12
Your CUSIP Results are as follows: PAUL JAMES (CC RF-0522-1392) Fidelity Emerging Markets Discovery Fund Symbol: FEDDX CUSIP: 31618H549 Fund Number: Inception Date: 11/1/2001 Net Assets: $81,300,000.00 as of 9/30/2016 Portfolio Assets: $81,300,000.00 as of 9/30/2016 A little about the Fund: Focus on investing in smaller capitalization companies exposed to secular growth trends of ascendant emerging market domestic economies. Normally investing at least 80% of assets in securities of issuers in emerging markets (countries that have anemerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets with similar emerging characteristics) and other investments that are tied economically toemerging markets. Normally investing primarily in common stocks. Investing in either "growth" stocks or "value" stocks or both. Allocating investments across different emerging market countries. Using fundamental analysis of factors such as each issuer'sfinancial condition and industry position, as well as market and economic conditions to select investments.

assets in securities of issuers in emerging markets ... … · The MSCI Emerging Markets Index essentially broke even. Following an October surge, largely driven by the U.S. Federal

  • Upload
    others

  • View
    0

  • Download
    0

Embed Size (px)

Citation preview

Page 1: assets in securities of issuers in emerging markets ... … · The MSCI Emerging Markets Index essentially broke even. Following an October surge, largely driven by the U.S. Federal

Your CUSIP Results are as follows: PAUL JAMES (CC RF-0522-1392) Fidelity Emerging Markets Discovery Fund Symbol: FEDDX CUSIP: 31618H549 Fund Number: Inception Date: 11/1/2001 Net Assets: $81,300,000.00 as of

9/30/2016 Portfolio Assets: $81,300,000.00 as of

9/30/2016 A little about the Fund: Focus on investing in smaller capitalization companies exposed to secular growth trends of ascendant emerging market domestic economies. Normally investing at least 80% of assets in securities of issuers in emerging markets (countries that have anemerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets with similar emerging characteristics) and other investments that are tied economically toemerging markets. Normally investing primarily in common stocks. Investing in either "growth" stocks or "value" stocks or both. Allocating investments across different emerging market countries. Using fundamental analysis of factors such as each issuer'sfinancial condition and industry position, as well as market and economic conditions to select investments.

Page 2: assets in securities of issuers in emerging markets ... … · The MSCI Emerging Markets Index essentially broke even. Following an October surge, largely driven by the U.S. Federal
Page 3: assets in securities of issuers in emerging markets ... … · The MSCI Emerging Markets Index essentially broke even. Following an October surge, largely driven by the U.S. Federal

aiHH

l! ue:!

m rm

aE.m ::{ }; I "i

a

:I r+

E< E'

"?in=F-I

qg';

Hffill :.1 5ll fE5l f .'r:lo. floa l:na !.4 D.- VPi= tEF = ls=,E "O=-? O +{e ' O=m lrn '!lm mi & 3 tu:3 i€ i,i PE :E :P3E yPUl 6 9!;= 'lec = !,." = ):o=l! Eif rj !i 0r :;0r* r! :+ ! = -; 7a i; *D .n 4 ;n oii r tu iii .) ni ;o iaa6:

5 nE 5 ."d = i,E(t+e*la+

O

enHH

HH

fiqm?E

0

An

88a-q?Eta3P $I iiJ BT EJ SJ EJ E]s= tj= 3= 3= Y= e: 3-_ 3-. SgSS?9.E

Dr Or Or P: O r P-. P:9o gtu 9r 30, 2b gry 9c"r- -a- a _ :r-

{+- {iox a !1 an@ ai3 tg ht Ii Bg AgEi ti t: ' E: u-,- *iL{ E< t5 }5 tss 85sE sE 9- s- sE g-!l !! gr !1 !I ql

Po+--a:tr{, Pr L u-, U,:, NC Sp Bp!E 3]. il .l .?I *L. 'j\ Be,866G666ii, ,.i,i El,

