Fidelity China Region Fund
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PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021
Fidelity® China Region Fund
Key Takeaways MARKET RECAP
• For the semiannual reporting period ending April 30, 2021, the fund's The MSCI ACWI (All Country World
Retail Class shares gained 20.19%, comfortably ahead of the 16.73% Index) ex USA Index gained 27.51% for
advance of the benchmark, the MSCI Golden Dragon Index. the six months ending April 30, 2021,
with international equities rising amid
improved global economic growth,
• Driven by favorable COVID-19 vaccine news and hopes for widespread COVID-19 vaccinations, fiscal
accelerating global economic growth, stocks in the China region stimulus in the U.S. and abroad, and
posted a healthy gain the past six months. fresh government spending programs. In
addition, foreign securities were
• The co-managers maintained their focus on purchasing high-quality bolstered in part by general U.S.-dollar
stocks at reasonable valuations and cyclical stocks at cheap valuations, weakness. The period began with a shift
mainly in China, Taiwan and Hong Kong, relying on their bottom-up, in momentum. In November,
fundamental investment approach. international stocks shrugged off a two-
month retreat by gaining roughly 13%.
• Security selection and an overweighting in the information technology The momentum continued in December,
sector meaningfully contributed to the fund's performance versus its as positive news on the effectiveness of
benchmark, along with investment choices among consumer vaccines provided a notable boost to
discretionary stocks and positioning in materials. international equities. In late December,
as vaccines were approved by
government regulatory authorities,
• Geographically, stock picking and an underweighting in the lagging investors gained more confidence in the
mainland China market provided a noteworthy boost. Out-of- outlook for the global economy. As the
benchmark exposure to South Korea, the U.S. and Europe ex U.K. also new year began, many economists raised
helped on a relative basis. their expectations for a powerful
economic recovery in the U.S. and
• Conversely, security selection in industrials and positioning in elsewhere, as opposed to the sluggish
financials detracted, as did a cash position averaging about 3%. rebound they had been anticipating. By
Regionally, underweighted exposure to Taiwan and Hong Kong held region, the U.K. (+37%) and Canada
back the fund's relative result. (+35%) led the way. Europe ex U.K.
(+33%) and Asia Pacific ex Japan (+31%)
• As of April 30, the co-managers remain optimistic, focusing on select also outperformed. Conversely, Japan
growth stocks in China and investments in Hong Kong tied to the (+17%) and emerging markets (+23%)
global reopening theme. lagged. Looking at sectors, energy
(+45%) and financials (+40%) fared best,
followed by information technology and
• On January 30, 2021, Peifang Sun assumed co-management materials (+39% each). In contrast,
responsibilities for the fund, joining Ivan Xie and Stephen Lieu. notable "laggards" included health care
(+13%), consumer staples (+15%) and
utilities (+17%).
Not FDIC Insured • May Lose Value • No Bank Guarantee
PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021
Q&A
An interview with Co-Portfolio
Managers Ivan Xie, Stephen Lieu and
Peifang Sun
Stephen Lieu Ivan Xie Peifang Sun
Co-Manager Co-Manager Co-Manager Q: Ivan, how did the fund perform for the six
months ending April 30, 2021
Fund Facts I.X. The fund's Retail Class shares gained 20.19%,
Trading Symbol: FHKCX comfortably ahead of the 16.73% advance of the benchmark,
the MSCI Golden Dragon Index. The fund outpaced its peer
Start Date: November 01, 1995 group average by a similar margin.
Size (in millions): $2,484.48 Looking a bit longer term, the fund advanced 59.37% for the
trailing 12 months, considerably better than both the
benchmark and the peer average.
Q: What was noteworthy about the investment
Investment Approach backdrop the past six months
• Fidelity® China Region Fund is a regional equity fund
that seeks long-term growth of capital by investing I.X. Driven by favorable COVID-19 vaccine news and hopes
primarily in the common stocks of companies located, or for accelerating global economic growth, stocks in the China
with primary operations, in Hong Kong, Taiwan or China. region posted a healthy gain the past six months.
• We employ an actively managed investment strategy At the end of 2020, a coronavirus vaccine from state-owned
emphasizing diligent bottom-up stock selection and drugmaker Sinopharm received conditional approval for
focused portfolio construction. We believe that in-depth, general use, and in February, a vaccine from Sinovac Biotech
independent fundamental research can provide was approved.
differentiated insights that help develop our best ideas.
Both vaccines, as well as a third candidate from Sinopharm,
• The fund pursues a two-pronged approach: Seek growth
had already been granted emergency-use status and were
at a reasonable price in core holdings and
opportunistically invest in cyclically depressed stocks part of China's vaccination program, which mainly targeted
and/or turnaround stories with attractive risk-reward. groups at higher risk of infection.
