from other types of debt securities. In market environments where interest rates
are rising, issuers may be less willing or able to make principal and/or
interest payments on securities when due. The discontinuation and replacement of
London Interbank Offered Rate (LIBOR) (an indicative measure of the average
interest rate at which major global banks could borrow from one another) and
other benchmark rates may have a significant impact on the financial markets and
may adversely impact a fund's performance.
Foreign
and Emerging Markets Risk.
Foreign
securities, foreign currencies, and securities issued by U.S. entities with
substantial foreign operations can involve additional risks relating to
political, economic, or regulatory conditions in foreign countries. These risks
include fluctuations in foreign exchange rates; withholding or other taxes;
trading, settlement, custodial, and other operational risks; and the less
stringent investor protection and disclosure standards of some foreign markets.
All of these factors can make foreign investments, especially those in emerging
markets, more volatile and potentially less liquid than U.S. investments. In
addition, foreign markets can perform differently from the U.S. market.
Investing
in emerging markets can involve risks in addition to and greater than those
generally associated with investing in more developed foreign markets. The
extent of economic development; political stability; market depth,
infrastructure, and capitalization; and regulatory oversight can be less than in
more developed markets. Emerging markets typically have less established legal,
accounting and financial reporting systems than those in more developed markets,
which may reduce the scope or quality of financial information available to
investors. Emerging markets economies can be subject to greater social,
economic, regulatory, and political uncertainties and can be extremely volatile.
All of these factors can make emerging markets securities more volatile and
potentially less liquid than securities issued in more developed markets.
Global
economies and financial markets are becoming increasingly interconnected, which
increases the possibilities that conditions in one country or region might
adversely impact issuers or providers in, or foreign exchange rates with, a
different country or region.
Prepayment.
Many
types of debt securities are subject to prepayment risk. Prepayment risk occurs
when the issuer of a security can repay principal prior to the security's
maturity. Securities subject to prepayment can offer less potential for gains
during a declining interest rate environment and similar or greater potential
for loss in a rising interest rate environment. In addition, the potential
impact of prepayment features on the price of a debt security can be difficult
to predict and result in greater volatility.
Issuer-Specific
Changes. Changes
in the financial condition of an issuer or counterparty, changes in specific
economic or political conditions that affect a particular type of security or
issuer, and changes in general economic or political conditions can increase the
risk of default by an issuer or counterparty, which can affect a security's or
instrument's credit quality or value. The value of securities of smaller, less
well-known issuers can be more volatile than that of larger issuers.
Lower-quality debt securities (those of less than investment-grade quality, also
referred to as high yield debt securities or junk bonds) and certain types of
other securities tend to be particularly sensitive to these changes.
Lower-quality
debt securities and certain types of other securities involve greater risk of
default or price changes due to changes in the credit quality of the issuer.
Lower-quality debt securities can be thinly traded or have restrictions on
resale, making them difficult to sell at an acceptable price, and often are
considered to be speculative. The default rate for lower-quality debt securities
is likely to be higher during economic recessions or periods of high interest
rates.
"Growth"
Investing .
"Growth" stocks can react differently to issuer, political, market, and economic
developments than the market as a whole and other types of stocks. "Growth"
stocks tend to be more expensive relative to their earnings or assets compared
to other types of stocks. As a result, "growth" stocks tend to be sensitive to
changes in their earnings and more volatile than other types of stocks.
"Value"
Investing .
"Value"
stocks can react differently to issuer, political, market, and economic
developments than the market as a whole and other types of stocks. "Value"
stocks tend to be inexpensive relative to their earnings or assets compared to
other types of stocks. However, "value" stocks can continue to be inexpensive
for long periods of time and may not ever realize their full value.
Mid
Cap Investing. The
value of securities of medium size, less well-known issuers can be more volatile
than that of relatively larger issuers and can react differently to issuer,
political, market, and economic developments than the market as a whole and
other types of stocks.
Small
Cap Investing .
The value of securities of smaller, less well-known issuers can be more volatile
than that of larger issuers and can react differently to issuer, political,
market, and economic developments than the market as a whole and other types of
stocks. Smaller issuers can have more limited product lines, markets, and
financial resources.
In
response to market, economic, political, or other conditions, a fund may
temporarily use a different investment strategy for defensive purposes. If the
fund does so, different factors could affect its performance and the fund may
not achieve its investment objective.
Other
Investment Strategies
In
addition to the principal investment strategies discussed above, the Adviser may
lend Fidelity ®
Emerging
Markets Discovery Fund's securities to broker-dealers or other institutions to
earn income for the fund.
The
Adviser may also use various techniques, such as buying and selling futures
contracts and exchange traded funds, to increase or decrease Fidelity
®
Emerging
Markets Discovery Fund's exposure to changing security prices or other factors
that affect security values.
In
addition to the principal investment strategies discussed above, the Adviser may
lend Fidelity ®
Total
Emerging Markets Fund's securities to broker-dealers or other institutions to
earn income for the fund.
The
Adviser may also use various techniques, such as buying and selling futures
contracts and exchange traded funds, to increase or decrease Fidelity
®
Total
Emerging Markets Fund's exposure to changing security prices, interest rates, or
other factors that affect security values. The Adviser may also use options
contracts as tools in the management of portfolio assets. The Adviser may invest
the fund's assets in investment-grade debt securities by investing in other
funds.
Fundamental
Investment Policies
The
following is fundamental, that is, subject to change only by shareholder
approval:
Fidelity®
Emerging Markets Discovery Fund seeks capital appreciation.
Fidelity®
Total Emerging Markets Fund seeks income and capital growth.
Shareholder
Notice
The
following is subject to change only upon 60 days' prior notice to
shareholders:
Fidelity®
Emerging Markets Discovery Fund normally invests at least 80% of its assets in
securities of issuers in emerging markets and other investments that are tied
economically to emerging markets.
Fidelity®
Total Emerging Markets Fund normally invests at least 80% of its assets in
securities of issuers in emerging markets and other investments that are tied
economically to emerging markets.
Country
or Geographic Region
The
Adviser considers a number of factors to determine whether an investment is tied
economically to a particular country or region, including: the source of
government guarantees (if any); the primary trading market; the issuer's
domicile, sources of revenue, and location of assets; whether the investment is
included in an index representative of a particular country or region; and
whether the investment is exposed to the economic fortunes and risks of a
particular country or region.
Each
fund is open for business each day the NYSE is open.
