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Semi-Annual Management Report of Fund Performance September 30, 2019 Fidelity Frontier Emerging Markets Fund

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Page 1: Fidelity Frontier Emerging Markets FundFidelity Frontier Emerging Markets Fund, Series B, returned -6.7%, after fees and expenses, for the six-month period ended September 30, 2019

Semi-Annual Management Report of Fund PerformanceSeptember 30, 2019

Fidelity Frontier Emerging Markets Fund

Page 2: Fidelity Frontier Emerging Markets FundFidelity Frontier Emerging Markets Fund, Series B, returned -6.7%, after fees and expenses, for the six-month period ended September 30, 2019

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. Accordingly, 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 state-ments made by the Fund. Any number of important factors could contribute to these digressions, including, but not limited to, general economic, political and market factors in North America 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.

Page 3: Fidelity Frontier Emerging Markets FundFidelity Frontier Emerging Markets Fund, Series B, returned -6.7%, after fees and expenses, for the six-month period ended September 30, 2019

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Semi-Annual Management Report of Fund Performance as at September 30, 2019Fidelity Frontier Emerging Markets FundThis semi-annual management report of fund performance contains financial highlights but does not contain the complete semi-annual financial statements for the investment fund. You can get a copy of the semi-annual financial statements at your request, and at no cost, by calling 1-800-263-4077, by writing to us at Fidelity Investments, 483 Bay St. Suite 300, Toronto ON M5G 2N7 or by visiting our website at www.fidelity.ca or SEDAR at www.sedar.com.

Securityholders 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 PerformanceResults of OperationsFidelity Frontier Emerging Markets Fund, Series B, returned -6.7%, after fees and expenses, for the six-month period ended September 30, 2019. The net returns of the other series of this Fund are similar to those of Series B, except for differences attributable to expense structures. During the review period, global equities, as represented by the MSCI World Index, returned 3.6% (in Canadian dollar terms).

Market overview

Monetary policy easing and sustained U.S. economic expansion supported global equity markets. Lower interest rates and falling bond yields (interest income from bonds at a given price) resulted in a general preference for higher-quality companies, with sustainability of earnings and attractive dividend yields among the key drivers of gains. Furthermore, the falling cost of capital generally supported a sharp rise in share buybacks and lifted earnings per share (as fewer shares remain in issue for the same amount of earnings). However, the rise in global equi-ties was contained due to escalating trade tensions between the U.S. and its leading trade partners, which triggered fears of a global recession. Many analysts also expected that growth in the U.S. economy could be peaking after a ten-year long expansion. Investors also navigated several geopolitical risk events, such as rising tensions in the Middle East, developments related to Brexit and political turmoil in Italy. European and U.S. equities advanced. While economic indicators weakened, a supportive monetary and fiscal policy framework pushed stock prices higher.

Factors affecting performance:

The Fund’s benchmark, the MSCI Frontier Emerging Markets Index, returned -3.2% for the review period. The Fund underperformed its benchmark, primarily due to a higher-than-benchmark exposure to the consumer discretionary sector. In the sector, investments in Pakistan-based automobile manufacturer Indus Motor Company Limited and Philippines-based fast food restaurant company Jollibee Foods detracted from relative returns. In addition, in the financials sector, a lower-than-benchmark exposure to Egypt-based Commercial International Bank and a lack of exposure to Kuwait-based banking firm Kuwait Finance House detracted from relative returns.

In contrast, positioning in the energy sector contributed to relative performance, with a lack of exposure to Argentina-based petroleum refining company YPF and an investment in Saudi Arabia-based petroleum retail firm ALDREES Petroleum & Transport Services Company contributing to relative returns. In addition, exposure to certain stocks in the communication services sector contributed to relative performance. At the end of the review period, the Fund had no exposure to ALDREES Petroleum & Transport Services Company.

Portfolio changes:

During the review period, the Fund’s exposures to the communication services and financials sectors were increased. In the communication services sector, the portfolio manager initiated a position in Kuwait-based telecommunication services firm Mobile Telecommunication Co and increased the allocation to Kenya-based telecommunication services firm Safaricom. In the financials sector, a position was initiated in Egypt-based Commercial International Bank and exposure was increased to Bahrain-based Ahli United Bank. The portfolio manager believes that these companies have potentially better future growth prospects.

In contrast, exposures to the materials and consumer discretionary sectors were decreased. In the materials sector, the portfolio manager exited positions in Colombia-based conglomerate Grupo Argos and U.K.-based conglomerate Antofagasta plc. In the consumer discretionary sector, exposure was reduced to Philippines-based fast food restaurant company Jollibee Foods Corp, after the portfolio manager found better investment opportunities elsewhere.

Recent DevelopmentsThe portfolio manager of the Fund, Adam Kutas, believes that frontier emerging market countries are where emerging market countries were twenty-five to thirty years ago, with very low penetration of most products and services. These countries are now gaining share in global manufacturing, while equities remain cheap. He believes that fundamentals are mixed for frontier and emerging market countries.

