Fidelity International Discovery Fund
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PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021
Fidelity® International Discovery
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 rose 27.14%, trailing the 28.97% advance of the Index) ex USA Index gained 27.51% for
benchmark MSCI EAFE Index. the six months ending April 30, 2021,
with international equities rising amid
improved global economic growth,
• Portfolio Manager Bill Kennedy believes his bottom-up focus on widespread COVID-19 vaccinations, fiscal
revenue and earnings growth at a reasonable price hindered the stimulus in the U.S. and abroad, and
fund's performance relative to the benchmark the past six months, as fresh government spending programs. In
value-oriented sectors and stocks outperformed. addition, foreign securities were
bolstered in part by general U.S.-dollar
• Versus the benchmark, picks among communication services and weakness. The period began with a shift
energy stocks hampered relative performance most. Exposure to in momentum. In November,
emerging markets – which are largely outside the benchmark – as well international stocks shrugged off a two-
as security selection in the U.K. and a small cash position also hurt. month retreat by gaining roughly 13%.
The momentum continued in December,
• The fund's biggest individual detractors this period were non- as positive news on the effectiveness of
benchmark stakes in e-commerce giant Alibaba Group Holding and vaccines provided a notable boost to
videogame company Tencent Holdings, both in China. An international equities. In late December,
as vaccines were approved by
overweighting in Spain-based wireless tower company Cellnex
government regulatory authorities,
Telecom also disappointed.
investors gained more confidence in the
outlook for the global economy. As the
• Conversely, positioning in information technology, notably in the new year began, many economists raised
semiconductor & semiconductor equipment industry, and their expectations for a powerful
underexposure to consumer staples, added value. economic recovery in the U.S. and
elsewhere, as opposed to the sluggish
• From a geographic perspective, an underweighting and a favorable rebound they had been anticipating. By
currency impact in Japan, along with out-of-benchmark exposure to region, the U.K. (+37%) and Canada
the U.S. and Canada aided the portfolio's relative result. (+35%) led the way. Europe ex U.K.
(+33%) and Asia Pacific ex Japan (+31%)
• The most notable individual contributors were overweight holdings in also outperformed. Conversely, Japan
Germany-based car manufacturer Volkswagen and U.K.-listed metals (+17%) and emerging markets (+23%)
and mining stock Anglo American, which operates in South Africa. lagged. Looking at sectors, energy
(+45%) and financials (+40%) fared best,
followed by information technology and
• As of April 30, Bill expects more economically sensitive non-U.S. materials (+39% each). In contrast,
stocks to come back to life. The fund has overweightings in financials notable "laggards" included health care
and industrials, in addition to increased cyclical exposure within the (+13%), consumer staples (+15%) and
consumer discretionary and information technology sectors, through utilities (+17%).
airlines, autos and semiconductors.
Not FDIC Insured • May Lose Value • No Bank GuaranteePORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021
Q&A
An interview with Portfolio Manager
William Kennedy
William Kennedy Q: Bill, how did the fund perform for the six
Portfolio Manager months ending April 30, 2021
The fund's Retail Class shares gained 27.14%, lagging the
Fund Facts 28.97% advance of the benchmark MSCI EAFE Index but
Trading Symbol: FIGRX outpacing the 22.15% increase in the peer group average.
Looking a bit longer term, the fund rose 49.15% for the
Start Date: December 31, 1986
trailing 12 months, versus 40.12% for the benchmark and
Size (in millions): $10,762.53 47.43% for the peer group average.
Q: What factors caused the fund to trail the
benchmark the past six months
Investment Approach Vaccine rollouts prompted expectations that economies
would be able to reopen, triggering renewed interest in
• Fidelity® International Discovery Fund is a diversified
value stocks. A steepening of the U.S. Treasury yield curve –
international equity strategy that seeks capital growth by
which plots the yields of short- to long-term bonds – also
investing primarily in non-U.S. stocks.
