Morningstar Report 11-21-09
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Rating and Risk
Fidelity Diversified International  FDIVX
 Morningstar Rating (Relative to Category)10-31-09 
 Morningstar ReturnMorningstar RiskMorningstar RatingTM
3-YearAverageAverage3 stars
5-YearAverageAverage3 stars
10-YearAbove AverageBelow Average5 stars
OverallAverageAverage4 stars
Morningstar Category: Foreign Large GrowthClick here to see our Methodology
 Volatility Measurements Trailing 3-Yr through 10-31-09 | *Trailing 5-Yr through 10-31-09 
Standard Deviation25.29 Sharpe Ratio-0.19
Mean-2.40 Bear Market Decile Rank*7
 Modern Portfolio Theory StatisticsTrailing 3-Yr through 10-31-09 
 Standard Index
MSCI EAFE NR USD		Best Fit Index
MSCI Wd xUSN
R-Squared9798
Beta1.041.03
Alpha0.17-0.41
Total Returns
Fidelity Diversified International  FDIVX
 Growth of $10,00010-31-09 
Fund: Fidelity Diversified InternationalCategory: Foreign Large GrowthIndex: MSCI EAFE NR USD
 
 Performance History11-20-09 
 2002200320042005200620072008 YTD
Total Return %-9.442.419.717.222.516.0-45.229.6
+/- Index---------------------0.0
+/- Category7.38.83.42.0-1.4-0.21.4-0.1
% Rank in Category551933635639---
Fund CategoryFBFBFGFGFGFGFGFG
See fund category codes
         
 Trailing Total Returnsthrough 11-20-09 
 Total Return %+/- MSCI EAFE NR USD+/- MSCI EAFE Growth NR USD% Rank in Cat
1-Day-0.680.08-0.06---
1-Week-1.620.31-0.01---
1-Month-2.240.890.15---
3-Month8.570.890.12---
Year-to-date29.610.003.49---
1-Year63.5210.8416.18---
3-Year Annualized-4.670.08-0.92---
5-Year Annualized4.580.320.45---
10-Yr Annualized5.273.455.70---
     
 Historical Quarterly Returns 
Q1Q2Q3Q4
2009-11.8122.8317.73---
2008-9.62-0.06-20.84-23.37
20073.097.774.87-0.41
20069.65-1.263.079.80
20050.140.4210.835.18
20046.72-1.830.2413.94
2003-5.7719.739.5615.19
Investor Returns
Fidelity Diversified International  FDIVX
What are Investor Returns?
Morningstar investor returns (also known as dollar-weighted returns) measure how the typical investor in a fund fared over various time periods, incorporating the impact of cash inflows and outflows from all investors' purchases and sales. If investors bought a fund after it had posted big gains and sold at a low ebb, investor returns will be lower than the fund's total returns. If investors bought and sold at more opportune times, however, investor returns will be higher than the fund's total returns. (For more details, please click here.)
 Performance History
 2002200320042005200620072008
Investor Return %-9.844.220.617.621.215.0-45.2
Total Return %-9.442.419.717.222.516.0-45.2
+/- Category *6.78.02.40.6-2.60.21.9
% Rank in Category *12202837715141
        
 Investor Returns vs Total Returnsthrough 10-31-09 
 Investor Return %Total Return %Investor Return
% Rank in Category
1-Year22.0924.3270
3-Year Annualized-7.47-5.5654
5-Year Annualized1.904.7655
10-Yr Annualized3.415.7215
 
*Data refers to Investor Returns
Tax Analysis
Fidelity Diversified International  FDIVX
 Tax Analysis10-31-09 
 3-Yr Avg %5-Yr Avg %10-Yr Avg %
Pretax Return-5.564.765.72
Tax-adjusted Return-6.543.914.93
% Rank in Category59553
Tax Cost Ratio1.040.810.75
    
Potential Cap Gains Exposure %-6.9
Sec Filing
Fidelity Diversified International  FDIVX
Portfolio
Fidelity Diversified International  FDIVX
  Style Box Details 09-30-09 
Size 
Average Mkt Cap $Mil30,217
  