For some countries, such as those in Africa and the Middle East, recovering prices for commodities, especially oil, have had a positive impact on growth. However, this factor has proven to be a drag on South and Southeast Asia, given their minimal commodity exposure. Mr. Kutas favors the cheap, unknown Southeast and South Asian markets, such as Pakistan, Vietnam and Bangladesh. He also prefers markets such as Romania and Sri Lanka, where governments are opening opportunities to private enterprise.

Related Party TransactionsManager and Portfolio Adviser

The Fund is managed by Fidelity Investments Canada ULC (Fidelity). Fidelity is part of a broader collection 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.

Page 4: Fidelity Frontier Emerging Markets FundFidelity Frontier Emerging Markets Fund, Series B, returned -6.7%, after fees and expenses, for the six-month period ended September 30, 2019

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Fidelity Frontier Emerging Markets Fund

Management Discussion of Fund Performance – continued

Fidelity is the portfolio adviser to the Fund and it provides investment advisory services to the Fund. Fidelity has entered into sub-advisory agreements with a number of entities, including FMR Investment Management (UK) Limited to provide investment advice with respect to all or a portion of the investments of the Fund. The sub-advisors arrange for acquisition and disposi-tion 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 $183,000 for the period ended September 30, 2019.

Administration 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 $25,000 for the period ended September 30, 2019.

Brokerage Commissions

The Fund may place a portion of its portfolio transactions with brokerage firms which are affiliates of Fidelity, 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 Investments were less than $500 for the period ended September 30, 2019. 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 Investments, at least once per year.

Page 5: Fidelity Frontier Emerging Markets FundFidelity Frontier Emerging Markets Fund, Series B, returned -6.7%, after fees and expenses, for the six-month period ended September 30, 2019

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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 Frontier Emerging Markets Fund Series A

Six-months ended September 30, Periods ended March 31,

2019 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 16.59 $ 19.61 $ 17.35 $ 15.04 $ 18.06 $ 20.70Increase (decrease) from operations: Total revenue .39 .60 .46 .43 .60 .66Total expenses (excluding distributions) (.26) (.51) (.56) (.56) (.55) (.63)Realized gains (losses) (.44) (.48) .64 .74 (6.61) (.83)Unrealized gains (losses) (.82) (2.59) 1.76 1.73 3.55 (1.33)Total increase (decrease) from operationsB (1.13) (2.98) 2.30 2.34 (3.00) (2.13)Distributions: From net investment income (excluding dividends) – (.27) – – (.03) (.09)From dividends – – – – – –From capital gains – – – – – –Return of capital – – – – – –Total distributionsB,C – (.27) – – (.03) (.09)Net assets, end of periodB $ 15.46 $ 16.59 $ 19.61 $ 17.35 $ 15.04 $ 18.06Ratios and Supplemental Data Net asset value (000s) D $ 2,638 $ 3,025 $ 4,208 $ 2,342 $ 2,660 $ 5,074Securities outstandingD 170,663 182,117 214,531 135,178 176,484 280,148Management expense ratio E,F 2.58% 2.57% 2.55% 2.58% 2.59% 2.64%Management expense ratio before waivers or absorptions E,F 2.66% 2.64% 2.61% 2.62% 2.66% 2.67%Trading expense ratioG .25% .25% .27% .62% .37% .14%Portfolio turnover rateH,I 25.17% 48.75% 45.83% 61.44% 99.92% 38.10%Net asset value per security, end of period $ 15.4612 $ 16.5934 $ 19.6144 $ 17.3441 $ 15.0444 $ 18.0670

Fidelity Frontier Emerging Markets Fund Series B

Six-months ended September 30, Periods ended March 31,

2019 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 16.71 $ 19.74 $ 17.43 $ 15.08 $ 18.11 $ 20.75Increase (decrease) from operations: Total revenue .39 .61 .47 .43 .60 .64Total expenses (excluding distributions) (.24) (.46) (.51) (.52) (.52) (.58)Realized gains (losses) (.44) (.48) .63 .76 (7.20) (.96)Unrealized gains (losses) (.79) (2.48) 1.74 1.70 4.10 (1.46)Total increase (decrease) from operationsB (1.08) (2.81) 2.33 2.37 (3.01) (2.36)Distributions: From net investment income (excluding dividends) – (.31) – – (.06) (.12)From dividends – – – – – –From capital gains – – – – – –Return of capital – – – – – –Total distributionsB,C – (.31) – – (.07) (.12)Net assets, end of periodB $ 15.59 $ 16.71 $ 19.74 $ 17.43 $ 15.08 $ 18.11Ratios and Supplemental Data Net asset value (000s) D $ 9,746 $ 11,842 $ 15,219 $ 14,262 $ 14,151 $ 20,810Securities outstandingD 625,412 708,110 771,566 818,764 937,807 1,147,888Management expense ratio E,F 2.33% 2.32% 2.33% 2.36% 2.38% 2.42%Management expense ratio before waivers or absorptions E,F 2.40% 2.39% 2.38% 2.40% 2.43% 2.44%Trading expense ratioG .25% .25% .27% .62% .37% .14%Portfolio turnover rateH,I 25.17% 48.75% 45.83% 61.44% 99.92% 38.10%Net asset value per security, end of period $ 15.5884 $ 16.7080 $ 19.7500 $ 17.4300 $ 15.0862 $ 18.1165

