Fidelity® Latin America Fund
Class/Ticker
Fidelity Advisor® Latin America Fund A/FLFAX T/FLFTX B/FLFBX C/FLFCX
Summary Prospectus
December 30, 2014
As Revised October 16, 2015
Fund Summary
Fund/Class:
Fidelity® Latin America Fund/Fidelity Advisor® Latin America Fund A, T, B, C
Investment Objective
The fund seeks long-term growth of capital.
Fee Table
The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or certain other Fidelity funds. More information about these and other discounts is available from your investment professional and in the Fund Distribution section beginning on page 28 of the prospectus.
|
Shareholder fees |
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||||||
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|
Class A |
|
Class T |
|
Class B |
|
Class C |
|
Maximum sales charge (load) on purchases (as a % of offering price) |
5.75% |
|
3.50% |
|
None |
|
None |
|
Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds) |
NoneA |
|
NoneA |
|
5.00%B |
|
1.00%C |
|
Redemption fee on shares held less than 90 days (as a % of amount redeemed) |
1.50% |
|
1.50% |
|
1.50% |
|
1.50% |
A Class A and Class T purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class T purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% or 0.25%, respectively.
B Declines over 6 years from 5.00% to 0%.
C On Class C shares redeemed less than one year after purchase.
Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)
|
|
Class A |
|
Class T |
|
Class B |
|
Class C |
|
Management fee |
0.70% |
|
0.70% |
|
0.70% |
|
0.70% |
|
Distribution and/or Service (12b-1) fees |
0.25% |
|
0.50% |
|
1.00% |
|
1.00% |
|
Other expenses |
0.43% |
|
0.45% |
|
0.44% |
|
0.43% |
|
Total annual operating expenses |
1.38% |
|
1.65% |
|
2.14% |
|
2.13% |
Summary Prospectus
This example helps compare the cost of investing in the fund with the cost of investing in other 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 and if you hold your shares:
|
|
Class A |
Class T |
Class B |
Class C |
||||
|
|
Sell All |
Hold |
Sell All |
Hold |
Sell All |
Hold |
Sell All |
Hold |
|
1 year |
$ 707 |
$ 707 |
$ 512 |
$ 512 |
$ 717 |
$ 217 |
$ 316 |
$ 216 |
|
3 years |
$ 987 |
$ 987 |
$ 852 |
$ 852 |
$ 970 |
$ 670 |
$ 667 |
$ 667 |
|
5 years |
$ 1,287 |
$ 1,287 |
$ 1,216 |
$ 1,216 |
$ 1,349 |
$ 1,149 |
$ 1,144 |
$ 1,144 |
|
10 years |
$ 2,137 |
$ 2,137 |
$ 2,236 |
$ 2,236 |
$ 2,188 |
$ 2,188 |
$ 2,462 |
$ 2,462 |
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 30% of the average value of its portfolio.
Principal Investment Strategies
- Normally investing at least 80% of assets in securities of Latin American issuers and other investments that are tied economically to Latin America.
- Normally investing primarily in common stocks.
- Allocating investments across different Latin American countries.
- Investing up to 35% of total assets in any industry that accounts for more than 20% of the Latin American market.
- 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, including different market sectors, and different types of securities can react differently to these developments.
Summary Prospectus
Fund Summary - continued
- 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. Foreign exchange rates also can be extremely volatile.
- Geographic Concentration in Latin America. Because the fund concentrates its investments in Latin America, the fund's performance is expected to be closely tied to social, political, and economic conditions within Latin America and to be more volatile than the performance of more geographically diversified funds. In addition, because the fund may invest a significant percentage of assets in certain industries, the fund's performance could be affected to the extent that the particular industry or industries in which the fund invests are sensitive to adverse social, political, economic, currency, or regulatory developments.
- 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.
In addition, the fund is considered non-diversified and can invest a greater portion of assets in securities of a smaller number of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a more diversified fund.
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 Index Information section of the prospectus. Past performance (before and after taxes) is not an indication of future performance.
Visit www.advisor.fidelity.com for updated return information.