• Fundamentals, valuation and risk-reward are the heart of Mainland China's stock market considerably lagged those of
our buy discipline. In general, we invest the core of the Taiwan and Hong Kong amid China's tighter monetary policy
portfolio in firms with high and sustainable rates of and aggressive regulation of internet companies. Although
organic growth that are well-positioned among industry Beijing kept its benchmark lending rate unchanged during
peers. We favor strong or improving balance sheets and the period, it employed other policies to tamp down the risk
reasonable valuation relative to growth potential. of overheating in the nation's manufacturing-heavy recovery.
• Our investment team works together to identify
attractive opportunity sets, fully leveraging Fidelity's Q: How did you and your co-managers respond
global research capabilities.
to these developments
I.X. Our goal is to buy high-quality growth stocks at
reasonable valuations and cyclical stocks at cheap valuations
– mainly in China, Taiwan and Hong Kong – relying on our
bottom-up, fundamental investment approach.
In the second half of 2020, we could see that many stocks in
the growth bucket were getting relatively pricey, so at the
margin, we began taking profits on some of these positions
and reallocating the capital into cyclical shares. Later in the
2 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021
period, we saw some opportunities to add to our At the stock level, underweighting Taiwan Semiconductor
semiconductor exposure. Manufacturing (+44%) for most of the period worked against
us. We wanted to own more of the stock, but diversification
This process continued throughout the reporting period, and
requirements prevented us from doing so, given the
by the end of April we had reached what we considered the
portfolio as it was constructed at that time. After making
upper range of the fund's cyclical exposure, at roughly 30%.
some adjustments, however, we were able to purchase more
The rest of the portfolio remained in what we considered
Taiwan Semiconductor shares by April 30.
promising longer-term growth stocks. Typically, the fund
carries a mix of about 75% higher-quality, structural growth Taiwan Semi is a global leader in the manufacturing of
stocks and 25% opportunistic cyclical names. semiconductors, which we believe are set to have multiple
growth drivers over the coming decade, including the rollout
Q: Turning to you, Stephen, what helped of the 5G wireless communications network, the internet of
things and artificial intelligence.
performance versus the benchmark
Overweighting Guangzhou Automobile Group (-17%) also
S.L. Security selection and an overweighting in the
detracted. Because this company is a traditional automaker
information technology sector meaningfully contributed to
that's expanding into electric vehicles (EVs), we found its
the fund's performance versus its benchmark, along with
shares to be less expensive than pure-play EV stocks.
investment choices among consumer discretionary stocks
However, during the period, relative market weakness in
and positioning in materials.
China, coupled with a sell-off in EV stocks, depressed the
Geographically, stock picking and an underweighting in the share price of this company.
lagging China market provided a noteworthy boost. Out-of-
Lastly, Ivan and I would like to welcome Peifang Sun to the
benchmark exposure to South Korea, the U.S. and Europe ex
fund. She has been a constant presence in our research
U.K. also helped on a relative basis.
efforts in Hong Kong since joining Fidelity in 2009, and we
Looking at individual names, the top relative contributor was have the utmost confidence in her capabilities.
Canaan, a China-based manufacturer of ASIC (application-
specific integrated circuit) microprocessor solutions for use in Q: Peifang, please tell us about yourself and
mining the Bitcoin cryptocurrency. Canaan's shares, which
your outlook for the China region as of April 30.
were extremely volatile during the period, posted a 449%
gain for our non-benchmark position, riding a bull market in
P.S. Having worked for more than a decade as an analyst
Bitcoin that took the crypto's price from roughly $13,000 to
supporting Ivan, Stephen and other portfolio managers
about $56,000 the past six months.
based in Hong Kong, I am very familiar with how they work
Canaan's share price struggled out of the gate following the and fully support their investment philosophy. I've done in-
stock's initial public offering in November 2019. After depth work on many groups, including Asia-Pacific
familiarizing ourselves with the company, we were able to insurance, transportation, utilities, renewables, internet and
build a position at relatively low prices. We used the stock's Greater China consumer industries. Moreover, Ivan and
rally to book some profits but maintained a stake in Canaan Stephen have included me in every investment decision
at period end. since I joined the fund in January. As a result, we expect this
transition to be seamless.
