Morgan Stanley Emerging Markets Equity

  • Trading Symbol: FPRNC
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Morningstar® Snapshot*

AS OF 7/31/2016; MORNINGSTAR CATEGORY: DIVERSIFIED EMERGING MKTS
Returns 4 out of 5, Above Average Returns
LOW AVG HIGH
Risk of this Category Category Risk Rating:8, where 1 is Lower and 10 is Higher
LOWER HIGHER

*Data provided by Morningstar.

Performance

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AS OF 7/31/2016
Average Annual Returns
YTD (Daily)* 1 Yr 3 Yr 5 Yr 10 Yr
FPRNC +14.42% -0.41% -0.64% -1.60% +3.26%
*AS OF 8/25/2016; Value is cumulative

Hypothetical Growth of $10,000

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AS OF 07/31/2016; MORNINGSTAR CATEGORY: DIVERSIFIED EMERGING MKTS
Shows growth of hypothetical $10,000 investment in Morgan Stanley Emerging Markets Equity fund over the selected time period

The chart illustrates the performance of a hypothetical $10,000 investment made in the fund ten years ago or on commencement of operations (whichever is later). Figures include reinvestment of capital gains and dividends, and reflect the effects of the annual annuity charge and the underlying fund's expenses. Figures do not reflect the effects of any applicable redemption fees, maintenance charges, or surrender fees, which would lower these figures. This chart is not intended to imply any future performance of the fund.

The performance data featured represents past performance, which is no guarantee of future results. Investment returns and the principal value of a variable annuity will fluctuate; therefore, you may have a gain or loss when money is withdrawn or received. Fund performance fluctuates and currently may be significantly higher or lower than stated.

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
This Fund -- 40.10% -56.73% 69.42% 18.73% -18.42% 19.65% -1.27% -4.73% -10.91% 11.69%
Benchmark 32.17% 39.39% -53.33% 78.51% 18.88% -18.42% 18.22% -2.60% -2.19% -14.92% 11.77%
Category 31.10% 34.57% -54.63% 68.90% 17.49% -20.05% 15.83% -0.95% -7.11% -14.82% 10.47%
+/- Benchmark -- 0.71% -3.40% -9.09% -0.15% 0.00% 1.43% 1.33% -2.54% 4.01% -0.08%
+/- Category -- 5.53% -2.10% 0.52% 1.24% 1.63% 3.82% -0.32% 2.38% 3.91% 1.22%

Fund Manager(s)

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Paul C. Psaila since 10/1/1996 Eric Carlson since 9/30/1997 Ruchir Sharma since 4/30/2002 Munib Madni since 5/17/2012 Samuel Rhee since 5/17/2012 Gaite Ali since 4/30/2013

Fund Overview

Objective

The investment seeks long-term capital appreciation.

Strategy

Under normal circumstances, at least 80% of the Portfolio's assets will be invested in equity securities of issuers located in emerging market or developing countries. The equity securities in which the Portfolio may invest include common and preferred stocks, convertible securities, depositary receipts, rights, warrants and limited partnership interests.

Risk

Foreign securities are subject to interest-rate, currency-exchange-rate, economic, and political risks, all of which may be magnified in emerging markets. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. Additional risk information for this product may be found in the prospectus or other product materials, if available.

Details

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Morningstar Category
Diversified Emerging Mkts
Unit Value
$12.77
8/25/2016
4/29/2016
4/29/2016
Net Assets ($M)
$19.18
7/31/2016
12 Month Low-High
$9.75 - $12.47
7/31/2016

Top 10 Holdings

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AS OF 6/30/2016
Top 10 Holdings
Tencent Holdings Ltd 4.30%
Taiwan Semiconductor Manufacturing Co Ltd 2.72%
Samsung Electronics Co Ltd 2.38%
China Mobile Ltd 2.34%
Naspers Ltd Class N 1.97%
China Construction Bank Corp H 1.82%
Fomento Economico Mexicano SAB de CV ADR 1.81%
Credicorp Ltd 1.69%
Grupo Financiero Banorte SAB de CV Class O 1.49%
Samsonite International SA 1.39%
% of Total Portfolio 21.92%
Total # of holdings: 162 as of 6/30/2016

Quarter-End Average Annual Total Returns

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AS OF 6/30/2016; *SUBACCOUNT INCEPTION 5/1/2006 Glossary definition opens in new window.

EXPENSE RATIO (GROSS):
1.41% AS OF 4/29/2016
1 Yr 3 Yr 5 Yr 10 Yr Life*
Morgan Stanley Emerging Markets Equity -9.21% -1.79% -2.50% 3.01% 1.72%
MSCI Emerging Markets (N) -12.05% -1.56% -3.78% 3.54% --
Diversified Emerging Mkts -10.75% -3.30% -4.86% 1.36% --

© 2016 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for fund performance, you should check the fund's current prospectus or other product materials for the most up-to-date information concerning applicable loads, fees and expenses.