The
NAV is the value of a single share. Fidelity normally calculates NAV each
business day as of the times noted in the table below. Each fund's assets
normally are valued as of this time for the purpose of computing NAV. Fidelity
calculates NAV separately for each class of shares of a multiple class
fund.
|
Fund
|
NAV
Calculation Times
(Eastern
Time) |
|
Fidelity®
Emerging Markets Discovery Fund |
4:00
p.m. |
|
Fidelity®
Total Emerging Markets Fund |
4:00
p.m. |
NAV
is not calculated and a fund will not process purchase and redemption requests
submitted on days when the fund is not open for business. The time at which
shares are priced and until which purchase and redemption orders are accepted
may be changed as permitted by the Securities and Exchange Commission
(SEC).
To
the extent that a fund's assets are traded in other markets on days when the
fund is not open for business, the value of the fund's assets may be affected on
those days. In addition, trading in some of a fund's assets may not occur on
days when the fund is open for business.
NAV
is calculated using the values of other open-end funds, if any, in which a fund
invests (referred to as underlying funds). Shares of underlying funds are valued
at their respective NAVs. Other assets are valued primarily on the basis of
market quotations, official closing prices, or information furnished by a
pricing service. Certain short-term securities are valued on the basis of
amortized cost. If market quotations, official closing prices, or information
furnished by a pricing service are not readily available or, in the Adviser's
opinion, are deemed unreliable for a security, then that security will be fair
valued in good faith by the Adviser in accordance with applicable fair value
pricing policies. For example, if, in the Adviser's opinion, a security's value
has been materially affected by events occurring before a fund's pricing time
but after the close of the exchange or market on which the security is
principally traded, then that security will be fair valued in good faith by the
Adviser in accordance with applicable fair value pricing policies. Fair value
pricing will be used for high yield debt securities when available pricing
information is determined to be stale or for other reasons not to accurately
reflect fair value.
Arbitrage
opportunities may exist when trading in a portfolio security or securities is
halted and does not resume before a fund calculates its NAV. These arbitrage
opportunities may enable short-term traders to dilute the NAV of long-term
investors. Securities trading in overseas markets present time zone
arbitrage opportunities when events affecting portfolio security values occur
after the close of the overseas markets but prior to the close of the U.S.
market. Fair valuation of a fund's portfolio securities can serve to reduce
arbitrage opportunities available to short-term traders, but there is no
assurance that fair value pricing policies will prevent dilution of NAV by
short-term traders.
Policies
regarding excessive trading may not be effective to prevent short-term NAV
arbitrage trading, particularly in regard to omnibus accounts.
Fair
value pricing is based on subjective judgments and it is possible that the fair
value of a security may differ materially from the value that would be realized
if the security were sold.
Shareholder
Information
Additional
Information about the Purchase and Sale of Shares
As
used in this prospectus, the term "shares" generally refers to the shares
offered through this prospectus.
General
Information
Information
on Fidelity
Fidelity
Investments was established in 1946 to manage one of America's first mutual
funds. Today, Fidelity is one of the world's largest providers of financial
services.
In
addition to its fund business, the company operates one of America's leading
brokerage firms, Fidelity Brokerage Services LLC. Fidelity is also a leader in
providing tax-advantaged retirement plans for individuals investing on their own
or through their employer.
Ways
to Invest
Subject
to the purchase and sale requirements stated in this prospectus, you may buy or
sell shares through a Fidelity ®
brokerage
account or a Fidelity ®
mutual
fund account. If you buy or sell shares (other than by exchange) through a
Fidelity ®
brokerage
account, your transactions generally involve your Fidelity ®
brokerage
core (a settlement vehicle included as part of your Fidelity ®
brokerage
account).
If
you do not currently have a Fidelity ®
brokerage
account or a Fidelity ®
mutual
fund account and would like to invest in a fund, you may need to complete an
application. For more information about a Fidelity ®
brokerage
account or a Fidelity ®
mutual
fund account, please visit Fidelity's web site at www.fidelity.com, call
1-800-FIDELITY, or visit a Fidelity Investor Center (call 1-800-544-9797 for the
center nearest you).
You
may also buy or sell shares through a retirement account (such as an IRA or an
account funded through salary deduction) or an investment professional.
Retirement specialists are available at 1-800-544-4774 to answer your questions
about Fidelity ®
retirement
products. If you buy or sell shares through a retirement account or an
investment professional, the procedures for buying, selling, and exchanging
shares and the account features, policies, and fees may differ from those
discussed in this prospectus. Fees in addition to those discussed in this
prospectus may apply. For example, you may be charged a transaction fee if you
buy or sell shares through a non-Fidelity broker or other investment
professional.
Information
on Placing Orders
You
should include the following information with any order:
- Your
name
- Your
account number
- Type
of transaction requested
- Name(s)
of fund(s) and class(es)
- Dollar
amount or number of shares
Certain
methods of contacting Fidelity may be unavailable or delayed (for example,
during periods of unusual market activity). In addition, the level and type of
service available may be restricted.
Frequent
Purchases and Redemptions
A
fund may reject for any reason, or cancel as permitted or required by law, any
purchase or exchange, including transactions deemed to represent excessive
trading, at any time.
Excessive
trading of fund shares can harm shareholders in various ways, including reducing
the returns to long-term shareholders by increasing costs to a fund (such as
brokerage commissions or spreads paid to dealers who sell money market
instruments), disrupting portfolio management strategies, and diluting the value
of the shares in cases in which fluctuations in markets are not fully priced
into the fund's NAV.
Each
fund reserves the right at any time to restrict purchases or exchanges or impose
conditions that are more restrictive on excessive trading than those stated in
this prospectus.
Excessive
Trading Policy
The
Board of Trustees has adopted policies designed to discourage excessive trading
of fund shares. Excessive trading activity in a fund is measured by the number
of roundtrip transactions in a shareholder's account and each class of a
multiple class fund is treated separately. A roundtrip transaction occurs when a
shareholder sells fund shares (including exchanges) within 30 days of the
purchase date.
Shareholders
with two or more roundtrip transactions in a single fund within a rolling 90-day
period will be blocked from making additional purchases or exchange purchases of
the fund for 85 days. Shareholders with four or more roundtrip transactions
across all Fidelity ®
funds
within any rolling 12-month period will be blocked for at least 85 days from
additional purchases or exchange purchases across all Fidelity ®
funds.
Any roundtrip within 12 months of the expiration of a multi-fund block will
initiate another multi-fund block. Repeat offenders may be subject to long-term
or permanent blocks on purchase or exchange purchase transactions in any account
under the shareholder's control at any time. In addition to enforcing these
roundtrip limitations, the fund may in its discretion restrict, reject, or
cancel any purchases or exchanges that, in the Adviser's opinion, may be
disruptive to the management of the fund or otherwise not be in the fund's
interests.
