Fidelity Emerging Markets Equity Investment Trust

Annual Report March 31, 2016

Fidelity Emerging Markets Equity Investment Trust

Schedule of Investments March 31, 2016 Showing Percentage of Net Assets Attributable to Holders of Redeemable Units (Net Assets)

Equities – 93.1% Shares

Cost (000s)

Market Value (000s)

Shares

Argentina – 0.6% ENERGY – 0.2% YPF SA Class D sponsored ADR 66,000 $2,027 $1,533 FINANCIALS – 0.2% Banco Macro SA sponsored ADR 13,481 1,109 1,129 Grupo Financiero Galicia SA sponsored ADR 14,700 544 540 TOTAL FINANCIALS 1,653 1,669 TELECOMMUNICATION SERVICES – 0.2% Telecom Argentina SA Class B sponsored ADR 47,256 1,168 1,098 TOTAL ARGENTINA Austria – 0.4% FINANCIALS – 0.4% Erste Group Bank AG Bailiwick of Jersey – 0.0% INDUSTRIALS – 0.0% Wizz Air Holdings PLC Bangladesh – 0.2% CONSUMER STAPLES – 0.0% Marico Bangladesh Ltd. Olympic Industries Ltd. TOTAL CONSUMER STAPLES FINANCIALS – 0.1% BRAC Bank Ltd. IDLC Finance Ltd. Islami Bank Bangladesh Ltd. The City Bank Ltd. TOTAL FINANCIALS HEALTH CARE – 0.1% Square Pharmaceuticals Ltd. MATERIALS – 0.0% HeidelbergerCement Bangladesh Ltd.

4,848

3,021

2,917

4,478

163

154

3,020 30,208

71 127 198

63 147 210

495,619 96,421 348,921 301,538

398 104 161 123 786

367 84 133 105 689

84,434

378

351

25,554

255

212

1,617

1,462

4,043

4,045

145 4,188

134 4,179

2,832

2,877

560 3,392

624 3,501

TOTAL BANGLADESH Bermuda – 1.6% CONSUMER DISCRETIONARY – 0.6% Shangri‑La Asia Ltd. 2,730,000 Yue Yuen Industrial (Holdings) Ltd. 30,000 TOTAL CONSUMER DISCRETIONARY FINANCIALS – 0.5% Credicorp Ltd. (United States) 16,908 GP Investments Ltd. Class A (depositary receipt) 238,300 TOTAL FINANCIALS

See accompanying notes which are an integral part of the financial statements. Annual Reportport

Market Value (000s)

INFORMATION TECHNOLOGY – 0.3% AGTech Holdings Ltd. 1,164,000 $374 $372 PAX Global Technology Ltd. 1,358,000 1,844 1,764 TOTAL INFORMATION TECHNOLOGY 2,218 2,136 MATERIALS – 0.1% Aquarius Platinum Ltd. (Australia) 2,726,624 1,243 679 UTILITIES – 0.1% China Resource Gas Group Ltd. 308,000 1,095 1,142 TOTAL BERMUDA Brazil – 6.7% CONSUMER DISCRETIONARY – 0.8% B2W Companhia Global do Varejo 343,240 Direcional Engenharia SA 545,474 MAHLE Metal Leve SA 5,000 Smiles SA 220,100 TOTAL CONSUMER DISCRETIONARY CONSUMER STAPLES – 1.3% Ambev SA sponsored ADR 1,011,900 M. Dias Branco SA 15,200 Minerva SA 491,700 TOTAL CONSUMER STAPLES ENERGY – 0.6% Cosan SA Industria e Comercio 127,230 Petroleo Brasileiro SA ‑ Petrobras (PN) sponsored (non‑vtg.) 467,094 TOTAL ENERGY FINANCIALS – 2.1% Banco do Estado Rio Grande do Sul SA 342,880 BB Seguridade Participacoes SA 421,340 BR Properties SA 74,500 FPC Par Corretora de Seguros 378,828 Itau Unibanco Holding SA sponsored ADR 683,994 TOTAL FINANCIALS INDUSTRIALS – 0.2% CCR SA 341,000 INFORMATION TECHNOLOGY – 0.4% Cielo SA 208,464 MATERIALS – 0.8% Fibria Celulose SA 100,500 Metalurgica Gerdau SA (PN) 1,518,308 Vale SA (PN‑A) sponsored ADR 763,300 TOTAL MATERIALS TELECOMMUNICATION SERVICES – 0.2% Telefonica Brasil SA 91,640

4,300

79,901

Cost (000s)

2

12,136

11,637

1,886 1,174 43 3,046 6,149

1,773 1,182 43 3,022 6,020

6,847 348 2,392 9,587

6,808 370 1,987 9,165

1,360

1,443

4,496 5,856

2,748 4,191

1,726

991

4,125 233

4,520 237

1,705

1,669

8,719 16,508

7,631 15,048

1,853

1,728

2,826

2,633

1,395

1,101

967

1,333

5,291 7,653

3,093 5,527

1,353

1,497

Equities – continued Shares

Brazil – continued UTILITIES – 0.3% Companhia de Saneamento de Minas Gerais Companhia Paranaense de Energia‑Copel: (PN‑B) (PN‑B) sponsored ADR Equatorial Energia SA TOTAL UTILITIES

Cost (000s)

Market Value (000s)

Shares

TOTAL BRAZIL

86 1,455 150 2,795

57 1,168 182 2,576

54,580

48,385

TOTAL CAYMAN ISLANDS

British Virgin Islands – 0.2% INFORMATION TECHNOLOGY – 0.2% Mail.Ru Group Ltd. GDR (Reg. S) 60,570

1,685

1,707

Canada – 0.6% MATERIALS – 0.6% Detour Gold Corp. Goldcorp, Inc. Osisko Gold Royalties Ltd. Pan American Silver Corp. Torex Gold Resources, Inc. TOTAL MATERIALS

174 970 107 2,331 725 4,307

237 773 104 2,568 823 4,505

11,600 36,700 7,500 181,900 452,200

Cayman Islands – 9.4% CONSUMER DISCRETIONARY – 1.2% Ctrip.com International Ltd. ADR 13,700 JD.com, Inc. sponsored ADR 158,500 Shenzhou International Group Holdings Ltd. 30,000 Vipshop Holdings Ltd. ADR 128,400 TOTAL CONSUMER DISCRETIONARY CONSUMER STAPLES – 0.6% Uni‑President China Holdings Ltd. 4,072,000 HEALTH CARE – 0.4% Sino Biopharmaceutical Ltd. 2,603,000 INDUSTRIALS – 0.7% 51job, Inc. sponsored ADR 34,000 China State Construction International Holdings Ltd. 936,000 CK Hutchison Holdings Ltd. 80,000 Haitian International Holdings Ltd. 378,000 TOTAL INDUSTRIALS INFORMATION TECHNOLOGY – 6.2% 58.com, Inc. ADR 88,490 AAC Technology Holdings, Inc. 131,500 Alibaba Group Holding Ltd. sponsored ADR 138,400 Autohome, Inc. ADR Class A 34,400 Bitauto Holdings Ltd. ADR 68,200

750 5,582

788 5,455

196 2,278 8,806

212 2,148 8,603

4,180

4,220

2,920

2,536

1,414

1,370

2,019 1,356

1,812 1,349

801 5,590

842 5,373

5,531

6,396

1,056

1,306

13,863 1,359 2,202

14,205 1,248 2,196

Market Value (000s)

Himax Technologies, Inc. sponsored ADR 45,700 $655 $667 SouFun Holdings Ltd. ADR 194,300 1,799 1,512 Sunny Optical Technology Group Co. Ltd. 291,000 864 1,062 Tencent Holdings Ltd. 620,250 11,066 16,469 TOTAL INFORMATION TECHNOLOGY 38,395 45,061 UTILITIES – 0.3% Consolidated Water Co., Inc. 4,300 69 68 ENN Energy Holdings Ltd. 278,000 2,031 1,980 TOTAL UTILITIES 2,100 2,048

173,000 $1,104 $1,169 5,500 113,554 12,300

Cost (000s)

Chile – 1.7% CONSUMER DISCRETIONARY – 0.0% S.A.C.I. Falabella 15,538 CONSUMER STAPLES – 0.8% Compania Cervecerias Unidas SA 13,589 Compania Cervecerias Unidas SA sponsored ADR 106,100 Vina Concha y Toro SA 1,179,440 TOTAL CONSUMER STAPLES FINANCIALS – 0.4% CorpBanca SA 110,547,317 Inversiones La Construccion SA 116,962 TOTAL FINANCIALS HEALTH CARE – 0.1% Banmedica SA 108,823 MATERIALS – 0.2% CAP SA 48,463 Empresas CMPC SA 378,215 TOTAL MATERIALS UTILITIES – 0.2% Enersis SA 4,246,507 TOTAL CHILE China – 7.6% CONSUMER DISCRETIONARY – 0.4% Qingdao Haier Co. Ltd. 1,790,263 CONSUMER STAPLES – 0.8% Inner Mongoli Yili Industries Co. Ltd. 678,900 Kweichow Moutai Co. Ltd. 81,356 TOTAL CONSUMER STAPLES ENERGY – 0.6% China Petroleum & Chemical Corp. (H Shares) 2,266,000 China Suntien Green Energy Corp. Ltd. (H Shares) 3,950,000 PetroChina Co. Ltd. (H Shares) 1,686,000 TOTAL ENERGY

61,991

67,841

140

141

210

199

3,013 2,591 5,814

3,094 2,662 5,955

1,200

1,306

1,715 2,915

1,723 3,029

232

236

192 1,259 1,451

185 1,150 1,335

1,577

1,528

12,129

12,224

4,689

3,054

2,243 3,066 5,309

1,992 4,057 6,049

2,141

1,912

1,036

569

2,101 5,278

1,449 3,930

See accompanying notes which are an integral part of the financial statements. 3

Annual Report

Fidelity Emerging Markets Equity Investment Trust

Schedule of Investments – continued Equities – continued Shares

Cost (000s)

Market Value (000s)

