Fidelity Far East Fund

Transcription

1 Fidelity Far East Fund nnual Management Report of Fund Performance March 31, 2016

2 Caution Regarding Forward-looking Statements Certain portions of this report, including, but not limited to, Results of Operations and Recent Developments, may contain forward-looking statements about the Fund, including its strategy, risks, expected performance and condition. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as expects, anticipates, intends, plans, believes, estimates and similar forward-looking expressions or negative versions thereof. In addition, any statement that may be made concerning future performance, strategies or prospects, and possible future Fund action, is also a forward-looking statement. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about the Fund and economic factors. ccordingly, assumptions concerning future economic and other factors may prove to be incorrect at a future date. Forward-looking statements are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied in any forward-looking statements made by the Fund. ny number of important factors could contribute to these digressions, including, but not limited to, general economic, political and market factors in North merica and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, and catastrophic events. It should be stressed that the above-mentioned list of important factors is not exhaustive. You are encouraged to consider these and other factors carefully before making any investment decisions and you are urged to avoid placing undue reliance on forward-looking statements. Further, you should be aware of the fact that the Fund has no specific intention of updating any forward-looking statements whether as a result of new information, future events or otherwise, prior to the release of the next Management Report of Fund Performance.

3 nnual Management Report of Fund Performance as at March 31, 2016 Fidelity Far East Fund This annual management report of fund performance contains financial highlights but does not contain the complete annual financial statements for the investment fund. You can get a copy of the annual financial statements at your request, and at no cost, by calling , by writing to us at Fidelity Investments, 483 Bay St. Suite 300, Toronto ON M5G 2N7 or by visiting our website at or SEDR at Security holders may also contact us using one of these methods to request a copy of the investment fund s proxy voting policies and procedures, proxy voting disclosure record or quarterly portfolio disclosure relating to the investment fund. Management Discussion of Fund Performance Investment Objective and Strategies Investment Objective: Fidelity Far East Fund (Fund) aims to achieve long-term capital growth by investing primarily in equity securities of companies located or operating in Southeast sia. These countries include ustralia, Hong Kong, India, Indonesia, Malaysia, New Zealand, the People s Republic of China, the Philippines, Singapore, South Korea, Taiwan and Thailand. Strategies: When buying and selling securities for the Fund, the portfolio manager examines each company s potential for success in light of its current financial condition, its industry position and economic and market conditions. The portfolio manager considers factors such as growth potential, earnings estimates and quality of management. The Fund may invest in small, medium and large companies. The Fund may hold cash and invest in fixed-income securities. Risk The risks associated with investing in the Fund remain as discussed in the prospectus. ny changes to the Fund over the review period have not affected the overall level of risk of the Fund. The Fund is suitable for long-term investors who want to gain exposure to Southeast sian companies and who can handle the volatility of returns generally associated with equity investments. To invest in the Fund, an investor should be able to accept a high level of risk. The suitability of the investment has not changed from what has been disclosed in the prospectus. Results of Operations Fidelity Far East Fund, Series B, returned -7.1%, after fees and expenses, for the one-year period ended March 31, The net returns of the other series of this Fund are similar to those of Series B, except for differences attributable to expense structures. Market overview: Global equities, as represented by the MSCI World Index, returned -1.4% (in Canadian dollar terms). Global equities fell during the period amid concerns about the economic slowdown in China and the implications it would have for global growth. The Fund underperformed the broad global equity markets primarily due to its exposure to markets in China and Taiwan. Chinese equities plunged after that country s regulators issued new rules earlier in the review period to limit margin trading and short selling. Weak economic data and the devaluation of Chinese currency further dampened investor sentiment. Taiwan s equity market dropped due to its slowing economy, and declining demand for its technology products in international markets. dditionally, the Fund s lack of exposure to the U.S. market, in line with its mandate, detracted from the Fund s returns. The U.S. was among the strongest performing markets, supported by encouraging economic data and news of the central banks in Europe and China increasing efforts to boost weak economies. Factors affecting performance: The Fund s benchmark, the MSCI C (ll Country) Far East ex Japan Index, returned -9.6% for the one-year period under review. The Fund outperformed its benchmark primarily due to its holdings in the consumer discretionary and utilities sectors. In the consumer discretionary sector, Techtronic Industries and Shenzhou International Group were among the top individual contributors. In the utilities sector, Korea Electric Power and Guangdong Investments both contributed to relative performance. In contrast, the Fund s investments in the telecommunication services sector detracted from relative performance, led by its position in SK Telecom. t the end of the review period, the Fund did not have any exposure to the stock. Portfolio changes: During the review period, portfolio manager Eileen Dibb increased exposure to the consumer staples and consumer discretionary sectors. In the consumer staples sector, a position was initiated in Korea Tobacco and Ginseng Corporation, as the portfolio manager believes that increased cigarette prices will boost the company s earnings performance. dditionally, exposure was increased to LG Household & Healthcare, which is expected to benefit from expansion in markets such as China and South Korea. In the consumer discretionary sector, exposure was increased 1