6= E. E= *r i= h= k=,]^ ,:.- i:- i,o dlci n^ 60l]- ,1 = l}a n= n- d- 'l-e*

7, u. A@ La A!1 aro a.a '-b

!)l 'ff if !.1 f i1 tl lla+ 9.) g s g:! g: s.t g'?

u=

qorg-

==oJ

a(I

(

ro5

C:

call

=zF

zZ;zFzz;z

Page 4: assets in securities of issuers in emerging markets ... … · The MSCI Emerging Markets Index essentially broke even. Following an October surge, largely driven by the U.S. Federal

.11

mEEx=a

JT\)(x@

\I

.TdsE .'.1 (I=o(,

oobboo

=o!o0'38i?9ErilEdind-n@=

le oo jo D> \o- z3 Ya{ E! }LJ '1-.<iD+\-+

=o{x

^l r:' L,q;:(o o'='(o

!,

oox

oobo

Page 5: assets in securities of issuers in emerging markets ... … · The MSCI Emerging Markets Index essentially broke even. Following an October surge, largely driven by the U.S. Federal
Page 6: assets in securities of issuers in emerging markets ... … · The MSCI Emerging Markets Index essentially broke even. Following an October surge, largely driven by the U.S. Federal

10/30/16, 11:10 AMFEDDX Analysis - Fidelity ® Emerging Markets Discovery Fund | Fidelity Investments

Page 1 of 3https://fundresearch.fidelity.com/mutual-funds/analysis/31618H549#Tim%20Gannon

Home » Research » Mutual Funds » NEW Generate Monthly Fact Sheet Prospectus & Reports Email Share A A A

Fidelity® Emerging Markets Discovery FundFEDDX No Transaction Fee 1 Add to Watch List Compare

Portfolio Manager Q&A Chairman's Message Investment Approach

Fund Managers

Tim Gannon

Gregory Lee

APRIL 30, 2016 View as PDF

View All Tabs

Fidelity® Emerging Markets Discovery Fund: Portfolio Manager Q&A

Q&A

An interview with Co-Portfolio Managers Greg Lee and Tim Gannon

Greg, how did the fund perform for the six months ending April 30,2016?

Would you please describe the fund's management structure?

What can you tell us about the energy and industrials subportfolios you manage?

What else contributed to relative performance?

What other stocks helped?

Tim, how did your strategy influence results in the sleeves you manage?

Would you highlight some of your investments?

Greg Lee on the industrials subportfolio:

"The sleeve benefited from an overweighting in Latin America, which significantly outpaced the broader emerging-marketsbenchmark. This outperformance was driven primarily by positive political developments in Brazil, which led to strong localmarket performance, as well as an appreciating currency.

"This positive was compounded by the sleeve's ownership of firms with particularly depressed valuations relative to the qualityof their underlying businesses, such as major fund contributors Mills Estruturas e Servicos, Smiles, Tegma Gestao Logistica,and Copa Holdings. Another big contributor was Aselsan, a Turkish defense company that performed well on the back of goodearnings results and an improving outlook for key Turkish defense programs.

"Turning to detractors, Global Ports Investments, a Russian container port operator, underperformed due to challengingeconomic conditions in Russia. However, Global Ports remained a core holding because I thought the firm had a strongcompetitive position in a structurally attractive industry with good long-term growth drivers, and its stock was trading at a verycheap valuation. Another laggard was Alliance Global, a Filipino conglomerate that underperformed due to poor earningsresults. Execution and competition have been problems for two of the company's main subsidiaries. That said, I thought thesebusinesses, as well as the stock's valuation, remained attractive, so I held our position here."

Key Takeaways

For the six months ending April 30, 2016, the fund's share classes (excluding sales charges, if applicable) returned justunder 2% and outperformed the benchmark MSCI Emerging Markets SMID Cap Index.

Security selection drove the fund's performance versus the benchmark, as stock picking in eight of the fund's 10 sectorsleeves was positive.