Shares

China – continued FINANCIALS – 3.9% China Life Insurance Co. Ltd. (H Shares) 1,673,400 $5,979 $5,340 China Pacific Insurance (Group) Co. Ltd. (H Shares) 1,526,160 7,752 7,410 Industrial & Commercial Bank of China Ltd. (H Shares) 17,573,000 13,743 12,785 PICC Property & Casualty Co. Ltd. (H Shares) 980,000 2,188 2,333 TOTAL FINANCIALS 29,662 27,868 INDUSTRIALS – 0.5% Shanghai International Airport Co. Ltd. 81,425 495 493 Zhengzhou Yutong Bus Co. Ltd. 421,298 1,905 1,644 Zhuzhou CSR Times Electric Co. Ltd. (H Shares) 224,500 1,703 1,703 TOTAL INDUSTRIALS 4,103 3,840 MATERIALS – 0.8% Anhui Conch Cement Co. Ltd. (H Shares) 801,500 3,096 2,791 BBMG Corp. (H Shares) 2,272,312 2,037 2,279 Maanshan Iron & Steel Ltd. (H Shares) 3,024,000 898 729 TOTAL MATERIALS 6,031 5,799 TELECOMMUNICATION SERVICES – 0.4% China Telecom Corp. Ltd. (H Shares) 3,629,061 2,407 2,491 UTILITIES – 0.2% China Longyuan Power Grid Corp. Ltd. (H Shares) 1,613,120 1,930 1,550 TOTAL CHINA Colombia – 0.8% ENERGY – 0.0% Ecopetrol SA FINANCIALS – 0.7% Bancolombia SA Bancolombia SA sponsored ADR Corporacion Financiera Colombiana SA Corporacion Financiera Colombiana SA Grupo de Inversiones Suramerica SA Grupo de Inversiones Suramerica SA TOTAL FINANCIALS MATERIALS – 0.1% Cemex Latam Holdings SA Inversiones Argos SA TOTAL MATERIALS TOTAL COLOMBIA

59,409

Croatia – 0.1% CONSUMER STAPLES – 0.1% Atlantic Grupa Ledo d.d. TOTAL CONSUMER STAPLES

149

148

75,913

805

812

49,020

2,659

2,176

11,732

193

197

5,000

80

83

12,868

211

218

74,153

1,220 5,168

1,281 4,767

74,672 79,824

344 633 977

417 693 1,110

6,294

6,025

See accompanying notes which are an integral part of the financial statements. Annual Reportport

1,107

496

300

352

1,407

848

23,800

221

254

500

36

38

98,043

2,761

2,737

2,398

3,010

4,258

3,622

7,556

6,693

107 7,663

91 6,784

1,720 4,994 6,714

1,674 4,821 6,495

976

980

2,787

2,672

8,601 11,388

8,365 11,037

2,190

1,838

35,587

33,766

TOTAL EGYPT Estonia – 0.0% CONSUMER STAPLES – 0.0% Tallinna Kaubamaja AS Germany – 0.0% INDUSTRIALS – 0.0% KION Group AG Greece – 0.4% MATERIALS – 0.4% Titan Cement Co. SA (Reg.)

Hong Kong – 4.7% CONSUMER DISCRETIONARY – 0.4% Techtronic Industries Co. Ltd. 586,500 CONSUMER STAPLES – 0.5% China Resources Beer Holdings Co. Ltd. 1,498,000 ENERGY – 1.0% CNOOC Ltd. 4,416,000 CNOOC Ltd. sponsored ADR 600 TOTAL ENERGY FINANCIALS – 0.9% AIA Group Ltd. 227,500 Far East Horizon Ltd. 4,815,600 TOTAL FINANCIALS INDUSTRIALS – 0.1% Sinotruk Hong Kong Ltd. 1,608,000 TELECOMMUNICATION SERVICES – 1.5% China Mobile Ltd. 185,750 China Mobile Ltd. sponsored ADR 116,156 TOTAL TELECOMMUNICATION SERVICES UTILITIES – 0.3% China Resources Power Holdings Co. Ltd. 757,120 TOTAL HONG KONG

4

Market Value (000s)

1,282 $210 $205 111 197 211 407 416

Egypt – 0.1% FINANCIALS – 0.1% Citadel Capital Corp. 2,041,500 TELECOMMUNICATION SERVICES – 0.0% Global Telecom Holding GDR 166,800

54,581

260,512

Cost (000s)

Equities – continued Shares

Hungary – 0.1% FINANCIALS – 0.1% OTP Bank PLC

Market Value (000s)

Shares

Cost (000s)

Market Value (000s)

3,779

3,918

3,754

3,247

2,314 895 6,963

1,631 1,414 6,292

Indonesia – 0.8% CONSUMER STAPLES – 0.0% PT Kino Indonesia Tbk 285,600 $108 $125 FINANCIALS – 0.7% PT Bank Mandiri (Persero) Tbk 2,124,900 2,129 2,144 PT Bank Rakyat Indonesia Tbk 2,290,580 2,226 2,563 TOTAL FINANCIALS 4,355 4,707 HEALTH CARE – 0.1% PT Kalbe Farma Tbk 5,825,500 828 824 TELECOMMUNICATION SERVICES – 0.0% Link Net Tbk PT 800,600 267 322

1,371

1,719

TOTAL INDONESIA

5,558

5,978

813

784

658 1,496 1,386

630 1,969 1,543

Israel – 0.5% TELECOMMUNICATION SERVICES – 0.5% Bezeq The Israel Telecommunication Corp. Ltd. 1,307,475

2,884

3,831

822 2,889 9,435

1,239 2,274 10,158

Japan – 0.1% CONSUMER DISCRETIONARY – 0.1% Rakuten, Inc. 46,100

608

577

4,331

4,290

5,394 9,725

5,228 9,518

Kazakhstan – 0.0% ENERGY – 0.0% KazMunaiGas Exploration & Production JSC (Reg. S) GDR

31,700

298

307

2,213 893 2,443 5,549

2,343 1,966 1,943 6,252

Kenya – 0.2% FINANCIALS – 0.1% Kcb Group Ltd. 1,067,600 TELECOMMUNICATION SERVICES – 0.1% Safaricom Ltd. 2,284,500

564

567

436

494

105 1,108

96 971

1,000

1,061

5,308 6,521

5,299 6,366

107 3,451 1,153 4,711

105 3,972 1,704 5,781

3,369 1,123 8,638 5,195 1,100 19,425

3,266 1,374 8,954 4,913 948 19,455

2,610

3,166

4,042

4,245

2,001 3,046 5,047

3,346 2,524 5,870

53,335

55,696

3,834 2,993

3,467 3,760

1,560

1,656

12,700 $360 $414

India – 7.7% CONSUMER STAPLES – 0.5% ITC Ltd. 608,962 ENERGY – 0.9% Coal India Ltd. 567,427 Oil & Natural Gas Corp. Ltd. 388,580 Petronet LNG Ltd. 287,632 TOTAL ENERGY FINANCIALS – 1.4% Axis Bank Ltd. 197,398 Edelweiss Financial Services Ltd. 709,753 Housing Development Finance Corp. Ltd. 29,069 LIC Housing Finance Ltd. 203,674 Phoenix Mills Ltd. 262,189 SREI Infrastructure Finance Ltd. 1,143,794 State Bank of India 597,198 TOTAL FINANCIALS HEALTH CARE – 1.3% Lupin Ltd. 147,965 Sun Pharmaceutical Industries Ltd. 325,271 TOTAL HEALTH CARE INDUSTRIALS – 0.9% Adani Ports & Special Economic Zone 482,531 Eicher Motors Ltd. 5,228 Larsen & Toubro Ltd. 81,448 TOTAL INDUSTRIALS INFORMATION TECHNOLOGY – 0.9% HCL Technologies Ltd. 5,996 Just Dial Ltd. 64,628 Tata Consultancy Services Ltd. 107,255 TOTAL INFORMATION TECHNOLOGY MATERIALS – 0.8% Essel Propack Ltd. 33,655 Grasim Industries Ltd. 50,716 JK Cement Ltd. 128,671 TOTAL MATERIALS TELECOMMUNICATION SERVICES – 0.4% Bharti Infratel Ltd. 422,816 UTILITIES – 0.6% Power Grid Corp. of India Ltd. 1,556,748 TOTAL INDIA

Cost (000s)

TOTAL KENYA Korea (South) – 12.2% CONSUMER DISCRETIONARY – 2.7% Fila Korea Ltd. 30,253 Hanon Systems 131,660 Hyundai Mobis 31,710 Hyundai Motor Co. Series 2 40,868 InterPark INT Corp. 41,576 TOTAL CONSUMER DISCRETIONARY CONSUMER STAPLES – 0.8% AMOREPACIFIC Group, Inc. 20,139 E‑Mart Co. Ltd. 12,682 TOTAL CONSUMER STAPLES FINANCIALS – 2.5% KB Financial Group, Inc. 96,276 Korean Reinsurance Co. 237,691 Samsung Fire & Marine Insurance Co. Ltd. 4,950

See accompanying notes which are an integral part of the financial statements. 5

Annual Report

Fidelity Emerging Markets Equity Investment Trust

Schedule of Investments – continued Equities – continued Shares

Cost (000s)

Market Value (000s)

Shares

Korea (South) – continued FINANCIALS – continued Samsung Fire & Marine Insurance Co. Ltd. 7,814 $1,437 $1,710 Shinhan Financial Group Co. Ltd. 157,811 7,634 7,204 TOTAL FINANCIALS 17,458 17,797 INDUSTRIALS – 1.0% Hyundai Glovis Co. Ltd. 20,864 4,963 4,460 Hyundai Industrial Development & Construction Co. 31,669 1,474 1,650 KEPCO Plant Service & Engineering Co. Ltd. 14,687 1,556 1,068 TOTAL INDUSTRIALS 7,993 7,178 INFORMATION TECHNOLOGY – 3.8% Daou Technology, Inc. 35,102 826 862 EO Technics Co. Ltd. 584 79 79 Kakao Corp. 8,843 1,207 995 NAVER Corp. 1,871 1,231 1,352 NCSOFT Corp. 7,530 1,726 2,165 Samsung Electronics Co. Ltd. 7,291 9,730 10,848 Samsung Electronics Co. Ltd. 3,255 3,361 4,086 Samsung SDI Co. Ltd. 13,578 1,647 1,524 SK Hynix, Inc. 170,369 7,286 5,439 TOTAL INFORMATION TECHNOLOGY 27,093 27,350 MATERIALS – 0.6% LG Chemical Ltd. 12,343 3,429 4,584 TELECOMMUNICATION SERVICES – 0.4% KT Corp. 30,569 1,035 1,030 KT Corp. sponsored ADR 34,200 572 596 SK Telecom Co. Ltd. sponsored ADR 56,176 1,663 1,472 TOTAL TELECOMMUNICATION SERVICES 3,270 3,098 UTILITIES – 0.4% Korea Electric Power Corp. 36,539 1,908 2,482 TOTAL KOREA (SOUTH) Kuwait – 0.0% FINANCIALS – 0.0% National Bank of Kuwait

85,623

108,384

Lithuania – 0.0% CONSUMER DISCRETIONARY – 0.0% Apranga AB 66,700 Malaysia – 0.4% UTILITIES – 0.4% Tenaga Nasional Bhd

368

FINANCIALS – 0.0% MCB Group Ltd.