aided value stocks. I shifted toward some of these more
• We manage the fund with a long-term view, focusing on economically sensitive investments starting in the fourth
high-quality companies with above-average growth quarter, a move that helped performance, especially versus
prospects that are trading at reasonable prices. the peer group. However, I remained underexposed because
• Layered into this investment framework is a desire to value stocks tend not to fit as well with my focus on what I
own businesses that have stable and high returns on view as higher-quality companies with above-average
capital, durable competitive positions, consistent revenue and earnings-growth prospects over the next three
profitability, solid free-cash-flow generation, good to five years.
balance sheets and management teams whose interests
More specifically, security selection in the communication
are aligned with those of shareholders.
services sector detracted most from relative performance, as
• We strive to uncover these companies through in-depth the shift toward value pressured returns for many growth
fundamental, technical and quantitative analysis, stocks. An underweighting and disappointing security
working in concert with Fidelity's global research team, selection in the market-leading but very cyclical energy
with the goal of producing above-index performance sector also hurt.
over a full market cycle.
Geographically, having a roughly 15%, largely non-
benchmark stake in emerging markets hampered relative
performance; stocks in these developing markets struggled
as COVID-19 spread, notably in India and Brazil. Also,
investors locked in profits in China, which was one of the first
economies to rebound from the pandemic.
Q: Which stocks most hampered relative
performance
Our two biggest detractors were China-based non-
benchmark holdings: e-commerce giant Alibaba Group
Holding and leading videogame company Tencent Holdings.
Government regulators forced Alibaba to pull the initial
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
public offering (IPO) of Ant Group, its digital payments vehicles (EV). When the vaccine news came out, car sales
business. Then the government began investigating the generally picked up, while factory shutdowns during COVID-
company for monopoly practices, fining it $2.8 billion. 19 limited supply. VW was well-positioned to gain against
Despite these headwinds, Alibaba met earnings this backdrop.
expectations. Nonetheless, the stock returned -23% this
period as these events led to worries that future revenue and Q: Which other stocks stood out
earnings growth could slow. Although Alibaba's stock
reached its cheapest level since its 2014 IPO, I believe the An outsized holding in Anglo American, a metals and mining
company still has incredible competitive advantages, given company that trades in the U.K. but is based in South Africa,
its size, scale, and cloud business. helped versus the benchmark. The firm mines copper and
platinum group metals (PGMs), with the latter being in high
Tencent (+5%), which owns the dominant videogame demand due to their use in emission reduction and fuel cells.
platform in China and leading social media site WeChat, also I viewed Anglo American as well-managed with good mines
was caught in regulatory crosshairs. Fears of government and leadership in the consolidated PGM industry. The stock
regulation and profit-taking following the stock's previous rose 83% this period, benefiting from a rise in copper prices
strong run kept a lid on its return. and growing demand as auto sales picked up.
The portfolio's overweighting in M&G also helped. M&G is a
Q: Which other stocks detracted
U.K.-based asset management company that was spun out of
The portfolio's overweighting in Spain-based wireless tower Prudential in 2019, shortly before COVID-19 hit. Early on,
company Cellnex Telecom (-5%) weighed on relative investors didn't know how to value the stock, which was
performance. This high-quality growth firm fell out of investor attractive partly because of its dividend. European banks
favor this period because higher interest rates hurt the value were prohibited from paying dividends during the pandemic,
of its long-term contracts. It's also more defensive and which investors worried could affect M&G's decision to pay.
investors were primarily looking for economic sensitivity. But I knew the company well and thought the stock seemed
Elsewhere, an outsized stake in Japan-based Z Holdings undervalued even if M&G didn't pay a dividend this year.
(formerly Yahoo Japan) detracted as investors locked in Moreover, if that happened, I thought management might
profits and sold growth stocks. Although Z delivered better make up the difference next year. When news broke that
year-over-year revenue and earnings growth and nothing but company would pay its dividend, the stock took off, resulting
great news, its shares returned -33%. in a 67% gain this period. Additionally, the dividend yield
was over 7% at period end.
Elsewhere, the fund's overweighted position in London
Stock Exchange Group (-4%) hampered relative Another standout was Netherlands-based ASML (+80%), an
performance. In March, management announced higher- overweighting that benefited from strong demand for its
than-expected capital and operational costs following the semiconductor equipment due to limited supply and
acquisition of data and analytics company Refinitiv in growing demand for chips. ASML was the fund's biggest
January; that news kept a lid on the stock's return. holding at the end of the reporting period.