4 Fidelity Far East Fund Management Discussion of Fund Performance continued to Shenzhou International and Techtronic Industries. Shenzhou International is expected to benefit from strong sales growth momentum in its sportswear and casual wear businesses, while Techtronic Industries is expected to generate good long-term returns due to a strong product lineup and growth in international markets. In contrast, exposure was reduced to the industrials sector by selling positions in capital goods companies such as CRRC Corp. Earnings at CRRC were expected to slow on less rail infrastructure spending in China. Exposure was also reduced to the financials sector, particularly banking stocks, as the outlook for global growth slowed and declining interest rates pressured margins. t a geographic level, the Fund s exposures to South Korea and the Philippines were increased during the period, while exposure to China was reduced. The Fund s country positioning is corollary to the portfolio manager s fundamental stock selection process. During the review period, the Fund s assets decreased from $545.0 million to $419.8 million. The decrease in assets was attributable to the Fund s negative return as well as asset outflows. The impact of these flows on the Fund was largely mitigated by the execution of planned and orderly transactions. Recent Developments Portfolio manager Eileen Dibb remains positive about sian markets and continues to find attractive investment opportunities in the region. Despite the slowdown in China, the Far East region is still one of the fastest growing regions of the world. The portfolio manager suggests that actions by the Chinese government to support its economic growth with fiscal stimulus over Q1 16 may provide at least a temporary reprieve from further slowing growth in the region, despite the challenge of reducing capacity in key areas of the Chinese economy such as steel production. She believes that, in the long run, equilibrium in the region will depend on efficient and sustainable intra-regional trade that supports the nascent sian consumer sector. She thinks that these themes will continue to provide opportunities for investment. Regardless of the macro-economic environment, Ms. Dibb s aim of picking best-in-class companies driven by strong fundamentals and prospects for long-term secular growth is helping her navigate through market volatility. She is positive on the Philippines and India, as these provide attractive investment opportunities, given their strong economic growth. Moving forward, Ms. Dibb is constructive on her outlook for the sia Pacific region despite near-term headwinds and will continue to focus on bottom up stock selection to find attractive investment opportunities in the region t the end of the review period, the Fund had its highest absolute exposure to the information technology sector. The Fund deviated the most from benchmark weightings by having a higher exposure to the consumer discretionary sector and a lower exposure to the financials sector. In terms of country exposures, the Fund had its highest absolute exposure to China (Hong Kong) and its lowest absolute exposure to India. 2

5 Related Party Transactions Manager and Portfolio dviser The Fund is managed by Fidelity Investments Canada ULC (Fidelity). Fidelity is part of a broader group of companies collectively known as Fidelity Investments. Fidelity provides or arranges for the provision of all general management and administrative services required by the Fund in its day to day operations, bookkeeping, record keeping and other administrative services for the Fund. Fidelity provides investment advice to the Fund. Fidelity has entered into a sub-advisory agreement with Fidelity Institutional sset Management Trust Company, an affiliate of Fidelity, to provide investment advice with respect to all or a portion of the investments of the Fund. Fidelity provides investment advice with respect to the Fund s investment portfolio and arranges for the acquisition and disposition of portfolio investments, including all necessary brokerage arrangements. The Fund pays Fidelity a monthly management and advisory fee for their services, based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity management and advisory fees of $7,005,000 for the period ended March 31, dministration Fee Fidelity charges the Fund a fixed administration fee in place of certain variable expenses. Fidelity, in turn, pays all of the operating expenses of the Fund, other than certain specified fund costs (e.g. the fees and expenses of the Independent Review Committee, taxes, brokerage commissions and interest charges). The Fund pays an annual rate, which is calculated on a tiered basis, based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity administration fees of $1,124,000 for the period ended March 31, Brokerage Commissions The Fund may place a portion of its portfolio transactions with brokerage firms which are affiliates of Fidelity, including National Financial Services LLC, provided it determines that these affiliates trade execution abilities and costs are comparable to those of non affiliated, qualified brokerage firms, on an execution only basis. Commissions paid to brokerage firms that are affiliates of Fidelity were less than $500 for the period ended March 31, Fidelity receives standing instructions from the IRC in respect of policies and procedures governing best execution of transactions with affiliates, which includes brokers affiliated to Fidelity, at least once per year. 3