Mexico – 5.7% CONSUMER DISCRETIONARY – 0.6% El Puerto de Liverpool S.A.B. de CV Class C 192,600 Tenedora Nemak SA de CV 718,400 TOTAL CONSUMER DISCRETIONARY CONSUMER STAPLES – 0.8% Fomento Economico Mexicano S.A.B. de CV unit 9,200 Grupo Comercial Chedraui S.A.B. de CV 444,007 Wal‑Mart de Mexico SA de CV Series V 1,324,300 TOTAL CONSUMER STAPLES FINANCIALS – 2.7% Banregio Grupo Financiero S.A.B. de CV 137,200 Fibra Uno Administracion SA de CV 1,318,500 Grupo Financiero Banorte S.A.B. de CV Series O 1,281,680 Macquarie Mexican (REIT) 2,811,500 TOTAL FINANCIALS INDUSTRIALS – 0.5% Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 185,500 Promotora y Operadora de Infraestructura S.A.B. de CV 82,100 TOTAL INDUSTRIALS MATERIALS – 0.2% CEMEX S.A.B. de CV sponsored ADR 151,400 TELECOMMUNICATION SERVICES – 0.8% America Movil S.A.B. de CV Series L sponsored ADR 263,999 UTILITIES – 0.1% Infraestructura Energetica Nova S.A.B. de CV 148,400

312

TOTAL MEXICO 251

259

560,326

2,431

2,598

Mauritius – 0.1% CONSUMER DISCRETIONARY – 0.1% MakeMyTrip Ltd. 30,700

679

721

See accompanying notes which are an integral part of the financial statements. Annual Reportport

Netherlands – 0.8% CONSUMER DISCRETIONARY – 0.1% AmRest Holdings NV 3,805 Cnova NV 61,400 TOTAL CONSUMER DISCRETIONARY

6

Market Value (000s)

35,400 $281 $269

TOTAL MAURITIUS

87,814

Cost (000s)

960

990

3,108 1,191 4,299

2,957 1,339 4,296

120

115

1,584

1,835

4,170 5,874

4,082 6,032

890

1,039

3,797

3,980

8,707 5,414 18,808

9,387 4,922 19,328

1,614

2,149

1,335 2,949

1,418 3,567

1,373

1,431

5,695

5,325

926

788

39,924

40,767

232 212 444

277 239 516

Equities – continued Shares

Cost (000s)

Market Value (000s)

Shares

Netherlands – continued FINANCIALS – 0.1% Hangzhou Hikvision Digital Technology Co. Ltd. ELS (BNP Paribas Arbitrage Warrant Program) warrants 10/21/16 161,700 $1,125 $1,004 INDUSTRIALS – 0.0% AerCap Holdings NV 1,371 74 69 INFORMATION TECHNOLOGY – 0.6% Yandex NV 196,040 4,018 3,901 TOTAL NETHERLANDS Nigeria – 0.4% FINANCIALS – 0.4% Guaranty Trust Bank PLC Guaranty Trust Bank PLC GDR (Reg. S) Zenith Bank PLC TOTAL FINANCIALS UTILITIES – 0.0% Transnational Corp. of Nigeria PLC

5,661

5,490

4,405,119

654

411

130,329 26,463,538

973 3,293 4,920

535 1,856 2,802

41,048,245

953

284

5,873

3,086

41 153 194

26 124 150

144 2,392 557 477 3,570

100 2,020 475 437 3,032

139

120

192

179

306

371

4,401

3,852

TOTAL NIGERIA Pakistan – 0.5% CONSUMER DISCRETIONARY – 0.0% Hum Network Ltd. 221,500 Indus Motor Co. Ltd. 10,550 TOTAL CONSUMER DISCRETIONARY FINANCIALS – 0.4% Arif Habib Corpration Ltd. 198,000 Habib Bank Ltd. 949,500 MCB Bank Ltd. 185,800 United Bank Ltd. 233,200 TOTAL FINANCIALS HEALTH CARE – 0.0% Shifa International Hospitals Ltd. 36,393 INDUSTRIALS – 0.0% Millat Tractors Ltd. 27,200 MATERIALS – 0.1% Maple Leaf Cement Factory Ltd. 324,500 TOTAL PAKISTAN Panama – 0.3% FINANCIALS – 0.0% Banco Latinoamericano de Comercio Exterior SA Series E INDUSTRIALS – 0.3% Copa Holdings SA Class A TOTAL PANAMA

12,350

428

388

23,600

2,224

2,077

2,652

2,465

Peru – 0.2% CONSUMER STAPLES – 0.1% Alicorp SA Class C MATERIALS – 0.1% Compania de Minas Buenaventura SA sponsored ADR

Cost (000s)

Market Value (000s)

271,744 $608 $638

68,982

561

659

1,169

1,297

607 84 691

665 124 789

750

816

69 1,473 859

66 1,439 872

836

970

3,323 2,970 662 10,192

3,534 3,684 667 11,232

3,523 1,267 218 1,008 6,016

2,925 1,399 255 1,097 5,676

522

526

18,171

19,039

Poland – 0.1% CONSUMER DISCRETIONARY – 0.1% NG2 SA 2,281 Orbis SA 11,090 TOTAL CONSUMER DISCRETIONARY FINANCIALS – 0.0% Kruk SA 4,197

131 222 353

127 237 364

263

263

TOTAL POLAND

616

627

2,237,600

1,850

1,991

208,150 17,100

792 229 2,871

721 215 2,927

TOTAL PERU Philippines – 2.6% CONSUMER DISCRETIONARY – 0.1% Jollibee Food Corp. 103,570 Max’s Group, Inc. 193,800 TOTAL CONSUMER DISCRETIONARY CONSUMER STAPLES – 0.1% Universal Robina Corp. 133,110 FINANCIALS – 1.5% Asia United Bank 50,500 Ayala Corp. 67,850 BDO Unibank, Inc. 301,610 Metro Pacific Investments Corp. 5,841,700 Metropolitan Bank & Trust Co. 1,516,175 Robinsons Land Corp. 4,670,800 SM Prime Holdings, Inc. 1,075,300 TOTAL FINANCIALS INDUSTRIALS – 0.8% Alliance Global Group, Inc. 6,269,400 JG Summit Holdings, Inc. 623,750 LT Group, Inc. 578,000 SM Investments Corp. 40,860 TOTAL INDUSTRIALS TELECOMMUNICATION SERVICES – 0.1% Globe Telecom, Inc. 8,375 TOTAL PHILIPPINES

Romania – 0.4% FINANCIALS – 0.4% Banca Transilvania SA BRD‑Groupe Societe Generale Fondul Propietatea SA GDR TOTAL FINANCIALS

See accompanying notes which are an integral part of the financial statements. 7

Annual Report

Fidelity Emerging Markets Equity Investment Trust

Schedule of Investments – continued Equities – continued Shares

Cost (000s)

Market Value (000s)

Shares

Russia – 4.2% CONSUMER STAPLES – 0.4% Magnit OJSC GDR (Reg. S) 55,600 $3,193 $2,885 ENERGY – 2.1% Lukoil PJSC sponsored ADR 133,600 7,030 6,666 NOVATEK OAO GDR (Reg. S) 32,900 3,864 3,839 Rosneft Oil Co. OJSC 744,500 3,649 4,392 TOTAL ENERGY 14,543 14,897 FINANCIALS – 0.7% Sberbank of Russia 542,180 985 1,151 Sberbank of Russia sponsored ADR 435,730 2,894 3,939 TOTAL FINANCIALS 3,879 5,090 MATERIALS – 0.5% MMC Norilsk Nickel PJSC sponsored ADR 204,200 3,730 3,424 TELECOMMUNICATION SERVICES – 0.4% Mobile TeleSystems OJSC 377,790 2,172 1,752 Mobile TeleSystems OJSC sponsored ADR 21,220 181 223 Sistema JSFC 2,272,200 880 769 Sistema JSFC sponsored GDR 31,240 293 262 TOTAL TELECOMMUNICATION SERVICES 3,526 3,006 UTILITIES – 0.1% E.ON Russia JSC 14,511,657 949 743 TOTAL RUSSIA Singapore – 1.0% CONSUMER STAPLES – 0.3% First Resources Ltd. FINANCIALS – 0.7% Ascendas Real Estate Investment Trust CapitaMall Trust United Overseas Bank Ltd. TOTAL FINANCIALS

29,820

1,927

2,022

1,527,880 671,100 5,800

3,432 1,322 108 4,862

3,519 1,352 105 4,976

6,789

6,998

TOTAL SINGAPORE Slovenia – 0.1% HEALTH CARE – 0.1% Krka dd Novo mesto

TOTAL SOUTH AFRICA

South Africa – 5.4% CONSUMER DISCRETIONARY – 2.9% City Lodge Hotels Ltd. 10,800 Imperial Holdings Ltd. 79,684 Naspers Ltd. Class N 109,160 TOTAL CONSUMER DISCRETIONARY CONSUMER STAPLES – 0.0% Shoprite Holdings Ltd. 23,500 ENERGY – 0.2% Sasol Ltd. 44,500