Year-by-Year Returns
The returns in the bar chart do not reflect any applicable sales charges; if sales charges were reflected, returns would be lower than those shown.
Summary Prospectus
|
Calendar Years |
|
|
|
|
|
|
|
2011 |
2012 |
2013 |
|
|
|
|
|
|
|
|
|
-16.06% |
3.77% |
-17.50% |
|
During the periods shown in the chart Class A: |
Returns |
Quarter ended |
|
Highest Quarter Return |
13.17% |
March 31, 2012 |
|
Lowest Quarter Return |
-23.14% |
September 30, 2011 |
|
Year-to-Date Return |
-1.63% |
September 30, 2014 |
Average Annual Returns
Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. After-tax returns for Class A are shown in the table below and after-tax returns for other classes will vary. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares.
|
For the periods ended |
Past 1 |
Life of |
|
Class A - Return Before Taxes |
-22.24% |
-8.94% |
|
Return After Taxes on Distributions |
-25.47% |
-10.52% |
|
Return After Taxes on Distributions and Sale of Fund Shares |
-9.77% |
-6.10% |
|
Class T - Return Before Taxes |
-20.61% |
-8.53% |
|
Class B - Return Before Taxes |
-21.53% |
-8.62% |
|
Class C - Return Before Taxes |
-18.78% |
-7.96% |
|
MSCI EM (Emerging Markets) Latin America Index |
-13.15% |
-5.81% |
A From September 28, 2010.
Summary Prospectus
Fund Summary - continued
Investment Adviser
Fidelity Management & Research Company (FMR) (the Adviser) is the fund's manager. FMR Co., Inc. (FMRC), FMR Investment Management (U.K.) Limited (FMR U.K.), and other investment advisers serve as sub-advisers for the fund.
Portfolio Manager(s)
Adam Kutas (lead portfolio manager) has managed the fund since February 2009.
William Pruett (co-manager) has managed the fund since October 2015.
Purchase and Sale of Shares
You may buy or sell shares through a retirement account or through an investment professional. You may buy or sell shares in various ways:
|
Internet www.advisor.fidelity.com |
|
|
Phone To reach a Fidelity representative 1-877-208-0098 |
|
|
|
|
|
|
Overnight Express: |
Subject to certain limited exceptions described in the Additional Information about the Purchase and Sale of Shares section of the prospectus, the fund no longer accepts investments in Class B shares. Any purchase order for Class B shares (other than from an existing Class B shareholder pursuant to an exchange or the reinvestment of dividends and capital gain distributions paid on Class B shares) will be deemed to be a purchase order for Class A shares of the fund and will be subject to any applicable Class A front-end sales charge.
The price to buy one share of Class A or Class T is its offering price, if you pay a front-end sales charge, or its net asset value per share (NAV), if you qualify for a front-end sales charge waiver. The price to buy one share of Class B or Class C is its NAV. Shares will be bought at the offering price or NAV, as applicable, next calculated after an order is received in proper form.
The price to sell one share of Class A, Class T, Class B, or Class C is its NAV, minus the short-term redemption fee, if applicable, and any applicable contingent deferred sales charge (CDSC). Shares will be sold at the NAV next calculated after an order is received in proper form, minus the short-term redemption fee, if applicable, and any applicable CDSC.
The fund is open for business each day the New York Stock Exchange (NYSE) is open.
|
Initial Purchase Minimum |
$2,500 |
|
For Fidelity Advisor® Traditional IRA, Roth IRA, Rollover IRA, Simplified Employee Pension-IRA, and Keogh accounts |
$500 |
|
Through a regular investment plan established at the time the fund position is opened |
$100 |
Summary Prospectus
The fund may waive or lower purchase minimums in other circumstances.
After a maximum of seven years from the initial purchase date, Class B shares convert automatically to Class A shares of the fund at NAV.
Tax Information
Distributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later, upon withdrawal of your investment from such account).
Payments to Broker-Dealers and Other Financial Intermediaries
The fund, the Adviser, Fidelity Distributors Corporation (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.