Overweighting Bilibili (+148%) also added significant value
this period. The China-based online video-sharing platform We remain optimistic about opportunities in the region. In
continued to grow and expand beyond its gen-Z and China, select growth stocks have sold down and are
millennial user base. approaching attractive levels, while Hong Kong offers
intriguing investments tied to the global reopening theme, in
In February, the company reported a 91% increase in net
our view. We see favorable revenue and earnings
revenue for the fourth quarter of 2020 versus the same
comparisons for many companies in Hong Kong, which we
period a year earlier. Revenue came from a mix of mobile
think are in the process of recovering from a string of
games, value-added services, advertising and e-commerce.
protests beginning in 2019 and last year's COVID-19
At period end, we thought the company might eventually
economic shutdowns. ■
develop along the lines of YouTube in the U.S.
Q: How about detractors
S.L. Security selection in industrials and positioning in
financials detracted this period, as did a cash position
averaging about 3%. Regionally, underweighted exposure to
Taiwan and Hong Kong held back the fund's relative result.
3 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021
LARGEST CONTRIBUTORS VS. BENCHMARK
Average Relative
The co-managers on opportunities Holding Market Segment
Relative Contribution
Weight (basis points)*
due to China's underperformance: Information
Canaan, Inc. ADR 0.88% 170
Technology
"The MSCI China Index meaningfully Communication
Bilibili, Inc. ADR 1.86% 148
underperformed its index peers in Taiwan, Hong Services
Kong and the U.S. for the six-month reporting Akeso, Inc. Health Care 1.24% 96
period. We believe the divergence in central bank Samsung Electronics Information
2.31% 72
monetary policies is one of the key drivers. Co. Ltd. Technology
Information
"While major central banks outside of China have SK Hynix, Inc.
Technology
1.34% 71
stayed extremely accommodative to support
* 1 basis point = 0.01%.
economic recovery from COVID-19, the People's
Bank of China, the nation's central bank, has started
incrementally tightening its monetary policy to
contain the economy's overall leverage. LARGEST DETRACTORS VS. BENCHMARK
"Total social financing, a broad measure of credit Average Relative
and liquidity in China's economy, slowed to 11.7% Relative Contribution
year over year in April 2021, its slowest pace since Holding Market Segment Weight (basis points)*
April 2020. Taiwan Semiconductor Information
-0.89% -83
Manufacturing Co. Ltd. Technology
"With this macroeconomic backdrop in mind, we
Guangzhou
continue to focus on bottom-up analysis to discover Consumer
Automobile Group Co. 1.38% -55
dislocations between long-term growth potential Discretionary
Ltd. (H Shares)
and stock prices. DouYu International Communication
0.62% -50
Holdings Ltd. ADR Services
"Given the recent lagging performance of China,
especially in the category of long-duration growth Communication
Tencent Holdings Ltd. -2.01% -37
Services
stocks, we've found reasonable stock valuations and
Baidu.com, Inc. Communication
improved risk-reward profiles in this category. -1.24% -36
sponsored ADR Services
"We are excited about these opportunities, and we * 1 basis point = 0.01%.
will continue to try to take advantage of market
volatility to capture the long-term secular growth
opportunities in the market."
4 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021
ASSET ALLOCATION
Relative Change
From Six Months
Asset Class Portfolio Weight Index Weight Relative Weight Ago
International Equities 96.17% 100.00% -3.83% 1.08%
Emerging Markets 92.34% 100.00% -7.66% 1.44%
Developed Markets 3.83% 0.00% 3.83% -0.36%
Tax-Advantaged Domiciles 0.00% 0.00% 0.00% 0.00%
Domestic Equities 2.08% 0.00% 2.08% -0.61%
Bonds 0.00% 0.00% 0.00% 0.00%
Cash & Net Other Assets 1.75% 0.00% 1.75% -0.47%
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 of
the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future
settlement, Net Other Assets can be a negative number.
"Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation.
