fidelity emerging markets fund › bin-public › 060_ › ...fidelity® emerging markets fund key...

PORTFOLIO MANAGER Q&A | AS OF OCTOBER 31, 2019

Fidelity® Emerging Markets Fund

Key Takeaways

• For the fiscal year ending October 31, 2019, the fund's Retail Class shares gained 24.91%, more than double the 11.89% advance of the benchmark MSCI Emerging Markets Index.

• On February 22, 2019, John Dance assumed co-management responsibilities for the fund, joining Co-Manager Sammy Simnegar. Asof October 1, 2019, Sammy no longer manages the fund, leaving Johnas sole portfolio manager.

• Amid easing concern about global economic growth and more-accommodative central bank policies in the United States, Europe andChina, the benchmark notched a double-digit advance the past 12 months and provided a favorable backdrop for the managers' focus on high-quality businesses with positive stock-price momentum.

• Security selection drove most of the fund's outperformance of the benchmark. Picks in the financials, consumer staples, consumer discretionary and health care sectors helped most.

• By country, stock picks in China notably boosted the fund's relative result. Positioning in Brazil, India and South Korea also stood out to the upside, as did non-benchmark exposure to the U.S. and France.

• Conversely, non-benchmark allocations to the U.K., Germany and Belgium hurt the fund's relative performance, as did security selection in Russia and Chile.

• As of October 31, John continues to position the fund for an expanding global economy. Despite the global rally in share prices, heis still finding attractive opportunities to invest in companies with whathe believes are excellent prospects for structural growth, improving cash flow and durable business models.

MARKET RECAP

The MSCI ACWI (All Country World Index) ex USA Index gained 11.47% for the 12 months ending October 31, 2019, as international stocks reflected a confluence of factors, including escalating trade tension, and moderating but still positive global economic growth. Currency fluctuations were largely modest and varied by region, muting the overall impact on international equity returns. In late December, the U.S. Federal Reserve shifted from raising interest rates to a more dovish policy in 2019, joining many foreign central banks. In June, international stocks rose 6.03%, as policy stimulus in China stabilized that country's economic growth. The Fed cut its policy rate in July for the first time since 2008. However, the index returned -1.21% for the month, followed by -3.08%in August. In September, the Fed cut its policy rate another quarter point, citing concerns about slowing economic growth and muted inflation, and did the same in October, leading to monthly gains of 2.59% and 3.49%, respectively. For the full 12 months, the growth-oriented information technology sector (+22%) led the way, followed by utilities (+20%) and real estate (+18%), two high-dividend-yielding categories. Conversely,energy was roughly flat, while materials (+6%) and communication services (7%) also lagged. By region, Asia Pacific ex Japan (+16%), Europe ex U.K. (+13%), Canada (+12%) and emerging markets (+12%) fared best. Meanwhile, the U.K. (+7%) and Japan (+10%) trailed the broader market.

Not FDIC Insured • May Lose Value • No Bank Guarantee


2 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

John DancePortfolio Manager

Fund Facts

Trading Symbol: FEMKX

Start Date: November 01, 1990

Size (in millions): $4,121.72

Investment Approach• Fidelity® Emerging Markets Fund is a diversified

emerging-markets equity strategy that seeks capital appreciation.

• Our investment approach is anchored by the philosophy that markets are not wholly efficient, due to investor psychology, market microstructure and asymmetric information, which can lead to mispricings and create opportunities for active management. We also believe that owning companies with strong, stable growth characteristics increases the likelihood of adding value over the long term, and that sound risk management canhelp enhance returns.

• We strive to exploit these principles through in-depth fundamental analysis, working in concert with Fidelity's global research team. Our disciplined stock selection process focuses on companies with high potential for structural growth, solid free cash flow and consistently high returns – driven by strong business models and capable, focused management teams.

• Portfolio construction is an important part of our investment process, and we use a proprietary risk-aware approach to help manage position sizing.

Q&AAn interview with Portfolio Manager John Dance

Q: John, how did the fund perform for the fiscal year ending October 31, 2019

Quite well. The fund's Retail Class shares gained 24.91% the past 12 months, more than double the 11.89% gain of the benchmark, the MSCI Emerging Markets Index. The fund topped its peer group average by a slightly smaller margin.

Q: What was noteworthy about the investment backdrop the past year

It started on somewhat shaky ground, as 2018 ended with a decline for emerging-markets stocks.