Q: What about contributors Q: What's your outlook as of April 30, Bill
Versus the benchmark, security selection and an Generally speaking, I expect more economically sensitive
overweighting in information technology, plus stock picks in parts of the economy to come back to life, which is why the
consumer staples, aided the fund's relative performance. By fund has more of a value and cyclical bias than it did six
geography, our underweighting and a favorable currency months ago. I believe economies will revive as the vaccines
impact in Japan helped. Stock picks in the U.S. and Canada roll out worldwide, helping us return to more normal
also boosted our result. activities. I'm also encouraged because there is so much
fiscal stimulus. Moreover, yield curves are steep, which
The top stock contributor was a larger-than-benchmark stake
usually precedes a good economic recovery. Lastly, there are
in German auto manufacturer Volkswagen, which rose 79%
widespread shortages of goods and services. While supply
this period. The stock had been under pressure following the
bottlenecks are inflationary, I think they will start to ease as
company's 2015 "dieselgate" scandal that showed VW had
people get back to work.
been falsifying emissions data for its cars. More broadly, auto
stocks were depressed during the lockdowns because few Given this backdrop, the fund has a cyclical tilt at period end,
people were buying cars. I initiated a position in VW last with overweightings in financials and industrials, as well as a
summer; the valuation looked attractive and I expected bias toward the more cyclical segments of the consumer
improved revenue and earnings, given that the company was discretionary and technology sectors. ■
under new management and investing heavily in electric
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
Bill Kennedy on following the money: Holding Market Segment
Relative Contribution
Weight (basis points)*
Consumer
"In 2021, we've seen a massive shift in relative Volkswagen AG
Discretionary
0.83% 32
earnings. During the height of the COVID-19 crisis
Anglo American PLC
last year, the best relative earnings growth came Materials 0.82% 32
(United Kingdom)
from companies that could support work from home M&G PLC Financials 0.81% 26
during the lockdowns – including cloud computing,
ASML Holding NV Information
e-commerce and online food delivery businesses. 0.61% 26
(Netherlands) Technology
Those types of firms still have good earnings Zai Lab Ltd. Health Care 0.35% 25
outlooks. But in 2021, following widespread vaccine
* 1 basis point = 0.01%.
rollouts, we've started to see a big snapback in
more cyclical parts of the economy that had been
ignored when no one was traveling or buying cars,
for example. I believe that bodes well for sectors LARGEST DETRACTORS VS. BENCHMARK
that lagged in 2020, namely industrials, materials,
energy and financials. Average Relative
Relative Contribution
"Going forward, I'm looking for companies with very Holding Market Segment Weight (basis points)*
strong revenue growth and demand that will allow Alibaba Group Consumer
0.78% -58
them to price their way through a period of cost Holding Ltd. Discretionary
pressures related to supply shortages and Communication
Tencent Holdings Ltd. 1.18% -41
bottlenecks. I'm also targeting businesses that likely Services
will see big demand recoveries, allowing them to Communication
Cellnex Telecom Sau 0.74% -40
raise prices, if needed, to cover higher costs. Services
Communication
"To put it another way, I want to follow the money. Z Holdings Corp. 0.44% -38
Services
I'm looking for companies with hard assets that are London Stock
in short supply and high demand because those are Financials 0.75% -31
Exchange Group PLC
the firms that can name their price. Accordingly, I'm
* 1 basis point = 0.01%.
focused on more cyclical parts of industrials, such as
Siemens, a factory automation company in
Germany; Assa Abloy, a Swedish company that
manufactures locks, doors, and entry automation
systems; and Airbus, a France-based aircraft
manufacturer. In materials, I own building materials
companies, such as CRH in Ireland; it's the top
supplier of tarmac and pavement in North America.
"I'm also interested in financials. European banks
are trading at significant discounts relative to history
because interest rates have been so low for years
now. Their stock prices reflect returns on equity (a
measure of profitability) that are half of what they
have been historically. If interest rates normalize,
however, the banks will earn better net interest
margins on their loans. Among our bank holdings at
period end are BNP Paribas and Société Generale in
France, and Lloyd's Banking Group in the U.K."