Page 6: Fidelity Frontier Emerging Markets FundFidelity Frontier Emerging Markets Fund, Series B, returned -6.7%, after fees and expenses, for the six-month period ended September 30, 2019

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Financial Highlights – continued

Fidelity Frontier Emerging Markets Fund Series F

Six-months ended September 30, Periods ended March 31,

2019 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 17.93 $ 21.19 $ 18.69 $ 15.99 $ 19.20 $ 22.00Increase (decrease) from operations: Total revenue .42 .68 .49 .56 .64 .68Total expenses (excluding distributions) (.16) (.31) (.33) (.38) (.34) (.37)Realized gains (losses) (.49) (.53) .75 .92 (6.77) (1.14)Unrealized gains (losses) (.88) (3.35) 1.92 1.88 3.74 (2.00)Total increase (decrease) from operationsB (1.11) (3.51) 2.83 2.98 (2.73) (2.83)Distributions: From net investment income (excluding dividends) – (.52) (.20) – (.26) (.34)From dividends – – – – – –From capital gains – – – – – –Return of capital – – – – – –Total distributionsB,C – (.52) (.20) – (.26) (.34)Net assets, end of periodB $ 16.82 $ 17.93 $ 21.19 $ 18.69 $ 15.99 $ 19.20Ratios and Supplemental Data Net asset value (000s) D $ 3,865 $ 4,692 $ 7,641 $ 3,006 $ 601 $ 877Securities outstandingD 230,721 257,628 361,525 160,552 37,562 45,688Management expense ratio E,F 1.22% 1.22% 1.22% 1.23% 1.23% 1.28%Management expense ratio before waivers or absorptions E,F 1.25% 1.25% 1.25% 1.25% 1.29% 1.31%Trading expense ratioG .25% .25% .27% .62% .37% .14%Portfolio turnover rateH,I 25.17% 48.75% 45.83% 61.44% 99.92% 38.10%Net asset value per security, end of period $ 16.8234 $ 17.9298 $ 21.2009 $ 18.6855 $ 15.9874 $ 19.2041

Fidelity Frontier Emerging Markets Fund Series O

Six-months ended September 30, Periods ended March 31,

2019 2019 2018 2017 2016 2015The Series’ Net Assets per Security A Net assets, beginning of period B $ 6.18 $ 7.31 $ 6.44 $ 5.51 $ 6.62 $ 7.58Increase (decrease) from operations: Total revenue .14 .22 .17 .19 .25 .23Total expenses (excluding distributions) (.02) (.03) (.03) (.05) (.02) (.03)Realized gains (losses) (.16) (.18) .26 .25 (.72) (.40)Unrealized gains (losses) (.31) (.85) .62 1.24 (1.09) (.54)Total increase (decrease) from operationsB (.35) (.84) 1.02 1.63 (1.58) (.74)Distributions: From net investment income (excluding dividends) – (.26) (.16) (.06) (.16) (.20)From dividends – – – – – –From capital gains – – – – – –Return of capital – – – – – –Total distributionsB,C – (.26) (.16) (.06) (.16) (.20)Net assets, end of periodB $ 5.83 $ 6.18 $ 7.31 $ 6.44 $ 5.51 $ 6.62Ratios and Supplemental Data Net asset value (000s) D $ 29,188 $ 30,917 $ 35,013 $ 30,194 $ 1 $ 16,006Securities outstandingD 5,005,773 5,005,852 4,790,504 4,685,240 190 2,417,492Management expense ratio –% –% –% —% —% —%Management expense ratio before waivers or absorptions —% —% —% —% —% —%Trading expense ratioG .25% .25% .27% .62% .37% .14%Portfolio turnover rateH,I 25.17% 48.75% 45.83% 61.44% 99.92% 38.10%Net asset value per security, end of period $ 5.8307 $ 6.1761 $ 7.3089 $ 6.4444 $ 5.5070 $ 6.6207

Page 7: Fidelity Frontier Emerging Markets FundFidelity Frontier Emerging Markets Fund, Series B, returned -6.7%, after fees and expenses, for the six-month period ended September 30, 2019

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Fidelity Frontier Emerging Markets Fund Series E1