COUNTRY DIVERSIFICATION
Relative Change
From Six Months
Country Portfolio Weight Index Weight Relative Weight Ago
China 57.70% 63.76% -6.06% -4.64%
Taiwan 18.99% 24.72% -5.73% 3.42%
Hong Kong 7.20% 11.52% -4.32% -0.37%
South Africa 4.98% -- 4.98% 4.98%
Korea (South) 3.48% -- 3.48% -1.14%
United States 2.08% -- 2.08% -0.61%
Switzerland 1.12% -- 1.12% -0.44%
France 1.03% -- 1.03% 1.03%
Other Countries 1.68% N/A N/A N/A
Cash & Net Other Assets 1.74% 0.00% 1.74% -1.27%
5 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021
10 LARGEST HOLDINGS
Portfolio Weight
Market Segment Portfolio Weight
Holding Six Months Ago
Alibaba Group Holding Ltd. sponsored ADR Consumer Discretionary 12.85% 13.54%
Taiwan Semiconductor Manufacturing Co. Ltd. Information Technology 11.99% 6.41%
Tencent Holdings Ltd. Communication Services 5.10% 13.95%
Naspers Ltd. Class N Consumer Discretionary 4.98% --
AIA Group Ltd. Financials 3.82% 3.54%
MediaTek, Inc. Information Technology 2.40% 1.96%
Bilibili, Inc. ADR Communication Services 2.22% 1.31%
Pinduoduo, Inc. ADR Consumer Discretionary 1.83% 1.23%
Meituan Class B Consumer Discretionary 1.81% 2.11%
China Construction Bank Corp. (H Shares) Financials 1.78% 2.27%
10 Largest Holdings as a % of Net Assets 48.77% 48.78%
Total Number of Holdings 97 91
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
Relative Change
From Six Months
Market Segment Portfolio Weight Index Weight Relative Weight Ago
Consumer Discretionary 32.36% 23.03% 9.33% 9.04%
Information Technology 25.58% 22.24% 3.34% -0.17%
Financials 9.25% 16.95% -7.70% -1.77%
Communication Services 9.22% 13.77% -4.55% -6.68%
Health Care 5.34% 4.72% 0.62% -1.37%
Industrials 4.92% 5.06% -0.14% 1.25%
Materials 4.14% 2.97% 1.17% -0.69%
Real Estate 3.57% 4.73% -1.16% -0.14%
Consumer Staples 2.46% 3.50% -1.04% 0.77%
Utilities 0.76% 2.22% -1.46% -0.17%
Energy 0.66% 0.83% -0.17% 0.40%
Other 0.00% 0.00% 0.00% 0.00%
6 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021
FISCAL PERFORMANCE SUMMARY: Cumulative Annualized
Periods ending April 30, 2021 6 1 3 5 10 Year/
Month YTD Year Year Year LOF1
Fidelity China Region Fund
20.19% 5.98% 59.37% 20.38% 22.64% 11.21%
Gross Expense Ratio: 0.93%2
MSCI Golden Dragon Net MA Index 16.73% 6.10% 45.00% 12.13% 17.25% 8.33%
Fidelity China Region Fund Linked Index 16.73% 6.10% 45.00% 12.13% 17.25% 8.33%
Morningstar Fund China Region 17.29% 4.08% 48.95% 11.32% 15.00% 6.36%
% Rank in Morningstar Category (1% = Best) -- -- 25% 11% 8% 5%
# of Funds in Morningstar Category -- -- 115 85 73 53
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 11/01/1995.
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 a
gain 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.
7 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021
Definitions and Important Information 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
Information provided in this document is for informational and
prospectus for the most up-to-date information concerning
educational purposes only. To the extent any investment information
applicable loads, fees and expenses.
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 % Rank in Morningstar Category is the fund's total-return
not intended to be used as a primary basis for you or your client's percentile rank relative to all funds that have the same Morningstar
investment decisions. Fidelity, and its representatives may have a Category. The highest (or most favorable) percentile rank is 1 and
conflict of interest in the products or services mentioned in this the lowest (or least favorable) percentile rank is 100. The top-
material because they have a financial interest in, and receive performing fund in a category will always receive a rank of 1%. %
compensation, directly or indirectly, in connection with the Rank in Morningstar Category is based on total returns which
management, distribution and/or servicing of these products or include reinvested dividends and capital gains, if any, and exclude
services including Fidelity funds, certain third-party funds and sales charges. Multiple share classes of a fund have a common
products, and certain investment services. portfolio but impose different expense structures.
FUND RISKS
RELATIVE WEIGHTS
Stock markets, especially foreign markets, are volatile and can
decline significantly in response to adverse issuer, political, Relative weights represents the % of fund assets in a particular
regulatory, market, or economic developments. Foreign securities market segment, asset class or credit quality relative to the
are subject to interest rate, currency exchange rate, economic, and benchmark. A positive number represents an overweight, and a
political risks, all of which are magnified in emerging markets. The negative number is an underweight. The fund's benchmark is listed
risks are particularly significant for funds that focus on a single immediately under the fund name in the Performance Summary.
country or region.
IMPORTANT FUND INFORMATION
Relative positioning data presented in this commentary is based on
the fund's primary benchmark (index) unless a secondary benchmark
is provided to assess performance.
INDICES
It is not possible to invest directly in an index. All indices represented
are unmanaged. All indices include reinvestment of dividends and
interest income unless otherwise noted.
Fidelity China Region Fund Linked Index represents the
performance of the MSCI Golden Dragon Index since June 1, 2007,
and the MSCI Golden Dragon Plus Index prior to that date.