Exceptions
The
following transactions are exempt from the fund's excessive trading policy
described above: (i) systematic withdrawal and/or contribution programs, (ii)
mandatory retirement distributions, (iii) transactions initiated by a plan
sponsor or sponsors of certain employee benefit plans or other related accounts,
(iv) transactions within a qualified advisory program, and (v) transactions
initiated by the trustee or adviser to a donor-advised charitable gift fund,
qualified fund of fund(s), or other strategy funds.
A
qualified advisory program is one that demonstrates to Fidelity that the program
has investment strategies and trading policies designed to protect the interests
of long-term investors and meets specific criteria outlined by Fidelity.
A
qualified fund of fund(s) is a mutual fund, qualified tuition program, or other
strategy fund consisting of qualified plan assets that either applies the fund's
excessive trading policies to shareholders at the fund of fund(s) level, or
demonstrates that the fund of fund(s) has an investment strategy coupled with
policies designed to control frequent trading that are reasonably likely to be
effective as determined by the fund's Treasurer.
Fidelity
may choose not to monitor transactions below certain dollar value
thresholds.
Omnibus
Accounts
Omnibus
accounts, in which shares are held in the name of an intermediary on behalf of
multiple investors, are a common form of holding shares among retirement plans
and financial intermediaries such as brokers, advisers, and third-party
administrators. Individual trades in omnibus accounts are often not disclosed to
the fund, making it difficult to determine whether a particular shareholder is
engaging in excessive trading. Excessive trading in omnibus accounts is likely
to go undetected by the fund and may increase costs to the fund and disrupt its
portfolio management .
Under
policies adopted by the Board of Trustees, intermediaries will be permitted to
apply the fund's excessive trading policy (described above), or their own
excessive trading policy if approved by the Adviser. In these cases, the fund
will typically not request or receive individual account data but will rely on
the intermediary to monitor trading activity in good faith in accordance with
its or the fund's policies. Reliance on intermediaries increases the risk that
excessive trading may go undetected. For other intermediaries, the fund will
generally monitor trading activity at the omnibus account level to attempt to
identify disruptive trades. The fund may request transaction information, as
frequently as daily, from any intermediary at any time, and may apply the fund's
policy to transactions that exceed thresholds established by the Board of
Trustees. The fund may prohibit purchases of fund shares by an intermediary or
by some or all of any intermediary's clients. There is no assurance that the
Adviser will request data with sufficient frequency to detect or deter excessive
trading in omnibus accounts effectively.
If
you purchase or sell fund shares through a financial intermediary, you may wish
to contact the intermediary to determine the policies applicable to your
account.
Retirement
Plans
For
employer-sponsored retirement plans, only participant directed exchanges count
toward the roundtrip limits. Employer-sponsored retirement plan participants
whose activity triggers a purchase or exchange block will be permitted one trade
every calendar quarter. In the event of a block, employer and participant
contributions and loan repayments by the participant may still be invested in
the fund.
Other
Information about the Excessive Trading Policy
Each
fund's Treasurer is authorized to suspend each fund's policies during periods of
severe market turbulence or national emergency. Each fund reserves the right to
modify its policies at any time without prior notice.
Each
fund does not knowingly accommodate frequent purchases and redemptions of fund
shares by investors, except to the extent permitted by the policies described
above.
As
described in "Valuing Shares," each fund also uses fair value pricing to help
reduce arbitrage opportunities available to short-term traders. There is no
assurance that each fund's excessive trading policy will be effective, or will
successfully detect or deter excessive or disruptive trading.
Buying
Shares
Eligibility
Shares
are generally available only to investors residing in the United States.
There
is no minimum balance or purchase minimum for fund shares.
Price
to Buy
The
price to buy one share is its NAV. Shares are sold without a sales
charge.
Shares
will be bought at the NAV next calculated after an order is received in proper
form.
Each
fund has authorized certain intermediaries to accept orders to buy shares on its
behalf. When authorized intermediaries receive an order in proper form, the
order is considered as being placed with the fund, and shares will be bought at
the NAV next calculated after the order is received by the authorized
intermediary. If applicable, orders by funds of funds for which Fidelity serves
as investment manager will be treated as received by the fund at the same time
that the corresponding orders are received in proper form by the funds of
funds.
Each
fund may stop offering shares completely or may offer shares only on a limited
basis, for a period of time or permanently.
If
your payment is not received and collected, your purchase may be canceled and
you could be liable for any losses or fees a fund or Fidelity has
incurred.
Certain
financial institutions that have entered into sales agreements with FDC may
enter confirmed purchase orders on behalf of customers by phone, with payment to
follow no later than the time when shares are priced on the following business
day. If payment is not received by that time, the order will be canceled and the
financial institution could be held liable for resulting fees or losses.
Under
applicable anti-money laundering rules and other regulations, purchase orders
may be suspended, restricted, or canceled and the monies may be withheld.
Selling
Shares
The
price to sell one share is its NAV.
Shares
will be sold at the NAV next calculated after an order is received in proper
form.
Normally,
redemptions will be processed by the next business day, but it may take up to
seven days to pay the redemption proceeds if making immediate payment would
adversely affect a fund.
Each
fund has authorized certain intermediaries to accept orders to sell shares on
its behalf. When authorized intermediaries receive an order in proper form, the
order is considered as being placed with the fund, and shares will be sold at
the NAV next calculated after the order is received by the authorized
intermediary. If applicable, orders by funds of funds for which Fidelity serves
as investment manager will be treated as received by the fund at the same time
that the corresponding orders are received in proper form by the funds of
funds.
See
"Policies Concerning the Redemption of Fund Shares" below for additional
redemption information.
A
signature guarantee is designed to protect you and Fidelity from fraud. Fidelity
may require that your request be made in writing and include a signature
guarantee in certain circumstances, such as:
- When
you wish to sell more than $100,000 worth of shares.
- When
the address on your account (record address) has changed within the last 15
days or you are requesting that a check be mailed to an address different than
the record address.
- When
you are requesting that redemption proceeds be paid to someone other than the
account owner.
- In
certain situations when the redemption proceeds are being transferred to a
Fidelity®
brokerage or mutual fund account with a different registration.
You
should be able to obtain a signature guarantee from a bank, broker (including
Fidelity ®
Investor
Centers), dealer, credit union (if authorized under state law), securities
exchange or association, clearing agency, or savings association. A notary
public cannot provide a signature guarantee.
When
you place an order to sell shares, note the following:
- Redemption
proceeds (other than exchanges) may be delayed until money from prior
purchases sufficient to cover your redemption has been received and
collected.
- Redemptions
may be suspended or payment dates postponed when the NYSE is closed (other
than weekends or holidays), when trading on the NYSE is restricted, or as
permitted by the SEC.
