Supplement to the
Fidelity® Canada Fund, Fidelity® China Region Fund, Fidelity® Emerging Europe, Middle East, Africa (EMEA) Fund, Fidelity® Emerging Markets Discovery Fund, Fidelity® Europe Fund, Fidelity® International Discovery Fund, Fidelity® International Growth Fund, Fidelity® International Small Cap Fund, Fidelity® International Small Cap Opportunities Fund, Fidelity® International Value Fund, Fidelity® Japan Fund, Fidelity® Latin America Fund, Fidelity® Total Emerging Markets Fund, Fidelity® Total International Equity Fund and Fidelity® Worldwide Fund
Class A, Class M, Class C, Class I and Class Z
December 30, 2017
STATEMENT OF ADDITIONAL INFORMATION
Jane Wu and Xiaoting Zhao serve as co-managers of Fidelity® Emerging Markets Discovery Fund. Tim Gannon no longer serves as co-manager of Fidelity® Emerging Markets Discovery Fund.
Ryan Oldham serves as portfolio manager of Fidelity® Canada Fund. Risteard Hogan no longer serves as portfolio manager of Fidelity® Canada Fund.
Andrew Sergeant serves as co-manager of Fidelity® Europe Fund.
Effective June 8, 2018, Stephen Lieu and Ivan Xie have been named co-lead portfolio managers for Fidelity® China Region Fund with Bobby Bao serving as co-manager of the fund. It is expected that Mr. Bao will leave the firm effective as of the close of business on June 30, 2018. At that time, Mr. Lieu and Mr. Xie will remain as co-managers of Fidelity® China Region Fund.
The following information replaces similar information in the Management Contracts section.
Currently, FMR UK has day-to-day responsibility for choosing investments for Fidelity® Emerging Europe, Middle East, Africa (EMEA) Fund, Fidelity® Europe Fund, and Fidelity® International Discovery Fund, and certain types of investments for Fidelity® Worldwide Fund. Currently, FMR H.K. has day-to-day responsibility for choosing investments for Fidelity® China Region Fund, and certain types of investments for Fidelity® Emerging Markets Discovery and Fidelity® Total Emerging Markets Fund. Currently, FMR Japan has day-to-day responsibility for choosing investments for Fidelity® International Small Cap Fund and Fidelity® Japan Fund.
The following information supplements information for Fidelity® Emerging Markets Discovery Fund in the Management Contracts section.
Jane Wu and Xiaoting Zhao are research analysts and co-managers of Fidelity® Emerging Markets Discovery Fund and each receives compensation for his or her services as a research analyst and as a portfolio manager under a single compensation plan. As of July 31, 2018 for Ms. Wu (May 31, 2018 for Mr. Zhao), compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, in certain cases, participation in several types of equity-based compensation plans, and, if applicable, relocation plan benefits. A portion of each portfolio managers compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.
Each portfolio managers base salary is determined primarily by level of experience and skills, and performance as a research analyst and fund manager at FMR or its affiliates. A portion of each portfolio managers bonus relates to his performance as a research analyst and is based on the Director of Researchs assessment of the research analysts performance and may include factors such as portfolio manager survey-based assessments, which relate to analytical work and investment results within the relevant market(s) and impact on other emerging market funds and accounts as a research analyst, and the research analysts contributions to the research groups and to FMR. Another component of the bonus is based upon (i) the pre-tax investment performance of each portfolio managers fund(s) and account(s) measured against a benchmark index (which may be a customized industry benchmark index developed by FMR) assigned to each fund or account and within a defined peer group assigned to each fund or account, if applicable, (ii) the pre-tax investment performance of his recommendations measured against a benchmark index corresponding to his assignment universe and against a broadly diversified emerging markets index, and (iii) the investment performance of other FMR funds and accounts. The pre-tax investment performance of each portfolio managers fund(s) and account(s) is weighted according to his tenure on those fund(s) and account(s). The component of the bonus relating to the Director of Researchs assessment is calculated over a one-year period, and each other component of the bonus is calculated over a measurement period that initially is contemporaneous with each portfolio managers tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index and rolling periods of up to three years for the comparison to a peer group, if applicable. The portion of each portfolio managers bonus that is linked to the investment performance of Fidelity® Emerging Markets Discovery Fund is based on the funds pre-tax investment performance measured against the MSCI Emerging Markets SMID Cap Index, and the funds pre-tax investment performance (based on the performance of the funds retail class) within the Morningstar® Diversified Emerging Markets Category. Another component of Ms. Wus bonus is based on the pre-tax investment performance of the portion of Fidelity® Emerging Markets Discovery Funds assets she manages measured against the MSCI Emerging Market Small Mid Cap Health Care Index. Another component of Mr. Zhaos bonus is based on the pre-tax investment performance of the portion of Fidelity® Emerging Markets Discovery Funds assets he manages measured against the MSCI Emerging Market Small Mid Cap Information Technology Index. Each portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMRs parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services. If requested to relocate their primary residence, portfolio managers also may be eligible to receive benefits, such as home sale assistance and payment of certain moving expenses, under relocation plans for most full-time employees of FMR LLC and its affiliates.