Six-months ended September 30, Periods ended March 31,

2019 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.50 $ 13.59 $ 11.99 $ 10.36 $ 10.00Increase (decrease) from operations: Total revenue .27 .41 .33 .33 .07Total expenses (excluding distributions) (.16) (.32) (.35) (.36) (.05)Realized gains (losses) (.28) (.31) .43 .60 (.08)Unrealized gains (losses) (.62) (1.58) 1.01 1.01 .63Total increase (decrease) from operationsB (.79) (1.80) 1.42 1.58 .58Distributions: From net investment income (excluding dividends) – (.22) – – –From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C – (.22) – – –Net assets, end of periodB $ 10.74 $ 11.50 $ 13.59 $ 11.99 $ 10.36Ratios and Supplemental Data Net asset value (000s) D $ 2,483 $ 2,455 $ 2,542 $ 1,103 $ 428Securities outstandingD 231,315 213,401 186,965 91,980 41,289Management expense ratio E,K 2.27% 2.26% 2.24% 2.27% 2.30%Management expense ratio before waivers or absorptions E,K 2.34% 2.33% 2.30% 2.30% 2.34%Trading expense ratioG .25% .25% .27% .62% .37%Portfolio turnover rateH,I 25.17% 48.75% 45.83% 61.44% 99.92%Net asset value per security, end of period $ 10.7361 $ 11.5037 $ 13.5972 $ 11.9896 $ 10.3633

Fidelity Frontier Emerging Markets Fund Series E2

Six-months ended September 30, Periods ended March 31,

2019 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.51 $ 13.60 $ 11.99 $ 10.36 $ 10.00Increase (decrease) from operations: Total revenue .27 .41 .32 .29 .06Total expenses (excluding distributions) (.16) (.31) (.35) (.37) (.04)Realized gains (losses) (.30) (.32) .46 .64 (.08)Unrealized gains (losses) (.59) (1.40) 1.28 .94 .47Total increase (decrease) from operationsB (.78) (1.62) 1.71 1.50 .40Distributions: From net investment income (excluding dividends) – (.22) – – –From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C – (.22) – – –Net assets, end of periodB $ 10.75 $ 11.51 $ 13.60 $ 11.99 $ 10.36Ratios and Supplemental Data Net asset value (000s) D $ 478 $ 523 $ 519 $ 96 $ 1Securities outstandingD 44,466 45,434 38,168 8,013 123Management expense ratio E,K 2.22% 2.21% 2.22% 2.25% 2.33%Management expense ratio before waivers or absorptions E,K 2.29% 2.28% 2.28% 2.29% 2.35%Trading expense ratioG .25% .25% .27% .62% .37%Portfolio turnover rateH,I 25.17% 48.75% 45.83% 61.44% 99.92%Net asset value per security, end of period $ 10.7457 $ 11.5109 $ 13.6085 $ 11.9907 $ 10.3639

Page 8: Fidelity Frontier Emerging Markets FundFidelity Frontier Emerging Markets Fund, Series B, returned -6.7%, after fees and expenses, for the six-month period ended September 30, 2019

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Financial Highlights – continued

Fidelity Frontier Emerging Markets Fund Series E3

Six-months ended September 30, Periods ended March 31,

2019 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.53 $ 13.62 $ 12.02 $ 10.37 $ 10.00Increase (decrease) from operations: Total revenue .25 .50 .29 .31 .06Total expenses (excluding distributions) (.16) (.32) (.33) (.33) (.04)Realized gains (losses) (.26) (.18) .43 .55 (.08)Unrealized gains (losses) (.80) (2.41) 1.66 1.12 .43Total increase (decrease) from operationsB (.97) (2.41) 2.05 1.65 .37Distributions: From net investment income (excluding dividends) – (.23) (.01) – –From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C – (.23) (.01) – –Net assets, end of periodB $ 10.77 $ 11.53 $ 13.62 $ 12.02 $ 10.37Ratios and Supplemental Data Net asset value (000s) D $ 158 $ 134 $ 217 $ 1 $ 1Securities outstandingD 14,705 11,594 15,955 100 100Management expense ratio E,K 2.17% 2.17% 2.15% 2.08% 2.05%Management expense ratio before waivers or absorptions E,K 2.24% 2.24% 2.22% 2.41% 2.46%Trading expense ratioG .25% .25% .27% .62% .37%Portfolio turnover rateH,I 25.17% 48.75% 45.83% 61.44% 99.92%Net asset value per security, end of period $ 10.7652 $ 11.5285 $ 13.6255 $ 12.0151 $ 10.3683

Fidelity Frontier Emerging Markets Fund Series E4

Six-months ended September 30, Periods ended March 31,

2019 2019 2018 2017 2016J

The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.55 $ 13.65 $ 12.03 $ 10.37 $ 10.00Increase (decrease) from operations: Total revenue .27 .42 .30 .31 .06Total expenses (excluding distributions) (.15) (.30) (.33) (.32) (.04)Realized gains (losses) (.30) (.31) .44 .55 (.08)Unrealized gains (losses) (.58) (1.64) 1.67 1.12 .43Total increase (decrease) from operationsB (.76) (1.83) 2.08 1.66 .37Distributions: From net investment income (excluding dividends) – (.24) (.02) – –From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C – (.24) (.02) – –Net assets, end of periodB $ 10.79 $ 11.55 $ 13.65 $ 12.03 $ 10.37Ratios and Supplemental Data Net asset value (000s) D $ 19 $ 20 $ 24 $ 1 $ 1Securities outstandingD 1,761 1,761 1,723 100 100Management expense ratio E,K 2.07% 2.08% 2.08% 1.93% 2.05%Management expense ratio before waivers or absorptions E,K 2.15% 2.15% 2.16% 2.25% 2.46%Trading expense ratioG .25% .25% .27% .62% .37%Portfolio turnover rateH,I 25.17% 48.75% 45.83% 61.44% 99.92%Net asset value per security, end of period $ 10.7877 $ 11.5474 $ 13.6511 $ 12.0325 $ 10.3683