From a geographic perspective, investments in Hong Kong, as well as in Canada-based firms with emerging-marketsexposure, proved helpful. However, choices in in South Korea hurt versus the benchmark.

My Mutual Funds

Find a mutual fund

Search by Fund Name, Fund Symbol,Fund Family, or Top 10 Holding

Go

Similar FundsMorningstar Category: DiversifiedEmerging Mkts

Fund Related Information

Portfolio Manager Q&A

Chairman's Message

Investment Approach

In order to view funds in your portfolio,you must first log in . Please note thisfeature requires that you have a specifictype of Fidelity account, such as abrokerage account, IRA, or other non-workplace account.

CUSTOMERSERVICE

OPEN ANACCOUNT

WHYFIDELITY

REFER AFRIEND

LOGIN

Search or get a quote Search Site

Summary Performance & Risk Ratings Composition Fees and Distributions Commentary

Accounts & Trade News & Insights Research Guidance & Retirement Investment Products

Page 7: assets in securities of issuers in emerging markets ... … · The MSCI Emerging Markets Index essentially broke even. Following an October surge, largely driven by the U.S. Federal

10/30/16, 11:10 AMFEDDX Analysis - Fidelity ® Emerging Markets Discovery Fund | Fidelity Investments

Page 2 of 3https://fundresearch.fidelity.com/mutual-funds/analysis/31618H549#Tim%20Gannon

Picks in consumer discretionary, industrials, financials and information technology lifted performance most, whereas stockselection in health care and consumer staples dragged on relative results.

At period end, Co-Portfolio Managers Tim Gannon and Greg Lee maintain that a disciplined portfolio-constructionframework should help the fund in its pursuit of consistent risk-adjusted relative returns over the long run.

MARKET RECAP

Despite a robust second-half rally, international equities declined for the six months ending April 30, 2016. The major-marketMSCI World ex USA Index returned -2.08%, with resource-rich Canada (+8%) and Asia Pacific ex Japan (+4%) the onlyregions to post a positive result. The MSCI Emerging Markets Index essentially broke even. Following an October surge,largely driven by the U.S. Federal Reserve's decision to delay raising target interest rates until mid-December, investors facednew-year news of an economic slowdown in China, coupled with persistent commodity weakness and U.S.-dollar strength. Avolatile February saw central banks in Europe, Japan and China take aggressive action aimed at reigniting their economies;the Fed added fuel by softening its schedule for future rate hikes. Stocks rallied over the final third of the period, capping thestrongest two-month gain since early 2012. Within developed markets, small-cap stocks handily outpaced large-caps, andgrowth bettered value-oriented stocks. Volatility and falling bond yields aided traditionally defensive and dividend-rich sectors,notably telecommunication services, utilities and consumer staples. Rebounding commodity prices powered an impressiveturnaround in energy and materials near period end – leading both into the black – with pronounced effects in resource-heavyemerging markets.

FISCAL PERFORMANCE SUMMARY

Periods ending APRIL 30, 2016

Cumulative Annualized

6 Month YTD 1 Year 3 Year 5 Year 10 Year/LOF1

Fidelity Emerging Markets Discovery Fund GrossExpense Ratio: 1.56%2

1.99% 5.71% -11.69% -3.26% -- 3.79%

MSCI Emerging Market Small Mid Cap (TR) 0.24% 4.50% -16.01% -3.27% -3.66% 1.17%

Morningstar Diversified Emerging Mkts -0.26% 5.03% -15.37% -4.55% -4.31% --

% Rank in Morningstar Category (1% = Best) -- -- 19% 27% -- --

# of Funds in Morningstar Category -- -- 847 584 408 --

1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 11/01/2011.2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during thatfiscal year. This fund has a short term trading fee – 2.00% for shares held less than 90 days.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 (ifmulticlass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learnmore or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, advisor.fidelity.com, or401k.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-recentcalendar-quarter performance.