A portfolio managers compensation plan may give rise to potential conflicts of interest. Although investors in the fund may invest through either tax-deferred accounts or taxable accounts, a portfolio managers compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. His or her base pay and bonus opportunity tend to increase with his or her level of experience and skills relative to research and fund assignments. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as a portfolio manager must allocate his or her time and investment ideas across multiple funds and accounts. In addition, the funds trade allocation policies and procedures may give rise to conflicts of interest if the funds orders do not get fully executed due to being aggregated with those of other accounts managed by FMR. A portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by the fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a funds Code of Ethics. Furthermore, the potential exists that a portfolio managers responsibilities as a portfolio manager of the fund may not be entirely consistent with his responsibilities as a research analyst providing recommendations to other Fidelity portfolio managers.
The following table provides information relating to other accounts managed by Ms. Wu as of July 31, 2018:
Registered Investment Companies* | Other Pooled Investment Vehicles | Other Accounts |
|
Number of Accounts Managed | 4 | 1 | none |
Number of Accounts Managed with Performance-Based Advisory Fees | none | none | none |
Assets Managed (in millions) | $479 | $16 | none |
Assets Managed with Performance-Based Advisory Fees (in millions) | none | none | none |
* Includes assets of Fidelity® Emerging Markets Discovery Fund managed by Ms. Wu ($33 (in millions) assets managed).
As of July 31, 2018, the dollar range of shares of Fidelity® Emerging Markets Discovery Fund beneficially owned by Ms. Wu was none.
The following table provides information relating to other accounts managed by Mr. Zhao as of May 31, 2018:
Registered Investment Companies* | Other Pooled Investment Vehicles | Other Accounts |
|
Number of Accounts Managed | 4 | 1 | none |
Number of Accounts Managed with Performance-Based Advisory Fees | none | none | none |
Assets Managed (in millions) | $4,473 | $172 | none |
Assets Managed with Performance-Based Advisory Fees (in millions) | none | none | none |
* Includes assets of Fidelity® Emerging Markets Discovery Fund managed by Mr. Zhao ($70 (in millions) assets managed).
As of May 31, 2018, the dollar range of shares of Fidelity® Emerging Markets Discovery Fund beneficially owned by Mr. Zhao was none.
The following information supplements information for Fidelity® China Region Fund found in the Management Contracts section.
Stephen Lieu and Ivan Xie are research analysts and are co-managers of Fidelity® China Region Fund and each receives compensation for his services as a research analyst and as a portfolio manager under a single compensation plan. As of April 30, 2018, portfolio manager compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, in certain cases, participation in several types of equity-based compensation plans, and, if applicable, relocation plan benefits. A portion of each portfolio manager's compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.
