Fidelity Diversified International Fund

QUARTERLY FUND REVIEW AS OF DECEMBER 31, 2017 Fidelity Diversified International Fund Investment Approach Fidelity Diversified International Fund is a broadly diversified international equity strategy that seeks capital growth by investing primarily in stocks from foreign developed markets. We manage the fund with a long-term view, focusing on high-quality businesses with durable or improving growth prospects that are benefiting from competitive advantages and are structured to achieve consistent profitability. We also value strong balance sheets, proven track records, high returns on capital and solid management teams whose interests are aligned with those of shareholders. We strive to uncover these companies through in-depth fundamental analysis, working in concert with Fidelity's global research team. While conscious of valuations, we may be willing to pay a slight premium for stocks we favor. Our disciplined investment process results in a style-consistent strategy that participates in the market in a risk-managed manner. PERFORMANCE SUMMARY Cumulative 3 Month YTD 1 Year Annualized 3 Year 5 Year 10 Year/ LOF 1 Fidelity Diversified International Fund Gross Expense Ratio: 0.94% 2 3.68% 26.65% 26.65% 7.93% 8.79% 2.19% MSCI EAFE (Net Massachusetts tax) 4.25% 25.29% 25.29% 8.00% 8.07% 2.10% Morningstar Fund Foreign Large Growth 4.33% 30.87% 30.87% 9.04% 8.51% 2.75% % Rank in Morningstar Category (1% = Best) -- -- 79% 74% 37% 70% # of Funds in Morningstar Category -- -- 399 330 289 206 FUND INFORMATION Manager(s): Bill Bower Trading Symbol: FDIVX Start Date: December 27, 1991 Size (in millions): $19,184.70 Morningstar Category: Fund Foreign Large Growth Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks, all of which are magnified in emerging markets. 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 12/27/1991. 2 This expense ratio is from the most recent prospectus and generally is based on amounts incurred during the most recent fiscal year. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, institutional.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. For definitions and other important information, please see the Definitions and Important Information section of this Fund Review. Not FDIC Insured May Lose Value No Bank Guarantee

Performance Review For the three months ending December 31, 2017, the fund rose 3.68%, modestly lagging the 4.25% return of the MSCI EAFE. Unfavorable stock picking drove performance versus the index. Despite good results in seven of 11 sectors, weakness in health care and energy overwhelmed positive selection effects. Regionally, positioning in Japan hurt most; underweighting the rest of Asia also detracted from our relative result. Out-of-index exposure to emerging markets added notable value this quarter. Expansion in global economic activity plus low volatility, low inflation and easy monetary policies supported world markets for another quarter. Emerging-markets (EM) equities led the rally for the fourth quarter in a row. EM equities' MSCI-reported 8% gain was aided by some favorable political developments, rising manufacturing activity and demand for commodities and imports. Within the MSCI EAFE index, energy (+10%) and materials (+9%) stood out among sector results. At the other end of the spectrum, utilities (-1%), health care (0%), telecommunication services (+1%) and financials (+3%) notably lagged. The other sectors finished closer to the index average. Regionally, solid industrial growth helped the U.K. (+5%), despite deteriorating consumer confidence there. In December, hopes rose on progress in negotiations for Britain's exit from the European Union. Meanwhile, the rest of Europe (+1%) was hampered by renewed political turmoil especially in Germany and Spain as well as by concern over the potential Continental effect of U.S. corporate tax cuts. Amid strong corporate earnings and a positive perception of its political and economic prospects, Japan (+9%) led the rest of the Asia-Pacific group (+7%). In health care, overweighting Japan's Hoya maker of a huge array of optical products, including Pentax cameras and medical endoscopes was our biggest relative stock-level detractor. Hoya shares returned -7% this period, affected in part by a decision by some hardware names to delay adopting Hoya's glass technology for hard-disk drives. We retained confidence in Hoya's many endeavors in tech, "med-tech" and eyeglass lenses, though. Financials proved a mixed bag this quarter. Avoiding Spain's Banco Santander (-5%) in favor of out-of-index Bank Rakyat Indonesia (+18%), which specializes in "microfinancing," gave us a double-boost. We were surprised to lose some of that gain, though, via our overweighting in Nordea Bank, the Nordic LARGEST CONTRIBUTORS VS. BENCHMARK Naspers Ltd. Class N Kweichow Moutai Co. Ltd. (A Shares) Consumer Discretionary Average Contribution (basis points)* 0.98% 22 Consumer Staples 0.61% 18 Minebea Mitsumi, Inc. Industrials 0.57% 14 Coty, Inc. Class A Consumer Staples 0.59% 10 Alimentation Couche- Tard, Inc. Class B (sub. vtg.) * 1 basis point = 0.01%. Consumer Staples 1.03% 10 region's largest lender. Two years into a disappointingly slow costcutting program, Nordea announced a plan to lay off 6,000 of its