569

153 1,000 17,831 18,984

140 1,054 19,791 20,985

323

359

1,849

1,715

See accompanying notes which are an integral part of the financial statements. Annual Reportport

69

2,284

2,184

TOTAL SPAIN

2,351

2,253

196,038

388

348

107,692

86

77

474

425

1,642

1,802

2,245 1,171

2,418 912

2,138 5,554

1,757 5,087

1,567

1,527

Taiwan – 7.2% CONSUMER STAPLES – 0.2% Unified‑President Enterprises Corp. 791,260 FINANCIALS – 0.7% E.SUN Financial Holdings Co. Ltd. 3,332,272 King’s Town Bank 1,021,400 Yuanta Financial Holding Co. Ltd. 3,790,067 TOTAL FINANCIALS INFORMATION TECHNOLOGY – 5.5% Advanced Semiconductor Engineering, Inc. 1,016,000 8

39,105

67

Sri Lanka – 0.1% FINANCIALS – 0.1% Hatton National Bank PLC INDUSTRIALS – 0.0% Hemas Holdings PLC

554

38,302

Spain – 0.3% CONSUMER DISCRETIONARY – 0.0% Melia Hotels International SA 4,500 FINANCIALS – 0.3% Banco Bilbao Vizcaya Argentaria SA 254,650

TOTAL SRI LANKA 6,093

Market Value (000s)

FINANCIALS – 1.0% Alexander Forbes Group Holdings Ltd. 940,302 $518 $554 Barclays Africa Group Ltd. 333,516 5,647 4,389 JSE Ltd. 78,560 834 1,030 Nedbank Group Ltd. 72,120 1,170 1,232 TOTAL FINANCIALS 8,169 7,205 HEALTH CARE – 0.5% Aspen Pharmacare Holdings Ltd. 74,900 2,043 2,110 Life Healthcare Group Holdings Ltd. 561,900 2,088 1,764 TOTAL HEALTH CARE 4,131 3,874 INDUSTRIALS – 0.5% Barloworld Ltd. 16,700 109 111 Bidvest Group Ltd. 90,496 2,670 2,969 Murray & Roberts Holdings Ltd. 153,800 155 170 TOTAL INDUSTRIALS 2,934 3,250 MATERIALS – 0.1% Nampak Ltd. 204,000 390 382 TELECOMMUNICATION SERVICES – 0.2% Telkom SA Ltd. 263,621 1,522 1,335

30,045

1,039,000

Cost (000s)

Equities – continued Shares

Cost (000s)

Market Value (000s)

Shares

Taiwan – continued INFORMATION TECHNOLOGY – continued Advantech Co. Ltd. 284,000 $2,535 $2,707 Catcher Technology Co. Ltd. 182,000 2,065 1,937 Hermes Microvision, Inc. 17,000 842 630 Hon Hai Precision Industry Co. Ltd. (Foxconn) 362,333 1,227 1,239 HTC Corp. 160,000 593 595 Inotera Memories, Inc. 783,000 1,143 920 Kingpak Technology, Inc. 58,000 644 930 Largan Precision Co. Ltd. 19,000 1,911 1,911 MediaTek, Inc. 49,000 459 488 Siliconware Precision Industries Co. Ltd. 332,000 709 696 Taiwan Semiconductor Manufacturing Co. Ltd. 3,680,600 17,054 23,815 Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 17,652 413 601 Vanguard International Semiconductor Corp. 428,000 721 868 Wistron NeWeb Corp. 197,000 674 685 TOTAL INFORMATION TECHNOLOGY 32,557 39,549 MATERIALS – 0.8% Taiwan Cement Corp. 2,774,000 4,155 3,522 Taiwan Fertilizer Co. Ltd. 637,000 1,317 1,249 Universal Cement Corp. 1,006,092 1,001 906 TOTAL MATERIALS 6,473 5,677 TOTAL TAIWAN Thailand – 2.8% CONSUMER DISCRETIONARY – 0.0% MC Group PCL 297,800 CONSUMER STAPLES – 0.5% Carabao Group PCL 55,400 Thai Beverage PCL 186,100 Thai Union Frozen Products PCL (For. Reg.) 4,022,300 TOTAL CONSUMER STAPLES ENERGY – 0.6% PTT PCL (For. Reg.) 285,500 Star Petroleum Refining PCL 2,814,600 TOTAL ENERGY FINANCIALS – 0.8% Jasmine Broadband Internet Infrastructure Fund 2,873,800 Kasikornbank PCL (For. Reg.) 788,090 TOTAL FINANCIALS INDUSTRIALS – 0.3% Airports of Thailand PCL (For. Reg.) 157,400 MATERIALS – 0.2% PTT Global Chemical PCL (For. Reg.) 559,500

46,226

52,115

148

143

79 118

82 128

2,520 2,717

3,102 3,312

2,969 950 3,919

2,950 1,132 4,082

1,077

875

5,604 6,681

5,089 5,964

1,650

2,335

1,269

1,249

Cost (000s)

Market Value (000s)

TELECOMMUNICATION SERVICES – 0.4% Advanced Info Service PCL (For. Reg.) 254,620 $1,705 $1,710 Intouch Holdings PCL: (For. Reg.) 218,100 567 511 NVDR 365,500 789 860 TOTAL TELECOMMUNICATION SERVICES 3,061 3,081 TOTAL THAILAND Turkey – 1.2% ENERGY – 0.4% Tupras Turkiye Petrol Rafinelleri A/S FINANCIALS – 0.4% Turkiye Garanti Bankasi A/S INDUSTRIALS – 0.4% Aselsan A/S Enka Insaat ve Sanayi A/S TOTAL INDUSTRIALS

19,445

20,166

87,122

2,453

3,186

797,860

3,165

3,032

162,000 513,000

876 1,031 1,907

1,366 1,154 2,520

7,525

8,738

27,443

75

74

64,881 184,273 1,057,468 624,426

150 199 2,472 3,101 5,922

136 188 2,251 2,594 5,169

146,828 74,860

171 1,789 1,960

176 1,827 2,003

7,957

7,246

900

36

36

182,095

1,897

1,471

10,100

150 2,083

146 1,653

30,300 12,500

105 197 302

94 246 340

TOTAL TURKEY United Arab Emirates – 1.0% CONSUMER STAPLES – 0.0% Agthia Group PJSC FINANCIALS – 0.7% Dubai Islamic Bank Pakistan Ltd. Emaar Malls Group PJSC Emaar Properties PJSC First Gulf Bank PJSC TOTAL FINANCIALS INDUSTRIALS – 0.3% Aramex Co. DP World Ltd. TOTAL INDUSTRIALS TOTAL UNITED ARAB EMIRATES United Kingdom – 0.5% FINANCIALS – 0.2% Bupa Arabia ELS (HSBC Warrant Program) warrants 10/10/16 HSBC Holdings PLC (Hong Kong) Savola Group ELS (HSBC Warrant Program) warrants 2/6/17 TOTAL FINANCIALS HEALTH CARE – 0.0% Georgia Healthcare Group PLC NMC Health PLC TOTAL HEALTH CARE

See accompanying notes which are an integral part of the financial statements. 9

Annual Report

Fidelity Emerging Markets Equity Investment Trust

Schedule of Investments – continued Equities – continued

Short-Term Investments – 5.0% Shares

Cost (000s)

Market Value (000s)

United Kingdom – continued MATERIALS – 0.3% Fresnillo PLC

108,700 $1,588 $1,931

TOTAL UNITED KINGDOM

3,973

3,924

1,683

1,932

1,927 1,530 3,457

2,370 1,214 3,584

5,140

5,516

United States of America – 0.8% FINANCIALS – 0.3% First Cash Financial Services, Inc. 32,300 INFORMATION TECHNOLOGY – 0.5% Cognizant Technology Solutions Corp. Class A 29,100 Micron Technology, Inc. 89,300 TOTAL INFORMATION TECHNOLOGY TOTAL UNITED STATES OF AMERICA Vietnam – 0.3% CONSUMER STAPLES – 0.0% Vietnam Dairy Products Corp. 26,920 ENERGY – 0.1% Petrovietnam Dr & Well Ser Jsc 141,360 PetroVietnam Technical Services Corp. 110,500 TOTAL ENERGY FINANCIALS – 0.2% Bank For Foreign Trade Jsc 167,750 Saigon Securities, Inc. 166,080 Vingroup JSC 179,850 TOTAL FINANCIALS INDUSTRIALS – 0.0% Binh Minh Plastic JSC 10,880 Superdong Fast Ferry Kien Giang JSC 6,000 TOTAL INDUSTRIALS INFORMATION TECHNOLOGY – 0.0% Vietnam Electrical Equipment JSC 47,300 TOTAL VIETNAM TOTAL EQUITIES

Principal Amount (000s)

Cost (000s)

Market Value (000s)

Canada – 5.0% Investments in reverse repurchase agreements in a joint trading account at 0.46%, dated 3/31/16 due 4/1/16 (Collateralized by Canadian Government Obligations) # $36,199 $36,199 $ 36,199 TOTAL INVESTMENT $704,357 708,271 PORTFOLIO – 98.1% NET OTHER ASSETS (LIABILITIES) – 1.9% NET ASSETS – 100%

13,925 $722,196

Futures Contracts Expiration Date

Underlying Face Amount at Value (000s)

Unrealized Appreciation/ (Depreciation) (000s)

Purchased 223

210

270

195

113 383

98 293

466 232 480 1,178

401 204 495 1,100

81

92

37 118

37 129

72

71

1,974 668,158

1,803 672,072

See accompanying notes which are an integral part of the financial statements. Annual Reportport

Equity Index Contracts 673 ICE E‑mini MSCI Emerging Markets Index Contracts (United States) June 2016

$36,444 $1,375

The face value of futures purchased as a percentage of Net Assets is 5.0%

Presentation Notes Cost amount includes broker commissions and other trading expenses, if any.