- Redemption
proceeds may be paid in securities or other property rather than in cash if
the Adviser determines it is in the best interests of a fund.
- You
will not receive interest on amounts represented by uncashed redemption
checks.
- If
you hold your shares in a Fidelity®
brokerage or mutual fund account and your redemption check remains uncashed
for six months, the check may be invested in additional shares at the NAV next
calculated on the day of the investment.
- Under
applicable anti-money laundering rules and other regulations, redemption
requests may be suspended, restricted, canceled, or processed and the proceeds
may be withheld.
Policies
Concerning the Redemption of Fund Shares
If
your account is held directly with a fund ,
the
length of time that a fund typically expects to pay redemption proceeds depends
on the method you have elected to receive such proceeds. A fund typically
expects to make payment of redemption proceeds by wire, automated clearing house
(ACH) or by issuing a check by the next business day following receipt of a
redemption order in proper form. Proceeds from the periodic and automatic sale
of shares of a Fidelity ®
money
market fund that are used to buy shares of another Fidelity ®
fund
are settled simultaneously.
If
your account is held through an intermediary ,
the
length of time that a fund typically expects to pay redemption proceeds depends,
in part, on the terms of the agreement in place between the intermediary and a
fund. For redemption proceeds that are paid either directly to you from a fund
or to your intermediary for transmittal to you, a fund typically expects to make
payments by wire, by ACH or by issuing a check on the next business day
following receipt of a redemption order in proper form from the intermediary by
a fund. Redemption orders that are processed through investment professionals
that utilize the National Securities Clearing Corporation will generally settle
one to three business days following receipt of a redemption order in proper
form.
As
noted elsewhere, payment of redemption proceeds may take longer than the time a
fund typically expects and may take up to seven days from the date of receipt of
the redemption order as permitted by applicable law.
Redemption
Methods Available. Generally
a fund expects to pay redemption proceeds in cash. To do so, a fund typically
expects to satisfy redemption requests either by using available cash (or cash
equivalents) or by selling portfolio securities. On a less regular basis, a fund
may also satisfy redemption requests by utilizing one or more of the following
sources, if permitted: borrowing from another Fidelity ®
fund;
drawing on an available line or lines of credit from a bank or banks; or using
reverse repurchase agreements. These methods may be used during both normal and
stressed market conditions.
In
addition to paying redemption proceeds in cash, a fund reserves the right to pay
part or all of your redemption proceeds in readily marketable securities instead
of cash (redemption in-kind). Redemption in-kind proceeds will typically be made
by delivering the selected securities to the redeeming shareholder within seven
days after the receipt of the redemption order in proper form by a fund.
An
exchange involves the redemption of all or a portion of the shares of one fund
and the purchase of shares of another fund.
As
a shareholder, you have the privilege of exchanging shares for shares of other
Fidelity ®
funds.
However,
you should note the following policies and restrictions governing
exchanges:
- The
exchange limit may be modified for accounts held by certain institutional
retirement plans to conform to plan exchange limits and Department of Labor
regulations. See your retirement plan materials for further
information.
- Each
fund may refuse any exchange purchase for any reason. For example, each fund
may refuse exchange purchases by any person or group if, in the Adviser's
judgment, the fund would be unable to invest the money effectively in
accordance with its investment objective and policies, or would otherwise
potentially be adversely affected.
- Before
any exchange, read the prospectus for the shares you are purchasing, including
any purchase and sale requirements.
- The
shares you are acquiring by exchange must be available for sale in your
state.
- Exchanges
may have tax consequences for you.
- If
you are exchanging between accounts that are not registered in the same name,
address, and taxpayer identification number (TIN), there may be additional
requirements.
- Under
applicable anti-money laundering rules and other regulations, exchange
requests may be suspended, restricted, canceled, or processed and the proceeds
may be withheld.
The
funds may terminate or modify exchange privileges in the future.
Other
funds may have different exchange restrictions and minimums. Check each fund's
prospectus for details.
Features
The
following features may be available to buy and sell shares of a fund or to move
money to and from your account, if you are investing through a Fidelity
®
brokerage
account or a Fidelity ®
mutual
fund account. Please visit Fidelity's web site at www.fidelity.com or call
1-800-544-6666 for more information.
|
Electronic
Funds Transfer: electronic money movement through the Automated Clearing
House
- To
transfer money between a bank account and a Fidelity®
brokerage account or Fidelity®
mutual fund account.
- You
can use electronic funds transfer to:
- _Make
periodic (automatic) purchases of Fidelity®
fund shares or payments to your Fidelity®
brokerage account.
- _Make
periodic (automatic) redemptions of Fidelity®
fund shares or withdrawals from your Fidelity®
brokerage account.
|
|
Wire:
electronic money movement through the Federal Reserve wire system
- To
transfer money between a bank account and a Fidelity®
brokerage account or Fidelity®
mutual
fund account.
|
|
Automatic
Transactions: periodic (automatic) transactions
- To
directly deposit all or a portion of your compensation from your
employer (or the U.S. Government, in the case of Social Security) into a
Fidelity®
brokerage
account or Fidelity®
mutual
fund account.
- To
make contributions from a Fidelity®
mutual
fund account to a Fidelity®
mutual fund IRA.
- To
sell shares of a Fidelity®
money market fund and simultaneously to buy shares of another
Fidelity®
fund
in a Fidelity®
mutual
fund account.
|
Policies
The
following apply to you as a shareholder.
Statements
that
Fidelity sends to you, if applicable, include the following:
- Confirmation
statements (after transactions affecting your fund balance except, to the
extent applicable, reinvestment of distributions in the fund or another fund
and certain transactions through automatic investment or withdrawal
programs).
- Monthly
or quarterly account statements (detailing fund balances and all transactions
completed during the prior month or quarter).
Current
regulations allow Fidelity to send a single copy of shareholder documents for
Fidelity ®
funds,
such as prospectuses, annual and semi-annual reports, and proxy materials, to
certain mutual fund customers whom we believe are members of the same family who
share the same address. For certain types of accounts, we will not send multiple
copies of these documents to you and members of your family who share the same
address. Instead, we will send only a single copy of these documents. This will
continue for as long as you are a shareholder, unless you notify us otherwise.
If at any time you choose to receive individual copies of any documents, please
call 1-800-544-8544. We will begin sending individual copies to you within 30
days of receiving your call.
Electronic
copies of most financial reports and prospectuses are available at Fidelity's
web site. To participate in Fidelity's electronic delivery program, call
Fidelity or visit Fidelity's web site for more information.