roughly 31,500 workers by 2021. Nordea's CEO stated the firm must be a "pioneer" in "efficient and automated operations," relying more on digitization and artificial intelligence. The bank faced a backlash from clients, mortgage brokers and stock analysts, and its shares shed roughly 6% immediately after the late-october reveal, returning about -10% for the full quarter. In energy, we were held back by dint of not owning certain major benchmark names. For example, shares of Royal Dutch Shell gained 12% for the fourth quarter, as the integrated oil and gas company reported solid operating results. In December, the stock reacted favorably when, among other things, Shell announced a return to cash versus "scrip," or share-based (and thus dilutive), dividends. We remained concerned over future oil supply and its cost for Shell. Nevertheless, our zero-weighting in the company ranked it among our biggest detractors this period. Though hurt by avoiding the likes of Shell and BP (+12%), we were aided by out-of-index Reliance Industries (+21%), an Indiabased conglomerate grouped within energy. Reliance was firing on all cylinders: its new wireless firm was rapidly adding users; its energy business enjoyed strong earnings and momentum across segments; refining margins were high and expected to remain so; and its retail revenue grew 80% year over year. Also on the plus side: Our No. 1 relative contribution this period came from an out-of-index stake in Naspers. Naspers shares advanced 29% for the quarter, as the South Africa-based print, TV and internet media group reported better-than-expected earnings driven by smaller e-commerce-related losses and a gain from its roughly 34% stake in fast-growing Tencent s in China. Naspers ended 2017 as one of the world's most valuable companies, due in large part to its stake in Tencent. It also helped that South Africa's currency and stock market rallied under a new pro-business head of the African National Congress. We'd also highlight out-of-index Kweichow Moutai (+38%), the largest and oldest distiller of baijiu, a traditional spirt. The firm benefited from a rebound in luxury liquors two years after President Xi Jinping cracked down on lavish gift-giving among government officials. Amid rising domestic demand for alcoholic beverages, Moutai reported better-than-expected profits, boosted by brand dominance and growth of China's middle class. LARGEST DETRACTORS VS. BENCHMARK Average Contribution (basis points)* Hoya Corp. Health Care 1.28% -15 Royal Dutch Shell PLC Class A (United Kingdom) Energy -1.77% -14 Bayer AG Health Care 0.87% -12 Nordea Bank AB Financials 0.68% -12 Allergan PLC Health Care 0.37% -10 * 1 basis point = 0.01%. 2 For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

Outlook and Positioning At year end, uncertainties include political situations in Europe and Asia. Instability in North Korea is a potential catalyst for U.S. China tension. Also, policymakers in China have begun to tighten monetary policy. Its economy remains steady, but less supportive credit conditions cloud China's outlook. A slowdown in credit growth likely would, in turn, slow economic growth there. In fund terms, technology remains our largest overweighting, with a focus on what we consider "best in class" leaders. Themes include security, EVs (electric vehicles) and shifting dynamics in the chip industry, as well as operators that have built strong businesses by buying software firms and running them for cash flow. However, we remain careful regarding valuations and have been trimming among stocks that have moved up substantially. We like financials. After years of a more bearish view on banks, we see better prospects and valuation support there as the sector didn't participate in the rebound as much as did other cyclically sensitive areas. Banks are lately better capitalized and benefitting from a likely better regulatory regime, higher economic growth and lower loss provisioning. Also, rising interest rate should yield improved net interest margins the difference between rates charged on loans and paid on deposits and, thus, earnings. In industrials, we are underweight large European capital-goods firms, preferring durable-earnings plays with high visibility, such as toll road and airport operators. We also like companies with competitive products or business models and high market share. We also have been adding some new construction-related industrials in Europe over the past year. We are underweight consumer discretionary, with little exposure to autos and apparel retailers, which seem susceptible to online rivals. We think automakers face higher development costs as demand, led by China, shifts to EVs. We look to invest in specialty retailers and those with defensible concepts and demand drivers, as well as potential for margin improvement. We also hold select media firms where we think the market view is too pessimistic. We see consumer staples as more attractive as real or perceived industry concerns affect relative valuations, creating opportunities in companies we think may have been sold down too harshly. While we have found materials firms offering what we consider good opportunities, competitive positioning or structural growth, we remain underweight the mining complex where, barring