Page 9: Fidelity Frontier Emerging Markets FundFidelity Frontier Emerging Markets Fund, Series B, returned -6.7%, after fees and expenses, for the six-month period ended September 30, 2019

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Fidelity Frontier Emerging Markets Fund Series P1

Six-months ended September 30, Periods ended March 31,

2019 2019 2018 2017 2016L

The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.78 $ 12.74 $ 11.23 $ 9.60 $ 10.00Increase (decrease) from operations: Total revenue .26 .41 .29 .35 .13Total expenses (excluding distributions) (.10) (.18) (.20) (.23) (.11)Realized gains (losses) (.29) (.32) .47 .55 (5.02)Unrealized gains (losses) (.54) (2.08) 1.07 1.44 4.64Total increase (decrease) from operationsB (.67) (2.17) 1.63 2.11 (.36)Distributions: From net investment income (excluding dividends) – (.32) (.13) – (.16)From dividends – – – – –From capital gains – – – – –Return of capital – – – – –Total distributionsB,C – (.32) (.13) – (.16)Net assets, end of periodB $ 10.11 $ 10.78 $ 12.74 $ 11.23 $ 9.60Ratios and Supplemental Data Net asset value (000s) D $ 1,625 $ 2,056 $ 3,579 $ 803 $ 3Securities outstandingD 159,695 189,295 281,063 72,516 322Management expense ratio E,M 1.14% 1.14% 1.14% 1.16% 1.16%Management expense ratio before waivers or absorptions E,M 1.17% 1.17% 1.17% 1.17% 1.20%Trading expense ratioG .25% .25% .27% .62% .37%Portfolio turnover rateH,I 25.17% 48.75% 45.83% 61.44% 99.92%Net asset value per security, end of period $ 10.1133 $ 10.7750 $ 12.7403 $ 11.2292 $ 9.5999

Fidelity Frontier Emerging Markets Fund Series P2

Six-months ended September 30, Periods ended March 31,

2019 2019 2018 2017N

The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.11 $ 11.96 $ 10.54 $ 10.00Increase (decrease) from operations: Total revenue .31 .37 .28 .15Total expenses (excluding distributions) (.09) (.16) (.17) (.06)Realized gains (losses) (.39) (.29) .39 .19Unrealized gains (losses) (.14) (1.88) .94 .35Total increase (decrease) from operationsB (.31) (1.96) 1.44 .63Distributions: From net investment income (excluding dividends) – (.31) (.13) –From dividends – – – –From capital gains – – – –Return of capital – – – –Total distributionsB,C – (.31) (.13) –Net assets, end of periodB $ 9.49 $ 10.11 $ 11.96 $ 10.54Ratios and Supplemental Data Net asset value (000s) D $ 209 $ 645 $ 1,254 $ 880Securities outstandingD 21,220 63,757 106,504 83,523Management expense ratio E,O 1.06% 1.06% 1.06% 1.08%Management expense ratio before waivers or absorptions E,O 1.09% 1.09% 1.09% 1.09%Trading expense ratioG .25% .25% .27% .62%Portfolio turnover rateH,I 25.17% 48.75% 45.83% 61.44%Net asset value per security, end of period $ 9.4932 $ 10.1124 $ 11.9611 $ 10.5396

Page 10: Fidelity Frontier Emerging Markets FundFidelity Frontier Emerging Markets Fund, Series B, returned -6.7%, after fees and expenses, for the six-month period ended September 30, 2019

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Financial Highlights – continued

Fidelity Frontier Emerging Markets Fund Series P3

Six-months ended September 30, Periods ended March 31,

2019 2019 2018P

The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.38 $ 11.09 $ 10.00Increase (decrease) from operations: Total revenue .22 .35 .25Total expenses (excluding distributions) (.08) (.14) (.15)Realized gains (losses) (.27) (.34) .40Unrealized gains (losses) (.40) (2.17) .82Total increase (decrease) from operationsB (.53) (2.30) 1.32Distributions: From net investment income (excluding dividends) – (.29) (.13)From dividends – – –From capital gains – – –Return of capital – – –Total distributionsB,C – (.29) (.13)Net assets, end of periodB $ 8.81 $ 9.38 $ 11.09Ratios and Supplemental Data Net asset value (000s) D $ 449 $ 504 $ 1,131Securities outstandingD 51,030 53,651 101,929Management expense ratio E,Q .99% 1.00% 1.00%Management expense ratio before waivers or absorptions E,Q 1.03% 1.03% 1.03%Trading expense ratioG .25% .25% .27%Portfolio turnover rateH,I 25.17% 48.75% 45.83%Net asset value per security, end of period $ 8.8129 $ 9.3799 $ 11.0942