Then, in early 2019, easing concern about global economic growth and comments from U.S. Federal Reserve Chair Jerome Powell that the central bank would take a more data-dependent approach to managing interest rates led to a sharp reversal.

Much of the period saw greater policy accommodation. The Fed cut rates by 0.25% three times – in August, September and October. The European Central Bank (ECB) cut interest rates further below zero and restarted its bond-purchase program, known as quantitative easing.

As for China, its central bank continued to reduce reserve requirements for member banks, while the government implemented various fiscal-stimulus measures.

U.S.–China trade negotiations ran hot and cold this period, but the most recent meeting, in October, bolstered the benchmark and spurred optimism that some kind of interim agreement might be reached by the end of 2019.

Against this backdrop, the benchmark gained 11.89%, and our focus on high-quality businesses with structural growth prospects enabled the fund to finish well ahead of it.

Q: Please tell us about the management transition from Sammy Simnegar to you.

It went smoothly for several reasons. First, Sammy and I employ similar investment philosophies. We both look for high-quality companies with prospects for strong growth in cash flow, as well as durable business models. Because of this, I didn't change many of the fund's positions when I came aboard.



Second, we planned the transition well and executed it over time. For the first few months after I joined the fund in February, Sammy served as lead manager, while I familiarized myself with the holdings that I didn't already know. Then, from June until period end, I led the fund, while Sammy acted as a consultant and answered my questions when necessary.

I essentially finished the fund's repositioning by summer's end. I reduced some positions in developed markets and increased the fund's energy holdings, while reducing exposure to materials.

Most of these moves were stock-specific decisions rather than sector calls. For example, new overweighted positions in energy included Russia's Lukoil and India's Petronet LNG –two stocks I liked for the longer term.

Q: Which factors aided performance most versus the benchmark

Security selection drove most of the fund's outperformance of the benchmark. Picks in the financials, consumer staples, consumer discretionary and health care sectors lifted the relative return most.

By country, stock picks in China gave a notable boost to the fund's relative result.

Positioning in Brazil, India and South Korea also stood out, asdid out-of-benchmark exposure to the U.S. and France.

At the stock level, overweighting Wuliangye Yibin contributed more than any other holding. Our position in shares of the China-based alcoholic beverage maker gained roughly 176% for the period, bolstered by strong profit growth, solid pricing power and robust demand for its high-end products.

Given the sizable gain in this stock, I reduced the fund's share count by about half by October 31.

Similarly, overweighting China-based baijiu manufacturer Kweichow Moutai (+116%) added considerable value.

The stock benefited from many of the same fundamental drivers behind Wuliangye Yibin, although I preferred this stock in some ways. For this reason, it represented a top-10 fund position at period end.

I'll also mention Notre Dame Intermedica, a Brazil-based integrated medical provider, offering a chain of hospitals andclinics, as well as health insurance plans.

The stock gained 132% for the fund, partly due to timely positioning. A combination of Brazil's improving economy, strong demand for private health care in the country, and market-share gains lifted this stock, which we continued to hold at period end.

Q: What hurt relative performance

Non-benchmark allocations to the U.K., Germany and Belgium worked against the fund, as did security selection in Russia and Chile.

Among individual fund positions, a non-benchmark stake in NMC Health hurt most, returning -36%. This London-based company provides health care services in the United Kingdom, as well other countries such as the United Arab Emirates and Spain. Its shares declined due to concern the company took on too much debt, its accounting appeared opaque and it lacked corporate governance. Given this uncertainty, I exited the position by October 31.

Lastly, investments in the shares of two companies that supply materials for electric vehicle (EV) batteries detracted from relative performance. Chile-based lithium producer Sociedad Quimica y Minera (-32%) suffered amid expectations that the supply of lithium might outstrip demand in coming years. The fund's non-benchmark position in Belgium-based EV battery cathode maker Umicore (-25%) also hurt, partly due to slowing demand in China after Beijing scaled back EV subsidies. This concern also affected Sociedad Quimica y Minera.

We sold both stocks from the fund by period end.

Q: What's your outlook as of October 31, John

In my view, emerging markets continue to offer dynamic opportunities, despite slowing global economic growth.

For example, I'm excited about the rollout of the 5G wireless network standard, especially in China.

I also believe that further rapid growth of the middle class in China and other emerging-markets countries could open the door to intriguing opportunities in health care, travel and leisure, and financial services.