certain changes, excess capacity may prevent sustained strength. In health care, we are tilting away from firms facing, in our view, the most pricing pressure or where competition is insufficiently factored in to valuations. We like med-tech and specialists in lab equipment or "orphan" diseases, as well as those with "staple like" products, over-the-counter brands or structural growth. Energy holdings tilt toward outfits in relatively stable geopolitical areas. On the service side, we own what we see as top firms with competitive advantages and able to make cost-side adjustments to weaker prices. We raised exposure to refiners, especially moresophisticated operators that can tackle multiple grades of oil. As ever: We focus on what we consider "best of breed" quality companies with predictable secular growth, durable businesses, strong balance sheets and a high return on capital. MARKET-SEGMENT DIVERSIFICATION Change From Prior Quarter Financials 24.99% 21.21% 3.78% 2.11% Industrials 14.58% 14.63% -0.05% 0.98% Consumer Staples 13.58% 11.18% 2.40% 0.44% Information Technology 12.67% 6.44% 6.23% -0.77% Consumer Discretionary 10.46% 12.28% -1.82% -0.46% Health Care 10.42% 10.10% 0.32% -0.23% Energy 4.81% 5.32% -0.51% -0.07% Materials 4.22% 8.19% -3.97% 0.15% Telecommunication Services 1.43% 3.90% -2.47% -0.24% Real Estate 0.48% 3.57% -3.09% 0.04% Utilities 0.00% 3.18% -3.18% 0.17% Other 0.00% 0.00% 0.00% 0.00% REGIONAL DIVERSIFICATION Region Change From Prior Quarter Europe 52.08% 63.62% -11.54% 0.85% Japan 17.00% 24.02% -7.02% 0.05% Emerging Markets 11.83% 0.06% 11.77% 1.35% United States 11.05% 0.01% 11.04% -1.98% Asia-Pacific ex Japan 4.35% 12.29% -7.94% -0.20% Canada 3.70% 0.00% 3.70% -0.07% Other -0.01% 0.00% -0.01% 0.00% 3-YEAR RISK/RETURN STATISTICS Beta 0.90 1.00 Standard Deviation 11.27% 12.01% Sharpe Ratio 0.67 0.63 Tracking Error 3.57% -- Information Ratio -0.02 -- R-Squared 0.91 -- 3 For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

LARGEST OVERWEIGHTS BY HOLDING ORIX Corp. Financials 1.41% HDFC Bank Ltd. Financials 1.32% Prudential PLC Financials 1.12% Alimentation Couche-Tard, Inc. Class B (sub. vtg.) Consumer Staples 1.08% Hoya Corp. Health Care 1.08% LARGEST UNDERWEIGHTS BY HOLDING Royal Dutch Shell PLC Class A Energy -1.85% (United Kingdom) Nestle SA (Reg. S) Consumer Staples -1.78% HSBC s PLC (United Kingdom) Financials -1.38% Novartis AG Health Care -1.25% Toyota Motor Corp. Consumer Discretionary -1.11% ASSET ALLOCATION Asset Class Change From Prior Quarter International Equities 89.09% 100.00% -10.91% 2.10% Developed Markets 77.27% 99.94% -22.67% 0.79% Emerging Markets 11.82% 0.06% 11.76% 1.31% Tax-Advantaged Domiciles 0.00% 0.00% 0.00% 0.00% Domestic Equities 8.55% 0.00% 8.55% 0.04% Bonds 0.00% 0.00% 0.00% 0.00% Cash & Net Other Assets 2.36% 0.00% 2.36% -2.14% Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number. "Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation. 10 LARGEST HOLDINGS Prudential PLC ORIX Corp. SAP SE British American Tobacco PLC sponsored ADR Bayer AG Unilever NV (Certificaten Van Aandelen) (Bearer) HDFC Bank Ltd. Keyence Corp. Hoya Corp. Statoil ASA 10 Largest s as a % of Net Assets Financials Financials Information Technology Consumer Staples Health Care Consumer Staples Financials Information Technology Health Care Energy 13.89% Total Number of s 227 The 10 largest holdings are as of the end of the reporting period, and may not be representative of the fund's current or future investments. s do not include money market investments. CHARACTERISTICS Valuation Price/Earnings Trailing 21.1x 18.3x Price/Earnings (IBES 1-Year Forecast) 17.3x 15.0x Price/Book 2.6x 1.8x Price/Cash Flow 12.5x 9.2x Return on Equity (5-Year Trailing) 12.2% 9.2% Growth Sales/Share Growth 1-Year (Trailing) 5.2% -0.7% Earnings/Share Growth 1-Year (Trailing) 8.6% 11.3% Earnings/Share Growth 1-Year (IBES Forecast) 30.6% 26.5% Earnings/Share Growth 5-Year (Trailing) 10.6% 4.7% Size ed Average Market Cap ($ Billions) 59.5 62.6 ed Median Market Cap ($ Billions) 35.5 40.3 Median Market Cap ($ Billions) 19.4 11.6 4 For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

Definitions and Important Information Unless otherwise disclosed to you, in providing this information, Fidelity is not undertaking to provide impartial investment advice, act as an impartial adviser, or to give advice in a fiduciary capacity. CHARACTERISTICS Earnings-Per-Share Growth measures the growth in reported earnings per share over the specified past time period. Median Market Cap identifies the median market capitalization of the portfolio or benchmark as determined by the underlying security market caps. Price-to-Book (P/B) Ratio is the ratio of a company's current share price to reported accumulated profits and capital. Price/Cash Flow is the ratio of a company's current share price to its trailing 12-months cash flow per share. Price-to-Earnings (P/E) Ratio (IBES 1-Year Forecast) is the ratio of a company's current share price to Wall Street analysts' estimates of earnings. Price-to-Earnings (P/E) Ratio Trailing is the ratio of a company's current share price to its trailing 12-months earnings per share. Return on Equity (ROE) 5-Year Trailing is the ratio of a company's last five years historical profitability to its