6 Financial Highlights The following tables show selected key financial information about the Fund and are intended to help you understand the Fund s financial performance for the period end of the years shown. This information is derived from the Fund s audited annual and/or unaudited semi-annual financial statements. Please see the front page for information about how you can obtain the Fund s annual or semi-annual financial statements. Fidelity Far East Fund Series Periods ended March 31, The Series Net ssets per Unit Net assets, beginning of period B $ $ $ $ $ Increase (decrease) from operations: Total revenue Total expenses (excluding distributions) (1.3055) (1.2500) (1.3501) (.8824) (.8682) Realized gains (losses) Unrealized gains (losses) (6.1294) (.0530) (2.9056) Total increase (decrease) from operations B (3.2509) (1.9376) Distributions: From net investment income (excluding dividends) (.3604) (.0556) (.0495) From dividends (.0549) From capital gains (.4150) (1.6838) (1.9183) (.5949) Return of capital Total distributions B,C (.7754) (1.7394) (1.9678) (.6498) Net assets, end of period B $ $ $ $ $ Ratios and Supplemental Data Net asset value (000s) D $ 26,874 $ 37,380 $ 41,788 $ 61,870 $ 64,437 Units outstanding D 652, ,921 1,113,460 1,688,751 1,966,639 Management expense ratio E 2.56% 2.62% 2.66% 2.64% 2.62% Management expense ratio before waivers or absorptions E 2.63% 2.66% 2.66% 2.64% 2.62% Trading expense ratio F.16%.32%.74%.49%.30% Portfolio turnover rate G 40% 59% 119% 93% 82% Net asset value per unit, end of period $ $ $ $ $ This information is derived from the Fund s audited annual and/or unaudited interim financial statements. Periods beginning on or after January 1, 2013 follow International Financial Reporting Standards (IFRS) and periods prior to January 1, 2013 follow Canadian Generally ccepted ccounting Principles (Canadian GP). The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value calculated for fund pricing purposes. n explanation of these differences can be found in the notes to financial statements. B Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of units outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per unit. C Distributions were paid in cash or reinvested in additional units of the Fund, or both, and excludes distributions of management fee reductions to unitholders. Distributions are presented based on management s best estimate of the tax character. D This information is provided as at period end of the year shown. E Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset values during the period, including the Fund s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. Effective November 1, 2014, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. F The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund s pro-rata share of estimated trading costs incurred in any underlying investment fund, if applicable. G The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser manages its portfolio investments. portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher the Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. 4

7 Fidelity Far East Fund Series B Periods ended March 31, The Series Net ssets per Unit Net assets, beginning of period B $ $ $ $ $ Increase (decrease) from operations: Total revenue Total expenses (excluding distributions) (1.2111) (1.1620) (1.2602) (.8077) (.7964) Realized gains (losses) Unrealized gains (losses) (6.2868) (2.7719) Total increase (decrease) from operations B (3.3025) (1.7732) Distributions: From net investment income (excluding dividends) (.4076) (.0587) (.0522) From dividends (.0605) From capital gains (.4695) (1.7775) (2.0247) (.6557) Return of capital Total distributions B,C (.8771) (1.8362) (2.0769) (.7162) Net assets, end of period B $ $ $ $ $ Ratios and Supplemental Data Net asset value (000s) D $ 277,526 $ 348,268 $ 311,306 $ 327,389 $ 320,998 Units outstanding D 6,692,291 7,649,536 8,254,065 8,887,204 9,764,104 Management expense ratio E 2.35% 2.39% 2.42% 2.42% 2.41% Management expense ratio before waivers or absorptions E 2.41% 2.42% 2.42% 2.42% 2.41% Trading expense ratio F.16%.32%.74%.49%.30% Portfolio turnover rate G 40% 59% 119% 93% 82% Net asset value per unit, end of period $ $ $ $ $ This information is derived from the Fund s audited annual and/or unaudited interim financial statements. Periods beginning on or after January 1, 2013 follow International Financial Reporting Standards (IFRS) and periods prior to January 1, 2013 follow Canadian Generally ccepted ccounting Principles (Canadian GP). The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value calculated for fund pricing purposes. n explanation of these differences can be found in the notes to financial statements. B Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of units outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per unit. C Distributions were paid in cash or reinvested in additional units of the Fund, or both, and excludes distributions of management fee reductions to unitholders. Distributions are presented based on management s best estimate of the tax character. D This information is provided as at period end of the year shown. E Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset values during the period, including the Fund s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. Effective November 1, 2014, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. F The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund s pro-rata share of estimated trading costs incurred in any underlying investment fund, if applicable. G The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser manages its portfolio investments. portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher the Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. 5

