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10.31 Fidelity Canada Fund ATBC PRO-01 | Fidelity® Canada Fund

Fund Summary

Fund/Class:
Fidelity® Canada Fund/Fidelity Advisor® Canada Fund A, T, B, C

Investment Objective

The fund seeks growth of capital over the long term.

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 of the prospectus.

Shareholder fees

(fees paid directly from your investment)

Shareholder Fees {- Fidelity® Canada Fund} - 10.31 Fidelity Canada Fund ATBC PRO-01 - Fidelity® Canada Fund
Fidelity Canada Fund-Class A
Fidelity Canada Fund-Class T
Fidelity Canada Fund-Class B
Fidelity Canada Fund-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) none [1] none [1] 5.00% [2] 1.00% [3]
Redemption fee on shares held less than 90 days (as a % of amount redeemed) 1.50% 1.50% 1.50% 1.50%
[1] 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.
[2] Declines over 6 years from 5.00% to 0%.
[3] 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)

Annual Operating Expenses {- Fidelity® Canada Fund} - 10.31 Fidelity Canada Fund ATBC PRO-01 - Fidelity® Canada Fund
Fidelity Canada Fund-Class A
Fidelity Canada Fund-Class T
Fidelity Canada Fund-Class B
Fidelity Canada Fund-Class C
Management fee (fluctuates based on the fund's performance relative to a securities market index) 0.88% 0.88% 0.88% 0.88%
Distribution and/or Service (12b-1) fees 0.25% 0.50% 1.00% 1.00%
Other expenses 0.30% 0.37% 0.34% 0.31%
Total annual operating expenses 1.43% 1.75% 2.22% 2.19%

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:

Sell All Shares

Expense Example {- Fidelity® Canada Fund} - 10.31 Fidelity Canada Fund ATBC PRO-01 - Fidelity® Canada Fund - USD ($)
Fidelity Canada Fund-Class A
Fidelity Canada Fund-Class T
Fidelity Canada Fund-Class B
Fidelity Canada Fund-Class C
1 year $ 712 $ 522 $ 725 $ 322
3 years 1,001 882 994 685
5 years 1,312 1,266 1,390 1,175
10 years $ 2,190 $ 2,340 $ 2,261 $ 2,524

Hold Shares

Expense Example, No Redemption {- Fidelity® Canada Fund} - 10.31 Fidelity Canada Fund ATBC PRO-01 - Fidelity® Canada Fund - USD ($)
Fidelity Canada Fund-Class A
Fidelity Canada Fund-Class T
Fidelity Canada Fund-Class B
Fidelity Canada Fund-Class C
1 Year $ 712 $ 522 $ 225 $ 222
3 Years 1,001 882 694 685
5 Years 1,312 1,266 1,190 1,175
10 Years $ 2,190 $ 2,340 $ 2,261 $ 2,524
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 24% of the average value of its portfolio.

Principal Investment Strategies
  • Normally investing at least 80% of assets in securities of Canadian issuers and other investments that are tied economically to Canada.
  • Potentially investing in securities of U.S. issuers.
  • Normally investing primarily in common stocks.
  • Investing up to 35% of total assets in any industry that accounts for more than 20% of the Canadian 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 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. Foreign exchange rates also can be extremely volatile.
  • Geographic Concentration in Canada. Because the fund concentrates its investments in Canada, the fund's performance is expected to be closely tied to social, political, and economic conditions within Canada 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.

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 more recent performance information.

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.

Year-by-Year Returns

Calendar Years

Bar Chart
During the periods shown in the chart for Class A:ReturnsQuarter ended
Highest Quarter Return24.89%June 30, 2009
Lowest Quarter Return-30.51%December 31, 2008
Year-to-Date Return-16.69%September 30, 2015
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 December 31, 2014

Average Annual Total Returns{- Fidelity® Canada Fund} - 10.31 Fidelity Canada Fund ATBC PRO-01 - Fidelity® Canada Fund
Past 1 year
Past 5 years
Since Inception
[1]
Inception Date
Fidelity Canada Fund-Class A       May 02, 2007
Fidelity Canada Fund-Class A | Return Before Taxes (2.55%) 4.11% 2.10%  
Fidelity Canada Fund-Class A | After Taxes on Distributions (5.35%) 3.43% 1.56% May 02, 2007
Fidelity Canada Fund-Class A | After Taxes on Distributions and Sales 1.19% 3.34% 1.81% May 02, 2007
Fidelity Canada Fund-Class T       May 02, 2007
Fidelity Canada Fund-Class T | Return Before Taxes (0.53%) 4.31% 2.13%  
Fidelity Canada Fund-Class B       May 02, 2007
Fidelity Canada Fund-Class B | Return Before Taxes (1.91%) 4.20% 2.16%  
Fidelity Canada Fund-Class C       May 02, 2007
Fidelity Canada Fund-Class C | Return Before Taxes 1.72% 4.57% 2.13%  
S&P/TSX Composite Index(reflects no deduction for fees, expenses, or taxes) 1.41% 5.41% 3.37%  
[1] From May 2, 2007.
10.31 Fidelity Canada Fund ATBC PRO-01 | Fidelity® Canada Fund | Fidelity Canada Fund-Class 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.
10.31 Fidelity Canada Fund ATBC PRO-01 | Fidelity® Canada Fund | Fidelity Canada Fund-Class T
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.
10.31 Fidelity Canada Fund ATBC PRO-01 | Fidelity® Canada Fund | Fidelity Canada Fund-Class B
Declines over 6 years from 5.00% to 0%.
10.31 Fidelity Canada Fund ATBC PRO-01 | Fidelity® Canada Fund | Fidelity Canada Fund-Class C
On Class C shares redeemed less than one year after purchase.