10

Investment Valuation The following is a summary of the inputs used, as of March 31, 2016 and March 31, 2015, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. Valuation Inputs at March 31, 2016: Description (Amounts in thousands) Investments in Securities: Equities: Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecommunication Services Utilities Short-Term Investments Total Investments in Securities:

Total

Level 1

Level 2

Level 3

$73,331 $73,331 $— $— 57,954 57,954 — — 47,358 35,589 11,769 — 185,419 147,494 37,925 — 18,353 18,353 — — 47,425 47,425 — — 132,358 89,851 42,507 — 47,393 43,421 3,972 — 40,659 35,205 5,454 — 21,822 19,340 2,482 — 36,199 — 36,199 — $708,271 $567,963 $140,308 $—

Derivative Instruments: Assets Futures Contracts Total Assets Total Derivative Instruments:

$1,375 $1,375 $— $— $1,375 $1,375 $— $— $1,375 $1,375 $— $— Valuation Inputs at March 31, 2015:

Description (Amounts in thousands) Investments in Securities: Equities: Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecommunication Services Utilities Short-Term Investments Total Investments in Securities:

Total

Level 1

Level 2

Level 3

$38,166 $38,166 $— $— 33,234 33,234 — — 29,493 20,838 8,655 — 117,637 85,792 31,845 — 9,729 9,729 — — 33,034 33,034 — — 86,766 55,985 30,781 — 29,792 27,584 2,208 — 27,519 24,091 3,428 — 14,745 11,977 2,768 — 23,321 — 23,321 — $443,436 $340,430 $103,006 $—

Derivative Instruments: Assets: Futures Contracts Total Assets Total Derivative Instruments:

$568 $568 $— $— $568 $568 $— $— $568 $568 $— $—

The following is a summary of transfers between Level 1 and Level 2 for the periods ended March 31, 2016 and March 31, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: Total (000s)

Transfers Level 1 to Level 2 Level 2 to Level 1

$0 $8,024

See accompanying notes which are an integral part of the financial statements. 11

Annual Report

Fidelity Emerging Markets Equity Investment Trust

Schedule of Investments – continued

Total (000s)

Transfers Level 1 to Level 2 Level 2 to Level 1

$14,284 $4,544

Other Information # Additional information on each counterparty to the reverse repurchase agreement is as follows: Reverse Repurchase Agreement / Counterparty

Value (000s)

$36,199,000 due 4/01/16 at 0.46% Bank of Montreal Royal Bank of Canada Scotia Capital, Inc. The Toronto-Dominion Bank

$7,104 7,192 12,431 9,472 $36,199

See accompanying notes which are an integral part of the financial statements. Annual Reportport

12

Financial Statements Statements of Financial Position Amounts in thousands of Canadian Dollars /thousands of units (except per unit amounts) As at

March 31, 2016

March 31, 2015

$708,271 13,323 1,515 3,030 11 2,900 915 729,965

$443,436 9,931 680 2,688 – 1,393 408 458,536

6,936 314 37 482 7,769 $722,196

3,698 209 50 1,382 5,339 $453,197

$12.2724

$13.8061

Assets (Note 3) Current assets Investments at fair value through profit or loss Cash Cash collateral (Note 8) Receivable for investments sold Other receivables Accrued interest and dividends receivable Receivable on sale of units

Liabilities (Note 3) Current liabilities Payable for investments purchased Payable on redemption of units Payable for daily variation margin for derivative instruments (Note 8) Other payables and accrued expenses (Notes 4 and 5) Net assets attributable to holders of redeemable units (Notes 3 and 6) Net assets attributable to holders of redeemable units per Series and per unit (Note 6) Series O: ($722,196 / 58,847 units and $453,197 / 32,826 units, respectively)

See accompanying notes which are an integral part of the financial statements. 13

Annual Report

Financial Statements – continued

Statements of Comprehensive Income Amounts in thousands of Canadian Dollars (except per unit amounts) For the periods ended March 31,

2016

2015

$138 18,036 –

$55 9,556 2

3,556 (55,093) (51,537)

10,279 35,645 45,924

(1,131) (393) (1,524)

343 147 490

730 807 1,537 (33,350)

(1,081) 568 (513) 55,514

– – – 1,432 – 1,594

– – – 2,091 – 1,307

3,026 $(36,376)

3,398 $52,116

Increase (decrease) in net assets attributable to holders of redeemable units from operations per Series (Note 3) Series O

$(36,376)

$52,116

Increase (decrease) in net assets attributable to holders of redeemable units from operations per Series per unit (Note 3) Series O

$(.8627)

$1.6383

Investment income (Note 3) Interest Dividends Security lending Net gain (loss) on Investments Net realized gain (loss) on investments Change in net unrealized appreciation (depreciation) on investments Net gain (loss) on Foreign Currencies Net realized gain (loss) on foreign currency transactions Change in net unrealized appreciation (depreciation) on other net assets in foreign currencies Net gain (loss) on Derivatives Net realized gain (loss) on derivatives Change in net unrealized appreciation (depreciation) on derivatives Total investment income (loss) Operating expenses (Note 4) Management and advisory fees Other operating expenses Independent Review Committee fees Commissions and other portfolio costs Sales tax Foreign taxes withheld (Note 5) Total operating expenses Net increase (decrease) in net assets attributable to holders of redeemable units from operations Other information:

See accompanying notes which are an integral part of the financial statements. Annual Reportport

14

Statements of Changes in Net Assets Attributable to Holders of Redeemable Units Amounts in thousands of Canadian Dollars For the period ended March 31, 2016

Series O

$453,197

Net assets attributable to holders of redeemable units, beginning of period Distributions to holders of redeemable units (Note 5) From net investment income From net realized gain

(9,943) (12,286) (22,229)

Redeemable unit transactions (Note 6) Proceeds from sale of redeemable units Reinvestment of distributions Amounts paid upon redemption of redeemable units Increase (decrease) in net assets attributable to holders of redeemable units from operations Net increase (decrease) in net assets attributable to holders of redeemable units Net assets attributable to holders of redeemable units, end of period Amounts in thousands of Canadian Dollars For the period ended March 31, 2015

332,062 22,229 (26,687) 327,604 (36,376) 268,999 $722,196

Series O

$222,800

Net assets attributable to holders of redeemable units, beginning of period Distributions to holders of redeemable units (Note 5) From net investment income From net realized gain

(6,593) (904) (7,497)

Redeemable unit transactions (Note 6) Proceeds from sale of redeemable units Reinvestment of distributions Amounts paid upon redemption of redeemable units Increase (decrease) in net assets attributable to holders of redeemable unitsfrom operations Net increase (decrease) in net assets attributable to holders of redeemable units Net assets attributable to holders of redeemable units, end of period

280,033 7,497 (101,752) 185,778 52,116 230,397 $453,197

See accompanying notes which are an integral part of the financial statements. 15

Annual Report

Financial Statements – continued

Statements of Cash Flows Amounts in thousands of Canadian Dollars For the periods ended March 31,

Cash, beginning of period Cash flows from (used in) operating activities: Purchases of investments and derivatives Proceeds from sale and maturity of investments and derivatives Cash (deposited) returned for collateral Cash receipts from dividend income Cash receipts from interest income Cash receipts from other investment income Cash paid for operating expenses Net cash from (used in) operating activities Cash flows from (used in) financing activities: Proceeds from sales of units Amounts paid upon redemption of units Net cash from (used in) financing activities Net change in cash Foreign exchange gain (loss) on cash Cash, end of period

See accompanying notes which are an integral part of the financial statements. Annual Reportport

16

2016

2015

$9,931

$3,627

(598,723) 284,440 (835) 15,060 15 – (1,271) (301,314)

(611,412) 434,399 (680) 8,881 55 2 (3,164) (171,919)

331,554 (26,582) 304,972 3,658 (266) $13,323

279,687 (101,567) 178,120 6,201 103 $9,931

Notes to Financial Statements

For the periods ended March 31, 2016 and 2015 (Amounts in thousands of Canadian dollars except per unit amounts)

1. Formation of the Fund Fidelity Emerging Markets Equity Investment Trust (Fund) is a unit trust formed under the laws of Ontario and governed by a Declaration of Trust dated December 1, 2011 (Inception Date), as amended thereafter from time to time. The Fund is authorized to issue an unlimited number of units. Fidelity Investments Canada ULC (Fidelity), as manager and trustee of the Fund, is responsible for the day-to-day operations and provides all general management and administrative services. The investment advisor is responsible for the investment management of the Fund’s portfolio. On December 31, 2015, the investment advisor changed from FIAM LLC (formerly Pyramis Global Advisors, LLC) to Fidelity. The registered office of the Fund is located at 483 Bay Street, Suite 300, Toronto, Ontario, M5G 2N7. The Fund offers Series O units, which are only available to other Fidelity products and are not available for public purchase. The Fund meets the definition of an investment entity and its purpose is to provide investment management services to its unitholders by investing its net assets for capital growth and/or investment income and by measuring its investment performance on a fair value basis. Refer to the Financial Instruments Risk note below for the Fund’s investment objective. 2. Basis of Preparation Statement of Compliance – These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as published by the International Accounting Standards Board (IASB).The accounting policies set out below have been applied consistently unless otherwise stated. The financial statements were authorized for issue by Fidelity’s board of directors on June 7, 2016. Functional and Presentation Currency – These financial statements are presented in Canadian dollars, which is the Fund’s functional currency. 3. Summary of Significant Accounting Policies Basis of Measurement – These financial statements have been prepared on the historical cost basis except for investments and derivatives which are measured at fair value in the Statements of Financial Position. Use of Estimates and Judgments – Under IFRS, management is required to make certain estimates and judgments at the date of the financial statements. The principal financial statement components subject to significant accounting estimates and judgments include: Fair value measurements – The Fund may invest in financial instruments that are not quoted in an active market. Where applicable, these instruments are categorized in Level 2 and Level 3 of the fair value hierarchy explained below. When current market prices or quotations are not readily available or reliable, valuation techniques will be applied in good faith and in accordance with procedures adopted by the manager. Factors used in determining fair value may include, but are not limited to, broker quotes from reputable pricing sources, market or security specific events. Fair value models use observable data, to the extent practical; however, the manager is required from time to time to make estimates and assumptions that are based on the best information available at that particular time. Changes in these estimates could impact the fair values of the financial instruments, and the impact could be material. The aggregate fair value of investments measured by valuation techniques as at March 31, 2016 and March 31, 2015, is included at the end of the Fund’s Schedule of Investments. Classification and measurement of financial instruments – The Fund has made significant judgments when determining the classification and measurement of its financial instruments under IAS 39, Financial Instruments – Recognition and Measurement (IAS 39). These judgments centre upon the determination that certain investments are held-for-trading and that the fair value measurement option can be applied to those that are not due to factors including performance evaluation and management of the Fund on a fair value basis. Presentation of financial instruments – The Fund has made significant judgments when determining the classification of its redeemable units as financial liabilities in accordance with IAS 32 – Financial Instruments – Presentation (IAS 32). These judgments centre upon the determination that the Fund’s redeemable units’ entitlements include a contractual obligation to distribute any net income and net realized capital gains at least annually in cash (at the request of the unitholder) and, therefore, the ongoing redemption feature is not the units’ only contractual obligation. Investment and Derivative Valuation – Investments, excluding derivatives, are designated at their fair value through profit or loss in accordance with IAS 39 and are carried at their fair value. Derivatives are classified as held-for-trading in accordance with IAS 39 and are carried at fair value. The Fund categorizes the inputs to valuation techniques used to fair value its investments and derivatives into a disclosure hierarchy consisting of three levels as shown below: Level 1 – quoted prices in active markets for identical investments Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.) Level 3 – unobservable inputs (including the Fund’s own assumptions based on the best information available) 17