As always, my emphasis is on structural growth, improved cash flow and durable business models. ■



John Dance on investing in 5G-related stocks:

"When I think about 2020, I'm excited for the investment opportunities associated with the transition to a 5G wireless network standard, which is in its very early stages, as of October 31.

"The promise of 5G is faster speed, lower latency – that is, shorter delays in data transfer – higher connection capacity and broader coverage. In practical terms, these advances are expected to enable capabilities such as the 'internet of things' and autonomous driving, as well as sophisticated augmented-reality and virtual-reality experiences.

"Although the full transition to 5G is expected to take years, not months, I expect there will be many investment opportunities each step of the way. For example, having reliable internet connections in a multitude of everyday devices – the internet of things – will require semiconductors that operate efficiently with low power and low cost. The more remote the device, the greater the need for low-power chips.

"As of October 31, the fund holds two stocks involved in manufacturing this new generation of chips: Taiwan Semiconductor Manufacturing and Samsung Electronics. It also holds positions in several non-benchmark names tied to chip production – notably, ASML Holding, Hoya, Nvidia and Lam Research.

"While each of these non-benchmark companies is based in a developed market, all have meaningful exposure to Emerging Asia.

"ASML, based in the Netherlands, is particularly interesting, as it is the world's only manufacturer of lithography machines that use extreme ultraviolet (EUV) light. EUV lithography uses light with a wavelength of just 13.5 nanometers – nearly x-ray level. This small wavelength enables ASML to make machines that produce more-powerful semiconductors with smaller dimensions and lower power requirements. This is the name of the game in chip-making."

LARGEST CONTRIBUTORS VS. BENCHMARK

Holding Market Segment

Average Relative Weight

Relative Contribution

(basis points)*

Wuliangye Yibin Co. Ltd. (A Shares) Consumer Staples 0.78% 98

Notre Dame Intermedica Participacoes SA

Health Care 0.96% 88

Kweichow Moutai Co. Ltd. (A Shares) Consumer Staples 1.22% 88

New Oriental Education & Technology Group, Inc. sponsored ADR

Consumer Discretionary 0.87% 65

Baidu.com, Inc. sponsored ADR

Communication Services -0.63% 54

* 1 basis point = 0.01%.

LARGEST DETRACTORS VS. BENCHMARK

Holding Market Segment

Average Relative Weight

Relative Contribution (basis points)*

NMC Health PLC Health Care 0.54% -46

Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR

Materials 0.50% -42

Wirecard AG Information Technology 0.19% -40

Gazprom OAO Energy -0.60% -38

Alrosa Co. Ltd. Materials 0.75% -28

* 1 basis point = 0.01%.



ASSET ALLOCATION

Asset Class Portfolio Weight Index Weight Relative Weight

Relative Change From Six Months

Ago

International Equities 90.98% 100.00% -9.02% 1.49%

Emerging Markets 83.24% 100.00% -16.76% 5.75%

Developed Markets 7.74% 0.00% 7.74% -4.26%

Tax-Advantaged Domiciles 0.00% 0.00% 0.00% 0.00%

Domestic Equities 7.58% 0.00% 7.58% -0.20%

Bonds 0.00% 0.00% 0.00% 0.00%

Cash & Net Other Assets 1.44% 0.00% 1.44% -1.29%

Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any ofthe portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for futuresettlement, Net Other Assets can be a negative number.

"Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation.