Market Capitalization% of
Portfolio
Giant56.57
Large29.70
Medium12.85
Small0.88
Micro0.00
  
 
   
Investment Style History (as of 12-31)
2009
2008
2007
Valuations and Growth RatesStock PortfolioRel to MSCI EAFE NR USDRel to Category
Price/Prospective Earnings16.31.11.1
Price/Book1.51.30.9
Price/Sales0.91.81.0
Price/Cash Flow6.92.21.0
Dividend Yield 3.01.00.9
Long-Term Earnings10.11.30.8
Historical Earnings-23.62.110.4
Sales Growth-16.50.715.3
Cash-Flow Growth-3.20.12.8
Book-Value Growth-12.20.38.1
     
Style Box Detail calculations do not include the fund´s short positions (if any).
 Asset Allocation09-30-09 
 % Long% Short% Net Assets
Cash2.90.0 2.9
Stocks97.10.0 97.1
Bonds0.00.0 0.0
Other0.00.00.0
Foreign Stocks89.40.089.4
(as a % of assets)
 Sector Weightings 09-30-09 
 % of StocksRel to MSCI EAFE NR USDRel to Cat Avg
Information
Software0.780.960.33
Hardware2.562.230.77
Media1.351.030.80
Telecommunications10.301.481.41
Service
Healthcare9.351.160.83
Consumer Services5.201.180.86
Business Services4.741.380.77
Financial Services23.140.961.29
Manufacturing
Consumer Goods17.761.030.98
Industrial Materials11.880.760.78
Energy9.981.181.16
Utilities2.950.581.41
     
Sector weighting calculations do not include the fund´s short positions (if any).
 International Exposure09-30-09 
Regional Exposure% of Assets Country Exposure% of Assets
North America13.1 United Kingdom17.4
UK/Western Europe 58.3 Japan14.7
Japan14.7 France10.3
Latin America1.9 Switzerland8.9
Asia ex-Japan8.1 United States7.8
Other1.1
Not Classified2.9
     
International Exposure calculations do not include the fund´s short positions (if any).
     
Holdings
Fidelity Diversified International  FDIVX
 Top 25 Holdings    Get Price Quotes09-30-09 
Number of Stock Holdings (Long)325 Annual Turnover %49
Number of Bond Holdings (Long)0 Yield %1.16
Number of Stock Holdings (Short)--- % Assets in Top 10 Holdings15.57
Number of Bond Holdings (Short)---
     
Top 25 HoldingsSectorCountry% Net Assets
HSBC Holdings PLC ADR*United Kingdom2.34
Telefonica, S.A.Spain2.10
Vodafone Group PLC ADR*United Kingdom1.86
NestleSwitzerland1.66
E.ON AGGermany1.55
Roche Holding AGSwitzerland1.42
Toyota Motor Corporation ADR*Japan1.29
Reckitt Benck GrpUnited Kingdom1.21
Mitsubishi UFJ Financial Group, Inc.Japan1.07
BHP Billiton Limited ADR*Australia1.07
Anheuser-Busch InBev SABelgium1.04
Sanofi-AventisFrance0.98
Zurich Financial Services AGSwitzerland0.98
Barclays PLCUnited Kingdom0.96
Suncor Energy, Inc.*Canada0.96
Samsung ElectronicsSouth Korea0.90
BNP ParibasFrance0.89
Royal Dutch Shell PLC ADR B*United Kingdom0.82
PprFrance0.81
Banco Santander SA ADR*Spain0.81
UBS AG*Switzerland0.81
Siemens AG ADR*Germany0.79
Deutsche Borse AGGermany0.79
Standard Chartered PLCUnited Kingdom0.77
CapgeminiFrance0.73
Portfolio Holdings as of 09-30-09
Top 25 holdings account for the fund's short positions (if any), which appear shaded.
Management
Fidelity Diversified International  FDIVX
 Management
Manager NameWilliam Bower
Manager Start Date04-01-01
Biography
Bower is a co-manager of Advisor Global Equity Fund, which he has managed since December 2005. He also manages Fidelity Diversified International Fund and is interim manager of Fidelity Aggressive International Fund, Fidelity Advisor International Capital Appreciation Fund and VIP International Capital Appreciation Portfolio. Since joining Fidelity Investments in 1994, Bower has worked as a research analyst and manager.
 