Each portfolio managers base salary is determined primarily by level of experience and skills, and performance as a research analyst and fund manager at FMR or its affiliates. A portion of each portfolio manager's bonus relates to his performance as a research analyst and is based on the Director of Research's assessment of the research analyst's performance and may include factors such as portfolio manager survey-based assessments, which relate to analytical work and investment results within the relevant sector(s) and impact on other equity funds and accounts as a research analyst, and the research analyst's contributions to the research groups and to FMR. Another component of the bonus is based upon (i) the pre-tax investment performance of the portfolio manager's fund(s) and account(s) measured against a benchmark index (which may be a customized industry benchmark index developed by FMR) and within a defined peer group assigned to each fund or account, (ii) the pre-tax investment performance of the research analyst's recommendations measured against a benchmark index corresponding to the research analyst's assignment universe and against a broadly diversified equity index, and (iii) the investment performance of other FMR equity funds and accounts. The pre-tax investment performance of each portfolio manager's fund(s) and account(s) is weighted according to the portfolio manager's tenure on those fund(s) and account(s). The component of the bonus relating to the Director of Research's assessment is calculated over a one-year period, and each other component of the bonus is calculated over a measurement period that initially is contemporaneous with the portfolio manager's tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index and rolling periods of up to three years for the comparison to a peer group, if applicable. The portion of each portfolio manager's bonus that is linked to the investment performance of Fidelity® China Region Fund is based on the funds pre-tax investment performance measured against the MSCI Golden Dragon Index. Each portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMR's parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services. If requested to relocate their primary residence, portfolio managers also may be eligible to receive benefits, such as home sale assistance and payment of certain moving expenses, under relocation plans for most full-time employees of FMR LLC and its affiliates.
A portfolio managers compensation plan may give rise to potential conflicts of interest. Although investors in a fund may invest through either tax-deferred accounts or taxable accounts, a portfolio managers compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. A portfolio managers base pay and bonus opportunity tend to increase with the portfolio managers level of experience and skills relative to research and fund assignments. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as a portfolio manager must allocate his time and investment ideas across multiple funds and accounts. In addition, the funds trade allocation policies and procedures may give rise to conflicts of interest if the funds orders do not get fully executed due to being aggregated with those of other accounts managed by FMR. A portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by the fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a funds Code of Ethics. Furthermore, the potential exists that the portfolio managers responsibilities as a portfolio manager of a fund may not be entirely consistent with his responsibilities as a research analyst providing recommendations to other Fidelity portfolio managers.
The following table provides information relating to other accounts managed by Mr. Lieu as of April 30, 2018:
Registered Investment Companies* | Other Pooled Investment Vehicles | Other Accounts |
|
Number of Accounts Managed | 1 | none | none |
Number of Accounts Managed with Performance-Based Advisory Fees | none | none | none |
Assets Managed (in millions) | $1,491 | none | none |
Assets Managed with Performance-Based Advisory Fees (in millions) | none | none | none |
* Includes Fidelity® China Region Fund ($1,491 (in millions) assets managed).
As of April 30, 2018, the dollar range of shares of Fidelity® China Region Fund beneficially owned by Mr. Lieu was none.
The following table provides information relating to other accounts managed by Mr. Xie as of April 30, 2018:
Registered Investment Companies* | Other Pooled Investment Vehicles | Other Accounts |
|
Number of Accounts Managed | 1 | none | none |
Number of Accounts Managed with Performance-Based Advisory Fees | none | none | none |
Assets Managed (in millions) | $1,491 | none | none |
Assets Managed with Performance-Based Advisory Fees (in millions) | none | none | none |
* Includes Fidelity® China Region Fund ($1,491 (in millions) assets managed).
As of April 30, 2018, the dollar range of shares of Fidelity® China Region Fund beneficially owned by Mr. Xie was none.
The following information supplements information for Fidelity® Canada Fund and Fidelity® Europe Fund found in the Management Contracts section.
Andrew Sergeant is co-manager of Fidelity® Europe Fund and receives compensation for his services. As of June 30, 2018, portfolio manager compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, in certain cases, participation in several types of equity-based compensation plans, and, if applicable, relocation plan benefits. A portion of the portfolio managers compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.