You
may initiate many transactions
by telephone or electronically. Fidelity
will not be responsible for any loss, cost, expense, or other liability
resulting from unauthorized transactions if it follows reasonable security
procedures designed to verify the identity of the investor. Fidelity will
request personalized security codes or other information, and may also record
calls. For transactions conducted through the Internet, Fidelity recommends the
use of an Internet browser with 128-bit encryption. You should verify the
accuracy of your confirmation statements upon receipt and notify Fidelity
immediately of any discrepancies in your account activity. If you do not want
the ability to sell and exchange by telephone, call Fidelity for
instructions.
You
may be asked to provide additional information in order for Fidelity to verify
your identity in accordance with requirements under anti-money laundering
regulations. Accounts may be restricted and/or closed, and the monies withheld,
pending verification of this information or as otherwise required under these
and other federal regulations. In addition, each fund reserves the right to
involuntarily redeem an account in the case of: (i) actual or suspected
threatening conduct or actual or suspected fraudulent, illegal or suspicious
activity by the account owner or any other individual associated with the
account; or (ii) the failure of the account owner to provide information to the
funds related to opening the accounts. Your shares will be sold at the NAV,
minus any applicable shareholder fees, calculated on the day Fidelity closes
your fund position.
Fidelity
may charge a fee
for certain services, such
as providing historical account documents.
Dividends
and Capital Gain Distributions
Each
fund earns interest, dividends, and other income from its investments, and
distributes this income (less expenses) to shareholders as dividends. Each fund
also realizes capital gains from its investments, and distributes these gains
(less any losses) to shareholders as capital gain distributions.
Each
fund normally declares dividends and pays capital gain distributions per the
tables below:
|
Fund
Name |
Dividends
Paid |
|
Fidelity®
Emerging Markets Discovery Fund |
December
|
|
Fidelity®
Total Emerging Markets Fund |
December
|
|
Fund
Name |
Capital
Gains Paid |
|
Fidelity®
Emerging Markets Discovery Fund |
December
|
|
Fidelity®
Total Emerging Markets Fund |
December
|
Distribution
Options
When
you open an account, specify how you want to receive your distributions. The
following distribution options are available:
Any
dividends and capital gain distributions will be automatically reinvested in
additional shares. If you do not indicate a choice, you will be assigned this
option.
Any
capital gain distributions will be automatically reinvested in additional
shares. Any dividends will be paid in cash.
Any
dividends and capital gain distributions will be paid in cash.
- 4.
Directed
Dividends®
Option.
Any
dividends will be automatically invested in shares of another identically
registered Fidelity ®
fund.
Any capital gain distributions will be automatically invested in shares of
another identically registered Fidelity ®
fund,
automatically reinvested in additional shares of the fund, or paid in
cash.
Not
all distribution options may be available for every account and certain
restrictions may apply. If the distribution option you prefer is not listed on
your account application, or if you want to change your current distribution
option, visit Fidelity's web site at www.fidelity.com or call 1-800-544-6666 for
more information.
If
you elect to receive distributions paid in cash by check and the U.S. Postal
Service does not deliver your checks, your distribution option may be converted
to the Reinvestment Option. You will not receive interest on amounts represented
by uncashed distribution checks.
If
your dividend check(s) remains uncashed for six months, your check(s) may be
invested in additional shares at the NAV next calculated on the day of the
investment.
As
with any investment, your investment in a fund could have tax consequences for
you (for non-retirement accounts).
Taxes
on Distributions
Distributions
you receive from each fund are subject to federal income tax, and may also be
subject to state or local taxes.
For
federal tax purposes, certain distributions, including dividends and
distributions of short-term capital gains, are taxable to you as ordinary
income, while certain distributions, including distributions of long-term
capital gains, are taxable to you generally as capital gains. A percentage of
certain distributions of dividends may qualify for taxation at long-term capital
gains rates (provided certain holding period requirements are met).
If
you buy shares when a fund has realized but not yet distributed income or
capital gains, you will be "buying a dividend" by paying the full price for the
shares and then receiving a portion of the price back in the form of a taxable
distribution.
Any
taxable distributions you receive from a fund will normally be taxable to you
when you receive them, regardless of your distribution option.
Taxes
on Transactions
Your
redemptions, including exchanges, may result in a capital gain or loss for
federal tax purposes. A capital gain or loss on your investment in a fund
generally is the difference between the cost of your shares and the price you
receive when you sell them.
Fund
Services
Each
fund is a mutual fund, an investment that pools shareholders' money and invests
it toward a specified goal.
Adviser
FMR.
The
Adviser is each fund's manager. The address of the Adviser is 245 Summer Street,
Boston, Massachusetts 02210.
As
of December 31, 2021, the Adviser had approximately $3.6 trillion in
discretionary assets under management, and approximately $4.5 trillion when
combined with all of its affiliates' assets under management.
As
the manager, the Adviser has overall responsibility for directing each fund's
investments and handling its business affairs.
Sub-Adviser(s)
FMR
Investment Management (UK) Limited (FMR UK) ,
at 1 St. Martin's Le Grand, London, EC1A 4AS, United Kingdom, serves as a
sub-adviser for each fund. As of December 31, 2021, FMR UK had approximately
$30.9 billion in discretionary assets under management. FMR UK is an affiliate
of the Adviser.
Currently,
FMR UK has day-to-day responsibility for choosing certain types of investments
for Fidelity ®
Total
Emerging Markets Fund.
FMR
UK may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for
Fidelity ®
Emerging
Markets Discovery Fund.
Fidelity
Management & Research (Hong Kong) Limited (FMR H.K.) ,
at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for
each fund. As of December 31, 2021, FMR H.K. had approximately $19.0 billion in
discretionary assets under management. FMR H.K. is an affiliate of the
Adviser.
Currently,
FMR H.K. has day-to-day responsibility for choosing certain types of investments
for Fidelity ®
Total
Emerging Markets Fund.
FMR
H.K. may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for
Fidelity ®
Emerging
Markets Discovery Fund.
Fidelity
Management & Research (Japan) Limited (FMR Japan) ,
at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan,
serves as a sub-adviser for each fund. As of March 31, 2022, FMR Japan had
approximately $6.9 billion in discretionary assets under management. FMR Japan
is an affiliate of the Adviser.
Currently,
FMR Japan has day-to-day responsibility for choosing certain types of
investments for Fidelity® Total Emerging Markets Fund.