Annual Report

Notes to Financial Statements – continued

(Amounts in thousands of Canadian dollars except per unit amounts)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Information on transfers between Level 1 and Level 2 for the period ended March 31, 2016 and March 31, 2015, is included at the end of the Fund’s Schedule of Investments. The aggregate value of investments by input level, as at March 31, 2016 and March 31, 2015, as well as a roll forward of Level 3 securities, where applicable, is included at the end of the Fund’s Schedule of Investments. Valuation techniques used to value the Fund’s investments and derivatives by major category are as follows: Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last sales price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event that the last sales price or official closing price is not readily available, or is outside the bid-ask spread, the point within the bid–ask spread that is most representative of fair value based on specific facts and circumstances will be used. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Short-term securities for which quotations are not readily available are valued at amortized cost, which approximates fair value and are categorized as Level 2 in the hierarchy. Cash – Cash is comprised of cash on deposit and may include cash equivalents which are short-term debt instruments with terms to maturity of less than 90 days at acquisition which are held for the purpose of meeting short-term cash commitments. Foreign currencies are comprised of cash amounts denominated in currencies other than Canadian dollars, which are on deposit with the custodian to facilitate the settlement of foreign denominated security transactions. Cash is carried at amortized cost which approximates its fair value. The Fund did not hold any cash equivalents as at March 31, 2016 and March 31, 2015. Impairment of Financial Assets – At each reporting date, the Fund assesses whether there is objective evidence that a financial asset carried at amortized cost is impaired. If such impairment exists, the Fund recognizes the difference between the amortized cost of the financial assets and the present value of the estimated future cash flows, discounted using the instrument’s original effective interest rate as an impairment loss on the Statements of Comprehensive Income. Such impairment losses are reversed in subsequent periods in the Statements of Comprehensive Income if the conditions that lead to the initial recognition of the loss diminish or cease to exist. Other Assets and Liabilities – Other assets and liabilities may include amounts due to or from the custodian, affiliates or other counterparties for accrued income, investment transactions, unit transactions, accrued expenses and other unsettled transactions at period end. These amounts are classified as loans and receivables or financial liabilities and are carried at amortized cost, which approximates fair value due to their shortterm nature. Offsetting Financial Instruments – Financial assets and liabilities are offset and the net amount reported in the Statements of Financial Position when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the asset and settle the liability simultaneously. Classification of redeemable units issued by the Fund – In accordance with IAS 32, the Fund’s redeemable units’ entitlements include a contractual obligation to distribute any net income and net realized capital gains at least annually in cash (at the request of the unitholder) and, therefore, the ongoing redemption feature is not the units’ only contractual obligation. Therefore, the Fund’s redeemable units do not meet the criteria for classification as equity and have been classified as financial liabilities on the Statements of Financial Position. The Fund’s obligation for net assets attributable to holders of redeemable units is recorded at the redemption amount. As at March 31, 2016 and March 31, 2015, the Fund’s net asset value per unit may differ by less than $0.01 from its net assets attributable to holders of redeemable units per unit calculated in accordance with IFRS as a result of normal reporting period end procedures to close off the books and records. Investment Transactions, Income Recognition and Transaction Costs – Regular way purchases and sales of financial assets are recognized at their trade date. The cost of investments is determined on an average cost basis, excluding commissions and other portfolio transaction costs. However, for presentation purposes, the Schedule of Investments includes broker commissions and other trading expenses. Income from investments is recognized on an accrual basis. Interest income is accrued as earned. Dividend income is recognized on the ex–dividend date except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Distributions received from investment trusts are recorded as income, capital gains or a return of capital based on the best information available to the manager. Due to the nature of these investments, actual allocations could vary from this information. Distributions from investment trusts treated as a return of capital reduce the average cost of the underlying investment trust. Net realized gains and losses from the sale of investments and change in net unrealized appreciation (depreciation) on investments are calculated with reference to average cost of the related investment securities which exclude transaction costs and may include proceeds received from litigation.

Annual Reportport

18

Transaction costs, such as brokerage commissions, incurred in the purchase and sale of securities by the Fund are recognized as “Commissions and other portfolio costs” in the Statements of Comprehensive Income. Foreign taxes are estimated based on the Fund’s understanding of the tax rules and actual rates that exist in the foreign markets in which it invests. Investment income is recorded gross of foreign taxes withheld. Foreign Currency Translation – Securities and other assets and liabilities denominated in a foreign currency are translated into Canadian dollars at the period-end exchange rates. Purchases and sales of securities, income and expenses denominated in foreign currencies are translated into Canadian dollars at the exchange rate on the date of the respective transaction. The effects of exchange rate fluctuations on investments are included in the “Net realized gain (loss) and change in net unrealized appreciation (depreciation) on investments” and exchange rate fluctuations on other foreign currency transactions are included in the “Net realized gain (loss) on foreign currency transactions” and “Change in net unrealized appreciation (depreciation) on other net assets in foreign currencies” in the Statements of Comprehensive Income. Reverse Repurchase Agreements – Uninvested cash balances may be transferred into one or more joint trading accounts where these balances are invested in reverse repurchase transactions. In reverse repurchase transactions, U.S. or Canadian Government securities are purchased from a counterparty who agrees to repurchase the securities at a higher price at a specified future date. The difference in price is reported as interest income. Credit risk arises from the potential for a counterparty to default on its obligation to repurchase the security. The risk is managed by the use of counterparties acceptable to Fidelity and by the receipt of the securities as collateral. The value of the collateral must be at least 102% of the daily fair value of the cash invested. Any reverse repurchase agreements open at period end are included in the Schedule of Investments. The following tables summarize the securities pledged to the Fund as collateral: March 31, 2016

Interest Rate

Collateral Description

Canadian Treasury Bond

0.25%

Maturity Date

—

5.75%

06/01/2016

—

% of Collateral 12/01/2041

Collateral Value as a % of CAD Cash Invested

100.0% 100.0%

102.1%

March 31, 2015

Interest Rate

Collateral Description

Canada Housing Trust Canadian Treasury Bond Canadian Treasury Bill

1.47% 3.00%

% of Collateral

Maturity Date 03/15/2017

— n/a

8.00%

06/01/2027 05/21/2015

— —

15.1% 06/01/2041 07/02/2015

68.5% 16.4% 100.0%

Interest Rate

Collateral Description

U.S. Treasury Note U.S. Treasury Bond U.S. Treasury Bill

Collateral Value as a % of CAD Cash Invested

Maturity Date

% of Collateral

3.00%

—

8.13%

05/15/2021

—

11/15/2044

13.6%

0.08%

— n/a

4.75%

04/15/2015 05/07/2015

— —

08/15/2023 02/04/2016

86.2% 0.2%

100.0%

102.2% Collateral Value as a % of USD Cash Invested

102.1%

Securities Lending – The Fund lends portfolio securities from time to time in order to earn additional income. The Fund has entered into a securities lending program with its custodian, State Street Trust Company of Canada. The aggregate market value of all securities loaned under securities lending transactions or sold in repurchase transactions cannot exceed 50% of the net asset value of the Fund. The Fund receives collateral (in the form of obligations of, or guaranteed by, the Government of Canada, or a province thereof, or by the United States government or its agencies) against the loaned securities and maintains collateral in an amount of at least 105% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined daily at the close of business of the Fund and any additional 19

Annual Report

Notes to Financial Statements – continued

(Amounts in thousands of Canadian dollars except per unit amounts)

required collateral is delivered to the Fund on the next business day. There were no security loans outstanding as at March 31, 2016 and March 31, 2015. Futures Contracts – The Fund may invest in futures contracts to manage its exposure to the markets. Upon entering into a futures contract, the Fund is required to deposit with the clearing broker, no later than the following business day, an amount (initial margin) equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on the settlement date. Subsequent payments (variation margin) are made or received by the Fund depending on the daily fluctuations in the value of the futures contract and are accounted for as change in net unrealized appreciation (depreciation) on derivatives in the Statements of Comprehensive Income. Upon the expiration or closing of the futures contract, realized gains or losses are recognized, and are recorded in the Statements of Comprehensive Income as “Net realized gain (loss) on derivatives.” The Fund pledged $1,515 (March 31, 2015: $680) as cash collateral, which is included in “Cash collateral” in the Statements of Financial Position. Futures contracts involve, to varying degrees, risk of loss in excess of the futures variation margin reflected in the Statements of Financial Position. The underlying face amount at value of any open futures contracts at period end is shown in the Schedule of Investments under the caption “Futures Contracts.” This amount reflects each contract’s exposure to the underlying instrument at period end. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contract’s terms. Per Unit from Operations - The increase (decrease) in net assets attributable to holders of redeemable units resulting from operations per unit in the Statements of Comprehensive Income represent the increase (decrease) in net assets attributable to holders of redeemable units resulting from operations for the Fund, divided by the weighted average units outstanding for the Fund during the period as follows: Weighted Average Units