8 Financial Highlights continued Fidelity Far East Fund Series F Periods ended March 31, The Series Net ssets per Unit Net assets, beginning of period B $ $ $ $ $ Increase (decrease) from operations: Total revenue Total expenses (excluding distributions) (.7387) (.7450) (.8729) (.4421) (.4296) Realized gains (losses) Unrealized gains (losses) (6.4636) (2.7733) Total increase (decrease) from operations B (2.9612) (1.4576) Distributions: From net investment income (excluding dividends) (.6796) (.0765) (.0660) From dividends (.3447) (.0942) From capital gains (.7828) (2.3158) (2.5596) (1.0216) Return of capital Total distributions B,C (1.4624) (2.3923) (2.6256) (.3447) (1.1158) Net assets, end of period B $ $ $ $ $ Ratios and Supplemental Data Net asset value (000s) D $ 41,422 $ 49,296 $ 36,470 $ 31,847 $ 30,426 Units outstanding D 966,794 1,047, , , ,142 Management expense ratio E 1.22% 1.27% 1.32% 1.27% 1.25% Management expense ratio before waivers or absorptions E 1.29% 1.32% 1.32% 1.27% 1.25% Trading expense ratio F.16%.32%.74%.49%.30% Portfolio turnover rate G 40% 59% 119% 93% 82% Net asset value per unit, end of period $ $ $ $ $ This information is derived from the Fund s audited annual and/or unaudited interim financial statements. Periods beginning on or after January 1, 2013 follow International Financial Reporting Standards (IFRS) and periods prior to January 1, 2013 follow Canadian Generally ccepted ccounting Principles (Canadian GP). The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value calculated for fund pricing purposes. n explanation of these differences can be found in the notes to financial statements. B Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of units outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per unit. C Distributions were paid in cash or reinvested in additional units of the Fund, or both, and excludes distributions of management fee reductions to unitholders. Distributions are presented based on management s best estimate of the tax character. D This information is provided as at period end of the year shown. E Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset values during the period, including the Fund s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. Effective November 1, 2014, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. F The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund s pro-rata share of estimated trading costs incurred in any underlying investment fund, if applicable. G The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser manages its portfolio investments. portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher the Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. 6

9 Fidelity Far East Fund Series F5 Periods ended March 31, The Series Net ssets per Unit B Net assets, beginning of period C $ $ $ Increase (decrease) from operations: Total revenue Total expenses (excluding distributions) (.3437) (.3966) (.6131) Realized gains (losses) Unrealized gains (losses) (3.0156) Total increase (decrease) from operations C (1.3281) Distributions: From net investment income (excluding dividends) (.3233) (.0364) (.0342) From dividends From capital gains (.3723) (1.1016) (1.3229) Return of capital (1.0468) (.9188) (.8951) Total distributions C,D (1.7424) (2.0568) (2.2522) Net assets, end of period C $ $ $ Ratios and Supplemental Data Net asset value (000s) E $ 1 $ 1 $ 1 Units outstanding E Management expense ratio F 1.20% 1.37% 1.35% Management expense ratio before waivers or absorptions F 1.20% 1.37% 1.35% Trading expense ratio G.16%.32%.74% Portfolio turnover rate H 40% 59% 119% Net asset value per unit, end of period $ $ $ For the period pril 17, 2013 (commencement of sale of units) to March 31, B This information is derived from the Fund s audited annual and/or unaudited interim financial statements. Periods beginning on or after January 1, 2013 follow International Financial Reporting Standards (IFRS) and periods prior to January 1, 2013 follow Canadian Generally ccepted ccounting Principles (Canadian GP). The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value calculated for fund pricing purposes. n explanation of these differences can be found in the notes to financial statements. C Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of units outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per unit. D Distributions were paid in cash or reinvested in additional units of the Fund, or both, and excludes distributions of management fee reductions to unitholders. Distributions are presented based on management s best estimate of the tax character. E This information is provided as at period end of the year shown. F Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset values during the period, including the Fund s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. Effective November 1, 2014, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. G The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund s pro-rata share of estimated trading costs incurred in any underlying investment fund, if applicable. H The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser manages its portfolio investments. portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher the Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. 7