FMR
Japan may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for
Fidelity ®
Emerging
Markets Discovery Fund.
|
FIL
Investment Advisors (FIA) ,
at Pembroke Hall, 42 Crow Lane, Pembroke HM19, Bermuda, serves as a
sub-adviser for each fund. As of December 31, 2021, FIA had approximately
$9.9 billion in discretionary assets under management.
|
|
FIA
may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for
Fidelity® Emerging Markets Discovery Fund and Fidelity® Total Emerging
Markets Fund. |
|
FIL
Investment Advisors (UK) Limited (FIA(UK)) ,
at Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20
6RP, United Kingdom, serves as a sub-adviser for each fund. As of December
31, 2021, FIA(UK) had approximately $7.9 billion in discretionary assets
under management. |
|
FIA(UK)
may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for
Fidelity® Emerging Markets Discovery Fund and Fidelity® Total Emerging
Markets Fund. |
|
FIL
Investments (Japan) Limited (FIJ) ,
at Tri-Seven Roppongi, 7-7-7 Roppongi, Minato-ku, Tokyo, Japan 106-0032,
serves as a sub-adviser for each fund. As of March 31, 2022, FIJ had
approximately $0 in discretionary assets under management in the United
States. |
|
FIJ
may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for
Fidelity® Emerging Markets Discovery Fund and Fidelity® Total Emerging
Markets Fund. |
Portfolio
Manager(s)
Gregory
Lee is Portfolio Manager of Fidelity ®
Emerging
Markets Discovery Fund, which he has managed since 2014, and Co-Portfolio
Manager of Fidelity ®
Total
Emerging Markets Fund, which he has managed since 2012. He also manages other
funds. Since joining Fidelity Investments in 2007, Mr. Lee has worked as a
research analyst and portfolio manager.
Priyanshu
Bakshi is Co-Portfolio Manager of Fidelity ®
Total
Emerging Markets Fund, which he has managed since 2021. He also manages other
funds. Since joining Fidelity Investments in 2015, Mr. Bakshi has worked as a
research analyst, sector leader, and portfolio manager.
Di
Chen is Co-Portfolio Manager of Fidelity ®
Total
Emerging Markets Fund, which she has managed since 2020. She also manages
other funds. Since joining Fidelity Investments in 2009, Ms. Chen has
worked as a research analyst and portfolio manager.
Lewis
Chung is Co-Portfolio Manager of Fidelity ®
Total
Emerging Markets Fund, which he has managed since 2022. He also manages other
funds. Since joining Fidelity Investments in 2010, Mr. Chung has worked as a
research analyst and portfolio manager.
Guillermo
de Las Casas is Co-Portfolio Manager of Fidelity ®
Total
Emerging Markets Fund, which he has managed since 2020. He also manages other
funds. Since joining Fidelity Investments in 2007, Mr. de Las Casas has worked
as a research analyst and portfolio manager.
It
is expected that Mr. de Las Casas will transition off of Fidelity ®
Total
Emerging Markets Fund effective on or about June 30, 2023.
Timothy
Gill is Co-Portfolio Manager of Fidelity ®
Total
Emerging Markets Fund, which he has managed since 2017. He also manages other
funds. Since joining Fidelity Investments in 2000, Mr. Gill has worked as an
assistant portfolio manager and portfolio manager.
Nader
Nazmi is Co-Portfolio Manager of Fidelity ®
Total
Emerging Markets Fund, which he has managed since 2020. He also manages
other funds. Since joining Fidelity Investments in 2020, Mr. Nazmi has
worked as a research analyst and portfolio manager. Prior to joining the
firm, Mr. Nazmi served as a sovereign analyst and macro strategist on the
emerging markets debt team at Wellington Management from 2016 to 2020.
Takamitsu
Nishikawa is Co-Portfolio Manager of Fidelity ®
Total
Emerging Markets Fund, which he has managed since 2021. He also manages other
funds. Since joining Fidelity Investments in 2014, Mr. Nishikawa has worked as a
research analyst and portfolio manager.
Sam
Polyak is Co-Portfolio Manager of Fidelity ®
Total
Emerging Markets Fund, which he has managed since 2011. He also manages other
funds. Since joining Fidelity Investments in 2010, Mr. Polyak has worked as a
portfolio manager.
Will
Pruett is Co-Portfolio Manager of Fidelity ®
Total
Emerging Markets Fund, which he has managed since 2020. He also manages other
funds. Since joining Fidelity Investments in 2008, Mr. Pruett has worked as a
research analyst and portfolio manager.
Xiaoting
Zhao is Co-Portfolio Manager of Fidelity ®
Total
Emerging Markets Fund, which he has managed since 2015. He also manages other
funds. Since joining Fidelity Investments in 2009, Mr. Zhao has worked as a
research analyst and portfolio manager.
The
Statement of Additional Information (SAI) provides additional information about
the compensation of, any other accounts managed by, and any fund shares held by
the portfolio manager(s).
From
time to time a manager, analyst, or other Fidelity employee may express views
regarding a particular company, security, industry, or market sector. The views
expressed by any such person are the views of only that individual as of the
time expressed and do not necessarily represent the views of Fidelity or any
other person in the Fidelity organization. Any such views are subject to change
at any time based upon market or other conditions and Fidelity disclaims any
responsibility to update such views. These views may not be relied on as
investment advice and, because investment decisions for a fund are based on
numerous factors, may not be relied on as an indication of trading intent on
behalf of any fund.
Advisory
Fee(s)
Each
fund pays a management fee to the Adviser.
The
management fee is calculated and paid to the Adviser every month.
The
fee is calculated by adding a group fee rate to an individual fund fee rate,
dividing by twelve, and multiplying the result by the fund's average net assets
throughout the month.
The
group fee rate is based on the average net assets of a group of mutual funds
advised by FMR. This rate cannot rise above 0.52%, and it drops as total assets
under management increase.
The
group fee rate(s) for October 2022 and the annual individual fund fee rate(s)
are reflected in the table below:
|
Fund
|
|
Group
Fee Rate |
|
Individual
Fund Fee Rate |
|
Fidelity®
Emerging Markets Discovery Fund |
|
0.23%
|
|
0.60%
|
|
Fidelity®
Total Emerging Markets Fund |
|
0.23%
|
|
0.55%
|
The
total management fee, as a percentage of a fund's average net assets, for the
fiscal year ended October 31, 2022, for each fund is shown in the following
table. Because each fund's management fee rate may fluctuate, a fund's
management fee may be higher or lower in the future.
|
Fund
|
Total
Management Fee Rate |
|
Fidelity®
Emerging Markets Discovery Fund |
0.82%
|
|
Fidelity®
Total Emerging Markets Fund |
0.78%
|
The
Adviser pays FMR Investment Management (UK) Limited, Fidelity Management &
Research (Hong Kong) Limited, and Fidelity Management & Research (Japan)
Limited for providing sub-advisory services.