Portfolio Manager Bios

Tim GannonCO-MANAGER

Tim Gannon is a quantitative analyst at Fidelity Management & Research Company (FMRCo), the investmentadvisor for Fidelity's family of mutual funds. Fidelity Investments is a leading provider of investmentmanagement, retirement planning, portfolio guidance, brokerage, benefits outsourcing and other financialproducts and services to more than 20 million individuals, institutions and financial intermediaries. In this role,he is responsible for building stock selection models, providing portfolio construction guidance, researchinginvestment strategies, and for managing health care and technology portfolios within the Emerging Markets

Stock Selector product.Prior to joining Fidelity in his current role in May 2006, Tim was a quantitative analyst at GartmoreGlobal Investments from 1999 to 2006. During this time, Tim also worked as an assistant portfolio manager. He has been inthe investments industry since 1999.Tim earned his bachelor of arts degree in economics from Duke University. He is also aChartered Financial Analyst (CFA) charterholder.

Page 8: assets in securities of issuers in emerging markets ... … · The MSCI Emerging Markets Index essentially broke even. Following an October surge, largely driven by the U.S. Federal

10/30/16, 11:10 AMFEDDX Analysis - Fidelity ® Emerging Markets Discovery Fund | Fidelity Investments

Page 3 of 3https://fundresearch.fidelity.com/mutual-funds/analysis/31618H549#Tim%20Gannon

Gregory LeeCO-MANAGER

Gregory Lee is a portfolio manager at Fidelity Management & Research Company (FMRCo), the investmentadvisor for Fidelity's family of mutual funds. Fidelity Investments is a leading provider of investmentmanagement, retirement planning, portfolio guidance, brokerage, benefits outsourcing and other financialproducts and services to more than 20 million individuals, institutions and financial intermediaries. In this role,Greg co-manages several global emerging market funds and is responsible for managing the funds'investments in the industrials sector. Prior to assuming his current position in 2012, Greg was an emerging

markets equity analyst from 2010 to 2012 and a U.S. equity analyst from 2007 to 2010. Before joining Fidelity in 2007, Gregworked as an equity research associate at Raymond James & Associates from 2002 to 2005, where he was responsible forcovering stocks in the technology and defense sectors. He has been in the investments industry since 2002.Greg earned hisbachelor of arts degree in economics from the University of Pennsylvania and his master of business administration degreefrom New York University. He is also a Chartered Financial Analyst (CFA) charterholder.

Back to top

The "Mutual Funds" area at the top of each page allows access to mutual fund holdings with individual and joint Fidelity non-retirementaccounts. Individual stock positions, ETFs and 529 funds are not available through this view. For the full list of your holdings visit PortfolioSummary.

Mutual Funds are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as ofthe official market close (typically 4p.m.) and prices are generally available between 5 p.m. and 6p.m.

Watch a brief video to learn about using the new mutual fund library to evaluate funds

1. No Transaction Fee Fidelity funds are available without paying a trading fee to Fidelity or a sales load to the fund. However, the fund may charge ashort-term trading or redemption fee to protect the interests of long-term shareholders of the fund. Shares are subject to the fund's management andoperating expenses. See Expenses & Fees for more information.

Generally, data on Fidelity mutual funds is provided by FMR, LLC, Morningstar ratings and data on non-Fidelity mutual funds is provided byMorningstar, Inc. and data on non-mutual fund products is provided by the product's investment manager, trustee or issuer or the plan sponsor whoseplan is offering the product to participants. Although Fidelity believes the data gathered from these third-party sources is reliable, it does not reviewsuch information and cannot warrant it to be accurate, complete or timely. Fidelity is not responsible for any damages or losses arising from any useof this third-party information.

Before investing, consider the investment objectives, risks, charges and expenses of the fund or annuity and its investmentoptions. Contact Fidelity for a free prospectus and, if available, summary prospectus containing this information. Read itcarefully.

© 1998 - 2016 FMR LLC.All rights reserved.