Summary Prospectus
Current regulations allow Fidelity to send a single copy of shareholder documents for Fidelity funds, such as prospectuses, annual and semiannual reports, and proxy materials, to certain mutual fund customers whom we believe are members of the same family who share the same address. We will not send multiple copies of these documents to you and members of your family who share the same address. Instead, we will send only a single copy of these documents. This will continue for as long as you are a shareholder, unless you notify us otherwise. If at any time you choose to receive individual copies of any documents, please call 1-877-208-0098. We will begin sending individual copies to you within 30 days of receiving your call.
FDC is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.
Fidelity, Fidelity Advisor, and Fidelity Investments & Pyramid Design are registered service marks of FMR LLC. © 2015 FMR LLC. All rights reserved.
The third-party marks appearing above are the marks of their respective owners.
1.917722.105 FALAA-SUM-1214-02
Fidelity® Latin America Fund
Class/Ticker
Fidelity Advisor® Latin America Fund Institutional*/FLFIX
Summary Prospectus
December 30, 2014
As Revised October 16, 2015
* Effective July 1, 2015, Institutional Class will be renamed Class I.
Fund Summary
Fund/Class:
Fidelity® Latin America Fund/Fidelity Advisor® Latin America Fund Institutional
Investment Objective
The fund seeks long-term growth of capital.
Fee Table
The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.
|
Shareholder fees |
|
|
Redemption fee on shares held less than 90 days (as a % of amount redeemed) |
1.50% |
Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)
|
Management fee |
0.70% |
|
Distribution and/or Service (12b-1) fees |
None |
|
Other expenses |
0.34% |
|
Total annual operating expenses |
1.04% |
This example helps compare the cost of investing in the fund with the cost of investing in other 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:
|
1 year |
$ 106 |
|
3 years |
$ 331 |
|
5 years |
$ 574 |
|
10 years |
$ 1,271 |
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 30% of the average value of its portfolio.
Summary Prospectus
Principal Investment Strategies
- Normally investing at least 80% of assets in securities of Latin American issuers and other investments that are tied economically to Latin America.
- Normally investing primarily in common stocks.
- Allocating investments across different Latin American countries.
- Investing up to 35% of total assets in any industry that accounts for more than 20% of the Latin American market.
- 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, including different market sectors, and different types of securities 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. Foreign exchange rates also can be extremely volatile.
- Geographic Concentration in Latin America. Because the fund concentrates its investments in Latin America, the fund's performance is expected to be closely tied to social, political, and economic conditions within Latin America and to be more volatile than the performance of more geographically diversified funds. In addition, because the fund may invest a significant percentage of assets in certain industries, the fund's performance could be affected to the extent that the particular industry or industries in which the fund invests are sensitive to adverse social, political, economic, currency, or regulatory developments.
- 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.
In addition, the fund is considered non-diversified and can invest a greater portion of assets in securities of a smaller number of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a more diversified fund.
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.
Summary Prospectus
Fund Summary - continued
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 Index Information section of the prospectus. Past performance (before and after taxes) is not an indication of future performance.
Visit www.advisor.fidelity.com for updated return information.
|
Calendar Years |
|
|
|
|
|
|
|
2011 |
2012 |
2013 |
|
|
|
|
|
|
|
|
|
-15.81% |
4.09% |
-17.20% |
|
During the periods shown in the chart: |
Returns |
Quarter ended |
|
Highest Quarter Return |
13.25% |
March 31, 2012 |
|
Lowest Quarter Return |
-23.08% |
September 30, 2011 |
|
Year-to-Date Return |
-1.38% |
September 30, 2014 |
Average Annual Returns
After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares.
Summary Prospectus
|
For the periods ended |
Past 1 |
Life of |
|
Institutional Class |
|
|
|
Return Before Taxes |
-17.20% |
-6.98% |
|
Return After Taxes on Distributions |
-20.79% |
-8.70% |
|
Return After Taxes on Distributions and Sale of Fund Shares |
-6.75% |
-4.69% |
|
MSCI EM (Emerging Markets) Latin America Index |
-13.15% |
-5.81% |
A From September 28, 2010.