The
Adviser pays FIA for providing sub-advisory services, and FIA in turn pays
FIA(UK).
FIA
in turn pays FIJ for providing sub-advisory services.
The
basis for the Board of Trustees approving the management contract and
sub-advisory agreements for each fund is available in each fund's annual report
for the fiscal period ended October 31, 2022.
From
time to time, the Adviser or its affiliates may agree to reimburse or waive
certain fund expenses while retaining the ability to be repaid if expenses fall
below the specified limit prior to the end of the fiscal year.
Reimbursement
or waiver arrangements can decrease expenses and boost performance.
FMR
has contractually agreed to reimburse the class of shares of Fidelity
®
Emerging
Markets Discovery Fund and Fidelity ®
Total
Emerging Markets Fund to the extent that total operating expenses (excluding
interest, certain taxes, fees and expenses of the Independent Trustees, proxy
and shareholder meeting expenses, extraordinary expenses, and acquired fund fees
and expenses (including fees and expenses associated with a wholly owned
subsidiary), if any, as well as non-operating expenses such as brokerage
commissions and fees and expenses associated with the fund's securities lending
program, if applicable), as a percentage of their respective average net assets,
exceed 1.30% and 1.25% (the Expense Caps). If at any time during the current
fiscal year expenses for the class of shares of Fidelity ®
Emerging
Markets Discovery Fund and Fidelity ®
Total
Emerging Markets Fund fall below the Expense Caps, FMR reserves the right to
recoup through the end of the fiscal year any expenses that were reimbursed
during the current fiscal year up to, but not in excess of, the Expense Caps.
These arrangements will remain in effect through February 29, 2024. FMR may not
terminate these arrangements before the expiration date without the approval of
the Board of Trustees and may extend them in its discretion after that
date.
Each
fund is composed of multiple classes of shares. All classes of a fund have a
common investment objective and investment portfolio.
FDC
distributes each fund's shares.
Intermediaries
may receive from the Adviser, FDC, and/or their affiliates compensation for
providing recordkeeping and administrative services, as well as other retirement
plan expenses, and compensation for services intended to result in the sale of
fund shares.
These
payments are described in more detail in this section and in the SAI.
Distribution
and Service Plan(s)
Each
fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under
the Investment Company Act of 1940 (1940 Act) with respect to its shares that
recognizes that the Adviser may use its management fee revenues, as well as its
past profits or its resources from any other source, to pay FDC for expenses
incurred in connection with providing services intended to result in the sale of
shares of each fund and/or shareholder support services. The Adviser, directly
or through FDC, may pay significant amounts to intermediaries that provide those
services. Currently, the Board of Trustees of each fund has authorized such
payments for shares of each fund.
If
payments made by the Adviser to FDC or to intermediaries under a Distribution
and Service Plan were considered to be paid out of a class's assets on an
ongoing basis, they might increase the cost of your investment and might cost
you more than paying other types of sales charges.
From
time to time, FDC may offer special promotional programs to investors who
purchase shares of Fidelity® funds. For example, FDC may offer merchandise,
discounts, vouchers, or similar items to investors who purchase shares of
certain Fidelity® funds during certain periods. To determine if you qualify for
any such programs, contact Fidelity or visit our web site at
www.fidelity.com.
No
dealer, sales representative, or any other person has been authorized to give
any information or to make any representations, other than those contained in
this prospectus and in the related SAI, in connection with the offer contained
in this prospectus. If given or made, such other information or representations
must not be relied upon as having been authorized by the funds or FDC. This
prospectus and the related SAI do not constitute an offer by the funds or by FDC
to sell shares of the funds to, or to buy shares of the funds from, any person
to whom it is unlawful to make such offer.
Appendix
Financial
Highlights are intended to help you understand the financial history of fund
shares for the past 5 years (or, if shorter, the period of operations). Certain
information reflects financial results for a single share. The total returns in
the table represent the rate that an investor would have earned (or lost) on an
investment in shares (assuming reinvestment of all dividends and distributions).
The annual information has been audited by PricewaterhouseCoopers LLP,
independent registered public accounting firm, whose report(s), along with
fund financial statements, is included in the annual report. Annual reports are
available for free upon request.
|
Fidelity®
Emerging Markets Discovery Fund |
|
Years
ended October 31, |
|
2022
|
|
2021
|
|
2020
|
|
2019
|
|
2018
|
|
Selected
Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$
|
18.48
|
$
|
14.02
|
$
|
13.75
|
$
|
12.10
|
$
|
15.12
|
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A,B
|
|
.36
|
|
.16
|
|
.08
|
|
.16
|
|
.23
|
|
Net
realized and unrealized gain (loss) |
|
(3.95)
|
|
4.40
|
|
.34
C
|
|
1.72
|
|
(2.91)
|
|
Total
from investment operations |
|
(3.59)
|
|
4.56
|
|
.42
|
|
1.88
|
|
(2.68)
|
|
Distributions
from net investment income |
|
(.42)
|
|
(.10)
|
|
(.15)
|
|
(.22)
|
|
(.11)
|
|
Distributions
from net realized gain |
|
(1.49)
|
|
-
|
|
-
|
|
(.01)
|
|
(.23)
|
|
Total
distributions |
|
(1.91)
|
|
(.10)
|
|
(.15)
|
|
(.23)
|
|
(.34)
|
|
Redemption
fees added to paid in capital A
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
D
|
|
Net
asset value, end of period |
$
|
12.98
|
$
|
18.48
|
$
|
14.02
|
$
|
13.75
|
$
|
12.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return
E
|
|
(21.37)%
|
|
32.63%
|
|
3.07%
|
|
15.78%
|
|
(18.11)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets F,G,B
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
1.19%
|
|
1.19%
|
|
1.23%
|
|
1.25%
|
|
1.22%
|
|
Expenses
net of fee waivers, if any |
|
1.19%
|
|
1.18%
|
|
1.23%
|
|
1.25%
|
|
1.22%
|
|
Expenses
net of all reductions |
|
1.19%
|
|
1.18%
|
|
1.20%
|
|
1.25%
|
|
1.18%
|
|
Net
investment income (loss) |
|
2.41%
|
|
.90%
|
|
.63%
|
|
1.25%
|
|
1.51%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$
|
248,805
|
$
|
283,133
|
$
|
189,784
|
$
|
208,657
|
$
|
188,690
|
|
Portfolio
turnover rate H
|
|
33%
|
|
64%
|
|
43%
|
|
80%
|
|
98%
|
A
Calculated
based on average shares outstanding during the period.
B
Net
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
C
The
amount shown for a share outstanding does not correspond with the aggregate net
gain (loss) on investments for the period due to the timing of sales and
repurchases of shares in relation to fluctuating market values of the
investments of the Fund.