COUNTRY DIVERSIFICATION

Country Portfolio Weight Index Weight Relative Weight


Ago

China 26.79% 31.85% -5.06% 4.68%

India 14.53% 8.96% 5.57% 2.81%

Brazil 10.94% 7.68% 3.26% -1.03%

United States 7.58% -- 7.58% -0.20%

Taiwan 7.21% 11.92% -4.71% 1.31%

Russia 5.74% 4.10% 1.64% -0.59%

Korea (South) 4.83% 12.19% -7.36% 1.98%

South Africa 3.55% 4.66% -1.11% -0.84%

France 3.08% -- 3.08% -1.29%

Netherlands 2.90% -- 2.90% 1.18%

Indonesia 2.76% 2.04% 0.72% 0.39%

Philippines 1.90% 1.10% 0.80% -0.11%

Hong Kong 1.46% -- 1.46% -0.32%

United Arab Emirates 1.05% 0.69% 0.36% 0.03%

Peru 1.01% 0.37% 0.64% -0.01%

Other Countries 3.26% N/A N/A N/A

Cash & Net Other Assets 1.41% 0.00% 1.41% -1.22%



10 LARGEST HOLDINGS

HoldingMarket Segment Portfolio Weight

Portfolio Weight Six Months Ago

Taiwan Semiconductor Manufacturing Co. Ltd. Information Technology 6.00% 4.54%

Tencent Holdings Ltd. Communication Services 5.66% 5.98%

Alibaba Group Holding Ltd. sponsored ADR Consumer Discretionary 5.58% 5.20%

Samsung Electronics Co. Ltd. Information Technology 4.83% 2.55%

Reliance Industries Ltd. Energy 2.87% 1.99%

Ping An Insurance Group Co. of China Ltd. (H Shares) Financials 2.10% 2.14%

Housing Development Finance Corp. Ltd. Financials 1.94% 1.69%

PT Bank Central Asia Tbk Financials 1.76% 1.32%

Naspers Ltd. Class N Consumer Discretionary 1.76% 3.07%

Kweichow Moutai Co. Ltd. (A Shares) Consumer Staples 1.71% 1.44%

10 Largest Holdings as a % of Net Assets 34.23% 30.34%

Total Number of Holdings 88 80

The 10 largest holdings are as of the end of the reporting period, and may not be representative of the fund's current or future investments. Holdings do not include money market investments.

MARKET-SEGMENT DIVERSIFICATION

Market Segment Portfolio Weight Index Weight Relative Weight


Ago

Financials 21.06% 24.67% -3.61% -2.06%

Information Technology 20.05% 15.46% 4.59% 0.53%

Consumer Discretionary 16.82% 13.27% 3.55% 1.27%

Energy 8.85% 7.86% 0.99% 2.58%

Consumer Staples 7.42% 6.72% 0.70% -1.13%

Communication Services 7.14% 11.09% -3.95% 1.59%

Industrials 6.33% 5.30% 1.03% 1.52%

Health Care 5.17% 2.80% 2.37% 1.29%

Materials 2.80% 7.15% -4.35% -4.24%

Utilities 1.67% 2.80% -1.13% 0.49%

Real Estate 1.25% 2.89% -1.64% -0.54%

Other 0.00% 0.00% 0.00% 0.00%



FISCAL PERFORMANCE SUMMARY:Periods ending October 31, 2019

Cumulative Annualized

6Month YTD

1Year

3Year

5Year

10 Year/ LOF1

Fidelity Emerging Markets Fund Gross Expense Ratio: 0.96%2 3.67% 24.03% 24.91% 11.62% 6.05% 5.70%

MSCI Emerging Markets Net MA Index -1.68% 10.38% 11.89% 7.40% 2.97% 3.84%

Morningstar Fund Diversified Emerging Mkts -0.32% 11.98% 12.93% 6.45% 2.23% 3.93%

% Rank in Morningstar Category (1% = Best) -- -- 4% 4% 1% 12%

# of Funds in Morningstar Category -- -- 831 700 562 2391 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 11/01/1990.2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.

Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have again or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, institutional.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Please see the last page(s) of this Q&A document for most-recent calendar-quarter performance.


8 |

Definitions and Important Information

Information provided in this document is for informational and educational purposes only. To the extent any investment information in this material is deemed to be a recommendation, it is not meant to be impartial investment advice or advice in a fiduciary capacity and is not intended to be used as a primary basis for you or your client's investment decisions. Fidelity, and its representatives may have a conflict of interest in the products or services mentioned in this material because they have a financial interest in, and receive compensation, directly or indirectly, in connection with the management, distribution and/or servicing of these products or services including Fidelity funds, certain third-party funds and products, and certain investment services.

FUND RISKSStock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks, all of which are magnified in emerging markets.

IMPORTANT FUND INFORMATIONRelative positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmarkis provided to assess performance.

KT: On February 22, 2019, John Dance assumed co-management responsibilities for the fund, joining Co-Manager Sammy Simnegar. As of October 1, 2019, Sammy no longer manages the fund, leaving John as sole Portfolio Manager.

INDICESIt is not possible to invest directly in an index. All indices representedare unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted.

MSCI Emerging Markets Index Net MA Index MSCI Emerging Markets Net MA Index MSCI Emerging Markets Net MA Index represents the performance of the MSCI Emerging Markets (Net Massachusetts tax) since January 1, 2004, and the MSCI Emerging Markets (G) prior to that date.

MSCI ACWI (All Country World Index) ex USA Index is a market-capitalization-weighted index designed to measure the investable equity market performance for global investors of large and mid-cap stocks in developed and emerging markets, excluding the United States.