Investment Adviser
Fidelity Management & Research Company (FMR) (the Adviser) is the fund's manager. FMR Co., Inc. (FMRC), FMR Investment Management (U.K.) Limited (FMR U.K.), and other investment advisers serve as sub-advisers for the fund.
Portfolio Manager(s)
Adam Kutas (lead portfolio manager) has managed the fund since February 2009.
William Pruett (co-manager) has managed the fund since October 2015.
Purchase and Sale of Shares
Institutional Class eligibility requirements are listed in the Additional Information about the Purchase and Sale of Shares section of the prospectus.
You may buy or sell shares through a retirement account or through an investment professional. You may buy or sell shares in various ways:
|
Internet www.advisor.fidelity.com |
|
|
Phone To reach a Fidelity representative 1-877-208-0098 |
|
|
|
|
|
|
Overnight Express: |
The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.
The price to sell one share is its NAV, minus the short-term redemption fee, if applicable. Shares will be sold at the NAV next calculated after an order is received in proper form, minus the short-term redemption fee, if applicable.
The fund is open for business each day the New York Stock Exchange (NYSE) is open.
Summary Prospectus
Fund Summary - continued
|
Initial Purchase Minimum |
$2,500 |
|
For Fidelity Advisor® Traditional IRA, Roth IRA, Rollover IRA, Simplified Employee Pension-IRA, and Keogh accounts |
$500 |
|
Through a regular investment plan established at the time the fund position is opened |
$100 |
The fund may waive or lower purchase minimums in other circumstances.
Tax Information
Distributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later, upon withdrawal of your investment from such account).
Payments to Broker-Dealers and Other Financial Intermediaries
The fund, the Adviser, Fidelity Distributors Corporation (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.
Summary Prospectus
Current regulations allow Fidelity to send a single copy of shareholder documents for Fidelity funds, such as prospectuses, annual and semiannual reports, and proxy materials, to certain mutual fund customers whom we believe are members of the same family who share the same address. We will not send multiple copies of these documents to you and members of your family who share the same address. Instead, we will send only a single copy of these documents. This will continue for as long as you are a shareholder, unless you notify us otherwise. If at any time you choose to receive individual copies of any documents, please call 1-877-208-0098. We will begin sending individual copies to you within 30 days of receiving your call.
FDC is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.
Fidelity, Fidelity Advisor, and Fidelity Investments & Pyramid Design are registered service marks of FMR LLC. © 2015 FMR LLC. All rights reserved.
The third-party marks appearing above are the marks of their respective owners.
1.917724.106 FALAI-SUM-1214-03
Fidelity® Latin America Fund
Class/Ticker
Fidelity Latin America Fund/FLATX
In this summary prospectus, the term "shares" (as it relates to the fund) means the class of shares offered through this summary prospectus.
Summary Prospectus
December 30, 2014
As Revised October 16, 2015
Fund Summary
Fund/Class:
Fidelity® Latin America Fund/Fidelity Latin America Fund
Investment Objective
The fund seeks long-term growth of capital.
Fee Table
The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.
|
Shareholder fees |
|
|
Redemption fee on shares held less than 90 days (as a % of amount redeemed) |
1.50% |
Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)
|
Management fee |
0.70% |
|
Distribution and/or Service (12b-1) fees |
None |
|
Other expenses |
0.38% |
|
Total annual operating expenses |
1.08% |
This example helps compare the cost of investing in the fund with the cost of investing in other 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:
|
1 year |
$ 110 |
|
3 years |
$ 343 |
|
5 years |
$ 595 |
|
10 years |
$ 1,317 |
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 30% of the average value of its portfolio.
Summary Prospectus
Principal Investment Strategies
- Normally investing at least 80% of assets in securities of Latin American issuers and other investments that are tied economically to Latin America.
- Normally investing primarily in common stocks.
- Allocating investments across different Latin American countries.
- Investing up to 35% of total assets in any industry that accounts for more than 20% of the Latin American market.
- 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, including different market sectors, and different types of securities 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. Foreign exchange rates also can be extremely volatile.