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 95.27% 100.00% -4.73% -0.04%
Developed Markets 82.25% 100.00% -17.75% 2.29%
Emerging Markets 13.02% 0.00% 13.02% -1.98%
Tax-Advantaged Domiciles 0.00% 0.00% 0.00% -0.35%
Domestic Equities 3.46% 0.00% 3.46% 0.62%
Bonds 0.00% 0.00% 0.00% 0.00%
Cash & Net Other Assets 1.27% 0.00% 1.27% -0.58%
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.
MARKET-SEGMENT DIVERSIFICATION
Relative Change
From Six Months
Market Segment Portfolio Weight Index Weight Relative Weight Ago
Financials 21.89% 17.33% 4.56% 3.91%
Industrials 17.90% 15.30% 2.60% 2.30%
Consumer Discretionary 17.08% 12.67% 4.41% 4.34%
Information Technology 14.22% 9.26% 4.96% 0.34%
Health Care 9.52% 11.94% -2.42% -4.07%
Materials 5.46% 8.08% -2.62% 1.45%
Consumer Staples 4.18% 10.31% -6.13% -2.58%
Communication Services 3.87% 5.24% -1.37% -3.90%
Energy 2.62% 3.18% -0.56% 0.74%
Real Estate 1.28% 3.08% -1.80% -1.84%
Utilities 0.71% 3.60% -2.89% -0.11%
Other 0.00% 0.00% 0.00% 0.00%
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
COUNTRY DIVERSIFICATION
Relative Change
From Six Months
Country Portfolio Weight Index Weight Relative Weight Ago
Japan 13.92% 23.80% -9.88% 1.02%
United Kingdom 12.69% 14.48% -1.79% -0.58%
Germany 9.88% 9.50% 0.38% -0.14%
France 9.31% 11.49% -2.18% 0.88%
Switzerland 8.51% 9.23% -0.72% -1.68%
Sweden 4.88% 3.62% 1.26% -0.33%
India 4.43% -- 4.43% 0.23%
China 4.02% -- 4.02% -2.40%
Netherlands 3.71% 4.31% -0.60% 1.74%
United States 3.46% -- 3.46% 0.62%
Ireland 3.25% 0.70% 2.55% 1.67%
Hong Kong 2.20% 3.34% -1.14% -0.10%
Denmark 2.12% 2.48% -0.36% -0.63%
Spain 1.91% 2.49% -0.58% -0.24%
Canada 1.80% -- 1.80% 0.40%
Korea (South) 1.59% -- 1.59% 0.59%
Australia 1.58% 7.16% -5.58% 0.01%
Taiwan 1.58% -- 1.58% 0.53%
Belgium 1.53% 0.97% 0.56% 0.07%
Italy 1.29% 2.45% -1.16% -1.16%
Norway 1.27% 0.63% 0.64% -0.18%
Austria 1.14% 0.19% 0.95% 0.95%
Other Countries 2.81% N/A N/A N/A
Cash & Net Other Assets 1.12% 0.00% 1.12% -0.73%
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
10 LARGEST HOLDINGS
Portfolio Weight
Market Segment Portfolio Weight
Holding Six Months Ago
ASML Holding NV (Netherlands) Information Technology 2.38% 1.65%
Roche Holding AG (participation certificate) Health Care 2.21% 2.76%
Nestle SA (Reg. S) Consumer Staples 2.02% 3.66%
LVMH Moet Hennessy Louis Vuitton SE Consumer Discretionary 1.94% 1.28%
AIA Group Ltd. Financials 1.60% 1.50%
HDFC Bank Ltd. Financials 1.60% 1.64%
Siemens AG Industrials 1.54% 1.30%
Allianz SE Financials 1.42% 1.16%
Housing Development Finance Corp. Ltd. Financials 1.35% 1.32%
Deutsche Post AG Industrials 1.33% 1.26%
10 Largest Holdings as a % of Net Assets 17.41% 18.95%
Total Number of Holdings 187 174
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.