Fund Inception12-27-91
Fund Advisor(s)
Fidelity Mgmt & Research Company (FMR)
Fund Subadvisor(s)
Fidelity Research & Analysis Company
Fidelity Management & Research (UK) Inc.
Fidelity Investments Japan Limited
FIL Investment Advisors (FIIA)
FIL Investment Advisors (U.K.) Ltd.
Fidelity Management & Research (HK) Ltd
Fidelity Management & Rsrch (Japan) Inc.
FMR Co., Inc. (FMRC)
Fees & Expenses
Fidelity Diversified International  FDIVX
 Fees and Expenses02-24-09 
Maximum Sales Fees %
Initial None
Deferred None
  
Redemption Fees %
0  -  30  days 1.00
More Than  30  days0.00
  
Maximum Fees %
Administrative 0.00
Management0.78
  
Total Cost ProjectionsCost per $10,000
3-Year $331
5-Year $574
10-Year $1271
  
 
Actual Fees %
12b-1 0.00
Management0.78
Net Expense Ratio: Annual Report 1.02
(As of 10-31-08)
Net Expense Ratio: Prospectus 1.04
   
Expense Waivers:
   
Purchase Info
Fidelity Diversified International  FDIVX
 Purchase Information  
Minimum InvestmentsBrokerage Availability
Initial $2500
Additional $250
Initial IRA $500
Additional IRA $500
Initial AIP $200
Additional AIP $100
Address