The portfolio managers base salary is determined by level of responsibility and tenure at FMR or its affiliates. The primary components of the portfolio managers bonus are based on the pre-tax investment performance of the portfolio managers fund(s) and account(s) measured against a benchmark index and within a defined peer group assigned to each fund or account, if applicable. The pre-tax investment performance of the portfolio managers fund(s) and account(s) is weighted according to the portfolio managers tenure on those fund(s) and account(s) and the average asset size of those fund(s) and account(s) over the portfolio managers tenure. Each component is calculated separately over the portfolio managers tenure on those fund(s) and account(s) over a measurement period that initially is contemporaneous with the portfolio managers tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index and rolling periods of up to three years for the comparison to a peer group, if applicable. A smaller, subjective component of the portfolio managers bonus is based on the portfolio managers overall contribution to management of FMR. The portion of the portfolio managers bonus that is linked to the investment performance of Fidelity® Europe Fund is based on the funds pre-tax investment performance measured against the MSCI Europe Index (net MA tax), and the funds pre-tax investment performance (based on the performance of the funds retail class) within the Morningstar® Europe Stock Category. The portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMRs parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services. If requested to relocate their primary residence, portfolio managers also may be eligible to receive benefits, such as home sale assistance and payment of certain moving expenses, under relocation plans for most full-time employees of FMR LLC and its affiliates.
The portfolio managers compensation plan may give rise to potential conflicts of interest. Although investors in a fund may invest through either tax-deferred accounts or taxable accounts, the portfolio managers compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. The portfolio managers base pay tends to increase with additional and more complex responsibilities that include increased assets under management and a portion of the bonus relates to marketing efforts, which together indirectly link compensation to sales. When a portfolio manager takes over a fund or an account, the time period over which performance is measured may be adjusted to provide a transition period in which to assess the portfolio. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate his time and investment ideas across multiple funds and accounts. In addition, a funds trade allocation policies and procedures may give rise to conflicts of interest if the funds orders do not get fully executed due to being aggregated with those of other accounts managed by FMR or an affiliate. The portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by a fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Portfolio managers may be permitted to invest in the funds they manage, even if a fund is closed to new investors. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a funds Code of Ethics.
The following table provides information relating to other accounts managed by Mr. Sergeant as of June 30, 2018:
Registered Investment Companies* | Other Pooled Investment Vehicles | Other Accounts |
|
Number of Accounts Managed | 4 | none | none |
Number of Accounts Managed with Performance-Based Advisory Fees | 2 | none | none |
Assets Managed (in millions) | $1,675 | none | none |
Assets Managed with Performance-Based Advisory Fees (in millions) | $1,193 | none | none |
* Includes Fidelity® Europe Fund ($1,130 (in millions) assets managed with performance-based advisory fees).
As of June 30, 2018, the dollar range of shares of Fidelity® Europe Fund beneficially owned by Mr. Sergeant was none.
Ryan Oldham is a research analyst and is portfolio manager of Fidelity® Canada Fund. As of June 30, 2018, portfolio manager compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, in certain cases, participation in several types of equity-based compensation plans, and, if applicable, relocation plan benefits. A portion of the portfolio manager's compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.
The portfolio managers base salary is determined primarily by level of experience and skills, and performance as a research analyst and fund manager at FMR or its affiliates. A portion of the portfolio manager's bonus relates to his performance as a research analyst and is based on the Director of Research's assessment of the research analyst's performance and may include factors such as portfolio manager survey-based assessments, which relate to analytical work and investment results within the relevant sector(s) and impact on other equity funds and accounts as a research analyst, and the research analyst's contributions to the research groups and to FMR. Another component of the bonus is based upon (i) the pre-tax investment performance of the portfolio manager's fund(s) and account(s) measured against a benchmark index (which may be a customized industry benchmark index developed by FMR) and within a defined peer group assigned to each fund or account, (ii) the pre-tax investment performance of the research analyst's recommendations measured against a benchmark index corresponding to the research analyst's assignment universe and against a broadly diversified equity index, and (iii) the investment performance of other FMR equity funds and accounts. The pre-tax investment performance of the portfolio manager's fund(s) and account(s) is weighted according to the portfolio manager's tenure on those fund(s) and account(s). The component of the bonus relating to the Director of Research's assessment is calculated over a one-year period, and each other component of the bonus is calculated over a measurement period that initially is contemporaneous with the portfolio manager's tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index and rolling periods of up to three years for the comparison to a peer group, if applicable. The portion of Mr. Oldhams bonus that is linked to the investment performance of Fidelity® Canada Fund is based on the funds pre-tax investment performance measured against the S&P/TSX Composite Index, and the funds pre-tax investment performance (based on the performance of the funds retail class) within the Morningstar® Canadian Equity Category. The portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMR's parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services. If requested to relocate their primary residence, portfolio managers also may be eligible to receive benefits, such as home sale assistance and payment of certain moving expenses, under relocation plans for most full-time employees of FMR LLC and its affiliates.