Period ended March 31, 2016 Series O Period ended March 31, 2015 Series O

42,163 31,810

Statements of Cash Flows – When preparing the Statements of Cash Flows, the Fund nets the rollover activity of its short-term investments, and includes only the net cash flow impact in “Purchases of investments and derivatives” or “Proceeds from sale and maturity of investments and derivatives”, as applicable. Additionally, in accordance with IFRS, the Fund’s Statements of Cash Flows excludes non-cash transactions from its operating and financing activities. Recent Accounting Pronouncements – The final version of IFRS 9, Financial Instruments, was issued by the IASB in July 2014 and will replace IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 introduces a model for classification and measurement, a single, forward-looking expected loss’ impairment model and a substantially reformed approach to hedge accounting. The new single, principle based approach for determining the classification of financial assets is driven by cash flow characteristics and the business model in which an asset is held. The new model also results in a single impairment model being applied to all financial instruments, which will require more timely recognition of expected credit losses. It also includes changes in respect of an entity’s own credit risk in measuring liabilities elected to be measured at fair value, so that gains caused by the deterioration of an entity’s own credit risk on such liabilities are no longer recognised in profit or loss. IFRS 9 is effective for annual periods beginning on or after January 1, 2018, however is available for early adoption. In addition, the entity’s own credit risk changes can be early applied in isolation without otherwise changing the accounting for financial instruments. The Fund is in the process of assessing the impact of IFRS 9 and has not yet determined when it will adopt the new standard. 4. Expenses and Other Related Party Transactions Management and Advisory Fees – Fidelity serves as the manager and investment advisor of the Fund. The Fund pays Fidelity a monthly management and advisory fee for their services and the provision of key management personnel to the Fund, based on the net asset value of, calculated daily and payable monthly. No management and advisory fees are charged with respect to the Series O units. Independent Review Committee Fees - The Independent Review Committee (IRC), as required under National Instrument 81-107, reviews conflict of interest matters referred to it by the manager and provides recommendations or approves actions, as appropriate, that are in the best interest of the funds. There are currently four members of the IRC who are independent of Fidelity and its affiliates. IRC members are compensated by way of an annual retainer fee and a per meeting attendance fee, as well as reimbursed for expenses associated with IRC duties. These costs are allocated among the individual funds proportionately by assets. No IRC fees are charged with respect to the Series O units. Sales Tax - Certain provinces have harmonized their Provincial Sales Tax (PST) with the federal Goods and Services Tax (GST). The Harmonized Sales Tax (HST) combines the GST rate of 5% with the PST rate of certain provinces. The Provincial HST liability or refund is calculated using the residency of unitholders and the value of their interests in the Fund as at specific times, rather than the physical location of the Fund. The effective GST/HST rate charged to the Fund is based on the unitholders’ proportionate investments by province, using each

Annual Reportport

20

province’s HST rate or GST rate in the case of non-participating provinces. All amounts are included in the Statements of Comprehensive Income as Sales tax. Other Operating Expenses - Fidelity is responsible for the payment of all expenses relating to the operation of the Fund except for brokerage commissions, interest charges and taxes which are paid by the Fund. Commissions and Other Portfolio Costs - Commissions and other portfolio costs paid for security transactions during the period were $1,432 (March 31, 2015: $2,091), of which $2 (March 31, 2015: $4) were paid to brokerage firms that are affiliates of Fidelity. The Fund may execute certain portfolio trades with brokers who reimbursed a portion of their commissions to the Fund. Commissions reimbursed under this arrangement were $297 (March 31, 2015: $215) and are included in “Commissions and other portfolio costs” in the Statements of Comprehensive Income. In addition, a portion of commissions may be paid for research. The total of such payments was $508 (March 31, 2015: $365). Amounts paid for research provided to the Fund by executing brokers are estimates made by Fidelity. Fidelity has established procedures to assist them in making a good faith determination that the Fund received a reasonable benefit considering the value of research goods and services and the amount of brokerage commissions paid. 5. Taxation and Distributions The Fund qualifies as a unit trust under the provisions of the Income Tax Act (Canada). For tax purposes, the Fund has a December year–end. In each tax year, the Fund declares and credits as due and payable sufficient net investment income and net realized capital gains to unitholders such that the Fund will not be subject to income taxes. As a result, the Fund does not record income taxes under IAS 12 – Income Taxes (IAS 12) and accordingly does not recognize the deferred tax benefit associated with tax loss carry forwards and other taxable temporary differences. The Fund is subject to foreign withholding taxes imposed by certain countries on investment income. Withholding taxes are accrued for in conjunction with the accrual for the related investment income and are included in “Foreign taxes withheld” on the Statements of Comprehensive Income and “Other payables and accrued expenses” on the Statements of Financial Position. In addition, certain countries apply withholding taxes on capital gains on investments and such taxes are accrued against the relevant security and included in other payables and accrued expenses. The taxes paid on realized gains from sales of securities paid by the Fund and the accrued tax liability on unrealized gains on securities subject to withholding taxes are included in “Foreign taxes withheld “ and “Change in net unrealized appreciation (depreciation) on investments “ in the Statements of Comprehensive Income, respectively. At period end, the accrued tax liability on unrealized gains was as follows: March 31, 2016 ($)

13

Accrued tax liability on unrealized gains

March 31, 2015 ($)

1,087

Distributions are taxable in unitholders’ hands. At the end of each tax year, the character of the distributions is determined for tax purposes. Under the terms of the Declaration of Trust, the trustee may capitalize any distribution amount without any increase in the number of units outstanding. Capital losses may be carried forward indefinitely to reduce future realized capital gains. As at the last taxation year-end, the Fund had no capital losses available to be carried forward. Non–capital losses may be carried forward for up to 20 tax years to reduce future taxable income, but expire in December of the year noted. As at the last taxation year-end, the Fund had no non–capital losses available to be carried forward. 6. Capital Risk Management Units issued and outstanding are considered to be the capital of the Fund. The capital of each series of the Fund is divided into an unlimited number of units of equal value, with no par value. All units in a series of the Fund rank equally with respect to distributions. A unitholder of the Fund is entitled to one vote for each one dollar in value of units owned. Fractional units are proportionately entitled to these rights. The Fund generally has no restrictions or specific capital requirements on the subscriptions and redemptions of units other than minimum subscription requirements; although, on rare occasions, Fidelity may temporarily suspend unitholders’ right to redeem units and postpone paying sale proceeds. The relevant movements attributable to unitholders are shown in the Statements of Changes in Net Assets Attributable to Holders of Redeemable Units. In accordance with the objectives and the risk management policies outlined in the Financial Instruments Risk notes, the Fund endeavors to invest the subscriptions received in appropriate investments while maintaining sufficient liquidity to meet redemptions. Such liquidity is managed by investing the majority of assets in investments that can be readily disposed and via the Fund’s ability to borrow up to 5% of its net asset value. Unit Transactions - Unit transactions for each Series were as follows:

21

Annual Report

Notes to Financial Statements – continued

(Amounts in thousands of Canadian dollars except per unit amounts) Units Outstanding, Beginning of Period

Issued

Reinvested

32,826

26,235

1,772

(1,986)

58,847

18,182

21,881

605

(7,842)

32,826

Period ended March 31, 2016 Series O Period ended March 31, 2015 Series O

Redeemed

Units Outstanding, End of Period

Affiliated Ownership - As at March 31, 2016 and March 31, 2015, Fidelity and its affiliates held 100% of the Fund. 7. Financial Instruments Risk The Fund’s activities expose it to a variety of financial instruments risks: credit risk, liquidity risk, other price risk, interest rate risk and currency risk. Fidelity seeks to minimize potential adverse effects of these performance risks by employing professional, experienced portfolio advisors, by daily monitoring of positions and market events, and by diversifying the investment portfolio within the constraints of the investment mandate. The Fund may use derivative financial instruments to moderate certain risk exposures. Risk, as defined by Fidelity, is the mismatch of certain risk factors, such as the market capitalization, beta, common factors such as size, priceearnings ratio, price-to-book ratio and industry exposures, between a portfolio and its benchmark. Such mismatches may result in divergence of returns relative to the benchmark. Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. A beta of 1 indicates that the security’s price will move with the market. A beta of less than 1 means that the security will be less volatile than the market. A beta of greater than 1 indicates that the security’s price will be more volatile than the market. For example, if a stock’s beta is 1.2, it’s theoretically 20% more volatile than the market. Fidelity’s objective is to provide consistent value-added return over the benchmark. Unsystematic risk is mitigated primarily through investments in a diverse portfolio of securities across many sectors, styles or regions of the market. Fidelity’s qualitative fundamental security selection is also well diversified across many analysts. Rather than relying on a single valuation process or quantitative model that implicitly assumes that past value-added returns of some sectors or styles will persist into the future, Fidelity’s analysts select securities based on their own unique valuation processes. The Fund aims to achieve long-term capital growth by investing primarily in equity securities of companies in emerging market countries. The Fund’s benchmark is a blended benchmark consisting of 95.0% MSCI Emerging Markets Index and 5.0% MSCI Frontier Emerging Markets Index. Portfolio risk is monitored daily and reviewed monthly by an investment compliance group. In addition, there is a formal quarterly review of each fund. The investment compliance group, portfolio managers and the senior analysts attend a quarterly portfolio review. Portfolios within each strategy are reviewed relative to each other and to their benchmark. Active industry and security allocations are analyzed. Credit Risk - Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Fund. The Fund’s own credit risk in the case of financial liabilities and a counterparty’s credit risk in the case of financial assets are considered, where applicable, in determining the fair value of financial assets and financial liabilities, including derivative instruments. The Fund may be exposed to indirect credit risk through its investments in any Underlying Fund. In addition, as part of its cash management, the Fund limits its direct exposure to credit loss by placing its cash with high credit quality financial institutions. The carrying amount of investments and other assets represents the maximum credit risk exposure as at March 31, 2016 and March 31, 2015. Collateralized reverse repurchase agreements may result in credit exposure in the event that the counterparty to the transaction is unable to fulfill its contractual obligations. The risk is managed by the receipt of the underlying securities as collateral and use of counterparties whose credit worthiness is considered sufficient based on Fidelity’s independent review. Credit risk exposure for derivative instruments is based on the Fund’s unrealized gain on the contractual obligations with the counterparty as at the reporting date. The Fund restricts its exposure to credit losses on derivative instruments by limiting its exposure to any one counterparty and by entering into transactions with counterparties who meet the minimum approved credit rating under securities regulations and other pre-set financial and non- financial criteria. Other than outlined above, there were no significant concentrations of credit risk to counterparties as at March 31, 2016 and March 31, 2015. Concentration Risk - Fidelity analyzes credit concentration based on the counterparty, industry and/or geographical location of the financial assets that the Fund holds. The following tables summarize the investment concentration risks that are relevant for the Fund based on its investment objective. Sector Mix