MARKET-SEGMENT WEIGHTSMarket-segment weights illustrate examples of sectors or industries in which the fund may invest, and may not be representative of the fund's current or future investments. They should not be construed or used as a recommendation for any sector or industry.

RANKING INFORMATION© 2019 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or

redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses.

% Rank in Morningstar Category is the fund's total-return percentile rank relative to all funds that have the same MorningstarCategory. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1%. % Rank in Morningstar Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges. Multiple share classes of a fund have a common portfolio but impose different expense structures.

RELATIVE WEIGHTSRelative weights represents the % of fund assets in a particular market segment, asset class or credit quality relative to the benchmark. A positive number represents an overweight, and a negative number is an underweight. The fund's benchmark is listedimmediately under the fund name in the Performance Summary.



Manager Facts

Sammy Simnegar is a portfolio manager in the Equity division at Fidelity Investments. Fidelity Investments is a leading provider ofinvestment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other financial products and services to institutions, financial intermediaries, and individuals.

In this role, Mr. Simnegar is responsible for managing Fidelity and Fidelity Advisor International Capital Appreciation Fund and Fidelity VIP International Capital Appreciation Portfolio (since 2008), co-managing Fidelity and Fidelity Advisor Emerging Markets Fund and Fidelity VIP Emerging Markets Portfolio (since 2012), co-managing Fidelity and Fidelity Advisor Total International Equity Fund (since 2014), and co-managing Fidelity Magellan Fund and Fidelity Independence Fund (since 2019).

Prior to assuming his current position, Mr. Simnegar was an equity analyst at Fidelity, focusing on Emerging Markets energy, materials, and industrials from 2003 to 2007; U.S. Regional Banksfrom 2001 to 2003; and real estate, hotels, and emerging telecom from 1998 to 2001.

Before joining Fidelity in 1998, Mr. Simnegar worked as an equity analyst at JP Morgan from 1997 to 1998, and as a senior trade analyst at Trans Alliance Group, Inc. from 1994 to 1996. He has been in the financial industry since 1994.

Mr. Simnegar earned his bachelor of arts degree in history from the University of California and his master of business administration degree in international finance from Columbia Business School.

John Dance is a portfolio manager in the Equity division in the Hong Kong office at Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other financial products and services to institutions, financialintermediaries, and individuals.

In this role, Mr. Dance co-manages Fidelity Pacific Basin Fund, Fidelity and Fidelity Emerging Asia Funds and Fidelity Emerging Markets Fund.

Prior to assuming his current responsibilities, Mr. Dance served as co-sector leader of the combined Consumer Discretionary and Consumer Staples team. During this time, he was responsible for covering the international retail industry and for managing the consumer discretionary sub-portfolio of Fidelity International Equity Central Fund. Previously, Mr. Dance was a research analyst at Fidelity International Limited (FIL), where he covered the shipping and airlines industries within the Asia Ex-Japan region.

Before joining Fidelity in 2006, Mr. Dance worked as an analyst at Deutsche Asset Management in Sydney, Australia. He has

been in the financial industry since 2004.

Mr. Dance earned his bachelor of commerce degree, with first class honors, in finance from The University of Sydney, and his diploma of financial markets from the Securities Institute of Australia.

PERFORMANCE SUMMARY:Quarter ending March 31, 2020

Annualized

1Year

3Year

5Year

10 Year/ LOF1

Fidelity Emerging Markets Fund Gross Expense Ratio: 0.94%2 -6.56% 4.81% 3.39% 2.99%

1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 11/01/1990.2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have again or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, institutional.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated.

Before investing in any mutual fund, please carefully consider the investment objectives, risks, charges, and expenses. For this and other information, call or write Fidelity for a free prospectus or, if available, a summary prospectus. Read it carefully before you invest. Past performance is no guarantee of future results.

Views expressed are through the end of the period stated and do not necessarily represent the views of Fidelity. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims anyresponsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund. The securities mentioned are not necessarily holdings invested in by the portfolio manager(s) or FMR LLC. References to specific company securities should not be construed as recommendations or investment advice.

Diversification does not ensure a profit or guarantee against a loss.

Information included on this page is as of the most recent calendar quarter.S&P 500 is a registered service mark of Standard & Poor's Financial Services LLC. Other third-party marks appearing herein are the property of their respective owners. All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, Smithfield, RI 02917. Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI 02917.© 2020 FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee.

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