The portfolio managers compensation plan may give rise to potential conflicts of interest. Although investors in a fund may invest through either tax-deferred accounts or taxable accounts, the portfolio managers compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. The portfolio managers base pay and bonus opportunity tend to increase with the portfolio managers level of experience and skills relative to research and fund assignments. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate his time and investment ideas across multiple funds and accounts. In addition, the funds trade allocation policies and procedures may give rise to conflicts of interest if the funds orders do not get fully executed due to being aggregated with those of other accounts managed by FMR. The portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by the fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a funds Code of Ethics. Furthermore, the potential exists that the portfolio managers responsibilities as a portfolio manager of a fund may not be entirely consistent with his responsibilities as a research analyst providing recommendations to other Fidelity portfolio managers.
The following table provides information relating to other accounts managed by Mr. Oldham as of June 30, 2018:
Registered Investment Companies* | Other Pooled Investment Vehicles | Other Accounts |
|
Number of Accounts Managed | 2 | none | none |
Number of Accounts Managed with Performance-Based Advisory Fees | 1 | none | none |
Assets Managed (in millions) | $2,599 | none | none |
Assets Managed with Performance-Based Advisory Fees (in millions) | $1,093 | none | none |
* Includes Fidelity® Canada Fund ($1,093 (in millions) assets managed with performance-based advisory fees).
As of June 30, 2018, the dollar range of shares of Fidelity® Canada Fund beneficially owned by Mr. Oldham was $100,001 - $500,000.
ACOM10AB-18-03 1.893757.127 | October 1, 2018 |
Supplement to the
Fidelity® Emerging Asia Fund, Fidelity® Emerging Europe, Middle East, Africa (EMEA) Fund, Fidelity® Emerging Markets Discovery Fund, Fidelity® Emerging Markets Fund, Fidelity® Latin America Fund and Fidelity® Total Emerging Markets Fund
December 30, 2017
STATEMENT OF ADDITIONAL INFORMATION
Jane Wu and Xiaoting Zhao serve as co-managers of Fidelity® Emerging Markets Discovery Fund. Tim Gannon no longer serves as co-manager of Fidelity® Emerging Markets Discovery Fund.
The following information replaces similar information in the Management Contracts section.
Currently, FMR H.K. has day-to-day responsibility for choosing investments for Fidelity® Emerging Asia Fund and certain types of investments for Fidelity® Emerging Markets Discovery Fund and Fidelity® Total Emerging Markets Fund. Currently, FMR UK has day-to-day responsibility for choosing investments for Fidelity® Emerging Europe, Middle East, Africa (EMEA) Fund.
The following information supplements information for Fidelity® Emerging Markets Discovery Fund in the Management Contracts section.
Jane Wu and Xiaoting Zhao are research analysts and co-managers of Fidelity®; Emerging Markets Discovery Fund and each receives compensation for his or her services as a research analyst and as a portfolio manager under a single compensation plan. As of July 31, 2018 for Ms. Wu (May 31, 2018 for Mr. Zhao), compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, in certain cases, participation in several types of equity-based compensation plans, and, if applicable, relocation plan benefits. A portion of each portfolio managers compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.