82 Devonshire St

Boston,  MA  02109
United States

800-544-9797
http://advisor.fidelity.com

 
Ameriprise Brokerage
Ameriprise SPS Advantage
Ameritas NTF N
Bear Stearns
Bear Stearns No-Load Transaction Fee
CommonWealth NTF
CommonWealth PPS
CommonWealth Universe
E TRADE Financial
ETrade No Load Fee
Federated TrustConnect
Fidelity Institutional FundsNetwork
Fidelity Institutional FundsNetwork-NTF
Fidelity Retail FundsNetwork
Fidelity Retail FundsNetwork-NTF
Financial Network PAM and Prime Approved
Firstrade
FTJ FundCHOICE
H&R Block Financial Advisors Inc
HDVest - Wells Fargo
HSBC Brokerage (USA) Inc
ING Financial Advisers - SAS Funds
ING Financial Ptnrs PAM and PRIME Approv
JP Morgan
JP MORGAN NO-LOAD TRANSACTION FEE
JPMorgan INVEST
LPL SAM Approved
Matrix Financial Solutions
Met Life Resources MFSP Alliance List
Mony Securities Corp
Morgan Stanley - Ntwk/Rdm Only-Brokerage
Multi-Financial Sec PAM and PRIME Approv
NYLIM 401(k) Complete
Pershing FundCenter
Protected Investors of America NTF
Raymond James
Raymond James WRAP Eligible
Robert W. Baird & Co.
Royal Alliance
Schwab Institutional
Schwab Retail
Schwab RPS All
Schwab RPS SDE
Scottrade TF
Sterne, Agee & Leach, Inc.,
SunAmerica Securities Premier / Pinnacle
SunGard Transaction Network
T. Rowe Price
TD Ameritrade Institutional
TD Ameritrade Institutional Services
TD Ameritrade Retail
Td Ameritrade, Inc.
Thrivent – Advisory Eligible
TIAA-CREF Brokerage Services
Trade PMR Transaction Fee
TRUSTlynx
UBS Financial Services Inc.
Vanguard
Wachovia CustomChoice & Asset Adv
Wachovia PIM
Wells Fargo Advisors CustomChoice
WR Hambrecht Co LLC
Analyst Report Archive
Fidelity Diversified International  FDIVX
 Analyst Report Archive 
DateAnalyst Report Analyst
07-15-09Does this mutual fund stand a chance against its much cheaper sibling? Christopher Davis
02-11-09This mutual fund's manager will be affected by a growing, but manageable, load. Christopher Davis
09-15-08This mutual fund is attractive, but don't forget its limitations. Christopher Davis
04-18-08This mutual fund is still a worthy investment. Christopher Davis
11-12-07This closed fund looks to have recaptured its mojo. Dan Lefkovitz
06-07-07We'd stick with this giant mutual fund, but we'd sure like to see the asset growth slow. Dan Lefkovitz
01-11-07This mutual fund is still a winner. Dan Lefkovitz
07-24-06Is this fine mutual fund finally slipping? Dan Lefkovitz
02-22-06Why are we heartened that this fund didn't shoot the lights out in 2005? Dan Lefkovitz
12-23-05As core foreign offerings go, this mutual fund is very hard to beat. Dan Lefkovitz
04-22-05Continued asset growth at this fine mutual fund has us concerned, but not alarmed. Dan Lefkovitz
12-01-04We're glad this fund has closed. Christopher J. Traulsen, CFA
10-05-04This foreign-stock powerhouse is closing to new investors on Oct. 25. Christopher J. Traulsen, CFA
06-28-04It's hard not to love this fund--but now there's an awful lot of the fund to love. Emily Hall
02-02-04This fund has earned plenty of praise, although it hardly needs it. Emily Hall
12-08-03This fund is outshining its shining siblings. Emily Hall
08-19-03This fund continues to deliver the goods. Emily Hall
03-13-03No arguments here. Emily Hall
01-29-03This fund continues to deliver the goods. Emily Hall
10-25-02The manager has changed, but performance is still strong. Emily Hall
05-24-02One year later, Fidelity Diversified International is still kicking. Emily Hall
02-13-02The black box has taken a back seat, but so far, so good. Emily Hall
11-30-01It's hard trying to live up to a legend, but Fidelity Diversified International's new manager is off to a good start. Emily Hall
06-28-01We think that investors still need to closely watch the transition at Fidelity Diversified International Fund. Kunal Kapoor, CFA
04-16-01The loss of its longtime manager will sting Fidelity Diversified International Fund. Kunal Kapoor, CFA
01-29-01Fidelity Diversified International Fund's return to basics limited its losses in 2000. Kunal Kapoor, CFA
08-24-00Fidelity Diversified International Fund has made the most of a tough 2000. Kunal Kapoor, CFA
03-23-00Fidelity Diversified International Fund has proved itself in all kinds of markets. Kunal Kapoor, CFA
07-30-99Like a well-tuned engine, Fidelity Diversified International Fund continues to hum along. Kunal Kapoor, CFA
07-29-99Like a well-tuned engine, Fidelity Diversified International Fund continues to hum along. Kunal Kapoor, CFA
01-22-99Fidelity Diversified International Fund needn't apologize for its 1998 return. Tricia O. Rothschild, CFA
08-21-98Fidelity Diversified International Fund's unconventional approach to risk reduction has been one of the keys to its exceptional risk/reward profile. Kevin McDevitt
03-20-98The key to Fidelity Diversified International Fund's success has been breaking the most sacred laws of quantitative investing. Kevin McDevitt
10-10-97Fidelity Diversified International Fund isn't simply a black box. Michael Breen
05-23-97Fidelity Diversified International Fund might be able to teach Deep Blue a thing or two. William Whitt
01-03-97Fidelity Diversified International Fund thrives thanks to its adaptability and its sensitivity to value. William Whitt
08-16-96Fidelity Diversified International Fund demonstrates how different quantitative investing can be when it is done on an international scale. Pat Regnier
03-29-96Fidelity Diversified International Fund's computers should have earned a nice bonus last year. Pat Regnier
11-10-95Fidelity Diversified International Fund has nearly redeemed itself this year. Erik Laughlin
06-23-95Fidelity Diversified International Fund's computer isn't perfect, but it does a fair job. Erik Laughlin
02-03-95The jury is still out on Fidelity Diversified International Fund. Jennifer Newport
09-16-94Fidelity Diversified International Fund looks at the market through technology. Jennifer Newport
04-15-94Fidelity Diversified International Fund has had mixed success in meeting its goals. Jeffrey Szeremet
11-26-93Fidelity Diversified International Fund hasn't achieved all that it had hoped for. Amy C. Arnott
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