10 Financial Highlights continued Fidelity Far East Fund Series F8 Periods ended March 31, The Series Net ssets per Unit B Net assets, beginning of period C $ $ $ Increase (decrease) from operations: Total revenue Total expenses (excluding distributions) (.3333) (.3577) (.6132) Realized gains (losses) Unrealized gains (losses) (2.8356) Total increase (decrease) from operations C (1.2527) Distributions: From net investment income (excluding dividends) (.2968) (.0358) (.0335) From dividends From capital gains (.3419) (1.0854) (1.2955) Return of capital (1.3980) (1.4692) (1.4323) Total distributions C,D (2.0367) (2.5904) (2.7613) Net assets, end of period C $ $ $ Ratios and Supplemental Data Net asset value (000s) E $ 79 $ 90 $ 75 Units outstanding E 4,288 4,152 3,911 Management expense ratio F 1.23% 1.28% 1.32% Management expense ratio before waivers or absorptions F 1.31% 1.32% 1.32% Trading expense ratio G.16%.32%.74% Portfolio turnover rate H 40% 59% 119% Net asset value per unit, end of period $ $ $ For the period pril 17, 2013 (commencement of sale of units) to March 31, B This information is derived from the Fund s audited annual and/or unaudited interim financial statements. Periods beginning on or after January 1, 2013 follow International Financial Reporting Standards (IFRS) and periods prior to January 1, 2013 follow Canadian Generally ccepted ccounting Principles (Canadian GP). The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value calculated for fund pricing purposes. n explanation of these differences can be found in the notes to financial statements. C Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of units outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per unit. D Distributions were paid in cash or reinvested in additional units of the Fund, or both, and excludes distributions of management fee reductions to unitholders. Distributions are presented based on management s best estimate of the tax character. E This information is provided as at period end of the year shown. F Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset values during the period, including the Fund s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. Effective November 1, 2014, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. G The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund s pro-rata share of estimated trading costs incurred in any underlying investment fund, if applicable. H The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser manages its portfolio investments. portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher the Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. 8

11 Fidelity Far East Fund Series O Periods ended March 31, The Series Net ssets per Unit Net assets, beginning of period B $ $ $ $ $ Increase (decrease) from operations: Total revenue Total expenses (excluding distributions) (.1822) (.2183) (.3631) Realized gains (losses) Unrealized gains (losses) (7.0402) (2.5528) Total increase (decrease) from operations B (3.0731) (.8936) Distributions: From net investment income (excluding dividends) (.9806) (.0952) (.0821) From dividends (.8243) (.1315) From capital gains (1.1294) (2.8843) (3.1847) (1.4265) Return of capital Total distributions B,C (2.1100) (2.9795) (3.2668) (.8243) (1.5580) Net assets, end of period B $ $ $ $ $ Ratios and Supplemental Data Net asset value (000s) D $ 51,985 $ 110,094 $ 90,672 $ 96,785 $ 88,108 Units outstanding D 1,185,219 2,279,175 2,270,572 2,479,005 2,533,888 Management expense ratio E % % % % % Management expense ratio before waivers or absorptions E % % % % % Trading expense ratio F.16%.32%.74%.49%.30% Portfolio turnover rate G 40% 59% 119% 93% 82% Net asset value per unit, end of period $ $ $ $ $ This information is derived from the Fund s audited annual and/or unaudited interim financial statements. Periods beginning on or after January 1, 2013 follow International Financial Reporting Standards (IFRS) and periods prior to January 1, 2013 follow Canadian Generally ccepted ccounting Principles (Canadian GP). The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value calculated for fund pricing purposes. n explanation of these differences can be found in the notes to financial statements. B Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of units outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per unit. C Distributions were paid in cash or reinvested in additional units of the Fund, or both. Distributions are presented based on management s best estimate of the tax character. D This information is provided as at period end of the year shown. E No fees are charged to the Series, but investors may be charged a negotiated management fee. F The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund s pro-rata share of estimated trading costs incurred in any underlying investment fund, if applicable. G The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser manages its portfolio investments. portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher the Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. 9

12 Financial Highlights continued Fidelity Far East Fund Series T5 Periods ended March 31, The Series Net ssets per Unit B Net assets, beginning of period C $ $ $ Increase (decrease) from operations: Total revenue Total expenses (excluding distributions) (.6514) (.6803) (.9039) Realized gains (losses) Unrealized gains (losses) (3.8433) Total increase (decrease) from operations C (2.4135) Distributions: From net investment income (excluding dividends) (.1680) (.0278) (.0258) From dividends From capital gains (.1936) (.8432) (.9963) Return of capital (1.0572) (.9368) (.8999) Total distributions C,D (1.4188) (1.8078) (1.9220) Net assets, end of period C $ $ $ Ratios and Supplemental Data Net asset value (000s) E $ 58 $ 21 $ 29 Units outstanding E 2, ,461 Management expense ratio F 2.61% 2.79% 2.83% Management expense ratio before waivers or absorptions F 2.73% 2.83% 2.83% Trading expense ratio G.16%.32%.74% Portfolio turnover rate H 40% 59% 119% Net asset value per unit, end of period $ $ $ For the period pril 17, 2013 (commencement of sale of units) to March 31, B This information is derived from the Fund s audited annual and/or unaudited interim financial statements. Periods beginning on or after January 1, 2013 follow International Financial Reporting Standards (IFRS) and periods prior to January 1, 2013 follow Canadian Generally ccepted ccounting Principles (Canadian GP). The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value calculated for fund pricing purposes. n explanation of these differences can be found in the notes to financial statements. C Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of units outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per unit. D Distributions were paid in cash or reinvested in additional units of the Fund, or both, and excludes distributions of management fee reductions to unitholders. Distributions are presented based on management s best estimate of the tax character. E This information is provided as at period end of the year shown. F Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset values during the period, including the Fund s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. Effective November 1, 2014, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. G The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund s pro-rata share of estimated trading costs incurred in any underlying investment fund, if applicable. H The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser manages its portfolio investments. portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher the Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. 10