Annual Reportport

22

% of Fund’s Net Assets as at 3/31/16

Financials Information Technology Consumer Discretionary Consumer Staples Materials Energy Industrials Telecommunication Services Utilities Health Care Cash and Short-Term Investments Net Other Assets (Liabilities)

25.7 18.4 10.1 7.8 6.7 6.7 6.5 5.6 3.0 2.6 6.8 0.1

% of Fund’s Net Assets as at 3/31/15

25.7 19.2 8.3 7.5 6.5 6.5 7.4 6.1 3.3 2.2 7.3 0.0

Derivative Exposure % of Fund’s Net Assets as at 3/31/16

Futures Contracts

5.0

% of Fund’s Net Assets as at 3/31/15

3.9

Futures Contracts percentage is calculated by dividing the sum of the underlying face amount at value by total net assets. Geographic Mix % of Fund’s Net Assets as at 3/31/16

Korea (South) Cayman Islands India China Taiwan Brazil Mexico South Africa Hong Kong Russia Thailand Philippines Chile Bermuda Turkey United Arab Emirates Singapore Others (Individually Less Than 1%) Cash and Short-Term Investments Net Other Assets (Liabilities)

12.2 9.4 7.7 7.6 7.2 6.7 5.7 5.4 4.7 4.2 2.8 2.6 1.7 1.6 1.2 1.0 1.0 10.4 6.8 0.1

% of Fund’s Net Assets as at 3/31/15

15.3 6.8 11.0 9.9 9.0 4.3 4.5 4.6 5.2 2.7 2.2 3.2 1.5 1.7 1.3 0.7 0.6 8.2 7.3 0.0

Fidelity regularly monitors the relative weights of individual securities, sectors, countries, and also monitors the market capitalization and trading liquidity of each holding. Liquidity Risk - Liquidity risk is defined as the risk that the Fund may not be able to settle or meet its obligations on time or at a reasonable price. The Fund is exposed to daily cash redemptions of redeemable units. Redeemable units are redeemed on demand at the unitholder’s option based on the Fund’s net asset value per unit (NAVPU) at the time of redemption. In accordance with securities regulations, investment funds must maintain at least 90% of assets in liquid investments; investments that are traded in an active market and can be readily disposed of. In addition, the Fund aims to retain sufficient cash and short-term investments to maintain liquidity, and has the ability to borrow up to 5% of its net asset value from the custodian for the purpose of funding redemptions. 23

Annual Report

Notes to Financial Statements – continued

(Amounts in thousands of Canadian dollars except per unit amounts)

The Fund may, from time to time, invest in securities that are not traded in an active market and may be illiquid. Private and/or restricted securities held, if any, are identified in the Schedule of Investments as at their respective period ends. The liquidity position of the Fund is monitored on a daily basis. As at March 31, 2016 and March 31, 2015, the Fund did not have financial liabilities with maturities greater than 3 months. Other Price Risk - Other price risk is the risk that the value of financial instruments will fluctuate as a result of changes in market prices (other than those arising from interest rate risk or currency risk on monetary instruments), whether caused by factors specific to an individual investment, its issuer, or other factors affecting all instruments traded in a market or market segment. All securities present a risk of loss of capital. The Fund moderates this risk through a careful selection of securities and other financial instruments within the parameters of the investment strategy. The maximum risk resulting from financial instruments is equivalent to their fair value. The Fund’s investments and derivatives are susceptible to other price risk arising from uncertainties about future prices of the instruments. If the benchmark had increased or decreased by 5% on March 31, 2016 and March 31, 2015, with all other variables held constant, the net assets attributable to holders of redeemable units of the Fund would have increased or decreased by approximately $27,977 (March 31, 2015: $21,728). This change is estimated using the Fund’s beta which is calculated based on the historical correlation between the return of the Fund as compared to the return of the benchmark. In practice, the actual trading results may differ from this sensitivity analysis and the difference could be material. Emerging Market Risk - The Fund’s investments in countries with limited or developing capital markets may involve greater risks than investments in more developed markets, and the prices of such investments may be volatile. The consequences of political, social, or economic changes in these markets may have disruptive effects on the market prices of the Fund’s ability to repatriate such amounts. Interest Rate Risk - Interest rate risk arises on interest-bearing financial instruments held in the investment portfolio such as bonds. The Fund is exposed to the risk that the fair value or the future cash flows of interest-bearing financial instruments will fluctuate due to changes in the prevailing levels of market interest rates. Any excess cash and cash equivalents are invested in short-term investments at market interest rates. The majority of the Fund’s financial assets and liabilities are non-interest bearing. As a result, the Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Currency Risk - Currency risk arises from financial instruments that are denominated in a currency other than Canadian dollar, which is the Fund’s functional currency. The Fund is exposed to the risk that the value of financial instruments denominated in other currencies will fluctuate due to changes in exchange rates. Currency risk is not considered to arise from financial instruments that are non-monetary items such as equity investments, or forward foreign exchange contracts related to such non-monetary items. The Fund considers the foreign exchange exposure relating to nonmonetary assets and liabilities to be a component of other price risk, not foreign currency risk. As a result, the Fund is not subject to significant amounts of risk due to fluctuations in exchange rates. 8. Offsetting of Financial Assets and Liabilities The Fund’s derivatives noted below are subject to enforceable master netting arrangements in the form of central clearing arrangements. In the event of default or bankruptcy net settlement of contracts would be enforced. The following tables summarize financial instruments that are offset in the Statements of Financial Position, or are subject to enforceable master netting arrangements or other similar agreements but are not offset: As at March 31, 2016

Liabilities Payable for daily variation margin for derivative instruments: Futures As at March 31, 2015

Liabilities Payable for daily variation margin for derivative instruments: Futures

Annual Reportport

Gross ($)

(37)

Gross ($)

(50)

Amounts offset Gross assets/liabilities offset ($)

–

Net ($)

(37)

Amounts offset Gross assets/liabilities offset ($)

–

Net ($)

(50)

24

Amounts not offset Master Netting Arrangements Financial Collateral ($) ($)

–

37

Amounts Not offset Master Netting Arrangements Financial Collateral ($) ($)

–

Net ($)

50

–

Net ($)

–

Management Report and Independent Auditor’s Report Management Responsibility for Financial Reporting To the Unitholders and Trustee of Fidelity Emerging Markets Equity Investment Trust (Fund) The accompanying financial statements have been prepared by Fidelity Investments Canada ULC (Fidelity), as manager of the Fund. Fidelity is responsible for the information and representations contained in these financial statements. The Board of Directors of Fidelity is responsible for reviewing and approving the financial statements. Fidelity maintains appropriate processes to ensure that relevant and reliable financial information is produced. The financial statements have been prepared in accordance with International Financial Reporting Standards and include certain amounts and disclosures that are based on estimates and judgments. The significant accounting policies, which management believes are appropriate for the Fund, are described in Note 3 to the financial statements. PricewaterhouseCoopers LLP is the external auditor of the Fund. They have audited the financial statements in accordance with Canadian generally accepted auditing standards to enable them to express to the unitholders their opinion on the financial statements. Their report is set out below. Darren Farkas

Vice President and Fund Treasurer Fidelity Investments Canada ULC June 7, 2016

Independent Auditor’s Report To the Unitholders and Trustee of Fidelity Emerging Markets Equity Investment Trust (Fund) We have audited the accompanying financial statements of the Fund, which comprise the statements of financial position as at March 31, 2016 and 2015 and the statements of comprehensive income, changes in net assets attributable to holders of redeemable units and cash flows for the years ended March 31, 2016 and 2015, and the related notes, which comprise a summary of significant accounting policies and other explanatory information. Management’s responsibility for the financial statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s responsibility Our responsibility is to express an opinion on the financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audits to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as at March 31, 2016 and 2015 and its financial performance and its cash flows for the years ended March 31, 2016 and 2015 in accordance with International Financial Reporting Standards. PricewaterhouseCoopers LLP

Chartered Professional Accountants, Licensed Public Accountants Toronto, Ontario June 7, 2016 25

Annual Report

Fidelity Investments Canada ULC 483 Bay Street, Suite 300 Toronto, Ontario M5G 2N7

Manager, Transfer Agent and Registrar Fidelity Investments Canada ULC 483 Bay Street, Suite 300 Toronto, Ontario M5G 2N7

Portfolio Adviser Fidelity Investments Canada ULC Toronto, Ontario

Custodian State Street Trust Company of Canada Toronto, Ontario

Auditor PricewaterhouseCoopers LLP Toronto, Ontario Visit us online at www.fidelity.ca or call Fidelity Client Services at 1-800-263-4077

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 units 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 or Fidelity U.S. Money Market Fund 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. ®Fidelity

Investments is a registered trademark of FMR LLC.

62.110666E

1.940490.104 FICL-FCEMELD-ANN-0616