FISCAL PERFORMANCE SUMMARY: Cumulative Annualized
Periods ending April 30, 2021 6 1 3 5 10 Year/
Month YTD Year Year Year LOF1
Fidelity International Discovery Fund
27.14% 6.55% 49.15% 11.19% 11.97% 7.17%
Gross Expense Ratio: 1.02%2
MSCI EAFE Index (Net MA) 28.97% 6.69% 40.12% 6.49% 9.10% 5.40%
Morningstar Fund Foreign Large Growth 22.15% 4.37% 47.43% 12.52% 13.00% 7.48%
% Rank in Morningstar Category (1% = Best) -- -- 39% 55% 59% 48%
# of Funds in Morningstar Category -- -- 441 383 322 225
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 12/31/1986.
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 mutual fund performance, you should check the fund's current
prospectus for the most up-to-date information concerning
applicable loads, fees and expenses.
Information provided in this document is for informational and
educational purposes only. To the extent any investment information % Rank in Morningstar Category is the fund's total-return
in this material is deemed to be a recommendation, it is not meant to percentile rank relative to all funds that have the same Morningstar
be impartial investment advice or advice in a fiduciary capacity and is Category. The highest (or most favorable) percentile rank is 1 and
not intended to be used as a primary basis for you or your client's the lowest (or least favorable) percentile rank is 100. The top-
investment decisions. Fidelity, and its representatives may have a performing fund in a category will always receive a rank of 1%. %
conflict of interest in the products or services mentioned in this Rank in Morningstar Category is based on total returns which
material because they have a financial interest in, and receive include reinvested dividends and capital gains, if any, and exclude
compensation, directly or indirectly, in connection with the sales charges. Multiple share classes of a fund have a common
management, distribution and/or servicing of these products or portfolio but impose different expense structures.
services including Fidelity funds, certain third-party funds and
products, and certain investment services.
RELATIVE WEIGHTS
FUND RISKS Relative weights represents the % of fund assets in a particular
Stock markets, especially foreign markets, are volatile and can market segment, asset class or credit quality relative to the
decline significantly in response to adverse issuer, political, benchmark. A positive number represents an overweight, and a
regulatory, market, or economic developments. Foreign securities negative number is an underweight. The fund's benchmark is listed
are subject to interest rate, currency exchange rate, economic, and immediately under the fund name in the Performance Summary.
political risks, all of which are magnified in emerging markets.
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.
MSCI EAFE Index (Net MA Tax) is a market-capitalization-weighted
index that is designed to measure the investable equity market
performance for global investors in developed markets, excluding
the U.S. & Canada. Index returns are adjusted for tax withholding
rates applicable to U.S. based mutual funds organized as
Massachusetts business trusts.
MSCI ACWI (All Country World Index) ex USA Index is a market
capitalization-weighted index designed to measure the investable equity
market performance for global investors of large- and mid-cap stocks in
developed and emerging markets, excluding the United States.
MARKET-SEGMENT 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
responsible for any damages or losses arising from any use of this
information. Fidelity does not review the Morningstar data and, for
8 |PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021 Manager Facts William Kennedy is a 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. In this role, Mr. Kennedy manages Fidelity International Discovery Fund, Fidelity Advisor International Discovery Fund, Fidelity Worldwide Fund, and Fidelity Advisor Worldwide Fund. Prior to assuming his current responsibilities, Mr. Kennedy managed Fidelity Pacific Basin Fund and Fidelity Advisor Japan Fund. Previously, he served as an assistant portfolio manager and as a research analyst covering investment opportunities in India and the regional power sector. Mr. Kennedy also served as director of equity research in Fidelity's Hong Kong office as well as group leader of the Global Research group. He has been in the financial industry since 1990. Mr. Kennedy earned his bachelor of arts degree in economics from the University of Notre Dame. He is also a CFA® charterholder. 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 September 30, 2021 1 3 5 10 Year/
Year Year Year LOF1
Fidelity International Discovery Fund
26.10% 12.86% 11.71% 10.48%
Gross Expense Ratio: 1.02%2
1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 12/31/1986.
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
706869.17.0
as recommendations or investment advice.
Diversification does not ensure a profit or guarantee against a loss.You can also read