13 Fidelity Far East Fund Series T8 Periods ended March 31, The Series Net ssets per Unit B Net assets, beginning of period C $ $ $ Increase (decrease) from operations: Total revenue Total expenses (excluding distributions) (.6318) (.6397) (.8877) Realized gains (losses) Unrealized gains (losses) (3.8956) (.0240) Total increase (decrease) from operations C (1.8203) Distributions: From net investment income (excluding dividends) (.1589) (.0269) (.0256) From dividends From capital gains (.1829) (.8139) (.9897) Return of capital (1.4476) (1.4996) (1.4403) Total distributions C,D (1.7894) (2.3404) (2.4556) Net assets, end of period C $ $ $ Ratios and Supplemental Data Net asset value (000s) E $ 58 $ 67 $ 45 Units outstanding E 3,156 3,118 2,342 Management expense ratio F 2.62% 2.71% 2.78% Management expense ratio before waivers or absorptions F 2.76% 2.79% 2.78% Trading expense ratio G.16%.32%.74% Portfolio turnover rate H 40% 59% 119% Net asset value per unit, end of period $ $ $ For the period pril 17, 2013 (commencement of sale of units) to March 31, B This information is derived from the Fund s audited annual and/or unaudited interim financial statements. Periods beginning on or after January 1, 2013 follow International Financial Reporting Standards (IFRS) and periods prior to January 1, 2013 follow Canadian Generally ccepted ccounting Principles (Canadian GP). The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value calculated for fund pricing purposes. n explanation of these differences can be found in the notes to financial statements. C Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of units outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per unit. D Distributions were paid in cash or reinvested in additional units of the Fund, or both, and excludes distributions of management fee reductions to unitholders. Distributions are presented based on management s best estimate of the tax character. E This information is provided as at period end of the year shown. F Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset values during the period, including the Fund s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. Effective November 1, 2014, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. G The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund s pro-rata share of estimated trading costs incurred in any underlying investment fund, if applicable. H The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser manages its portfolio investments. portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher the Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. 11

14 Financial Highlights continued Fidelity Far East Fund Series S5 Periods ended March 31, The Series Net ssets per Unit B Net assets, beginning of period C $ $ $ Increase (decrease) from operations: Total revenue Total expenses (excluding distributions) (.7040) (.6189) (.8420) Realized gains (losses) Unrealized gains (losses) (2.9282) Total increase (decrease) from operations C (.0465) Distributions: From net investment income (excluding dividends) (.1912) (.0295) (.0279) From dividends From capital gains (.2202) (.8947) (1.0781) Return of capital (1.0548) (.9324) (.8987) Total distributions C,D (1.4662) (1.8566) (2.0047) Net assets, end of period C $ $ $ Ratios and Supplemental Data Net asset value (000s) E $ 5 $ 306 $ 2 Units outstanding E , Management expense ratio F 2.43% 2.46% 2.47% Management expense ratio before waivers or absorptions F 2.56% 2.56% 2.47% Trading expense ratio G.16%.32%.74% Portfolio turnover rate H 40% 59% 119% Net asset value per unit, end of period $ $ $ For the period pril 17, 2013 (commencement of sale of units) to March 31, B This information is derived from the Fund s audited annual and/or unaudited interim financial statements. Periods beginning on or after January 1, 2013 follow International Financial Reporting Standards (IFRS) and periods prior to January 1, 2013 follow Canadian Generally ccepted ccounting Principles (Canadian GP). The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value calculated for fund pricing purposes. n explanation of these differences can be found in the notes to financial statements. C Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of units outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per unit. D Distributions were paid in cash or reinvested in additional units of the Fund, or both, and excludes distributions of management fee reductions to unitholders. Distributions are presented based on management s best estimate of the tax character. E This information is provided as at period end of the year shown. F Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset values during the period, including the Fund s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. Effective November 1, 2014, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. G The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund s pro-rata share of estimated trading costs incurred in any underlying investment fund, if applicable. H The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser manages its portfolio investments. portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher the Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. 12