Fidelity Frontier Emerging Markets Fund Series P4

Six-months ended September 30, Periods ended March 31,

2019 2019 2018R

The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.06 $ 10.71 $ 10.00Increase (decrease) from operations: Total revenue .21 .42 .28Total expenses (excluding distributions) (.07) (.14) (.12)Realized gains (losses) (.76) (.26) .26Unrealized gains (losses) .07 (3.67) (.18)Total increase (decrease) from operationsB (.55) (3.65) .24Distributions: From net investment income (excluding dividends) – (.29) (.13)From dividends – – –From capital gains – – –Return of capital – – –Total distributionsB,C – (.29) (.13)Net assets, end of periodB $ 8.51 $ 9.06 $ 10.71Ratios and Supplemental Data Net asset value (000s) D $ 12 $ 13 $ 963Securities outstandingD 1,458 1,458 89,906Management expense ratio E,S .93% .93% .93%Management expense ratio before waivers or absorptions E,S .98% .96% .96%Trading expense ratioG .25% .25% .27%Portfolio turnover rateH,I 25.17% 48.75% 45.83%Net asset value per security, end of period $ 8.5090 $ 9.0557 $ 10.7145

Page 11: Fidelity Frontier Emerging Markets FundFidelity Frontier Emerging Markets Fund, Series B, returned -6.7%, after fees and expenses, for the six-month period ended September 30, 2019

9

Financial Highlights FootnotesA This information is derived from the Fund’s audited annual and/or unaudited interim financial statements. The net assets attributable to securityholders per security presented in the financial statements may differ from the net asset

value calculated for fund pricing purposes. An explanation of these differences can be found in the notes to financial statements. For reporting periods ending after January 1, 2017 per security comparative figures (except for net asset value per security, end of period) have been conformed to the current rounding presentation of two decimal places. As a result, reporting periods ending prior to January 1, 2017 may not foot due to this rounding change.

B Net assets and distributions are based on the actual number of securities outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of securities outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per security.

C Distributions were paid in cash or reinvested in additional securities of the Fund, or both, and excludes any applicable distributions of management fee reduction to securityholders. 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.F 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. A 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. For periods greater than six months, but less than a full fiscal year, the portfolio turnover rate is annualized.

I Prior period amounts may have been adjusted.J For the period February 5, 2016 (commencement of sale of securities) to March 31, 2016.K 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.L For the period December 4, 2015 (commencement of sale of securities) to March 31, 2016.M 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.N For the period January 6, 2017 (commencement of sale of securities) to March 31, 2017.O Effective January 10, 2017, 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.P For the period April 21, 2017 (commencement of sale of securities) to March 31, 2018.Q Effective April 25, 2017, 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.R For the period May 10, 2017 (commencement of sale of securities) to March 31, 2018.S Effective May 12, 2017, 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.

Page 12: Fidelity Frontier Emerging Markets FundFidelity Frontier Emerging Markets Fund, Series B, returned -6.7%, after fees and expenses, for the six-month period ended September 30, 2019

10

Management and Advisory FeesFidelity serves as manager and investment advisor of the Fund. 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. Fidelity uses these management fees to pay for sales and trailing commissions to registered dealers on the distribution of the Fund securities, as well as for the general investment management expenses. Dealer compensation represents cash commissions paid by Fidelity to registered dealers during the period and includes upfront deferred sales charge and trailing commissions. This amount may, in certain circumstances, exceed 100% of the fees earned by Fidelity during the period. For new Funds or Series the amounts presented may not be indicative of longer term operating periods.

Management Fees

Dealer Compensation

Investment management, administration

and other

Series A 2.000% 38.84% 61.16%

Series B 1.850% 54.05% 45.95%

Series F 0.850% — 100.00%

Series E1 1.825% 54.79% 45.21%

Series E2 1.800% 55.56% 44.44%

Series E3 1.775% 56.34% 43.66%

Series E4 1.725% 57.97% 42.03%

Series P1 0.825% — 100.00%

Series P2 0.800% — 100.00%

Series P3 0.775% — 100.00%

Series P4 0.725% — 100.00%

Page 13: Fidelity Frontier Emerging Markets FundFidelity Frontier Emerging Markets Fund, Series B, returned -6.7%, after fees and expenses, for the six-month period ended September 30, 2019

11

Fidelity Frontier Emerging Markets Fund

Past PerformanceThe performance information shown assumes that all distributions made by the Fund in the periods shown were reinvested in additional securities of the Fund. The performance information does not take into account sales, redemption, distribution or other optional charges that would have reduced returns or performance. How the Fund has performed in the past does not necessarily indicate how it will perform in the future.