MSCI Golden Dragon Net MA Index is a market capitalization-
weighted index designed to represent the performance of the equity
markets of Hong Kong, Taiwan, and China.
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 developed and
emerging markets, excluding the United States.
MARKET-SEGMENT WEIGHTS
Market-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
© 2021 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
8 |PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021
In this role, Ms. Sun is responsible for covering the Great China
Manager Facts Consumer industries. In addition, Ms. Sun co-manages Fidelity
China Region Fund.
Stephen Lieu is a portfolio manager in the Equity division at
Fidelity Investments. Fidelity Investments is a leading provider of Prior to assuming her current role, she covered Asia-Pacific
investment management, retirement planning, portfolio insurance, transportation, utilities, renewables, and internet
guidance, brokerage, benefits outsourcing, and other financial industries.
products and services to institutions, financial intermediaries,
and individuals. Prior to joining Fidelity in 2008, Ms. Sun was a deputy
representative at Hannover Re Shanghai Representative Office
In this role, Mr. Lieu is co-manager of Fidelity and Fidelity from 2004 to 2007. Previously, she worked as a senior
Advisor China Region Fund. associate/associate in Assurance and Business Advisory at
PricewaterhouseCoopers from 2000 to 2004. She has been in
Prior to assuming this role, Mr. Lieu was a research analyst the financial industry since 2000.
responsible for covering Asian technology stocks and Chinese
consumer stocks. Ms. Sun earned her bachelor of international finance degree
from Shanghai Jiao Tong University and her master of business
Prior to joining Fidelity in 2013, Mr. Lieu was an investment administration degree from New York University's Stern School
associate at Deutsche Bank's DB Masdar Clean Tech Fund. of Business. She is also a CFA® charterholder.
Before that, he worked in the investment banking divisions of
Greenhill & Co and UBS. He has been in the financial industry
since 2008.
Mr. Lieu earned his bachelor of science in finance and
accounting from The Wharton School of the University of
Pennsylvania and his master of business administration from
Columbia Business School.
Ivan Xie is a portfolio manager in the Equity division of 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 more than 26 million individuals,
institutions and financial intermediaries.
In this role, Mr. Xie co-manages Fidelity and Fidelity Advisor
China Region Fund.
Previously, Mr. Xie was a research analyst responsible for
covering the Southeast Asian financials, Indonesia consumers,
and Great China materials sectors. Prior to joining Fidelity in
2010, Mr. Xie worked as an investment associate with Bain
Capital. Previously, Mr. Xie was a consulting associate at
McKinsey & Company. He has been in the financial industry
since 2008.
Mr. Xie earned his minor degree in management science and
engineering from Stanford University, his bachelor of science
degree in computer science from National University of
Singapore, and his master of business administration degree
from The Wharton School of the University of Pennsylvania.
Peifang Sun is an equity research analyst and portfolio manager
in the Equity division 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, financial intermediaries, and individuals.
9 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PERFORMANCE SUMMARY: Annualized
Quarter ending March 31, 2021 1 3 5 10 Year/
Year Year Year LOF1
Fidelity China Region Fund
75.10% 19.18% 22.17% 11.68%
Gross Expense Ratio: 0.93%2
1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 11/01/1995.
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 a
gain 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 Information included on this page is as of the most recent calendar
the investment objectives, risks, charges, and expenses. For quarter.
this and other information, call or write Fidelity for a free S&P 500 is a registered service mark of Standard & Poor's Financial
prospectus or, if available, a summary prospectus. Read it Services LLC.
carefully before you invest. Other third-party marks appearing herein are the property of their
respective owners.
Past performance is no guarantee of future results.
All other marks appearing herein are registered or unregistered
Views expressed are through the end of the period stated and do not trademarks or service marks of FMR LLC or an affiliated company.
necessarily represent the views of Fidelity. Views are subject to change at
Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street,
any time based upon market or other conditions and Fidelity disclaims any
Smithfield, RI 02917.
responsibility to update such views. These views may not be relied on as
investment advice and, because investment decisions for a Fidelity fund Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI
are based on numerous factors, may not be relied on as an indication of 02917.
trading intent on behalf of any Fidelity fund. The securities mentioned are © 2021 FMR LLC. All rights reserved.
not necessarily holdings invested in by the portfolio manager(s) or FMR Not NCUA or NCUSIF insured. May lose value. No credit union guarantee.
LLC. References to specific company securities should not be construed
727718.13.0
as recommendations or investment advice.
Diversification does not ensure a profit or guarantee against a loss.You can also read