15 Fidelity Far East Fund Series S8 Periods ended March 31, The Series Net ssets per Unit B Net assets, beginning of period C $ $ $ Increase (decrease) from operations: Total revenue Total expenses (excluding distributions) (.5755) (.5768) (.8159) Realized gains (losses) Unrealized gains (losses) ( ) Total increase (decrease) from operations C (8.7400) Distributions: From net investment income (excluding dividends) (.1957) (.0282) (.0273) From dividends From capital gains (.2255) (.8523) (1.0565) Return of capital (1.4376) (1.4928) (1.4383) Total distributions C,D (1.8588) (2.3733) (2.5221) Net assets, end of period C $ $ $ Ratios and Supplemental Data Net asset value (000s) E $ 24 $ 1 $ 1 Units outstanding E 1, Management expense ratio F 2.28% 2.46% 2.47% Management expense ratio before waivers or absorptions F 2.38% 2.54% 2.47% Trading expense ratio G.16%.32%.74% Portfolio turnover rate H 40% 59% 119% Net asset value per unit, end of period $ $ $ For the period pril 17, 2013 (commencement of sale of units) to March 31, B This information is derived from the Fund s audited annual and/or unaudited interim financial statements. Periods beginning on or after January 1, 2013 follow International Financial Reporting Standards (IFRS) and periods prior to January 1, 2013 follow Canadian Generally ccepted ccounting Principles (Canadian GP). The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value calculated for fund pricing purposes. n explanation of these differences can be found in the notes to financial statements. C Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of units outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per unit. D Distributions were paid in cash or reinvested in additional units of the Fund, or both, and excludes distributions of management fee reductions to unitholders. Distributions are presented based on management s best estimate of the tax character. E This information is provided as at period end of the year shown. F Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset values during the period, including the Fund s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. Effective November 1, 2014, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. G The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund s pro-rata share of estimated trading costs incurred in any underlying investment fund, if applicable. H The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser manages its portfolio investments. portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher the Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. 13

16 Financial Highlights continued Fidelity Far East Fund Series E1 Periods ended March 31, 2016 The Series Net ssets per Unit B Net assets, beginning of period C $ Increase (decrease) from operations: Total revenue.0251 Total expenses (excluding distributions) (.0371) Realized gains (losses) (.0469) Unrealized gains (losses).7232 Total increase (decrease) from operations C.6643 Distributions: From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions C,D Net assets, end of period C $ Ratios and Supplemental Data Net asset value (000s) E $ 12,981 Units outstanding E 1,259,114 Management expense ratio F 2.28% Management expense ratio before waivers or absorptions F 2.33% Trading expense ratio G.16% Portfolio turnover rate H 40% Net asset value per unit, end of period $ For the period February 5, 2016 (commencement of sale of units) to March 31, B This information is derived from the Fund s audited annual and/or unaudited interim financial statements. The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value calculated for fund pricing purposes. n explanation of these differences can be found in the notes to financial statements. C Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of units outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per unit. D Distributions were paid in cash or reinvested in additional units of the Fund, or both, and excludes distributions of management fee reductions to unitholders. Distributions are presented based on management s best estimate of the tax character. E This information is provided as at period end of the year shown. F Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset values during the period, including the Fund s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. Effective February 9, 2016, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. G The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund s pro-rata share of estimated trading costs incurred in any underlying investment fund, if applicable. H The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser manages its portfolio investments. portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher the Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. 14

17 Fidelity Far East Fund Series E2 Periods ended March 31, 2016 The Series Net ssets per Unit B Net assets, beginning of period C $ Increase (decrease) from operations: Total revenue.0256 Total expenses (excluding distributions) (.0351) Realized gains (losses) (.0499) Unrealized gains (losses).6323 Total increase (decrease) from operations C.5729 Distributions: From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions C,D Net assets, end of period C $ Ratios and Supplemental Data Net asset value (000s) E $ 488 Units outstanding E 47,277 Management expense ratio F 2.23% Management expense ratio before waivers or absorptions F 2.27% Trading expense ratio G.16% Portfolio turnover rate H 40% Net asset value per unit, end of period $ For the period February 5, 2016 (commencement of sale of units) to March 31, B This information is derived from the Fund s audited annual and/or unaudited interim financial statements. The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value calculated for fund pricing purposes. n explanation of these differences can be found in the notes to financial statements. C Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of units outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per unit. D Distributions were paid in cash or reinvested in additional units of the Fund, or both, and excludes distributions of management fee reductions to unitholders. Distributions are presented based on management s best estimate of the tax character. E This information is provided as at period end of the year shown. F Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset values during the period, including the Fund s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. Effective February 9, 2016, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. G The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund s pro-rata share of estimated trading costs incurred in any underlying investment fund, if applicable. H The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser manages its portfolio investments. portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher the Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. 15