The performance data shown for the period occurring prior to the commencement of operations of a series P or E is that of the corresponding series F or F5 (for series P) or B or S5 (for series E). Series F, F5, B and S5 have higher combined management and administration fees than the applicable series P and E. Had a series P or E existed since the commencement of operations of series F, F5, B or S5, the returns of the applicable series P or E would have been higher.

Year-by-Year ReturnsThe following bar chart shows the Fund’s annual performance for each of the years shown, and illustrates how the Fund’s performance was changed from year to year. In percentage terms, the bar chart shows how much an investment made on the first day of each financial year would have grown or decreased by the last day of each financial year. For each Series in the Year-by-Year Returns table below, the most recent returns stated are for the current six month period.

Series A

5040302010

0-10-20

2019

-6.8

2019

-13.9

2018

13.1

2017

15.3

2016

-16.6

2015

-12.3

2014

-10.9

2013

-9.3

2012

-3.0

2011

10.0

2010

48.6

Fiscal Years

(%)

Series B

5040302010

0-10-20

2019

-6.7

2019

-13.7

2018

13.3

2017

15.5

2016

-16.4

2015

-12.1

2014

-10.7

2013

-9.1

2012

-2.7

2011

10.2

2010

48.9

Fiscal Years

(%)

Series F

605040302010

0-10-20

2019

-6.2

2019

-12.8

2018

14.6

2017

16.9

2016

-15.4

2015

-11.1

2014

-9.6

2013

-8.0

2012

-1.7

2011

11.5

2010

50.6

Fiscal Years

(%)

Series O

20

10

0

-10

-20

2019

-5.6

2019

-11.7

2018

16.0

2017

18.3

2016

-14.4

2015

-9.9

2014

-8.5

2013

-6.8

2012

-1.9

Fiscal Years

(%)

Commencement of Operations is April 4, 2011

Series E1

5040302010

0-10-20

2019

-6.7

2019

-13.7

2018

13.4

2017

15.7

2016

-16.4

2015

-12.1

2014

-10.7

2013

-9.1

2012

-2.7

2011

10.2

2010

48.9

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series E2

5040302010

0-10-20

2019

-6.6

2019

-13.6

2018

13.5

2017

15.7

2016

-16.4

2015

-12.1

2014

-10.7

2013

-9.1

2012

-2.7

2011

10.2

2010

48.9

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Page 14: Fidelity Frontier Emerging Markets FundFidelity Frontier Emerging Markets Fund, Series B, returned -6.7%, after fees and expenses, for the six-month period ended September 30, 2019

12

Fidelity Frontier Emerging Markets Fund

Past Performance – continued

Series E3

5040302010

0-10-20

2019

-6.6

2019

-13.6

2018

13.5

2017

15.9

2016

-16.3

2015

-12.1

2014

-10.7

2013

-9.1

2012

-2.7

2011

10.2

2010

48.9

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series E4

5040302010

0-10-20

2019

-6.6

2019

-13.5

2018

13.6

2017

16.1

2016

-16.3

2015

-12.1

2014

-10.7

2013

-9.1

2012

-2.7

2011

10.2

2010

48.9

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series P1

605040302010

0-10-20

2019

-6.1

2019

-12.7

2018

14.7

2017

17.0

2016

-15.4

2015

-11.1

2014

-9.6

2013

-8.0

2012

-1.7

2011

11.5

2010

50.6

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P2

605040302010

0-10-20

2019

-6.1

2019

-12.6

2018

14.8

2017

16.9

2016

-15.4

2015

-11.1

2014

-9.6

2013

-8.0

2012

-1.7

2011

11.5

2010

50.6

Fiscal Years

(%)

Commencement of Operations is January 6, 2017

Series P3

605040302010

0-10-20

2019

-6.0

2019

-12.6

2018

14.8

2017

16.9

2016

-15.4

2015

-11.1

2014

-9.6

2013

-8.0

2012

-1.7

2011

11.5

2010

50.6

Fiscal Years

(%)

Commencement of Operations is April 21, 2017

Series P4

605040302010

0-10-20

2019

-6.0

2019

-12.5

2018

15.0

2017

16.9

2016

-15.4

2015

-11.1

2014

-9.6

2013

-8.0

2012

-1.7

2011

11.5

2010

50.6

Fiscal Years

(%)

Commencement of Operations is May 10, 2017

Page 15: Fidelity Frontier Emerging Markets FundFidelity Frontier Emerging Markets Fund, Series B, returned -6.7%, after fees and expenses, for the six-month period ended September 30, 2019

