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K | Fidelity Diversified International Fund
Fund Summary
Fund/Class:
Fidelity® Diversified International Fund/K
Investment Objective
The fund seeks capital growth.
Fee Table
The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund.
Shareholder fees (fees paid directly from your investment)
Shareholder Fees
K
Fidelity Diversified International Fund
Fidelity Diversified International Fund - Class K
Redemption fee on shares held (as a % of amount redeemed) [1] 1.00%
[1] Held less than 30 days
Annual class operating expenses (expenses that you pay each year as a % of the value of your investment)
Annual Class Operating Expenses
K
Fidelity Diversified International Fund
Fidelity Diversified International Fund - Class K
Management fee [1] 0.65%
Distribution and/or Service (12b-1) fees none
Other expenses 0.08%
Total annual operating expenses 0.73%
[1] (fluctuates based on the fund's performance relative to a securities market index)

This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:

Expense Example (USD $)
K
Fidelity Diversified International Fund
Fidelity Diversified International Fund - Class K
1 year 75
3 years 233
5 years 406
10 years 906
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 45% of the average value of its portfolio.
Principal Investment Strategies
  • Normally investing primarily in non-U.S. securities.
  • Normally investing primarily in common stocks.
  • Allocating investments across different countries and regions.
  • Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions to select investments.
Principal Investment Risks
  • Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
  • Foreign Exposure. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile.
  • Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.

An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund.

Performance

The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance is not an indication of future performance.

Visit www.401k.com and log in for updated return information.

Year-by-Year Returns

Calendar Years

Bar Chart
During the periods shown in the chart:
Returns
Quarter ended
Highest Quarter Return22.94% June 30, 2009
Lowest Quarter Return-13.70%June 30, 2010
Year-to-Date Return-17.66% September 30, 2011
Average Annual Returns
For the periods ended
December 31, 2010
Average Annual Total Returns K Fidelity Diversified International Fund
Past 1 years
Life of class
Inception Date
Fidelity Diversified International Fund - Class K
9.85% (6.90%) [1] May 09, 2008
MSCI® EAFE® (Europe, Australasia, Far East) Index (reflects no deduction for fees, expenses, or taxes)
7.88% (6.39%) [1] May 09, 2008
[1] From May 9, 2008.