Terms of Use Privacy Security Site Map

Page 9: assets in securities of issuers in emerging markets ... … · The MSCI Emerging Markets Index essentially broke even. Following an October surge, largely driven by the U.S. Federal

10/30/16, 10:33 AMFEDDX - Fidelity ® Emerging Markets Discovery Fund | Fidelity Investments

Page 1 of 3https://fundresearch.fidelity.com/mutual-funds/summary/31618H549

Home » Research » Mutual Funds » NEW Generate Monthly Fact Sheet Prospectus & Reports Email Share A A A

Fidelity® Emerging Markets Discovery FundFEDDX No Transaction Fee 1 Add to Watch List Compare

Overall Rating

LOW HIGH

Returns

AVG LOW HIGH

Expenses

AVG LOWER HIGHER

Risk of this Category

Fidelity® Emerging Markets Discovery Fund MSCI EM SMID Cap (TR)

Diversified Emerging Mkts

Performance 2 AS OF 9/30/2016

Average Annual Returns

YTD (Daily)* 1 Yr 3 Yr 5 Yr Life

+17.41% +17.69% +2.26% -- +5.68%*AS OF 10/28/2016; Value is cumulative

Hypothetical Growth of $10,000 3, 4 AS OF 9/30/2016; MORNINGSTAR CATEGORY: DIVERSIFIED EMERGING MKTS

Compare Chart | Fund Facts Search

The performance data featured represents past performance, which is no guarantee of futureresults. Investment return and principal value of an investment will fluctuate; therefore, you mayhave a gain or loss when you sell your shares. Current performance may be higher or lower thanthe performance data quoted.

Fund Manager(s) Gregory R Lee since 6/21/2014James J Hayes since 6/21/2014

TOP 10 HOLDINGS

Details

Morningstar Category DiversifiedEmerging Mkts

Fund Inception 11/1/2011

NAV10/28/2016

$12.34

Exp Ratio (Gross)12/30/2015

1.56%($15.60 per $1000)

Exp Ratio (Net)12/30/2015

1.45%($14.50 per $1000)

Redemption Fee 2.00%

Redemption Period 90 days

Minimum to Invest 5 $2,500.00

Turnover Rate4/30/2016

63%

Portfolio Net Assets ($M)9/30/2016

$81.30

Share Class Net Assets($M)9/30/2016

$63.67

12 Month Low-High9/30/2016

$9.35 - $12.49

Top 10 Holdings 6 AS OF 9/30/2016

58.COM INC ADR

MANAPPURAM FINANCE LTD

SMILES SA

TECHTRONIC INDUSTRIES CO LTD

TONG REN TANG TECH CO H

View All Tabs

Morningstar® Snapshot*AS OF 9/30/2016; MORNINGSTAR CATEGORY: DIVERSIFIED EMERGING MKTS

*Data provided by Morningstar.

My Mutual Funds

Find a mutual fund

Search by Fund Name, Fund Symbol,Fund Family, or Top 10 Holding

Go

Similar FundsMorningstar Category: DiversifiedEmerging Mkts

Fund Related Information

Portfolio Manager Q&A

Chairman's Message

Investment Approach

In order to view funds in your portfolio,you must first log in . Please note thisfeature requires that you have a specifictype of Fidelity account, such as abrokerage account, IRA, or other non-workplace account.

CUSTOMERSERVICE

OPEN ANACCOUNT

WHYFIDELITY

REFER AFRIEND

LOGIN

Search or get a quote Search Site

2012 2013 2014 2015 2016

8k

9k

10k

12k

13k

14k

11.05%

YTD 1Y 3Y 5Y 10Y

Summary Performance & Risk Ratings Composition Fees and Distributions Commentary

Accounts & Trade News & Insights Research Guidance & Retirement Investment Products

Page 10: assets in securities of issuers in emerging markets ... … · The MSCI Emerging Markets Index essentially broke even. Following an October surge, largely driven by the U.S. Federal

10/30/16, 10:33 AMFEDDX - Fidelity ® Emerging Markets Discovery Fund | Fidelity Investments

Page 2 of 3https://fundresearch.fidelity.com/mutual-funds/summary/31618H549

Sam Polyak since 6/21/2014Tim M Gannon since 6/21/2014

Fund OverviewObjectiveSeeks capital appreciation.