13

Fidelity Frontier Emerging Markets Fund

Summary of Investment Portfolio as at September 30, 2019Sector Mix

% of Fund’s Net Assets as at

9/30/19

% of Fund’s Net Assets as at

3/31/19

Financials 41.9 43.7

Industrials 14.8 9.6

Consumer Staples 10.2 10.2

Materials 8.7 11.8

Communication Services 6.3 4.0

Real Estate 4.7 3.2

Energy 4.6 7.3

Utilities 3.0 1.4

Health Care 2.7 2.4

Consumer Discretionary 2.5 5.4

Others (Individually Less Than 1%) 0.4 0.4

Cash and Cash Equivalents 0.0 0.2

Net Other Assets (Liabilities) 0.2 0.4

Geographic Mix

% of Fund’s Net Assets as at

9/30/19

% of Fund’s Net Assets as at

3/31/19

Philippines 15.8 12.8

Vietnam 14.4 12.2

Colombia 8.7 9.5

Kuwait 8.3 6.5

Nigeria 5.3 6.0

South Africa 5.1 5.1

Bermuda 4.4 5.5

Saudi Arabia 3.6 4.9

Egypt 3.5 0.4

Romania 3.5 3.0

Kenya 3.1 3.1

Peru 3.1 3.7

Argentina 3.0 6.8

Bangladesh 2.9 3.5

Bahrain 1.9 0.3

Pakistan 1.8 1.6

Morocco 1.8 1.3

Cayman Islands 1.6 1.2

Canada 1.4 0.6

Thailand 1.1 1.4

Others (Individually Less Than 1%) 5.5 10.0

Cash and Cash Equivalents 0.0 0.2

Net Other Assets (Liabilities) 0.2 0.4

Top Issuers

% of Fund’s Net Assets

1. National Bank of Kuwait 5.4

2. Bancolombia SA 4.6

3. Ayala Corp. 4.2

4. SM Investments Corp. 4.0

5. Credicorp Ltd. 4.0

6. Vietnam Dairy Products Corp. 3.2

7. BDO Unibank, Inc. 3.2

8. Safaricom Ltd. 3.1

9. Mobile Telecommunication Co. 2.8

10. Commercial International Bank SAE 2.5

11. Ecopetrol SA 2.5

12. Compania de Minas Buenaventura SA 2.3

13. Vincom Retail JSC 2.1

14. Banca Transilvania SA 2.0

15. Vingroup JSC 2.0

16. Ahli United Bank 1.9

17. Guaranty Trust Bank PLC 1.8

18. Attijariwafa Bank 1.8

19. Interconexion Electrica SA ESP 1.6

20. International Container Terminal Services, Inc. 1.6

21. BRD-Groupe Societe Generale 1.5

22. Bank For Foreign Trade JSC 1.4

23. Zenith Bank PLC 1.4

24. Vietjet Aviation JSC 1.3

25. Square Pharmaceuticals Ltd. 1.3

63.5

Total Fund Net Assets $50,871,000

Where applicable, the information in the above tables includes the Fund’s pro-rata share of the investment in any Fidelity managed underlying fund.

The summary of investment portfolio may change due to ongoing portfolio transactions of the investment fund. The most recent annual report, semi-annual report, quarterly report, fund facts document or simplified prospectus for the investment fund and/or underlying fund is available at no cost, by calling 1-800-263-4077, by writing to us at Fidelity Investments Canada ULC, 483 Bay St. Suite 300, Toronto ON M5G 2N7 or by visiting our web site at www.fidelity.ca or SEDAR at www.sedar.com.

Page 16: Fidelity Frontier Emerging Markets FundFidelity Frontier Emerging Markets Fund, Series B, returned -6.7%, after fees and expenses, for the six-month period ended September 30, 2019

Fidelity’s mutual funds are sold by registered Investment Professionals. Each Fund has a simplified prospectus, which contains important information on the Fund, including its investment objective, purchase options, and applicable charges. Please obtain a copy of the prospectus, read it carefully, and consult your Investment Professional before investing. As with any investment, there are risks to investing in mutual funds. There is no assurance that any Fund will achieve its investment objective, and its net asset value, yield, and investment return will fluctuate from time to time with market conditions. Investors may experience a gain or loss when they sell their securities in any Fidelity Fund. Fidelity Global Funds may be more volatile than other Fidelity Funds as they concentrate investments in one sector and in fewer issuers; no single Fund is intended to be a complete diversified investment program. Past performance is no assurance or indicator of future returns. There is no assurance that either Fidelity Canadian Money Market Fund, Fidelity Canadian Money Market Investment Trust, Fidelity U.S. Money Market Fund or Fidelity U.S. Money Market Investment Trust will be able to maintain its net asset value at a constant amount. The breakdown of Fund investments is presented to illustrate the way in which a Fund may invest, and may not be representative of a Fund’s current or future investments. A Fund’s investments may change at any time.

1.822459.114 FICL-LAG-MRFPS-1119

Fidelity Investments Canada ULC483 Bay Street, Suite 300Toronto, Ontario M5G 2N7

Manager, Transfer Agent and RegistrarFidelity Investments Canada ULC483 Bay Street, Suite 300Toronto, Ontario M5G 2N7

CustodianState Street Trust Company of CanadaToronto, Ontario

Portfolio AdviserFidelity Investments Canada ULCToronto, Ontario

Visit us online atwww.fidelity.caor call Fidelity Client Servicesat 1-800-263-4077

62.107331E

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