- Geographic Concentration in Latin America. Because the fund concentrates its investments in Latin America, the fund's performance is expected to be closely tied to social, political, and economic conditions within Latin America and to be more volatile than the performance of more geographically diversified funds. In addition, because the fund may invest a significant percentage of assets in certain industries, the fund's performance could be affected to the extent that the particular industry or industries in which the fund invests are sensitive to adverse social, political, economic, currency, or regulatory developments.
- 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.
In addition, the fund is considered non-diversified and can invest a greater portion of assets in securities of a smaller number of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a more diversified fund.
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.
Summary Prospectus
Fund Summary - continued
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 Index Information section of the prospectus. Past performance (before and after taxes) is not an indication of future performance.
Visit www.fidelity.com for updated return information.
|
Calendar Years |
2004 |
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
|
|
41.11% |
55.17% |
44.33% |
43.71% |
-54.64% |
91.60% |
16.49% |
-15.79% |
4.11% |
-17.23% |
|
During the periods shown in the chart: |
Returns |
Quarter ended |
|
Highest Quarter Return |
36.89% |
June 30, 2009 |
|
Lowest Quarter Return |
-35.24% |
December 31, 2008 |
|
Year-to-Date Return |
-1.41% |
September 30, 2014 |
Average Annual Returns
After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares.
Summary Prospectus
|
For the periods ended |
Past 1 |
Past 5 |
Past 10 |
|
Fidelity® Latin America Fund |
|
|
|
|
Return Before Taxes |
-17.23% |
10.12% |
12.81% |
|
Return After Taxes on Distributions |
-20.80% |
8.71% |
11.96% |
|
Return After Taxes on Distributions and Sale of Fund Shares |
-6.77% |
8.54% |
11.24% |
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MSCI EM (Emerging Markets) Latin America Index |
-13.15% |
12.40% |
14.78% |
Investment Adviser
Fidelity Management & Research Company (FMR) (the Adviser) is the fund's manager. FMR Co., Inc. (FMRC), FMR Investment Management (U.K.) Limited (FMR U.K.), and other investment advisers serve as sub-advisers for the fund.
Portfolio Manager(s)
Adam Kutas (lead portfolio manager) has managed the fund since February 2009.
William Pruett (co-manager) has managed the fund since October 2015.
Purchase and Sale of Shares
You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:
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Internet www.fidelity.com |
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Phone Fidelity Automated Service Telephone (FAST®) 1-800-544-5555 To reach a Fidelity representative 1-800-544-6666 |
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Additional purchases: Fidelity Investments |
Redemptions: Fidelity Investments |
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TDD - Service for the Deaf and Hearing Impaired 1-800-544-0118 |
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The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment is received in proper form.
The price to sell one share is its NAV, minus the short-term redemption fee, if applicable. Shares will be sold at the NAV next calculated after an order is received in proper form, minus the short-term redemption fee, if applicable.
The fund is open for business each day the New York Stock Exchange (NYSE) is open.
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Initial Purchase Minimum |
$2,500 |
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For Fidelity Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts |
$500 |
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Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500) |
$200 |
Summary Prospectus
Fund Summary - continued
The fund may waive or lower purchase minimums in other circumstances.
Tax Information
Distributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later, upon withdrawal of your investment from such account).
Payments to Broker-Dealers and Other Financial Intermediaries
The fund, the Adviser, Fidelity Distributors Corporation (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.
Summary Prospectus
Current regulations allow Fidelity to send a single copy of shareholder documents for Fidelity funds, such as prospectuses, annual and semiannual reports, and proxy materials, to certain mutual fund customers whom we believe are members of the same family who share the same address. We will not send multiple copies of these documents to you and members of your family who share the same address. Instead, we will send only a single copy of these documents. This will continue for as long as you are a shareholder, unless you notify us otherwise. If at any time you choose to receive individual copies of any documents, please call 1-800-544-8544. We will begin sending individual copies to you within 30 days of receiving your call.
FDC is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.
Fidelity, Fidelity Investments & Pyramid Design, and FAST are registered service marks of FMR LLC. © 2015 FMR LLC. All rights reserved.
The third-party marks appearing above are the marks of their respective owners.
1.922102.105 LAF-SUM-1214-02