Each portfolio managers base salary is determined primarily by level of experience and skills, and performance as a research analyst and fund manager at FMR or its affiliates. A portion of each portfolio managers bonus relates to his performance as a research analyst and is based on the Director of Researchs assessment of the research analysts performance and may include factors such as portfolio manager survey-based assessments, which relate to analytical work and investment results within the relevant market(s) and impact on other emerging market funds and accounts as a research analyst, and the research analysts contributions to the research groups and to FMR. Another component of the bonus is based upon (i) the pre-tax investment performance of each portfolio managers fund(s) and account(s) measured against a benchmark index (which may be a customized industry benchmark index developed by FMR) assigned to each fund or account and within a defined peer group assigned to each fund or account, if applicable, (ii) the pre-tax investment performance of his recommendations measured against a benchmark index corresponding to his assignment universe and against a broadly diversified emerging markets index, and (iii) the investment performance of other FMR funds and accounts. The pre-tax investment performance of each portfolio managers fund(s) and account(s) is weighted according to his tenure on those fund(s) and account(s). The component of the bonus relating to the Director of Researchs assessment is calculated over a one-year period, and each other component of the bonus is calculated over a measurement period that initially is contemporaneous with each portfolio managers tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index and rolling periods of up to three years for the comparison to a peer group, if applicable. The portion of each portfolio managers bonus that is linked to the investment performance of Fidelity® Emerging Markets Discovery Fund is based on the funds pre-tax investment performance measured against the MSCI Emerging Markets SMID Cap Index, and the funds pre-tax investment performance (based on the performance of the funds retail class) within the Morningstar® Diversified Emerging Markets Category. Another component of Ms. Wus bonus is based on the pre-tax investment performance of the portion of Fidelity® Emerging Markets Discovery Funds assets she manages measured against the MSCI Emerging Market Small Mid Cap Health Care Index. Another component of Mr. Zhaos bonus is based on the pre-tax investment performance of the portion of Fidelity® Emerging Markets Discovery Funds assets he manages measured against the MSCI Emerging Market Small Mid Cap Information Technology Index. Each portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMRs parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services. If requested to relocate their primary residence, portfolio managers also may be eligible to receive benefits, such as home sale assistance and payment of certain moving expenses, under relocation plans for most full-time employees of FMR LLC and its affiliates.
A portfolio managers compensation plan may give rise to potential conflicts of interest. Although investors in the fund may invest through either tax-deferred accounts or taxable accounts, a portfolio managers compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. His or her base pay and bonus opportunity tend to increase with his or her level of experience and skills relative to research and fund assignments. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as a portfolio manager must allocate his or her time and investment ideas across multiple funds and accounts. In addition, the funds trade allocation policies and procedures may give rise to conflicts of interest if the funds orders do not get fully executed due to being aggregated with those of other accounts managed by FMR. A portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by the fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a funds Code of Ethics. Furthermore, the potential exists that a portfolio managers responsibilities as a portfolio manager of the fund may not be entirely consistent with his responsibilities as a research analyst providing recommendations to other Fidelity portfolio managers.
The following table provides information relating to other accounts managed by Ms. Wu as of July 31, 2018:
Registered Investment Companies* | Other Pooled Investment Vehicles | Other Accounts |
|
Number of Accounts Managed | 4 | 1 | none |
Number of Accounts Managed with Performance-Based Advisory Fees | none | none | none |
Assets Managed (in millions) | $479 | $16 | none |
Assets Managed with Performance-Based Advisory Fees (in millions) | none | none | none |
* Includes assets of Fidelity® Emerging Markets Discovery Fund managed by Ms. Wu ($33 (in millions) assets managed).
As of July 31, 2018, the dollar range of shares of Fidelity® Emerging Markets Discovery Fund beneficially owned by Ms. Wu was none.
The following table provides information relating to other accounts managed by Mr. Zhao as of May 31, 2018:
Registered Investment Companies* | Other Pooled Investment Vehicles | Other Accounts |
|
Number of Accounts Managed | 4 | 1 | none |
Number of Accounts Managed with Performance-Based Advisory Fees | none | none | none |
Assets Managed (in millions) | $4,473 | $172 | none |
Assets Managed with Performance-Based Advisory Fees (in millions) | none | none | none |
* Includes assets of Fidelity® Emerging Markets Discovery Fund managed by Mr. Zhao ($70 (in millions) assets managed).
As of May 31, 2018, the dollar range of shares of Fidelity® Emerging Markets Discovery Fund beneficially owned by Mr. Zhao was none.
EMEB-18-01 1.881199.117 | October 1, 2018 |