D
Amount
represents less than $.005 per share.
E
Total
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
F
Fees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual report.
G
Expense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
H
Amount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
|
Fidelity®
Total Emerging Markets Fund |
|
Years
ended October 31, |
|
2022
|
|
2021
|
|
2020
|
|
2019
|
|
2018
|
|
Selected
Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$
|
15.31
|
$
|
13.59
|
$
|
12.84
|
$
|
11.56
|
$
|
13.58
|
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A,B
|
|
.32
|
|
.24
|
|
.22
|
|
.40
C
|
|
.29
|
|
Net
realized and unrealized gain (loss) |
|
(5.21)
|
|
1.67
|
|
.90
|
|
1.16
|
|
(1.95)
|
|
Total
from investment operations |
|
(4.89)
|
|
1.91
|
|
1.12
|
|
1.56
|
|
(1.66)
|
|
Distributions
from net investment income |
|
(.30)
|
|
(.19)
|
|
(.37)
|
|
(.28)
|
|
(.17)
|
|
Distributions
from net realized gain |
|
-
|
|
-
|
|
-
|
|
-
|
|
(.19)
|
|
Total
distributions |
|
(.30)
|
|
(.19)
|
|
(.37)
|
|
(.28)
|
|
(.36)
|
|
Redemption
fees added to paid in capital A
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
D
|
|
Net
asset value, end of period |
$
|
10.12
|
$
|
15.31
|
$
|
13.59
|
$
|
12.84
|
$
|
11.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return
E
|
|
(32.52)%
|
|
14.06%
|
|
8.79%
|
|
13.80%
|
|
(12.56)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets F,G,B
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
1.12%
|
|
1.11%
|
|
1.16%
|
|
1.14%
|
|
1.13%
|
|
Expenses
net of fee waivers, if any |
|
1.11%
|
|
1.11%
|
|
1.15%
|
|
1.14%
|
|
1.13%
|
|
Expenses
net of all reductions |
|
1.11%
|
|
1.11%
|
|
1.14%
|
|
1.14%
|
|
1.11%
|
|
Net
investment income (loss) |
|
2.48%
|
|
1.51%
|
|
1.73%
|
|
3.27%
C
|
|
2.19%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$
|
91,615
|
$
|
259,331
|
$
|
205,009
|
$
|
199,708
|
$
|
190,025
|
|
Portfolio
turnover rate H
|
|
67%
|
|
58%
|
|
58%
|
|
75%
|
|
94%
|
A
Calculated
based on average shares outstanding during the period.
B
Net
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
C
Net
investment income per share reflects one or more large, non-recurring
dividend(s) which amounted to $.08 per share. Excluding such non-recurring
dividend(s), the ratio of net investment income (loss) to average net assets
would have been 2.62%.
D
Amount
represents less than $.005 per share.
E
Total
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
F
Fees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual report.
G
Expense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
H
Amount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
Additional
Index Information
Fidelity
Total Emerging Markets Composite Index SM
is
a customized blend of unmanaged indexes, weighted as follows: MSCI Emerging
Markets Index (Net MA) - 60%; and J.P. Morgan Emerging Markets Bond Index Global
Diversified Index - 40%. The composition differed in periods prior to September
1, 2022.
MSCI
Emerging Markets Index is
a market capitalization-weighted index that is designed to measure the
investable equity market performance for global investors in emerging markets.
Index returns are adjusted for tax withholding rates applicable to U.S. based
mutual funds organized as Massachusetts business trusts.
MSCI
Emerging Markets SMID Cap Index is
a market capitalization-weighted index that is designed to measure the
investable equity market performance of small and mid cap stocks for global
investors in emerging markets. Index returns are adjusted for tax withholding
rates applicable to U.S. based mutual funds organized as Massachusetts business
trusts.
|
IMPORTANT
INFORMATION ABOUT OPENING A NEW ACCOUNT
To
help the government fight the funding of terrorism and money laundering
activities, the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA
PATRIOT ACT), requires all financial institutions to obtain, verify, and
record information that identifies each person or entity that opens an
account.
For
individual investors opening an account: When
you open an account, you will be asked for your name, address, date of
birth, and other information that will allow Fidelity to identify you. You
may also be asked to provide documents that may help to establish your
identity, such as your driver's license.
For
investors other than individuals:
When
you open an account, you will be asked for the name of the entity, its
principal place of business and taxpayer identification number (TIN). You
will be asked to provide information about the entity's control person and
beneficial owners, and person(s) with authority over the account,
including name, address, date of birth and social security number. You may
also be asked to provide documents, such as drivers' licenses, articles of
incorporation, trust instruments or partnership agreements and other
information that will help Fidelity identify the entity.
|
You
can obtain additional information about the funds. A description of each fund's
policies and procedures for disclosing its holdings is available in its
Statement of Additional Information (SAI) and on Fidelity's web sites. The SAI
also includes more detailed information about each fund and its investments. The
SAI
is
incorporated herein by reference (legally forms a part of the prospectus). Each
fund's annual and semi-annual reports also include additional information. Each
fund's annual report includes a discussion of the fund's holdings and recent
market conditions and the fund's investment strategies that affected
performance.
For
a free copy of any of these documents or to request other information or ask
questions about a fund, call Fidelity at 1-800-544-8544. In addition, you may
visit Fidelity's web site at www.fidelity.com for a free copy of a prospectus,
SAI, or annual or semi-annual report or to request other information.
|
The
SAI, the funds' annual and semi-annual reports and other related materials
are available from the Electronic Data Gathering, Analysis, and Retrieval
(EDGAR) Database on the SEC's web site (http://www.sec.gov). You can
obtain copies of this information, after paying a duplicating fee, by
sending a request by e-mail to publicinfo@sec.gov or by writing the Public
Reference Section of the SEC, Washington, D.C. 20549-1520. You can also
review and copy information about the funds, including the funds' SAI, at
the SEC's Public Reference Room in Washington, D.C. Call 1-202-551-8090
for information on the operation of the SEC's Public Reference
Room. |
|
Investment
Company Act of 1940, File Number(s), 811-04008
|
Fidelity
Distributors Company LLC (FDC) is a member of the Securities Investor Protection
Corporation (SIPC). You may obtain information about SIPC, including the SIPC
brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.
Fidelity,
the Fidelity Investments Logo and all other Fidelity trademarks or service marks
used herein are trademarks or service marks of FMR LLC. Any third-party marks
that are used herein are trademarks or service marks of their respective owners.
© 2022 FMR LLC. All rights reserved.
|
1.931235.112
|
EMD-TEK-PRO-1222
|