shareholders' equity. Preferred stock is included as part of each company's net worth. Sales-Per-Share Growth measures the growth in reported sales over the specified past time period. ed Average Market Cap identifies the market capitalization of the average equity holding as determined by the dollars invested in the portfolio or benchmark. ed Median Market Cap identifies the market capitalization of the median equity holding as determined by the dollars invested in the portfolio or benchmark. RANKING INFORMATION 2018 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 mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses. % Rank in Morningstar Category is the fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1%. % Rank in Morningstar Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges. Multiple share classes of a fund have a common portfolio but impose different expense structures. RELATIVE WEIGHTS weights represents the % of fund assets in a particular market segment, asset class or credit quality relative to the benchmark. A positive number represents an overweight, and a negative number is an underweight. The fund's benchmark is listed immediately under the fund name in the Performance Summary. IMPORTANT FUND INFORMATION positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmark is provided to assess performance. INDICES It is not possible to invest directly in an index. All indices represented are unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted. MSCI EAFE (Net MA Tax) is a market-capitalization-weighted index that is designed to measure the investable equity market performance for global investors in developed markets, excluding the U.S. & Canada. returns are adjusted for tax withholding rates applicable to U.S. based mutual funds organized as Massachusetts business trusts. MARKET-SEGMENT WEIGHTS Market-segment weights illustrate examples of sectors or industries in which the fund may invest, and may not be representative of the fund's current or future investments. Should not be construed or used as a recommendation for any sector or industry. 5

3-YEAR RISK/RETURN STATISTICS Beta is a measure of the volatility of a fund relative to its benchmark index. A beta greater (less) than 1 is more (less) volatile than the index. Information Ratio measures a fund's active return (fund's average monthly return minus the benchmark's average monthly return) in relation to the volatility of its active returns. R-Squared measures how a fund's performance correlates with a benchmark index's performance and shows what portion of it can be explained by the performance of the overall market/index. R- Squared ranges from 0, meaning no correlation, to 1, meaning perfect correlation. An R-Squared value of less than 0.5 indicates that annualized alpha and beta are not reliable performance statistics. Sharpe Ratio is a measure of historical risk-adjusted performance. It is calculated by dividing the fund's excess returns (the fund's average annual return for the period minus the 3-month "risk free" return rate) and dividing it by the standard deviation of the fund's returns. The higher the ratio, the better the fund's return per unit of risk. The three month "risk free" rate used is the 90-day Treasury Bill rate. Standard Deviation is a statistical measurement of the dispersion of a fund's return over a specified time period. Fidelity calculates standard deviations by comparing a fund's monthly returns to its average monthly return over a 36-month period, and then annualizes the number. Investors may examine historical standard deviation in conjunction with historical returns to decide whether a fund's volatility would have been acceptable given the returns it would have produced. A higher standard deviation indicates a wider dispersion of past returns and thus greater historical volatility. Standard deviation does not indicate how the fund actually performed, but merely indicates the volatility of its returns over time. Tracking Error is the divergence between the price behavior of a position or a portfolio and the price behavior of a benchmark, creating an unexpected profit or loss. Before investing in any mutual fund, please carefully consider the investment objectives, risks, charges, and expenses. For this and other information, call or write Fidelity for a free prospectus or, if available, a summary prospectus. Read it carefully before you invest. Past performance is no guarantee of future results. Views expressed are through the end of the period stated and do not necessarily represent the views of Fidelity. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund. The securities mentioned are not necessarily holdings invested in by the portfolio manager(s) or FMR LLC. References to specific company securities should not be construed as recommendations or investment advice. Diversification does not ensure a profit or guarantee against a loss. S&P 500 is a registered service mark of Standard & Poor's Financial Services LLC. Other third-party marks appearing herein are the property of their respective owners. All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, Smithfield, RI 02917. Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917. 2018 FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. 655858.20.0