StrategyFocus on investing in smaller capitalization companies exposed to secular growth trendsof ascendant emerging market domestic economies. Normally investing at least 80% ofassets in securities of issuers in emerging markets (countries that have an emerging stockmarket as defined by MSCI, countries or markets with low- to middle-income economiesas classified by the World Bank, and other countries or markets with similar emergingcharacteristics) and other investments that are tied economically to emerging markets.Normally investing primarily in common stocks. Investing in either "growth" stocks or"value" stocks or both. Allocating investments across different emerging market countries.Using fundamental analysis of factors such as each issuer's financial condition andindustry position, as well as market and economic conditions to select investments.

RiskStock markets, especially foreign markets, are volatile and can decline significantly inresponse to adverse issuer, political, regulatory, market, or economic developments.Foreign securities are subject to interest rate, currency exchange rate, economic, andpolitical risks, all of which are magnified in emerging markets. The securities of smaller,less well-known companies can be more volatile than those of larger companies. The fundmay have additional volatility because it can invest a significant portion of assets insecurities of a small number of individual issuers.

Additional DisclosuresThis description is only intended to provide a brief overview of the mutual fund. Read thefund's prospectus for more detailed information about the fund.

Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, thereturns would have been lower.

QINGDAO HAIER CO LTD A

ADVANTECH CO LTD

AKSA (AKRILIK KIMYA SANAYI)

HUANGSHAN TOURISM DEV CO LTD B

ARCOS DORADOS HOLDINGS INC A

% of Total Portfolio 11.05%

Total # of holdings: 195 as of 9/30/2016Total # of issuers: 182 as of 9/30/2016

Quarter-End Average Annual Total Returns 3, 2 AS OF 9/30/2016; FUND INCEPTION 11/1/2011

EXPENSE RATIO (GROSS): 1.56% AS OF 12/30/2015

1 Yr 3 Yr 5 Yr 10 Yr Life

Before Taxes

Fidelity® Emerging Markets Discovery Fund 17.69% 2.26% -- -- 5.68%

MSCI EM SMID Cap (TR) 13.01% 0.46% 3.96% 5.49% 2.34%

Diversified Emerging Mkts 15.24% -0.36% 3.68% 3.49% --

After Taxes on Distributions

Fidelity® Emerging Markets Discovery Fund 17.82% 2.12% -- -- 5.46%

Diversified Emerging Mkts 13.71% -1.24% 2.93% 2.36% --

After taxes on distributions and sale of fund shares

Fidelity® Emerging Markets Discovery Fund 10.48% 1.89% -- -- 4.51%

Diversified Emerging Mkts 8.18% -0.64% 2.62% 2.66% --

The "Mutual Funds" area at the top of each page allows access to mutual fund holdings with individual and joint Fidelity non-retirementaccounts. Individual stock positions, ETFs and 529 funds are not available through this view. For the full list of your holdings visit PortfolioSummary.

Mutual Funds are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as ofthe official market close (typically 4p.m.) and prices are generally available between 5 p.m. and 6p.m.

Watch a brief video to learn about using the new mutual fund library to evaluate funds

© 2016 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content

Page 11: assets in securities of issuers in emerging markets ... … · The MSCI Emerging Markets Index essentially broke even. Following an October surge, largely driven by the U.S. Federal

10/30/16, 10:33 AMFEDDX - Fidelity ® Emerging Markets Discovery Fund | Fidelity Investments

Page 3 of 3https://fundresearch.fidelity.com/mutual-funds/summary/31618H549

providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its contentproviders are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, forfund performance, you should check the fund's current prospectus or other product materials for the most up-to-date information concerningapplicable loads, fees and expenses.

1. No Transaction Fee Fidelity funds are available without paying a trading fee to Fidelity or a sales load to the fund. However, the fund may charge ashort-term trading or redemption fee to protect the interests of long-term shareholders of the fund. Shares are subject to the fund's management andoperating expenses. See Expenses & Fees for more information.

2. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns arereported as of the period indicated. Life of fund figures are reported as of the commencement date to the period indicated and are cumulative if thefund is less than one year old. Total returns do not reflect the fund's [%] sales charge. If sales charges were included, total returns would have beenlower.

3. The Morningstar Category Average is the average return for the peer group based on the returns of each individual fund within the group, for theperiod shown. This average assumes reinvestment of dividends.

4. This chart illustrates the performance of a hypothetical $10,000 investment made in this investment product (and a benchmark or categoryaverage, if shown) from the beginning date shown or on the inception date of the product (whichever is later). The inception date used for productswith underlying funds, or multiple shares classes, or are offered as a separate account, strategy or sub account, may be the inception date of theunderlying fund, the earliest share class of the product, or the date composite performance for the product was first made available. The product'sreturns may not reflect all its expenses. Any fees not reflected would lower the returns. Benchmark returns include reinvestment of capital gains anddividends, if any, but do not reflect any fees or expenses. It is not possible to invest in an index. Past performance is no guarantee of future results.This chart is not intended to imply any future performance of the investment product.

5. Initial minimum investments into group retirement accounts such as Fidelity Simplified Employee Pension-IRA, Keogh, Self-Employed 401(k), andNon-Fidelity Prototype Retirement accounts are $500 or higher. There is no minimum for additional investments in any type of Fidelity fund youalready own.

6. Any holdings, asset allocation, diversification breakdowns or other composition data shown are as of the date indicated and are subject to changeat any time. They may not be representative of the fund's current or future investments. The Top Ten Holdings and Top 5 Issuers do not includemoney market instruments or futures contracts, if any. Depository receipts are normally combined with the underlying security. Some breakdownsmay be intentionally limited to a particular asset class or other subset of the fund's entire portfolio, particularly in multi-asset class funds where theattributes of the equity and fixed income portions are different.

Under the asset allocation section, international (or foreign) assets may be reported differently depending on how an investment option reports itsholdings. Some do not report international (or foreign) holdings here, but instead report them in a "Regional Diversification" section. Some reportthem in this section in addition to the equity, bond and other allocation shown. Others report international (or foreign) holding as a subset of the equityand bond allocations shown. If the allocation without the foreign component equals (or rounds to) 100%, then international (or foreign) is a subset ofthe equity and bond percentage shown.

Generally, data on Fidelity mutual funds is provided by FMR, LLC, Morningstar ratings and data on non-Fidelity mutual funds is provided byMorningstar, Inc. and data on non-mutual fund products is provided by the product's investment manager, trustee or issuer or the plan sponsor whoseplan is offering the product to participants. Although Fidelity believes the data gathered from these third-party sources is reliable, it does not reviewsuch information and cannot warrant it to be accurate, complete or timely. Fidelity is not responsible for any damages or losses arising from any useof this third-party information.

Before investing, consider the investment objectives, risks, charges and expenses of the fund or annuity and its investmentoptions. Contact Fidelity for a free prospectus and, if available, summary prospectus containing this information. Read itcarefully.

© 1998 - 2016 FMR LLC.All rights reserved.

Terms of Use Privacy Security Site Map

Page 12: assets in securities of issuers in emerging markets ... … · The MSCI Emerging Markets Index essentially broke even. Following an October surge, largely driven by the U.S. Federal

10/30/16, 10:41 AMASELSAN | Reliable Technology - HomePage

Page 1 of 1http://www.aselsan.com.tr/en-us/Pages/default.aspx

Geriİleri

News and Announcements

Geri İleri

Careers Shaping New Directions In Technology

A career with continuous personal and educational development opportunity. Apply Now

Technology & Innovation

We lead technology!

Along with the innovations, we are technology pioneers.

ASELSAN is Turkey’s largest R&D center

New Infrared Detector Production Facility For Thermal

Cameras4/9/2014

Signing Agreement8/15/2016