18 Financial Highlights continued Fidelity Far East Fund Series E3 Periods ended March 31, 2016 The Series Net ssets per Unit B Net assets, beginning of period C $ Increase (decrease) from operations: Total revenue.0287 Total expenses (excluding distributions) (.0323) Realized gains (losses) (.0490) Unrealized gains (losses).8367 Total increase (decrease) from operations C.7841 Distributions: From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions C,D Net assets, end of period C $ Ratios and Supplemental Data Net asset value (000s) E $ 26 Units outstanding E 2,480 Management expense ratio F 2.17% Management expense ratio before waivers or absorptions F 2.23% Trading expense ratio G.16% Portfolio turnover rate H 40% Net asset value per unit, end of period $ For the period February 5, 2016 (commencement of sale of units) to March 31, B This information is derived from the Fund s audited annual and/or unaudited interim financial statements. The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value calculated for fund pricing purposes. n explanation of these differences can be found in the notes to financial statements. C Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of units outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per unit. D Distributions were paid in cash or reinvested in additional units of the Fund, or both, and excludes distributions of management fee reductions to unitholders. Distributions are presented based on management s best estimate of the tax character. E This information is provided as at period end of the year shown. F Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset values during the period, including the Fund s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. Effective February 9, 2016, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. G The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund s pro-rata share of estimated trading costs incurred in any underlying investment fund, if applicable. H The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser manages its portfolio investments. portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher the Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. 16

19 Fidelity Far East Fund Series E4 Periods ended March 31, 2016 The Series Net ssets per Unit B Net assets, beginning of period C $ Increase (decrease) from operations: Total revenue.0200 Total expenses (excluding distributions) (.0300) Realized gains (losses) (.0400) Unrealized gains (losses).3700 Total increase (decrease) from operations C.3200 Distributions: From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions C,D Net assets, end of period C $ Ratios and Supplemental Data Net asset value (000s) E $ 1 Units outstanding E 100 Management expense ratio F 2.06% Management expense ratio before waivers or absorptions F 2.47% Trading expense ratio G.16% Portfolio turnover rate H 40% Net asset value per unit, end of period $ For the period February 5, 2016 (commencement of sale of units) to March 31, B This information is derived from the Fund s audited annual and/or unaudited interim financial statements. The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value calculated for fund pricing purposes. n explanation of these differences can be found in the notes to financial statements. C Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of units outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per unit. D Distributions were paid in cash or reinvested in additional units of the Fund, or both, and excludes distributions of management fee reductions to unitholders. Distributions are presented based on management s best estimate of the tax character. E This information is provided as at period end of the year shown. F Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset values during the period, including the Fund s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. Effective February 9, 2016, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. G The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund s pro-rata share of estimated trading costs incurred in any underlying investment fund, if applicable. H The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser manages its portfolio investments. portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher the Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. 17

20 Financial Highlights continued Fidelity Far East Fund Series P1 Periods ended March 31, 2016 The Series Net ssets per Unit B Net assets, beginning of period C $ Increase (decrease) from operations: Total revenue.0536 Total expenses (excluding distributions) (.0486) Realized gains (losses).2331 Unrealized gains (losses) (.5951) Total increase (decrease) from operations C (.3570) Distributions: From net investment income (excluding dividends) (.1445) From dividends From capital gains (.1665) Return of capital Total distributions C,D (.3110) Net assets, end of period C $ Ratios and Supplemental Data Net asset value (000s) E $ 6,946 Units outstanding E 761,127 Management expense ratio F 1.15% Management expense ratio before waivers or absorptions F 1.20% Trading expense ratio G.16% Portfolio turnover rate H 40% Net asset value per unit, end of period $ For the period December 4, 2015 (commencement of sale of units) to March 31, B This information is derived from the Fund s audited annual and/or unaudited interim financial statements. The net assets attributable to holders of redeemable units per unit presented in the financial statements may differ from the net asset value calculated for fund pricing purposes. n explanation of these differences can be found in the notes to financial statements. C Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of units outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per unit. D Distributions were paid in cash or reinvested in additional units of the Fund, or both, and excludes distributions of management fee reductions to unitholders. Distributions are presented based on management s best estimate of the tax character. E This information is provided as at period end of the year shown. F Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset values during the period, including the Fund s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. Effective December 8, 2015, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. G The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund s pro-rata share of estimated trading costs incurred in any underlying investment fund, if applicable. H The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser manages its portfolio investments. portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher the Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. 18